EX-99.1 2 dp172709_ex9901.htm EXHIBIT 99.1

Exhibit 99.1

 


 

 

 

 

 

 

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

Segment Earnings

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q’21 LTM 1Q’22 LTM ∆ (%)
Net revenue from management fees 81,843 87,229 7% 290,211 366,456 26%
Net revenue from advisory fees 15,066 3,674 -76% 27,936 55,363 98%
Total Fee Related Revenues 96,909 90,903 -6% 318,147 421,819 33%
Segment personnel expenses (5,097) (6,549) 28% (16,385) (23,698) 45%
Other G&A expenses (3,574) (4,503) 26% (15,707) (18,441) 17%
Corporate center expenses (19,512) (18,761) -4% (63,827) (79,848) 25%
Bonus compensation related to management and advisory (18,526) (17,272) -7% (65,167) (83,715) 28%
Total Fee Related Expenses (46,710) (47,085) 1% (161,086) (205,702) 28%
FEE RELATED EARNINGS (FRE)ii 50,199 43,818 -13% 157,061 216,117 38%
FRE Margin (%) 51.8% 48.2%   49.4% 51.2%  
FRE per shareiii (R$/share) 0.88 0.78   2.76 3.83  
Net revenue from performance fees 9,951 3,172 -68% 53,711 30,854 -43%
Performance based compensation (3,292) (1,032) -69% (17,931) (11,741) -35%
PERFORMANCE RELATED EARNINGS (PRE) 6,659 2,140 -68% 35,780 19,113 -47%
PRE Margin (%) 66.9% 67.5%   66.6% 61.9%  
(-) Unrealized performance fees (422) (636) 51% (15,410) 7,501 N/A
(+) Unrealized performance compensation 150 225 50% 5,959 (2,658) N/A
(+) Realized GP investment income 112 2,045 1,726% 140 15,784 11,174%
SEGMENT DISTRIBUTABLE EARNINGS 56,699 47,593 -16% 183,531 255,857 39%
Segment DE Margin (%) 53.2% 49.8%   51.5% 53.8%  
(+) Depreciation and amortization 939 984 5% 2,032 3,962 95%
(+) Realized financial income 4,644 24,996 438% 6,165 49,081 696%
(-) Leasing expenses (3,157) (2,472) -22% (12,301) (11,596) -6%
(-) Other items 886 (1,136) N/A 820 (2,341) N/A
(-) Non-recurring expenses - (5,109)  N/A - (5,109)    N/A
(-) Income taxes (excluding related to unrealized fees and income) (12,815) (11,601) -9% (42,729) (51,561) 21%
DISTRIBUTABLE EARNINGS (DE)iv 47,195 53,255 13% 137,518 238,294 73%
DE Margin (%) 42.4% 44.2%   37.9% 45.4%  
DE per share (R$/share)v 0.83 0.95   2.42 4.23  
(+) Non-recurring expensesvi including income tax related to realized expense - 4,437 N/A - 4,437 N/A
ADJUSTED DISTRIBUTABLE EARNINGS 47,195 57,692 22% 137,518 242,730 77%
Adjusted DE Margin (%) 42.4% 47.9%   37.9% 46.2%  
Adjusted DE per share (R$/share) 0.83 1.03   2.42 4.31  

 

For comparison purposes only, FRE and DE per share indicated for 1Q’21 LTM are calculated considering Vinci Partners’ post-IPO share count of 56,913,588.

 

Total Fee-Related Revenuesvii of R$90.9 million for the quarter ended March 31, 2022, compared to R$96.9 million for the quarter ended March 31, 2021, a decrease of 6% year-over year, due to a greater contribution from advisory fees in the 1Q'21, when the Advisory team closed the pre-IPO advisory for B3 listed company Espaço Laser. Fee-related revenues were R$421.8 million for the last twelve months ended March 31, 2022, up 33% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Fee Related Earnings (“FRE”) of R$43.8 million (R$0.78/share) for the quarter ended March 31, 2022, compared to R$50.2 million for the quarter ended March 31, 2021, a decrease of 13% year-over-year, driven by a greater contribution from advisory fees in 1Q'21. FRE was R$216.1 million for the last twelve months ended March 31, 2022, up 38% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

FRE Marginviii was 48.2% for the quarter ended March 31, 2022, compared to 51.8% for the quarter ended March 31, 2021. In the last twelve months ended 1Q’22, FRE Margin reached 51.2%, an increase of 1.9 percentage points when compared to the last twelve months ended 1Q’21.

 

Performance Related Earnings (“PRE”)ix of R$2.1 million for the quarter ended March 31, 2022, compared to R$6.7 million for the quarter ended March 31, 2021, a decrease of 68% year-over-year, due to higher performance contributions coming from international exclusive mandates in IP&S in 1Q'21. Most of our open-end funds charge performance fees semiannually, recognizing revenues in June and December, thus first and third quarters usually are expected to show lower levels of performance from domestic open-ended funds. PRE was R$19.1 million for the last twelve months ended March 31, 2022, down 47% year-over-year, when compared to the last twelve months ended March 31, 2021, primarily due to unrealized performance fees booked in the 1Q'21 LTM, that were partially realized in the 1Q'22 LTM.

 

Segment Distributable Earningsx of R$47.6 million for the quarter ended March 31, 2022, compared to R$56.7 million for the quarter ended March 31, 2021, a decrease of 16% year-over-year. Segment Distributable Earnings were R$255.9 million for the last twelve months ended March 31, 2022, up 39% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

Adjusted Distributable Earnings (“DE”) of R$57.7 million (R$1.03/share) for the quarter ended March 31, 2022, compared to R$47.2 million for the quarter ended March 31, 2021, an increase of 22% year-over-year. Adjusted DE was R$242.7 million for the last twelve months ended March 31, 2022, up 77% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

Adjusted DE Marginxi was 47.9% for the quarter ended March 31, 2022, a 5.4 percentage point increase compared to 42.4% for the quarter ended March 31, 2021. In the last twelve months, Adjusted DE Margin reached 46.2%, an increase of 8.3 percentage points year-over-year.

