P10 Inc (PX) 2023 Q4 法說會逐字稿

Hello, and welcome to P10 fourth-quarter and year-end 2023 conference call.

您好，歡迎參加 P10 第四季和 2023 年底電話會議。

My name is Josh and I will be coordinating your call today.

我叫喬希，今天我將協調您的電話。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference call is being recorded.

提醒一下，今天的電話會議正在錄音。

I will now hand the call over to your host, Mark Hood, EVP of Operations and Chief Administrative Officer.

我現在將把電話轉交給主持人、營運執行副總裁兼首席行政官馬克‧胡德 (Mark Hood)。

Mark, please go ahead.

馬克，請繼續。

Good afternoon and welcome to the P10 fourth-quarter and year-end 2023 conference call.

下午好，歡迎參加 P10 第四季和 2023 年底電話會議。

Today, we will be joined by Luke Sarsfield, Chief Executive Officer, and Amanda Coussens, Chief Financial Officer.

今天，執行長 Luke Sarsfield 和財務長 Amanda Coussens 將加入我們。

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 the federal securities laws, including the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒大家，本次電話會議以及簡報投影片可能構成聯邦證券法（包括 1995 年《私人證券訴訟改革法案》）含義內的前瞻性陳述。

Forward-looking statements reflect management's current plans, estimates, and expectations and are inherently uncertain.

前瞻性陳述反映了管理層目前的計劃、估計和預期，本質上具有不確定性。

Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risk factors and uncertainties that are described in greater detail in our earnings release and in our periodic reports filed from time to time with the SEC.

由於我們的收益發布和不時提交的定期報告中更詳細地描述了許多風險因素和不確定性，未來時期的實際結果可能與這些前瞻性陳述中明示或暗示的結果存在重大差異。 。

The forward-looking statements included are made only as of the date hereof.

所包含的前瞻性陳述僅在本協議發布之日作出。

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.

除非法律另有要求，否則我們不承擔因新資訊或未來事件而更新或修改任何前瞻性聲明的義務。

During the call, we will also discuss certain non-GAAP measures, which we believe can be useful in evaluating the company's performance.

在電話會議期間，我們也將討論某些非公認會計準則衡量標準，我們認為這些衡量標準有助於評估公司的表現。

A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release and our filings with the SEC.

我們的收益報告和向美國證券交易委員會提交的文件中提供了這些衡量標準與最直接可比較的公認會計原則衡量標準的對帳。

I will now turn the call over to Luke.

我現在將把電話轉給盧克。

Thank you, Mark.

謝謝你，馬克。

Good afternoon to everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

On our call today, I'm going to provide an overview of our 2023 performance, share some key observations from my first four months as CEO, and lay out our plan for the year ahead.

在今天的電話會議上，我將概述我們 2023 年的業績，分享我擔任執行長的前四個月的一些重要觀察結果，並製定我們未來一年的計劃。

P10 delivered strong fourth-quarter and full-year operating results in 2023, which demonstrated the strength of our strategies and our position as a leading specialized private market solutions platform.

P10 在 2023 年實現了強勁的第四季度和全年營運業績，這證明了我們的策略實力以及我們作為領先的專業私募市場解決方案平台的地位。

In 2023, we generated double-digit top-line growth and strong profitability.

2023 年，我們實現了兩位數的營收成長和強勁的獲利能力。

For the full year, fee-paying AUM increased by 10%, revenues increased by 22%, and adjusted EBITDA rose by 16%.

全年付費資產管理規模成長 10%，營收成長 22%，調整後 EBITDA 成長 16%。

It bears repeating P10 surpassed its two-year gross fundraising expectations of $5 million six months early.

值得慶幸的是，P10 提前 6 個月就超過了兩年期籌款總額 500 萬美元的預期。

And by the end of 2023, we had raised an incremental $2 billion above our original target.

到 2023 年底，我們籌集的資金比最初目標增加了 20 億美元。

Despite the underlying strength of our platform and our positive financial results since going public in 2021, we continue to face pressure on our valuation.

儘管我們的平台具有強大的基礎實力，並且自 2021 年上市以來我們取得了積極的財務業績，但我們的估值仍然面臨壓力。

Across most metrics, we trade at a meaningful discount to our alternatives peer group.

在大多數指標中，我們的交易價格比其他替代品同業群體有明顯折扣。

While we believe this presents a compelling entry point for investors, today, we are focused on closing that relative valuation gap through strategic execution underscored by transparent communication.

雖然我們相信這為投資者提供了一個引人注目的切入點，但今天，我們的重點是透過透明溝通所強調的策略執行來縮小相對估值差距。

We believe that as we articulate and execute on our new strategic initiatives, the market will take notice and reward shareholders.

我們相信，當我們闡明和執行新的策略舉措時，市場將會注意到並獎勵股東。

When we talk about our ownership base, it's important to note that P10 employees make up the largest ownership position in our shareholder register.

當我們談論我們的所有權基礎時，我們需要注意的是，P10 員工在我們的股東名冊中佔據了最大的所有權地位。

This is a reflection of our collective conviction in the intrinsic value of our platform.

這反映了我們對平台內在價值的集體信念。

We are firm believers that this ownership stake results and strong alignment between the company and our broader shareholder base.

我們堅信，這種所有權股份會帶來公司與更廣泛的股東基礎之間的緊密結合。

During the fourth quarter, we bought back 859,600 shares at an average share price of $9.74. Further, our Board of Directors has approved a $40 million expansion of P10's current share repurchase program.

第四季度，我們以 9.74 美元的平均股價回購了 859,600 股股票。此外，我們的董事會已批准將 P10 目前的股票回購計畫擴大 4,000 萬美元。

With $10.6 million remaining on our previous $20 million buyback authorization, we now have over $50 million available for repurchases.

我們之前的 2000 萬美元回購授權還剩 1060 萬美元，現在我們有超過 5000 萬美元可用於回購。

We have never been more confident in the franchise and its future and are evaluating every possible avenue to deliver long-term value for our shareholders.

我們對特許經營權及其未來從未如此有信心，並正在評估一切可能的途徑，為我們的股東帶來長期價值。

Since being appointed CEO in October, I have had the opportunity to holistically engage in almost every aspect of P10's operations.

自從 10 月被任命為執行長以來，我有機會全面參與 P10 營運的幾乎各個方面。

That has allowed me to gain a deeper understanding of the organization.

這讓我對組織有了更深入的了解。

It was important for me to get to know our teams and equally as critical for them to get exposure to me.

了解我們的團隊對我來說很重要，同樣重要的是讓他們接觸我。

I spent the last two months of 2023 on a listening tour across a broad array of constituencies, visiting with them in person hearing their perspectives and gaining insights as to what P10 does well and learning how we can continue to enhance the organization and its processes.

我在 2023 年的最後兩個月裡對廣泛的選區進行了一次傾聽之旅，親自拜訪他們，聽取他們的觀點，深入了解 P10 做得好的方面，並了解我們如何繼續增強組織及其流程。

In addition to visiting with each of our strategies in person and engaging with our employees, I had the privilege to spend time with many of our clients and limited partners both current and prospective as well as our investors and analysts.

除了親自訪問我們的每項策略並與我們的員工交流之外，我還有幸與我們的許多客戶和有限合夥人（無論是現有的還是潛在的）以及我們的投資者和分析師共度時光。

With the benefit of that insight, I can say with confidence P10 is a world-class business made up of the leading minds in the middle market alternative investment space.

憑藉這種洞察力，我可以自信地說 P10 是一家世界級企業，由中間市場另類投資領域的領先人士組成。

Moreover, our managers all have a world-class track record of investing excellence that has resulted in high levels of trust with our LPs.

此外，我們的經理人都擁有世界一流的卓越投資記錄，這使我們的有限合夥人獲得了高度的信任。

Trust is not something we can buy or create in the short term; I take that trust very seriously.

信任不是我們可以在短期內購買或創造的東西；我非常重視這種信任。

And we plan to build on the immense credibility our managers have achieved in this next chapter of our growth.

我們計劃在我們的發展的下一個篇章中，以我們的經理所取得的巨大信譽為基礎。

The solid foundation that has been built to-date will form the basis of our success going forward.

