Financial Data and Key Metrics Changes - For the full year 2024, fee paying AUM increased by 10% to $25.7 billion, revenues increased by 23% to $296.4 million, and adjusted EBITDA rose by 17% to $144.5 million [10][30][37] - The company generated $3.8 billion in gross fundraising, with a notable close of Fund II at a record $1.6 billion [10][11] - GAAP net income for Q4 was $5.7 million, compared to a net loss of $1.9 million in the prior year [37] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $712 million, venture capital raised $28 million, and private credit strategies added $165 million to fee paying AUM [34] - Fee related revenue grew by 14% excluding direct and secondary catch up fees, with full year FRE margins at 48.8% [11][39] Market Data and Key Metrics Changes - The company expects step downs and expirations to be in the range of 5% to 7% of fee paying AUM in 2025, consistent with historical numbers [32] - The average fee rate for 2025 is expected to be 103 basis points, reflecting fewer catch up fees compared to 2024 [33][71] Company Strategy and Development Direction - The company aims to double fee paying AUM from $23.8 billion to $50 billion by 2029, primarily through organic growth and strategic M&A [12][13] - The acquisition of Qualitas Funds is a key strategic move to enhance the company's European presence and product offerings [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting or exceeding five-year goals, with a 2025 gross fundraising target of at least $4 billion, a 60% increase over 2024 [16][17] - The company anticipates modest downward pressure on margins due to the Qualitas acquisition but remains committed to achieving mid-40s FRE margins in the near term [19][84] Other Important Information - The company repurchased 6,641,827 shares in 2024 at an average price of $8.88, totaling $59.1 million [28] - A quarterly cash dividend of $0.035 per share was declared, payable on March 20, 2025 [42] Q&A Session Summary Question: Focus of the sales team for upcoming quarters - Management highlighted that the sales team will focus on 19 funds in 2025, particularly those from Qualitas and various strategies within RCP [45][46] Question: Progress on broadening new vehicles and channels - Management emphasized the importance of diversifying product offerings and meeting clients' needs through various investment vehicles, including SMAs [53][56] Question: Update on M&A pipeline - Management confirmed an active M&A pipeline with a disciplined approach, focusing on private credit and direct lending opportunities [61][66] Question: Expected average fee rate for 2025 - Management explained that the expected average fee rate of 103 basis points reflects a return to historical levels, with catch-up fees expected to decrease [69][71] Question: FRE margin trajectory for 2025 - Management reiterated that FRE margins are expected to remain in the mid-40s for 2025, with potential for expansion in the long term [78][84] Question: Update on Qualitas integration and synergies - Management expressed excitement about the integration with Qualitas, highlighting opportunities for cross-selling and leveraging data sets [88][92]

Fourth Quarter and Full Year 2024 Results Earnings Presentation Important Disclosures IMPORTANT NOTICES The inclusion of references to P10, Inc. ("P10" or the "Company") in this presentation is for information purposes only as the holding company of various subsidiaries. P10 does not offer investment advisory services and this presentation is neither an offer of any investment products nor an offer of advisory services by P10. By accepting this presentation, you acknowledge that P10 is not offering investme ...

Group 1 - P10, Inc. reported quarterly earnings of $0.30 per share, exceeding the Zacks Consensus Estimate of $0.26 per share, and up from $0.21 per share a year ago, representing an earnings surprise of 15.38% [1] - The company achieved revenues of $85.01 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 6.82%, compared to $63.07 million in the same quarter last year [2] - P10 has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Group 2 - P10 shares have increased approximately 6.6% since the beginning of the year, outperforming the S&P 500's gain of 3.2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $70.49 million, and for the current fiscal year, it is $0.97 on revenues of $293.51 million [7] Group 3 - The Zacks Industry Rank indicates that the Financial - Miscellaneous Services sector is currently in the top 25% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Guild Holdings Company, another stock in the same industry, is expected to report quarterly earnings of $0.37 per share, reflecting a year-over-year increase of 85%, with revenues projected at $309.83 million, up 441.4% from the previous year [9]

