TPG Results Presentation Deck
4Q'21 Pro Forma Non-GAAP Balance Sheet and Notes
Reorganization and
Other Transaction
Adjustments
($ 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
2)
3)
4)
Net Book Value
5)
$
$
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
$
(27,200)
(575,065)
(204,453)
(806,718)
(203,286)
(203,286)
(603,432)
Offering Transaction
Adjustments
$
$
431,217
Represents the impact to the net book value of the TPG Operating Group after the IPO transaction adjustments.
(23,988)
407,229
(13,560)
(13,560)
420,789
$
$
Pro Forma
Non-GAAP
4Q'21
1)
The difference between non-GAAP and pro forma 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. We would have transferred (i) $27.2 million of cash; (ii) $204.5 million of other assets; and (iii) $203.3 million of other liabilities to RemainCo.
646,387
13,135
769,283 (3)
559,810
504,644
2,493,259
Reflects a Tax Receivable Agreement liability of $10.4 million related to the Reorganization of TPG into a corporation and associated offering transactions.
(1), (2)
(1), (2)
308,421 (1), (2), (4)
244,950
199,494
752,865
1,740,394 (5)
Includes $431.2 million of proceeds, net of estimated underwriting discounts and unpaid offering costs of $31.8 million, of which $24.0 million was previously capitalized and accrued in
Other Assets, net and accounts payable, accrued expenses and other, respectively.
Following the Reorganization, the TPG Operating Group and Common Unit holders 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 $575.1 million.
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