2Q'20 Supplemental Financial Data
July 30, 2020
The Carlyle Group Inc.
Summary Key Metrics
3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q'18 | 4Q'18 | 1Q'19 | 2Q'19 | 3Q'19 | 4Q'19 | 1Q'20 | 2Q'20 | FY'15 | FY'16 | FY'17 | FY'18 | FY'19 | YTD 2Q'20 | |||
108.0 | 26.7 | 28.2 | 57.8 | 89.0 | 175.4 | 103.3 | 132.7 | 108.8 | 108.0 | 128.8 | 127.3 | 252.1 | 32.6 | 192.0 | 350.4 | 452.8 | 256.1 | |||
Fee Related Earnings ($ mm) | Fee Related Earnings ($ mm) | |||||||||||||||||||
Corporate Private Equity | 8.1 | (17.4) | (13.4) | 3.8 | 44.1 | 89.3 | 58.1 | 62.4 | 67.8 | 72.4 | 77.3 | 68.6 | Corporate Private Equity | 135.4 | 115.5 | 26.3 | 123.8 | 260.7 | 145.9 | |
Real Assets | 15.7 | 34.2 | 24.2 | 33.1 | 26.3 | 37.2 | 26.2 | 53.5 | 26.0 | 21.2 | 23.9 | 22.7 | Real Assets | 82.0 | 68.7 | 51.6 | 120.8 | 126.9 | 46.6 | |
Global Credit | 77.3 | 0.6 | 9.2 | 11.5 | 9.3 | 41.9 | 12.5 | 10.6 | 10.9 | 13.8 | 19.3 | 24.1 | Global Credit | 20.0 | (174.9) | 82.0 | 71.9 | 47.8 | 43.4 | |
Investment Solutions | 6.9 | 9.3 | 8.2 | 9.4 | 9.3 | 7.0 | 6.5 | 6.2 | 4.1 | 0.6 | 8.3 | 11.9 | Investment Solutions | 14.7 | 23.3 | 32.1 | 33.9 | 17.4 | 20.2 | |
259.9 | 155.8 | 138.9 | 114.5 | 210.0 | 210.5 | 100.8 | 213.4 | 160.7 | 171.7 | 175.0 | 198.4 | 922.5 | 651.7 | 670.0 | 673.9 | 646.6 | 373.4 | |||
Distributable Earnings ($ mm) | Distributable Earnings ($ mm) | |||||||||||||||||||
Corporate Private Equity | 207.1 | 72.6 | 86.8 | 39.5 | 121.3 | 102.8 | 62.1 | 62.5 | 81.7 | 90.5 | 107.4 | 95.8 | Corporate Private Equity | 798.0 | 739.4 | 487.9 | 350.4 | 296.8 | 203.2 | |
Real Assets | (40.9) | 50.3 | 33.2 | 51.9 | 66.2 | 55.8 | 18.1 | 134.6 | 63.3 | 66.6 | 27.4 | 60.7 | Real Assets | 72.8 | 49.3 | 24.8 | 207.1 | 282.6 | 88.1 | |
Global Credit | 87.5 | 22.7 | 10.2 | 14.6 | 10.0 | 42.7 | 14.2 | 8.8 | 11.1 | 14.3 | 31.8 | 28.1 | Global Credit | 38.8 | (157.4) | 126.9 | 77.5 | 48.4 | 59.9 | |
Investment Solutions | 6.2 | 10.2 | 8.7 | 8.5 | 12.5 | 9.2 | 6.4 | 7.5 | 4.6 | 0.3 | 8.4 | 13.8 | Investment Solutions | 12.9 | 20.4 | 30.4 | 38.9 | 18.8 | 22.2 | |
174.4 | 195.1 | 201.5 | 209.7 | 212.3 | 216.5 | 221.5 | 222.7 | 221.8 | 224.4 | 216.9 | 221.3 | 182.6 | 157.6 | 195.1 | 216.5 | 224.2 | 221.3 | |||
Total AUM ($ bn) | Total AUM ($ bn) | |||||||||||||||||||
Corporate Private Equity | 55.7 | 72.6 | 75.0 | 81.2 | 81.6 | 80.8 | 84.3 | 83.9 | 84.1 | 86.4 | 80.4 | 84.3 | Corporate Private Equity | 63.1 | 50.9 | 72.6 | 80.8 | 86.4 | 84.3 | |
Real Assets | 39.8 | 42.9 | 44.0 | 45.4 | 46.0 | 45.6 | 46.2 | 46.8 | 44.9 | 43.4 | 39.8 | 40.2 | Real Assets | 38.0 | 34.3 | 42.9 | 45.6 | 43.4 | 40.2 | |
Global Credit | 31.9 | 33.3 | 33.8 | 35.5 | 37.4 | 44.4 | 45.6 | 46.6 | 48.0 | 49.4 | 48.8 | 50.0 | Global Credit | 35.3 | 29.4 | 33.3 | 44.4 | 49.1 | 50.0 | |
Investment Solutions | 47.0 | 46.3 | 48.7 | 47.6 | 47.3 | 45.7 | 45.4 | 45.4 | 44.8 | 45.2 | 48.0 | 46.9 | Investment Solutions | 46.2 | 43.1 | 46.3 | 45.7 | 45.2 | 46.9 | |
121.8 | 124.6 | 125.8 | 146.5 | 147.4 | 159.6 | 160.0 | 158.4 | 158.8 | 161.1 | 158.2 | 162.4 | 131.0 | 115.0 | 124.6 | 159.6 | 161.1 | 162.4 | |||
Fee-earning AUM ($ bn) | Fee-earning AUM ($ bn) | |||||||||||||||||||
Corporate Private Equity | 35.6 | 35.6 | 35.3 | 56.3 | 56.3 | 62.4 | 61.9 | 60.5 | 61.2 | 61.7 | 61.1 | 57.2 | Corporate Private Equity | 40.9 | 36.3 | 35.6 | 62.4 | 61.7 | 57.2 | |
Real Assets | 29.8 | 31.6 | 32.1 | 31.5 | 31.6 | 33.0 | 32.9 | 33.2 | 32.7 | 33.2 | 30.9 | 31.6 | Real Assets | 30.9 | 27.5 | 31.6 | 33.0 | 33.2 | 31.6 | |
Global Credit | 26.0 | 27.3 | 27.8 | 28.8 | 30.1 | 35.2 | 36.5 | 35.9 | 37.1 | 37.9 | 38.1 | 41.8 | Global Credit | 31.0 | 24.1 | 27.3 | 35.2 | 37.9 | 41.8 | |
Investment Solutions | 30.3 | 30.2 | 30.5 | 29.8 | 29.5 | 29.1 | 28.7 | 28.8 | 27.7 | 28.4 | 28.2 | 31.8 | Investment Solutions | 28.2 | 27.1 | 30.2 | 29.1 | 28.4 | 31.8 | |
7.2 | 24.7 | 7.7 | 12.3 | 6.0 | 7.1 | 6.9 | 3.5 | 5.7 | 3.3 | 7.5 | 4.8 | 16.4 | 8.2 | 43.3 | 33.1 | 19.3 | 12.4 | |||
Fundraising ($ bn) | Fundraising ($ bn) | |||||||||||||||||||
Corporate Private Equity | 0.9 | 19.1 | 3.9 | 8.8 | 1.8 | 2.4 | 3.6 | 0.5 | 1.9 | 1.4 | 0.5 | 0.0 | Corporate Private Equity | 8.0 | 0.8 | 20.5 | 17.0 | 7.4 | 0.5 | |
Real Assets | 2.4 | 3.2 | 1.3 | 0.7 | 1.1 | 2.6 | 0.6 | 1.6 | 0.6 | 0.5 | 1.1 | 0.5 | Real Assets | 3.9 | 1.2 | 10.2 | 5.7 | 3.2 | 1.7 | |
Global Credit | 1.8 | 1.7 | 0.8 | 2.0 | 2.0 | 1.4 | 1.5 | 1.0 | 2.8 | 0.4 | 1.6 | 2.9 | Global Credit | 2.9 | 3.5 | 6.6 | 6.3 | 5.7 | 4.5 | |
Investment Solutions | 2.1 | 0.7 | 1.7 | 0.7 | 1.2 | 0.6 | 1.2 | 0.4 | 0.4 | 1.0 | 4.3 | 1.4 | Investment Solutions | 1.6 | 2.8 | 5.9 | 4.2 | 3.0 | 5.8 | |
6.9 | 7.2 | 4.0 | 3.5 | 3.3 | 11.5 | 3.4 | 7.3 | 3.4 | 7.1 | 3.0 | 2.9 | 14.0 | 17.9 | 22.0 | 22.4 | 21.3 | 5.9 | |||
Invested Capital ($ bn) | Invested Capital ($ bn) | |||||||||||||||||||
Corporate Private Equity | 3.6 | 3.6 | 0.7 | 1.6 | 1.1 | 7.8 | 1.1 | 4.2 | 1.0 | 2.0 | 0.7 | 0.5 | Corporate Private Equity | 5.3 | 7.9 | 11.1 | 11.3 | 8.2 | 1.3 | |
Real Assets | 1.3 | 1.6 | 1.9 | 0.9 | 0.8 | 1.7 | 0.8 | 0.9 | 0.8 | 2.6 | 0.8 | 0.8 | Real Assets | 3.1 | 5.1 | 4.4 | 5.2 | 5.2 | 1.6 | |
Global Credit | 0.7 | 0.8 | 0.4 | 0.2 | 0.1 | 0.4 | 0.4 | 0.8 | 0.7 | 0.7 | 0.8 | 0.5 | Global Credit | 0.6 | 0.7 | 2.1 | 1.2 | 2.6 | 1.3 | |
Investment Solutions | 1.3 | 1.2 | 1.0 | 0.8 | 1.3 | 1.6 | 1.1 | 1.4 | 0.9 | 1.8 | 0.7 | 1.0 | Investment Solutions | 5.0 | 4.3 | 4.4 | 4.7 | 5.3 | 1.7 | |
8.4 | 8.0 | 5.6 | 7.0 | 6.4 | 4.9 | 4.7 | 4.4 | 5.7 | 5.1 | 4.5 | 5.7 | 29.0 | 29.4 | 26.0 | 24.0 | 19.9 | 10.2 | |||
Realized Proceeds ($ bn) | Realized Proceeds ($ bn) | |||||||||||||||||||
Corporate Private Equity | 4.0 | 3.4 | 2.8 | 2.9 | 1.5 | 1.7 | 0.9 | 1.6 | 1.1 | 1.3 | 2.2 | 2.6 | Corporate Private Equity | 12.9 | 14.8 | 11.2 | 8.8 | 5.0 | 4.7 | |
Real Assets | 1.7 | 1.3 | 1.1 | 1.4 | 1.7 | 0.9 | 1.6 | 0.6 | 1.7 | 1.9 | 0.6 | 1.1 | Real Assets | 4.8 | 5.6 | 4.5 | 5.1 | 5.8 | 1.7 | |
Global Credit | 0.2 | 0.3 | 0.2 | 0.3 | 0.1 | 0.2 | 0.4 | 0.3 | 1.0 | 0.2 | 0.3 | 0.4 | Global Credit | 0.5 | 0.4 | 0.6 | 0.8 | 1.8 | 0.7 | |
Investment Solutions | 2.5 | 2.9 | 1.7 | 2.4 | 3.1 | 2.2 | 1.8 | 1.9 | 1.9 | 1.7 | 1.5 | 1.5 | Investment Solutions | 10.8 | 8.6 | 9.6 | 9.4 | 7.3 | 3.0 | |
3% | 5% | 3% | 5% | 3% | (2%) | 3% | 2% | 2% | 2% | (7%) | 5% | 12% | 12% | 20% | 9% | 9% | (3%) | |||
Fund Appreciation | Fund Appreciation | |||||||||||||||||||
Corporate Private Equity | 4% | 8% | 4% | 3% | 1% | (2%) | 3% | 1% | 1% | 3% | (8%) | 13% | Corporate Private Equity | 13% | 11% | 32% | 5% | 8% | 3% | |
Real Assets | 2% | 4% | 2% | 7% | 3% | (7%) | 3% | 0% | 0% | 0% | (12%) | 3% | Real Assets | (3%) | 18% | 19% | 5% | 3% | (10%) | |
