P10 Reports Third Quarter 2021 Results
P10, Inc. (NYSE: PX) reported impressive financial results for Q3 2021, showcasing a 122% increase in Fee Paying Assets Under Management, totaling $16.3 billion. Revenue soared by 148% year-over-year, reaching $38.1 million, while net income climbed to $4.1 million, up $4 million year-over-year. Adjusted EBITDA also mirrored this growth, hitting $21.8 million. The company aims to bolster its market position following its uplisting to the NYSE and a strong demand for its private market solutions.
- 122% increase in Fee Paying Assets Under Management year-over-year, reaching $16.3 billion.
- Revenue surged to $38.1 million, a 148% year-over-year increase.
- Net income rose to $4.1 million, an increase of $4 million year-over-year.
- Adjusted EBITDA reached $21.8 million, up 148% year-over-year.
- Strong demand for private markets solutions bolstering financial performance.
- None.
Record Results Driven by
DALLAS, Nov. 12, 2021 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX), a leading private markets solutions provider, today reported financial results for the third quarter ended September 30, 2021.
Third Quarter 2021 Financial Highlights:
- Fee Paying Assets Under Management:
$16.3 billion as of the end of the quarter, a122% increase year-over-year - Revenue:
$38.1 million for the quarter, a148% increase year-over-year - Net Income:
$4.1 million for the quarter, a$4 million increase year-over-year - Net Income attributable to P10:
$3.6 million for the quarter, a$3.7 million increase year-over-year - Adjusted EBITDA:
$21.8 million for the quarter, a148% increase year-over-year - Adjusted Net Income:
$16.2 million for the quarter, a146% increase year-over-year - Earnings Per Share: Fully diluted GAAP EPS is $.04 for the quarter
Robert Alpert, Chairman and Co-CEO, and Co-CEO Clark Webb said, “P10 delivered solid financial results driven by strong demand for our portfolio of best-in-class private markets solutions. We uplisted to the New York Stock Exchange in October and completed an offering that strengthens our balance sheet and improves our market position.”
A presentation of the third quarter financials may be accessed HERE and is available on the Company’s website.
Conference Call Details:
The company will host a conference call at 8:30 a.m. Eastern Time on Friday, November 12, 2021. The call will be webcast live and may be accessed HERE.
All participants joining by telephone should dial one of the following numbers, followed by the Participant Code provided:
| United States: | 1-646-904-5544 or 1-844-200-6205 | |
| Canada: | 1-226-828-7575 | |
| All other locations: | 1-929-526-1599 | |
| Participant Code: | 914613 | |
For those unable to participate in the live call, 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 September 30, 2021, P10 has a global investor base of over 2,400 investors across 46 states, 29 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 are subject to various risks, uncertainties and assumptions. 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 and other important factors that may cause actual results to be materially different, including risks relating to: 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; as well as assumptions relating to our operations, financial results, financial condition, business prospects, 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 prospectus dated October 20, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) on October 22, 2021, and in our quarterly report on Form 10-Q to be filed with the SEC, and in our subsequent reports filed from time to time with the Securities and Exchange Commission. 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, Inc.
The non-GAAP financial measures contained in this press release (including, without limitation, Adjusted EBITDA, Adjusted Net Income 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 is included in the presentation of the third quarter financials. 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. Adjusted EBITDA and adjusted net income should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. 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. 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.
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
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