Financial Performance - Revenue for Q4 2024 was $85 million, representing a 35% year-over-year growth[15] - Adjusted Net Income (ANI) for Q4 2024 was $35 million, a 39% increase compared to Q4 2023[15] - Fully Diluted ANI per share was $0.30, reflecting a 44% year-over-year growth[15] - Fee-Related Revenue for Q4 2024 was $85 million, a 37% increase from the previous year[15] - Total revenues for the year ended December 31, 2024, were $296,448 thousand, a 23% increase from $241,734 thousand in 2023[29] - Net income attributable to P10 for the year ended December 31, 2024, was $18,700 thousand, compared to a net loss of $7,133 thousand in 2023[29] - Adjusted EBITDA for the year ended December 31, 2024, was $144,472 thousand, reflecting strong operational performance[30] - Adjusted Net Income for the year was $120,208, reflecting an 18% increase compared to $101,955 in 2023[32] - GAAP Net Income for Q4 2024 was $5,701, compared to a loss of $1,893 in Q4 2023, marking a significant turnaround[32] - Adjusted EBITDA for Q4 2024 increased by 40% to $42,895, up from $30,727 in Q4 2023[32] Assets and Liabilities - Fee-paying assets under management (FPAUM) reached $25.7 billion, a 10% increase from the prior year[9] - As of December 31, 2024, the company had $325 million in outstanding debt and $67 million in cash and cash equivalents[16] - Cash and cash equivalents rose to $67,455 as of December 31, 2024, up from $30,467 in 2023[36] - Total Assets increased to $869,275 in 2024, compared to $834,074 in 2023[36] - Debt obligations grew to $319,783 in 2024, up from $289,844 in 2023, indicating increased leverage[36] Fundraising and Investments - The company raised nearly $3.8 billion in FPAUM in full-year 2024, exceeding the $2.5 billion guidance[14] - Private Equity Solutions fundraising totaled $2.3 billion in FY 2024[14] - FPAUM growth from Q4 2023 to Q4 2024 is projected to be 36%[23] - Direct & Co-Investments accounted for 54% of FPAUM as of Q4'24, indicating strong growth in this segment[61] - The investor base consists of 26% from family offices/wealth managers, 21% from public pensions, and 19% from endowments/foundations[64] - The company has access to $774 billion of capital available to private equity funds over $1 billion, indicating a strong investment environment[69] Operational Metrics - Management and advisory fees increased by 35% year-over-year in Q4 2024, reaching $84,026 thousand, compared to $62,407 thousand in Q4 2023[29] - Operating expenses increased by 8% year-over-year in Q4 2024, totaling $62,158 thousand, compared to $57,724 thousand in Q4 2023[29] - The Adjusted EBITDA Margin for Q4 2024 was 50%, slightly up from 49% in Q4 2023[32] Acquisitions and Strategic Initiatives - The company announced an agreement to acquire Qualitas Funds in September 2024, enhancing its M&A strategy[14] - The company plans to pursue disciplined growth through acquisitions, which can create additional intangible assets and goodwill for tax benefits[75] Performance Metrics - Fund I (2003) achieved a net IRR of 13.6% and a net ROIC of 1.8x with a fund size of $92 million, called capital at 105%[51] - Fund IV (2007) reported a net IRR of 14.4% and a net ROIC of 2.0x, with a fund size of $265 million and called capital at 110%[51] - Fund IX (2014) delivered a net IRR of 16.5% and a net ROIC of 2.0x, with a fund size of $350 million and called capital at 115%[51] - Fund XII (2018) had a net IRR of 15.6% and a net ROIC of 1.9x, with a fund size of $382 million and called capital at 110%[51] - Fund I (1994) in private credit achieved a remarkable net IRR of 63.3% and a net ROIC of 5.9x with a fund size of $47 million, called capital at 100%[54] - Fund III (2018) in private credit reported a net IRR of 31.0% and a net ROIC of 1.8x, with a fund size of $400 million and called capital at 105%[54] - Fund II (2022) in GP Stakes Funds has a fund size of $1.6 billion with called capital at 35%[52] Market Environment - The market dynamics indicate a favorable environment for capital deployment, with limited alternatives and favorable LP/GP alignment incentives[69][70] - The company maintains a competitive edge through systematic sourcing, diligence, and monitoring processes, leveraging over 20 years of granular data[74] Tax and Regulatory Considerations - Federal net operating losses (NOLs) are expected to be fully utilized during 2026, reducing the company's tax liability[75] - Investors in the funds are typically subject to pass-through tax treatment, which may result in tax liabilities without cash distributions[101]

