TPG(US:TPG)2025-05-07 20:02Financial Performance - Total revenues for Q1 2025 reached $1,034,876, an increase of 25.5% compared to $824,071 in Q1 2024[18] - Net income attributable to TPG Inc. for Q1 2025 was $25,393, compared to a net loss of $9,006 in Q1 2024[18] - For the three months ended March 31, 2025, TPG Inc. reported a net income of $87,828, compared to a net loss of $9,006 in the same period of 2024, indicating a significant turnaround in performance[26] - Net income attributable to Class A common stockholders before distributions was $25,393,000 for Q1 2025, compared to $15,519,000 in Q1 2024, reflecting a year-over-year increase of 63.5%[209] - The diluted net income attributable to Class A common stockholders was $1,379,000 in Q1 2025, a recovery from a diluted net loss of $38,362,000 in Q1 2024[209] - The basic net income available to Class A common stock per share was $0.08 in Q1 2025, slightly down from $0.09 in Q1 2024[209] Revenue Breakdown - Management fees increased to $418,951,000 in Q1 2025 from $407,417,000 in Q1 2024, reflecting a growth of 3.8%[54] - Performance allocations rose significantly to $450,560,000 in Q1 2025, up from $289,643,000 in Q1 2024, marking a 55.5% increase[54] - Capital interests also saw growth, increasing to $40,861,000 in Q1 2025 from $22,133,000 in Q1 2024, which is an 84.6% increase[54] - The company recorded total capital allocation-based income of $491,421,000 for Q1 2025, compared to $311,776,000 in Q1 2024, representing a 57.7% increase[54] - Monitoring fees increased to $7,858,000 in Q1 2025 from $6,108,000 in Q1 2024, a growth of 28.6%[54] - Transaction fees grew to $47,454,000 in Q1 2025, up from $36,186,000 in Q1 2024, reflecting a 31.1% increase[54] - Incentive fees increased to $6,201,000 in Q1 2025 from $3,875,000 in Q1 2024, a rise of 60.5%[54] Assets and Liabilities - Total assets increased to $11,314,024 as of March 31, 2025, up from $10,535,109 as of December 31, 2024, representing a growth of 7.4%[15] - Total liabilities rose to $7,815,309 as of March 31, 2025, compared to $6,943,120 as of December 31, 2024, marking an increase of 12.6%[15] - The accumulated deficit as of March 31, 2025, was $(227,114), compared to $(186,983) as of December 31, 2024[15] - Non-controlling interests decreased to $2,675,636 as of March 31, 2025, down from $2,807,888 as of December 31, 2024[15] Cash Flow and Investments - Net cash provided by operating activities was $198,188, a decrease of 54.5% from $436,713 in the prior year[26] - TPG Inc. reported proceeds from investments of $430,412, up from $384,595, reflecting a 11.9% increase[26] - The total cash, cash equivalents, and restricted cash at the end of the period was $835,256, down from $1,104,040, representing a decline of 24.4%[26] - TPG Inc. had a net cash used in investing activities of $6,347, a decrease from $25,341 in the prior year, indicating reduced investment outflows[26] - Proceeds from debt obligations amounted to $255,000, a substantial decrease from $1,218,500 in the same quarter of the previous year[26] Compensation and Expenses - Performance allocation compensation expenses increased to $298,705 in Q1 2025, up from $196,434 in Q1 2024, reflecting a rise of 51.9%[18] - Equity-based compensation decreased to $205,832 in Q1 2025 from $227,908 in Q1 2024, a decline of 9.7%[18] - The company incurred $180,112 in withholding taxes paid on net settlement of equity-based awards, compared to $58,048 in the previous year, marking a significant increase[26] - The total lease cost for the three months ended March 31, 2025, was $25.3 million, compared to $14.4 million for the same period in 2024, indicating an increase of approximately 76.3%[183] Shareholder Information - The weighted-average shares of Class A common stock outstanding increased to 117,408,263 in Q1 2025 from 89,113,782 in Q1 2024[18] - Dividends declared per share of Class A common stock increased to $0.53 in Q1 2025 from $0.41 in Q1 2024, representing a growth of 29.3%[210] - As of March 31, 2025, TPG Inc. had 33,130,147 shares of Class A common stock available to be issued under its Omnibus Equity Incentive Plan[211] - The company registered an additional 6,540,183 shares of Class A common stock on February 27, 2025, increasing the total share reserve to 36,496,786[211] Tax and Legal Matters - The Company's effective tax rate for the three months ended March 31, 2025, was 6.7%, compared to (94.9)% for the same period in 2024[170] - The Company has not recorded a potential liability related to any pending legal proceeding except as disclosed, indicating a cautious approach to legal risks[197]