Carlyle Group (CG) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 4, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by, and welcome to Carlyle Group’s first quarter 2023 earnings conference call.

At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star-one-one on your telephone.

I would now like to hand the call over to Head of Public Investor Relations, Daniel Harris. Please go ahead.

Daniel Harris

Thank you Latif. Good morning and welcome to Carlyle’s first quarter 2023 earnings call. With me on the call this morning is our Chief Executive Officer, Harvey Schwartz, and our Chief Financial Officer, Curt Buser.

Earlier this morning, we issued a press release and a detailed earnings presentation which is also available on our Investor Relations website. This call is being webcast and a replay will be available on our website.

We will refer to certain non-GAAP financial measures during today’s call. These measures should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. We have provided a reconciliation of these measures to GAAP in our earnings release to the extent reasonably available.

Any forward-looking statements made today do not guarantee future performance, and undue reliance should not be placed on them. These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our annual report on Form 10-K that could cause actual results to differ materially from those indicated. Carlyle assumes no obligation to update any forward-looking statements at any time.

I’m going to begin with a quick discussion of our results and then hand the call over to Harvey.

For the first quarter, we generated $193 million in fee-related earnings and $272 million in distributable earnings, with DE per common share of $0.63. We raised $6.8 billion of new capital and deployed $3.8 billion in capital across our carry funds. Our accrued carry balance remains at a robust $4 billion. We declared a quarterly dividend of $0.35 per common share.

We know it’s a busy morning, and as we already have a long queue, please limit yourself to one question and move back into the queue for any additional follow-ups.