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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 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: 001-35826
Artisan Partners Asset Management Inc.
(Exact name of registrant as specified in its charter)
Delaware45-0969585
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
875 E. Wisconsin Avenue, Suite 800
Milwaukee,WI53202
(Address of principal executive offices)(Zip Code)
(414) 390-6100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $0.01 per shareAPAMNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, Class B common stock, par value $0.01 per share, and Class C common stock, par value $0.01 per share, as of October 28, 2022 were 67,911,057, 2,589,388 and 9,111,117, respectively.

TABLE OF CONTENTS
Page
Part IFinancial Information
Item 1.Unaudited Consolidated Financial Statements
Item 2.
Item 3.
Item 4.
Part IIOther Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Except where the context requires otherwise, in this report, references to the “Company”, “Artisan”, “we”, “us” or “our” refer to Artisan Partners Asset Management Inc. (“APAM”) and its direct and indirect subsidiaries, including Artisan Partners Holdings LP (“Artisan Partners Holdings” or “Holdings”). On March 12, 2013, APAM closed its initial public offering and related corporate reorganization. Prior to that date, APAM was a subsidiary of Artisan Partners Holdings.
Forward-Looking Statements
This report contains, and from time to time our management may make, forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements regarding future events and our future performance, as well as management’s current expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue”, the negative of these terms and other comparable terminology. Forward-looking statements are only predictions based on current expectations and projections about future events. Forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions, poor performance of our investment strategies, change in the legislative and regulatory environment in which we operate, operational or technical errors or other damage to our reputation, the long-term impact of the COVID-19 pandemic and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 22, 2022, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this report, except as required by law.
i
Forward-looking statements include, but are not limited to, statements about:
•our anticipated future results of operations;
•our potential operating performance and efficiency, including our ability to operate under different and unique circumstances;
•our expectations with respect to future business initiatives;
•our expectations with respect to the performance of our investment strategies;
•our expectations with respect to future levels of assets under management, including the capacity of our strategies and client cash inflows and outflows;
•our expectations with respect to industry trends and how those trends may impact our business;
•our financing plans, cash needs and liquidity position;
•our intention to pay dividends and our expectations about the amount of those dividends;
•our expected levels of compensation of our employees, including equity- and cash-based long-term incentive compensation;
•our expectations with respect to future expenses and the level of future expenses;
•our expected tax rate, and our expectations with respect to deferred tax assets; and
•our estimates of future amounts payable pursuant to our tax receivable agreements.
ii

Part I — Financial Information
Item 1. Unaudited Consolidated Financial Statements

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Condensed Consolidated Statements of Financial Condition
(U.S. dollars in thousands, except per share amounts)
September 30,
2022		December 31,
2021
ASSETS
Cash and cash equivalents$168,123 $189,226 
Accounts receivable103,434 115,850 
Investment securities78,240 47,878 
Property and equipment, net47,398 35,313 
Deferred tax assets484,756 497,902 
Restricted cash629 629 
Prepaid expenses and other assets19,493 20,282 
Operating lease assets104,774 88,642 
Assets of consolidated investment products
Cash and cash equivalents18,870 10,916 
Accounts receivable and other52,865 6,408 
Investment assets, at fair value264,302 195,001 
Total assets$1,342,884 $1,208,047 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other$26,276 $28,992 
Accrued incentive compensation105,971 7,521 
Borrowings199,007 199,444 
Operating lease liabilities123,476 100,303 
Amounts payable under tax receivable agreements398,247 425,427 
Liabilities of consolidated investment products
Accounts payable, accrued expenses, and other84,862 20,185 
Investment liabilities, at fair value21,051 19,179 
Total liabilities958,890 801,051 
Commitments and contingencies
Redeemable noncontrolling interests128,881 111,035 
Common stock
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 67,911,928 and 66,699,872 shares outstanding at September 30, 2022 and December 31, 2021, respectively)
679 667 
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 2,589,388 and 3,206,580 shares outstanding at September 30, 2022 and December 31, 2021, respectively)
26 32 
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 9,111,117 and 9,128,617 shares outstanding at September 30, 2022 and December 31, 2021, respectively)
91 91 
Additional paid-in capital163,769 141,835 
Retained earnings78,641 134,889 
Accumulated other comprehensive income (loss)(4,289)(1,310)
Total Artisan Partners Asset Management Inc. stockholders’ equity238,917 276,204 
Noncontrolling interests - Artisan Partners Holdings16,196 19,757 
Total stockholders’ equity$255,113 $295,961 
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity$1,342,884 $1,208,047 

The accompanying notes are an integral part of the consolidated financial statements.
1