 

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Segment Highlights

 

Private Market Strategies

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees 46,581 46,759 0% 173,208 194,662 12%
Net revenue from advisory fees 505 467 -8% 781 5,615 619%
Total Fee Related Revenues 47,086 47,226 0% 173,989 200,277 15%
Segment personnel expenses (2,438) (2,736) 12% (8,169) (10,869) 33%
Other G&A expenses (2,325) (2,755) 18% (9,744) (11,803) 21%
Corporate center expenses (10,584) (9,554) -10% (36,222) (37,426) 3%
Bonus compensation related to management and advisory (7,731) (7,307) -5% (31,701) (33,338) 5%
Total Fee Related Expenses (23,078) (22,352) -3% (85,836) (93,436) 9%
FEE RELATED EARNINGS (FRE) 24,008 24,874 4% 88,153 106,841 21%
FRE Margin (%) 51.0% 52.7%   50.7% 53.3%  
Net revenue from performance fees 462 640 38% 18,377 5,162 -72%
Realized performance fees 40 4 -90% 2,967 12,663 327%
Unrealized performance fees 422 636 51% 15,411 (7,501) N/A
Performance based compensation (162) (226) 40% (6,854) (1,611) -76%
PERFORMANCE RELATED EARNINGS (PRE) 300 414 38% 11,524 3,551 -69%
PRE Margin (%) 65.0% 64.7%   62.7% 68.8%  
(-) Unrealized performance fees (422) (636) 51% (15,411) 7,501 N/A
(+) Unrealized performance compensation 150 225 50% 5,959 (2,658) N/A
(+) Realized GP investment income 112 2,045 1,726% 140 15,784 11,174%
SEGMENT DISTRIBUTABLE EARNINGS 24,148 26,922 11% 90,365 131,019 45%
Segment DE Margin (%) 51.1% 54.6%   51.0% 57.3%  
             

ASSETS UNDER MANAGEMENT

(AUM R$ millions)

 21,352 21,041 -1% 21,352 21,041 -1%
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 19,336 19,192 -1% 19,336 19,192 -1%
AVERAGE MANAGEMENT FEE RATE (%) 0.98% 0.92%   0.98% 0.96%  
FULL TIME EMPLOYEES 50 50 0% 50 50 0%

 

Fee related earnings (FRE) of R$24.9 million in the 1Q'22, an increase of 4% year-over-year. FRE was R$106.8 million over the 1Q'22 LTM, up 21% when compared to the 1Q'21 LTM, driven by the strong fundraising in the last twelve months.

 

Segment Distributable Earnings of R$26.9 million in the 1Q'22, an increase of 11% year-over-year, due primarily to dividend distributions of the company’s proprietary stake in listed REITs. Segment DE was R$131.0 million over the 1Q'22 LTM, up 45% when compared to the 1Q'21 LTM.

 

AUM of R$21.0 billion at the end of the 1Q'22, a decrease of 1% year-over-year. In the first quarter of 2022 the fund FIP Energia PCH, managed by the Infrastructure team, returned R$1.1 billion in capital for its investors, after the successful completion of the mandate won in 2015, to restructure the fund's portfolio and return capital to LPs. In the 1Q'22, our listed office REIT, VINO11, closed its sixth issue of additional quotas, adding R$215 million in perpetual capital.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Liquid Strategies

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees 19,983 20,573 3% 64,679 87,376 35%
Net revenue from advisory fees - - N/A - - N/A
Total Fee Related Revenues 19,983 20,573 3% 77,324 87,376 13%
Segment personnel expenses (1,293) (1,384) 7% (4,850) (5,659) 17%
Other G&A expenses (624) (676) 8% (2,812) (2,858) 2%
Corporate center expenses (4,492) (4,203) -6% (16,173) (17,396) 8%
Bonus compensation related to management and advisory (3,420) (3,948) 15% (16,703) (18,559) 11%
Total Fee Related Expenses (9,829) (10,212) 4% (40,538) (44,472) 10%
FEE RELATED EARNINGS (FRE) 10,154 10,361 2% 36,786 42,904 17%
FRE Margin (%) 50.8% 50.4%   47.6% 49.1%  
Net revenue from performance fees 2,009 2,325 16% 7,610 10,730 41%
Realized performance fees 2,009 2,325 16% 7,610 10,730 41%
Unrealized performance fees - - N/A - - N/A
Performance based compensation (703) (722) 3% (2,591) (5,531) 113%
PERFORMANCE RELATED EARNINGS (PRE) 1,306 1,603 23% 5,019 5,199 4%
PRE Margin (%) 65.0% 68.9%   66.0% 48.5%  
(-) Unrealized performance fees - - N/A - - N/A
(+) Unrealized performance compensation - - N/A - - N/A
SEGMENT DISTRIBUTABLE EARNINGS 11,460 11,963 4% 41,806 48,103 15%
Segment DE Margin (%) 52.1% 52.2%   49.2% 49.0%  
             

ASSETS UNDER MANAGEMENT

(AUM R$ millions)

 12,962 12,243 -6% 12,962 12,243 -6%
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 12,840 12,104 -6% 12,840 12,104 -6%
AVERAGE MANAGEMENT FEE RATE (%) 0.65% 0.74%   0.50% 0.74%  
FULL TIME EMPLOYEES 24 21 -13% 24 21 -13%

 

Fee related earnings (FRE) of R$10.4 million in the 1Q'22, up 2% year-over-year. FRE was R$42.9 million over the 1Q’22 LTM, up 17% when compared to the 1Q'21 LTM, driven by the end of revenue sharing agreement with GAS Investimentos in 2021, which impacted positively our average management fee rate.

 

Performance related earnings (PRE) of R$1.6 million in the quarter, up 23% year-over-year. PRE was R$5.2 million over the 1Q'22 LTM, an increase of 4% when compared to the 1Q'21 LTM.

 

Segment Distributable Earnings of R$12.0 million in the quarter, up 4% year-over-year. Segment DE was R$48.1 million over the 1Q'22 LTM, an increase of 15% when compared to the 1Q'21 LTM.

 

AUM remained resilient, ending the 1Q'22 with R$12.2 billion, with no relevant outflows over the last twelve months, primarily due to the solid performance from our flagship funds and our long-term oriented investor base, composed mainly by institutional investors.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Investment Products and Solutions

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees 15,280 19,897 30% 52,335 84,416 61%
Net revenue from advisory fees 19 7 -64% 96 42 -56%
Total Fee Related Revenues 15,299 19,904 30% 52,430 84,458 61%
Segment personnel expenses (971) (1,827) 88% (3,491) (5,275) 51%
Other G&A expenses (465) (600) 29% (1,455) (2,226) 53%
Corporate center expenses (3,439) (4,065) 18% (10,892) (16,184) 49%
Bonus compensation related to management and advisory (3,669) (4,156) 13% (13,432) (20,698) 54%
Total Fee Related Expenses (8,544) (10,648) 25% (29,270) (44,384) 52%
FEE RELATED EARNINGS (FRE) 6,755 9,255 37% 23,160 40,074 73%
FRE Margin (%) 44.2% 46.5%   44.2% 47.4%  
Net revenue from performance fees 7,481 208 -97% 20,837 14,964 -28%
Realized performance fees 7,481 208 -97% 20,837 14,964 -28%
Unrealized performance fees - - N/A - - N/A
Performance based compensation (2,427) (84) -97% (6,602) (4,599) -30%
PERFORMANCE RELATED EARNINGS (PRE) 5,054 124 -98% 14,235 10,364 -27%
PRE Margin (%) 67.6% 59.5%   68.3% 69.3%  
(-) Unrealized performance fees - - N/A - - N/A
(+) Unrealized performance compensation - - N/A - - N/A
SEGMENT DISTRIBUTABLE EARNINGS 11,809 9,379 -21% 37,398 50,439 35%
Segment DE Margin (%) 51.8% 46.6%   51.0% 50.7%  
             

