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v3.23.1

Supplemental Financial Information | 3 Months Ended
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Mar. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Supplemental Financial Information | 17. Supplemental Financial Information The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial position as of March 31, 2023 and December 31, 2022 and results of operations for the three months ended March 31, 2023 and 2022. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.
| As of March 31, 2023
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,010.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,010.1 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 228.8 |  |  | — |  |  | 228.8 |
Restricted cash | 16.8 |  |  | — |  |  | — |  |  | 16.8 |
Corporate treasury investments | 102.0 |  |  | — |  |  | — |  |  | 102.0 |
Investments, including performance allocations of $7,134.0 million | 11,013.5 |  |  | — |  |  | (229.4) |  |  | 10,784.1 |
Investments of Consolidated Funds | — |  |  | 7,067.3 |  |  | — |  |  | 7,067.3 |
Due from affiliates and other receivables, net | 883.0 |  |  | — |  |  | (383.7) |  |  | 499.3 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 100.6 |  |  | — |  |  | 100.6 |
Fixed assets, net | 141.8 |  |  | — |  |  | — |  |  | 141.8 |
Lease right-of-use assets, net | 331.5 |  |  | — |  |  | — |  |  | 331.5 |
Deposits and other | 104.7 |  |  | 6.4 |  |  | — |  |  | 111.1 |
Intangible assets, net | 866.4 |  |  | — |  |  | — |  |  | 866.4 |
Deferred tax assets | 14.1 |  |  | — |  |  | — |  |  | 14.1 |
Total assets | $ | 14,483.9 |  |  | $ | 7,403.1 |  |  | $ | (613.1) |  |  | $ | 21,273.9 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,275.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,275.6 |
Loans payable of Consolidated Funds | — |  |  | 6,462.4 |  |  | (376.5) |  |  | 6,085.9 |
Accounts payable, accrued expenses and other liabilities | 304.8 |  |  | — |  |  | — |  |  | 304.8 |
Accrued compensation and benefits | 3,894.2 |  |  | — |  |  | — |  |  | 3,894.2 |
Due to affiliates | 302.5 |  |  | 11.6 |  |  | — |  |  | 314.1 |
Deferred revenue | 411.7 |  |  | — |  |  | — |  |  | 411.7 |
Deferred tax liabilities | 389.5 |  |  | — |  |  | — |  |  | 389.5 |
Other liabilities of Consolidated Funds | — |  |  | 251.7 |  |  | (0.9) |  |  | 250.8 |
Lease liabilities | 494.9 |  |  | — |  |  | — |  |  | 494.9 |
Accrued giveback obligations | 40.9 |  |  | — |  |  | — |  |  | 40.9 |
Total liabilities | 8,114.1 |  |  | 6,725.7 |  |  | (377.4) |  |  | 14,462.4 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 3,195.5 |  |  | 244.9 |  |  | (244.9) |  |  | 3,195.5 |
Retained earnings | 3,280.9 |  |  | — |  |  | — |  |  | 3,280.9 |
Accumulated other comprehensive loss | (302.4) |  |  | (12.0) |  |  | 9.2 |  |  | (305.2) |
Non-controlling interests in consolidated entities | 192.2 |  |  | 444.5 |  |  | — |  |  | 636.7 |
Total equity | 6,369.8 |  |  | 677.4 |  |  | (235.7) |  |  | 6,811.5 |
Total liabilities and equity | $ | 14,483.9 |  |  | $ | 7,403.1 |  |  | $ | (613.1) |  |  | $ | 21,273.9 |
| As of December 31, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,360.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,360.7 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 209.0 |  |  | — |  |  | 209.0 |
Restricted cash | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Corporate treasury investments | 20.0 |  |  | — |  |  | — |  |  | 20.0 |
Investments, including performance allocations of $7,117.7 million | 10,989.9 |  |  | — |  |  | (222.0) |  |  | 10,767.9 |
Investments of Consolidated Funds | — |  |  | 6,894.4 |  |  | — |  |  | 6,894.4 |
