TPG Inc. (NASDAQ:TPG) Q2 2023 Results Conference Call August 8, 2023 11:00 AM ET Company Participants Gary Stein - Head, IR Jon Winkelried - CEO Jack Weingart - CFO Jim Coulter - Executive Chairman, Co-Founder Todd Sisitsky - President Conference Call Participants Alex Blostein - Goldman Sachs Brian Bedell - Deutsche Bank Brian McKenna - JMP Securities Glenn Schorr - Evercore Ken Worthington - JP Morgan Luke Mason - BNP Paribas Mike Brown - KBW Michael Cyprys - Morgan Stanley Operator Good morning, and wel ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-04321 TPG Inc. (Exact name of registrant as specified in its charter) Delaware 87-2063362 (State or other juris ...

TPG Inc. (NASDAQ:TPG) Q1 2023 Earnings Conference Call May 15, 2023 11:00 AM ET Company Participants Gary Stein - Head of Investor Relations Jon Winkelried - Chief Executive Officer and Director Jack Weingart - Chief Financial Officer and Director Josh Baumgarten - Co-Chief Executive Officer and Co-Chief Investment Officer, Angelo Gordon Adam Schwartz - Co-Chief Executive Officer and Co-Chief Investment Officer, Angelo Gordon Todd Sisitsky - President and Director Bradford Berenson - General Counsel Jim Cou ...