ASSETS UNDER MANAGEMENT

(AUM R$ millions)

 20,449 23,394 14% 20,449 23,394 14%
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 20,299 23,258 15% 20,299 23,258 15%
AVERAGE MANAGEMENT FEE RATE (%) 0.35% 0.37%   0.38% 0.39%  
FULL TIME EMPLOYEES 13 14 8% 13 14 8%

 

Fee related earnings (FRE) of R$9.3 million in the 1Q'22, up 37% year-over-year. FRE was R$40.1 million in the 1Q'22 LTM, an increase of 73% when compared to the 1Q'21 LTM, due to the growth in management fees following notable fundraising in exclusive mandates over the last twelve months.

 

Performance related earnings (PRE) of R$124 thousand, down 98% year-over-year, due to the higher contribution from international exclusive mandates in the 1Q'21. PRE in the 1Q'22 LTM was R$10.4 million, a decrease of 27% when compared to the 1Q'21 LTM.

 

Segment Distributable Earnings of R$9.4 million in the quarter, down 21% year-over-year, due to a bigger contribution from PRE in 1Q'21. Segment DE was R$50.4 million over the 1Q'22 LTM, an increase of 35% when compared to the 1Q'21 LTM.

 

AUM of R$23.4 billion, up 14% year-over-year, driven by strong fundraising for new separate mandates in 2021. Fee Earning AUM of R$23.3 million, up 15% year-over-year. During the 1Q'22, we closed our first vintage of our new strategy Vinci Strategic Partners, or VSP, a Private Markets fund of funds, adding R$187 million of long-term capital to the platform.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Financial Advisory

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees - - N/A - - N/A
Net revenue from advisory fees 14,541 3,201 -78% 27,055 49,708 84%
Total Fee Related Revenues 14,541 3,201 -78% 27,055 49,708 84%
Segment personnel expenses (395) (505) 28% (1,130) (1,798) 59%
Other G&A expenses (181) (209) 15% (882) (1,291) 46%
Corporate center expenses (975) (938) -4% (3,190) (8,843) 177%
Bonus compensation related to management and advisory (3,707) (858) -77% (7,809) (10,116) 30%
Total Fee Related Expenses (5,258) (2,510) -52% (13,011) (22,048) 69%
FEE RELATED EARNINGS (FRE) 9,283 690 -93% 14,043 27,660 97%
FRE Margin (%) 63.8% 21.6%   51.9% 55.6%  
SEGMENT DISTRIBUTABLE EARNINGS 9,283 690 -93% 14,043 27,660 97%
Segment DE Margin (%) 63.8% 21.6%   51.9% 55.6%  

 

Fee related earnings (FRE) of R$690 thousand in the quarter, down 93% year-over-year, due to a greater contribution from advisory fees in the 1Q'21, when the Advisory team closed the pre-IPO advisory for B3 listed company Espaço Laser. FRE was R$27.7 million in the 1Q'22 LTM, an increase of 97% when compared to the 1Q'21 LTM, a consequence of the stronger deal activity in 2021.

 

Segment Distributable Earnings over the 1Q'22 LTM was R$27.7 million, an increase of 97% year-over-year when compared to the 1Q'21 LTM.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Retirement Services

 

(R$ thousands, unless mentioned)/ 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees - - N/A - - N/A
Net revenue from advisory fees - - N/A - - N/A
Total Fee Related Revenues - - N/A - - N/A
Segment personnel expenses - (97) N/A - (97) N/A
Other G&A expenses - (263) N/A - (263) N/A
Corporate center expenses - 0 N/A - 0 N/A
Bonus compensation related to management and advisory - (1,002) N/A - (1,002) N/A
Total Fee Related Expenses - (1,362) N/A - (1,362) N/A
FEE RELATED EARNINGS (FRE) - (1,362) N/A - (1,362) N/A
FRE Margin (%) N/A N/A   N/A N/A  
Net revenue from performance fees - - N/A - - N/A
Realized performance fees - - N/A - - N/A
Unrealized performance fees - - N/A - - N/A
Performance based compensation - - N/A - - N/A
PERFORMANCE RELATED EARNINGS (PRE) - - N/A - - N/A
PRE Margin (%) N/A N/A   N/A N/A  
(-) Unrealized performance fees - - N/A - - N/A
(+) Unrealized performance compensation - - N/A - - N/A
SEGMENT DISTRIBUTABLE EARNINGS - (1,362) N/A - (1,362) N/A
Segment DE Margin (%) N/A N/A   N/A N/A  
             

ASSETS UNDER MANAGEMENT

(AUM R$millions)

 - - N/A - - N/A
FULL TIME EMPLOYEES - 3 N/A - 3 N/A

 

We are structuring a new business vertical, Vinci Retirement Services, or VRS, focused on planning and building long-term investment portfolios that will assist investors to achieve their retirement goals. We are assembling a fully dedicated and specialized team to conduct this project, with the leadership of Vinicius Albernaz, our partner and former CEO of Bradesco Seguros and BRAM.

