Carlyle Group (CG) Q3 FY2023 earnings: revenue $717 million, down 34.2% on the year

Carlyle Group Inc. (CG) reported revenue of $717 million for Q3 FY2023, the quarter ended 30 September 2023, down 34.2% on the same quarter a year earlier. Net income was $81 million, down 71.0% on the year, and diluted earnings per share $0.22. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$717 milliondown 34.2%

Net income$81 milliondown 71.0%

Diluted EPS$0.22

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	717	n/a	n/a	n/a
Operating income	162	n/a	n/a	n/a
Operating margin	22.5%	n/a	n/a
Interest expense	31.4	n/a	n/a	n/a
Pre-tax income	152	n/a	n/a	n/a
Income tax	41.2	n/a	n/a	n/a
Effective tax rate	27.1%	n/a	n/a
Net income	81.3	n/a	n/a	n/a
Net margin	11.3%	n/a	n/a
Diluted EPS	$0.22	n/a	n/a	n/a

$ million except per share.

Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	800	n/a	n/a	n/a
Capital expenditure	17.1	n/a	n/a	n/a
Free cash flow	783	n/a	n/a	n/a
Free cash flow margin	109.2%	n/a	n/a
Cash from investing	-29.2	n/a	n/a	n/a
Cash from financing	-355	n/a	n/a	n/a
Depreciation and amortisation	48.9	n/a	n/a	n/a
Share-based compensation	64.4	n/a	n/a	n/a
Buybacks	42.9	n/a	n/a	n/a
Dividends paid	126	n/a	n/a	n/a
Dividend per share	$0.35	n/a	n/a	n/a
Diluted shares, weighted	364m	n/a	n/a	n/a
Shares outstanding at period end	361m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	6,505	n/a	n/a	n/a
Other liabilities	14,452	n/a	n/a	n/a
Total liabilities and equity	20,957	n/a	n/a	n/a
Fixed assets	155	n/a	n/a	n/a
Goodwill	104	n/a	n/a	n/a
Intangible assets	692	n/a	n/a	n/a
Cash and equivalents	1,268	n/a	n/a	n/a
Other assets	18,739	n/a	n/a	n/a
Total assets	20,957	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	717	926	688	1,070	2,635	1,032	973	1,573	333	1,901	254	1,124
Operating income	162	-840	128	224	786	232	165	394	-37.4	520	-115	248
Operating margin	23%	-91%	19%	21%	30%	22%	17%	25%	-11%	27%	-45%	22%
Interest expense	31.4	32.0	30.8	30.4	30.3	29.5	27.8	28.0	29.8	38.3	38.6	38.2
Pre-tax income	152	-843	121	219	789	265	171	441	85.8	462	-179	274
Tax rate	27%	n/a	18%	32%	22%	14%	7%	26%	-31%	25%	n/a	18%
Net income	81.3	-692	65.6	148	596	211	130	320	0.9	358	-132	137
Net margin	11%	-75%	10%	14%	23%	20%	13%	20%	0%	19%	-52%	12%
Diluted EPS	$0.22	-$1.91	$0.18	$0.40	$1.63	$0.56	$0.35	$0.87	$0.00	$0.96	-$0.37	$0.37
Operating cash flow	800	254	71.1	-1,270	792	-353	-352	-169	-1,560	-1,195	-1,242	-0.5
Capital expenditure	17.1	17.0	14.2	17.7	19.1	26.7	16.7	17.5	23.2	42.0	28.1	32.0
Free cash flow	783	237	56.9	-1,287	773	-380	-369	-186	-1,583	-1,237	-1,270	-32.5
Buybacks	42.9	-0.2	150	178	150	75.8	176	104	203	204	205	304
Dividends paid	126	126	127	126	126	125	126	126	126	126	126	126
Shares outstanding	361m	361m	359m	356m	358m	357m	361m	359m	360m	357m	360m	353m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001527166-23-000084: the filing on EDGAR. All of Carlyle Group Inc.'s filings: EDGAR company page.

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