Part I [Part I: Financial Information](index=6&type=section&id=Part%20I.%20Financial%20Information) This section presents TPG's unaudited financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the first quarter of 2023 [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements) TPG's Q1 2023 financial statements reflect significantly lower revenues and net income compared to Q1 2022, primarily due to reduced capital allocation-based income, with total assets slightly increasing [Condensed Consolidated Statements of Financial Condition](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Financial Condition Highlights (as of March 31, 2023 vs. December 31, 2022) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $7.97 billion | $7.94 billion | | Cash and cash equivalents | $931.9 million | $1.11 billion | | Investments | $5.53 billion | $5.33 billion | | **Total Liabilities** | $4.31 billion | $4.20 billion | | Accrued performance allocation compensation | $3.23 billion | $3.27 billion | | Debt obligations | $444.7 million | $444.6 million | | **Total Equity** | $3.00 billion | $3.09 billion | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Highlights (Three Months Ended March 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Total Revenues** | $643.1 million | $1.11 billion | | Fees and other | $311.5 million | $273.0 million | | Capital allocation-based income | $331.7 million | $837.7 million | | **Total Expenses** | $620.1 million | $942.5 million | | Performance allocation compensation | $221.3 million | $523.1 million | | **Net Income** | $35.7 million | $162.8 million | | **Net Income Attributable to TPG Inc.** | $25.1 million | $41.3 million | | **Diluted EPS** | $(0.01) | $0.11 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Three Months Ended March 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $35.8 million | $713.6 million | | Net cash used in investing activities | $(0.9) million | $(0.6) million | | Net cash used in financing activities | $(210.3) million | $(231.1) million | | **Net change in cash** | **$(175.4) million** | **$481.9 million** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail TPG's reorganization, accounting policies, investment breakdowns, and significant events including a contingent clawback obligation and the subsequent Angelo Gordon acquisition - As of March 31, 2023, TPG Inc.'s ownership of the TPG Operating Group was approximately **26%**[34](index=34&type=chunk) - If all investments held by TPG funds were liquidated at their current unrealized fair value as of March 31, 2023, there would be a potential clawback obligation of **$58.3 million**, net of tax, but if all remaining investments were deemed worthless, the potential clawback would be **$1.86 billion**[196](index=196&type=chunk)[197](index=197&type=chunk) - On May 15, 2023, TPG announced the acquisition of Angelo, Gordon & Co., L.P., a credit and real estate investment firm, for approximately **$970.0 million** in cash and up to **62.5 million** Common Units and RSUs, plus a potential earnout of up to **$400.0 million**[243](index=243&type=chunk) [Management's Discussion and Analysis (MD&A)](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2023 revenue and net income decline to lower performance allocations, while Fee-Related Earnings grew 8% and AUM increased to $137.1 billion, with the Angelo Gordon acquisition announced as a key subsequent event [Business Overview and Trends](index=45&type=section&id=Business%20Overview%20and%20Trends) TPG, a global alternative asset manager with $137.1 billion in AUM, navigated Q1 2023 market volatility with a 3% portfolio appreciation, anticipating continued favorable trends for alternative investments - TPG is a leading global alternative asset manager with approximately **$137.1 billion** in AUM as of March 31, 2023[248](index=248&type=chunk) - The company's investment portfolio appreciated by **3%** in the first quarter of 2023, reflecting strong operating performance and value creation initiatives[258](index=258&type=chunk) [Results of Operations (GAAP)](index=51&type=section&id=Results%20of%20Operations%20%28GAAP%29) Q1 2023 GAAP revenues decreased 42% to $643.1 million, primarily due to a 60% decline in capital allocation-based income, despite a 14% increase in fees and other revenues Revenue Breakdown (Three Months Ended March 31) | Revenue Component | 2023 | 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Management fees | $250.6M | $204.8M | +22% | | Transaction, monitoring and other fees, net | $4.7M | $24.9M | -81% | | Performance allocations | $315.7M | $800.0M | -61% | | Capital interests | $16.0M | $37.7M | -58% | | **Total Revenues** | **$643.1M** | **$1,110.7M** | **-42%** | - The decrease in performance allocations was driven by lower realized and unrealized appreciation in major funds like TPG VII, TPG VIII, and TREP III, partially offset by gains in Rise Climate and Growth III[290](index=290&type=chunk) [Non-GAAP Financial Measures](index=57&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP metrics show Q1 2023 Fee-Related Earnings increased 8% to $99.3 million, while Distributable Earnings sharply declined to $97.0 million due to a significant drop in realized performance allocations Key Non-GAAP Metrics (Three Months Ended March 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Fee-Related Earnings (FRE) | $99.3 million | $92.0 million | | Distributable Earnings (DE) | $97.0 million | $215.5 million | | After-Tax Distributable Earnings | $87.8 million | $199.0 million | - The increase in FRE was driven by a **$45.3 million (22%)** rise in management fees, primarily from the activation of funds like TPG IX, Asia VIII, and TREP IV[318](index=318&type=chunk) - The sharp decline in DE was caused by a drop in realized performance allocations, which were only **$5.0 million** in Q1 2023 compared to **$122.2 million** in Q1 2022[325](index=325&type=chunk) [Operating Metrics](index=66&type=section&id=Operating%20Metrics) As of March 31, 2023, AUM grew to $137.1 billion and FAUM to $78.8 billion, with $2.0 billion raised and $2.3 billion invested, and available capital at $42.7 billion Key Operating Metrics (as of March 31, 2023) | Metric | Value | Change from Q4 2022 | | :--- | :--- | :--- | | Assets Under Management (AUM) | $137.1 billion | +$2.1 billion | | Fee Earning AUM (FAUM) | $78.8 billion | +$0.9 billion | | Available Capital | $42.7 billion | -$0.3 billion | | Net Accrued Performance Allocations | $709 million | +$66 million | - In Q1 2023, TPG raised **$2.0 billion**, invested **$2.3 billion**, and had realizations of **$2.3 billion**[360](index=360&type=chunk)[363](index=363&type=chunk)[364](index=364&type=chunk) - Performance Allocation Generating AUM (funds above their hurdle rate) increased to **$93.6 billion** from **$85.3 billion** at the end of 2022[354](index=354&type=chunk) [Liquidity and Capital Resources](index=77&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, TPG maintained $1.66 billion in total liquidity, including cash and available credit, while managing debt obligations and a Tax Receivable Agreement liability, and declared a $0.20 per share dividend for Q1 2023 - Total liquidity as of March 31, 2023 was **$1.66 billion**, consisting of **$931.9 million** in cash and **$730 million** in available credit[376](index=376&type=chunk) - The company has a Tax Receivable Agreement (TRA) obligating it to pay **85%** of realized tax savings to beneficiaries, and an exchange of **1 million** units in Q1 2023 increased the TRA liability by **$8.1 million**[397](index=397&type=chunk)[398](index=398&type=chunk) - A dividend of **$0.20** per Class A common share for Q1 2023 was declared on May 15, 2023[406](index=406&type=chunk) [Market Risk Disclosures](index=81&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk relates to investment fair value movements, with no material changes observed during Q1 2023 - There was no material change in the company's market risks during the three months ended March 31, 2023[409](index=409&type=chunk) [Controls and Procedures](index=81&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[412](index=412&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[413](index=413&type=chunk) Part II [Part II: Other Information](index=83&type=section&id=Part%20II.%20Other%20Information) This section covers TPG's legal proceedings and unregistered sales of equity securities [Legal Proceedings](index=83&type=section&id=Item%201.%20Legal%20Proceedings) TPG is involved in ongoing litigation regarding a past investment and is cooperating with an SEC document request, but does not anticipate a material financial impact from current proceedings - The company is involved in ongoing lawsuits concerning a past investment in Hellas, but believes the claims are without merit and is defending them vigorously[203](index=203&type=chunk)[206](index=206&type=chunk) - In October 2022, TPG received a document request from the SEC regarding the use and retention of business-related electronic communications, as part of a broader industry review, and is cooperating[206](index=206&type=chunk) [Unregistered Sales of Equity Securities](index=83&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2023, 1 million Common Units were exchanged for Class A common shares by a pre-IPO investor, a transaction exempt from registration - In Q1 2023, **1 million** Common Units were exchanged for **1 million** shares of Class A common stock by a pre-IPO investor in a transaction exempt from registration[418](index=418&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-04321 TPG Inc. (Exact name of registrant as specified in its charter) Delaware 87-2063362 (State or other jurisdict ...

