Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 171

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 171
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 III, US$10 million realization of performance fee from PE V and US$22 million due to assets valuation in PE V.

Non-GAAP Financial Measures and Reconciliations

This annual report presents our fee-related earnings, distributable earnings and their respective reconciliations for the convenience of investors, which are Non-GAAP financial measures. A Non-GAAP financial measure is generally defined as a numerical measure of historical or future financial performance, financial position, or cash flow that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable IFRS measure. For further information on why our management chooses to use these Non-GAAP financial measures, and on the limits of using these Non-GAAP financial measures, please see “ Presentation of Financial and Other Information - Special Note Regarding Non-GAAP Financial Measures.”

                                      For the Years Ended December 31,                                                      
                                                                  2024       2023       2022         Change         Change  
                                                                                                  2024/2023      2023/2022  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                     (in US$ millions)                                                      
  Fee Related Earnings (FRE)(1)                                  170.1      147.7      130.0           22.4           17.7  
  Distributable Earnings (DE)(2)                                 189.2      186.3      147.1            2.9           39.2  
  Net income for the year                                         75.7      120.8       94.1          -45.1           26.7  

Note: For our non-GAAP financial measures, we reflect the results attributable for controlling owners to include our exposure from our ownership stake on each line item.

(1) Reconciled as net income before income taxes that are attributable to owners of the Parent less revenue from performance fees net of taxes, other income/(expenses) and net financial income/(expense), plus long term employee benefit personnel expenses related to equity-based compensation, Officers’ fund and strategic long-term benefit plans, performance share plan, performance fee compensation, plus personnel and other restructuring costs as a results of acquisitions, plus deferred and contingent consideration and carry bonus provision, plus amortization of intangible assets (contractual rights, non-contractual customer relationships and brands) from acquisitions, changes in value related to option arrangements from acquisitions, SPAC warrants fair