Global Credit | 0% | 1% | 2% | 3% | 1% | (2%) | 5% | 1% | (2%) | (1%) | (21%) | 8% | Global Credit | (8%) | (11%) | 11% | 5% | 1% | (13%) | |
Investment Solutions | 3% | 3% | 4% | 8% | 5% | 2% | 3% | 4% | 7% | 1% | 1% | (6%) | Investment Solutions | 23% | 12% | 10% | 19% | 15% | (4%) | |
1,497 | 1,717 | 1,790 | 1,969 | 1,912 | 1,681 | 1,828 | 1,915 | 1,777 | 1,720 | 1,201 | 1,783 | 1,315 | 1,071 | 1,717 | 1,681 | 1,720 | 1,783 | |||
Net Accrued Perf Revenue ($ mm | Net Accrued Perf Revenue ($ mm | |||||||||||||||||||
Corporate Private Equity | 967 | 1,140 | 1,189 | 1,268 | 1,215 | 1,069 | 1,125 | 1,168 | 1,114 | 1,139 | 776 | 1,400 | Corporate Private Equity | 1,145 | 706 | 1,140 | 1,069 | 1,139 | 1,400 | |
Real Assets | 423 | 476 | 485 | 580 | 570 | 475 | 548 | 582 | 496 | 405 | 286 | 262 | Real Assets | 90 | 285 | 476 | 475 | 405 | 262 | |
Global Credit | 44 | 27 | 29 | 34 | 34 | 56 | 72 | 69 | 70 | 75 | 29 | 38 | Global Credit | 35 | 35 | 27 | 56 | 75 | 38 | |
Investment Solutions | 63 | 74 | 87 | 87 | 93 | 81 | 84 | 97 | 97 | 101 | 110 | 84 | Investment Solutions | 45 | 45 | 74 | 81 | 101 | 84 |
Note: Segments and annual amounts may not sum due to rounding. Total AUM, Fee-earning AUM and Net Accrued Performance Revenue as of period end.
Total AUM refers to the assets we manage or advise. Fee-earning AUM refers to the assets we manage or advise from which we derive recurring fund management fees. Fundraising excludes acquisitions; funds denominated in a currency other than U.S. Dollars have been converted at the spot rate as of the date of closing of such commitment. Invested Capital and Realized Proceeds represent carry funds only (including related coinvestments and separately managed accounts); for purposes of aggregation, transactions denominated in a currency other than U.S. Dollars have been converted at the average rate for the period presented. Fund Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses; fund only, does not include coinvestment; the percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining
investment fair market value.
For detailed definitions of the operating metrics above, please see The Carlyle Group Inc.'s filings with the U.S. Securities and Exchange Commission.
Data by Quarter: 3Q'17 to 2Q'20
Carlyle Total Segment Results by Quarter: 3Q'17 to 2Q'20
(Dollars in millions, except per share amounts) | 3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q'18 | 4Q'18 | 1Q'19 | 2Q'19 | 3Q'19 | 4Q'19 | 1Q'20 | 2Q'20 | ||||||||||||
SEGMENT REVENUES | ||||||||||||||||||||||||
Fund management fees | $ | 278.4 | $ | 289.8 | $ | 287.5 | $ | 328.1 | $ | 355.2 | $ | 391.0 | $ | 381.6 | $ | 414.5 | $ | 384.6 | $ | 390.2 | $ | 381.5 | $ | 386.4 |
Portfolio advisory fees, net and other | 7.5 | 7.7 | 9.7 | 5.6 | 9.8 | 6.0 | 5.5 | 5.3 | 5.3 | 6.1 | 6.3 | 4.1 | ||||||||||||
Transaction fees, net | 6.1 | 11.9 | 3.0 | 3.8 | - | 25.3 | 4.5 | 9.6 | 5.8 | 11.4 | 0.5 | 14.2 | ||||||||||||
Total segment fee revenues | $ | 292.0 | $ | 309.4 | $ | 300.2 | $ | 337.5 | $ | 365.0 | $ | 422.3 | $ | 391.6 | $ | 429.4 | $ | 395.7 | $ | 407.7 | $ | 388.3 | $ | 404.7 |
Realized performance revenues | 411.0 | 238.6 | 211.0 | 99.5 | 260.2 | 111.7 | 49.2 | 41.9 | 118.3 | 164.9 | 171.6 | 152.2 | ||||||||||||
Realized principal investment income (loss)3 | (53.4) | 22.4 | 18.7 | 17.7 | 7.0 | 4.7 | 4.1 | 73.9 | 7.3 | 1.7 | 15.9 | 22.1 | ||||||||||||
Interest income | 5.4 | 5.5 | 6.7 | 7.9 | 9.1 | 6.7 | 6.0 | 5.5 | 6.5 | 6.4 | 5.3 | 3.2 | ||||||||||||
Total Segment Revenues | $ | 655.0 | $ | 575.9 | $ | 536.6 | $ | 462.6 | $ | 641.3 | $ | 545.4 | $ | 450.9 | $ | 550.7 | $ | 527.8 | $ | 580.7 | $ | 581.1 | $ | 582.2 |
SEGMENT EXPENSES | ||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||
Cash-based compensation and benefits | $ | 177.3 | $ | 180.4 | $ | 189.1 | $ | 172.3 | $ | 186.4 | $ | 192.9 | $ | 202.3 | $ | 207.1 | $ | 194.1 | $ | 188.6 | $ | 203.8 | $ | 210.1 |
Realized performance revenues related | 194.1 | 120.3 | 107.9 | 49.9 | 136.3 | 68.6 | 42.2 | 21.1 | 60.6 | 86.3 | 123.4 | 81.3 | ||||||||||||
Total compensation and benefits4 | $ | 371.4 | $ | 300.7 | $ | 297.0 | $ | 222.2 | $ | 322.7 | $ | 261.5 | $ | 244.5 | $ | 228.2 | $ | 254.7 | $ | 274.3 | $ | 327.2 | $ | 291.4 |
General, administrative and other expenses | (1.5) | 94.4 | 74.8 | 98.9 | 80.9 | 44.2 | 75.7 | 80.0 | 81.0 | 94.6 | 48.3 | 58.1 | ||||||||||||
Depreciation and amortization expense | 8.2 | 7.9 | 8.1 | 8.5 | 8.7 | 9.8 | 10.3 | 9.6 | 11.8 | 16.5 | 7.4 | 9.2 | ||||||||||||
Interest expense | 17.0 | 17.1 | 17.8 | 18.5 | 19.0 | 19.4 | 19.6 | 19.5 | 19.6 | 23.0 | 23.2 | 25.1 | ||||||||||||
Total Segment Expenses | $ | 395.1 | $ | 420.1 | $ | 397.7 | $ | 348.1 | $ | 431.3 | $ | 334.9 | $ | 350.1 | $ | 337.3 | $ | 367.1 | $ | 409.0 | $ | 406.1 | $ | 383.8 |
Total Segment Revenues | $ | 655.0 | $ | 575.9 | $ | 536.6 | $ | 462.6 | $ | 641.3 | $ | 545.4 | $ | 450.9 | $ | 550.7 | $ | 527.8 | $ | 580.7 | $ | 581.1 | $ | 582.2 |
Total Segment Expenses | 395.1 | 420.1 | 397.7 | 348.1 | 431.3 | 334.9 | 350.1 | 337.3 | 367.1 | 409.0 | 406.1 | 383.8 | ||||||||||||
(=) Distributable Earnings | $ | 259.9 | $ | 155.8 | $ | 138.9 | $ | 114.5 | $ | 210.0 | $ | 210.5 | $ | 100.8 | $ | 213.4 | $ | 160.7 | $ | 171.7 | $ | 175.0 | $ | 198.4 |
(-) Realized Net Performance Revenues | 216.9 | 118.3 | 103.1 | 49.6 | 123.9 | 43.1 | 7.0 | 20.8 | 57.7 | 78.6 | 48.2 | 70.9 | ||||||||||||
(-) Realized Principal Investment Income (Loss) | (53.4) | 22.4 | 18.7 | 17.7 | 7.0 | 4.7 | 4.1 | 73.9 | 7.3 | 1.7 | 15.9 | 22.1 | ||||||||||||
(+) Net Interest | 11.6 | 11.6 | 11.1 | 10.6 | 9.9 | 12.7 | 13.6 | 14.0 | 13.1 | 16.6 | 17.9 | 21.9 | ||||||||||||
(=) Fee Related Earnings | $ | 108.0 | $ | 26.7 | $ | 28.2 | $ | 57.8 | $ | 89.0 | $ | 175.4 | $ | 103.3 | $ | 132.7 | $ | 108.8 | $ | 108.0 | $ | 128.8 | $ | 127.3 |
After-tax Distributable Earnings, per common share1 | $ | 0.75 | $ | 0.44 | $ | 0.36 | $ | 0.29 | $ | 0.56 | $ | 0.57 | $ | 0.25 | $ | 0.57 | $ | 0.41 | $ | 0.47 | $ | 0.48 | $ | 0.53 |
Distribution per common share2 | $ | 0.56 | $ | 0.33 | $ | 0.27 | $ | 0.22 | $ | 0.42 | $ | 0.43 | $ | 0.19 | $ | 0.43 | $ | 0.31 | $ | 0.25 | $ | 0.25 | $ | 0.25 |
Corporate Private Equity Segment Results by Quarter: 3Q'17 to 2Q'20
(Dollars in millions, except per share amounts) | 3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q'18 | 4Q'18 | 1Q'19 | 2Q'19 | 3Q'19 | 4Q'19 | 1Q'20 | 2Q'20 | ||||||||||||
SEGMENT REVENUES | ||||||||||||||||||||||||
Fund management fees | $ | 118.3 | $ | 119.3 | $ | 114.1 | $ | 148.0 | $ | 175.8 | $ | 196.2 | $ | 190.0 | $ | 190.3 | $ | 192.2 | $ | 195.3 | $ | 188.5 | $ | 187.7 |
