P10 Reports Second Quarter 2024 Earnings Results
P10 (NYSE: PX) reported its Q2 2024 earnings, achieving record revenue of $71.1 million, a 14% YoY increase. Fee-related revenue grew 12% YoY to $68.3 million. The company's fee-paying assets under management (AUM) rose 8% YoY to $23.8 billion.
GAAP net income surged to $7.4 million from $2.1 million the previous year. Adjusted EBITDA slightly increased to $35.4 million. However, fee-related earnings dropped to $33.6 million from $34.7 million. Adjusted net income rose to $28.8 million, with fully diluted GAAP EPS of $0.06 and adjusted EPS of $0.24.
P10 appointed Sarita Narson Jairath as EVP and Global Head of Client Solutions, effective September 16, 2024. The company repurchased 1.5 million shares at an average of $8.12 per share and increased its share repurchase authorization to $20 million.
P10 also expanded its credit agreement, raising its borrowing capacity to $500 million, with maturities extended to August 2028. Finally, a quarterly cash dividend of $0.035 per share was declared, payable on September 20, 2024.
P10 (NYSE: PX) ha riportato i risultati del secondo trimestre 2024, realizzando ricavi record di 71,1 milioni di dollari, con un aumento del 14% rispetto all'anno precedente. I ricavi legati alle commissioni sono cresciuti del 12% anno su anno, raggiungendo 68,3 milioni di dollari. Gli asset a pagamento della società sotto gestione (AUM) sono aumentati dell'8% anno su anno, toccando 23,8 miliardi di dollari.
Il reddito netto GAAP è aumentato a 7,4 milioni di dollari rispetto ai 2,1 milioni di dollari dell'anno precedente. L'EBITDA rettificato è leggermente aumentato a 35,4 milioni di dollari. Tuttavia, i guadagni legati alle commissioni sono scesi a 33,6 milioni di dollari rispetto ai 34,7 milioni di dollari precedenti. Il reddito netto rettificato è aumentato a 28,8 milioni di dollari, con un EPS GAAP completamente diluito di 0,06 dollari e un EPS rettificato di 0,24 dollari.
P10 ha nominato Sarita Narson Jairath come EVP e Responsabile Globale delle Soluzioni per i Clienti, con effetto dal 16 settembre 2024. L'azienda ha riacquistato 1,5 milioni di azioni a un prezzo medio di 8,12 dollari per azione e ha aumentato la sua autorizzazione al riacquisto delle azioni a 20 milioni di dollari.
P10 ha anche ampliato il suo accordo di credito, aumentando la sua capacità di prestito a 500 milioni di dollari, con scadenze estese ad agosto 2028. Infine, è stato dichiarato un dividendo in contante trimestrale di 0,035 dollari per azione, pagabile il 20 settembre 2024.
P10 (NYSE: PX) informó sus ganancias del segundo trimestre de 2024, logrando ingresos récord de 71,1 millones de dólares, un aumento del 14% interanual. Los ingresos relacionados con las comisiones crecieron un 12% interanual hasta 68,3 millones de dólares. Los activos de la compañía con comisiones bajo gestión (AUM) aumentaron un 8% interanual hasta 23,8 mil millones de dólares.
La utilidad neta asignada según GAAP se disparó a 7,4 millones de dólares desde 2,1 millones de dólares el año anterior. El EBITDA ajustado aumentó ligeramente a 35,4 millones de dólares. Sin embargo, las ganancias relacionadas con comisiones cayeron a 33,6 millones de dólares desde los 34,7 millones de dólares anteriores. La utilidad neta ajustada aumentó a 28,8 millones de dólares, con un EPS GAAP completamente diluido de 0,06 dólares y un EPS ajustado de 0,24 dólares.
P10 nombró a Sarita Narson Jairath como EVP y Jefa Global de Soluciones al Cliente, efectivo a partir del 16 de septiembre de 2024. La empresa recompró 1,5 millones de acciones a un promedio de 8,12 dólares por acción y aumentó su autorización de recompra de acciones a 20 millones de dólares.
