TPG Results Presentation Deck
Non-GAAP Balance Sheet
2Q'22 cash and cash equivalents of $585 million increased 142% over actual 4Q'21 largely driven by $391
million of net IPO proceeds
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■
Our borrowings include securitized notes with a principal amount of $250 million, which are backed by $469
million in pledged assets at 2Q'22, and a senior unsecured term loan with a principal amount of $200 million
that was issued as part of the Reorganization
At 2Q'22, our net cash(¹) was $135 million, and we had an undrawn $300 million credit facility; in July 2022
we expanded our credit facility to $700 million
In 4Q'21 we effectuated certain aspects of the Reorganization with respect to assets transferred to
RemainCo, including cash and economic entitlements associated with certain other investments, which is
reflected in our Non-GAAP actuals; the pro forma column includes the impact of the IPO and additional
Reorganization activities
($ in thousands)
Book Assets
Cash and cash equivalents
Restricted cash
Accrued performance allocations
Investments in funds
Other assets, net
Total Book Assets
Book Liabilities
Accounts payable, accrued expenses and other
Securitized borrowing, net
Senior unsecured term loan
Total Book Liabilities
Net Book Value
$
$
Non-GAAP
4Q'21
242,370
13,135
1,344,348
559,810
733,085
2,892,748
525,267
244,950
199,494
969,711
1,923,037
$
$
Pro Forma
4Q'21
646,387
13,135
769,283
559,810
504,644
2,493,259
308,421
244,950
199,494
752,865
1,740,394
$
$
Non-GAAP
2Q'22
585,494
13,135
677,277
554,316
591,716
2,421,938
40,095
245,105
198,930
484,130
1,937,808
Note: Pro forma financial measures are on an adjusted basis, assuming the Reorganization and IPO on January 1, 2020; see the Reconciliations and Disclosures section of this presentation for a full reconciliation and description of adjustments.
1. Net cash comprised of $585 million of cash and cash equivalents less $450 million in debt principal.
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