UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40937 P10, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | | 87-290 ...

P10, Inc. (NYSE:PX) Q4 2023 Earnings Conference Call February 29, 2024 5:00 PM ET Company Participants Mark Hood - Executive Vice President-Operations & Investor Relations Luke Sarsfield - Chief Executive Officer Amanda Coussens - Chief Financial Officer Conference Call Participants Michael Cyprys - Morgan Stanley Kenneth Worthington - JPMorgan Mike Brown - KBW Benjamin Budish - Barclays John Campbell - Stephens Operator Hello, and welcome to P10 Fourth Quarter and Year-End 2023 Conference Call. My name is ...

Fourth Quarter and Full Year 2023 Results $ 57.7 $ 52.6 10% $ 220.8 $ 154.9 43% EARNINGS PRESENTATION CAUTION REGARDING FINANCIAL AND OPERATING PROJECTIONS All financial and operating projections, forecasts or estimates about or relating to the Company included in this document, including statements regarding pro-forma valuation and ownership, have been prepared based on various estimates, assumptions and hypothetical scenarios. Forecasts and projections of financial performance, valuation and operating res ...

[Fourth Quarter and Full Year 2023 Results](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Results) P10 reported strong full-year revenue growth and increased FPAUM, alongside strategic capital management and leadership changes [Financial Highlights](index=4&type=section&id=Fourth%20Quarter%202023%20Financial%20Highlights) P10 reported strong Q4 and FY2023 organic growth, with FPAUM up 10% to $23.3 billion and revenue growing 22% - Fee Paying Assets Under Management (FPAUM) reached **$23.3 billion** as of December 31, 2023, a **10% increase** from the previous year[11](index=11&type=chunk) Q4 and Full Year 2023 Financial Results ($ in Millions, except EPS) | Financial Metric | Q4 2023 | Q4 2022 | YoY Change | FY 2023 | FY 2022 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $63.1 | $58.3 | 8% | $241.7 | $198.4 | 22% | | **GAAP Net (Loss) Income** | $(1.9) | $4.8 | -139% | $(7.8) | $29.4 | -126% | | **Adjusted EBITDA** | $30.7 | $30.8 | 0% | $123.6 | $106.8 | 16% | | **Adjusted EBITDA Margin** | 49% | 53% | N/A | 51% | 54% | N/A | | **Adjusted Net Income (ANI)** | $25.5 | $27.3 | -7% | $102.0 | $97.9 | 4% | | **Fully Diluted ANI EPS** | $0.21 | $0.22 | -5% | $0.82 | $0.80 | 2% | - In Q4 2023, the company generated **$860 million** from fundraising and capital deployment, partially offset by **$297 million** in stepdowns and expirations[11](index=11&type=chunk) [Business, Capital Markets, and Governance Highlights](index=5&type=section&id=Fourth%20Quarter%202023%20Highlights) P10 actively managed capital in Q4 2023 through share repurchases and increased buyback authorization, alongside key leadership changes - Key capital market activities in Q4 2023 include: repurchased **859,600 shares** at an average price of **$9.74**, authorized an additional **$40 million** for the stock buyback program, and declared a quarterly cash dividend of **$0.0325 per share**[15](index=15&type=chunk) - As of the end of 2023, the company had **$273.6 million** in outstanding debt, with **$90.8 million** available on its credit facility[15](index=15&type=chunk) - Significant corporate governance changes were implemented: Luke Sarsfield was appointed as Chief Executive Officer and a board member, Co-Founder Robert Alpert was elected Executive Chairman, Co-Founder Clark Webb was elected Executive Vice Chairman, and Arjay Jensen was hired as EVP, Head of Strategy and M&A[19](index=19&type=chunk) [Performance Summary](index=7&type=section&id=Performance%20Summary) P10's investment teams consistently demonstrate superior performance across diverse fund strategies, achieving strong Net IRRs and Net ROICs [Fund Performance Overview](index=7&type=section&id=Fund%20Performance%20Overview) P10's investment teams consistently demonstrate a superior track record across diverse fund strategies, showing strong Net IRRs and ROICs - RCP Advisors' funds show consistent performance, with its 2010 vintage Direct I fund achieving a **42.7% Net IRR** and **2.9x Net ROIC**[20](index=20&type=chunk) - TrueBridge's venture capital funds exhibit strong returns, for example, the 2015 vintage Fund IV generated a **26.8% Net IRR** and a **3.3x Net ROIC**[20](index=20&type=chunk) - WTI's credit funds have a long history of performance, with vintages dating back to 1994; more recent funds like the 2018 vintage VLL IX delivered a **13.1% Net IRR** and **1.4x Net ROIC**[25](index=25&type=chunk) - Specialized funds such as Bonaccord's GP Stakes