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v3.22.1

Supplemental Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Supplemental financial position |
| As of March 31, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,290.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,290.2 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 168.9 |  |  | — |  |  | 168.9 |
Restricted cash | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Investments, including performance allocations of $8,504.8 million | 12,065.9 |  |  | — |  |  | (142.9) |  |  | 11,923.0 |
Investments of Consolidated Funds | — |  |  | 6,412.6 |  |  | — |  |  | 6,412.6 |
Due from affiliates and other receivables, net | 370.2 |  |  | — |  |  | (5.4) |  |  | 364.8 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 141.5 |  |  | — |  |  | 141.5 |
Fixed assets, net | 145.2 |  |  | — |  |  | — |  |  | 145.2 |
Lease right-of-use assets, net | 350.8 |  |  | — |  |  | — |  |  | 350.8 |
Deposits and other | 100.4 |  |  | 0.9 |  |  | — |  |  | 101.3 |
Intangible assets, net | 820.1 |  |  | — |  |  | — |  |  | 820.1 |
Deferred tax assets | 17.4 |  |  | — |  |  | — |  |  | 17.4 |
Total assets | $ | 15,160.8 |  |  | $ | 6,723.9 |  |  | $ | (148.3) |  |  | $ | 21,736.4 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,255.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,255.0 |
Loans payable of Consolidated Funds | — |  |  | 5,715.8 |  |  | — |  |  | 5,715.8 |
Accounts payable, accrued expenses and other liabilities | 365.4 |  |  | — |  |  | — |  |  | 365.4 |
Accrued compensation and benefits | 4,542.6 |  |  | — |  |  | — |  |  | 4,542.6 |
Due to affiliates | 332.9 |  |  | — |  |  | — |  |  | 332.9 |
Deferred revenue | 373.7 |  |  | — |  |  | — |  |  | 373.7 |
Deferred tax liabilities | 595.6 |  |  | — |  |  | — |  |  | 595.6 |
Other liabilities of Consolidated Funds | — |  |  | 636.1 |  |  | — |  |  | 636.1 |
Lease liabilities | 524.6 |  |  | — |  |  | — |  |  | 524.6 |
Accrued giveback obligations | 40.4 |  |  | — |  |  | — |  |  | 40.4 |
Total liabilities | 9,030.2 |  |  | 6,351.9 |  |  | — |  |  | 15,382.1 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 2,982.4 |  |  | 154.7 |  |  | (154.7) |  |  | 2,982.4 |
Retained earnings | 3,207.0 |  |  | — |  |  | — |  |  | 3,207.0 |
Accumulated other comprehensive loss | (280.8) |  |  | (8.6) |  |  | 6.4 |  |  | (283.0) |
Non-controlling interests in consolidated entities | 218.4 |  |  | 225.9 |  |  | — |  |  | 444.3 |
Total equity | 6,130.6 |  |  | 372.0 |  |  | (148.3) |  |  | 6,354.3 |
Total liabilities and equity | $ | 15,160.8 |  |  | $ | 6,723.9 |  |  | $ | (148.3) |  |  | $ | 21,736.4 |
| As of December 31, 2021
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,469.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,469.5 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 147.8 |  |  | — |  |  | 147.8 |
Restricted cash | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Investments, including performance allocations of $8,133.0 million | 11,022.5 |  |  | — |  |  | (190.5) |  |  | 10,832.0 |
Investments of Consolidated Funds | — |  |  | 6,661.0 |  |  | — |  |  | 6,661.0 |
Due from affiliates and other receivables, net | 384.9 |  |  | — |  |  | (5.3) |  |  | 379.6 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 138.8 |  |  | — |  |  | 138.8 |
Fixed assets, net | 143.9 |  |  | — |  |  | — |  |  | 143.9 |
Lease right-of-use assets, net | 361.1 |  |  | — |  |  | — |  |  | 361.1 |
Deposits and other | 61.3 |  |  | 0.4 |  |  | — |  |  | 61.7 |
Intangible assets, net | 34.9 |  |  | — |  |  | — |  |  | 34.9 |
Deferred tax assets | 14.5 |  |  | — |  |  | — |  |  | 14.5 |
Total assets | $ | 14,498.2 |  |  | $ | 6,948.0 |  |  | $ | (195.8) |  |  | $ | 21,250.4 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,071.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,071.6 |
Loans payable of Consolidated Funds | — |  |  | 5,890.0 |  |  | — |  |  | 5,890.0 |
Accounts payable, accrued expenses and other liabilities | 379.7 |  |  | — |  |  | — |  |  | 379.7 |
Accrued compensation and benefits | 4,955.0 |  |  | — |  |  | — |  |  | 4,955.0 |