P10 también amplió su acuerdo de crédito, elevando su capacidad de endeudamiento a 500 millones de dólares, con vencimientos extendidos hasta agosto de 2028. Por último, se declaró un dividendo en efectivo trimestral de 0,035 dólares por acción, pagadero el 20 de septiembre de 2024.
P10 (NYSE: PX)는 2024년 2분기 실적을 발표하며 7,110만 달러의 기록적인 수익을 올렸으며, 이는 전년대비 14% 증가한 수치입니다. 수수료 관련 수익은 전년 대비 12% 증가하여 6,830만 달러에 달했습니다. 회사의 수수료 기반 관리 자산(AUM)은 전년 대비 8% 증가한 238억 달러에 도달했습니다.
GAAP 기준 순이익은 지난해 210만 달러에서 740만 달러로 급증했습니다. 조정된 EBITDA는 3,540만 달러로 소폭 증가했습니다. 그러나 수수료 관련 수익은 3,360만 달러로 감소했으며 지난해 3,470만 달러에서 줄어들었습니다. 조정된 순이익은 2,880만 달러로 상승했으며, 완전 희석 GAAP EPS는 0.06 달러, 조정 EPS는 0.24 달러입니다.
P10은 Sarita Narson Jairath를 EVP 및 글로벌 고객 솔루션 책임자로 임명하며 2024년 9월 16일부터 발효됩니다. 회사는 1.5백만 주를 평균 8.12달러에 재매입하였으며, 주식 재매입 권한을 2,000만 달러로 늘렸습니다.
P10은 또한 신용 협약을 확장하여 차입 능력을 5억 달러로 늘리고, 만기일을 2028년 8월로 연장했습니다. 마지막으로, 주당 0.035 달러의 분기 현금 배당금이 선언되었으며, 2024년 9월 20일에 지급될 예정입니다.
P10 (NYSE: PX) a annoncé ses résultats du deuxième trimestre 2024, atteignant un chiffre d'affaires record de 71,1 millions de dollars, soit une augmentation de 14 % par rapport à l'année précédente. Les revenus liés aux frais ont augmenté de 12 % d'une année sur l'autre pour atteindre 68,3 millions de dollars. Les actifs sous gestion (AUM) rémunérés de l'entreprise ont augmenté de 8 % par rapport à l'année précédente, atteignant 23,8 milliards de dollars.
Le résultat net GAAP a bondi à 7,4 millions de dollars, contre 2,1 millions de dollars l'année précédente. L'EBITDA ajusté a légèrement augmenté pour atteindre 35,4 millions de dollars. Cependant, les bénéfices liés aux frais ont chuté à 33,6 millions de dollars, contre 34,7 millions de dollars l'année précédente. Le résultat net ajusté a augmenté à 28,8 millions de dollars, avec un BPA GAAP totalement dilué de 0,06 dollar et un BPA ajusté de 0,24 dollar.
P10 a nommé Sarita Narson Jairath au poste de EVP et Responsable Mondial des Solutions Client, à compter du 16 septembre 2024. L'entreprise a racheté 1,5 million d'actions à un prix moyen de 8,12 dollars par action et a augmenté son autorisation de rachat d'actions à 20 millions de dollars.
P10 a également élargi son accord de crédit, augmentant sa capacité d'emprunt à 500 millions de dollars, avec des échéances prolongées jusqu'en août 2028. Enfin, un dividende trimestriel en espèces de 0,035 dollar par action a été déclaré, payable le 20 septembre 2024.
P10 (NYSE: PX) hat seine Ergebnisse für das zweite Quartal 2024 bekannt gegeben und einen Rekordumsatz von 71,1 Millionen US-Dollar erzielt, was einem Anstieg von 14% im Jahresvergleich entspricht. Die gebührenbezogenen Einnahmen stiegen um 12% im Jahresvergleich auf 68,3 Millionen US-Dollar. Die gebührenpflichtigen verwalteten Vermögenswerte (AUM) des Unternehmens erhöhten sich um 8% im Jahresvergleich auf 23,8 Milliarden US-Dollar.