Fund I (2019 vintage) and Hark Capital's NAV Lending Fund III (2021 vintage) also show solid performance with Net IRRs of **16.1%** and **12.2%** respectively[22](index=22&type=chunk)[27](index=27&type=chunk) [Business Overview and Strategy](index=9&type=section&id=Business%20Overview%20and%20Strategy) P10 strategically targets the lower middle market, leveraging proprietary data and a diversified platform to gain a competitive edge and serve a broad global investor base [Market Position](index=9&type=section&id=Well%20Positioned%20in%20Attractive%2C%20Specialized%2C%20and%20Growing%20Markets) P10 is strategically positioned in the lower middle market, offering significant opportunities due to favorable valuations and less competition - The company focuses on the lower middle market, which comprises **93% of U.S. companies** with revenues between **$10 million and $250 million**, representing a vast pool of opportunities[31](index=31&type=chunk) - This target market is less saturated, with only **19% ($141 billion)** of available private equity capital targeting this segment, compared to **81% ($774 billion)** for funds over $1 billion[31](index=31&type=chunk)[32](index=32&type=chunk) [Competitive Differentiators](index=10&type=section&id=Distinct%20Market%20Access%2C%20Deal%20Flow%2C%20and%20Data%20Analytics%20to%20Navigate%20Private%20Markets) P10 leverages a proprietary analytics database, built over 20+ years, as a key competitive differentiator for informed investment decisions - The company's competitive edge is driven by a powerful proprietary database and business intelligence platform[33](index=33&type=chunk)[34](index=34&type=chunk) Proprietary Analytics Database Metrics | Database Component | Scale | | :--- | :--- | | Individual Financial Metrics | 317K+ | | Investment Transactions | 47K+ | | Private Companies | 6K+ | | Investment Funds | 1K+ | [Diversified Platform and Investor Base](index=11&type=section&id=Highly%20Diversified%2C%20Multi-Asset%20Investment%20Platform%20and%20Investor%20Base) P10 maintains a highly diversified global investor base across various channels, serving over 3,600 limited partners - The company has a global investor base spanning **6 continents, 50 states, and 60 countries**[36](index=36&type=chunk) Investor Base by Channel (Q4 2023) | Channel | Percentage of FPAUM | | :--- | :--- | | Family Offices / Wealth Managers | 26% | | Public Pensions | 21% | | Endowments / Foundations | 17% | | Financial Institutions | 15% | | Corporate Pensions | 9% | | Insurance Companies | 7% | | Other | 5% | [Fee Paying Assets Under Management (FPAUM)](index=12&type=section&id=Fee%20Paying%20Assets%20Under%20Management) P10 demonstrates robust FPAUM growth driven by new capital and strategic solutions, maintaining a stable fee rate and serving a broad global LP base [FPAUM Growth and Fee Rate](index=13&type=section&id=FPAUM%20and%20Average%20Fee%20Rate%20Detail) P10 achieved robust organic FPAUM growth, reaching $23.3 billion in Q4 2023 with a 16% CAGR and a stable 109 basis point fee rate FPAUM Growth ($Bn) | Period | FPAUM ($Bn) | | :--- | :--- | | 2018 PF | 12.0 | | 2022 PF | 21.2 | | Q3 2023 PF | 22.7 | | Q4 2023 PF | 23.3 | - The average fee rate in Q4 2023 was **109 basis points (1.09%)**, a slight increase from **104 bps** in Q3 2023[41](index=41&type=chunk) [FPAUM Roll Forward](index=14&type=section&id=Organic%20Fee%20Paying%20AUM%20Growth%20Model1) P10's FPAUM growth is consistently driven by new capital raised and deployed, offsetting stepdowns and expirations for net expansion Annual FPAUM Roll Forward ($Bn) | Period | Beginning FPAUM | Raised & Deployed | Stepdowns & Expirations | Ending FPAUM | | :--- | :--- | :--- | :--- | :--- | | **2022** | 19.0 | 3.5 | (1.3) | 21.2 | | **2023** | 21.2 | 3.5 | (1.4) | 23.3 | - In the trailing twelve months, stepdowns and expirations totaled **$1.7 billion**; for the full year 2024, the company estimates **$1.5 billion** in stepdowns and expirations[12](index=12&type=chunk)[46](index=46&type=chunk) [Private Markets Solutions](index=15&type=section&id=Premier%20Private%20Markets%20Solutions%20Provider) P10 is a premier private markets solutions provider, offering comprehensive primary, direct/co-investment, and secondary strategies to a global LP base FPAUM by Solution Type (as of Dec 31, 2023) | Solution Type | FPAUM ($Bn) | Description | | :--- | :--- | :--- | | **Primary Solutions** | $3.5 | Invests in a diversified portfolio of funds | | **Direct and Co-Investments** | $8.3 | Direct investments alongside leading GPs in private equity, credit, and impact | | **Secondary