 

Fee Related Earnings (FRE) of negative R$1.4 million in the quarter.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Income Statement

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q’21 LTM 1Q’22 LTM ∆ (%)
REVENUES            
Net revenue from management fees 81,843 87,229 7% 290,211 366,456 26%
Net revenue from performance fees 9,951 3,172 -68% 53,711 30,854 -43%
Realized performance fees 9,529 2,536 -73% 38,301 38,355 0%
Unrealized performance fees 422 636 51% 15,410 (7,501) N/A
Net revenue from advisory 15,066 3,674 -76% 27,936 55,363 98%
Total net revenues from services rendered 106,860 94,075 -12% 371,858 452,673 22%
EXPENSES            
Bonus related to management and advisory (18,526) (17,272) -7% (65,167) (83,715) 28%
Performance based compensation (3,292) (1,032) -69% (17,931) (11,741) -35%
Realized (3,142) (807) -74% (11,972) (14,399) 20%
Unrealized (150) (225) 50% (5,959) 2,658 N/A
Total compensation and benefitsxii (21,818) (18,303) -16% (83,098) (95,455) 15%
Segment personnel expenses (5,097) (6,549) 28% (16,385) (23,698) 45%
Other general and administrative expenses (3,574) (4,503) 26% (15,707) (18,441) 17%
Corporate center expenses (19,512) (18,761) -4% (63,827) (79,848) 25%
Total expenses (50,002) (48,116) -4% (179,017) (217,442) 21%
Operating profit 56,858 45,959 -19% 192,841 235,231 22%
OTHER ITEMS            
GP Investment income 1,161 (4,169) N/A 6,590 (5,250) N/A
Realized gain from GP investment income 112 2,045 1,726% 140 15,784 11,174%
Unrealized gain from GP investment income 1,049 (6,214) N/A 6,450 (21,034) N/A
Financial income 4,497 24,708 449% 7,011 48,113 586%
Realized gain from financial income 4,644 24,996 438% 6,165 49,081 696%
Unrealized gain from financial income (147) (288) 96% 846 (968) N/A
Leasing expenses (3,157) (2,472) -22% (12,301) (11,596) -6%
Other items 886 (1,136) N/A 820 (2,341) N/A
Stock compensation plan - (736) N/A - (4,406) N/A
Nonrecurring expenses - (5,109) N/A - (5,109) N/A
Total Other Items 3,387 11,086 227% 2,120 19,411 816%
Profit before income taxes 60,245 57,045 -5% 194,961 254,642 31%
(-) Income taxes (13,232) (11,739) -11% (47,048) (47,734) 1%
NET INCOME 47,013 45,306 -4% 147,913 206,908 40%
(+) Non-recurring expenses including income tax related to realized expense - 4,437 N/A - 4,437 N/A
ADJUSTED NET INCOME 47,013 49,742 6% 147,913 211,344 43%

 

Total net revenues from services rendered of R$94.1 million for the quarter ended March 31, 2022, compared to R$106.9 million for the quarter ended March 31, 2021, a decrease of 12% year-over-year, due to a greater contribution from advisory fees in the 1Q'21 following the closing of the pre-IPO advisory for B3 listed company Espaço Laser. Net revenues for the last twelve months ended March 31, 2022, were R$452.7 million, up 22% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

·Management fee revenues of R$87.2 million for the quarter ended March 31, 2022, compared to R$81.8 million for the quarter ended March 31, 2021, an increase of 7% year-over-year, driven by the growth in Fee earning AUM over the last twelve months. Management fee revenues for the last twelve months ended March 31, 2022, were R$366.5 million, up 26% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

·Performance fee revenues of R$3.2 million for the quarter ended March 31, 2022, compared to R$10.0 million for the quarter ended March 31, 2021, a decrease of 68% year-over-year, due to a higher contribution in

 

performance revenues coming from IP&S international exclusive mandates in the first quarter of 2021. Most of our open-end funds charge performance fees semiannually, recognizing revenues in June and December, thus first and third quarters usually are expected to show lower levels of performance from domestic open-ended funds. Performance fee revenues were R$30.9 million for the last twelve months ended March 31, 2022, down 43% year-over-year, when compared to the last twelve months ended March 31, 2021, primarily due to unrealized performance revenues booked in the 1Q’21 LTM, that were partially realized in the 1Q’22 LTM.

 

·Advisory fee revenues of R$3.7 million for the quarter ended March 31, 2022, compared to R$15.1 million for the quarter ended March 31, 2021, a decrease of 76% year-over-year, due to a greater contribution from advisory fees in the 1Q'21. Advisory revenues for the last twelve months ended March 31, 2022, were R$55.4 million, up 98% when compared to the last twelve months ended March 31, 2021, a consequence of the stronger deal activity in 2021.

 

Total expenses for the quarter ended March 31, 2022, of R$48.1 million, compared to R$50.0 million for the quarter ended March 31, 2021, a decrease of 4% year-over-year. Total expenses for the last twelve months ended March 31, 2022, were R$217.4 million, up 21% when compared to the last twelve months ended March 31, 2021.

 

·Bonus related to management and advisory feesxiii of R$17.3 million for the quarter ended March 31, 2022, compared to R$18.5 million for the quarter ended March 31,2021, a decrease of 7% year-over-year. Bonus related to management and advisory was R$83.7 million for the last twelve months ended March 31, 2022, up 28% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

·Performance based compensationxiv of R$1.0 million for the quarter ended March 31,2022, compared to R$3.3 million for the quarter ended March 31,2021. Performance based compensation for the last twelve months ended March 31, 2022, was R$11.7 million, a decrease of 35% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

·Segment personnel expensesxv of R$6.5 million for the quarter ended March 31, 2022, compared to R$5.1 million for the quarter ended March 31, 2021, an increase of 28% year-over-year. Segment personnel expenses for the last twelve months ended March 31, 2022, was R$23.7 million, up 45% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

·Corporate center expensesxvi of R$18.8 million for the quarter ended March 31, 2022, compared to R$19.5 million for the quarter ended March 31, 2021, a decrease of 4% year-over-year. Corporate center expenses for the last twelve months ended March 31, 2022, were R$79.8 million, up 25% year-over-year, when compared to the last twelve months ended March 31, 2021, primarily due to the new recurring costs related to becoming a public company throughout the year of 2021.

 

·Other general and administrative expensesxvii of R$4.5 million for the quarter ended March 31, 2022, compared to R$3.6 million for the quarter ended March 31, 2021, an increase of 26% year-over-year. Other G&A expenses for the last twelve months ended March 31, 2022, were R$18.4 million, up 17% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Operating Profit of R$46.0 million for the quarter ended March 31,2022, compared to R$56.9 million for the quarter ended March 31, 2021, a decrease of 19% year-over-year. Operating profit for the last twelve months ended March 31, 2022, was R$235.2 million, up 22% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

GP Investment incomexviii, a result of the company’s GP investments in its proprietary private market funds, was negative R$4.2 million for the quarter ended March 31, 2022, compared to positive R$1.2 million for the quarter ended March 31, 2021, due to the mark-to-market effect over listed REITs’ quotas in the B3. GP Investment income for the last twelve months ended March 31, 2022, was negative R$5.3 million compared to positive R$6.6 million for the last twelve months ended March 31, 2021.