Due to affiliates | 388.1 |  |  | — |  |  | — |  |  | 388.1 |
Deferred revenue | 120.8 |  |  | — |  |  | — |  |  | 120.8 |
Deferred tax liabilities | 487.1 |  |  | — |  |  | — |  |  | 487.1 |
Other liabilities of Consolidated Funds | — |  |  | 684.0 |  |  | (0.1) |  |  | 683.9 |
Lease liabilities | 537.8 |  |  | — |  |  | — |  |  | 537.8 |
Accrued giveback obligations | 30.2 |  |  | — |  |  | — |  |  | 30.2 |
Total liabilities | 8,970.3 |  |  | 6,574.0 |  |  | (0.1) |  |  | 15,544.2 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 2,717.6 |  |  | 198.6 |  |  | (198.6) |  |  | 2,717.6 |
Retained earnings | 2,805.3 |  |  | — |  |  | — |  |  | 2,805.3 |
Accumulated other comprehensive income (loss) | (245.7) |  |  | (4.7) |  |  | 2.9 |  |  | (247.5) |
Non-controlling interests in consolidated entities | 247.1 |  |  | 180.1 |  |  | — |  |  | 427.2 |
Total equity | 5,527.9 |  |  | 374.0 |  |  | (195.7) |  |  | 5,706.2 |
Total liabilities and equity | $ | 14,498.2 |  |  | $ | 6,948.0 |  |  | $ | (195.8) |  |  | $ | 21,250.4 |
Supplemental results of operations |
| Three Months Ended March 31, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 456.9 |  |  | $ | — |  |  | $ | (6.4) |  |  | $ | 450.5 |
Incentive fees | 14.0 |  |  | — |  |  | — |  |  | 14.0 |
Investment income |  |  |  |  |  |  |
Performance allocations | 710.2 |  |  | — |  |  | — |  |  | 710.2 |
Principal investment income | 302.3 |  |  | — |  |  | 17.3 |  |  | 319.6 |
Total investment income | 1,012.5 |  |  | — |  |  | 17.3 |  |  | 1,029.8 |
Interest and other income | 33.3 |  |  | — |  |  | (7.5) |  |  | 25.8 |
Interest and other income of Consolidated Funds | — |  |  | 61.7 |  |  | — |  |  | 61.7 |
Total revenues | 1,516.7 |  |  | 61.7 |  |  | 3.4 |  |  | 1,581.8 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 254.3 |  |  | — |  |  | — |  |  | 254.3 |
Equity-based compensation | 39.7 |  |  | — |  |  | — |  |  | 39.7 |
Performance allocations and incentive fee related compensation | 370.7 |  |  | — |  |  | — |  |  | 370.7 |
Total compensation and benefits | 664.7 |  |  | — |  |  | — |  |  | 664.7 |
General, administrative and other expenses | 106.3 |  |  | — |  |  | — |  |  | 106.3 |
Interest | 27.8 |  |  | — |  |  | — |  |  | 27.8 |
Interest and other expenses of Consolidated Funds | — |  |  | 52.9 |  |  | (10.1) |  |  | 42.8 |
Other non-operating income | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Total expenses | 799.1 |  |  | 52.9 |  |  | (10.1) |  |  | 841.9 |
Other income |  |  |  |  |  |  |
Net investment gain of Consolidated Funds | — |  |  | 2.8 |  |  | — |  |  | 2.8 |
Income before provision for income taxes | 717.6 |  |  | 11.6 |  |  | 13.5 |  |  | 742.7 |
Provision for income taxes | 147.9 |  |  | — |  |  | — |  |  | 147.9 |
Net income | 569.7 |  |  | 11.6 |  |  | 13.5 |  |  | 594.8 |
Net income attributable to non-controlling interests in consolidated entities | (1.9) |  |  | — |  |  | 25.1 |  |  | 23.2 |
Net income attributable to The Carlyle Group Inc. | $ | 571.6 |  |  | $ | 11.6 |  |  | $ | (11.6) |  |  | $ | 571.6 |
| Three Months Ended March 31, 2021
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 386.8 |  |  | $ | — |  |  | $ | (5.8) |  |  | $ | 381.0 |
Incentive fees | 9.5 |  |  | — |  |  | — |  |  | 9.5 |
Investment income (loss) |  |  |  |  |  |  |
Performance allocations | 1,786.1 |  |  | — |  |  | — |  |  | 1,786.1 |
Principal investment income | 198.4 |  |  | — |  |  | (19.3) |  |  | 179.1 |
Total investment income | 1,984.5 |  |  | — |  |  | (19.3) |  |  | 1,965.2 |
Interest and other income | 26.4 |  |  | — |  |  | (6.0) |  |  | 20.4 |
Interest and other income of Consolidated Funds | — |  |  | 61.1 |  |  | — |  |  | 61.1 |
Total revenues | 2,407.2 |  |  | 61.1 |  |  | (31.1) |  |  | 2,437.2 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 228.5 |  |  | — |  |  | — |  |  | 228.5 |
Equity-based compensation | 32.4 |  |  | — |  |  | — |  |  | 32.4 |
Performance allocations and incentive fee related compensation | 866.6 |  |  | — |  |  | — |  |  | 866.6 |
Total compensation and benefits | 1,127.5 |  |  | — |  |  | — |  |  | 1,127.5 |