Investments** | $1.5 | Secondary purchases of LP interests in private equity funds | - The company's position in the private markets ecosystem is reinforced by its synergistic multi-asset class solutions and a vast network of over **270+ General Partners (GPs)** that drives sourcing[47](index=47&type=chunk)[48](index=48&type=chunk) [Financial Results](index=18&type=section&id=Financial%20Highlights) P10's full-year 2023 financial results show increased revenue but a GAAP net loss due to higher operating expenses, while non-GAAP metrics indicate growth, supported by a stable balance sheet and significant tax assets [Consolidated Statements of Operations](index=19&type=section&id=Consolidated%20Statements%20of%20Operations%20%28unaudited%29) P10's FY2023 total revenues increased 22% to $241.7 million, but a 43% surge in operating expenses led to a $7.8 million GAAP net loss Full Year 2023 vs 2022 Statement of Operations ($ in Millions) | Line Item | FY 2023 | FY 2022 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $241.7 | $198.4 | 22% | | **Total Operating Expenses** | $220.8 | $154.9 | 43% | | *Compensation and benefits* | *$154.3* | *$94.3* | *64%* | | **Income From Operations** | $20.9 | $43.4 | -52% | | **Net (Loss) / Income** | $(7.8) | $29.4 | -126% | [Non-GAAP Financial Measures](index=20&type=section&id=Non-GAAP%20Financial%20Measures%20%28unaudited%29) P10's FY2023 non-GAAP results show Adjusted EBITDA grew 16% to $123.6 million and ANI increased 4% to $102.0 million Full Year 2023 vs 2022 Non-GAAP Reconciliation ($ in Millions) | Line Item | FY 2023 | FY 2022 | YoY Change | | :--- | :--- | :--- | :--- | | **GAAP Net (Loss) / Income** | $(7.8) | $29.4 | -126% | | **Adjustments** | $131.4 | $77.4 | 70% | | *Depreciation & Amortization* | *$31.5* | *$28.0* | *12%* | | *Non-cash stock based compensation* | *$36.5* | *$18.6* | *96%* | | *Earn out related compensation* | *$23.0* | *$5.6* | *310%* | | **Adjusted EBITDA** | $123.6 | $106.8 | 16% | | **Adjusted Net Income (ANI)** | $102.0 | $97.9 | 4% | [Consolidated Balance Sheet](index=22&type=section&id=Consolidated%20Balance%20Sheets%20%28unaudited%29) P10's balance sheet remained stable as of Dec 31, 2023, with total assets of $834.1 million and total liabilities of $408.9 million Balance Sheet Summary ($ in Millions) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$834.1** | **$826.4** | | Goodwill | $506.0 | $506.6 | | Intangibles, net | $123.2 | $151.8 | | **Total Liabilities** | **$408.9** | **$392.5** | | Debt obligations | $289.8 | $289.2 | | **Total Stockholders' Equity** | **$425.2** | **$433.9** | [Consolidated Statement of Cash Flows](index=23&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20%28unaudited%29) P10 generated $47.7 million in net cash from operating activities in FY2023, ending the year with $32.1 million in cash Statement of Cash Flows Summary ($ in Millions) | Cash Flow Activity | FY 2023 | FY 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $47.7 | $61.7 | | **Net cash used in investing activities** | $(2.3) | $(98.6) | | **Net cash provided by/(used in) financing activities** | $(42.9) | $22.9 | | **Net change in cash** | $2.6 | $(14.0) | | **Cash, End of Period** | $32.1 | $29.5 | [Tax Assets](index=24&type=section&id=Tax%20Assets) P10 holds significant tax assets, including goodwill, intangibles, and federal NOLs, anticipating zero federal taxable income for several years Composition of Tax Assets ($ in Millions) | Asset Type | Amount | | :--- | :--- | | Goodwill & Intangibles (Remaining Tax Amortization) | $364.0 | | Federal NOLs | $160.0 | | **Total Tax Assets** | **$524.0** | - The company anticipates having **$0 of federal taxable income** for several years due to the annual tax amortization and the utilization of its NOL balance[66](index=66&type=chunk)[67](index=67&type=chunk) [Value Proposition](index=25&type=section&id=Highly%20Compelling%20Value%20Proposition) P10 offers a compelling value proposition built on its premier market position, unrivaled access, superior performance, data advantage, and deep talent with significant insider ownership [Investment Thesis](index=25&type=section&id=Investment%20Thesis) P10's compelling investment thesis is founded on its premier market position, unrivaled access, superior performance, and data advantage - P10's investment thesis is built on the following pillars: **Meaningful Partnerships** (premier, specialized private markets solutions provider), **Unrivaled Access** (highly recurring revenue from long-term, contractually locked-up funds), **Superior Track Record** (attractive, growing, and diversified