TPG(US:TPG)2024-05-08 12:01Financial Performance - GAAP net income attributable to TPG Inc. was $16 million for Q1 2024, with basic net income per share of $0.09[7]. - After-tax Distributable Earnings (DE) increased to $181 million in Q1 2024, up from $88 million in Q1 2023[23]. - The company reported a GAAP total of $289.643 million for the three months ended March 31, 2024, with realized performance allocations of $198.805 million[64]. - Non-GAAP total for the same period was $405 million, reflecting adjustments for unrealized gains and other factors[66]. - Net income for Q4'23 was $42,412, compared to a net loss of $94,712 in Q3'23, indicating a strong recovery[86]. - Distributable Earnings for Q4'23 were $215,473, up from $206,586 in Q3'23, showing a steady performance[91]. Assets Under Management (AUM) - Total assets under management (AUM) reached $224 billion as of March 31, 2024, an increase of 63% compared to $137 billion in the previous year[7]. - In Q1'24, Assets Under Management (AUM) increased by 63% year-over-year to $223.6 billion, primarily due to the inclusion of TPG AG following its acquisition[44]. - Performance Eligible AUM reached $192.9 billion, representing 86% of total AUM at the end of Q1'24[53]. - AUM subject to fee earning growth totaled $25.0 billion at the end of Q1'24, representing 18% of Fee Earning AUM[50]. Revenue and Earnings Growth - Fee-Related Earnings (FRE) for Q1 2024 were $182 million, an increase of 84% year-over-year, with a FRE margin of 40%[7][19]. - Fee-Related Revenues (FRR) for Q1 2024 were $451 million, a 70% increase compared to $265 million in Q1 2023[16]. - Total revenues for Q4'23 reached $983,137, a significant increase from $160,355 in Q3'23[86]. - Fee-Related Revenues for Q4'23 were $464,727, up from $321,342 in Q3'23, reflecting a growth of approximately 44.6%[88]. Capital Activity - Capital raised in Q1 2024 was $4.7 billion, compared to $2.0 billion in Q1 2023[16]. - Capital invested in Q1 2024 was $6.5 billion, up from $2.3 billion in Q1 2023[16]. - Capital raised in the last twelve months totaled $18.4 billion, with $9.3 billion from the Capital platform and $2.8 billion from TPG AG Credit[56]. - The company reported capital raised during the period, which is essential for expanding its management fee base[100]. Strategic Acquisitions - The strategic acquisition of Angelo Gordon has significantly enhanced TPG's scale and diversification[4]. - The acquisition of TPG AG is expected to contribute to future growth starting November 1, 2023[87]. - The company completed the acquisition of Angelo Gordon, enhancing its asset management capabilities[95]. Dividend Policy - TPG declared a quarterly dividend of $0.41 per share of Class A common stock, payable on June 3, 2024[5]. - The declared dividend for Q1'24 is $0.41 per share, with total dividends declared amounting to $1.55 per share for the last twelve months[73]. - The company plans to maintain a dividend policy of at least 85% of earnings attributable to the TPG Operating Group, subject to board discretion[93]. Debt and Financial Obligations - The company’s debt obligations increased to $1.2 billion, with a net debt of $959 million at the end of Q1'24[40]. - Cash and cash equivalents rose to $1.1 billion at the end of Q1'24, driven by net proceeds from subordinated notes offerings[37]. Investment Performance - The company reported realized gains and other value creation of $56 million in Q1'24, with total value creation amounting to $915 million[31]. - The Market Solutions platform achieved a 4.3% appreciation in Q1'24, with a 6.4% return over the last twelve months[29]. - Investment Appreciation reflects fund performance, crucial for assessing the company's investment strategy effectiveness[109]. Shareholder Information - The diluted Class A common stock outstanding increased to 364.679 million shares as of March 31, 2024, up from 362.254 million shares at the end of 2023[68]. - The company issued 17,704,987 shares of Class A common stock in February 2024, impacting the total shares outstanding[68]. - Total participating shares include various classes of shares and rights to dividends, impacting shareholder returns[116].