TPG Results Presentation Deck
Non-GAAP Financial Measures
Fee-Related Earnings increased 127% from $45 million in 2Q'21 on a pro forma basis to $102 million in
2Q'22; margins increased from 25% during pro forma 2Q'21 to 40% during 2Q'22
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Realized performance allocations, net increased from $4 million in pro forma 2Q'21 to $60 million in 2Q'22,
while 2Q'22 LTM saw realized performance allocations, net of $377 million on a pro forma basis
After-tax Distributable Earnings saw 207% growth from $53 million in 2Q'21 on a pro forma basis to $162
million in 2Q'22, driven both by Fee-Related Earnings and realized performance allocations, net
($ 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
2Q'21
155,264
9,045
11,186
175,495
121,707
44,547
166,254
9,241
176,698
20,441
(1,526)
(3,801)
201,053
(3,089)
$ 197,964 $
Actual
2Q'21 YTD
309,493
35,167
23,787
368,447
241,409
84,197
325,606
42,841
242,819
28,436
(2,881)
(7,439)
303,776
(6,396)
297,380
$
$
Pro Forma
2Q'21
155,264 $
9,045
14,402
178,711
89,262
44,547
133,809
44,902
4,239
13,217
(1,526)
(4,799)
56,033
(3,301)
52,732 $
Actual
2Q'22
222,686
21,168
12,018
255,872
95,547
58,522
154,069
101,803
60,175
15,443
(1,468)
(4,255)
171,698
(9,831)
161,867
Pro Forma
2Q'21 YTD
$ 309,493 $ 425,417
35,167
47,924
28,434
23,063
373,094
496,404
177,195
84,197
Actual
2Q'22 YTD
261,392
111,702
9,800
15,790
(2,881)
(9,435)
124,976
(7,362)
$ 117,614 $
193,734
108,884
302,618
193,786
182,367
22,736
(3,039)
(8,686)
387,164
(26,264)
360,900
$
Pro Forma
2Q'22 LTM
834,288
114,799
48,585
997,672
397,674
191,801
589,475
408,197
377,231
73,664
(6,933)
(18,171)
833,988
(52,585)
$ 781,403
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.
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