Das GAAP-Nettoeinkommen stieg auf 7,4 Millionen US-Dollar von 2,1 Millionen US-Dollar im Vorjahr. Das bereinigte EBITDA stieg leicht auf 35,4 Millionen US-Dollar. Allerdings fielen die gebührenbezogenen Erträge auf 33,6 Millionen US-Dollar, verglichen mit 34,7 Millionen US-Dollar im Vorjahr. Der bereinigte Nettogewinn stieg auf 28,8 Millionen US-Dollar, mit einem vollständig verwässerten GAAP EPS von 0,06 US-Dollar und einem bereinigten EPS von 0,24 US-Dollar.
P10 ernannte Sarita Narson Jairath zur EVP und Global Head of Client Solutions, mit Wirkung zum 16. September 2024. Das Unternehmen hat 1,5 Millionen Aktien zu einem Durchschnittspreis von 8,12 US-Dollar pro Aktie zurückgekauft und die Genehmigung zum Aktienrückkauf auf 20 Millionen US-Dollar erhöht.
P10 hat auch seine Kreditvereinbarung erweitert und die Kreditwürdigkeit auf 500 Millionen US-Dollar erhöht, wobei die Fälligkeiten bis August 2028 verlängert wurden. Schließlich wurde eine vierteljährliche Bardividende von 0,035 US-Dollar pro Aktie erklärt, die am 20. September 2024 fällig ist.
- Record quarterly revenue of $71.1 million, a 14% YoY increase.
- Fee-related revenue grew by 12% YoY to $68.3 million.
- Fee-paying AUM increased by 8% YoY to $23.8 billion.
- GAAP net income rose to $7.4 million from $2.1 million.
- Adjusted net income increased to $28.8 million.
- Fully diluted GAAP EPS up to $0.06 from $0.02.
- Adjusted EPS increased to $0.24.
- Fee-related earnings declined to $33.6 million from $34.7 million.
Generated Record Quarterly Revenue of
DALLAS, Aug. 08, 2024 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today reported financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights
- Revenue:
$71.1 million , a14% increase year over year. - Fee-Related Revenue:
$68.3 million , a12% increase year over year. - Fee-Paying Assets Under Management:
$23.8 billion , an8% increase year over year. - GAAP Net Income:
$7.4 million compared to$2.1 million in the prior year. - Adjusted EBITDA:
$35.4 million compared to$34.8 million in the prior year. - Fee-Related Earnings:
$33.6 million compared to$34.7 million in the prior year. - Adjusted Net Income:
$28.8 million , compared to$26.7 million in the prior year. - Fully diluted GAAP EPS:
$0.06 compared to$0.02 in the prior year. - Fully diluted ANI per share:
$0.24 , compared to$0.22 in the prior year.
A presentation of the quarterly financials may be accessed here and is available on the Company’s website.
“P10 delivered robust performance in the second quarter as we continued to advance the strategic initiatives we laid out at the beginning of 2024,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Our investment strategies have strong momentum in the market, with multiple fund closings exceeding initial covers and
Strategic Leadership Appointment
On July 31, 2024, P10 named Sarita Narson Jairath as its EVP and Global Head of Client Solutions, effective September 16, 2024. In her role, Ms. Jairath will oversee the strategy and execution of P10’s organic growth opportunities by deepening and expanding global client relationships, developing new products, and augmenting the market positioning of P10 and its affiliated managers. Ms. Jairath brings more than two decades of institutional investment experience from Blackstone, J.P. Morgan, Goldman Sachs, among others. She will be integral in developing an institutional framework to serve P10’s growing investor base.
Stock Repurchase Program
In the second quarter, the Company repurchased approximately 1.5 million shares at an average price of
Expanded Credit Agreement
On August 5, 2024, the Company announced an amended and restated credit agreement that increases the Company’s total borrowing capacity from
Declaration of Dividend
The Board of Directors of the Company has declared a quarterly cash dividend of
Conference Call Details
The Company will host a conference call at 5:00 p.m. Eastern Time on Thursday, August 8, 2024. All participants must register prior to joining the event.
