Fourth Quarter and Full Year 2023 Results EARNINGS PRESENTATION Legal Disclaimer IMPORTANT NOTICES FPAUM reflects the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee terms. Management and advisory fees based on committed capital are not affected by market appreciation or depreciation. USE OF NON-GAAP FINANCIAL MEASURES BY P10, INC. The inclusion of ref ...

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 ...

P10, Inc. (NYSE:PX) Q1 2023 Earnings Conference Call May 15, 2023 5:00 PM ET Company Participants Mark Hood - Executive Vice President, Operations and IR Robert Alpert - Chairman and Co-CEO Clark Webb - Co-Chief Executive Officer Fritz Souder - Chief Operating Officer Amanda Coussens - Chief Financial Officer Conference Call Participants Kenneth Worthington - JPMorgan Michael Cyprys - Morgan Stanley Chris Kotowski - Oppenheimer Ben Budish - Barclays John Campbell - Stephens Inc Adam Beatty - UBS Operator He ...

First Quarter 2023 Results EARNINGS PRESENTATION Legal Disclaimer IMPORTANT NOTICES The inclusion of references to P10, Inc. (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 investment advisory services. All inv ...

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 three months ended March 31, 2023 For the transition period from ____________________ to ____________________ Commission File Number: 001-40937 P10, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2908160 ( State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificatio ...