The Carlyle Group Announces Fourth Quarter and Full Year 2017 Financial Results
February 07 2018 - 6:30AM
Global alternative asset manager The Carlyle Group L.P. (NASDAQ:CG)
today reported its unaudited results for the fourth quarter and
full year ended December 31, 2017.
Carlyle Co-CEOs Kewsong Lee and Glenn Youngkin
said, “We concluded 2017 with great momentum in all of our
businesses. We had record activity across several dimensions during
2017, deploying $22 billion into new investments and raising $43
billion of capital across the platform. Our investment performance
was exceptional with 20% appreciation across our carry funds, and
we realized $26 billion of proceeds for our carry fund
investors.”
U.S. GAAP results for Q4 2017 and 2017 included
income before provision for income taxes of $395 million and $1,132
million, and net income attributable to The Carlyle Group L.P.
common unitholders of $53 million and $238 million, or net income
per common unit of $0.49 and $2.38, on a diluted basis. Total
balance sheet assets were $12 billion as of December 31,
2017.
In addition to this release, Carlyle issued a full detailed
presentation of its fourth quarter and full year 2017 results,
which can be viewed on the investor relations section of our
website at ir.carlyle.com.
Tax Reform Impact on Financial
Results
Following the passage of the Tax Cuts and Jobs
Act of 2017, we revalued our net deferred tax assets and tax
receivable agreement liability. This resulted in a net charge in
our Q4 2017 U.S. GAAP earnings of $42 million. The revaluation of
our net deferred tax assets increased our provision for income
taxes by $113 million in Q4 2017, while the revaluation of our tax
receivable liability resulted in $71 million of other non-operating
income in the quarter. This non-cash charge did not affect Economic
Income or Distributable Earnings.
Distributions
The Board of Directors has declared a quarterly
distribution of $0.33 per common unit to holders of record at the
close of business on February 20, 2018, payable on February 27,
2018. For full year 2017, the Board of Directors declared $1.41 in
aggregate distributions to common unitholders.
The Board of Directors has declared a quarterly
distribution of $0.367188 per preferred unit to preferred
unitholders of record at the close of business on March 1, 2018,
payable on March 15, 2018.
Conference Call
Carlyle will host a conference call at 8:30 a.m. EST on
Wednesday, February 7, 2018, to announce its fourth quarter and
full year 2017 financial results. The call may be accessed by
dialing +1 (800) 850-2903 (U.S.) or +1 (253) 237-1169
(international) and referencing “The Carlyle Group Financial
Results Call.” The conference call will be webcast simultaneously
via a link on Carlyle’s investor relations website at
ir.carlyle.com and an archived replay of the webcast also will be
available on the website soon after the live call.
About The Carlyle Group
The Carlyle Group (NASDAQ:CG) is a global
alternative asset manager with $195 billion of assets under
management across 317 investment vehicles as of December 31,
2017. Carlyle’s purpose is to invest wisely and create value on
behalf of its investors, many of whom are public pensions. Carlyle
invests across four segments – Corporate Private Equity, Real
Assets, Global Credit and Investment Solutions – in Africa, Asia,
Australia, Europe, the Middle East, North America and South
America. Carlyle has expertise in various industries, including:
aerospace, defense & government services,
consumer & retail, energy, financial services, healthcare,
industrial, real estate, technology & business services,
telecommunications & media and transportation. The Carlyle
Group employs more than 1,600 people in 31 offices across six
continents.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of
1934. These statements include, but are not limited to, statements
related to our expectations regarding the performance of our
business, our financial results, our liquidity and capital
resources, contingencies, our distribution policy, and other
non-historical statements. You can identify these forward-looking
statements by the use of words such as “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or the negative version of these words
or other comparable words. Such forward-looking statements are
subject to various risks, uncertainties and assumptions.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements including, but not limited to, those
described under the section entitled “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2016 filed
with the SEC on February 16, 2017, as such factors may be
updated from time to time in our periodic filings with the SEC,
which are accessible on the SEC’s website at www.sec.gov. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in our filings with the SEC. We undertake no
obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as required by applicable
law.
This release does not constitute an offer for any Carlyle
fund.
Contacts:
Public Market
Investor Relations |
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Media |
Daniel Harris |
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Elizabeth Gill |
Phone: +1 (212)
813-4527 |
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Phone: +1 (202)
729-5385 |
daniel.harris@carlyle.com |
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elizabeth.gill@carlyle.com |
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Web:
www.carlyle.com |
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Videos:
www.youtube.com/onecarlyle |
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Tweets:
www.twitter.com/onecarlyle |
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Podcasts:
www.carlyle.com/about-carlyle/market-commentary |
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