TPG Results Presentation Deck
March 2022, 64 slides
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reports fourth quarter and full year financial results year ended bal | TPG
reports fourth quarter financial results san and fort worth march a leading global alternative asset management firm reported its unaudited fourth quarter and full year results issued a full detailed presentation of its fourth quarter and full year ended results which can be viewed through the shareholders section of at our results for the fourth quarter of marked the completion of an outstanding year for driven by significant growth and value creation across our five product platforms said chief executive officer the recent completion of billion initial public offering marks an important milestone in our year history of innovation and organic growth and we continue to demonstrate the tremendous earnings power of our business the positive momentum across our platforms and funds has positioned us well and i would like to thank our team members portfolio companies fund investors and shareholders for their continued contributions to drive long term growth and investment success conference call will host a conference call and live at a it may be accessed by dialing us toll free or international using the conference the number should be dialed at least ten minutes prior to the start of the call a simultaneous can be accessed through the investor relations section of at a replay will be made available on the events page in the investor relations section of | TPG
reports fourth quarter financial results about is a leading global alternative asset management firm founded in san in with billion of assets under management and investment and operational teams in offices globally invests across five product platforms capital growth impact real estate and market solutions and our unique strategy is driven by collaboration innovation and inclusion our teams combine deep product and sector experience with broad capabilities and to develop differentiated insights and add value for our fund investors portfolio companies management teams and communities shareholder contact media contact stein shareholders luke media throughout this presentation all current period amounts are preliminary and unaudited totals may not sum due to rounding | TPG
forward looking statements this presentation contains forward looking statements based on the company beliefs and assumptions and on information currently available to the company forward looking statements can be identified by words such as anticipates intends plans seeks believes estimates expects and similar references to future periods or by the inclusion of forecasts or projections examples of forward looking statements include but are not limited to statements we make regarding the outlook for our future business and financial performance business strategy and plans and objectives of management for future operations including among other things statements regarding expected growth future capital expenditures fund performance and debt service obligations forward looking statements are based on our current expectations and assumptions regarding our business the economy and other future conditions because forward looking statements relate to the future by their nature they are subject to inherent uncertainties risks and changes in circumstances that are difficult to predict as a result our actual results may differ materially from those contemplated by any forward looking statements important factors that could cause actual results to differ materially from those in the forward looking statements include regional national or global political economic business competitive market and regulatory conditions among various other risks for the reasons described above we caution you against relying on any forward looking statements which should be read in conjunction with the other cautionary statements included elsewhere in this presentation and risk factors discussed from time to time in the company filings with the sec which can be found at the sec at any forward looking statement in this presentation speaks only as of the date of this presentation factors or events that could cause our actual results to differ may emerge from time to time and it is not possible for us to predict all of them we undertake no obligation to update or revise any forward looking statement after the date of this presentation whether as a result of new information future developments or otherwise except as may be required by law no recipient should therefore rely on these forward looking statements as representing the views of the company or its management as of any date subsequent to the date of the presentation this presentation does not constitute an offer of any fund | TPG
comparability statement and pro financial information prior to and in connection with our initial public offering we completed certain transactions as part of a corporate reorganization the reorganization which concluded with listing our class a common stock on the reorganization included certain transfers of economic entitlements and investments that were effectuated including the transfer of certain limited partner interests in entities that i serve as the general partner of certain funds and are or historically were consolidated by group holdings general partner entities to i and the transfer of certain limited partner interests in general partner entities to resulted in the of funds as the general partner entities are no longer considered the primary beneficiary as of while the reorganization did not affect on a or non basis our income statement activity for the fiscal year ended or our financial statements for prior periods this presentation includes pro financial data giving effect to the and the reorganization as though they had occurred on as such the pro information reflects certain reorganization adjustments including but not limited to the exclusion of assets that were transferred to increasing the amount of performance allocations our people will receive the inclusion of an administrative services fee paid by to the company additional interest on debt incurred as part of the reorganization and the step up of taxes on a public company basis therefore comparability of the pro information included in this presentation to prior financial data or future periods may be limited see the reconciliations and disclosures section of this presentation for a full comparison of actual to pro financial data and adjustment descriptions ill | TPG
fourth quarter and full year financial results | TPG
statements of operations net income was billion and million for the year ended and quarter ended respectively an increase of over and decrease of from respectively net income attributable to controlling interests was billion and million for the year ended and quarter ended respectively an increase of over and decrease of from respectively | TPG
pro statements of operations pro net income attributable to was million for the year ended an increase of over pro net income attributable to was million for the quarter ended a decrease of compared to | TPG
fourth quarter and full year highlights actual non financial measures pro non financial measures operating metrics over year available capital | TPG
