The Carlyle Group Announces Fourth Quarter and Full Year 2017 Financial Results

 

WASHINGTON, Feb. 07, 2018 (GLOBE NEWSWIRE) -- 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		Media
Daniel Harris		Elizabeth Gill
Phone: +1 (212) 813-4527		Phone: +1 (202) 729-5385
daniel.harris@carlyle.com		elizabeth.gill@carlyle.com
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