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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 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: 001-35826
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)
(414390-6100
(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 filerAccelerated filer
Non-accelerated filerSmaller 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 August 2, 2022 were 67,412,717, 3,086,745 and 9,126,117, 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)
June 30,
2022
December 31,
2021
ASSETS
Cash and cash equivalents$150,654 $189,226 
Accounts receivable126,194 115,850 
Investment securities83,191 47,878 
Property and equipment, net42,940 35,313 
Deferred tax assets484,986 497,902 
Restricted cash629 629 
Prepaid expenses and other assets24,197 20,282 
Operating lease assets104,110 88,642 
Assets of consolidated investment products
Cash and cash equivalents12,636 10,916 
Accounts receivable and other24,858 6,408 
Investment assets, at fair value238,779 195,001 
Total assets$1,293,174 $1,208,047 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other$26,991 $28,992 
Accrued incentive compensation100,113 7,521 
Borrowings199,557 199,444 
Operating lease liabilities118,550 100,303 
Amounts payable under tax receivable agreements400,975 425,427 
Liabilities of consolidated investment products
Accounts payable, accrued expenses, and other61,264 20,185 
Investment liabilities, at fair value15,352 19,179 
Total liabilities922,802 801,051 
Commitments and contingencies
Redeemable noncontrolling interests127,078 111,035 
Common stock
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 67,416,732 and 66,699,872 shares outstanding at June 30, 2022 and December 31, 2021, respectively)
674 667 
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 3,086,745 and 3,206,580 shares outstanding at June 30, 2022 and December 31, 2021, respectively)
31 32 
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 9,126,117 and 9,128,617 shares outstanding at June 30, 2022 and December 31, 2021, respectively)
91 91 
Additional paid-in capital153,134 141,835 
Retained earnings75,443 134,889 
Accumulated other comprehensive income (loss)(2,971)(1,310)
Total Artisan Partners Asset Management Inc. stockholders’ equity226,402 276,204 
Noncontrolling interests - Artisan Partners Holdings16,892 19,757 
Total stockholders’ equity$243,294 $295,961 
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity$1,293,174 $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 June 30,For the Six Months Ended June 30,
2022202120222021
Revenues
Management fees$251,304 $300,870 $532,710 $584,835 
Performance fees84 4,079 276 10,791 
Total revenues$251,388 $304,949 $532,986 $595,626 
Operating Expenses
Compensation and benefits127,394 138,013 267,326 277,478 
Distribution, servicing and marketing6,298 7,996 13,359 15,576 
Occupancy6,698 5,508 13,280 10,700 
Communication and technology12,130 10,421 23,888 20,277 
General and administrative10,460 5,208 19,734 11,983 
Total operating expenses162,980 167,146 337,587 336,014 
Total operating income88,408 137,803 195,399 259,612 
Non-operating income (expense)
Interest expense(2,739)(2,720)(5,425)(5,405)
Net gain (loss) on the tax receivable agreements  482  
Net investment gain (loss) of consolidated investment products(11,857)8,328 (10,669)15,244 
Other net investment gain (loss)(13,414)3,935 (18,166)4,131 
Total non-operating income (expense)(28,010)9,543 (33,778)13,970 
Income before income taxes60,398 147,346 161,621 273,582 
Provision for income taxes13,225 28,465 32,011 50,083 
Net income before noncontrolling interests47,173 118,881 129,610 223,499 
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings10,536 25,627 26,151 49,268 
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products(7,642)5,047 (6,253)8,746 
Net income attributable to Artisan Partners Asset Management Inc.$44,279 $88,207 $109,712 $165,485 
Basic earnings per share$0.62 $1.33 $1.52 $2.54 
Diluted earnings per share$0.62 $1.33 $1.52 $2.54 
Basic weighted average number of common shares outstanding62,320,37259,821,80462,180,48359,292,982
Diluted weighted average number of common shares outstanding62,350,38359,838,37462,211,14859,308,759
Dividends declared per Class A common share$0.76 $0.88 $2.51 $2.16 

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 June 30,For the Six Months Ended June 30,
2022202120222021
Net income before noncontrolling interests$47,173 $118,881 $129,610 $223,499 
Other comprehensive income (loss)
Foreign currency translation gain (loss)(1,405)64 (1,958)237 
Total other comprehensive income (loss)(1,405)64 (1,958)237 
Comprehensive income45,768 118,945 127,652 223,736 
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings
10,321 25,640 25,854 49,331 
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products
(7,642)5,047 (6,253)8,746 
Comprehensive income attributable to Artisan Partners Asset Management Inc.$43,089 $88,258 $108,051 $165,659 

The accompanying notes are an integral part of the consolidated financial statements.
3

