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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, 2020

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 July 24, 2020 were 61,354,644, 5,589,292 and 11,631,164, respectively.



Table of Contents
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 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, 2019, filed with the SEC on February 18, 2020, 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

Table of Contents
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 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 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

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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 amount)
June 30,
2020
December 31,
2019
ASSETS
Cash and cash equivalents$190,855  $134,621  
Accounts receivable94,106  81,868  
Investment securities5,297  23,878  
Property and equipment, net37,564  39,495  
Deferred tax assets465,648  435,897  
Restricted cash629  629  
Prepaid expenses and other assets11,028  12,688  
Operating lease assets81,783  87,155  
Assets of consolidated investment products
Cash and cash equivalents4,800  9,005  
Accounts receivable and other2,797  1,647  
Investment assets, at fair value107,396  106,736  
Total assets$1,001,903  $933,619  
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other$28,672  $19,926  
Accrued incentive compensation79,260  16,159  
Borrowings199,194  199,103  
Operating lease liabilities94,944  101,154  
Amounts payable under tax receivable agreements392,116  375,324  
Liabilities of consolidated investment products
Accounts payable, accrued expenses, and other23,208  34,156  
Investment liabilities, at fair value12,676  6,186  
Total liabilities830,070  752,008  
Commitments and contingencies
Redeemable noncontrolling interests46,027  43,110  
Common stock
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 61,354,644 and 56,429,825 shares outstanding at June 30, 2020 and December 31, 2019, respectively)
614  564  
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 5,589,292 and 7,803,364 shares outstanding at June 30, 2020 and December 31, 2019, respectively)
56  78  
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 11,631,164 and 13,568,665 shares outstanding at June 30, 2020 and December 31, 2019, respectively)
116  136  
Additional paid-in capital88,098  89,149  
Retained earnings34,562  44,455  
Accumulated other comprehensive income (loss)(2,539) (1,425) 
Total Artisan Partners Asset Management Inc. stockholders’ equity120,907  132,957  
Noncontrolling interests - Artisan Partners Holdings4,899  5,544  
Total stockholders’ equity$125,806  $138,501  
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity$1,001,903  $933,619  

The accompanying notes are an integral part of the consolidated financial statements.
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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,
2020201920202019
Revenues
Management fees$194,927  $196,400  $394,831  $383,264  
Performance fees8,015  4,327  10,947  4,425  
Total revenues$202,942  $200,727  $405,778  $387,689  
Operating Expenses
Compensation and benefits102,204  101,486  206,921  200,768  
Distribution, servicing and marketing5,355  5,836  10,903  11,239  
Occupancy5,213  5,341  10,402  12,908  
Communication and technology9,682  10,269  18,887  19,697  
General and administrative3,861  6,937  11,078  14,487  
Total operating expenses126,315  129,869  258,191  259,099  
Total operating income76,627  70,858  147,587  128,590  
Non-operating income (expense)
Interest expense(2,715) (2,827) (5,400) (5,602) 
Net investment gain (loss) of consolidated investment products12,877  2,043  (47) 4,389  
Other net investment gain (loss)1,174  1,383  (1,083) 3,340  
Total non-operating income (expense)11,336  599  (6,530) 2,127  
Income before income taxes87,963  71,457  141,057  130,717  
Provision for income taxes16,256  11,484  25,707  20,926  
Net income before noncontrolling interests71,707  59,973  115,350  109,791  
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings18,132  19,795  34,244  37,104  
Less: Net income attributable to noncontrolling interests - consolidated investment products7,424  990  130  1,960  
Net income attributable to Artisan Partners Asset Management Inc.$46,151  $39,188  $80,976  $70,727  
Basic and diluted earnings per share$0.72  $0.66  $1.26  $1.15  
Basic and diluted weighted average number of common shares outstanding55,884,366  51,242,911  54,574,923  50,697,329  
Dividends declared per Class A common share$0.61  $0.55  $1.89  $2.14  

The accompanying notes are an integral part of the consolidated financial statements.
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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,
2020201920202019
Net income before noncontrolling interests$71,707  $59,973  $115,350  $109,791  
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss)(44) (460) (1,286) (82) 
Total other comprehensive income (loss)(44) (460) (1,286) (82) 
Comprehensive income71,663  59,513  114,064  109,709  
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings
18,152  19,683  34,072  37,132  
Comprehensive income attributable to noncontrolling interests - consolidated investment products
7,424  990  130  1,960  
Comprehensive income attributable to Artisan Partners Asset Management Inc.$46,087  $38,840  $79,862  $70,617  

The accompanying notes are an integral part of the consolidated financial statements.
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ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Changes in StockholdersEquity
(U.S. dollars in thousands)
Three months ended June 30, 2020Class A Common stockClass B Common stockClass C Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Non-controlling interests - Artisan Partners HoldingsTotal stockholders’ equityRedeemable non-controlling interest
Balance at April 1, 2020
$606  $60  $120  $86,224  $21,294  $(2,475) $4,919  $110,748  $37,223  
Net income—  —  —  —  46,151  —  18,132  64,283  7,424  
Other comprehensive income - foreign currency translation—  —  —  —  —  (35) (9) (44) —  
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax—  —  —  (2,089) —  (29) 2,118  —  —  
Amortization of equity-based compensation—  —  —  6,989  —  —  2,000  8,989  —  
Deferred tax assets, net of amounts payable under tax receivable agreements—  —  —  1,415  —  —  —  1,415  —  
Issuance of Class A common stock, net of issuance costs—  —  —  (86) —  —  —  (86) —  
Forfeitures and employee/partner terminations—  —  —  —  —  —  —  —  —  
Exchange of subsidiary equity8  (4) (4) —  —  —  —  —  —  
Capital contributions, net—  —  —  —  —  —  —  —  1,380  
Distributions—  —  —  —  —  —  (22,246) (22,246) —  
Dividends—  —  —  (4,355) (32,883) —  (15) (37,253) —  
Balance at June 30, 2020
$614  $56  $116  $88,098  $34,562  $(2,539) $4,899  $125,806  $46,027  

