PAX - Patria Investments Limited (PAX) Q1 2024 Earnings Call Transcript

2024-05-02 19:25:24 ET

Patria Investments Limited (PAX)

Q1 2024 Results Conference Call

May 02, 2024 09:00 AM ET

Company Participants

Andre Medina - IR

Alex Saigh - Chief Executive Officer

Ana Russo - Chief Financial Officer

Marco D’Ippolito - Chief Corporate Development Officer

Luis Fernando Lopes - Chief Economist

Conference Call Participants

Craig Siegenthaler - Bank of America

William Barranjard - Itau BBA

Beatriz Abreu - Goldman Sachs

Ricardo Buchpiguel - BTG Pactual

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Patria First Quarter 2024 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 call over to your first speaker for today, Andre Medina from Patria’s Shareholder Relations. Andre, please go ahead.

Andre Medina

Thank you. Good morning, everyone. And welcome to Patria's first quarter 2024 earnings call. Speaking today on the call, our Chief Executive Officer, Alex Saigh; and our Chief Financial Officer, Ana Russo. We're also joined by our Chief Corporate Development Officer, Marco D’Ippolito; and our Chief Economist, Luis Fernando Lopes, for the Q&A session. This morning, we issued a press release in earnings presentation detailing our results for the quarter, which you can find posted on the Investor Relations section of our Web site or on Form 6-K filed with the Securities and Exchange Commission. This call is being webcast and a replay will be available. Before we begin, I would like to remind you that today's call may include forward-looking statements, which 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 factor section of our latest Form 20-F annual report. Also, note that no statement on this call constitutes 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 US GAAP. Additionally, we would like to remind everyone that we'll refer to certain non-GAAP measures, which we believe are relevant in assessing the financial performance of the business but which should not be considered in isolation from or a substitute for measures prepared in a accordance with IFRS. Reconciliations of these measures to the most comparable IFRS measures are included in our earnings presentation. Now I'll turn the call over to Alex.

Alex Saigh

Thank you, Andre. And good morning everyone. The first quarter of 2024 marked a great start for the year, and I'm very pleased with the performance we delivered. We generated $35.1 million of fee related earnings in the quarter, representing a 13% increase from 1Q ‘23 with only 20% of this growth coming from acquisitions. We delivered more than $31.3 million of distributable earnings or $0.21 per share, and announced a quarterly dividend of $0.18 per share. We raised $1.1 billion year-to-date through April and over $5.1 billion in the last 12 months. We are confident we are on track towards meeting our $5 billion fundraising target for the year. At the portfolio level, we generated solid investment performance, which helped offset the impact from realizations and FX movements. Generating strong investment returns for our fund investors remain our primary objective and this strong performance continues to support our healthy net accrued performance fee balance of $514 million or $3.41 per share as of March 31st....

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