 

Financial Incomexix of R$24.7 million for the quarter ended March 31, 2022, compared to R$4.5 million for the quarter ended March 31, 2021, an increase of 449% year-over-year, a result of financial gains from the company’s cash allocation. Financial income for the last twelve months ended March 31, 2022, was R$48.1 million, up 586% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

Leasing Expensesxx of R$2.5 million for the quarter ended March 31, 2022, compared to R$3.2 million for the quarter ended March 31, 2021, a decrease of 22% year-over-year.

 

Stock compensation plan expensesxxi of R$1.0 million for the quarter ended March 31, 2022. In the last twelve months ended March 31, 2022, stock compensation plan expenses accounted for R$4.4 million.

 

Nonrecurring expenses of R$5.1 million for the quarter ended March 31, 2022. Nonrecurring expenses are composed mostly by expenses related to professional services to matters related to our international corporate organization.

 

Profit before income taxes of R$57.0 million for the quarter ended March 31, 2022, compared to R$60.2 million for the quarter ended March 31, 2021, a decrease of 5% year-over-year. Profit before income taxes for the last twelve months ended March 31, 2022, was R$254.6 million, up 31% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

Income Taxesxxii of R$11.7 million for the quarter ended March 31, 2022, which represented an effective tax rate for the quarter of 21%, compared to R$13.2 million for the quarter ended March 31, 2021, which represented an effective tax rate of 22%.

 

Adjusted Net Income of R$49.7 million for the quarter ended March 31, 2022, compared to R$47.0 million for the quarter ended March 31, 2021, an increase of 6% year-over-year. Adjusted Net Income was R$211.3 million for the last twelve months ended March 31, 2022, up 43% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Supplement Details

 

Assets Under Management (AUM)xxiii Rollforward – R$ millions

 

For the Three Months Ended March 31, 2022

 

 

Private

Equity

Public

Equities

 IP&S Infrastructure Real Estate Credit

Hedge

Funds

 Total
Beginning balance 11,223 8,493 23,664 2,421 5,399 2,948 3,080 57,229
(+/-) Capital Subscription / (capital return) 135 - 142 (917) 110 (4) - (534)
(+) Capital Subscription 136 - 142 151 215 52 - 694
(-) Capital Return (1) - - (1,068) (104) (55) - (1,228)
(+/-) Net Inflow / (outflow) - (251) (541) - - 196 (279) (875)
(+/-) Appreciation / (depreciation) (333) 1,091 128 (11) (192) 66 110 858
Ending Balance 11,025 9,333 23,394 1,493 5,317 3,206 2,910 56,677

 

For the Twelve Months Ended March 31, 2022

 

 

Private

Equity

Public

Equities

 IP&S Infrastructure

Real

Estate

 Credit

Hedge

Funds

 Total
Beginning balance 11,442 10,016 20,449 2,455 5,125 2,330 2,946 54,763
(+/-) Capital Subscription / (capital return) 211 - 203 (912) 661 109 - 272
(+) Capital Subscription 218 - 203 277 889 186 - 1,772
(-) Capital Return (7) - - (1,188) (229) (76) - (1,500)
(+/-) Net Inflow / (outflow) - (730) 2,478 - 107 537 (108) 2,285
(+/-) Appreciation / (depreciation) (628) 47 263 (50) (576) 230 72 (643)
Ending Balance 11,025 9,333 23,394 1,493 5,317 3,206 2,910 56,677

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Fee Earning Assets Under Management (FEAUM) Rollforward – R$ millions

 

For the Three Months Ended March 31, 2022

 

 

Private

Equity

Public

Equities

 IP&S Infrastructure Real Estate Credit

Hedge

Funds

 Total
Beginning balance 9,299 8,427 23,528 2,362 5,399 2,948 3,013 54,975
(+/-) Capital Subscription / (capital return) 135 - 142 (917) 110 (4) - (534)
(+) Capital Subscription 136 - 142 151 215 52 - 694
(-) Capital Return (1) - - (1,068) (104) (55) - (1,228)
(+/-) Net Inflow / (outflow) - (251) (541) - - 196 (283) (879)
(+/-) Appreciation / (depreciation) (197) 1,091 128 (12) (192) 66 108 991
Ending Balance 9,236 9,267 23,258 1,433 5,317 3,206 2,838 54,553

 

For the Twelve Months Ended March 31, 2022

 

 

Private

Equity

Public

Equities

 IP&S Infrastructure

Real

Estate

 Credit

Hedge

Funds

 Total
Beginning balance 9,530 9,955 20,299 2,351 5,125 2,330 2,884 52,474
(+/-) Capital Subscription / (capital return) 211 - 203 (861) 661 109 - 322
(+) Capital Subscription 218 - 203 277 889 186 - 1,772
(-) Capital Return (7) - - (1,138) (229) (76) - (1,450)
(+/-) Net Inflow / (outflow) - (728) 2,488 - 107 537 (114) 2,290
(+/-) Appreciation / (depreciation) (505) 39 268 (57) (576) 230 68 (533)
Ending Balance 9,236 9,267 23,258 1,433 5,317 3,206 2,838 54,553

 

Accrued Performance Fees – Private Market Funds

 

(R$ mm) 4Q'21 Unrealized Performance Fees Realized Distributions 1Q'22
Private Equity 82.5 2.1 - 84.6
Infrastructure 19.4 0.7 - 20.0
Total 101.9 2.7 - 104.6

 

Vinci Partners recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when is highly probable that the revenue will not be reversed in the Income Statement.

 

The fund FIP Infra Transmissão in Infrastructure had R$20.0 million as of the end of the first quarter of 2022 booked as unrealized performance fees in the company´s balance sheet.

 

Accrued performance fees shown for Private Equity funds of R$84.6 million as of the end of the first quarter of 2022 have not been booked as unrealized performance fees in the company´s balance sheet.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Investment Records – IP&S, Liquid Strategies, Credit and Listed REIT

 

Fund Segment

NAVxxiv

(R$ millions)

 1Q22 YTD 12 M 24 M Market Comparison Index Rate
Vinci Multiestratégia FIM Hedge Funds 503.1 3.1% 3.1% 5.9% 8.1% CDIxxv CDI
Atlas Strategyxxvi Hedge Funds 542.4 4.2% 4.2% 1.4% 3.2% CDI CDI
Vinci Total Return Hedge Funds 282.3 8.8% 8.8% 19.4% 88.0% IPCAxxvii + Yield IMA-Bxxviii IPCA + Yield IMA-B
Mosaico Strategyxxix Public Equities 1,205.6 11.0% 11.0% -1.0% 52.3% IBOVxxx IBOV
Vinci Gas Dividendos FIA Public Equities 574.2 15.4% 15.4% 6.3% 50.8% IBOV IBOV
Vinci Valorem FIM IP&S 2,376.3 4.2% 4.2% 7.6% 15.5% IMA-B 5 IMA-B 5
Equilibrio Strategyxxxi IP&S 2,223.5 4.5% 4.5% 7.8% 16.1% IPCA   -
Vinci Selection Equities FIA IP&S 581.6 9.1% 9.1% -0.9% 49.9% IBOV IBOV
Vinci Crédito Imobiliário I Credit 255.1 4.5% 4.5% 4.6% 18.1% IPCA  