Portfolio advisory fees, net and other | 5.2 | 5.1 | 6.3 | 3.4 | 7.6 | 3.8 | 3.5 | 3.6 | 4.3 | 4.4 | 3.7 | 2.5 | ||||||||||||
Transaction fees, net | 5.3 | 8.2 | 0.3 | 3.6 | - | 22.8 | 0.3 | 7.4 | 4.4 | 0.6 | 0.2 | 0.3 | ||||||||||||
Total segment fee revenues | $ | 128.8 | $ | 132.6 | $ | 120.7 | $ | 155.0 | $ | 183.4 | $ | 222.8 | $ | 193.8 | $ | 201.3 | $ | 200.9 | $ | 200.3 | $ | 192.4 | $ | 190.5 |
Realized performance revenues | 345.4 | 162.7 | 188.0 | 52.0 | 143.6 | 32.3 | 23.4 | 11.2 | 33.3 | 53.8 | 53.6 | 40.5 | ||||||||||||
Realized principal investment income (loss) | 6.5 | 9.8 | 7.9 | 12.3 | 4.2 | 2.2 | (2.3) | 1.0 | 1.8 | (3.8) | 9.6 | 14.8 | ||||||||||||
Interest income | 1.8 | 1.8 | 2.0 | 2.5 | 3.0 | 1.8 | 1.2 | 1.2 | 1.7 | 1.9 | 1.2 | 0.3 | ||||||||||||
Total Segment Revenues | $ | 482.5 | $ | 306.9 | $ | 318.6 | $ | 221.8 | $ | 334.2 | $ | 259.1 | $ | 216.1 | $ | 214.7 | $ | 237.7 | $ | 252.2 | $ | 256.8 | $ | 246.1 |
SEGMENT EXPENSES | ||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||
Cash-based compensation and benefits | $ | 83.6 | $ | 110.3 | $ | 97.2 | $ | 90.5 | $ | 93.9 | $ | 91.6 | $ | 96.7 | $ | 101.1 | $ | 92.6 | $ | 81.3 | $ | 94.2 | $ | 94.8 |
Realized performance revenues related | 147.7 | 77.5 | 90.7 | 24.0 | 66.1 | 14.5 | 10.4 | 5.4 | 14.9 | 24.0 | 24.3 | 18.2 | ||||||||||||
Total compensation and benefits | $ | 231.3 | $ | 187.8 | $ | 187.9 | $ | 114.5 | $ | 160.0 | $ | 106.1 | $ | 107.1 | $ | 106.5 | $ | 107.5 | $ | 105.3 | $ | 118.5 | $ | 113.0 |
General, administrative and other expenses | 33.0 | 35.9 | 32.9 | 56.5 | 41.1 | 37.1 | 34.1 | 33.3 | 34.8 | 38.6 | 17.5 | 22.7 | ||||||||||||
Depreciation and amortization expense | 4.1 | 3.8 | 4.0 | 4.2 | 4.3 | 4.8 | 4.9 | 4.5 | 5.7 | 8.0 | 3.4 | 4.4 | ||||||||||||
Interest expense | 7.0 | 6.8 | 7.0 | 7.1 | 7.5 | 8.3 | 7.9 | 7.9 | 8.0 | 9.8 | 10.0 | 10.2 | ||||||||||||
Total Segment Expenses | $ | 275.4 | $ | 234.3 | $ | 231.8 | $ | 182.3 | $ | 212.9 | $ | 156.3 | $ | 154.0 | $ | 152.2 | $ | 156.0 | $ | 161.7 | $ | 149.4 | $ | 150.3 |
Total Segment Revenues | $ | 482.5 | $ | 306.9 | $ | 318.6 | $ | 221.8 | $ | 334.2 | $ | 259.1 | $ | 216.1 | $ | 214.7 | $ | 237.7 | $ | 252.2 | $ | 256.8 | $ | 246.1 |
Total Segment Expenses | 275.4 | 234.3 | 231.8 | 182.3 | 212.9 | 156.3 | 154.0 | 152.2 | 156.0 | 161.7 | 149.4 | 150.3 | ||||||||||||
(=) Distributable Earnings | $ | 207.1 | $ | 72.6 | $ | 86.8 | $ | 39.5 | $ | 121.3 | $ | 102.8 | $ | 62.1 | $ | 62.5 | $ | 81.7 | $ | 90.5 | $ | 107.4 | $ | 95.8 |
(-) Realized Net Performance Revenues | 197.7 | 85.2 | 97.3 | 28.0 | 77.5 | 17.8 | 13.0 | 5.8 | 18.4 | 29.8 | 29.3 | 22.3 | ||||||||||||
(-) Realized Principal Investment Income (Loss) | 6.5 | 9.8 | 7.9 | 12.3 | 4.2 | 2.2 | (2.3) | 1.0 | 1.8 | (3.8) | 9.6 | 14.8 | ||||||||||||
(+) Net Interest | 5.2 | 5.0 | 5.0 | 4.6 | 4.5 | 6.5 | 6.7 | 6.7 | 6.3 | 7.9 | 8.8 | 9.9 | ||||||||||||
(=) Fee Related Earnings | $ | 8.1 | $ | (17.4) | $ | (13.4) | $ | 3.8 | $ | 44.1 | $ | 89.3 | $ | 58.1 | $ | 62.4 | $ | 67.8 | $ | 72.4 | $ | 77.3 | $ | 68.6 |
Real Assets Segment Results by Quarter: 3Q'17 to 2Q'20
(Dollars in millions, except per share amounts) | 3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q'18 | 4Q'18 | 1Q'19 | 2Q'19 | 3Q'19 | 4Q'19 | 1Q'20 | 2Q'20 | ||||||||||||
SEGMENT REVENUES | ||||||||||||||||||||||||
Fund management fees | $ | 71.4 | $ | 78.0 | $ | 74.4 | $ | 78.7 | $ | 76.3 | $ | 88.5 | $ | 77.4 | $ | 105.8 | $ | 78.1 | $ | 77.5 | $ | 80.2 | $ | 74.8 |
Portfolio advisory fees, net and other | 1.0 | 1.1 | 1.5 | 1.1 | 0.9 | 1.0 | 0.9 | 0.5 | (0.1) | 0.4 | 0.3 | 0.3 | ||||||||||||
Transaction fees, net | 0.8 | 3.7 | 2.7 | 0.1 | - | 1.6 | 2.4 | - | - | 6.3 | - | - | ||||||||||||
Total segment fee revenues | $ | 73.2 | $ | 82.8 | $ | 78.6 | $ | 79.9 | $ | 77.2 | $ | 91.1 | $ | 80.7 | $ | 106.3 | $ | 78.0 | $ | 84.2 | $ | 80.5 | $ | 75.1 |
Realized performance revenues | 20.4 | 18.4 | 7.8 | 33.6 | 73.7 | 35.2 | 4.9 | 24.6 | 65.0 | 85.6 | 11.6 | 75.5 | ||||||||||||
Realized principal investment income (loss) | (64.6) | 9.2 | 8.2 | 3.1 | 0.6 | 1.6 | 1.6 | 70.1 | 3.9 | 1.0 | 0.6 | 1.5 | ||||||||||||
Interest income | 1.0 | 1.0 | 0.9 | 1.2 | 1.5 | 0.8 | 0.5 | 0.7 | 0.8 | 0.7 | 0.6 | 0.2 | ||||||||||||
Total Segment Revenues | $ | 30.0 | $ | 111.4 | $ | 95.5 | $ | 117.8 | $ | 153.0 | $ | 128.7 | $ | 87.7 | $ | 201.7 | $ | 147.7 | $ | 171.5 | $ | 93.3 | $ | 152.3 |
SEGMENT EXPENSES | ||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||
Cash-based compensation and benefits | $ | 39.3 | $ | 20.9 | $ | 34.7 | $ | 29.3 | $ | 33.7 | $ | 37.4 | $ | 35.8 | $ | 34.0 | $ | 33.1 | $ | 36.0 | $ | 35.5 | $ | 35.8 |
Realized performance revenues related | 9.2 | 8.2 | 4.0 | 15.0 | 31.8 | 15.8 | 12.0 | 11.2 | 29.2 | 38.1 | 5.4 | 33.6 | ||||||||||||
Total compensation and benefits | $ | 48.5 | $ | 29.1 | $ | 38.7 | $ | 44.3 | $ | 65.5 | $ | 53.2 | $ | 47.8 | $ | 45.2 | $ | 62.3 | $ | 74.1 | $ | 40.9 | $ | 69.4 |
General, administrative and other expenses | 16.3 | 25.9 | 18.1 | 15.9 | 15.5 | 14.6 | 16.8 | 17.0 | 16.7 | 23.9 | 19.7 | 14.9 | ||||||||||||
Depreciation and amortization expense | 1.9 | 1.8 | 1.6 | 1.6 | 1.7 | 1.9 | 1.9 | 1.8 | 2.2 | 3.1 | 1.4 | 1.7 | ||||||||||||
Interest expense | 4.2 | 4.3 | 3.9 | 4.1 | 4.1 | 3.2 | 3.1 | 3.1 | 3.2 | 3.8 | 3.9 | 5.6 | ||||||||||||
Total Segment Expenses | $ | 70.9 | $ | 61.1 | $ | 62.3 | $ | 65.9 | $ | 86.8 | $ | 72.9 | $ | 69.6 | $ | 67.1 | $ | 84.4 | $ | 104.9 | $ | 65.9 | $ | 91.6 |
Total Segment Revenues | $ | 30.0 | $ | 111.4 | $ | 95.5 | $ | 117.8 | $ | 153.0 | $ | 128.7 | $ | 87.7 | $ | 201.7 | $ | 147.7 | $ | 171.5 | $ | 93.3 | $ | 152.3 |
Total Segment Expenses | 70.9 | 61.1 | 62.3 | 65.9 | 86.8 | 72.9 | 69.6 | 67.1 | 84.4 | 104.9 | 65.9 | 91.6 | ||||||||||||
(=) Distributable Earnings | $ | (40.9) | $ | 50.3 | $ | 33.2 | $ | 51.9 | $ | 66.2 | $ | 55.8 | $ | 18.1 | $ | 134.6 | $ | 63.3 | $ | 66.6 | $ | 27.4 | $ | 60.7 |
(-) Realized Net Performance Revenues | 11.2 | 10.2 | 3.8 | 18.6 | 41.9 | 19.4 | (7.1) | 13.4 | 35.8 | 47.5 | 6.2 | 41.9 | ||||||||||||
(-) Realized Principal Investment Income (Loss) | (64.6) | 9.2 | 8.2 | 3.1 | 0.6 | 1.6 | 1.6 | 70.1 | 3.9 | 1.0 | 0.6 | 1.5 | ||||||||||||
(+) Net Interest | 3.2 | 3.3 | 3.0 | 2.9 | 2.6 | 2.4 | 2.6 | 2.4 | 2.4 | 3.1 | 3.3 | 5.4 | ||||||||||||
(=) Fee Related Earnings | $ | 15.7 | $ | 34.2 | $ | 24.2 | $ | 33.1 | $ | 26.3 | $ | 37.2 | $ | 26.2 | $ | 53.5 | $ | 26.0 | $ | 21.2 | $ | 23.9 | $ | 22.7 |
Global Credit Segment Results by Quarter: 3Q'17 to 2Q'20
(Dollars in millions, except per share amounts) | 3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q'18 | 4Q'18 | 1Q'19 | 2Q'19 | 3Q'19 | 4Q'19 | 1Q'20 | 2Q'20 | ||||||||||||
SEGMENT REVENUES | ||||||||||||||||||||||||
