Carlyle Group (CG) FY2018 results: revenue $2.4 billion, down 34.0% on the year
Carlyle Group Inc. (CG) reported revenue of $2.4 billion for fiscal 2018, the year ended 31 December 2018, down 34.0% on the year before. Net income was $116 million, down 52.3%, and diluted earnings per share $0.82. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$2.4 billion
-34.0% on the year
FY2011FY2018
Operating margin
14.7%
28.4% a year earlier
FY2011FY2018
Net income
$116 million
-52.3% on the year
FY2011FY2018
Diluted EPS
$0.82
-65.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,427
3,676
2,274
-34.0%
Cost of revenue
n/a
64.4
31.3
Gross profit
n/a
3,612
2,243
Gross margin
n/a
98.2%
98.6%
Operating income
356
1,044
32.2
-65.9%
Operating margin
14.7%
28.4%
1.4%
Interest expense
82.2
65.5
61.3
+25.5%
Pre-tax income
360
1,132
45.3
-68.2%
Income tax
31.3
125
30.0
-74.9%
Effective tax rate
8.7%
11.0%
66.2%
Net income
116
244
6.4
-52.3%
Net margin
4.8%
6.6%
0.3%
Diluted EPS
$0.82
$2.38
-$0.08
-65.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
-344
-7.1
-301
Capital expenditure
31.3
34.0
25.4
-7.9%
Free cash flow
-375
-41.1
-326
Free cash flow margin
-15.4%
-1.1%
-14.3%
Cash from investing
-99.1
-34.0
-25.4
Cash from financing
72.0
319
15.3
-77.4%
Depreciation and amortisation
46.9
41.3
n/a
+13.6%
Share-based compensation
240
320
335
-25.1%
Buybacks
108
0.2
58.9
+53,650.0%
Dividends paid
130
118
141
+9.9%
Dividend per share
n/a
$1.24
$1.68
Diluted shares, weighted
113m
100m
309m
+13.3%
Shares outstanding at period end
108m
100m
85m
+7.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,836
n/a
n/a
Debt
1,550
1,574
1,345
-1.5%
Other liabilities
8,528
n/a
n/a
Total liabilities and equity
12,914
12,281
9,973
+5.2%
Fixed assets
95.1
100
106
-5.3%
Goodwill
15.3
11.1
10.1
+37.8%
Intangible assets
62.0
24.8
31.9
+150.0%
Cash and equivalents
630
1,000
671
-37.0%
Other assets
12,112
11,144
9,154
+8.7%
Total assets
12,914
12,281
9,973
+5.2%
10-K for the year ended 31 December 2018, filed 13 February 2019: the filing.