revenue base with strong margins), **Data Advantage** (strong investment performance driven by experience and a proprietary data platform), and **Deep Talent** (experienced management team with significant insider ownership and a proven M&A track record)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Appendix](index=26&type=section&id=Key%20Terms%20%26%20Supplemental%20Information) The appendix provides essential definitions for non-GAAP financial measures and operational terms, alongside comprehensive performance disclaimers for investment advisors [Definitions and Disclaimers](index=26&type=section&id=Definitions%20and%20Disclaimers) The appendix defines key non-GAAP financial measures and operational terms, alongside extensive performance disclaimers for investment advisors - Key non-GAAP and operational terms are defined, including **Fee Paying Assets Under Management (FPAUM)**, **Adjusted EBITDA**, **Adjusted Net Income (ANI)**, **Net IRR**, and **Net ROIC**[74](index=74&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - The report includes detailed performance disclaimers for its subsidiaries (RCP Advisors, Enhanced Capital, Hark, Bonaccord, WTI), emphasizing that historical returns are not a guarantee of future results and can be influenced by factors like fee structures, leverage, and valuation estimates[82](index=82&type=chunk)[86](index=86&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk)

Dekdoyjaidee P10 (NYSE:PX) shares have meaningfully underperformed the broader market over the past year, falling 18% while the Russell 2000 small cap index (IWM) has increased 11%. Weakness in the stock is attributable to: Slowdown in organic growth in assets under management (sub 10% in 2023 versus 16% CAGR since 2018 as shown below) as investor appetite for new private equity offerings in 2023 was below what we've seen over the past 5 years. Some of this is due to the denominator effect - throughout much ...

Financial Performance - Total revenues for Q3 2023 were $58.9 million, an increase of $8.9 million or 18% from Q3 2022, primarily due to higher management fees[209]. - Management and advisory fees increased by $8.6 million, or 17%, to $58.1 million for Q3 2023 compared to Q3 2022, driven by $6.6 million from the acquisition of WTI and $2.5 million from organic growth[210]. - Revenue increased by $38.7 million, or 28%, to $176.3 million for the nine months ended September 30, 2023, driven by $20.7 million from the acquisition of WTI and $18.0 million of organic growth[212]. - Management and advisory fees rose by $37.4 million, or 27%, to $176.3 million for the nine months ended September 30, 2023, with $20.6 million attributed to WTI and $16.7 million from organic growth[213]. - Other revenues increased by $0.3 million or 67% to $0.9 million for Q3 2023, attributed to a rise in interest income[211]. - Other revenues increased by $1.3 million, or 122%, to $2.3 million for the nine months ended September 30, 2023, driven by an increase in interest income[214]. Expenses and Losses - Total operating expenses rose by $18.8 million or 47% to $58.6 million for Q3 2023 compared to Q3 2022, with compensation and benefits being the largest expense[208]. - Compensation and benefits expenses increased by $18.2 million or 76% to $42.2 million for Q3 2023, reflecting growth in headcount and competitive compensation levels[208]. - Total operating expenses increased by $60.7 million, or 59%, to $163.1 million for the nine months ended September 30, 2023, primarily due to higher compensation and benefits expenses[221]. - Compensation and benefits expense surged by $53.8 million, or 89%, to $114.1 million for the nine months ended September 30, 2023, influenced by the acquisition of WTI and increased headcount[222]. - Interest expense increased by $3.1 million or 132% to $5.5 million for Q3 2023, reflecting higher outstanding debt[208]. - The company incurred $16.1 million in interest expense for the nine months ended September 30, 2023[251]. - Other expenses increased by $14.7 million, or 370%, to $18.7 million for the nine months ended September 30, 2023, mainly due to a rise in interest expense of $10.8 million[228]. Net Income and Loss - Net loss for Q3 2023 was $8.8 million, a decrease of $14.4 million or 256% compared to a net income of $5.6 million in Q3 2022[208]. - Adjusted Net Income for the nine months ended September 30, 2023, was $76.5 million, compared to $70.6 million for the same period in 2022[243]. Assets and Liabilities - Total assets decreased by $11.6 million or 1% to $814.8 million as of September 30, 2023, compared to