Carlyle(US:CG)2024-11-07 21:08Financial Performance - Total revenues for Q3 2024 reached $2,635.2 million, significantly higher than $716.6 million in Q3 2023, marking an increase of 267.5%[28] - Net income attributable to The Carlyle Group Inc. was $595.7 million for Q3 2024, compared to $81.3 million in Q3 2023, reflecting a substantial increase of 632.8%[28] - The company reported a comprehensive income of $680.7 million for Q3 2024, up from $85.9 million in Q3 2023, indicating a growth of 694.4%[30] - Net income for the nine months ended September 30, 2024, was $863.8 million, significantly up from $173.6 million for the same period in 2023, representing an increase of approximately 396.5%[36] - Total investment income for the three months ended September 30, 2024, was $1,831.5 million, compared to a loss of $17.7 million in the same period of 2023[165] Assets and Liabilities - Total assets increased to $22,658.4 million as of September 30, 2024, compared to $21,176.0 million at December 31, 2023, reflecting a growth of approximately 7%[26] - Total liabilities rose to $16,323.0 million from $15,391.5 million, representing an increase of approximately 6%[27] - The company reported a total equity of $6,335.4 million, up from $5,784.5 million, indicating a growth of approximately 9.5%[27] - The company’s debt obligations decreased slightly to $2,211.0 million from $2,281.0 million, a reduction of about 3.1%[26] - As of September 30, 2024, the assets and liabilities of consolidated VIEs were $8.2 billion and $7.0 billion, respectively, compared to $7.8 billion and $6.9 billion as of December 31, 2023[47] Cash Flow and Investments - Cash and cash equivalents decreased to $1,376.8 million from $1,440.3 million, a decline of about 4.4%[26] - Cash flows from operating activities showed a net cash used of $406.7 million for the nine months ended September 30, 2024, compared to a net cash used of $49.2 million in 2023[36] - The company experienced a net cash provided by financing activities of $370.7 million for the nine months ended September 30, 2024, compared to $52.6 million in 2023[38] - The company reported a realized/unrealized loss on investments of Consolidated Funds amounting to $58.1 million for the nine months ended September 30, 2024, compared to a loss of $262.7 million in 2023[36] - The total fair value of investments in consolidated funds was $11,095.0 million as of September 30, 2024, compared to $9,955.3 million on December 31, 2023[147] Compensation and Benefits - Accrued compensation and benefits increased significantly to $5,434.8 million from $4,922.2 million, a rise of about 10.4%[27] - Total accrued compensation and benefits increased to $5.43 billion as of September 30, 2024, compared to $4.92 billion as of December 31, 2023[205] - Equity-based compensation increased to $355.1 million for the nine months ended September 30, 2024, compared to $186.8 million in 2023, marking an increase of approximately 90.1%[36] Performance Allocations - Realized performance allocations for the three months ended September 30, 2024, were $196.8 million, significantly up from $40.4 million in the same period of 2023[206] - As of September 30, 2024, total accrued performance allocations reached $7,210.8 million, up from $6,169.9 million as of December 31, 2023, representing a growth of approximately 16.9%[148] - The Global Private Equity segment accounted for $5,048.4 million of the accrued performance allocations, an increase from $4,310.7 million, indicating a growth of about 17.1%[148] Debt and Financing - Total debt obligations as of September 30, 2024, amounted to $2,233.7 million, a decrease from $2,306.7 million on December 31, 2023, representing a reduction of approximately 3.2%[180] - The company has a senior credit facility with a revolving credit capacity of $1.0 billion, maturing on April 29, 2027, with an interest rate of 5.95% as of September 30, 2024[181] - The Global Credit Revolving Credit Facility has a total capacity of $500 million, with no outstanding borrowings as of September 30, 2024, after repaying $5.0 million and €5.0 million during the nine months ended September 30, 2024[182] Legal Matters - On July 29, 2022, a lawsuit was filed by the City of Pittsburgh Comprehensive Municipal Trust Fund against the Company in the Delaware Court of Chancery[214] - The lawsuit includes allegations of breach of the Company's certificate of incorporation[214] - The Plaintiff is making a direct claim against the Company and a derivative claim against certain current and former officers and directors[214] Miscellaneous - The Company was established on January 1, 2020, following the conversion from a partnership to a corporation[214] - The company expects the impact of recent accounting guidance on segment reporting and income tax disclosure to be immaterial to its financial statements[125][126]