Fund management fees | $ | 47.6 | $ | 50.7 | $ | 58.7 | $ | 59.8 | $ | 60.4 | $ | 64.1 | $ | 74.8 | $ | 79.2 | $ | 75.6 | $ | 77.6 | $ | 73.0 | $ | 78.3 |
Portfolio advisory fees, net and other | 1.2 | 1.4 | 1.7 | 1.0 | 1.2 | 1.2 | 1.1 | 1.2 | 1.1 | 1.3 | 2.3 | 1.3 | ||||||||||||
Transaction fees, net | - | - | - | 0.1 | - | 0.9 | 1.8 | 2.2 | 1.4 | 4.5 | 0.3 | 13.9 | ||||||||||||
Total segment fee revenues | $ | 48.8 | $ | 52.1 | $ | 60.4 | $ | 60.9 | $ | 61.6 | $ | 66.2 | $ | 77.7 | $ | 82.6 | $ | 78.1 | $ | 83.4 | $ | 75.6 | $ | 93.5 |
Realized performance revenues | 15.0 | 37.6 | 1.1 | 4.7 | 0.1 | 3.9 | - | 0.1 | 0.9 | 0.8 | 21.0 | 5.5 | ||||||||||||
Realized principal investment income (loss) | 4.7 | 3.3 | 2.5 | 2.4 | 2.2 | 0.8 | 4.6 | 1.4 | 2.2 | 3.8 | 5.1 | 5.3 | ||||||||||||
Interest income | 2.0 | 2.5 | 3.3 | 3.9 | 4.2 | 3.9 | 3.8 | 3.4 | 3.6 | 3.4 | 3.1 | 2.6 | ||||||||||||
Total Segment Revenues | $ | 70.5 | $ | 95.5 | $ | 67.3 | $ | 71.9 | $ | 68.1 | $ | 74.8 | $ | 86.1 | $ | 87.5 | $ | 84.8 | $ | 91.4 | $ | 104.8 | $ | 106.9 |
SEGMENT EXPENSES | ||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||
Cash-based compensation and benefits | $ | 29.7 | $ | 28.3 | $ | 34.0 | $ | 30.5 | $ | 36.6 | $ | 39.3 | $ | 46.6 | $ | 49.5 | $ | 43.9 | $ | 45.2 | $ | 49.1 | $ | 54.5 |
Realized performance revenues related | 7.3 | 16.8 | 0.6 | 2.1 | - | 1.8 | - | - | - | 0.4 | 9.7 | 2.5 | ||||||||||||
Total compensation and benefits | $ | 37.0 | $ | 45.1 | $ | 34.6 | $ | 32.6 | $ | 36.6 | $ | 41.1 | $ | 46.6 | $ | 49.5 | $ | 43.9 | $ | 45.6 | $ | 58.8 | $ | 57.0 |
General, administrative and other expenses | (59.5) | 21.9 | 15.8 | 17.3 | 14.2 | (16.8) | 16.5 | 20.5 | 20.9 | 21.0 | 5.6 | 13.1 | ||||||||||||
Depreciation and amortization expense | 1.3 | 1.3 | 1.4 | 1.6 | 1.5 | 1.8 | 2.1 | 2.0 | 2.4 | 3.4 | 1.6 | 1.8 | ||||||||||||
Interest expense | 4.2 | 4.5 | 5.3 | 5.8 | 5.8 | 6.0 | 6.7 | 6.7 | 6.5 | 7.1 | 7.0 | 6.9 | ||||||||||||
Total Segment Expenses | $ | (17.0) | $ | 72.8 | $ | 57.1 | $ | 57.3 | $ | 58.1 | $ | 32.1 | $ | 71.9 | $ | 78.7 | $ | 73.7 | $ | 77.1 | $ | 73.0 | $ | 78.8 |
Total Segment Revenues | $ | 70.5 | $ | 95.5 | $ | 67.3 | $ | 71.9 | $ | 68.1 | $ | 74.8 | $ | 86.1 | $ | 87.5 | $ | 84.8 | $ | 91.4 | $ | 104.8 | $ | 106.9 |
Total Segment Expenses | (17.0) | 72.8 | 57.1 | 57.3 | 58.1 | 32.1 | 71.9 | 78.7 | 73.7 | 77.1 | 73.0 | 78.8 | ||||||||||||
(=) Distributable Earnings | $ | 87.5 | $ | 22.7 | $ | 10.2 | $ | 14.6 | $ | 10.0 | $ | 42.7 | $ | 14.2 | $ | 8.8 | $ | 11.1 | $ | 14.3 | $ | 31.8 | $ | 28.1 |
(-) Realized Net Performance Revenues | 7.7 | 20.8 | 0.5 | 2.6 | 0.1 | 2.1 | - | 0.1 | 0.9 | 0.4 | 11.3 | 3.0 | ||||||||||||
(-) Realized Principal Investment Income (Loss) | 4.7 | 3.3 | 2.5 | 2.4 | 2.2 | 0.8 | 4.6 | 1.4 | 2.2 | 3.8 | 5.1 | 5.3 | ||||||||||||
(+) Net Interest | 2.2 | 2.0 | 2.0 | 1.9 | 1.6 | 2.1 | 2.9 | 3.3 | 2.9 | 3.7 | 3.9 | 4.3 | ||||||||||||
(=) Fee Related Earnings | $ | 77.3 | $ | 0.6 | $ | 9.2 | $ | 11.5 | $ | 9.3 | $ | 41.9 | $ | 12.5 | $ | 10.6 | $ | 10.9 | $ | 13.8 | $ | 19.3 | $ | 24.1 |
Investment Solutions Segment Results by Quarter: 3Q'17 to 2Q'20
(Dollars in millions, except per share amounts) | 3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q'18 | 4Q'18 | 1Q'19 | 2Q'19 | 3Q'19 | 4Q'19 | 1Q'20 | 2Q'20 | ||||||||||||
SEGMENT REVENUES | ||||||||||||||||||||||||
Fund management fees | $ | 41.1 | $ | 41.8 | $ | 40.3 | $ | 41.6 | $ | 42.7 | $ | 42.2 | $ | 39.4 | $ | 39.2 | $ | 38.7 | $ | 39.8 | $ | 39.8 | $ | 45.6 |
Portfolio advisory fees, net and other | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | - | - | - | - | - | - | - | ||||||||||||
Transaction fees, net | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Total segment fee revenues | $ | 41.2 | $ | 41.9 | $ | 40.5 | $ | 41.7 | $ | 42.8 | $ | 42.2 | $ | 39.4 | $ | 39.2 | $ | 38.7 | $ | 39.8 | $ | 39.8 | $ | 45.6 |
Realized performance revenues | 30.2 | 19.9 | 14.1 | 9.2 | 42.8 | 40.3 | 20.9 | 6.0 | 19.1 | 24.7 | 85.4 | 30.7 | ||||||||||||
Realized principal investment income (loss) | - | 0.1 | 0.1 | (0.1) | - | 0.1 | 0.2 | 1.4 | (0.6) | 0.7 | 0.6 | 0.5 | ||||||||||||
Interest income | 0.6 | 0.2 | 0.5 | 0.3 | 0.4 | 0.2 | 0.5 | 0.2 | 0.4 | 0.4 | 0.4 | 0.1 | ||||||||||||
Total Segment Revenues | $ | 72.0 | $ | 62.1 | $ | 55.2 | $ | 51.1 | $ | 86.0 | $ | 82.8 | $ | 61.0 | $ | 46.8 | $ | 57.6 | $ | 65.6 | $ | 126.2 | $ | 76.9 |
SEGMENT EXPENSES | ||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||
Cash-based compensation and benefits | $ | 24.7 | $ | 20.9 | $ | 23.2 | $ | 22.0 | $ | 22.2 | $ | 24.6 | $ | 23.2 | $ | 22.5 | $ | 24.5 | $ | 26.1 | $ | 25.0 | $ | 25.0 |
Realized performance revenues related | 29.9 | 17.8 | 12.6 | 8.8 | 38.4 | 36.5 | 19.8 | 4.5 | 16.5 | 23.8 | 84.0 | 27.0 | ||||||||||||
Total compensation and benefits | $ | 54.6 | $ | 38.7 | $ | 35.8 | $ | 30.8 | $ | 60.6 | $ | 61.1 | $ | 43.0 | $ | 27.0 | $ | 41.0 | $ | 49.9 | $ | 109.0 | $ | 52.0 |
General, administrative and other expenses | 8.7 | 10.7 | 8.0 | 9.2 | 10.1 | 9.3 | 8.3 | 9.2 | 8.6 | 11.1 | 5.5 | 7.4 | ||||||||||||
Depreciation and amortization expense | 0.9 | 1.0 | 1.1 | 1.1 | 1.2 | 1.3 | 1.4 | 1.3 | 1.5 | 2.0 | 1.0 | 1.3 | ||||||||||||
Interest expense | 1.6 | 1.5 | 1.6 | 1.5 | 1.6 | 1.9 | 1.9 | 1.8 | 1.9 | 2.3 | 2.3 | 2.4 | ||||||||||||
Total Segment Expenses | $ | 65.8 | $ | 51.9 | $ | 46.5 | $ | 42.6 | $ | 73.5 | $ | 73.6 | $ | 54.6 | $ | 39.3 | $ | 53.0 | $ | 65.3 | $ | 117.8 | $ | 63.1 |
Total Segment Revenues | $ | 72.0 | $ | 62.1 | $ | 55.2 | $ | 51.1 | $ | 86.0 | $ | 82.8 | $ | 61.0 | $ | 46.8 | $ | 57.6 | $ | 65.6 | $ | 126.2 | $ | 76.9 |
Total Segment Expenses | 65.8 | 51.9 | 46.5 | 42.6 | 73.5 | 73.6 | 54.6 | 39.3 | 53.0 | 65.3 | 117.8 | 63.1 | ||||||||||||
(=) Distributable Earnings | $ | 6.2 | $ | 10.2 | $ | 8.7 | $ | 8.5 | $ | 12.5 | $ | 9.2 | $ | 6.4 | $ | 7.5 | $ | 4.6 | $ | 0.3 | $ | 8.4 | $ | 13.8 |
(-) Realized Net Performance Revenues | 0.3 | 2.1 | 1.5 | 0.4 | 4.4 | 3.8 | 1.1 | 1.5 | 2.6 | 0.9 | 1.4 | 3.7 | ||||||||||||
(-) Realized Principal Investment Income (Loss) | - | 0.1 | 0.1 | (0.1) | - | 0.1 | 0.2 | 1.4 | (0.6) | 0.7 | 0.6 | 0.5 | ||||||||||||
(+) Net Interest | 1.0 | 1.3 | 1.1 | 1.2 | 1.2 | 1.7 | 1.4 | 1.6 | 1.5 | 1.9 | 1.9 | 2.3 | ||||||||||||
(=) Fee Related Earnings | $ | 6.9 | $ | 9.3 | $ | 8.2 | $ | 9.4 | $ | 9.3 | $ | 7.0 | $ | 6.5 | $ | 6.2 | $ | 4.1 | $ | 0.6 | $ | 8.3 | $ | 11.9 |
Data by Year: FY'15 to YTD 2Q'20
Carlyle Total Segment Results by Year: FY'15 to YTD 2Q'20
(Dollars in millions, except per share amounts) | FY'15 | FY'16 | FY'17 | FY'18 | FY'19 | YTD 2Q'20 | ||||||
SEGMENT REVENUES | ||||||||||||