IPCA +

7.785%

Vinci Crédito Imobiliário II Credit 560.5 3.1% 3.1% 4.5% 14.4% IPCA   IPCA+ 6%
Vinci Crédito Estruturado Multiestrategia Plus FIC FIM Credit 121.3 2.7% 2.7% 9.5% 13.9% CDI CDI
Vinci Energia Sustentável Credit 600.0 -1.0% -1.0% 4.6% 16.5% IPCA   IPCA + 6%
VISC11 Real Estate (listed REIT) 1,755.5 -1.4% -1.4% -3.6% 12.4% IFIXxxxii IPCA + 6%
VILG11 Real Estate (listed REIT) 1,483.2 -3.7% -3.7% -9.5% 8.0% IFIX IPCA+ 6%
VINO11 Real Estate (listed REIT) 822.8 -9.8% -9.8% -9.9% 13.5% IFIX IPCA+ 6%
VIFI11 Real Estate (listed REIT) 202.0 -2.8% -2.8% -9.6%   IFIX IFIX
VIUR11 Real Estate (listed REIT) 196.2 -3.1% -20.8%     IFIX IPCA + 6%
VIGT11 Infrastructure (listed) 645.0 -1.8% -1.8% -3.1% 2.7% - -

 

 

Benchmark 1Q22 YTD 12 M 24 M
IBOV 14.5% 14.5% 2.9% 64.3%
CDI 2.4% 2.4% 6.4% 8.8%
IMA-B 5 3.8% 3.8% 8.7% 18.0%
IPCA + Yield IMA-B 2.8% 2.8% 14.1% 23.4%
IPCA 2.9% 2.9% 10.9% 17.7%
IFIX -0.9% -0.9% -2.3% 11.5%

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Investment Records – Closed End Private Markets fundsxxxiii

 

Fund

 

Segment

 

Vintage year

 

Committed Capital 

(R$mm)

Invested Capital 

(R$mm)

Realized or Partially

Realized

(R$mm)

Unrealized 

(R$mm)

Total

Value

  (R$mm)

Gross MOICxxxiv 

(BRL)

Gross

MOIC

  (USD)

Gross

IRRxxxv

 (BRL)

Gross IRR

 (USD)

Fund 1 Private Equity 2004 1,415 1,206 5,058 229 5,287 4.4x 4.0x 71.5% 77.2%
VCP II Private Equity 2011 2,200 1,805 1,844 2,390 4,234 2.3x 1.2x 12.6% 2.8%
VCP III Private Equity 2018 4,000 1,825 34 2,910 2,944 1.6x 1.6x 48.6% 42.0%
VCP Strategyxxxvi Private Equity   7,615 4,835 6,936 5,529 12,465 2.6x 2.3x 64.8% 70.3%
NE Empreendedor Private Equity 2003 36 13 26 - 26 2.1x 2.6x 22.0% 30.5%
Nordeste III Private Equity 2017 240 134 75 139 213 1.6x 1.3x 22.0% 9.8%
VIR IV Private Equity 2020 1,000 189 2 203 205 1.1x 1.0x 23.8% 14.2%
VIR Strategyxxxvii Private Equity   1,276 336 103 342 445 1.3x 1.2x 22.1% 27.8%
FIP Transmissãoxxxviii Infrastructure 2017 211 104 241 161 401 3.9x 3.0x 69.4% 53.5%
VIAS Infrastructure - 384 - - - - - - - -
VFDLxxxix Real Estate 2021 422    79 - 99 99 1.2x 1.4x 70.5% 107.4%

 

Shareholder Dividends

 

($ in thousands) 1H21 3Q'21 4Q'21 1Q'22   
Distributable Earnings (R$) 101,976 61,743 68,515 53,255  
Distributable Earnings (US$)xl 19,397 11,377 13,637 10,615  
DE per Common Share (US$)xli 0.34  0.20 0.24 0.19  
Actual Dividend per Common Sharexlii  0.30  0.16 0.20 0.17  
Record Date September 01,2021 December 01,2021 March 10, 2022          May 24, 2022  
Payable Date  September 16, 2021 December 16,2021 March 24, 2022 June 08, 2022   

 

Vinci Partners generated R$0.95 or US$0.19 of Distributable Earnings per common share for the first quarter of 2022.

 

The company declared a quarterly dividend of US$0.17 per common share to record holders as of May 24, 2022; payable on June 08, 2022.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Share Summary

 

VINP Shares 4Q'20 (Pre IPO) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22
Class B 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239
Class A – Partnership Units 27,175,861 27,175,861 27,175,861 27,175,861 27,175,861 27,175,861
Class A - Public Float N/A 15,271,488 15,094,833 14,921,318 14,513,477 14,187,216
Common Shares Outstanding 41,642,100 56,913,588 56,736,933 56,563,418 56,155,577 55,829,316

 

Common Shares Outstanding as of quarter end of 55,829,316 shares.

 

·Repurchased 326,261 common shares in the quarter, with an average share price of US$12.3.

 

·Repurchased 1,084,272 common shares since the announcement of the share repurchase plan, with an average share price of US$12.7.

 

·Available authorization remaining was R$11.2 million on March 31,2022.

 

GP Commitment in Private Market funds

 

(R$ millions,

unless mentioned)

Fund

 Segment

1Q'22

Commitments

Total

Capital Committed

 

 1Q'22 Capital Called Total Capital Called

Capital Returned/

Dividends Payed (1Q'22)

Accumulated Capital Returned/

Dividends

Payed

Fair value

of

investments

Nordeste III Private Equity 0.0 5.0 0.0 3.1 0.0 1.3 2.7
VCP III Private Equity 0.0 3.1 0.6 1.7 0.0 0.0 2.5
VIR IV Private Equity 0.0 11.1 0.8 2.9 0.0 0.1 2.7