迄今為止所建立的堅實基礎將成為我們未來成功的基礎。

As we look to 2024 and beyond, our strategic priorities are as follows.

展望 2024 年及以後，我們的策略重點如下。

First, institutionalize our platform and optimize our corporate level organizational structure.

一是製度化平台，優化公司層面組織架構。

Second, drive increased organic growth by expanding our existing client franchise through programmatic cross-selling and strategic partnerships.

其次，透過程序化交叉銷售和策略合作夥伴關係擴大我們現有的客戶範圍，從而推動有機成長。

Third, implement a robust disciplined and process-driven approach to inorganic growth.

第三，實施強而有力的、有紀律的、流程驅動的方法來實現無機成長。

Fourth, generate operational efficiencies through incentivizing collaboration and leveraging data insights; and finally, enhance our shareholder communications with an eye to greater visibility and transparency.

第四，透過激勵協作和利用數據洞察來提高營運效率；最後，加強我們的股東溝通，以提高可見度和透明度。

These priorities set the stage for an exciting 2024 as we invest to accelerate profitable growth in 2025 and beyond.

這些優先事項為我們令人興奮的 2024 年奠定了基礎，我們將進行投資以加速 2025 年及以後的獲利成長。

We have aggressive goals with a roadmap to achieve them.

我們有雄心勃勃的目標和實現這些目標的路線圖。

Executing on our plan will not occur overnight but progress will be evident as we report each quarter.

我們的計劃不會一蹴而就，但進展將在我們每季的報告中顯而易見。

We also plan to share more about our long-term strategy at P10's first Investor Day in the fall of this year.

我們還計劃在今年秋季 P10 的首屆投資者日分享更多有關我們長期策略的資訊。

As I said at the beginning of the call, P10 employees are firmly aligned with our shareholder base.

正如我在電話會議開始時所說，P10 員工與我們的股東基礎堅定一致。

When we execute on this strategy, all P10 stakeholder's benefit.

當我們執行此策略時，所有 P10 利害關係人都會受益。

Now, let's dive a bit deeper on each of our priorities.

現在，讓我們更深入地探討每個優先事項。

First, we are going to institutionalize our platform and optimize our corporate level organizational structure.

首先，我們要製度化我們的平台，優化我們公司層面的組織架構。

In a trust and performance business, our people are our greatest assets and we must set up an appropriate structure to drive success and accountability in this next phase of our growth.

在信託和績效業務中，我們的員工是我們最大的資產，我們必須建立適當的結構來推動下一階段成長的成功和責任。

With that in mind, I would like to thank our retiring Chief Operating Officer, Fritz Souder, for his contributions to P10.

考慮到這一點，我要感謝我們即將退休的營運長 Fritz Souder 對 P10 的貢獻。

He was a Founding Partner at RCP and has done an outstanding job for our limited partners, our shareholders, and our employees.

他是 RCP 的創始合夥人，為我們的有限合夥人、股東和員工做出了出色的工作。

We thank Fritz for all he has done and wish him the very best.

我們感謝弗里茲所做的一切，並祝他一切順利。

Our go-forward corporate level organizational structure has four key functional areas.

我們先進的企業級組織結構有四個關鍵職能領域。

Each led by a Senior Executive Vice President level leader reporting directly to me.

每個人都由一位高階執行副總裁級的領導領導，直接向我報告。

Our outstanding EVP, CFO and CCO, Amanda Coussens, will continue to lead the finance, audit, accounting, legal, and compliance teams.

我們傑出的執行副總裁、財務長和首席文化長 Amanda Coussens 將繼續領導財務、審計、會計、法律和合規團隊。

Amanda's contributions to P10 cannot be overstated as she has helped build the strong financial and compliance functions that have positioned P10 for continued organic and inorganic growth.

阿曼達對 P10 的貢獻怎麼強調都不為過，因為她幫助建立了強大的財務和合規職能，使 P10 能夠持續有機和無機增長。

To further augment, our legal and compliance framework.

為了進一步增強我們的法律和合規框架。

She will lead the external search to identify and recruit General Counsel and Chief Compliance Officer to further enhance our P10 control framework.

她將領導外部搜尋工作，以物色和招募總法律顧問和首席合規官，以進一步增強我們的 P10 控制框架。

Mark Hood has been elevated to the role of EVP of Operations and Chief Administrative Officer.

馬克胡德 (Mark Hood) 已晉升為營運執行副總裁兼首席行政官。

In this newly created role, Mark will oversee our operations, data and technology, human resources, public relations and communications; and he will continue in his oversight of our Investor Relations function.

在這個新設立的職位上，馬克將監督我們的營運、數據和技術、人力資源、公共關係和溝通；他將繼續監督我們的投資者關係職能。

Mark has been foundational to P10 since its IPO and I'm incredibly excited about his expanded role.

自 P10 首次公開募股以來，Mark 一直是 P10 的基礎，我對他的角色擴大感到非常興奮。

Next, I'm thrilled to report that we have hired a world-class professional to serve as our EVP Head of Strategy and M&A.

接下來，我很高興地向大家報告，我們已經聘請了一位世界一流的專業人士擔任我們的策略和併購執行副總裁。

Arjay Jensen is an incredibly talented, seasoned professional with over 20 years of experience at Goldman Sachs, Guggenheim Securities, and Perella Weinberg Partners.

Arjay Jensen 是一位才華橫溢、經驗豐富的專業人士，在高盛、古根漢證券和 Perella Weinberg Partners 擁有 20 多年的經驗。

Arjay Jensen will oversee our corporate strategy and lead our corporate development and M&A activities.

Arjay Jensen 將監督我們的企業策略並領導我們的企業發展和併購活動。

Inorganic growth will be a core growth driver for P10; Arjay will be instrumental in building a scalable M&A blueprint, identifying key strategic opportunities for P10, and executing on M&A transactions.

無機成長將成為P10的核心成長動力； Arjay 將在建立可擴展的併購藍圖、確定 P10 的關鍵策略機會以及執行併購交易方面發揮重要作用。

Additionally, we are going to continue to invest in our client franchise.

此外，我們將繼續投資於我們的客戶特許經營權。

To lead this effort, we are seeking an experienced industry veteran.

為了領導這項工作，我們正在尋找經驗豐富的行業資深人士。

This person will oversee our client organization, including client relationships, distribution, marketing and product development.

此人將監督我們的客戶組織，包括客戶關係、分銷、行銷和產品開發。

And we'll work closely with client leaders across our various strategies.

我們將在各種策略中與客戶領導者密切合作。

As we scale the platform, we're going to build a best-in-class distribution network for our products across strategies.

隨著我們擴展平台，我們將為我們的產品跨策略建立一流的分銷網絡。

We strongly believe the Head of Distribution will be critical to maximizing value of each client relationship.

我們堅信，分銷主管對於最大化每個客戶關係的價值至關重要。

Given the importance of finding the right person for this role, we have retained a leading recruiting firm with deep expertise in this area and we are working closely with them in earnest to find the right leader for this function.

鑑於為該職位找到合適人選的重要性，我們保留了一家在該領域擁有深厚專業知識的領先招聘公司，並且我們正在與他們密切合作，認真尋找適合該職位的領導者。

Second, we plan to drive increased organic growth by expanding our existing client franchise through programmatic cross-selling and strategic partnerships.

其次，我們計劃透過程序化交叉銷售和策略合作夥伴關係擴大我們現有的客戶特許經營權，從而推動有機成長。

P10 is fortunate to have a large and growing global LP base and we need a scalable and replicable process for expanding our influence with current and prospective LPs.

P10 很幸運，擁有龐大且不斷增長的全球 LP 基礎，我們需要一個可擴展且可複製的流程來擴大我們對當前和未來 LP 的影響力。

Our new Head of Distribution will be responsible for building this framework to demonstrate progress against our goals.

我們的新任分銷主管將負責建立此框架，以展示我們目標的進展。

We intend to provide additional details on this topic throughout 2024 culminating at P10's inaugural Investor Day this fall.

我們打算在 2024 年提供有關此主題的更多詳細信息，最終在今年秋天 P10 的首屆投資者日舉行。

Third, we are implementing a robust, disciplined, and process-driven approach to inorganic growth.

