Financial Performance - Revenue for Q4 2024 was 85million,representinga3535 million, a 39% increase compared to Q4 2023[15] - Fully Diluted ANI per share was 0.30,reflectinga4485 million, a 37% increase from the previous year[15] - Total revenues for the year ended December 31, 2024, were 296,448thousand,a23241,734 thousand in 2023[29] - Net income attributable to P10 for the year ended December 31, 2024, was 18,700thousand,comparedtoanetlossof7,133 thousand in 2023[29] - Adjusted EBITDA for the year ended December 31, 2024, was 144,472thousand,reflectingstrongoperationalperformance[30]−AdjustedNetIncomefortheyearwas120,208, reflecting an 18% increase compared to 101,955in2023[32]−GAAPNetIncomeforQ42024was5,701, compared to a loss of 1,893inQ42023,markingasignificantturnaround[32]−AdjustedEBITDAforQ42024increasedby4042,895, up from 30,727inQ42023[32]AssetsandLiabilities−Fee−payingassetsundermanagement(FPAUM)reached25.7 billion, a 10% increase from the prior year[9] - As of December 31, 2024, the company had 325millioninoutstandingdebtand67 million in cash and cash equivalents[16] - Cash and cash equivalents rose to 67,455asofDecember31,2024,upfrom30,467 in 2023[36] - Total Assets increased to 869,275in2024,comparedto834,074 in 2023[36] - Debt obligations grew to 319,783in2024,upfrom289,844 in 2023, indicating increased leverage[36] Fundraising and Investments - The company raised nearly 3.8billioninFPAUMinfull−year2024,exceedingthe2.5 billion guidance[14] - Private Equity Solutions fundraising totaled 2.3billioninFY2024[14]−FPAUMgrowthfromQ42023toQ42024isprojectedtobe36774 billion of capital available to private equity funds over 1billion,indicatingastronginvestmentenvironment[69]OperationalMetrics−Managementandadvisoryfeesincreasedby3584,026 thousand, compared to 62,407thousandinQ42023[29]−Operatingexpensesincreasedby862,158 thousand, compared to 57,724thousandinQ42023[29]−TheAdjustedEBITDAMarginforQ42024was5092 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 265millionandcalledcapitalat110350 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 382millionandcalledcapitalat11047 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 400millionandcalledcapitalat1051.6 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]
P10(PX)2025-02-12 12:40