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Operations
(U.S. dollars in thousands, except per share amounts)
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2022202120222021
Revenues
Management fees$234,191 $316,176 $766,901 $901,011 
Performance fees121 398 397 11,189 
Total revenues$234,312 $316,574 $767,298 $912,200 
Operating Expenses
Compensation and benefits122,033 142,235 389,359 419,713 
Distribution, servicing and marketing5,593 8,131 18,952 23,707 
Occupancy7,127 5,560 20,407 16,260 
Communication and technology11,945 10,873 35,833 31,150 
General and administrative8,888 6,717 28,622 18,700 
Total operating expenses155,586 173,516 493,173 509,530 
Total operating income78,726 143,058 274,125 402,670 
Non-operating income (expense)
Interest expense(2,428)(2,711)(7,853)(8,116)
Net gain (loss) on the tax receivable agreements431 358 913 358 
Net investment gain (loss) of consolidated investment products(3,936)2,824 (14,605)18,068 
Other net investment gain (loss)(5,563)(2,109)(23,729)2,022 
Total non-operating income (expense)(11,496)(1,638)(45,274)12,332 
Income before income taxes67,230 141,420 228,851 415,002 
Provision for income taxes14,750 28,054 46,761 78,137 
Net income before noncontrolling interests52,480 113,366 182,090 336,865 
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings10,999 24,796 37,150 74,064 
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products(2,754)2,157 (9,007)10,903 
Net income attributable to Artisan Partners Asset Management Inc.$44,235 $86,413 $153,947 $251,898 
Basic earnings per share$0.65 $1.30 $2.17 $3.84 
Diluted earnings per share$0.65 $1.30 $2.17 $3.84 
Basic weighted average number of common shares outstanding62,623,43459,965,54962,329,75659,519,634
Diluted weighted average number of common shares outstanding62,632,66059,982,77462,353,27559,535,894
Dividends declared per Class A common share$0.60 $1.00 $3.11 $3.16 

The accompanying notes are an integral part of the consolidated financial statements.
2

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Comprehensive Income
(U.S. dollars in thousands)
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2022202120222021
Net income before noncontrolling interests$52,480 $113,366 $182,090 $336,865 
Other comprehensive income (loss)
Foreign currency translation gain (loss)(1,518)(595)(3,476)(358)
Total other comprehensive income (loss)(1,518)(595)(3,476)(358)
Comprehensive income50,962 112,771 178,614 336,507 
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings
10,800 24,697 36,654 74,028 
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products
(2,754)2,157 (9,007)10,903 
Comprehensive income attributable to Artisan Partners Asset Management Inc.$42,916 $85,917 $150,967 $251,576 

