TPG Results Presentation Deck
Pro Forma Non-GAAP Balance Sheet Footnotes
Notes to the Unaudited Pro Forma Condensed Consolidated Non-GAAP Balance Sheet Measures as of September 30, 2021
1) The difference between non-GAAP and pro form a non-GAAP balance sheet measures relates to the transfer of Excluded Assets, which consist of rights to future performance allocations
related to certain general partner entities. Additionally, certain of our other investments and investments into TPG Funds have been excluded, because such interests are not part of the
TPG Operating Group. Our share of accrued performance allocations would have been reduced by $363.9 million and we also would have transferred (i) $88.7 million of cash; (ii) $752.7
million in investments; (iii) $30.5 million of other assets, net; and (iv) $254.4 million of other liabilities to Remain Co.
2)
3) Following the Reorganization, the TPG Operating Group and Common Unit holders are expected to receive approximately 20% of the future performance allocations associated with the
general partner entities that we retain an economic interest in as described in Note 2 above. This adjustment reduces our share of accrued performance allocations by $1,373.4 million.
4)
5)
Includes $431.2 million of proceeds, net of estimated underwriting discounts and unpaid offering costs of $31.8 million, of which $9.4 million was previously capitalized and accrued in
Other Assets, net and Accounts payable, accrued expenses and other, respectively.
6)
Reflects a Tax Receivable Agreement liability of $11.8 million related to the Reorganization of TPG into a corporation and associated offering transactions.
Reflects additional financing the TPG Operating Group used to declare a distribution of $200.0 million to our controlling and non-controlling interest holders prior to the Reorganization
and this offering. The distribution was made with $200.0 million of proceeds from the senior unsecured term loan issuance. The Senior Unsecured Term Loan carries an interest rate of
LIBOR plus 1.00% and matures in December 2024. The impact of this to our pro form a Non-GAAP assets and liabilities is an increase to debt of $200.0 million.
Represents the impact to the net book value of the TPG Operating Group after the offering transaction adjustments.
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