Patria Investments Limited (PAX) Q3 2021 Earnings Call Transcript

Patria Investments Limited (NASDAQ:PAX)
Q3 2021 Earnings Call
Nov 18, 2021, 9:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the Patria third-quarter 2021 earnings conference 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 third quarter 2021 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 third quarter 2021 results, 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 earlier this year. As a foreign private issuer, Patria reports 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. As a quick overview of the results, Patria generated $21.5 million in IFRS net income in Q3 ’21. On key non-GAAP measures for the third quarter, we generated fee-related earnings of $21.8 million and performance-related earnings of $1.5 million, resulting in distributable earnings of $22.5 million or $0.165 per share.

In alignment with our policy, we declared a dividend of $0.14 per share payable on December 16 to shareholders of record as of December 2. With that, I’ll now turn the call over to our chief executive officer, Alex Saigh.

Alex Saigh — Chief Executive Officer

Thank you, Josh. Good morning to you all, and thank you for joining us today. We now find ourselves nearing the end of 2021, Patria’s first year as a public company, and it has been a privilege getting to know many of our shareholders in these past months. I want to reiterate upfront that we greatly value your support, and I think our results continue to demonstrate that we are delivering on the targets we put forward for this year and positioning ourselves well for strong growth in…