FIP Infra Transmissão

(co- investment)xliii

 Infrastructure 0.0 29.5 0.0 8.9 0.0 19.7 12.7
FIP Infra Transmissãoxliv Infrastructure 0.0 10.5 0.0 3.4 0.0 6.2 4.0
VIAS Infrastructure 0.0 50.0 26.5 27.8 0.0 0.0 27.0
VFDL Real Estate 0.0 70.0 0.0 14.0 0.0 0.0 16.9
VIUR Real Estate 0.0 67.3 0.0 67.3 1.4 4.6 49.5
VCS Credit 22.0 80.0 22.0 80.0 0.0 0.0 84.4
Vinci FOF Imobiliário Real Estate 0.0 10.0 0.0 10.0 0.0 0.0 10.8
VSP IP&S 45.0 50.0 0.0 0.0 0.0 0.0 0.0
VINO Real Estate 50.0 50.0 50.0 50.0 0.6 0.6 45.3
Vinci Transporte e Logística II Infrastructure 15.0 15.0 0.0 0.0 0.0 0.0 0.0
Total   132.0 451.4 99.8 269.0 2.1 32.5 258.7

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Reconciliation and Disclosures

 

Non-GAAP Reconciliation

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 1Q'21 LTM 1Q'22 LTM
         
OPERATING PROFIT 56,858 45,959 192,841 235,231
(-) Net revenue from realized performance fees (9,529) (2,536) (38,301) (38,355)
(-) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501
(+) Compensation allocated in relation to performance fees 3,292 1,032 17,931 11,741
FEE RELATED EARNINGS (FRE) 50,199 43,818 157,061 216,117
         
OPERATING PROFIT 56,858 45,959 192,841 235,231
(-) Net revenue from management fees (81,843) (87,229) (290,211) (366,456)
(-) Net revenue from advisory (15,066) (3,674) (27,936) (55,363)
(+) Bonus related to management and advisory 18,526 17,272 65,167 83,715
(+) Personnel expenses 5,097 6,549 16,385 23,698
(+) Other general and administrative expenses 3,574 4,503 15,707 18,441
(+) Corporate center expenses 19,512 18,761 63,827 79,848
PERFORMANCE RELATED EARNINGS (PRE) 6,659 2,140 35,780 19,113
         
OPERATING PROFIT 56,858 45,959 192,841 235,231
(-) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501
(+) Compensation allocated in relation to unrealized performance fees 150 225 5,959 (2,658)
(+) Realized gain from GP investment income 112 2,045 140 15,784
SEGMENT DISTRIBUTABLE EARNINGS 56,699 47,593 183,531 255,857
         
NET INCOME 47,013 45,306 147,913 206,908
(-) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501
(+) Income tax from unrealized performance fees 49 73 1,777 (866)
(+) Compensation allocated in relation to unrealized performance fees 150 225 5,959 (2,658)
(-) Unrealized gain from GP investment income (1,049) 6,214 (6,450) 21,034
(+) Income tax on unrealized gain from GP investment income 416 - 2,252 341
(-) Unrealized gain from financial income 147 288 (846) 968
(+) Income tax on unrealized gain from financial income (48) 65 290 (3,302)
(+) Depreciation and amortization 939 984 2,032 3,962
(+) Stock compensation plan - 736 - 4,406
(+) Non-recurring expenses including income tax related to realized expense - 4,437 - 4,437
ADJUSTED DISTRIBUTABLE EARNINGS 47,195 57,692 137,518 242,730
         
TOTAL NET REVENUE FROM SERVICES RENDERED 106,860 94,075 371,858 452,673
(-) Net revenue from realized performance fees (9,529) (2,536) (38,301) (38,355)
(-) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501
NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 96,909 90,903 318,147 421,819

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Effective Tax Rate Reconciliation

 

 (R$ thousands, unless mentioned) 1Q'21 1Q'22 1Q’21 LTM 1Q’22 LTM  
Profit (loss) before income taxes, not-including Dividends to partners 60,245 57,045 225,833 254,642  
Combined statutory income taxes rate - % 34% 34% 34% 34%  
Income tax benefit (Expense) at statutory rates (20,483) (19,395) (76,783) (86,578)  
Reconciliation adjustments:          
Expenses not deductible (52) (18) (107) (358)  
Tax benefits 14 35 454 846  
Share based payments - (86) - (457)  
Effect of presumed profit of subsidiaries¹ 7,092 7,714 28,995 38,901  
Other additions (exclusions), net 197 11 393 (88)  
Income taxes expenses (13,232) (11,739) (47,048) (47,734)  
Current (14,196) (12,671) (45,996) (55,245)  
Deferred 964 932 (1,052) 7,511  
Effective tax rate 22% 21% 21% 19%  

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Balance Sheet Results

 

Assets 12/31/2021 3/31/2022
Current assets    
Cash and cash equivalents 102,569 38,516
Cash and bank deposits 21,679 9,109
Financial instruments at fair value through profit or loss 80,890 29,407
Financial instruments at fair value through profit or loss 1,372,926 1,324,292
Trade receivables 44,316 41,453
Sub-leases receivable - 1,500
Taxes recoverable 3,199 3,214
Other assets 4,193 7,136
Total current assets 1,527,203 1,416,111
     
Non-current assets    
Financial instruments at fair value through profit or loss 8,593 9,235
Trade receivables 19,368 20,042
Sub-leases receivable - 2,256
Taxes recoverable 80 61
Deferred taxes 4,970 6,057
Other receivables 2,011 1,851
  35,022 39,502
     
Property and equipment 14,294 13,591
Right of use - Leases 69,329 63,159
Intangible assets 1,157 1,156
Total non-current assets 119,802 117,408
     
     
TOTAL 1,647,005 1,533,519

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Liabilities and equity 12/31/2021 3/31/2022
Current liabilities    
Trade payables 831 366
Deferred Revenue - 17,504
Leases 22,304 22,755
Accounts payable 10,677 6,909
Labor and social security obligations 106,299 25,023
Taxes and contributions payable 23,762 14,838
Total current liabilities 163,873 87,395
     
Non-current liabilities    
Accounts payable - -
Leases 63,240 59,581
Deferred taxes 5,016 5,209
  68,256 64,790
     
Equity    
Share capital 15 15
Additional paid-in capital 1,382,038 1,382,038
Treasury shares (52,585) (73,815)
Retained Earnings 70,183 59,315
Other reserves 15,182 13,747
  1,414,833 1,381,300
     
Non-controlling interests in the equity of subsidiaries 43 34
     
Total equity 1,414,876 1,381,334
     
Total liabilities and equity 1,647,005 1,533,519

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Forward-Looking Statements

 

This earnings release contains forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. The forward-looking statements included herein speak only as at the date of this press release and we do not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time.

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

_________________

 

i Adjusted Distributable Earnings is calculated as Distributable Earnings less non-recuring expenses.

 

ii Fee related earnings, or FRE, is a metric to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees or investment income. We calculate FRE as operating profit less (a) net revenue from realized performance fees, less (b) net revenue from unrealized performance fees, plus (c) compensation allocated in relation to performance fees.