第三，我們正在實施一種穩健、有紀律、流程驅動的方法來實現無機成長。

My background is in deal-making and in alternative asset management.

我的背景是交易和另類資產管理。

I've spent decades doing those two things at the highest level and strongly believe that we are positioned to execute deals on a global scale.

我花了幾十年的時間在最高級別上做這兩件事，並堅信我們有能力在全球範圍內執行交易。

We plan to increase our footprint which will also enhance our relationship network.

我們計劃擴大我們的足跡，這也將增強我們的關係網絡。

This will mean navigating new jurisdictions and regulations and that's where we're going to be selective, but opportunistic in this pursuit.

這將意味著要適應新的司法管轄區和法規，這就是我們在這一追求中將有選擇性但機會主義的地方。

As our Head of M&A, Arjay Jensen will leverage his vast experience to reaccelerate our M&A engine.

作為我們的併購主管，Arjay Jensen 將利用他豐富的經驗來重新加速我們的併購引擎。

Fourth, we plan to drive operational efficiencies through incentivizing collaboration and leveraging data insights.

第四，我們計劃透過激勵協作和利用數據洞察來提高營運效率。

As we focus on accelerated growth in 2025, we need to ensure our operational structure is optimized and designed to encourage efficiency and collaboration across our strategies.

當我們專注於 2025 年加速成長時，我們需要確保我們的營運結構得到最佳化，並旨在鼓勵跨策略的效率和協作。

We also plan to share more data with the investment community in a format more aligned to our peers.

我們也計劃以更符合同業的格式與投資界分享更多數據。

We will communicate how we are leveraging the collective strengths of our platform more regularly.

我們將更定期地交流如何利用我們平台的集體優勢。

Finally, we plan to meaningfully enhance our shareholder communications with an eye to greater visibility and transparency.

最後，我們計劃有意義地加強我們的股東溝通，以提高可見度和透明度。

I believe that in order to assess the progress we are making against these previous four initiatives, the investment community needs a clear and understandable framework through which to evaluate P10's performance both on an absolute and a relative basis.

我認為，為了評估我們在前四項措施方面取得的進展，投資界需要一個清晰且易於理解的框架，透過該框架來評估 P10 的絕對和相對錶現。

As such, we are going to begin rolling out KPIs that allow our key stakeholders to get their arms around the huge opportunity we're capitalizing on.

因此，我們將開始推出 KPI，讓我們的主要利害關係人能夠抓住我們正在利用的巨大機會。

We will have more to report in future quarters as we work through specific details with our audit partners and audit committee and we look forward to updating you appropriately.

隨著我們與審計合作夥伴和審計委員會一起研究具體細節，我們將在未來幾季報告更多內容，我們期待向您提供適當的最新資訊。

Now let's turn to our outlook for 2024.

現在讓我們展望 2024 年。

Starting with fee-paying AUM, we anticipate we will organically raise more than $2.5 billion of gross new assets across the platform.

從付費資產管理規模開始，我們預計整個平台將有機籌集超過 25 億美元的新資產總額。

We expect double-digit revenue growth that is driven both by this fundraising activity as well as positive fee rate dynamics.

我們預計，在此次籌款活動和積極的費率動態的推動下，收入將實現兩位數的成長。

We also hope that in 2024 we will announce at least one strategic transaction.

我們也希望在2024年我們能夠宣布至少一項策略交易。

As it relates to adjusted EBITDA margin, we expect margins to average in the mid-40s excluding the effect of acquisitions.

由於它與調整後的 EBITDA 利潤率相關，因此我們預計，不考慮收購的影響，平均利潤率將在 40 多歲左右。

There are two dynamics at play here that I'd like to highlight.

我想強調一下這裡有兩個動態在運作。

First is an ongoing mix shift within our existing portfolio of strategies.

首先是我們現有策略組合中正在進行的組合轉變。

As we have previously noted, some of our newer and faster growing businesses such as Bonaccord, Park, and WTI have lower core adjusted EBITDA margins than other parts of our business and the overall margin will continue to reflect this evolution.

正如我們之前指出的，我們一些較新且成長較快的業務（例如 Bonaccord、Park 和 WTI）的核心調整後 EBITDA 利潤率低於我們業務的其他部分，整體利潤率將繼續反映這種演變。

The second influence on margins is the critical and foundational human capital investments we are making in the business.

對利潤率的第二個影響是我們在業務中進行的關鍵和基礎的人力資本投資。

We expect these investments to drive core growth and provide a high ROI for investors.

我們預計這些投資將推動核心成長並為投資者提供高投資報酬率。

As we move into the new year, we will begin using the common descriptor FRE or fee-related earnings in our financial reporting.

進入新的一年，我們將開始在財務報告中使用通用描述符 FRE 或與費用相關的收入。

Before I hand the call over to Amanda, I want to acknowledge some of the recent noise in the marketplace regarding a previously disclosed related party transaction with Crossroads.

在將電話轉交給阿曼達之前，我想了解市場上最近關於先前披露的與 Crossroads 的關聯方交易的一些噪音。

In step with enhanced transparency, we want to speak directly and clearly on this matter.

為了提高透明度，我們希望直接、明確地討論這個問題。

The transaction was reviewed, approved, and disclosed in keeping with the appropriate governance controls P10 has in place.

本交易的審查、批准和揭露符合 P10 現有的適當治理控制措施。

P10 did not invest any capital in Crossroads.

P10沒有向Crossroads投資任何資金。

The institutional investors who did invest in Crossroads did so on a non-discretionary basis and conducted their own rigorous due diligence.

投資 Crossroads 的機構投資者是在非全權委託的基礎上進行投資的，並進行了嚴格的盡職調查。

The transition of our founders and former Co-CEOs had absolutely nothing to do with the related party transaction.

我們的創辦人和前聯席執行長的過渡與關聯交易完全無關。

Robert Albert and Clark Webb will continue in their current roles as Executive Chairman and Executive Vice Chairman respectively.

羅伯特·艾伯特和克拉克·韋伯將繼續分別擔任執行主席和執行副主席。

Finally, the committee of our independent directors commissioned Willkie Farr & Gallagher, a third-party law firm to conduct a comprehensive investigation of the transaction.

最後，我們的獨立董事委員會委託第三方律師事務所Willkie Farr & Gallagher 對本次交易進行了全面調查。

The committee, the broader board, and the law firm all found our governance provisions were properly followed.

委員會、更廣泛的董事會和律師事務所都發現我們的治理規定得到了適當的遵守。

To close, I want to remind shareholders that the fundamentals of P10's business remain exceptionally strong.

最後，我想提醒股東，P10 業務的基本面仍然異常強勁。

While we view this year as a table setting a year, ahead of acceleration in 2025 and beyond, we are a world-class platform that has momentum across world-class strategies.

雖然我們將今年視為 2025 年及以後加速發展的一年，但我們是一個世界級平台，在世界級策略中擁有動力。

We are committed to transparency and delivering our investors transparent disclosure.

我們致力於透明度並為投資者提供透明的揭露。

With that, I'll turn the call over to Amanda to further review our financial results.

這樣，我會將電話轉給阿曼達，以進一步審查我們的財務表現。

Thank you, Luke.

謝謝你，盧克。

In the fourth quarter, fee-paying assets under management were $23.3 billion, a 10% increase on a year-over-year basis.

第四季度，管理的付費資產為233億美元，年增10%。

In the fourth quarter, $860 million of fundraising and capital deployment was offset by $297 million in step-downs and exploration.

第四季度，8.6 億美元的融資和資本部署被 2.97 億美元的降級和勘探所抵消。

In the first half of 2024, we estimate $1.2 billion in step-downs and explorations.

2024 年上半年，我們估計用於降級和勘探的資金將達到 12 億美元。

For the second half of 2024, we estimate an additional $300 million.

我們預計 2024 年下半年將增加 3 億美元。

Revenue in the fourth quarter was $63.1 million, an 8% increase over the fourth quarter of 2022.

第四季營收為 6,310 萬美元，比 2022 年第四季成長 8%。

Year-over-year revenue increased from $198.4 million to $241.7 million, up 22%.

