TPG Results Presentation Deck
Non-GAAP Financial Measures
Fee-Related Earnings increased 38% from $67 million in 1Q'21 on a pro forma basis to $92 million in 1Q'22,
and amounted to $351 million for 1Q'22 LTM on a pro forma basis; margins increased from 34% during pro
forma 1Q'21 to 38% during 1Q'22
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Realized performance allocations, net increased from pro forma 1Q'21 to 1Q'22, going from $6 million to
$122 million, respectively, while 1Q'22 LTM saw realized performance allocations, net of $321 million on a
pro forma basis
After-tax Distributable Earnings saw 207% growth from $65 million in 1Q'21 on a pro forma basis to $199
million in 1Q'22; 1Q'22 LTM After-tax Distributable Earnings totaled $672 million on a pro form a basis,
mainly driven by Fee-Related Earnings.
($ in thousands)
Fee-Related Revenues
Management Fees
Transaction, monitoring and other fees, net
Other Income
Fee-Related Revenues
Fee-Related Expenses
Compensation and benefits, net
Operating expenses, net
Fee-Related Expenses
Fee-Related Earnings
Realized performance allocations, net
Realized investment income and other, net
Depreciation expense
Interest expense, net
Distributable Earnings
Income taxes
After-Tax Distributable Earnings
$
Actual
1Q'21
154,229 $
26,122
12,601
192,952
119,702
39,650
159,352
33,600
66,121
7,995
(1,355)
(3,638)
102,723
(3,307)
99,416 $
Pro Forma
1Q'21
154,229
26,122
14,032
194,383
87,933
39,650
127,583
66,800
5,561
2,573
(1,355)
(4,636)
68,943
(4,061)
64,882
$
$
Actual
1Q'22
202,731
26,756
11,045
240,532
98,187
50,362
148,549
91,983
122,192
7,293
(1,571)
(4,431)
215,466
(16,433)
199,033
$
$
Actual
FY'21
718,364 $
102,041
46,673
867,078
521,413
167,114
688,527
178,551
999,603
92,720
(6,775)
(14,928)
1,249,171
(9,308)
1,239,863 $
Pro Forma
FY'21
718,364
102,041
53,957
874,362
381,135
167,114
548,249
326,113
204,664
66,720
(6,775)
(18,919)
571,803
(33,684)
538,119
$
Pro Forma
1Q'22 LTM
766,867
102,675
50,969
920,511
391,389
177,827
569,216
351,295
321,296
71,438
(6,991)
(18,715)
718,323
(46,055)
672,268
Note: Pro forma financial measures are on an adjusted basis, assuming the Reorganization and IPO occurred on January 1, 2020; see the Supplemental Details section of this presentation for a full reconciliation and description of adjustments. See the
Reconciliations and Disclosures section of this presentation for a full reconciliation between GAAP and Non-GAAP Financial Measures.
TPG 8View entire presentation