Due from affiliates and other receivables, net | 960.5 |  |  | — |  |  | (381.1) |  |  | 579.4 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 101.9 |  |  | — |  |  | 101.9 |
Fixed assets, net | 139.9 |  |  | — |  |  | — |  |  | 139.9 |
Lease right-of-use assets, net | 337.0 |  |  | — |  |  | — |  |  | 337.0 |
Deposits and other | 70.4 |  |  | 8.0 |  |  | — |  |  | 78.4 |
Intangible assets, net | 897.8 |  |  | — |  |  | — |  |  | 897.8 |
Deferred tax assets | 15.8 |  |  | — |  |  | — |  |  | 15.8 |
Total assets | $ | 14,792.8 |  |  | $ | 7,213.3 |  |  | $ | (603.1) |  |  | $ | 21,403.0 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,271.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,271.7 |
Loans payable of Consolidated Funds | — |  |  | 6,279.7 |  |  | (374.5) |  |  | 5,905.2 |
Accounts payable, accrued expenses and other liabilities | 369.2 |  |  | — |  |  | — |  |  | 369.2 |
Accrued compensation and benefits | 4,320.9 |  |  | — |  |  | — |  |  | 4,320.9 |
Due to affiliates | 346.1 |  |  | 16.5 |  |  | (0.1) |  |  | 362.5 |
Deferred revenue | 126.4 |  |  | — |  |  | — |  |  | 126.4 |
Deferred tax liabilities | 402.7 |  |  | — |  |  | — |  |  | 402.7 |
Other liabilities of Consolidated Funds | — |  |  | 279.7 |  |  | (0.4) |  |  | 279.3 |
Lease liabilities | 502.9 |  |  | — |  |  | — |  |  | 502.9 |
Accrued giveback obligations | 40.9 |  |  | — |  |  | — |  |  | 40.9 |
Total liabilities | 8,380.8 |  |  | 6,575.9 |  |  | (375.0) |  |  | 14,581.7 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 3,138.5 |  |  | 238.7 |  |  | (238.7) |  |  | 3,138.5 |
Retained earnings | 3,401.1 |  |  | — |  |  | — |  |  | 3,401.1 |
Accumulated other comprehensive loss | (319.5) |  |  | (13.3) |  |  | 10.6 |  |  | (322.2) |
Non-controlling interests in consolidated entities | 188.3 |  |  | 412.0 |  |  | — |  |  | 600.3 |
Total equity | 6,412.0 |  |  | 637.4 |  |  | (228.1) |  |  | 6,821.3 |
Total liabilities and equity | $ | 14,792.8 |  |  | $ | 7,213.3 |  |  | $ | (603.1) |  |  | $ | 21,403.0 |
| Three Months Ended March 31, 2023
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 508.4 |  |  | $ | — |  |  | $ | (7.6) |  |  | $ | 500.8 |
Incentive fees | 19.9 |  |  | — |  |  | (0.1) |  |  | 19.8 |
Investment income |  |  |  |  |  |  |
Performance allocations | 162.3 |  |  | — |  |  | (1.5) |  |  | 160.8 |
Principal investment income | 14.7 |  |  | — |  |  | (3.0) |  |  | 11.7 |
Total investment income | 177.0 |  |  | — |  |  | (4.5) |  |  | 172.5 |
Interest and other income | 46.6 |  |  | — |  |  | (2.6) |  |  | 44.0 |
Interest and other income of Consolidated Funds | — |  |  | 121.9 |  |  | — |  |  | 121.9 |
Total revenues | 751.9 |  |  | 121.9 |  |  | (14.8) |  |  | 859.0 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 260.2 |  |  | — |  |  | — |  |  | 260.2 |
Equity-based compensation | 54.4 |  |  | — |  |  | — |  |  | 54.4 |
Performance allocations and incentive fee related compensation | 105.7 |  |  | — |  |  | — |  |  | 105.7 |
Total compensation and benefits | 420.3 |  |  | — |  |  | — |  |  | 420.3 |
General, administrative and other expenses | 159.4 |  |  | — |  |  | (0.2) |  |  | 159.2 |
Interest | 29.7 |  |  | — |  |  | — |  |  | 29.7 |
Interest and other expenses of Consolidated Funds | — |  |  | 97.2 |  |  | (3.5) |  |  | 93.7 |
Other non-operating expenses | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total expenses | 609.5 |  |  | 97.2 |  |  | (3.7) |  |  | 703.0 |
Other income |  |  |  |  |  |  |
Net investment income of Consolidated Funds | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Income before provision for income taxes | 142.4 |  |  | 28.3 |  |  | (11.1) |  |  | 159.6 |
Provision for income taxes | 34.3 |  |  | — |  |  | — |  |  | 34.3 |
Net income | 108.1 |  |  | 28.3 |  |  | (11.1) |  |  | 125.3 |