 

iii FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last twelve months values are calculated as the sum of the last four quarters.

 

iv Distributable Earnings is used as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends. Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) income taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) unrealized gain from GP investment income, less (e) unrealized gain from financial income, plus (f) income taxes on unrealized gain from GP investment income, plus (g) income taxes on unrealized gain from financial income.

 

v Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last twelve months values are calculated as the sum of the last four quarters.

 

vi Non-recurring expenses are composed mostly by expenses related to professional services to matters related to our international corporate organization.

 

vii Net revenue from Fund Management and Advisory is a performance measure that we use to assess our ability to generate profits from our fund management and advisory business without measuring for the outcomes from funds above their respective benchmarks. We calculate Net Revenue from Fund Management and Advisory as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees.

 

viii FRE Margin is calculated as FRE over total net management and advisory fees.

 

ix “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from revenue that relies on outcome from funds above their respective benchmarks. We calculate PRE as operating profit, less (a) net revenue from fund management and advisory, less (b) operating expenses, such as segment personnel, G&A, corporate center and bonus related to management and advisory.

 

x Segment Distributable Earnings is Vinci Partners’ segment profitability measure used to make operating decisions and assess performance across the company’s four segments (Private Markets, Liquid Strategies, Investment Products and Solutions and Financial Advisory). Segment Distributable Earnings is calculated as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP investment income.

 

xi Adjusted DE Margin is calculated as adjusted DE over the sum of management and advisory fee related revenues, realized performance revenue, realized GP investment income and realized financial income, net of revenue tax.

 

xii “Total compensation and benefits” is the result of the profit sharing paid to our employees as (a) bonus compensation related to management advisory and (b) performance based compensation. Total compensation and benefits include Dividends to Partners, distributed by the company to its original partners before the public turned public in 2021. In accordance with the by-laws of Vinci Brazil, dividends have historically been distributed based on the resolution of the partners. Therefore, dividends could be distributed on a non-proportional basis among quotaholders, which are comprised by the partners of Vinci Brazil. After the company’s IPO, Vinci Partners changed its compensation structure, from a dividend distribution policy to a profit-sharing scheme for our partners.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

xiii Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, distributed by the company to its original partners before the company turned public in 2021.

 

xiv Performance based compensation includes Dividends to Partners related to performance fees, distributed by the company to its original partners before the company turned public in 2021.

 

xv “Segment personnel expenses” are composed of the salary-part compensation paid to employees and partners of our funds’ management teams.

 

xvi “Corporate center expenses” are composed by the salary-compensation paid to employees and partners of our support teams and other expenses, such as research, risk, legal & compliance, investor relations, operations and ESG.

 

xvii “Other general and administrative expenses” is made up of third-party expenses, depreciation and amortization, travel and representation, marketing expenses, administrative fees, non-operating taxes, third-party consultants’ fees, such as legal and accounting, and office consumables.

 

xviii “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commitments.

 

xix “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank deposits, certificate of deposits and proprietary investments in our Liquid Funds from our public equities and hedge funds’ segments and listed REITs from our real estate segment.

 

xx “Leasing expenses” include costs from the company’s sub-leasing activities.

 

xxi “Stock option compensation plan” is a benefit program in which the company concedes to an employee the option to buy stock in the company with stated fixed price.

 

xxii Income taxes is comprised of taxes on our corporate income tax and social contribution taxes. We are taxed on an actual taxable profit regime, while our subsidiaries are taxed based on deemed profit. Dividends to partners distributed by the company to its original partners before turned public in 2021 are not included in actual taxable regime.

 

xxiii AUM” refers to assets under management. Our assets under management equal the sum of: (1) the fair market value of the investments held by funds plus the capital that we are entitled to call from investors in those funds pursuant to the terms of their capital commitments to those funds (plus the fair market value of co-investments arranged by us that were made or could be made by limited partners of our corporate private equity funds and portfolio companies of such funds); (2) the net asset value of our public equity funds, hedge funds and closed-end mutual funds; and (3) the amount of capital raised for our credit funds. AUM includes double counting related to funds from one segment that invest in funds from another segment. Those cases occur mainly due to (a) fund of funds of investment products and solutions segment, and (b) investment funds in general that invest part of their cash in credit segment and hedge fund segment funds in order to maintain liquidity and provide for returns on cash. Such amounts are eliminated on consolidation. The bylaws of the relevant funds prohibit double-charging fees on AUM across segments. Therefore, while our AUM by segment may double-count funds from one segment that invest in funds from another segment, the revenues for any given segment do not include revenue in respect of assets managed by another segment, which means there are no intercompany eliminations on revenues in our results of operations.

 

xxiv NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

xxv CDI is an average of interbank overnight rates in Brazil (daily average for the period).

 

xxvi Atlas strategy comprises Atlas FIC FIM and Atlas Institucional FIC FIM.

 

xxvii IPCA is a broad consumer price index measured by the IBGE

 

xxviii IMAB is composed by government bonds indexed to IPCA. IMAB 5 also comprises government bonds indexed to IPCA but only the one´s with up to 5 Years duration.

 

xxix Mosaico strategy comprises Vinci Mosaico FIA, Vinci Mosaico Institucional FIA and Vinci Mosaico Advisory FIA.

 

xxx IBOV is the Brazilian stock market most relevant index.

 

xxxi Equilibrio Strategy comprises IP&S Family of pension plans.

 

xxxii IFIX is an index composed by listed REITs in the brazilian stock exchange.

 

xxxiii Track record information is presented throughout this release on a pro forma basis and in local currency, excluding PIPE investments, a strategy that will be discontinued in VCP III.

 

xxxiv “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is calculated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees.

 

xxxv “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to zero in a discounted cash flow analysis.

 

xxxvi Total commitments for VCP III include R$1.3 billion in co-investments. Track record presented for the VCP strategy as of 1Q’22.

 

xxxvii Track record for VIR strategy is presented as of 4Q’21, due to fund’s administrator timeline to disclose the quarterly markup of the fund.

 

xxxviii Track record for FIP Infra is presented as of 1Q’22.

 

xxxix Track record for VFDL is presented as of 1Q’22.

 

xl US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.0171 as of May 05, 2022, when dividends were approved by our Board of Directors.

 

xli Per Share calculations are based on end of period Participating Common Shares.

 

xlii Actual dividends per common share are calculated considering the share count as of the applicable record date.

 

xliii The remaining capital committed in FIP Infra Transmissão co-investment will not be called by the fund, which is already in divestment period.

 

xliv The remaining capital committed in FIP Infra Transmissão will not be called by the fund, which is already in divestment period.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM