Benjamin Rubin's questions to P10 Inc (PX) leadership • Q3 2024
Question
Benjamin Rubin asked for clarification on the expected Q4 step-down in FRE margin given the high year-to-date performance, and questioned the future pace of share buybacks after a slower Q3.
Answer
EVP & CFO Amanda Coussens explained the high Q3 margin was due to product mix and high-margin catch-up fees, reiterating the mid-40s full-year guidance due to ongoing investments. Chairman & CEO Luke A. Sarsfield confirmed the long-term goal of near 50% margins driven by operating leverage. Regarding buybacks, he stated the Q3 slowdown was a prudent measure during the Qualitas deal and that repurchases remain a co-equal priority with M&A, contingent on market opportunities.