年比收入從 1.984 億美元增至 2.417 億美元，成長 22%。

Average fee rate in the fourth quarter was 109 basis points, driven by higher fee rates, direct strategies becoming a larger part of our fee-paying AUM.

第四季的平均費率為 109 個基點，受費率上升、直接策略成為我們付費 AUM 的較大部分的推動。

Before I continue with our results, I'd like to provide insight into a one-time event that impacted the performance of our venture equity strategy, TrueBridge, in the fourth quarter.

在繼續介紹我們的結果之前，我想先介紹一下影響我們風險股權策略 TrueBridge 在第四季度表現的一次性事件。

If not for this event, we would have recognized an additional $3.1 billion of revenue and $2.7 million of adjusted EBITDA.

如果沒有這起事件，我們將額外確認 31 億美元的收入和 270 萬美元的調整後 EBITDA。

TrueBridge Global Premier-1 or TGP-1 was raised in 2022 with the objective of investing an all-funds raised by an undisclosed managers global platform across key vintages, 2022 and 2024, 2025.

TrueBridge Global Premier-1 或 TGP-1 於 2022 年籌集，目標是投資由未公開的管理人全球平台籌集的所有資金，涵蓋 2022 年、2024 年、2025 年等關鍵年份。

TrueBridge closed TGP-1 with a total of $275 million of external LP capital, $250 million we were confident of deploying and $25 million for reserves.

TrueBridge 以總計 2.75 億美元的外部 LP 資本、我們有信心部署的 2.5 億美元和 2500 萬美元的儲備金完成了 TGP-1。

TGP only charge management fees on the $250 million at a 1% rate.

TGP僅以1%的比例收取2.5億美元的管理費。

TGP-1 deployed just under 40% of its total fund size and the 2022 vintages with the remaining 60% planned for 2024, 2025 vintages and reserves.

TGP-1 部署了其基金總規模的近 40% 和 2022 年年份，其餘 60% 計劃用於 2024 年、2025 年年份和儲備金。

In late 2023, the undisclosed manager announced it would be separating its global platform by spinning out its India and China operations into their own independent firms.

2023 年末，這家未透露姓名的管理公司宣布將透過將其印度和中國業務分拆為自己的獨立公司來分離其全球平台。

The TGP-1 mandate did not allow investments in these new independent firms.

TGP-1 授權不允許對這些新的獨立公司進行投資。

As a result, we recommended that LPs vote to release all TGP-1 LPs from their uninvested capital and we distributed a consent election to that effect.

因此，我們建議 LP 投票釋放所有 TGP-1 LP 的未投資資本，並為此進行了同意選舉。

The management fee from inception will be revised based on this new smaller fund size.

自成立以來的管理費將根據新的較小基金規模進行調整。

In addition to preserve goodwill with our limited partners, we have waived 50% of the recalculated management fee from inception, June 2022 to December 2023.

除了維護與有限合夥人的商譽外，我們還免除了自 2022 年 6 月至 2023 年 12 月期間重新計算的管理費的 50%。

Turning now to our other strategies.

現在轉向我們的其他策略。

In the quarter, we had 12 funds in the market and saw broad participation across our platform.

本季度，我們在市場上有 12 檔基金，並在我們的平台上看到了廣泛的參與。

Our private equity strategies raised and deployed $324 million.

我們的私募股權策略籌集並部署了 3.24 億美元。

Our venture equity strategy raised $299 million.

我們的風險股權策略籌集了 2.99 億美元。

Our credit fleet raised and deployed $209 million while our impact team contributed $28 million.

我們的信貸團隊籌集並部署了 2.09 億美元，而我們的影響力團隊則貢獻了 2800 萬美元。

P10 continues to benefit from strategies with long track records of generating durable alpha and offering best-in-class investment opportunities to our global investors.

P10 繼續受益於長期記錄產生持久阿爾法並為我們的全球投資者提供一流投資機會的策略。

Operating expenses in the fourth quarter were $57.7 million, a 10% increase over the same period a year ago.

第四季營運費用為5,770萬美元，比去年同期成長10%。

For the full-year 2023, operating expenses were $220.8 million, a 43% increase over 2022.

2023 年全年營運費用為 2.208 億美元，比 2022 年成長 43%。

The increase was primarily driven by additional compensation, benefits, and non-cash stock-based compensation expense related to the acquisition of Bonaccord, Hark, and WTI.

這一增長主要是由於與收購 Bonaccord、Hark 和 WTI 相關的額外薪酬、福利和非現金股票薪酬費用所致。

GAAP net loss in the fourth quarter was $1.9 million, a 139% decrease when compared to the year-ago period.

第四季 GAAP 淨虧損為 190 萬美元，年減 139%。

On a year-over-year basis, GAAP net income decreased from $29.4 million to a net loss of $7.8 million.

與去年同期相比，GAAP 淨利從 2,940 萬美元下降至淨虧損 780 萬美元。

The GAAP net loss is primarily attributable to compensation expense and non-cash stock-based compensation related to the CEO transition and the acquisitions of Bonaccord, Hark, and WTI.

GAAP 淨虧損主要歸因於與執行長換屆以及收購 Bonaccord、Hark 和 WTI 相關的薪酬費用和非現金股票薪酬。

Adjusted EBITDA in the fourth quarter was $30.7 million in line with $30.8 million in the fourth quarter of 2022.

第四季調整後 EBITDA 為 3,070 萬美元，與 2022 年第四季的 3,080 萬美元一致。

For the year, adjusted EBITDA grew from $106.8 million to $123.6 million, a 16% increase.

全年調整後 EBITDA 從 1.068 億美元增至 1.236 億美元，成長 16%。

For the quarter, our adjusted EBITDA margin was 48.7%; and for the full year, it was 51.1%.

本季度，我們調整後的 EBITDA 利潤率為 48.7%；全年為51.1%。

For the fourth quarter, adjusted net income or ANI was $25.5 million, a 7% decrease over the $27.3 million reported in the fourth quarter of 2022.

第四季調整後淨利潤或 ANI 為 2,550 萬美元，比 2022 年第四季報告的 2,730 萬美元下降 7%。

For the year, ANI increased from $97.9 million to $102 million equaling a 4% increase.

今年，ANI 從 9,790 萬美元增加到 1.02 億美元，增幅為 4%。

Fully diluted ANI EPS on a year-over-year basis grew 2% to $0.82 per share.

完全稀釋後的 ANI 每股盈餘年增 2%，達到每股 0.82 美元。

Cash and cash equivalents at the end of the fourth quarter were $30.5 million.

第四季末現金和現金等價物為 3,050 萬美元。

At December 31, 2023, we had an outstanding debt balance of $292.6 million and $71.8 million available on the revolver.

截至 2023 年 12 月 31 日，我們的未償債務餘額為 2.926 億美元，左輪手槍可用金額為 7,180 萬美元。

As of today, we have $273.6 million in outstanding debt was $90.8 million available on the credit facility.

截至今天，我們有 2.736 億美元的未償債務，其中 9,080 萬美元可用於信貸安排。

We also continue to pay our quarterly dividend for Class A and Class B common stock.

我們也繼續支付 A 類和 B 類普通股的季度股利。

We have declared a dividend of $0.0325 per share payable on March 26, 2024, to stockholders of record as of the close of business on March 11, 2024.

我們宣布將於 2024 年 3 月 26 日向截至 2024 年 3 月 11 日收盤時登記在冊的股東派發每股 0.0325 美元的股息。

Finally, as of December 31, 2023, our Class A shares outstanding were 57,622,895 and Class B shares outstanding were 58,474,267.

最後，截至 2023 年 12 月 31 日，我們的已發行 A 類股為 57,622,895 股，已發行 B 類股為 58,474,267 股。

Thank you for your time today, and we look forward to building strong momentum in 2024 as we seek to accelerate growth in 2025.

感謝您今天抽出寶貴時間，我們期待在 2024 年建立強勁勢頭，力求在 2025 年加速成長。

I'll now pass the call over to the operator to begin the Q&A session.

我現在將把電話轉接給接線員以開始問答環節。

(Operator Instructions)

（操作員說明）

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Great.

偉大的。

Thank you.

