Patria Investments Limited (NASDAQ:PAX) Q1 2022 Earnings Conference Call May 10, 2022 9:00 AM ET
Company Participants
Josh Wood - Head of Shareholder Relations
Alex Saigh - Chief Executive Officer and Director
Marco D'Ippolito - Chief Financial Officer and Managing Partner
Conference Call Participants
Marcelo Telles - Credit Suisse
Tito Labarta - Goldman Sachs
Robert Lee - KBW
Operator
Good day and thank you for standing by. Welcome to the Patria First Quarter 2022 Earnings Call. [Operator Instructions]
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 first quarter 2022 earnings call. Joining on the call today are our Chief Executive Officer, Alex Saigh; and our Chief Financial Officer, Marco D'Ippolito. Earlier this morning, we issued a press release and earnings presentation detailing our first quarter which you can find posted on our Investor Relations website 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 statements. Such statements are based on current management expectations and involve inherent risks, including those discussed in the Risk Factors section of our Form 20-F Annual Report filed in April.
Also note that no statements on this call constitute an offer to sell or solicitation of an offer to purchase an interest in any Patria fund. As a foreign private issuer, Patria report financial results using International Financial Reporting Standards or IFRS. As opposed to US 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 measures calculated in accordance with IFRS are included in our earnings presentation. On headline metrics, Patria generated fee related earnings of $32 million and distributable earnings of $35 million, or $0.24 per share for 1Q ‘22. We declared a quarterly dividend of $0.20 per share payable on June 16, to shareholders of record as of June 2.
With that, I'll now turn the call over to our Chief Executive Officer, Alex Saigh.
Alex Saigh
Thank you, Josh. Good morning, everyone. And we hope you are all well. I first started ‘22 very strongly delivering excellent first quarter financial results and significant new inflows to our platform. We are on track for our 2022 FRE revenue guidance, with first quarter fee related earnings of $32 million, which are up 85% compared to the first quarter of 2021. Distributable earnings of nearly $0.24 per share are up 90% compared to the prior year quarter. And thus our dividend to shareholders of $0.20 per share is up 90% as well. Our platform is growing, with total AUM up 96%, totaling approximately $27.5 billion and fee earnings AUM up 136% totaling approximately $19 billion driven by both organic growth and our M&A activity. Just in the first quarter, total AUM is up 16% and fee earning AUM up 6% which is all organic with Moneda already included in the beginning.