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Changes in StockholdersEquity
(U.S. dollars in thousands)
Three months ended June 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 April 1, 2022
$674 $31 $91 $146,002 $82,768 $(1,782)$24,090 $251,874 $107,139 
Net income— — — — 44,279 — 10,536 54,815 (7,642)
Other comprehensive income - foreign currency translation— — — — — (1,189)(216)(1,405)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (1,525)—  1,525  — 
Amortization of equity-based compensation— — — 8,592 — — 1,523 10,115 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 66 — — — 66 — 
Issuance of Class A common stock, net of issuance costs — — (1)— — — (1)— 
Forfeitures and employee/partner terminations — —  — — —  — 
Issuance of restricted stock awards — —  — — — — — 
Employee net share settlement — —   —   — 
Exchange of subsidiary equity   — — — —  — 
Capital contributions, net— — — — — — — — 27,581 
Impact of deconsolidation of CIPs— — — — — — —   
Distributions— — — — — — (20,527)(20,527)— 
Dividends— — —  (51,604)— (39)(51,643)— 
Balance at June 30, 2022
$674 $31 $91 $153,134 $75,443 $(2,971)$16,892 $243,294 $127,078 
Three months ended June 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 April 1, 2021
$648 $38 $106 $114,757 $68,960 $(868)$21,434 $205,075 $124,915 
Net income— — — — 88,207 — 25,627 113,834 5,047 
Other comprehensive income - foreign currency translation— — — — — 51 13 64 — 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (2,099)—  2,099  — 
Amortization of equity-based compensation— — — 7,862 — — 1,692 9,554 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 395 — — — 395 — 
Issuance of Class A common stock, net of issuance costs — — (2)— — — (2)— 
Forfeitures and employee/partner terminations(1)— — 1 — — —  — 
Issuance of restricted stock awards — —  — — —  — 
Employee net share settlement(1)— — (1,059)— — (232)(1,292)— 
Exchange of subsidiary equity2 (2) — — — —  — 
Capital contributions, net— — — — — — — — 6,845 
Impact of deconsolidation of CIPs— — — — — — —  (46,349)
Distributions— — — — — — (30,387)(30,387)— 
Dividends— — —  (56,738)— (39)(56,777)— 
Balance at June 30, 2021
$648 $36 $106 $119,855 $100,429 $(817)$20,207 $240,464 $90,458 
The accompanying notes are an integral part of the consolidated financial statements.
4

Six months ended June 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— — — — 109,712 — 26,151 135,863 (6,253)
Other comprehensive income - foreign currency translation— — — — — (1,657)(301)(1,958)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (1,152)— (4)1,156  — 
Amortization of equity-based compensation— — — 18,367 — — 3,087 21,454 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 330 — — — 330 — 
Issuance of Class A common stock, net of issuance costs — — (2)— — — (2)— 
Forfeitures and employee/partner terminations — —  — — —  — 
Issuance of restricted stock awards8 — — (8)— — —  — 
Employee net share settlement(2)— — (6,236)(25)— (1,157)(7,420)— 
Exchange of subsidiary equity1 (1) — — — —  — 
Capital contributions, net— — — — — — — — 31,569 
Impact of deconsolidation of CIPs— — — — — — — — (9,273)
Distributions— — — — — — (31,695)(31,695)— 
Dividends— — —  (169,133)— (106)(169,239)— 
Balance at June 30, 2022
$674 $31 $91 $153,134 $75,443 $(2,971)$16,892 $243,294 $127,078 
Six months ended June 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— — — — 165,485 — 49,268 214,753 8,746 
Other comprehensive income - foreign currency translation— — — — — 187 50 237 — 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (845)— (13)858  — 
Amortization of equity-based compensation— — — 16,769 — — 3,585 20,354 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 3,839 — — — 3,839 — 
Issuance of Class A common stock, net of issuance costs10 — — 46,656 — — — 46,666 — 
Forfeitures and employee/partner terminations(1)— — 1 — — — — — 
Issuance of restricted stock awards7 — — (7)— — —  — 
Employee net share settlement(2)— — (7,378)— — (1,778)(9,158)— 
Exchange of subsidiary equity3 (2)(1)— — — —  — 
Purchase of equity and subsidiary equity— (7)(3)(46,918)— — — (46,928)— 
Capital contributions, net— — — — — — — — 55,042 
Impact of deconsolidation of CIPs— — — — — — —  (67,083)
Distributions— — — — — — (42,260)(42,260)— 
Dividends— — —  (138,000)— (81)(138,081)— 
Balance at June 30, 2021
$648 $36 $106 $119,855 $100,429 $(817)$20,207 $240,464 $90,458 
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 Six Months Ended June 30,
20222021
Cash flows from operating activities
Net income before noncontrolling interests$129,610 $223,499 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,527 3,248 
Deferred income taxes14,390 19,945 
Noncash lease expense566 (945)
Net investment (gain) loss on nonconsolidated investment securities18,141 (4,328)
Net (gain) loss on the tax receivable agreements(482) 
(Gain) loss on disposal of property and equipment2  
Amortization of debt issuance costs236 236 
Share-based compensation21,454 20,354 
Net investment (gain) loss of consolidated investment products10,669 (15,244)
Purchase of investments by consolidated investment products(182,387)(143,799)
Proceeds from sale of investments by consolidated investment products87,023 73,923 
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable(10,346)(21,766)
Prepaid expenses and other assets(4,023)(643)
Accounts payable and accrued expenses89,255 97,681 
Net change in operating assets and liabilities of consolidated investment products40,478 7,346 
Net cash provided by operating activities218,113 259,507 
Cash flows from investing activities
Acquisition of property and equipment(1,702)(1,343)
Leasehold improvements(7,882)(2,722)
Proceeds from sale of investment securities5,164 12,813 
Purchase of investment securities(48,648)(33,820)
Net cash used in investing activities(53,068)(25,072)
Cash flows from financing activities
Partnership distributions(31,695)(42,260)
Dividends paid(169,239)(138,081)
Payment under the tax receivable agreements(25,112)(