The accompanying notes are an integral part of the consolidated financial statements.
3
ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Changes in Stockholders’ Equity
(U.S. dollars in thousands)
Three months ended September 30, 2022Class A Common StockClass B Common StockClass C Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Artisan Partners HoldingsTotal Stockholders’ EquityRedeemable Noncontrolling Interests
Balance at July 1, 2022
$674 $31 $91 $153,134 $75,443 $(2,971)$16,892 $243,294 $127,078 
Net income— — — — 44,235 — 10,999 55,234 (2,754)
Other comprehensive income - foreign currency translation— — — — — (1,294)(224)(1,518)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — 889 — (24)(865)— — 
Amortization of equity-based compensation— — — 8,660 — — 1,499 10,159 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 1,378 — — — 1,378 — 
Issuance of Class A common stock, net of issuance costs— — — (7)— — — (7)— 
Forfeitures and employee/partner terminations— — — — — — — — — 
Employee net share settlement— — — (285)(1)— (48)(334)— 
Exchange of subsidiary equity5 (5)— — — — — — — 
Capital contributions, net— — — — — — — — 4,557 
Distributions— — — — — — (12,026)(12,026)— 
Dividends— — — — (41,036)— (31)(41,067)— 
Balance at September 30, 2022
$679 $26 $91 $163,769 $78,641 $(4,289)$16,196 $255,113 $128,881 
Three months ended September 30, 2021Class A Common StockClass B Common StockClass C Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Artisan Partners HoldingsTotal Stockholders’ EquityRedeemable Noncontrolling Interests
Balance at July 1, 2021
$648 $36 $106 $119,855 $100,429 $(817)$20,207 $240,464 $90,458 
Net income— — — — 86,413 — 24,795 111,208 2,157 
Other comprehensive income - foreign currency translation— — — — — (489)(106)(595)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (412)— (7)419 — — 
Amortization of equity-based compensation— — — 8,029 — — 1,716 9,745 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 1,154 — — — 1,154 — 
Issuance of Class A common stock, net of issuance costs— — — (5)— — — (5)— 
Forfeitures and employee/partner terminations— — — — — — — — — 
Exchange of subsidiary equity4 — (4)— — — — — — 
Capital contributions, net— — — — — — — — 4,776 
Distributions— — — — — — (25,629)(25,629)— 
Dividends— — — — (65,345)— (44)(65,389)— 
Balance at September 30, 2021
$652 $36 $102 $128,621 $121,497 $(1,313)$21,358 $270,953 $97,391 
The accompanying notes are an integral part of the consolidated financial statements.
4
Nine months ended September 30, 2022Class A Common StockClass B Common StockClass C Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Artisan Partners HoldingsTotal Stockholders’ EquityRedeemable Noncontrolling Interests
Balance at January 1, 2022
$667 $32 $91 $141,835 $134,889 $(1,310)$19,757 $295,961 $111,035 
Net income— — — — 153,947 — 37,150 191,097 (9,007)
Other comprehensive income - foreign currency translation— — — — — (2,950)(526)(3,476)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (262)— (29)291 — — 
Amortization of equity-based compensation— — — 27,026 — — 4,587 31,613 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 1,708 — — — 1,708 — 
Issuance of Class A common stock, net of issuance costs— — — (9)— — — (9)— 
Forfeitures and employee/partner terminations— — — — — — — — — 
Issuance of restricted stock awards8 — — (8)— — — — — 
Employee net share settlement(2)— — (6,521)(26)— (1,205)(7,754)— 
Exchange of subsidiary equity6 (6)— — — — — — — 
Capital contributions, net— — — — — — — — 36,126 
Impact of deconsolidation of CIPs— — — — — — — — (9,273)
Distributions— — — — — — (43,721)(43,721)— 
Dividends— — — — (210,169)— (137)(210,306)— 
Balance at September 30, 2022
$679 $26 $91 $163,769 $78,641 $(4,289)$16,196 $255,113 $128,881 
Nine months ended September 30, 2021Class A Common StockClass B Common StockClass C Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Artisan Partners HoldingsTotal Stockholders’ EquityRedeemable Noncontrolling Interests
Balance at January 1, 2021
$631 $45 $110 $107,738 $72,944 $(991)$10,565 $191,042 $93,753 
Net income— — — — 251,898 — 74,064 325,962 10,903 
Other comprehensive income - foreign currency translation— — — — — (301)(57)(358)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (1,256)— (21)1,277 — — 
Amortization of equity-based compensation— — — 24,798 — — 5,301 30,099 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 4,994 — — — 4,994 — 
Issuance of Class A common stock, net of issuance costs10 — — 46,651 — — — 46,661 — 
Forfeitures and employee/partner terminations(1)— — 1 — — — — — 
Issuance of restricted stock awards7 — — (7)— — — — — 
Employee net share settlement(2)— — (7,380)— — (1,777)(9,159)— 
Exchange of subsidiary equity7 (2)(5)— — — — — — 
Purchase of equity and subsidiary equity— (7)(3)(46,918)— — — (46,928)— 
Capital contributions, net— — — — — — — — 59,818 
Impact of deconsolidation of CIPs— — — — — — — — (67,083)
Distributions— — — — — — (67,889)(67,889)— 
Dividends— — — — (203,345)— (126)(203,471)— 
Balance at September 30, 2021
$652 $36 $102 $128,621 $121,497 $(1,313)$21,358 $270,953 $97,391 
The accompanying notes are an integral part of the consolidated financial statements.
5
ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Cash Flows
(U.S. dollars in thousands)
 For the Nine Months Ended September 30,
20222021
Cash flows from operating activities
Net income before noncontrolling interests$182,090 $336,865 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization5,618 5,081 
Deferred income taxes21,697 28,411 
Noncash lease expense1,271 (1,272)
Net investment (gain) loss on nonconsolidated investment securities23,777 (2,230)
Net (gain) loss on the tax receivable agreements(913)(358)
(Gain) loss on disposal of property and equipment38 1 
Amortization of debt issuance costs329 304 
Share-based compensation31,613 30,099 
Net investment (gain) loss of consolidated investment products14,605 (18,068)
Purchase of investments by consolidated investment products(319,093)(190,614)
Proceeds from sale of investments by consolidated investment products151,198 127,863 
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable12,416 (22,260)
Prepaid expenses and other assets2,527 (4,214)
Accounts payable and accrued expenses94,611 113,355 
Net change in operating assets and liabilities of consolidated investment products84,838 1,205 
Net cash provided by operating activities306,622 404,168 
Cash flows from investing activities
Acquisition of property and equipment(5,284)(1,791)
Leasehold improvements(11,007)(3,338)
Proceeds from sale of investment securities5,164 12,813 
Purchase of investment securities(49,337)(33,820)
Net cash used in investing activities(60,464)(26,136)
Cash flows from financing activities
Partnership distributions(43,721)(67,889)
Dividends paid(210,306)(203,471)
Payment of debt issuance costs(543)— 
Proceeds from issuance of notes payable90,000 — 
Principal payments on notes payable(90,000)— 
Payment under the tax receivable agreements(33,109)(31,250)
Net proceeds from issuance of common stock— 46,928 
Payment of costs directly associated with the issuance of Class A common stock— (244)
Purchase of equity and subsidiary equity— (46,928)
Taxes paid related to employee net share settlement(7,754)(9,159)
Capital contributions to consolidated investment products, net36,126 59,818 
Net cash used in financing activities(259,307)(252,195)
Net increase (decrease) in cash, cash equivalents, and restricted cash(