Ridgepost Capital, Inc.

Hello and welcome to the P10 fourth quarter and year end 2022 conference call. My name is Donyell and I will be coordinating your call today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you'd like to ask a question, please press star followed by one on your telephone keypad. I will now hand the conference over to our host, Mark Hood. Executive Vice President of Operations and Investor Relations. Mark, please go ahead.

Good afternoon and welcome to the P10 fourth quarter and year-end 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 Sauter, Chief Operating Officer, and Amanda Cousins, 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, and filed with the SEC on March 21, 2022, and in our subsequent reports filed with the SEC from time to time. 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.

I will now turn the call over to Robert. Good afternoon, and thank you for joining the call. In a year dominated by a shifting and more challenging macroeconomic backdrop, P10 delivered double-digit growth and strong fourth quarter and full year 2022 profitability. Driven by an expanding and diverse set of strategies with long track records of investing through a variety of market cycles, we strengthened our position as the premier specialized private markets solution provider in the middle and lower middle market. For 2022, fee-paying AUM increased 23%. Revenues increased 32%. and adjusted EBITDA increased 29%. Besides delivering noteworthy financial performance, P10 completed the acquisition of WTI, a clear market leader in the growing venture debt space. We have much to be thankful for as we reflect on the year's achievements. As we consider 2023, we want to reaffirm our previous fundraising guidance, which results in expected double-digit revenue and profit growth. Amanda will share more about this later in the call. One more thing I want to mention is that on December 27, 2022, we announced an additional $20 million stock buyback. In the fourth quarter, we found our stock undervalued and purchased 1,946,765 shares at an average price of $9.62. We will continue to seek opportunities to deploy our free cash flow to augment shareholder returns. I will now hand the call over to Fritz.