Carlyle Group (CG) FY2014 results: revenue $3.9 billion, down 12.6% on the year
Carlyle Group Inc. (CG) reported revenue of $3.9 billion for fiscal 2014, the year ended 31 December 2014, down 12.6% on the year before. Net income was $86 million, down 17.6%, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$3.9 billion
-12.6% on the year
FY2010FY2014
Operating margin
2.7%
16.8% a year earlier
FY2010FY2014
Net income
$86 million
-17.6% on the year
FY2010FY2014
Diluted EPS
$1.23
-40.0% on the year
FY2010FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,880
4,441
2,973
-12.6%
Operating income
105
747
682
-86.0%
Operating margin
2.7%
16.8%
22.9%
Interest expense
55.7
45.5
24.6
+22.4%
Pre-tax income
992
1,444
2,440
-31.3%
Income tax
76.8
96.2
40.4
-20.2%
Effective tax rate
7.7%
6.7%
1.7%
Net income
85.8
104
20.3
-17.6%
Net margin
2.2%
2.3%
0.7%
Diluted EPS
$1.23
$2.05
$0.41
-40.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,646
2,994
2,028
-11.6%
Capital expenditure
29.7
29.5
32.7
+0.7%
Free cash flow
2,616
2,965
1,996
-11.8%
Free cash flow margin
67.4%
66.8%
67.1%
Cash from investing
37.0
-135
-126
Cash from financing
-2,293
-2,504
-1,841
Depreciation and amortisation
192
164
108
+17.4%
Share-based compensation
344
322
202
+6.7%
Buybacks
0.0
n/a
n/a
Dividends paid
103
59.9
11.7
+71.5%
Dividend per share
$1.88
$1.33
$0.27
+41.4%
Diluted shares, weighted
68m
278m
260m
-75.4%
Shares outstanding at period end
68m
49m
43m
+37.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Debt
1,293
1,063
886
+21.7%
Total liabilities and equity
35,994
35,622
31,567
+1.0%
Fixed assets
75.4
68.8
63.6
+9.6%
Goodwill
47.5
40.3
37.0
+17.9%
Intangible assets
395
542
654
-27.3%
Cash and equivalents
1,242
967
567
+28.5%
Other assets
34,235
34,004
30,245
+0.7%
Total assets
35,994
35,622
31,567
+1.0%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.