P10, Inc. (NYSE:PX) Q1 2022 Earnings Conference Call May 12, 2022 4:30 PM ET

Company Participants

Mark Hood - Director of Investor Relations

Robert Alpert - Chairman and Co Chief Executive Officer

Clark Webb - Co Chief Executive Officer

Amanda Coussens - Chief Financial Officer

Fritz Souder - Chief Operating Officer

Conference Call Participants

Michael Cyprys - Morgan Stanley

Ken Worthington - JPMorgan

Robert Lee - KBW

Chris Kotowski - Oppenheimer

John Campbell - from Stephens Incorporated

Operator

Hello and welcome to the P10 First Quarter 2022 Conference Call. My name is Irene and I will be coordinating your call today. I will now hand you over to your host, Mark Hood, Executive Vice President of Operation and Investor Relations. Mark, please go ahead.

Mark Hood

Good afternoon and welcome to the P10 first quarter 2022 conference call. This is Mark Hood, EVP of Operations and Investor Relations. Today, we will be joined by Robert Alpert, Chairman and Co CEO. Clark Webb, Co CEO, Fritz Souder, Chief Operating Officer, and Amanda Coussens, Chief Financial Officer. Before we begin, I'd like to remind everyone that this conference call, as well as the presentation slides, 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.

Forward-looking statements reflect management's current plans, estimates, and expectations, and are inherently uncertain. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in greater detail under risk factors in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 21, 2022, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included are made only as of the date hereof, we undertake no obligation to update or revise any forward-looking statements as a result of new information or future events, except as otherwise required by law. You may find a reconciliation of GAAP to non-GAAP financial measures in our earnings release on our website.

I will now turn the call over to Robert.

Robert Alpert

Good afternoon. I'm Robert Alpert, Chairman and Co-CEO. Today, we will discuss our first quarter 2022 financial results, what we're seeing in the market, what differentiates P10 from peers and why we think we build something unique in the alternative asset industry. I am pleased to report, we delivered solid financial results and met our quarterly objectives. Across the board key financial metrics reflect strong execution. We ended the first quarter with $17.6 billion in fee paying assets under management. On year-over-year basis, that is a 34% increase and on a pro forma basis that's a 27% organic growth rate. Year-over-year revenue increased 32%, GAAP net income was up 188%, adjusted EBITDA increased 31% and adjusted net income rose by 84%.