Net income attributable to non-controlling interests in consolidated entities | 7.4 |  |  | — |  |  | 17.2 |  |  | 24.6 |
Net income attributable to The Carlyle Group Inc. | $ | 100.7 |  |  | $ | 28.3 |  |  | $ | (28.3) |  |  | $ | 100.7 |
| 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 expenses | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Total expenses | 799.1 |  |  | 52.9 |  |  | (10.1) |  |  | 841.9 |
Other income |  |  |  |  |  |  |
Net investment income 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 (loss) 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,
| 2023 |  | 2022
| (Dollars in millions)
Cash flows from operating activities |  |  |
Net income | $ | 108.1 |  |  | $ | 569.7 |
Adjustments to reconcile net income to net cash flows from operating activities: |  |  |
Depreciation and amortization | 44.0 |  |  | 19.4 |
Equity-based compensation | 54.4 |  |  | 39.7 |
Non-cash performance allocations and incentive fees | (38.2) |  |  | (300.8) |
Non-cash principal investment income | (8.7) |  |  | (295.4) |
Other non-cash amounts | 10.8 |  |  | 5.3 |
Purchases of investments | (19.0) |  |  | (294.1) |
Proceeds from the sale of investments | 78.9 |  |  | 169.5 |
Payments of contingent consideration | (68.6) |  |  | (5.7) |
Change in deferred taxes, net | (15.1) |  |  | 110.9 |
Change in due from affiliates and other receivables | 17.0 |  |  | (8.8) |
Change in deposits and other | (33.9) |  |  | (39.8) |
Change in accounts payable, accrued expenses and other liabilities | (63.9) |  |  | (14.3) |
Change in accrued compensation and benefits | (371.9) |  |  | (580.1) |
Change in due to affiliates | (0.2) |  |  | (0.2) |
Change in lease right-of-use asset and lease liability | (2.8) |  |  | (2.5) |
Change in deferred revenue | 284.7 |  |  | 254.5 |
Net cash used in operating activities | (24.4) |  |  | (372.7) |
Cash flows from investing activities |  |  |
Purchases of corporate treasury investments | (101.1) |  |  | — |
Proceeds from corporate treasury investments | 20.1 |  |  | — |
Purchases of fixed assets, net | (12.9) |  |  | (12.3) |
Purchase of CBAM intangibles and investments, net | — |  |  | (618.4) |
Net cash used in investing activities | (93.9) |  |  | (630.7) |
Cash flows from financing activities |  |  |
Payments on CLO borrowings | (1.1) |  |  | (8.9) |
Proceeds from CLO borrowings, net of financing costs | — |  |  | 40.8 |
Dividends to common stockholders | (118.4) |  |  | (89.5) |
Payment of deferred consideration for Carlyle Holdings units | (68.8) |  |  | (68.8) |
Contributions from non-controlling interest holders | 2.0 |  |  | 5.8 |
Distributions to non-controlling interest holders | (8.5) |  |  | (27.1) |
Common shares issued for performance allocations | — |  |  | 31.3 |
Common shares repurchased | (100.3) |  |  | (80.4) |
Change in due to/from affiliates financing activities | 73.0 |  |  | 33.1 |
Net cash used in financing activities | (222.1) |  |  | (163.7) |
Effect of foreign exchange rate changes | 5.8 |  |  | (17.2) |
Decrease in cash, cash equivalents and restricted cash | (334.6) |  |  | (1,184.3) |
Cash, cash equivalents and restricted cash, beginning of period | 1,361.5 |  |  | 2,475.1 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,026.9 |  |  | $ | 1,290.8 |
Supplemental non-cash disclosures |  |  |
Issuance of common shares related to the acquisition of CBAM | $ | — |  |  | $ | 194.5 |
Reconciliation of cash, cash equivalents and restricted cash, end of period: |  |  |
Cash and cash equivalents | $ | 1,010.1 |  |  | $ | 1,290.2 |
Restricted cash | 16.8 |  |  | 0.6 |
Total cash, cash equivalents and restricted cash, end of period | $ | 1,026.9 |  |  | $ | 1,290.8 |
Cash and cash equivalents held at Consolidated Funds | $ | 228.8 |  |  | $ | 168.9 |

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