Core Viewpoint - P10, Inc. reported record financial performance for Q4 2024, achieving significant growth in assets under management and exceeding fundraising guidance for the year [5]. Financial Highlights Fourth Quarter 2024 Financial Highlights - Revenue reached $85 million, a 35% increase year over year [9]. - Fee-related revenue was $85 million, reflecting a 37% increase year over year [9]. - Fee-paying assets under management (AUM) totaled $25.7 billion, a 10% increase year over year [9]. - GAAP net income was $5.7 million compared to a loss of $1.9 million in the prior year [9]. - Adjusted EBITDA was $42.9 million, a 40% increase year over year [9]. - Fully diluted GAAP EPS was $0.05 compared to a loss of $0.01 in the prior year [9]. Fiscal Year End 2024 Financial Highlights - Total revenue for the year was $296.4 million, a 23% increase year over year [9]. - Fee-related revenue for the year was $291.3 million, also a 23% increase year over year [9]. - GAAP net income for the year was $19.7 million, compared to a loss of $7.8 million in the prior year [9]. - Adjusted EBITDA for the year was $144.5 million, a 17% increase year over year [9]. - Fully diluted ANI per share was $1.00, a 22% increase year over year [9]. Share Repurchase and Dividend - In Q4 2024, the company repurchased approximately 815,327 shares at an average price of $12.72 per share, totaling $59.1 million for the year [6]. - The Board of Directors declared a quarterly cash dividend of $0.035 per share, payable on March 20, 2025 [7]. Strategic Initiatives - The company executed on strategic priorities in 2024, including optimizing leadership, driving organic growth, and enhancing transparency [5].

Core Viewpoint - The market anticipates P10, Inc. (PX) will report a year-over-year increase in earnings driven by higher revenues when it releases its quarterly results for December 2024 [1] Earnings Expectations - P10 is expected to post quarterly earnings of $0.26 per share, reflecting a year-over-year increase of +23.8% [3] - Revenues are projected to be $79.59 million, which is a 26.2% increase from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised 1.52% higher in the last 30 days, indicating a positive reassessment by analysts [4] - The Most Accurate Estimate for P10 is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +6.33% [10][11] Earnings Surprise Prediction - A positive Earnings ESP reading suggests a likely earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [8] - P10 currently holds a Zacks Rank of 3, indicating a reasonable chance of beating the consensus EPS estimate [11] Historical Performance - In the last reported quarter, P10 exceeded the expected earnings of $0.20 per share by delivering $0.26, resulting in a surprise of +30% [12] - Over the past four quarters, P10 has beaten consensus EPS estimates three times [13] Industry Comparison - Upstart Holdings, Inc. (UPST), another player in the Zacks Financial - Miscellaneous Services industry, is expected to report a loss of $0.05 per share, which represents a year-over-year change of +54.6% [17] - UPST's revenues are expected to be $180.06 million, up 28.3% from the previous year [17] - UPST has an Earnings ESP of -20.00%, making it challenging to predict a beat against the consensus EPS estimate [18]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: P10, Inc. (PX) - P10, Inc. currently holds a Momentum Style Score of B, indicating a positive momentum outlook [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - PX shares have increased by 5.35% over the past week, outperforming the Zacks Financial - Miscellaneous Services industry, which rose by 3.56% [5] - Over the last quarter, PX shares have surged by 19.56%, and over the past year, they have gained 46.83%, while the S&P 500 has only increased by 4.32% and 27.01%, respectively [6] - The average 20-day trading volume for PX is 513,160 shares, indicating a bullish trend with above-average volume [7] Earnings Outlook - In the past two months, two earnings estimates for PX have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from $0.89 to $0.94 [9] - For the next fiscal year, one estimate has moved upwards with no downward revisions, reflecting a positive earnings outlook [9] Conclusion - Given the strong performance metrics and positive earnings outlook, P10, Inc. is positioned as a solid momentum pick with a Momentum Score of B and a Zacks Rank of 2 (Buy) [10]

DALLAS, Jan. 22, 2025 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX), a leading private markets solutions provider, today announced it will release its fourth quarter and full year 2024 results on Wednesday, February 12, 2025, before U.S. markets open. The company will also host a conference call at 8:30 a.m. Eastern Time on the same day. The webcast may be accessed here. All participants joining by telephone should register here for personal dial-in and PIN numbers. For those unable to participate in the live ca ...

Investors might want to bet on P10, Inc. (PX) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individual investo ...

DALLAS, Jan. 08, 2025 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE:PX), ("P10" or the "Company"), a leading private markets solutions provider, today announced that its strategy, Bonaccord Capital Partners ("Bonaccord"), a private equity business focused on providing growth capital and strategic support to middle-market private markets sponsors, closed on its second GP Stakes fund, Bonaccord Capital Partners II ("BCP II" or the "Fund"), with $1.6 billion in total commitments. The Fund closed at its revised hard cap ...