謝謝。

Good afternoon.

午安.

Good evening.

晚安.

Thanks for taking the question.

感謝您提出問題。

Luke, I hope to take you back to your commentary on the listening tour.

盧克，我希望能帶你回到你對聆聽之旅的評論。

Hoping you might be able to elaborate on some of the key takeaways that you had from your listening tour over the past couple of months.

希望您能夠詳細說明過去幾個月的聆聽之旅中的一些關鍵收穫。

Curious what stood out.

好奇什麼脫穎而出。

What areas could you enhance the organization in terms of processes?

您可以在流程方面增強組織的哪些面向？

And as you think about accelerating growth, what do you see some of the key levers to pull?

當您考慮加速成長時，您認為需要推動哪些關鍵槓桿？

Where do you -- where are you looking to lean in and invest more as you look out over the next couple of years for P10?

當您展望未來幾年的 P10 時，您希望在哪些方面投入並進行更多投資？

Thank you.

謝謝。

Thanks, Michael.

謝謝，麥可。

Appreciate the question.

感謝這個問題。

So I would say, as I mentioned in the script, I think from the listening tour perspective, the first and most compelling thing that came away almost universally was the incredible strength of our investing franchises and the incredible kind of talent that we have in every one of our investing strategies.

所以我想說，正如我在劇本中提到的，我認為從聆聽之旅的角度來看，幾乎普遍出現的第一個也是最引人注目的事情是我們的投資特許經營權令人難以置信的實力以及我們在每個方面都擁有令人難以置信的人才我們的投資策略之一。

That was first and foremost.

這是首要的。

The second thing I would say was the trust and confidence that LPs have and continue to place in us and our ability to continue to drive and grow that LP base is really compelling.

我要說的第二件事是有限合夥人已經並將繼續給予我們的信任和信心，以及我們繼續推動和發展有限合夥人基礎的能力確實令人信服。

And the third, I would say, is the broad-based desire and alignment across our organization to do the foundational work that we've talked about here.

我想說的第三點是我們整個組織對開展我們在這裡討論的基礎工作的廣泛願望和協調。

And obviously, with the hope that the end result in that will be a meaningful uplift in our share price over time as we talked about and sort of the diminution or the elimination, frankly, at that discount that we've had relative to the peers.

顯然，希望最終結果將是隨著時間的推移，我們的股價出現有意義的上漲，正如我們所討論的，坦白說，我們相對於同業的折扣是減少或消除。

And so, as we think about the growth perspective, right, just sort of fundamentally, there are two main areas where we want to drive fundamental growth.

因此，當我們考慮成長視角時，從根本上來說，我們希望在兩個主要領域推動基本成長。

One is organic.

一種是有機的。

And as I mentioned, we're going to be leaning in hard in terms of being able to do that in a more comprehensive way.

正如我所提到的，我們將努力以更全面的方式做到這一點。

And we really need kind of a foundational leader to work with me to help us do that.

我們確實需要一位基礎領導者與我合作，幫助我們做到這一點。

And so as I mentioned, we're out aggressively looking and recruiting for a head of marketing, a head of distribution that's going to help us drive that.

正如我所提到的，我們正在積極尋找和招募行銷主管和分銷主管，這將幫助我們推動這一目標。

And then I think from there probably, we'll continue to evaluate how we do that in the best most impactful and highest ROI way.

然後我認為從那時起，我們可能會繼續評估如何以最佳、最具影響力和最高投資回報率的方式做到這一點。

But I think really having a key leader in that effort is foundational and critical.

但我認為在這項工作中真正擁有一位關鍵領導者是基礎且至關重要的。

And then you heard me talk about inorganically how we really want to drive the machine, and really kind of live up to the promise that we made at the time of the IPO that we would do the right appropriate value-enhancing strategic deals.

然後你聽到我無機地談論我們真正想要如何驅動這台機器，並真正兌現我們在首次公開募股時所做的承諾，即我們將進行正確適當的增值戰略交易。

And I'll just say, I have a background in that; I'm thrilled that we were able to recruit a world-class talent like Arjay to help with that.

我只想說，我有這方面的背景；我很高興我們能夠招募像 Arjay 這樣的世界級人才來幫助實現這一目標。

And I think collectively, we're going to drive that.

我認為我們將共同推動這一目標。

And then I think the third place, we're going to continue to look is just across the breadth of our platform.

然後我認為我們將繼續關注的第三個地方就是我們平台的整個範圍。

Obviously, we have the benefit of scale, breadth, and we want to leverage those economies.

顯然，我們擁有規模和廣度的優勢，並且我們希望利用這些經濟體。

And we want to use that in a way that's sort of enhancing for each of our individual strategies and also for the P10 platform as a whole.

我們希望以一種能夠增強我們每個單獨策略以及整個 P10 平台的方式來使用它。

But those are kind of my high-level takeaways.

但這些是我的高層次收穫。

And those are kind of the high-level things as I mentioned on the call that we're going to do to really invest to reaccelerate growth.

正如我在電話會議中提到的，這些都是高層的事情，我們將採取真正的投資來重新加速成長。

Great.

偉大的。

Thanks.

謝謝。

And just a follow-up question on fundraising, I think, you mentioned $2.5 billion expectation for fundraising here in 2024.

關於募款的後續問題，我想，您提到了 2024 年募款預期為 25 億美元。

Just hoping you could help unpack some of the key contributors for that.

只是希望您能幫助解開一些關鍵貢獻者。

What are you expecting in terms of fund scaling at this point?

您目前對基金規模的預期如何？

Any sort of contribution at this point from SMA that you're expecting embedded in that $2.5 billion number?

您預計 SMA 目前會在 25 億美元的數字中做出任何貢獻嗎？

And then what can we expect in terms of deployment that I imagine would be incremental to that $2.5 billion relative to current dry powder levels?

那麼，相對於目前的乾粉水平，我認為相對於 25 億美元的增量部署，我們可以期待什麼？

Thank you.

謝謝。

Yes.

是的。

So all good questions.

所以所有的問題都很好。

And so just to give a little more flavor on it.

所以只是為了給它多一點味道。

We are out in the market with a broad based group of funds this year, as we are most years.

與往年一樣，今年我們在市場上推出了基礎廣泛的基金。

And so we're kind of out with a fund in virtually all of our strategies.

因此，我們幾乎所有的策略都缺乏資金。

I think actually this year in all of our strategies, 15 funds in total.

我認為實際上今年在我們所有的策略中，總共有 15 檔基金。

Some cases, we're raising one large flagship fund.

在某些情況下，我們正在籌集一隻大型旗艦基金。

In other cases, we're raising multiple funds targeted across the platform.

在其他情況下，我們會在整個平台上籌集多筆資金。

And I would tell you, although I think it's probably too early to call the turn, I think the dynamic in the marketplace among LPs feels a little bit better right now than it probably has over the last couple of years.

我想告訴你，雖然我認為現在判斷轉變可能還為時過早，但我認為有限合夥人市場的動態現在比過去幾年可能要好一些。

I think that's both the recognition that there are some attributes of the space we play that are protected and attractive.

我認為這既是對我們所玩的空間的一些屬性的認識，這些屬性是受保護的和有吸引力的。

And probably also just a broader view.

也許也只是更廣闊的視野。

The capital markets generally are doing better.

資本市場整體表現較好。

And so that probably leads into kind of a better fundraising environment.

因此，這可能會帶來更好的募款環境。

But we're really excited about what we're going to be out with.

但我們對即將推出的產品感到非常興奮。

We do think -- to your specific question -- that there is really an ability of ours to do kind of broader-based things across the platform, and whether that comes to your question in SMA format or otherwise, the specific form to be determined.

對於您的特定問題，我們確實認為我們確實有能力在整個平台上做一些更廣泛的事情，無論您的問題是 SMA 格式還是其他形式，具體形式待定。

But I think the opportunity to engage more broadly with more LPs in a more diverse way across the P10 platform is a big opportunity set for us.

但我認為透過 P10 平台以更多樣化的方式與更多有限合夥人更廣泛地接觸的機會對我們來說是一個巨大的機會。

It's something we're really orienting ourselves towards.

