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v3.23.1

Supplemental Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Supplemental financial position |
| 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 |
Supplemental results of operations |
| 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 |
Supplemental statement of cash flows |
| 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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