General, administrative and other expenses | 91.7 |  |  | — |  |  | — |  |  | 91.7 |
Interest | 23.0 |  |  | — |  |  | — |  |  | 23.0 |
Interest and other expenses of Consolidated Funds | — |  |  | 56.5 |  |  | (14.1) |  |  | 42.4 |
Other non-operating expenses | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Total expenses | 1,242.8 |  |  | 56.5 |  |  | (14.1) |  |  | 1,285.2 |
Other loss |  |  |  |  |  |  |
Net investment gain of Consolidated Funds | — |  |  | 12.3 |  |  | — |  |  | 12.3 |
Income before provision for income taxes | 1,164.4 |  |  | 16.9 |  |  | (17.0) |  |  | 1,164.3 |
Provision for income taxes | 273.4 |  |  | — |  |  | — |  |  | 273.4 |
Net income | 891.0 |  |  | 16.9 |  |  | (17.0) |  |  | 890.9 |
Net income attributable to non-controlling interests in consolidated entities | 21.7 |  |  | — |  |  | (0.1) |  |  | 21.6 |
Net income attributable to The Carlyle Group Inc. | 869.3 |  |  | 16.9 |  |  | (16.9) |  |  | 869.3 |
Supplemental statement of cash flows |
| Three Months Ended March 31,
| 2022 |  | 2021
| (Dollars in millions)
Cash flows from operating activities |  |  |
Net income | $ | 569.7 |  |  | $ | 891.0 |
Adjustments to reconcile net income to net cash flows from operating activities: |  |  |
Depreciation and amortization | 19.4 |  |  | 13.4 |
Equity-based compensation | 39.7 |  |  | 32.4 |
Non-cash performance allocations and incentive fees | (300.8) |  |  | (865.4) |
Non-cash principal investment income | (295.4) |  |  | (186.5) |
Other non-cash amounts | 5.3 |  |  | 8.5 |
Purchases of investments | (294.1) |  |  | (71.6) |
Proceeds from the sale of investments | 169.5 |  |  | 164.3 |
Payments of contingent consideration | (5.7) |  |  | (49.9) |
Change in deferred taxes, net | 110.9 |  |  | 260.3 |
Change in due from affiliates and other receivables | (8.8) |  |  | (5.4) |
Change in deposits and other | (39.8) |  |  | (1.4) |
Change in accounts payable, accrued expenses and other liabilities | (14.3) |  |  | (69.1) |
Change in accrued compensation and benefits | (580.1) |  |  | (328.0) |
Change in due to affiliates | (0.2) |  |  | (0.4) |
Change in lease right-of-use asset and lease liability | (2.5) |  |  | 2.6 |
Change in deferred revenue | 254.5 |  |  | 255.8 |
Net cash provided by (used in) operating activities | (372.7) |  |  | 50.6 |
Cash flows from investing activities |  |  |
Purchases of fixed assets, net | (12.3) |  |  | (9.7) |
Purchase of CBAM intangibles and investments, net | (618.4) |  |  | — |
Net cash used in investing activities | (630.7) |  |  | (9.7) |
Cash flows from financing activities |  |  |
Payments on CLO borrowings | (8.9) |  |  | (66.6) |
Proceeds from CLO borrowings, net of financing costs | 40.8 |  |  | 43.4 |
Dividends to common stockholders | (89.5) |  |  | (88.7) |
Payment of deferred consideration for Carlyle Holdings units | (68.8) |  |  | (68.8) |
Contributions from non-controlling interest holders | 5.8 |  |  | 3.7 |
Distributions to non-controlling interest holders | (27.1) |  |  | (15.3) |
Common shares issued for performance allocations | 31.3 |  |  | — |
Common shares repurchased | (80.4) |  |  | (10.0) |
Change in due to/from affiliates financing activities | 33.1 |  |  | 71.1 |
Net cash used in financing activities | (163.7) |  |  | (131.2) |
Effect of foreign exchange rate changes | (17.2) |  |  | (12.3) |
Decrease in cash, cash equivalents and restricted cash | (1,184.3) |  |  | (102.6) |
Cash, cash equivalents and restricted cash, beginning of period | 2,475.1 |  |  | 989.6 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,290.8 |  |  | $ | 887.0 |
Supplemental non-cash disclosures |  |  |
Issuance of common shares related to the acquisition of CBAM intangibles and investments | $ | 194.5 |  |  | $ | — |
Reconciliation of cash, cash equivalents and restricted cash, end of period: |  |  |
Cash and cash equivalents | $ | 1,290.2 |  |  | $ | 880.4 |
Restricted cash | 0.6 |  |  | 6.6 |
Total cash, cash equivalents and restricted cash, end of period | $ | 1,290.8 |  |  | $ | 887.0 |
Cash and cash equivalents held at Consolidated Funds | $ | 168.9 |  |  | $ | 174.6 |

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