Fund management fees | $ | 1,197.9 | $ | 1,085.8 | $ | 1,081.0 | $ | 1,361.8 | $ | 1,570.9 | $ | 767.9 |
Portfolio advisory fees, net and other | 32.6 | 29.4 | 32.1 | 31.1 | 22.2 | 10.4 | ||||||
Transaction fees, net | 9.8 | 31.2 | 26.9 | 32.1 | 31.3 | 14.7 | ||||||
Total segment fee revenues | $ | 1,240.3 | $ | 1,146.4 | $ | 1,140.0 | $ | 1,425.0 | $ | 1,624.4 | $ | 793.0 |
Realized performance revenues | 1,434.8 | 1,215.8 | 1,085.3 | 682.4 | 374.3 | 323.8 | ||||||
Realized principal investment income (loss) | (64.8) | 44.9 | (25.8) | 48.1 | 87.0 | 38.0 | ||||||
Interest income | 4.8 | 10.2 | 16.7 | 30.4 | 24.4 | 8.5 | ||||||
Total Segment Revenues | ||||||||||||
SEGMENT EXPENSES | ||||||||||||
Compensation and benefits | ||||||||||||
Cash-based compensation and benefits | $ | 649.8 | $ | 601.3 | $ | 658.0 | $ | 740.7 | $ | 792.1 | $ | 413.9 |
Realized performance revenues related | 646.3 | 590.5 | 532.7 | 362.7 | 210.2 | 204.7 | ||||||
Total compensation and benefits | ||||||||||||
General, administrative and other expenses | 312.8 | 483.5 | 258.9 | 298.8 | 331.3 | 106.4 | ||||||
Depreciation and amortization expense | 25.6 | 29.0 | 31.1 | 35.1 | 48.2 | 16.6 | ||||||
Interest expense | 58.1 | 61.3 | 65.5 | 74.7 | 81.7 | 48.3 | ||||||
Total Segment Expenses | $ | 1,692.6 | $ | 1,765.6 | $ | 1,546.2 | $ | 1,512.0 | $ | 1,463.5 | $ | 789.9 |
Total Segment Revenues | $ | 2,615.1 | $ | 2,417.3 | $ | 2,216.2 | $ | 2,185.9 | $ | 2,110.1 | $ | 1,163.3 |
Total Segment Expenses | 1,692.6 | 1,765.6 | 1,546.2 | 1,512.0 | 1,463.5 | 789.9 | ||||||
(=) Distributable Earnings | $ | 922.5 | $ | 651.7 | $ | 670.0 | $ | 673.9 | $ | 646.6 | $ | 373.4 |
(-) Realized Net Performance Revenues | 788.5 | 625.3 | 552.6 | 319.7 | 164.1 | 119.1 | ||||||
(-) Realized Principal Investment Income (Loss) | (64.8) | 44.9 | (25.8) | 48.1 | 87.0 | 38.0 | ||||||
(+) Net Interest | 53.3 | 51.1 | 48.8 | 44.3 | 57.3 | 39.8 | ||||||
(=) Fee Related Earnings | $ | 252.1 | $ | 32.6 | $ | 192.0 | $ | 350.4 | $ | 452.8 | $ | 256.1 |
After-tax Distributable Earnings, per common share | $ | 2.73 | $ | 1.85 | 1.88 | $ | 1.78 | $ | 1.70 | $ | 1.01 | |
Distribution per common share | $ | 2.07 | $ | 1.55 | 1.41 | $ | 1.34 | $ | 1.18 | $ | 0.50 |
Corporate Private Equity Segment Results by Year: FY'15 to YTD 2Q'20
(Dollars in millions, except per share amounts) | FY'15 | FY'16 | FY'17 | FY'18 | FY'19 | YTD 2Q'20 | ||||||
SEGMENT REVENUES | ||||||||||||
Fund management fees | $ | 577.4 | $ | 498.9 | $ | 471.0 | $ | 634.1 | $ | 767.8 | $ | 376.2 |
Portfolio advisory fees, net and other | 24.1 | 20.5 | 21.2 | 21.1 | 15.8 | 6.2 | ||||||
Transaction fees, net | 7.7 | 31.2 | 22.4 | 26.7 | 12.7 | 0.5 | ||||||
Total segment fee revenues | $ | 609.2 | $ | 550.6 | $ | 514.6 | $ | 681.9 | $ | 796.3 | $ | 382.9 |
Realized performance revenues | 1,209.5 | 1,060.5 | 831.5 | 415.9 | 121.7 | 94.1 | ||||||
Realized principal investment income (loss) | 23.3 | 60.3 | 25.4 | 26.6 | (3.3) | 24.4 | ||||||
Interest income | 1.5 | 3.4 | 5.5 | 9.3 | 6.0 | 1.5 | ||||||
Total Segment Revenues | ||||||||||||
SEGMENT EXPENSES | ||||||||||||
Compensation and benefits | ||||||||||||
Cash-based compensation and benefits | $ | 315.7 | $ | 289.6 | $ | 340.7 | $ | 373.2 | $ | 371.7 | $ | 189.0 |
Realized performance revenues related | 540.9 | 472.1 | 372.9 | 195.3 | 54.7 | 42.5 | ||||||
Total compensation and benefits | ||||||||||||
General, administrative and other expenses | 145.6 | 131.9 | 132.3 | 167.6 | 140.8 | 40.2 | ||||||
Depreciation and amortization expense | 12.5 | 13.6 | 15.3 | 17.3 | 23.1 | 7.8 | ||||||
Interest expense | 30.8 | 28.2 | 27.9 | 29.9 | 33.6 | 20.2 | ||||||
Total Segment Expenses | $ | 1,045.5 | $ | 935.4 | $ | 889.1 | $ | 783.3 | $ | 623.9 | $ | 299.7 |
Total Segment Revenues | $ | 1,843.5 | $ | 1,674.8 | $ | 1,377.0 | $ | 1,133.7 | $ | 920.7 | $ | 502.9 |
Total Segment Expenses | 1,045.5 | 935.4 | 889.1 | 783.3 | 623.9 | 299.7 | ||||||
(=) Distributable Earnings | $ | 798.0 | $ | 739.4 | $ | 487.9 | $ | 350.4 | $ | 296.8 | $ | 203.2 |
(-) Realized Net Performance Revenues | 668.6 | 588.4 | 458.6 | 220.6 | 67.0 | 51.6 | ||||||
(-) Realized Principal Investment Income (Loss) | 23.3 | 60.3 | 25.4 | 26.6 | (3.3) | 24.4 | ||||||
(+) Net Interest | 29.3 | 24.8 | 22.4 | 20.6 | 27.6 | 18.7 | ||||||
(=) Fee Related Earnings | $ | 135.4 | $ | 115.5 | $ | 26.3 | $ | 123.8 | $ | 260.7 | $ | 145.9 |
Real Assets Segment Results by Year: FY'15 to YTD 2Q'20
(Dollars in millions, except per share amounts) | FY'15 | FY'16 | FY'17 | FY'18 | FY'19 | YTD 2Q'20 | ||||||
SEGMENT REVENUES | ||||||||||||
Fund management fees | $ | 255.9 | $ | 251.1 | $ | 263.6 | $ | 317.9 | $ | 338.8 | $ | 155.0 |
Portfolio advisory fees, net and other | 3.0 | 1.8 | 3.0 | 4.5 | 1.7 | 0.6 | ||||||
Transaction fees, net | 2.1 | - | 4.5 | 4.4 | 8.7 | - | ||||||
Total segment fee revenues | $ | 261.0 | $ | 252.9 | $ | 271.1 | $ | 326.8 | $ | 349.2 | $ | 155.6 |
Realized performance revenues | 163.2 | 53.1 | 92.0 | 150.3 | 180.1 | 87.1 | ||||||
Realized principal investment income (loss) | (93.6) | (20.6) | (63.2) | 13.5 | 76.6 | 2.1 | ||||||
Interest income | 0.3 | 1.7 | 3.0 | 4.4 | 2.7 | 0.8 | ||||||
Total Segment Revenues | ||||||||||||
SEGMENT EXPENSES | ||||||||||||
Compensation and benefits | ||||||||||||
Cash-based compensation and benefits | $ | 109.3 | $ | 111.2 | $ | 128.1 | $ | 135.1 | $ | 138.9 | $ | 71.3 |
Realized performance revenues related | 68.5 | 37.6 | 41.6 | 66.6 | 90.5 | 39.0 | ||||||
Total compensation and benefits | ||||||||||||
General, administrative and other expenses | 65.4 | 67.1 | 84.3 | 64.1 | 74.4 | 34.6 | ||||||
Depreciation and amortization expense | 4.3 | 5.9 | 7.1 | 6.8 | 9.0 | 3.1 | ||||||
Interest expense | 10.6 | 16.0 | 17.0 | 15.3 | 13.2 | 9.5 | ||||||
Total Segment Expenses | $ | 258.1 | $ | 237.8 | $ | 278.1 | $ | 287.9 | $ | 326.0 | $ | 157.5 |
Total Segment Revenues | $ | 330.9 | $ | 287.1 | $ | 302.9 | $ | 495.0 | $ | 608.6 | $ | 245.6 |
Total Segment Expenses | 258.1 | 237.8 | 278.1 | 287.9 | 326.0 | 157.5 | ||||||
(=) Distributable Earnings | $ | 72.8 | $ | 49.3 | $ | 24.8 | $ | 207.1 | $ | 282.6 | $ | 88.1 |
(-) Realized Net Performance Revenues | 94.7 | 15.5 | 50.4 | 83.7 | 89.6 | 48.1 | ||||||
(-) Realized Principal Investment Income (Loss) | (93.6) | (20.6) | (63.2) | 13.5 | 76.6 | 2.1 | ||||||
(+) Net Interest | 10.3 | 14.3 | 14.0 | 10.9 | 10.5 | 8.7 | ||||||
(=) Fee Related Earnings | $ | 82.0 | $ | 68.7 | $ | 51.6 | $ | 120.8 | $ | 126.9 | $ | 46.6 |
Global Credit Segment Results by Year: FY'15 to YTD 2Q'20
(Dollars in millions, except per share amounts) | FY'15 | FY'16 | FY'17 | FY'18 | FY'19 | YTD 2Q'20 | ||||||