For those unable to participate in the live event, a replay will be made available on P10’s investor relations page at www.p10alts.com.
About P10
P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of June 30, 2024, P10 has a global investor base of more than 3,700 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.
Forward-Looking Statements
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2024, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.
Use of Non-GAAP Financial Measures by P10
The non-GAAP financial measures contained in this press release (including, without limitation, Adjusted EBITDA, Adjusted EBITDA Margin, Fee-Related Revenue (“FRR”), Fee-Related Earnings (“FRE”), Fee-Related Earnings Margin, Adjusted Net Income (“ANI”), Fully Diluted ANI EPS and fee-paying assets under management are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included later in this press release. The Company believes the presentation of these non-GAAP measures provide useful additional information to investors because it provides better comparability of ongoing operating performance to prior periods. It is reasonable to expect that one or more excluded items will occur in future periods, but the amounts recognized can vary significantly from period to period. These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Key Financial & Operating Metrics
Fee-paying assets under management 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.
Ownership Limitations
P10’s Certificate of Incorporation contains certain provisions for the protection of tax benefits relating to P10’s net operating losses. Such provisions generally void transfers of shares that would result in the creation of a new
P10 Investor Contact:
info@p10alts.com
P10 Media Contact:
Taylor Donahue
tdonahue@prosek.com
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | % Change | |||||||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | Q2'24 vs Q2'23 | YTD'24 vs YTD'23 | ||||||||||||||||
| (Dollars in thousands except share and per share amounts) | |||||||||||||||||||||
| GAAP Net Income | $ | 7,390 | $ | 2,102 | $ | 12,633 | $ | 2,871 | 252 | % | 340 | % | |||||||||
| Adjustments: | |||||||||||||||||||||
| Depreciation & amortization | 7,075 | 7,856 | 14,157 | 15,626 | -10 | % | -9 | % | |||||||||||||
| Interest expense, net | 6,115 | 5,426 | 11,891 | 10,598 | 13 | % | 12 | % | |||||||||||||
| Income tax expense | 3,718 | 1,964 | 5,476 | 1,007 | 89 | % | 444 | % | |||||||||||||
| Non-recurring expenses | 884 | 3,017 | 1,575 | 5,176 | -71 | % | -70 | % | |||||||||||||
| Non-cash stock based compensation | 5,771 | 5,799 | 11,716 | 8,398 | -0 | % | 40 | % | |||||||||||||
| Non-cash stock based compensation - acquisitions | 904 | 2,272 | 1,675 | 6,773 | -60 | % | -75 | % | |||||||||||||
| Earn out related compensation | 3,558 | 6,394 | 7,117 | 12,787 | -44 | % | -44 | % | |||||||||||||
| Adjusted EBITDA | $ | 35,415 | $ | 34,830 | $ | 66,240 | $ | 63,236 | 2 | % | 5 | % | |||||||||
| Less: | |||||||||||||||||||||
| Cash interest expense, net | (5,636 | ) | (7,141 | ) | (11,042 | ) | (10,003 | ) | -21 | % | 10 | % | |||||||||
| Net cash paid on income taxes | (1,029 | ) | (1,030 | ) | (1,049 | ) | (1,088 | ) | -0 | % | -4 | % | |||||||||
| Adjusted Net Income | $ | 28,750 | $ | 26,659 | $ | 54,149 | $ | 52,145 | 8 | % | 4 | % | |||||||||
| ANI Earnings per Share | |||||||||||||||||||||
| Shares outstanding | 112,359 | 116,168 | 113,744 | 116,063 | -3 | % | -2 | % | |||||||||||||
| Fully Diluted Shares outstanding | 120,098 | 123,874 | 121,469 | 123,918 | -3 | % | -2 | % | |||||||||||||
| ANI per share | $ | 0.26 | $ | 0.23 | $ | 0.48 | $ | 0.45 | 13 | % | 7 | % | |||||||||
| Fully diluted ANI per share(1) | $ | 0.24 | $ | 0.22 | $ | 0.45 | $ | 0.42 | 9 | % | 7 | % | |||||||||