Three months ended June 30, 2019Class A Common stockClass B Common stockClass C Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Non-controlling interests - Artisan Partners HoldingsTotal stockholders’ equityRedeemable non-controlling interest
Balance at April 1, 2019
$556  $80  $142  $69,471  $21,191  $(1,658) $3,168  $92,950  $36,547  
Net income—  —  —  —  39,188  —  19,795  58,983  990  
Other comprehensive income - foreign currency translation—  —  —  —  —  (332) (128) (460) —  
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax—  —  —  (1,737) —  (16) 1,753    —  
Amortization of equity-based compensation—  —  —  8,739  —  —  3,334  12,073  —  
Deferred tax assets, net of amounts payable under tax receivable agreements—  —  —  479  —  —  —  479  —  
Issuance of Class A common stock, net of issuance costs—  —  —  (8) —  —  —  (8) —  
Forfeitures and employee/partner terminations—  —  —  —  —  —  —    —  
Exchange of subsidiary equity5  (1) (4) —  —  —  —    —  
Capital Contributions, net—  —  —  —  —  —  —  —  767  
Distributions—  —  —  —  —  —  (25,733) (25,733) —  
Dividends—  —  —    (31,014) —  (17) (31,031) —  
Balance at June 30, 2019
$561  $79  $138  $76,944  $29,365  $(2,006) $2,172  $107,253  $38,304  
The accompanying notes are an integral part of the consolidated financial statements.


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ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Changes in StockholdersEquity
(U.S. dollars in thousands)
Six months ended June 30, 2020Class A Common stockClass B Common stockClass C Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Non-controlling interests - Artisan Partners HoldingsTotal stockholders’ equityRedeemable non-controlling interest
Balance at January 1, 2020
$564  $78  $136  $89,149  $44,455  $(1,425) $5,544  $138,501  $43,110  
Net income—  —  —  —  80,976  —  34,244  115,220  130  
Other comprehensive income - foreign currency translation—  —  —  —  —  (965) (321) (1,286) —  
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax—  —  —  (1,568) —  (149) 1,717  —  —  
Amortization of equity-based compensation—  —  —  14,380  —  —  4,304  18,684  —  
Deferred tax assets, net of amounts payable under tax receivable agreements—  —  —  8,519  —  —  —  8,519  —  
Issuance of Class A common stock, net of issuance costs18  —  —  62,721  —  —  —  62,739  —  
Forfeitures and employee/partner terminations—  —  —  —  —  —  —  —  —  
Issuance of restricted stock awards9  —  —  (9) —  —  —  —  —  
Employee net share settlement(1) —  —  (3,314) —  —  (1,215) (4,530) —  
Exchange of subsidiary equity24  (4) (20) —  —  —  —  —  —  
Purchase of equity and subsidiary equity—  (18) —  (63,009) —  —  —  (63,027) —  
Capital contributions, net—  —  —  —  —  —  —  —  5,228  
Impact of deconsolidation of CIPs—  —  —  —  —  —  —  —  (2,441) 
Distributions—  —  —  —  —  —  (39,322) (39,322) —  
Dividends—  —  —  (18,771) (90,869) —  (52) (109,692) —  
Balance at June 30, 2020
$614  $56  $116  $88,098  $34,562  $(2,539) $4,899  $125,806  $46,027  
Six months ended June 30, 2019Class A Common stockClass B Common stockClass C Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Non-controlling interests - Artisan Partners HoldingsTotal stockholders’ equityRedeemable non-controlling interest
Balance at January 1, 2019
$541  $86  $142  $97,553  $38,617  $(1,895) $5,443  $140,487  $34,349  
Net income—  —  —  —  70,727  —  37,104  107,831  1,960  
Other comprehensive income - foreign currency translation—  —  —  —  —  (70) (12) (82) —  
Cumulative impact of changes in ownership of Artisan Partners Holdings LP, net of tax—  —  —  (1,828) —  (41) 1,869  —  —  
Amortization of equity-based compensation—  —  —  17,729  —  —  6,693  24,422  —  
Deferred tax assets, net of amounts payable under tax receivable agreements—  —  —  2,158  —  —  —  2,158  —  
Issuance of Class A common stock, net of issuance costs—  —  —  (18) —  —  —  (18) —  
Forfeitures and employee/partner terminations      —  —  —  —  —  —  
Issuance of restricted stock awards10  —  —  (10) —  —  —  —  —  
Employee net share settlement(1) —  —  (1,287) —  —  (536) (1,824) —  
Exchange of subsidiary equity11  (7) (4) —  —  —  —  —  —  
Capital contributions, net—  —  —