Carlyle Group (CG) FY2019 results: revenue $3.4 billion, up 39.1% on the year
Carlyle Group Inc. (CG) reported revenue of $3.4 billion for fiscal 2019, the year ended 31 December 2019, up 39.1% on the year before. Net income was $381 million, up 227.0%, and diluted earnings per share $2.82. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2020.
Revenue
$3.4 billion
+39.1% on the year
FY2012FY2019
Operating margin
37.2%
14.7% a year earlier
FY2012FY2019
Net income
$381 million
+227.0% on the year
FY2012FY2019
Diluted EPS
$2.82
+243.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,377
2,427
3,676
+39.1%
Cost of revenue
n/a
n/a
64.4
Gross profit
n/a
n/a
3,612
Gross margin
n/a
n/a
98.2%
Operating income
1,257
356
1,044
+253.5%
Operating margin
37.2%
14.7%
28.4%
Interest expense
82.1
82.2
65.5
-0.1%
Pre-tax income
1,233
360
1,132
+242.4%
Income tax
49.0
31.3
125
+56.5%
Effective tax rate
4.0%
8.7%
11.0%
Net income
381
116
244
+227.0%
Net margin
11.3%
4.8%
6.6%
Diluted EPS
$2.82
$0.82
$2.38
+243.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
359
-344
-7.1
Capital expenditure
27.8
31.3
34.0
-11.2%
Free cash flow
331
-375
-41.1
Free cash flow margin
9.8%
-15.4%
-1.1%
Cash from investing
-27.8
-99.1
-34.0
Cash from financing
-149
72.0
319
Depreciation and amortisation
65.6
46.9
41.3
+39.9%
Share-based compensation
140
240
320
-41.6%
Buybacks
34.5
108
0.2
-67.9%
Dividends paid
155
130
118
+19.3%
Dividend per share
n/a
n/a
$1.24
Diluted shares, weighted
123m
113m
100m
+8.2%
Shares outstanding at period end
118m
108m
100m
+9.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,970
2,836
n/a
+4.7%
Debt
1,976
1,550
1,574
+27.5%
Other liabilities
8,863
8,528
n/a
+3.9%
Total liabilities and equity
13,809
12,914
12,281
+6.9%
Fixed assets
108
95.1
100
+13.8%
Goodwill
16.1
15.3
11.1
+5.2%
Intangible assets
46.2
62.0
24.8
-25.5%
Cash and equivalents
793
630
1,000
+26.0%
Other assets
12,845
12,112
11,144
+6.0%
Total assets
13,809
12,914
12,281
+6.9%
10-K for the year ended 31 December 2019, filed 12 February 2020: the filing.