SEGMENT REVENUES | ||||||||||||
Fund management fees | $ | 210.7 | $ | 195.5 | $ | 191.5 | $ | 243.0 | $ | 307.2 | $ | 151.3 |
Portfolio advisory fees, net and other | 4.6 | 5.8 | 7.5 | 5.1 | 4.7 | 3.6 | ||||||
Transaction fees, net | - | - | - | 1.0 | 9.9 | 14.2 | ||||||
Total segment fee revenues | $ | 215.3 | $ | 201.3 | $ | 199.0 | $ | 249.1 | $ | 321.8 | $ | 169.1 |
Realized performance revenues | 38.0 | 36.6 | 75.4 | 9.8 | 1.8 | 26.5 | ||||||
Realized principal investment income (loss) | 5.4 | 5.1 | 11.9 | 7.9 | 12.0 | 10.4 | ||||||
Interest income | 2.8 | 4.7 | 7.1 | 15.3 | 14.2 | 5.7 | ||||||
Total Segment Revenues | ||||||||||||
SEGMENT EXPENSES | ||||||||||||
Compensation and benefits | ||||||||||||
Cash-based compensation and benefits | $ | 129.5 | $ | 120.0 | $ | 104.5 | $ | 140.4 | $ | 185.2 | $ | 103.6 |
Realized performance revenues related | 16.6 | 17.6 | 35.0 | 4.5 | 0.4 | 12.2 | ||||||
Total compensation and benefits | ||||||||||||
General, administrative and other expenses | 60.8 | 250.0 | 7.4 | 30.5 | 78.9 | 18.7 | ||||||
Depreciation and amortization expense | 5.0 | 6.2 | 5.1 | 6.3 | 9.9 | 3.4 | ||||||
Interest expense | 10.8 | 11.3 | 14.5 | 22.9 | 27.0 | 13.9 | ||||||
Total Segment Expenses | $ | 222.7 | $ | 405.1 | $ | 166.5 | $ | 204.6 | $ | 301.4 | $ | 151.8 |
Total Segment Revenues | $ | 261.5 | $ | 247.7 | $ | 293.4 | $ | 282.1 | $ | 349.8 | $ | 211.7 |
Total Segment Expenses | 222.7 | 405.1 | 166.5 | 204.6 | 301.4 | 151.8 | ||||||
(=) Distributable Earnings | $ | 38.8 | $ | (157.4) | $ | 126.9 | $ | 77.5 | $ | 48.4 | $ | 59.9 |
(-) Realized Net Performance Revenues | 21.4 | 19.0 | 40.4 | 5.3 | 1.4 | 14.3 | ||||||
(-) Realized Principal Investment Income (Loss) | 5.4 | 5.1 | 11.9 | 7.9 | 12.0 | 10.4 | ||||||
(+) Net Interest | 8.0 | 6.6 | 7.4 | 7.6 | 12.8 | 8.2 | ||||||
(=) Fee Related Earnings | $ | 20.0 | $ | (174.9) | $ | 82.0 | $ | 71.9 | $ | 47.8 | $ | 43.4 |
Investment Solutions Segment Results by Year: FY'15 to YTD 2Q'20
(Dollars in millions, except per share amounts) | FY'15 | FY'16 | FY'17 | FY'18 | FY'19 | YTD 2Q'20 | ||||||
SEGMENT REVENUES | ||||||||||||
Fund management fees | $ | 153.9 | $ | 140.3 | $ | 154.9 | $ | 166.8 | $ | 157.1 | $ | 85.4 |
Portfolio advisory fees, net and other | 0.9 | 1.3 | 0.4 | 0.4 | - | - | ||||||
Transaction fees, net | - | - | - | - | - | - | ||||||
Total segment fee revenues | $ | 154.8 | $ | 141.6 | $ | 155.3 | $ | 167.2 | $ | 157.1 | $ | 85.4 |
Realized performance revenues | 24.1 | 65.6 | 86.4 | 106.4 | 70.7 | 116.1 | ||||||
Realized principal investment income (loss) | 0.1 | 0.1 | 0.1 | 0.1 | 1.7 | 1.1 | ||||||
Interest income | 0.2 | 0.4 | 1.1 | 1.4 | 1.5 | 0.5 | ||||||
Total Segment Revenues | ||||||||||||
SEGMENT EXPENSES | ||||||||||||
Compensation and benefits | ||||||||||||
Cash-based compensation and benefits | $ | 95.3 | $ | 80.5 | $ | 84.7 | $ | 92.0 | $ | 96.3 | $ | 50.0 |
Realized performance revenues related | 20.3 | 63.2 | 83.2 | 96.3 | 64.6 | 111.0 | ||||||
Total compensation and benefits | ||||||||||||
General, administrative and other expenses | 41.0 | 34.5 | 34.9 | 36.6 | 37.2 | 12.9 | ||||||
Depreciation and amortization expense | 3.8 | 3.3 | 3.6 | 4.7 | 6.2 | 2.3 | ||||||
Interest expense | 5.9 | 5.8 | 6.1 | 6.6 | 7.9 | 4.7 | ||||||
Total Segment Expenses | $ | 166.3 | $ | 187.3 | $ | 212.5 | $ | 236.2 | $ | 212.2 | $ | 180.9 |
Total Segment Revenues | $ | 179.2 | $ | 207.7 | $ | 242.9 | $ | 275.1 | $ | 231.0 | $ | 203.1 |
Total Segment Expenses | 166.3 | 187.3 | 212.5 | 236.2 | 212.2 | 180.9 | ||||||
(=) Distributable Earnings | $ | 12.9 | $ | 20.4 | $ | 30.4 | $ | 38.9 | $ | 18.8 | $ | 22.2 |
(-) Realized Net Performance Revenues | 3.8 | 2.4 | 3.2 | 10.1 | 6.1 | 5.1 | ||||||
(-) Realized Principal Investment Income (Loss) | 0.1 | 0.1 | 0.1 | 0.1 | 1.7 | 1.1 | ||||||
(+) Net Interest | 5.7 | 5.4 | 5.0 | 5.2 | 6.4 | 4.2 | ||||||
(=) Fee Related Earnings | $ | 14.7 | $ | 23.3 | $ | 32.1 | $ | 33.9 | $ | 17.4 | $ | 20.2 |
U.S. GAAP Results: by Quarter 3Q'17 to 2Q'20, by Year FY'15 to YTD 2Q'20
Carlyle U.S. GAAP Results by Quarter: 3Q'17 to 2Q'20
(Dollars in millions, except per share amounts) | 3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q'18 | 4Q'18 | 1Q'19 | 2Q'19 | 3Q'19 | 4Q'19 | 1Q'20 | 2Q'20 | ||||||||||||
REVENUES | ||||||||||||||||||||||||
Fund management fees | $ | 262.5 | $ | 279.3 | $ | 264.5 | $ | 301.3 | $ | 328.8 | $ | 377.4 | $ | 353.4 | $ | 390.9 | $ | 359.5 | $ | 372.4 | $ | 355.9 | $ | 371.8 |
Incentive fees | 10.4 | 8.2 | 6.3 | 7.4 | 6.8 | 9.7 | 8.1 | 8.8 | 9.9 | 9.1 | 8.9 | 9.0 | ||||||||||||
Investment income (loss), including performance allocations | 312.4 | 664.4 | 362.2 | 503.3 | 258.6 | (314.9) | 650.9 | 589.6 | 324.6 | 3.3 | (1,190.9) | 679.2 | ||||||||||||
Revenue from consolidated entities | 44.7 | 45.1 | 47.3 | 53.6 | 60.5 | 53.1 | 52.4 | 45.8 | 51.3 | 49.7 | 53.0 | 55.2 | ||||||||||||
All other revenues | 9.9 | 10.8 | 22.5 | 28.0 | 24.4 | 26.4 | 22.2 | 26.0 | 23.3 | 25.8 | 27.4 | 15.8 | ||||||||||||
Total Revenues | $ | 639.9 | $ | 1,007.8 | $ | 702.8 | $ | 893.6 | $ | 679.1 | $ | 151.7 | $ | 1,087.0 | $ | 1,061.1 | $ | 768.6 | $ | 460.3 | $ | (745.7) | $ | 1,131.0 |
EXPENSES | ||||||||||||||||||||||||
Cash-based compensation and benefits | $ | 174.1 | $ | 181.6 | $ | 187.3 | $ | 176.0 | $ | 186.6 | $ | 196.8 | $ | 210.5 | $ | 221.4 | $ | 200.0 | $ | 201.5 | $ | 204.3 | $ | 212.5 |
Equity-based compensation | 81.0 | 78.5 | 84.9 | 64.9 | 49.7 | 40.4 | 36.0 | 35.2 | 36.6 | 32.2 | 29.1 | 30.5 | ||||||||||||
Performance allocations and incentive fee related compensation | 137.6 | 276.5 | 158.0 | 222.0 | 146.0 | (149.7) | 185.4 | 113.6 | 92.6 | 45.1 | (442.5) | 535.6 | ||||||||||||
General, administrative and other expenses | (18.7) | 105.9 | 95.0 | 126.8 | 166.2 | 72.7 | 112.5 | 110.7 | 121.7 | 145.9 | 69.6 | 80.2 | ||||||||||||
Expenses from consolidated funds | 101.7 | 36.7 | 35.9 | 45.3 | 40.5 | 42.9 | 38.1 | 27.5 | 34.1 | 35.7 | 45.6 | 39.3 | ||||||||||||
Interest and other non-operating expenses (income) | 16.9 | (54.4) | 18.2 | 18.7 | 26.6 | 19.8 | 20.0 | 19.9 | 20.3 | 23.2 | 24.1 | 26.4 | ||||||||||||
Total Expenses | $ | 492.6 | $ | 624.8 | $ | 579.3 | $ | 653.7 | $ | 615.6 | $ | 222.9 | $ | 602.5 | $ | 528.3 | $ | 505.3 | $ | 483.6 | $ | (69.8) | $ | 924.5 |
Net investment gains (losses) of consolidated funds | $ | 18.6 | $ | 12.0 | $ | 2.0 | $ | 12.9 | $ | (2.9) | $ | (7.5) | $ | (14.2) | $ | 9.2 | $ | (1.9) | $ | (17.0) | $ | (113.1) | $ | 50.3 |
Income (loss) before provision for income taxes1 | 165.9 | 395.0 | 125.5 | 252.8 | 60.6 | (78.7) | 470.3 | 542.0 | 261.4 | (40.3) | (789.0) | 256.8 | ||||||||||||
