Generated Record Quarterly Revenue of $85 Million, a 35% Annual Increase
DALLAS, Feb. 12, 2025 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX) (the "Company”), a leading private markets solutions provider, today reported financial results for the fourth quarter and year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights
- Revenue: $85 million, a 35% increase year over year.
- Fee-Related Revenue: $85 million, a 37% increase year over year.
- Fee-Paying Assets Under Management: $25.7 billion, a 10% increase year over year.
- GAAP Net Income (Loss): $5.7 million compared to $(1.9) million in the prior year.
- Adjusted EBITDA: $42.9 million, a 40% increase year over year.
- Fee-Related Earnings: $42.7 million, a 39% increase year over year.
- Adjusted Net Income: $35.3 million, a 39% increase year over year.
- Fully Diluted GAAP EPS: $0.05 compared to $(0.01) in the prior year.
- Fully Diluted ANI per share: $0.30, a 44% increase year over year.
- Revenue: $296.4 million, a 23% increase year over year.
- Fee-Related Revenue: $291.3 million, a 23% increase year over year.
- GAAP Net Income (Loss): $19.7 million, compared to $(7.8) million in the prior year.
- Adjusted EBITDA: $144.5 million, a 17% increase year over year.
- Fee-Related Earnings: $142.1 million, a 15% increase year over year.
- Adjusted Net Income: $120.2 million, an 18% increase year over year.
- Fully Diluted GAAP EPS: $0.16, compared to $(0.06) in the prior year.
- Fully Diluted ANI per share: $1.00, a 22% increase year over year.
"P10 delivered record financial performance in the fourth quarter, capping off a remarkable year. Our investment strategies carried momentum in the fourth quarter, achieving $905 million in gross new fee-paying AUM. We also exceeded our 2024 fundraising guidance by over a billion dollars and delivered strong growth across our platform,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. "Over the course of 2024, we executed on all strategic priorities outlined at the start of the year, which included optimizing our leadership team, driving increased organic growth, reaccelerating our M&A engine, generating operational efficiencies and enhancing our transparency. The Company is well positioned for an exciting 2025 and to meet or exceed the long-term financial guidance we provided at our inaugural Investor Day in September 2024.”
Stock Repurchase Program
In the fourth quarter, the Company repurchased approximately 815,327 shares at an average price of $12.72 per share. In 2024, the Company repurchased approximately 6,641,827 shares at an average price of $8.88 per share, for a total of $59.1 million in the year. The repurchase activity left approximately $3.5 million available under the repurchase authorization at the end of the fourth quarter. This week, the Board of Directors authorized an additional $40 million under the share repurchase program which brings the total available under the plan to approximately $43.5 million.
Declaration of Dividend
The Board of Directors of the Company has declared a quarterly cash dividend of $0.035 per share on Class A and Class B common stock, payable on March 20th, 2025, to the holders of record as of the close of business on February 28th, 2025.
Conference Call Details
The Company will host a conference call at 8:30 a.m. Eastern Time on Wednesday, February 12, 2025. 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 December 31, 2024, P10's products have a global investor base of more than 3,800 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, 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; our ability to make acquisitions and successfully integrate the businesses we acquire, including our pending acquisition of Qualitas Funds SGEIC, S.A.; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; the impacts of emerging technologies, such as artificial intelligence and machine learning; 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”) and, Fully Diluted ANI per share 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.
P10 Investor Contact:
P10 Media Contact:
Josh Clarkson
Taylor Donahue
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||
| (Dollars in thousands except share and per share amounts) | Three Months Ended | Twelve Months Ended | % Change | ||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | Q4'24 vs Q4'23 | YTD'24 vs YTD'23 | ||||||||
| GAAP Net Income/(Loss) | $ 5,701 | $ (1,893 | ) | $ 19,667 | $ (7,772 | ) | N/A | N/A | |||||
| Adjustments: | |||||||||||||
| Depreciation & amortization | 6,902 | 7,945 | 28,314 | 31,472 | -13% | -10% | |||||||
| Interest expense, net | 6,927 | 5,792 | 25,510 | 21,872 | 20% | 17% | |||||||
| Income tax expense | 1,967 | 1,826 | 8,698 | 4,632 | 8% | 88% | |||||||
| Non-recurring expenses | 10,388 | 3,204 | 17,520 | 13,874 | 224% | 26% | |||||||
| Non-cash stock based compensation | 4,999 | 5,252 | 22,480 | 21,519 | -5% | 4% | |||||||
| Non-cash stock based compensation - acquisitions | 2,414 | 779 | 7,971 | 8,674 | 210% | -8% | |||||||
| Non-cash stock based compensation - CEO transition | - | 4,225 | - | 6,331 | -100% | -100% | |||||||
| Earn out related compensation | 3,597 | 3,597 | 14,312 | 22,992 | 0% | -38% | |||||||
| Adjusted EBITDA | $ 42,895 | $ 30,727 | $ 144,472 | $ 123,594 | 40% | 17% | |||||||
| Less: | |||||||||||||
| Cash interest expense | (6,497 | ) | (5,049 | ) | (21,727 | ) | (20,100 | ) | 29% | 8% | |||
| Cash income taxes, net of taxes related to acquisitions | (1,101 | ) | (206 | ) | (2,538 | ) | (1,539 | ) | 434% | 65% | |||
| Adjusted Net Income | $ 35,297 | $ 25,472 | $ 120,208 | $ 101,955 | 39% | 18% | |||||||
| Fully Diluted ANI per Share | |||||||||||||
| Shares outstanding | 111,333 | 116,299 | 112,549 | 116,104 | -4% | -3% | |||||||
| Fully Diluted Shares outstanding | 119,286 | 124,163 | 120,375 | 124,063 | -4% | -3% | |||||||
| ANI per share | $0.32 | $0.22 | $1.07 | $0.88 | 45% | 22% | |||||||
| Fully Diluted ANI per share(1) | $0.30 | $0.21 | $1.00 | $0.82 | 44% | 22% | |||||||
| Adjusted EBITDA Margin | |||||||||||||
| Total Revenues | $ 85,014 | $ 63,067 | $ 296,448 | $ 241,734 | 35% | 23% | |||||||
| Adjusted EBITDA | 42,895 | 30,727 | 144,472 | 123,594 | 40% | 17% | |||||||
| Adjusted EBITDA Margin | 50 | % | 49 | % | 49 | % | 51 | % | N/A | N/A | |||
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