這是我們真正的目標。

And I think the whole idea of how you measure our success on that, Michael, we're going to be coming back out as we mentioned with what I would call augmented enhanced KPIs.

我認為，邁克爾，你如何衡量我們在這方面的成功的整個想法，我們將會回來，正如我們所提到的，我稱之為增強型 KPI。

So that you and we can measure monitor and track that progress.

這樣您和我們就可以衡量、監控和追蹤進度。

Great.

偉大的。

And just any views on the scaling of funds in 2024 and views on deployment which is that incremental potentially to the $2.5 billion?

對 2024 年資金規模擴大和部署的看法是否有可能增加到 25 億美元？

Yes.

是的。

Look, I would say, look, we always think about opportunities to scale things.

聽著，我想說，聽著，我們總是在考慮擴大規模的機會。

And as you know, many of our funds we recognize on uncommitted, but some we recognize on deployed.

如您所知，我們承認許多資金尚未投入使用，但也有一些資金已部署。

And so obviously, if we find ourselves in a more robust deployment environment, that will create some upside as it might in any scenario.

顯然，如果我們發現自己處於一個更強大的部署環境中，那麼這將在任何情況下創造一些優勢。

I would say, look, I don't think our orientation to deployment has fundamentally changed.

我想說，看，我不認為我們的部署方向發生了根本性的改變。

We are very focused on being smart and opportunistic.

我們非常注重聰明和機會主義。

And to the extent that there are dislocated opportunities and we see things that we can take advantage of, we're clearly going to lean in on those.

如果存在錯置的機會，而我們看到了可以利用的東西，那麼我們顯然會依靠這些機會。

Clearly, some of our strategies are also, what I would say, somewhat attuned to the type of market environment we're in.

顯然，我想說的是，我們的一些策略也在某種程度上適應了我們所處的市場環境類型。

I think about some of our credit strategies.

我考慮了我們的一些信貸策略。

I think of our GP stakes strategy, as clearly things that are a secondary strategy as well, as clearly things that are very attractive in terms of the market opportunities we're seeing.

我認為我們的普通合夥人股權策略顯然也是次要策略，顯然就我們所看到的市場機會而言非常有吸引力。

And in those cases, we're obviously not going to be shy about appropriately deploying capital in a way that generates value for our LPs.

在這些情況下，我們顯然不會害羞地適當部署資本，為我們的有限合夥人創造價值。

Great.

偉大的。

Thank you very much.

非常感謝。

Kenneth Worthington, JPMorgan.

肯尼斯‧沃辛頓，摩根大通。

Hi.

你好。

Good afternoon and thanks for taking my question.

下午好，感謝您提出我的問題。

Maybe Q first for Amanda.

也許先問阿曼達。

One, on the fee rate.

一、關於收費標準。

Fee rate was 109 basis points this quarter.

本季費用率為 109 個基點。

I think you mentioned some mix changes influenced the fee rate here.

我想你提到了一些組合變化影響了這裡的費率。

Given the funds kind of rolling-on and rolling-off, what is sort of the range of fee rate we could likely expect for 2024?

考慮到基金的滾動和滾動，我們可能預期 2024 年的費率範圍是多少？

I believe that the fee rate that we're continuing to guide towards is about 105 basis points.

我相信我們繼續指導的費率約為 105 個基點。

Okay.

好的。

So no change here despite the pop up in the fourth quarter?

那麼儘管第四季突然出現，這裡沒有變化嗎？

Yes.

是的。

Okay.

好的。

And then you mentioned on the $1.5 billion of step-downs in '24.

然後你提到了 24 年 15 億美元的削減。

That's not that different than the level of step-downs we saw last year.

這與我們去年看到的降級水平沒有太大不同。

I think last year was negatively impacted by the step-down of like the older, the more recent vintage of WTI.

我認為去年受到了較舊的、較新年份的 WTI 價格下跌的負面影響。

So I guess why so large in '24?

所以我想為什麼24年這麼大？

And is this really kind of the right pace for step-downs as we look forward into the future?

當我們展望未來時，這真的是正確的降級步伐嗎？

We would expect overall that our step-downs will be about 5.3% which for 2024 versus 7.1% of overall fee-paying AUM for 2023.

我們預計整體而言，2024 年我們的降幅約為 5.3%，而 2023 年整體付費 AUM 的降幅為 7.1%。

That could help kind of explain the difference.

這可能有助於解釋其中的差異。

Okay.

好的。

And is 5.3% sort of the right pace generally more or less into perpetuity?

5.3% 是一個或多或少永久的正確步伐嗎？

Or is there anything unusual, good or bad, about the pace in '24?

或者說，24 年的節奏有什麼不尋常的地方，無論是好是壞？

No.

不。

I believe that is the correct pace going forward, yes.

我相信這是正確的前進步伐，是的。

Okay.

好的。

And then one last one for Luke, so that you started or in your prepared remarks, you mentioned the stock had struggled.

然後是盧克的最後一個，所以你開始或在你準備好的演講中，你提到股票一直在掙扎。

Yes.

是的。

I guess this is in part due to the perception of Crossroads by.

我想這部分是由於人們對十字路口的看法。

Can you tell investors to what extent has Crossroads made its way into conversations with your investment customer?

您能否告訴投資者 Crossroads 在多大程度上參與了與您的投資客戶的對話？

So like the customers of RCP and Hark and WTI and sort of the individual managers.

就像 RCP、Hark 和 WTI 的客戶以及個別經理一樣。

Is it just kind of a public shareholder issue?

這只是公眾股東的問題嗎？

Or is this also kind of coming up in the fund raising or relationship conversations you have with your customers?

或者這也會出現在您與客戶的募款或關係對話中？

And just so I understand the question.

就這樣我理解了這個問題。

You mean, has it come up in our dialogue with the underlying LPs of our various strategies?

你的意思是，我們與各種策略的底層 LP 的對話中是否提到過這個問題？

Is that that correct?

是這樣嗎？

That's what I was really trying to say and I asked it poorly.

這就是我真正想說的，但我問得很糟。

No.

不。

No.

不。

You asked it fine.

你問得好。

I got the point.

我明白了。

Look, I would say, thankfully, in many ways, it really hasn't come up.

謝天謝地，我想說，從很多方面來看，它確實還沒有出現。

I would say a couple inquiries around it that we responded to in a way that was very consistent with the way that we've responded to it in other forums, including with our public investors.

我想說的是，我們對圍繞這個問題的一些詢問的回應方式與我們在其他論壇（包括我們的公共投資者）中回應的方式非常一致。

And I think the good news is our LPs have known us for a long time.

我認為好消息是我們的有限合夥人已經認識我們很久了。

They put a lot of trust in us.

他們非常信任我們。

And I think they really know our individual managers, and in most cases, have been with us for a long time across multiple years, across multiple vintages.

我認為他們確實了解我們的個別經理，並且在大多數情況下，他們已經與我們一起工作了很長時間，跨多個年份，跨多個年份。

And so I think they know that we do world-class business in a world-class way and they're focused on that.

所以我認為他們知道我們以世界一流的方式做世界一流的業務，他們也專注於此。

And so I think again, that's -- it really has not in large part, Ken.

所以我再次想，這確實在很大程度上沒有，肯。

And I hope to goodness it stays that way.

我希望它能保持這種狀態。

Great.

偉大的。

Thank you.

謝謝。

Mike Brown, KBW.

麥克布朗，KBW。

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

I wanted to expand on the capital allocation strategy here.

我想在這裡擴展資本配置策略。

So I'm trying to parse through the buyback and the M&A commentary.

所以我試著解析回購和併購評論。

I guess my question would be: how do you get back into the M&A market at your current valuation levels?

我想我的問題是：在目前的估值水準下，如何重返併購市場？

Is that effectively on hold until you start to narrow the discount that you mentioned versus peers?

在您開始縮小您提到的相對於同行的折扣之前，這種情況是否會被有效地擱置？

And I guess if that's the case, does that mean you'll be leaning on the buybacks more significantly near term?

我想如果是這樣的話，這是否意味著您近期將更加依賴回購？

And I guess, what would be kind of the right point where you feel like your currency is back to a level that some could be more effective for M&A?