TPG Inc. (NASDAQ:TPG) Q4 2022 Results Conference Call February 15, 2023 11:00 AM ET Company Participants Gary Stein - Head, IR Jon Winkelried - CEO Jack Weingart - CFO Conference Call Participants Glenn Schorr - Evercore Ken Worthington - JP Morgan Brian Bedell - Deutsche Bank Gerald O'Hara - Jefferies Michael Cyprys - Morgan Stanley Michael Brown - KBW Alex Blostein - Goldman Sachs Brian McKenna - JMP Securities Adam Beatty - UBS Finian O'shea - Wells Fargo Rufus Hone - BMO Capital Markets Luke Mason - B ...

TPG Inc. (NASDAQ:TPG) Q3 2022 Earnings Conference Call November 9, 2022 11:00 AM ET Company Participants Gary Stein - Head of Investor Relations Jon Winkelried - Chief Executive Officer Jack Weingart - Chief Financial Officer Todd Sisitsky - President James Coulter - Executive Chairman and Co-Founder Conference Call Participants Craig Siegenthaler - Bank of America Alexander Blostein - Goldman Sachs Ken Worthington - JPMorgan Michael Cyprys - Morgan Stanley Brian McKenna - JMP Securities Glenn Schorr - Ever ...

TPG Reports Second Quarter 2022 Financial Results Quarter Ended June 30, 2022 TPG Reports Second Quarter 2022 Financial Results Shareholder contact: Media contact: Gary Stein Luke Barrett 212-601-4750 415-743-1550 shareholders@tpg.com media@tpg.com ▪ Total assets under management of $127 billion as of June 30, 2022, an increase of 17% compared to $108 billion as of June 30, 2021 ▪ GAAP net loss attributable to TPG Inc. of $10 million and net income of $31 million for the three months and six months ended Ju ...

TPG Inc. (NASDAQ:TPG) Q2 2022 Earnings Conference Call August 9, 2022 11:00 AM ET Company Participants Gary Stein - Head of Investor Relations Jon Winkelried - Chief Executive Officer Jack Weingart - Chief Financial Officer Todd Sisitsky - President Jim Coulter - Executive Chairman and Co-Founder Conference Call Participants Craig Siegenthaler - Bank of America Alex Blostein - Goldman Sachs Ken Worthington - J.P. Morgan Brian Bedell - Deutsche Bank Glenn Schorr - Evercore Michael Cyprys - Morgan Stanley Rob ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-04321 TPG Inc. (Exact name of registrant as specified in its charter) Delaware 87-2063362 (State or other juris ...