non financial measures fee related earnings decreased from million in to million in and increased from million in to million in realized performance allocations net grew on both a quarter and full year basis increasing by in over and in over after tax distributable earnings saw growth from million in to million in and growth from million in to billion in | TPG
pro non financial measures pro fee related earnings increased from million in to million in and increased from million in to million in pro realized performance allocations net increased by in over and in over pro after tax distributable earnings grew from million in to million in and grew from million in to million in | TPG
fee related earnings fee related revenues increased in over driven mainly by growth in fee earning aum for the growth impact and market solutions platforms resulting in management fees growing in over fee related expenses increased between and on both an actual and pro basis with margin increasing from in to in on a pro basis fee related earnings grew in over and decreased in over fee related earnings management fees by platform | TPG
after tax distributable earnings after tax distributable earnings were billion for compared to million for an increase of driven primarily by realized performance allocations net from the capital and growth platforms with additional growth in fee related earnings on a pro basis after tax distributable earnings more than doubled year over year growing to million in compared to million for as a percentage of after tax distributable earnings fee related earnings accounted for in and on a pro basis for the same year after tax after tax mix ona | TPG
realized performance allocations net realized performance allocations net grew in over and in over in realized performance allocations net were largely driven by and in the capital platform and growth in the growth platform pro realized performance allocations net increased in over and in over realized performance allocations net pro realized performance allocations net | TPG
pro net accrued performance allocations pro net accrued performance allocations pro net accrued performance allocations walk by vintage prior total capital growth | TPG
balance sheet unaudited in we effectuated certain aspects of the reorganization with respect to assets transferred to including cash and economic entitlements associated with certain other investments which is reflected in our the pro column includes the impact of the and additional reorganization activities our investments decreased million or from to largely due to the reorganization offset by value creation of in | TPG
non balance sheet in we effectuated certain aspects of the reorganization with respect to assets transferred to including cash and economic entitlements associated with certain other investments which is reflected in our non the pro column includes the impact of the and additional reorganization activities the firm borrowings which are backed by million in pledged assets at have a face value of million and were issued in two between and in we issued a senior unsecured term loan with a face value of million as part of the reorganization and our net debt was million at year end at we had a million credit facility available with no current draws | TPG
operating metrics | TPG
assets under management and fee earning aum aum rose over driven by value creation of for and of billion over the same period which included billion in rise climate within the impact platform this was offset by realizations totaling billion for the year increased in over driven primarily by the growth and impact platforms has grown over the last four years from to assets under management fee earning aum | TPG
assets under management and fee earning aum duration approximately of our aum and of our is in perpetual or long dated funds with a duration of or more years prior to any extensions approximately of our has a remaining of or more years with almost in vehicles that have or more years remaining including those considered perpetual aum by duration at inception by duration at inception by remaining duration years years years perpetual capital subject to periodic redemption | TPG
aum subject to fee earning growth aum subject to fee earning growth totaled billion at and represents capital commitments that can grow fees when deployed through earning new management fees aum not yet earning fees or when invested from a higher rate of management fees subject to step up aum not yet earning fees and subject to step up represent and of aum and respectively for potential fee related revenue opportunity associated with current aum subject to fee earning growth is estimated at to million annually at aum not yet earning fees subject to step up areas real estate | TPG
aum aum increased billion in and billion in an increase of and respectively aum growth was driven by capital raised of billion for and billion for including billion in the impact platform and billion in the growth platform on a full year basis changes in investment value increased on both a quarter and full year basis largely due to value creation of in and for | TPG
increased billion in and billion in an increase of and respectively increases over both periods were largely driven by fee earning capital raised particularly in the impact platform with contribution from the growth platform on a full year basis | TPG
other operating metrics across the investment platform our various operating metrics saw large increases in both on a quarter and full year basis | TPG
supplemental details | TPG
and non performance allocations | TPG
and non realized performance allocations | TPG
pro earnings per share pro basic earnings per share of for and for pro diluted earnings per share of for and for | TPG
pro after tax and dividends per share fully diluted dividend per share of for compared to for fully diluted dividend per share reflects the conversion of operating group units into class a common stock and full vesting of all unvested grants | TPG
fund performance metrics | TPG
fund performance metrics | TPG
fund performance metrics | TPG
fund performance metrics notes | TPG
fund performance metrics notes | TPG
fund performance metrics notes | TPG
reconciliations and disclosures | TPG
to non financial measures reconciliation | TPG
to non balance sheet reconciliation | TPG
pro statements of operations | TPG
pro statements of operations | TPG
quarterly pro statements of operations footnotes | TPG
quarterly pro statements of operations footnotes | TPG
quarterly pro statements of operations footnotes | TPG
pro statements of operations | TPG
pro statements of operations | TPG
annual pro statements of operations footnotes | TPG
annual pro statements of operations footnotes | TPG
annual pro statements of operations footnotes | TPG
pro non financial measures | TPG
quarterly pro non financial measures footnotes | TPG
pro non financial measures | TPG
annual pro non financial measures footnotes | TPG
pro balance sheet | TPG
pro balance sheet footnotes | TPG
pro balance sheet footnotes | TPG
pro balance sheet | TPG
pro balance sheet footnotes | TPG
pro balance sheet footnotes | TPG
pro non balance sheet | TPG
pro non balance sheet footnotes | TPG
pro non balance sheet footnotes | TPG
notes | TPG
definitions | TPG
definitions | TPG
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