我想，當你覺得你的貨幣回到了對併購更有效的水平時，什麼才是正確的點？

Well, I'll start, if I could.

好吧，如果可以的話，我會開始。

Mike, thanks for the question.

麥克，謝謝你的提問。

I'll start just with on what I would call a broader M&A philosophy and then I'll turn it over to Amanda to go through sort of how we would think about the capital allocation waterfall.

我將從我所說的更廣泛的併購哲學開始，然後我將把它交給阿曼達，讓他了解我們如何看待資本配置瀑布。

But your question is the right one: does our current valuation impact our ability to do M&A?

但你的問題是正確的：我們目前的估值是否會影響我們進行併購的能力？

And I would say, I think it would in certain instances, but it would not in many other instances.

我想說，我認為在某些情況下會，但在許多其他情況下不會。

And so the good news is, point one, we have broad and robust access to capital.

因此，第一點，好消息是，我們擁有廣泛且強大的資本獲取管道。

Equity capital is one part of that.

股權資本是其中之一。

But we have, as Amanda went through, meaningful access on the revolver.

但正如阿曼達所經歷的那樣，我們可以有意義地使用左輪手槍。

And I think just meaningful credit capacity more broadly that's untapped at this point.

我認為目前尚未開發的更廣泛的有意義的信貸能力。

And so that would create our ability to do M&A.

這將增強我們進行併購的能力。

I would say the second thing is not all M&A is necessarily going to come at valuations that are going to be somehow prohibitive to us.

我想說的第二件事是，並非所有併購的估值都一定會讓我們望而卻步。

I suspect parts of the M&A market given how robust it's gotten in the alternative space where that would be more of an impediment.

我懷疑併購市場的某些部分，因為它在替代領域變得多麼強勁，而這將是一個更大的障礙。

But I think we're looking broadly; we're really focused.

但我認為我們正在放寬視野；我們真的很專注。

I think there are places where that would not be the case as much.

我認為有些地方的情況並非如此。

And we think we will have ability to execute there.

我們認為我們將有能力在那裡執行。

I also think it sort of depends on the size of the M&A deal you're looking at.

我還認為這在某種程度上取決於您正在考慮的併購交易的規模。

And so we may look at larger deals, but we may also look at a string of targeted -- kind of string of pearls acquisitions that would allow us to really drive incremental value in ways where we wouldn't have to pay into that kind of frothy part of the market.

因此，我們可能會考慮更大的交易，但我們也可能會考慮一系列有針對性的收購，即一系列珍珠收購，這將使我們能夠真正以無需支付此類費用的方式推動增量價值。市場的泡沫部分。

And so I want to be clear: we are really focused on doing M&A, but we're really focused in doing it in the right value, ROIC creating way for our shareholders.

所以我想明確一點：我們真正專注於併購，但我們真正專注於以正確的價值進行併購，為我們的股東創造投資資本回報率。

We're not going to do something frivolous with our hard-earned capital.

我們不會用辛苦賺來的資本來做一些無聊的事情。

We're going to be really disciplined.

我們將嚴格遵守紀律。

But we do think there are opportunities out there in the near term even given where we trade.

但我們確實認為，即使考慮到我們的交易地點，短期內也存在著機會。

And with that, I'll turn it to Amanda just to hit on some of the kind of broader capital allocation points.

說到這裡，我將把它交給阿曼達，只是為了觸及一些更廣泛的資本配置點。

In general, our priorities of capital allocation remain -- our priorities for cash flow remain the same.

總的來說，我們的資本配置優先事項保持不變——我們的現金流量優先事項保持不變。

First dividends, M&A, buyback, and then paying down on the revolver to free up capital for future M&A.

首先是股利、併購、回購，再償還左輪手槍，為未來的併購騰出資金。

And as we said, as of today, we have $90.8 million on the revolver available.

正如我們所說，截至今天，我們有 9,080 萬美元的左輪手槍可用。

And given our free cash flow profile, we really are comfortable with a higher leverage ratio than where we sit today as well.

考慮到我們的自由現金流狀況，我們確實對比今天更高的槓桿率感到滿意。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then maybe another one for you, Amanda, on the margin outlook.

阿曼達，也許還有一個關於利潤前景的問題。

Margin came in at 51% for the year.

今年利潤率為 51%。

If I heard correctly, you guys are guiding to a mid-40s adjusted EBITDA margin for 2024.

如果我沒聽錯的話，你們指導的 2024 年調整後 EBITDA 利潤率為 40 多歲。

So it sounds like a pretty large delta there and it sounds like you guys are considering maybe some more infrastructure investments.

所以聽起來那裡有一個相當大的三角洲，而且聽起來你們正在考慮可能進行更多的基礎設施投資。

But I was wondering if you could maybe put a little finer point on that delta, what's driving that difference.

但我想知道你是否可以對這個三角洲提出更詳細的觀點，是什麼導致了這種差異。

Yes.

是的。

It's really -- there's an ongoing mix shift within our existing portfolio of strategies.

事實上，我們現有的策略組合正在發生持續的組合轉變。

Some of our newer and faster-growing businesses such as Bonaccord, Hark, and WTI have a lower core adjusted EBITDA margins than other parts of our business and the overall margin will continue to reflect this evolution.

我們一些較新且成長較快的業務（例如 Bonaccord、Hark 和 WTI）的核心調整後 EBITDA 利潤率低於我們業務的其他部分，整體利潤率將繼續反映這種演變。

And I would say the second influence on margin is the critical and foundational human capital investments we are making in the business.

我想說利潤率的第二個影響是我們在業務中進行的關鍵和基礎的人力資本投資。

We expect these investments to drive our core growth and provide a high ROI for our investors.

我們預計這些投資將推動我們的核心成長，並為我們的投資者提供高投資報酬率。

So it's really a mix of those two factors.

所以這其實是這兩個因素的混合。

Is your point at a certain point, as you continue on your growth trajectory where the margin will actually begin to inflect higher again?

當你繼續沿著成長軌跡前進時，你的觀點是否已經到了某個點，此時利潤率實際上會開始再次走高？

Well, I'd answer it this way and I'd say it depends.

好吧，我會這樣回答，我會說這取決於情況。

And it depends on a few things.

這取決於一些事情。

One is obviously it would depend on M&A.

一是這顯然取決於併購。

This all presumes that we're running the platform as it is for the foreseeable future.

這一切都假設我們在可預見的未來按原樣運行該平台。

As we've talked about, we imagine that will probably not be the case and so anything we did from an M&A perspective would obviously have some impact and largely likely to be at least initially a margin-dilutive impact.

正如我們所討論的，我們認為情況可能並非如此，因此我們從併購角度所做的任何事情顯然都會產生一些影響，並且很可能至少在最初會帶來利潤攤薄影響。

I would say it also then depends on this question of relative growth rates.

我想說這也取決於相對成長率的問題。

And so the question then becomes: how is that relative growth rate?

那麼問題就變成了：相對成長率如何？

On the one hand, you want your faster growing businesses to grow faster and growth is valuable even if that comes at a -- relatively lower, but still high margin versus the wider world and the wider opportunity set.

一方面，您希望您的快速成長的業務能夠更快地成長，並且成長是有價值的，即使這種成長的利潤率相對較低，但與更廣闊的世界和更廣泛的機會相比仍然很高。

We do think -- I want to be clear -- that some of the foundational investments we're making obviously, they will be most impactful in the first year that you make them, and then over time, you will see the accretive benefit of those investments bearing fruit.

我們確實認為——我想澄清一下——我們正在進行的一些基礎投資顯然會在你進行這些投資的第一年產生最大的影響力，然後隨著時間的推移，你會看到這些投資所帶來的增值效益這些投資取得了成果。

The question then will be: that accretive benefit relative to the ongoing mix shift that will still be happening on the forward, how does that trade-off?

接下來的問題是：相對於未來仍將發生的持續組合轉變所帶來的增值效益，如何權衡？

I don't know frankly today that we have perfect visibility on that.

坦白說，我今天並不知道我們對此是否有完美的了解。

Some of it will depend on the relative growth rates and we're investing to grow everywhere.

其中一些將取決於相對成長率，我們正在投資以實現各地的成長。

And so in some places, we're looking to reaccelerate growth.