Provision (benefit) for income taxes | (1.3) | 107.2 | 7.8 | 11.6 | 17.4 | (5.5) | 24.0 | 15.5 | 9.4 | 0.1 | (80.0) | 52.3 | ||||||||||||
Net income (loss) | 167.2 | 287.8 | 117.7 | 241.2 | 43.2 | (73.2) | 446.3 | 526.5 | 252.0 | (40.4) | (709.0) | 204.5 | ||||||||||||
Net income (loss) attributable to non-controlling interests in consolidated | 27.6 | 25.1 | 11.0 | 16.7 | 14.5 | (8.3) | (4.5) | 39.8 | 10.5 | (9.2) | (97.0) | 58.6 | ||||||||||||
Net income (loss) attributable to Carlyle Holdings | 139.6 | 262.7 | 106.7 | 224.5 | 28.7 | (64.9) | 450.8 | 486.7 | 241.5 | (31.2) | (612.0) | 145.9 | ||||||||||||
Net income (loss) attributable to non-controlling interests in Carlyle Holdings | 95.0 | 203.8 | 67.0 | 155.1 | 11.2 | (54.8) | 307.9 | 332.6 | 149.3 | (22.9) | - | - | ||||||||||||
Net income (loss) attributable to The Carlyle Group Inc. | 44.6 | 58.9 | 39.7 | 69.4 | 17.5 | (10.1) | 142.9 | 154.1 | 92.2 | (8.3) | (612.0) | 145.9 | ||||||||||||
Net income attributable to Series A Preferred Unitholders | - | 6.0 | 5.9 | 5.9 | 5.9 | 5.9 | 5.9 | 5.9 | 7.3 | - | - | - | ||||||||||||
Series A Preferred Units redemption premium | - | - | - | - | - | - | - | - | 16.5 | - | - | - | ||||||||||||
Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders | $ | 44.6 | $ | 52.9 | $ | 33.8 | $ | 63.5 | $ | 11.6 | $ | (16.0) | $ | 137.0 | $ | 148.2 | $ | 68.4 | $ | (8.3) | $ | (612.0) | $ | 145.9 |
Net income (loss) attributable to The Carlyle Group Inc. per common share | ||||||||||||||||||||||||
Basic | $ | 0.47 | $ | 0.53 | $ | 0.34 | $ | 0.62 | $ | 0.11 | $ | (0.15) | $ | 1.25 | $ | 1.34 | $ | 0.60 | $ | (0.07) | $ | (1.76) | $ | 0.42 |
Diluted | $ | 0.43 | $ | 0.49 | $ | 0.30 | $ | 0.56 | $ | 0.10 | $ | (0.15) | $ | 1.18 | $ | 1.23 | $ | 0.55 | $ | (0.08) | $ | (1.76) | $ | 0.41 |
Income (loss) before provision for taxes margin2 | 25.9% | 39.2% | 17.9% | 28.3% | 8.9% | (51.9%) | 43.3% | 51.1% | 34.0% | (8.8%) | 105.8% | 22.7% |
Note: Our U.S. GAAP results for Q2 2020 include a loss in principal investment income (loss) of ($621) million related to the closing of the transaction in which a Carlyle-affiliated investment fund purchased additional interests in Fortitude from AIG. The loss is driven by the contribution of our existing 19.9% investment in Fortitude into the fund, and the subsequent accounting for our investment based on the net asset value of our limited partnership interest in the fund instead of a direct interest in Fortitude. This loss is more than offset by additional accrued performance allocations of $1,192 million recognized as a result of the appreciation in our funds during the quarter.
- Income (loss) before provision for income taxes is the GAAP measure that is most directly comparable to Distributable Earnings, which management uses to measure the performance of the business. In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended June 30, 2020 and furnished to the SEC on July 30, 2020, a full reconciliation is included starting on page 29. In that document, see "Non-GAAP Financial Information and Other Key Terms" for additional information.
- Income (loss) before provision for taxes margin is equal to Income (loss) before provision for taxes, divided by Total Revenues.
Carlyle U.S. GAAP Results by Year: FY'15 to YTD 2Q'20
(Dollars in millions, except per share amounts) | FY'15 | FY'16 | FY'17 | FY'18 | FY'19 | YTD 2Q'20 | ||||||
REVENUES | ||||||||||||
Fund management fees | $ | 1,085.2 | $ | 1,076.1 | $ | 1,026.9 | $ | 1,272.0 | $ | 1,476.2 | $ | 727.7 |
Incentive fees | 22.7 | 36.4 | 35.3 | 30.2 | 35.9 | 17.9 | ||||||
Investment income, including performance allocations | 817.4 | 875.9 | 2,290.6 | 809.2 | 1,568.4 | (511.7) | ||||||
Revenue from consolidated entities | 1,062.3 | 262.0 | 286.7 | 214.5 | 199.2 | 108.2 | ||||||
All other revenues | 18.6 | 23.9 | 36.7 | 101.3 | 97.3 | 43.2 | ||||||
Total Revenues | $ | 3,006.2 | $ | 2,274.3 | $ | 3,676.2 | $ | 2,427.2 | $ | 3,377.0 | $ | 385.3 |
EXPENSES | ||||||||||||
Cash-based compensation and benefits | $ | 632.2 | $ | 647.1 | $ | 652.7 | $ | 746.7 | $ | 833.4 | $ | 416.8 |
Equity-based compensation | 378.0 | 334.6 | 320.3 | 239.9 | 140.0 | 59.6 | ||||||
Performance allocations and incentive fee related compensation | 510.9 | 353.1 | 988.3 | 376.3 | 436.7 | 93.1 | ||||||
General, administrative and other expenses | 712.8 | 521.1 | 276.8 | 460.7 | 494.4 | 149.8 | ||||||
Expenses from consolidated funds | 1,183.9 | 336.1 | 400.1 | 164.6 | 131.8 | 84.9 | ||||||
Interest and other non-operating expenses (income) | 50.6 | 50.1 | (5.9) | 83.3 | 83.4 | 50.5 | ||||||
Total Expenses | ||||||||||||
Net investment gains (losses) of consolidated funds | $ | 864.4 | $ | 13.1 | $ | 88.4 | $ | 4.5 | $ | (23.9) | $ | (62.8) |
Income (loss) before provision for income taxes1 | 402.2 | 45.3 | 1,132.3 | 360.2 | 1,233.4 | (532.2) | ||||||
Provision (benefit) for income taxes | 2.1 | 30.0 | 124.9 | 31.3 | 49.0 | (27.7) | ||||||
Net income (loss) | 400.1 | 15.3 | 1,007.4 | 328.9 | 1,184.4 | (504.5) | ||||||
Net income (loss) attributable to non-controlling interests in consolidated | 537.9 | 41.0 | 72.5 | 33.9 | 36.6 | (38.4) | ||||||
Net income (loss) attributable to Carlyle Holdings | (137.8) | (25.7) | 934.9 | 295.0 | 1,147.8 | (466.1) | ||||||
Net income (loss) attributable to non-controlling interests in Carlyle Holdings | (119.4) | (32.1) | 690.8 | 178.5 | 766.9 | - | ||||||
Net income (loss) attributable to The Carlyle Group Inc. | ||||||||||||
Net income attributable to Series A Preferred Unitholders | - | - | 6.0 | 23.6 | 19.1 | - | ||||||
Series A Preferred Units redemption premium | - | - | - | - | 16.5 | - | ||||||
Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders | $ | (18.4) | $ | 6.4 | $ | 238.1 | $ | 92.9 | $ | 345.3 | $ | (466.1) |
Net income (loss) attributable to The Carlyle Group Inc. per common share | ||||||||||||
Basic | $ | (0.24) | $ | 0.08 | $ | 2.58 | $ | 0.89 | $ | 3.05 | $ | (1.34) |
Diluted | $ | (0.30) | $ | (0.08) | $ | 2.38 | $ | 0.82 | $ | 2.82 | $ | (1.34) |
Income (loss) before provision for taxes margin2 | 13.4% | 2.0% | 30.8% | 14.8% | 36.5% | (138.1%) |
Note: Our U.S. GAAP results for Q2 2020 include a loss in principal investment income (loss) of ($621) million related to the closing of the transaction in which a Carlyle-affiliated investment fund purchased the contribution of our existing 19.9% investment in Fortitude into the fund, and the subsequent accounting for our investment based on the net asset value of our limited partnership interest in the fund offset by additional accrued performance allocations of $1,192 million recognized as a result of the appreciation in our funds during the quarter.