| Adjusted EBITDA Margin | |||||||||||||||||||||
| Total Revenues | $ | 71,076 | $ | 62,472 | $ | 137,191 | $ | 119,725 | 14 | % | 15 | % | |||||||||
| Adjusted EBITDA | 35,415 | 34,830 | 66,240 | 63,236 | 2 | % | 5 | % | |||||||||||||
| Adjusted EBITDA Margin | 50 | % | 56 | % | 48 | % | 53 | % | N/A | N/A | |||||||||||
| Fee-Related Revenue | |||||||||||||||||||||
| Total Revenue | $ | 71,076 | $ | 62,472 | $ | 137,191 | $ | 119,725 | 14 | % | 15 | % | |||||||||
| Adjustments: | |||||||||||||||||||||
| Non-Fee Related Revenue | (2,767 | ) | (1,282 | ) | (3,875 | ) | (2,402 | ) | 116 | % | 61 | % | |||||||||
| Fee-Related Revenue | $ | 68,309 | $ | 61,190 | $ | 133,316 | $ | 117,323 | 12 | % | 14 | % | |||||||||
| Fee-Related Earnings | |||||||||||||||||||||
| GAAP Net Income | $ | 7,390 | $ | 2,102 | $ | 12,633 | $ | 2,871 | 252 | % | 340 | % | |||||||||
| Adjustments | 28,025 | 32,728 | 53,607 | 60,365 | -14 | % | -11 | % | |||||||||||||
| Adjusted EBITDA | $ | 35,415 | $ | 34,830 | $ | 66,240 | $ | 63,236 | 2 | % | 5 | % | |||||||||
| Less: | |||||||||||||||||||||
| Non-Fee Related Income | (1,850 | ) | (100 | ) | (1,934 | ) | (316 | ) | 1750 | % | 512 | % | |||||||||
| Fee-Related Earnings | $ | 33,565 | $ | 34,730 | $ | 64,306 | $ | 62,920 | -3 | % | 2 | % | |||||||||
| Fee-Related Earnings Margin | 49 | % | 57 | % | 48 | % | 54 | % | N/A | N/A | |||||||||||
(1) Fully Diluted ANI EPS calculations include the total of all common shares, stock options under the treasury stock method, restricted stock awards, and the redeemable non-controlling interests of P10 Intermediate converted to Class A stock as of each period presented.
Notes to Reconciliation of Non-GAAP Financial Measures
Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures, which are reconciled in the table above. These measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure.
We use Adjusted Net Income, or ANI, as well as Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA Margin, Fee-Related Revenues, Fee-Related Earnings and Fee-Related Earnings Margin to provide additional measures of profitability. We use the measures to assess our performance relative to our intended strategies, expected patterns of profitability, and budgets, and use the results of that assessment to adjust our future activities to the extent we deem necessary. ANI reflects an estimate of our cash flows generated by our core operations. ANI is calculated as Adjusted EBITDA, less actual cash paid for interest and federal and state income taxes.
In order to compute Adjusted EBITDA, we adjust our GAAP Net Income for the following items:
- Expenses that typically do not require us to pay them in cash in the current period (such as depreciation, amortization and stock-based compensation);
- The cost of financing our business;
- One-time expenses related to restructuring of the management team including placement/search fees;
- Acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory, as well as bonuses paid to employees directly related to the acquisition; and
- The effects of income taxes.
Fee-Related Revenues is calculated as Total Revenues less any incentive fees.
Fee-Related Earnings is a non-GAAP performance measure used to monitor our baseline earnings less any incentive fee revenue and excluding any incentive fee-related expenses.
Fee-Related Earnings Margin is calculated as Fee-Related Earnings divided by Fee-Related Revenues.
Adjusted Net Income reflects net cash paid for federal and state income taxes and cash interest expense.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total GAAP revenues. We use Adjusted EBITDA Margin to provide an additional measure of profitability.
FAQ
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