因此，在某些地方，我們希望重新加速成長。

And so look I would tell you, I think, the foundational investments we're making are going to be highly accretive to the franchise, highly ROI general to the franchise and will help us drive accelerating growth and margin on the forward with some of the offsets I just noted.

所以，我想告訴你，我認為，我們正在進行的基礎投資將對特許經營權產生高度增值，對特許經營權具有很高的投資回報率，並將幫助我們推動加速增長和利潤率的增長，其中一些我剛剛注意到的偏移量。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Hi, good evening, and thanks for taking the question.

您好，晚上好，感謝您提出問題。

I was hoping to revisit the revenue guidance, if we could.

如果可以的話，我希望重新審視收入指引。

Just want to make sure I kind of have the details right.

只是想確保我的細節是正確的。

So it sounds like $2.5 billion plus of gross assets, $1.5 billion a step-down.

因此，聽起來總資產超過 25 億美元，減少 15 億美元。

So that's about $1 billion of net fee-paying AUM growth with maybe some upside from deployment.

因此，付費資產管理規模淨成長約 10 億美元，部署可能帶來一些好處。

So that's like a little less than 10%, but it sounds like if the fee rate in average can be 105.

所以這大約是不到 10%，但聽起來平均費率可能是 105。

Can you just kind of maybe explain how the -- you work out the double-digit revenue growth, maybe to start?

您能否解釋一下，您是如何計算出兩位數的營收成長的？

I'm sorry, Ben, can you repeat the last part of your question?

抱歉，本，你能重複一下你問題的最後部分嗎？

Sure.

當然。

With the gross raising of $2.5 billion and the outflows of $1.5 billion over the course of the year, it looks like about like a billion from Q4 to Q4 of fee-paying AUM growth.

全年總融資額為 25 億美元，流出額為 15 億美元，第四季到第四季的付費資產管理規模成長量約為 10 億美元。

So maybe like a little under 10% in terms of average fee-paying AUM growth.

因此，就平均付費資產管理規模成長而言，可能略低於 10%。

And, Amanda, you mentioned earlier that the average fee rate should be about the same year over year.

而且，阿曼達，您之前提到平均費率每年應該大致相同。

So I'm just trying to flip from that -- if I have that right -- to the double-digit revenue growth you're expecting.

所以我只是想從這個——如果我沒說錯的話——轉向你所期望的兩位數收入成長。

Yes.

是的。

I think, Ben, the difference is in catch-up fees.

本，我認為差別在於追趕費。

We have some funds in the market that we would expect some larger catch-up fees in 2024.

我們市場上有一些基金，預計 2024 年會產生更大的追趕費用。

Got it.

知道了。

That makes sense.

這就說得通了。

And then any details on in terms of like pace of debt paydown.

然後是有關債務償還速度等任何細節。

I think you talked about.

我想你談到了。

M&A obviously being at the top on capital priority.

併購顯然是資本優先考慮的重中之重。

But just thinking about getting from the top line to the bottom line, you've talked about the EBITDA margin.

但只要考慮一下從頂線到底線，您就談到了 EBITDA 利潤率。

So just wondering what the interest rate or interest expense outlook looks like and maybe anything you can share on your expected cash tax rate?

那麼，只是想知道利率或利息支出前景如何，以及您是否可以分享有關預期現金稅率的資訊？

Yes.

是的。

I would expect our cash tax rate to be very similar to what it has been in 2023.

我預計我們的現金稅率將與 2023 年的非常相似。

And generally, I would say for interest, no, other than additional M&A.

一般來說，我想說的是，除了額外的併購之外，沒有利息。

I would expect our interest to be a bit lower.

我預計我們的興趣會低一些。

Of course, it depends on how much stock buyback we have during the year.

當然，這取決於我們年內有多少股票回購。

But otherwise, no.

但除此之外，沒有。

The rate would be the only thing ultimately impacting

利率將是唯一最終影響的因素

(inaudible).

（聽不清楚）。

Got it.

知道了。

Okay.

好的。

Thanks for the clarification.

感謝您的澄清。

Appreciate it.

欣賞它。

John Campbell, Stephens.

約翰·坎貝爾，史蒂芬斯。

Hey, guys, good afternoon.

嘿，夥計們，下午好。

Just wanted to go back to the catch-up fees.

只是想回到追趕費。

By my math, I'm sure on maybe a $10 million benefit or so from 2023 to '22.

根據我的計算，我確信從 2023 年到 22 年可能會獲得 1000 萬美元左右的福利。

And obviously that's 500 points or so of growth or 500 bps of growth.

顯然，這是 500 個點左右的成長或 500 個基點的成長。

Pretty big impact to margins as well.

對利潤率的影響也相當大。

So first, I guess, is that math correct?

所以首先，我想，這個數學正確嗎？

And then secondly, Amanda, you talk to the expectation that it will be a little bit higher.

其次，阿曼達，你談到了預期會更高一點。

You don't get your fees will be a bit higher than '24.

你不會得到你的費用會比'24高一點。

I'm just going to see if that was relative to 2023 or if that's relative to kind of historical averages.

我只是想看看這是相對於 2023 年還是相對於歷史平均值。

So, John, yes, you are correct in the $10 million.

所以，約翰，是的，你說的 1000 萬美元是正確的。

And just to be really clear, I think we typically state the catch-up fees for the quarter which they were $4.6 million for this quarter for Q4.

需要明確的是，我認為我們通常會說明本季的追趕費用，即第四季的追趕費用為 460 萬美元。

And then for 2024, we expect them to be up about $16 million.

到 2024 年，我們預計它們將增加約 1,600 萬美元。

Did you say 6 or 16?

你說的是6還是16？

16.

16.

Okay.

好的。

So that would seem to be pretty impactful to margins, I guess, given your commentary about some pressure on margins this year on mix shift.

因此，考慮到您對今年混合轉型對利潤率造成一些壓力的評論，我想這似乎對利潤率產生了相當大的影響。

I guess it's not going to be mixed from the catch-up fees.

我想這不會與追趕費用混合在一起。

I guess that's just product mix, and then to some extent or maybe it's larger than just the reinvestment across the board.

我想這只是產品組合，然後在某種程度上或可能比全面的再投資更大。

Is that the right way to think about it?

這是正確的思考方式嗎？

Yes, that's correct.

對，那是正確的。

Okay.

好的。

And then one more quick one for me.

然後我又快了一張。

I don't know if you have this on hand.

不知道你手上有沒有這個。

I think you guys do typically put this in the 10-K.

我想你們通常會把這個放在 10-K 中。

But what was your weighted average duration of remaining AUM exiting the year?

但當年退出時剩餘資產管理規模的加權平均持續時間是多少？

About seven years.

大約七年。

Okay.

好的。

So step-up from about six last year, okay.

所以從去年的大約六歲開始上升，好吧。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

I would now like to turn the call back over to Luke Sarsfield for any closing remarks.

我現在想將電話轉回給盧克·薩斯菲爾德，請他發表結束語。

Well, thank you, and thank you all for joining us today.

好的，謝謝大家，也謝謝大家今天加入我們。

And we really appreciate the opportunity to be with you.

我們非常感謝有機會與您在一起。

As we've tried to underscore in this call, we're building P10's solid foundation to deliver accelerated growth in the coming years.

正如我們在本次電話會議中試圖強調的那樣，我們正在為 P10 奠定堅實的基礎，以在未來幾年實現加速成長。

You've heard about our strategic priorities on today's call, and we look very much forward to updating you on our progress incrementally throughout the year.

您已經在今天的電話會議上了解了我們的策略重點，我們非常期待向您通報我們全年逐步的進展。

I want to thank our entire team at P10, our employees, our managers, and ultimately our LPs, who all contribute to making this a world-class platform.

我要感謝 P10 的整個團隊、我們的員工、我們的經理，最後還有我們的有限合夥人，他們都為使這個平台成為世界一流的平台做出了貢獻。

We're incredibly excited for what's to come, and we very much look forward to speaking with all of you in May.

我們對即將發生的事情感到非常興奮，我們非常期待在五月與你們所有人交談。

Thank you.

謝謝。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。