December 31, 2022[245]. - Debt obligations declined by $27.3 million to $261.9 million as of September 30, 2023, due to payments on the revolver and term loan balances[246]. - Cash and cash equivalents decreased by $7.3 million to $22.2 million as of September 30, 2023, primarily due to timing of debt facility interest periods[245]. - Total contractual obligations amount to $289.2 million, with $265.0 million related to debt obligations and $24.2 million for operating lease obligations[257][258]. Market and Investment Insights - P10's business is influenced by rising interest rates and a shift in investor preference towards alternative investments for consistent and higher yields[190]. - The demand for private market solutions is expected to grow as fewer companies go public, and investors seek higher risk-adjusted returns through private market investments[191]. - P10 aims to expand its geographic reach and asset class solutions to enhance its integrated network effect and better serve investors seeking diverse private market exposure[192]. - The company expects to continue expanding fundraising efforts and grow FPAUM with the launch of new specialized investment vehicles[237]. Company Operations and Strategy - The company operates as a single operating segment, which is how its chief operating decision makers evaluate financial performance and allocate resources[188]. - P10's proprietary private markets database contains comprehensive information on over 4,900 investment firms, 9,800 funds, 44,000 individual transactions, 29,000 private companies, and 276,000 financial metrics, enhancing its investment capabilities[182]. - The company is focused on leveraging its data advantage and analytical capabilities to differentiate its products and services in a competitive market[35]. - The company has determined that it is the primary beneficiary of certain VIEs, consolidating their assets and liabilities in its financial statements[266]. Interest Rate and Tax Considerations - A 100-basis point increase in interest rates is estimated to result in an additional $2.0 million in interest expense over the next 12 months[277]. - Income tax expense decreased by $6.3 million to $2.8 million for the nine months ended September 30, 2023, due to lower taxable income[230]. - Uncertain tax positions are recognized only when it is more likely than not that the position will be upheld, with interest and penalties recognized in income tax expense[273]. Compliance and Risk Management - The company remains in compliance with its financial covenants required under the credit facility as of September 30, 2023[251]. - The company aims to minimize credit risk by limiting transactions to reputable financial institutions, although market events may affect financing availability[278]. - The company is exposed to various market risks, including price risk and interest rate risk, which may impact its financial performance[274][275].

| --- | --- | --- | --- | --- | --- | |----------|---------|------------------------------------------------------------------------|----------------|---------|----------| | Fund | Vintage | Fund Size ($M) | Called Capital | Net IRR | Net ROIC | | | | NAV Lending Funds (Fund size as of 9/30/23, performance as of 6/30/23) | | | | | Fund I | 2013 | $106 | 119% | 11.0% | 1.3x | | Fund II | 2017 | $202 | 75% | 11.3% | 1.5x | | Fund III | 2021 | $400 | 77% | 12.2% | 1.1x | | Fund IV | 2022 | $336 | 11% | - | - | ...

P10, Inc. (NYSE:PX) Q3 2023 Earnings Conference Call November 9, 2023 5:00 PM ET Company Participants Mark Hood – Executive Vice President-Operations and Investor Relations Robert Alpert – Executive Chairman Clark Webb – Executive Vice Chairman Luke Sarsfield – Chief Executive Officer Fritz Souder – Chief Operating Officer Amanda Coussens – Chief Financial Officer Conference Call Participants Kenneth Worthington – JPMorgan Mike Brown – KBW Ben Budish – Barclays Michael Cyprys – Morgan Stanley John Campbell ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40937 P10, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 87-29081 ...

P10, Inc. (NYSE:PX) Q2 2023 Earnings Conference Call August 10, 2023 5:00 PM ET Company Participants Mark Hood - EVP, Operations and IR Robert Alpert - Chairman and Co-CEO Fritz Souder - COO Clark Webb - Co-CEO Amanda Coussens - CFO Conference Call Participants Ken Worthington - JPM Michael Cyprys - MS Ben Budish - Barclays Brown - KBW AJ Hayes - Stephens Inc. Operator Hello and welcome to the P10 Second Quarter 2023 Conference Call. My name is Cole, and I will be coordinating your call today. All lines wil ...