- Income (loss) before provision for income taxes is the GAAP measure that is most directly comparable to Distributable Earnings, which management uses to measure the performance of the business. In for the quarter ended June 30, 2020 and furnished to the SEC on July 30, 2020, a full reconciliation is included starting on page 29. In that document, see "Non-GAAP Financial Information and Other Key T
- Income (loss) before provision for taxes margin is equal to Income (loss) before provision for taxes, divided by Total Revenues.
Reconciliation of GAAP to Non-GAAP Measures: by Quarter 3Q'17 to 2Q'20, by Year FY'15 to YTD 2Q'20
Carlyle Reconciliation of U.S. GAAP to Non-GAAP Results by Quarter: 3Q'17 to 2Q'20
(Dollars in millions, except per share amounts) | 3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q'18 | 4Q'18 | 1Q'19 | 2Q'19 | 3Q'19 | 4Q'19 | 1Q'20 | 2Q'20 | ||||||||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | $ | 165.9 | $ | 395.0 | $ | 125.5 | $ | 252.8 | $ | 60.6 | $ | (78.7) | $ | 470.3 | $ | 542.0 | $ | 261.4 | $ | (40.3) | $ | (789.0) | $ | 256.8 |
Adjustments: | ||||||||||||||||||||||||
Net unrealized performance revenues | 69.9 | (219.0) | (56.9) | (200.0) | 54.6 | 252.5 | (155.8) | (82.4) | 126.2 | 69.7 | 528.9 | (587.4) | ||||||||||||
Unrealized principal investment (income) loss1 | (18.1) | (18.3) | (10.9) | (7.6) | (6.9) | (23.4) | (238.6) | (234.9) | (198.7) | 81.3 | 264.7 | 459.5 | ||||||||||||
Adjusted unrealized principal investment (income) loss from Fortitude Re | - | - | - | - | - | (11.7) | (27.0) | (40.1) | (68.1) | (5.7) | 22.8 | 81.6 | ||||||||||||
Equity-based compensation2 | 88.7 | 84.1 | 87.8 | 68.4 | 52.0 | 44.0 | 39.4 | 38.3 | 38.9 | 34.9 | 31.7 | 34.6 | ||||||||||||
Acquisition related charges, including amortization of intangibles and | 7.2 | 10.5 | 4.6 | 9.2 | 2.4 | 6.1 | 12.0 | 15.4 | 11.2 | 13.4 | 3.0 | 7.1 | ||||||||||||
Other non-operating expense (income) | - | (71.5) | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 | 0.2 | 0.5 | ||||||||||||
Tax (expense) benefit associated with certain foreign performance revenues | (1.7) | (2.2) | (2.1) | 3.8 | (12.7) | 9.5 | (6.1) | 3.6 | (10.8) | (1.0) | 11.2 | 0.7 | ||||||||||||
Net (income) loss attributable to non-controlling interests in consolidated | (27.6) | (25.1) | (11.0) | (16.7) | (14.5) | 8.3 | 4.5 | (39.8) | (10.5) | 9.2 | 97.0 | (58.6) | ||||||||||||
Lease assignment and termination costs | - | - | - | 3.4 | 63.5 | - | - | - | - | - | - | - | ||||||||||||
Reserve for litigation and contingencies | (25.0) | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Debt extinguishment costs | - | - | - | - | 7.8 | - | 0.1 | - | - | - | - | - | ||||||||||||
Corporate conversion costs, severance and other adjustments | 0.6 | 2.3 | 1.6 | 0.9 | 2.9 | 3.7 | 1.7 | 10.9 | 10.8 | 9.9 | 4.5 | 3.6 | ||||||||||||
DISTRIBUTABLE EARNINGS | $ | 259.9 | $ | 155.8 | $ | 138.9 | $ | 114.5 | $ | 210.0 | $ | 210.5 | $ | 100.8 | $ | 213.4 | $ | 160.7 | $ | 171.7 | $ | 175.0 | $ | 198.4 |
Realized net performance revenues3 | 216.9 | 118.3 | 103.1 | 49.6 | 123.9 | 43.1 | 7.0 | 20.8 | 57.7 | 78.6 | 48.2 | 70.9 | ||||||||||||
Realized principal investment income (loss)3 | (53.4) | 22.4 | 18.7 | 17.7 | 7.0 | 4.7 | 4.1 | 73.9 | 7.3 | 1.7 | 15.9 | 22.1 | ||||||||||||
Net interest | 11.6 | 11.6 | 11.1 | 10.6 | 9.9 | 12.7 | 13.6 | 14.0 | 13.1 | 16.6 | 17.9 | 21.9 | ||||||||||||
FEE RELATED EARNINGS | $ | 108.0 | $ | 26.7 | $ | 28.2 | $ | 57.8 | $ | 89.0 | $ | 175.4 | $ | 103.3 | $ | 132.7 | $ | 108.8 | $ | 108.0 | $ | 128.8 | $ | 127.3 |
- The U.S. GAAP results for 2Q'20 include a loss in principal investment income (loss) of $621 million related to the closing of the transaction in which a Carlyle-affiliated investment fund purchased additional interests in Fortitude from AIG. The loss is driven by the contribution of our existing 19.9% investment in Fortitude into the fund, and the subsequent accounting for our investment based on the net asset value of our limited partnership interest in the fund instead of a direct investment in Fortitude.
- Equity-basedcompensation includes amounts reflected in principal investment income and general, administrative and other expense in our U.S. GAAP statement of operations, as well as amounts related to shares issued in conjunction with a previous acquisition and amounts related. 2019 and 2018 include amounts related to the
- The most directly comparable U.S. GAAP measures are net performance revenues (performance revenues less performance revenues related compensation expense) and principal investment income (loss). In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended June 30, 2020 and furnished to the SEC on July 30, 2020, a full reconciliation is included starting on page 28. In that document, see "Non-GAAP Financial Information and Other Key Terms" for additional information. See Notes at end of document for a description of adjustments to these measures to arrive at realized net performance revenues and realized principal Information reported for periods prior to January 1, 2020 reflect the results of the Partnership.
Carlyle Reconciliation of U.S. GAAP to Non-GAAP Results by Year: FY'15 to YTD 2Q'20
(Dollars in millions, except per share amounts) | FY'15 | FY'16 | FY'17 | FY'18 | FY'19 | YTD 2Q'20 | ||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | $ | 402.2 | $ | 45.3 | $ | 1,132.3 | $ | 360.2 | $ | 1,233.4 | $ | (532.2) |
Adjustments: | ||||||||||||
Net unrealized performance revenues | 396.8 | 231.6 | (625.2) | 50.2 | (42.3) | (58.5) | ||||||
Unrealized principal investment (income) loss1 | (42.4) | (5.4) | (73.0) | (48.8) | (590.9) | 724.2 | ||||||
Adjusted unrealized principal investment (income) loss from Fortitude Re | - | - | - | (11.7) | (140.9) | 104.4 | ||||||
Equity-based compensation2 | 381.3 | 343.0 | 365.1 | 252.2 | 151.5 | 66.3 | ||||||
Acquisition related charges, including amortization of intangibles and | 288.8 | 94.2 | 35.7 | 22.3 | 52.0 | 10.1 | ||||||
Other non-operating expense (income) | (7.4) | (11.2) | (71.4) | 1.1 | 1.3 | 0.7 | ||||||
Tax (expense) benefit associated with certain foreign performance revenues | (14.9) | (15.1) | (9.2) | (1.5) | (14.3) | 11.9 | ||||||
Net (income) loss attributable to non-controlling interests in consolidated | (537.9) | (41.0) | (72.5) | (33.9) | (36.6) | 38.4 | ||||||
Lease assignment and termination costs | - | - | - | 66.9 | - | - | ||||||
Reserve for litigation and contingencies | 50.0 | - | (25.0) | - | - | - | ||||||
Debt extinguishment costs | - | - | - | 7.8 | 0.1 | - | ||||||
Corporate conversion costs, severance and other adjustments | 6.0 | 10.3 | 13.2 | 9.1 | 33.3 | 8.1 | ||||||
DISTRIBUTABLE EARNINGS | $ | 922.5 | $ | 651.7 | $ | 670.0 | $ | 673.9 | $ | 646.6 | $ | 373.4 |
Realized net performance revenues3 | 788.5 | 625.3 | 552.6 | 319.7 | 164.1 | 119.1 | ||||||
Realized principal investment income (loss)3 | (64.8) | 44.9 | (25.8) | 48.1 | 87.0 | 38.0 | ||||||
Net interest | 53.3 | 51.1 | 48.8 | 44.3 | 57.3 | 39.8 | ||||||
FEE RELATED EARNINGS | $ | 252.1 | $ | 32.6 | $ | 192.0 | $ | 350.4 | $ | 452.8 | $ | 256.1 |
- The U.S. GAAP results for 2Q'20 include a loss in principal investment income (loss) of $621 million related to the closing of the transaction in which a Carlyle-affiliated investment fund purchased additional interests in Fortitude from AIG. The loss is driven by the contribution of our existing 19.9% investment in Fortitude into the fund, and the subsequent accounting for our investment based on the net asset value of our limited partnership interest in the fund instead of a direct investment in Fortitude.
- Equity-basedcompensation includes amounts reflected in principal investment income and general, administrative and other expense in our U.S. GAAP statement of operations, as well as amounts related to shares issued in conjunction with a previous acquisition and amounts related. 2019 and 2018 include amounts related to the IPO.
- The most directly comparable U.S. GAAP measures are net performance revenues (performance revenues less performance revenues related compensation expense) and principal investment income (loss). In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended June 30, 2020 and furnished to the SEC on July 30, 2020, a full reconciliation is included starting on page 28. In that document, see "Non-GAAP Financial Information and Other Key Terms" for additional information. See Notes at end of document for a description of adjustments to these measures to arrive at realized net performance revenues and realized principal investment income.
Information reported for periods prior to January 1, 2020 reflect the results of the Partnership.
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The Carlyle Group LP published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2020 07:25:15 UTC