Carlyle Investor Conference Presentation Deck
Reconciliation of GAAP to Total Segment Information
(Dollars in millions)
INCOME (LOSS) BEFORE PROVISION FOR INCOME
TAXES
Adjustments:
Net unrealized performance revenues
Unrealized principal investment (income) loss¹
Adjusted unrealized principal investment (income) loss from
Fortitude Re
Equity-based compensation²
Acquisition related charges, including amortization of
intangibles and impairment
Other non-operating expense (income)
Tax (expense) benefit associated with certain foreign
performance revenues
Net (income) loss attributable to non-controlling interests in
consolidated entities
Lease assignment and termination costs
Debt extinguisment costs
Corporate conversion costs, severance and other
adjustments
DISTRIBUTABLE EARNINGS
Realized net performance revenues
Realized principal investment income
Net interest
FEE RELATED EARNINGS
1Q'19
$470.3
(155.8)
(238.6)
(27.0)
39.4
12.0
0.3
(6.1)
4.5
0.1
1.7
$100.8
7.0
4.1
13.6
$ 103.3
2Q'19
$ 542.0
(82.4)
(234.9)
(40.1)
38.3
15.4
0.4
3.6
(39.8)
10.9
$213.4
20.8
73.9
14.0
$ 132.7
3Q'19
$ 261.4
126.2
(198.7)
(68.1)
38.9
11.2
0.3
(10.8)
(10.5)
10.8
$
4Q'19
(40.3)
69.7
81.3
(5.7)
34.9
13.4
0.3
(1.0)
9.2
9.9
$ 160.7 $ 171.7
57.7
78.6
7.3
1.7
13.1
16.6
$ 108.8
$ 108.0
1Q'20
$ (789.0)
$
528.9
264.7
22.8
31.7
3.0
0.2
11.2
97.0
4.5
$ 175.0
48.2
15.9
17.9
128.8
LTM 1Q'19 LTM 1Q'20
$ 705.0
(48.7)
(276.5)
(38.7)
203.8
29.7
1.1
(5.5)
(18.4)
66.9
7.9
9.2
$ 635.8
223.6
33.5
46.8
$425.5
$ (25.9)
642.4
(87.6)
(91.1)
143.8
43.0
1.2
3.0
55.9
36.1
$ 720.8
205.3
98.8
61.6
$ 478.3
FY'18
$360.2
50.2
(48.8)
(11.7)
252.2
22.3
1.1
(1.5)
(33.9)
66.9
7.8
9.1
$ 673.9
319.7
48.1
44.3
$ 350.4
(1) The three month periods ended March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020 include $229 million, $231 million, $214 million, $(92) million, and $(89)
million, respectively, in gains (losses) from changes in the fair value of embedded derivatives at Fortitude Re as a result of accounting principles related to derivatives and hedging.
(2) Equity-based compensation includes amounts reflected in principal investment income and general, administrative and other expense in our U.S. GAAP statement of operations, as well as amounts
related to shares issued in conjunction with a previous acquisition and amounts related. LTM 1Q'19 and FY'18 include amounts related to the IPO.
Information reported for periods prior to January 1, 2020 reflect the results of the Partnership.
FY'19
$1,233.4
(42.3)
(590.9)
(140.9)
151.5
52.0
1.3
(14.3)
(36.6)
0.1
33.3
$646.6
164.1
87.0
57.3
$452.8
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