Start Time: 09:00 January 1, 0000 9:55 AM ET

Patria Investments Limited (NASDAQ:PAX)

Q4 2022 Earnings Conference Call

February 14, 2023, 09:00 AM ET

Company Participants

Alex Saigh - CEO

Ana Russo - CFO

Marco D’Ippolito - Chief Corporate Development Officer

Josh Wood - Head of Shareholder Relations

Conference Call Participants

Michael Brown - KBW

Ricardo Buchpiguel - BTG Pactual

Beatriz Abreu - Goldman Sachs

Operator

Good day. Thank you for standing by. Welcome to Patria's Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Josh Wood, Head of Shareholder Relations. Please go ahead.

Josh Wood

Thank you. Good morning, everyone, and welcome to Patria’s fourth quarter and full year 2022 earnings call. Joining today are our Chief Executive Officer, Alex Saigh; our Chief Financial Officer, Ana Russo; and our Chief Corporate Development Officer, Marco D’Ippolito. This morning, we issued a press release and earnings presentation detailing our results for the fourth quarter and full year 2022, which you can find posted on our Investor Relations Web site at ir.patria.com or on Form 6-K filed with the Securities and Exchange Commission.

Any forward-looking statements made on this call are uncertain, do not guarantee future performance, and undue reliance should not be placed on them. Patria assumes no obligation and does not intend to update any such forward-looking statement. Such statements are based on current management expectations and involve inherent risks, including those discussed in the Risk Factors section of our latest Form 20-F annual report. Also note that no statements on this call constitute an offer to sell or a solicitation of an offer to purchase an interest in any Patria fund. As a foreign private issuer, Patria reports financial results using International Financial Reporting Standards, or IFRS, as opposed to U.S. GAAP.

Additionally, we will report and refer to certain non-GAAP industry measures, which should not be considered in isolation from or as a substitute for measures prepared in accordance with IFRS. Reconciliations of these measures to the most comparable IFRS measures are included in our earnings presentation.

On headline metrics, Patria generated fee-related earnings of $35.3 million and distributable earnings of $53.3 million or $0.36 per share for 4Q '22. We declared a quarterly dividend of $0.308 per share payable on March 22 to shareholders of record as of March 1. For the full year 2022, fee-related earnings were $130 million and distributable earnings were $147.1 million, or $1 per share, bringing cumulative dividends to shareholders to $0.85 per share for the full year.