P10 Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
P10, Inc. Reports Second Quarter 2024 Financial Results
P10, Inc. (NYSE: PX), a leading private markets solutions provider, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate | Beat/Miss |
|---|---|---|---|---|---|
| Revenue | $71.1M | $62.4M | +14% | $65.88M | Beat |
| Fully Diluted GAAP EPS | $0.06 | $0.02 | +200% | $0.20 | Miss |
| Fully Diluted ANI EPS | $0.24 | $0.22 | +9.1% | N/A | N/A |
| GAAP Net Income | $7.4M | $2.1M | +252% | N/A | N/A |
| Adjusted EBITDA | $35.4M | $34.8M | +1.7% | N/A | N/A |
| Adjusted Net Income | $28.8M | $26.7M | +7.9% | N/A | N/A |
P10 demonstrated strong financial performance in Q2 2024, with significant year-over-year growth in revenue and net income. The company exceeded Wall Street revenue expectations, although earnings per share fell short of consensus estimates.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | YoY Change | Previous Guidance* | Beat/Miss** |
|---|---|---|---|---|
| Fee-Related Revenue | $68.3M | +12% | Not explicitly provided | N/A |
| Total Revenue | $71.1M | +14% | $65.88M | Beat |
Previous guidance specifics for each segment were not provided. *Compared to consensus estimates or company-set targets.
The company's fee-related revenue showed a healthy double-digit increase, reflecting robust growth in its core operations.
Operational Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Fee-Paying Assets Under Management | $23.8B | $22.0B | +8% |
Fee-Paying Assets Under Management (AUM) grew by 8% year over year, signaling strong investor confidence and continued business expansion.
Comments from Company Officers
"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. He also highlighted multiple fund closings exceeding initial covers and $844 million in gross new fee-paying AUM during the quarter.
Strategic Leadership Appointment
On July 31, 2024, P10 appointed Sarita Narson Jairath as its EVP and Global Head of Client Solutions, effective September 16, 2024. Her extensive experience from firms like Blackstone, J.P. Morgan, and Goldman Sachs will be instrumental in driving P10’s strategic growth initiatives.
Stock Repurchase Program
P10 repurchased approximately 1.5 million shares at an average price of $8.12 per share in Q2 2024. The Board of Directors authorized an additional $12 million under the share repurchase program, bringing the total available to approximately $20 million.
Dividend Declaration
The Board of Directors declared a quarterly cash dividend of $0.035 per share on Class A and Class B common stock, payable on September 20, 2024, to holders of record as of August 30, 2024.
Expanded Credit Agreement
The company announced an amended and restated credit agreement increasing total borrowing capacity from $359 million to $500 million. The revised agreement extends maturities to August 1, 2028.
Stock Price Movement
Post-earnings release, P10’s stock experienced a 2.21% increase, reflecting positive market sentiment towards its financial results.
Forward Guidance
P10 has not provided explicit forward guidance for future quarters.
P10’s strong financial performance and strategic moves position it to produce long-term shareholder value as it continues to grow and integrate its platform across multiple investment strategies.