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Carlyle Group Inc (CG)

The Carlyle Group is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 30 offices across six continents.

Company profile

Ticker
CG, CGABL
Exchange
Website
CEO
Kewsong Lee
Employees
Incorporated
Fiscal year end
Industry (SIC)
Former names
Carlyle Group L.P.
SEC CIK
Subsidiaries
ACP 2021 Agg. GP, LLC • Alp Holdings • ALP L Global GP B.V. • ALP L Global GP, LLC • Alp Lower Holdings Ltd. • AlpInvest Access GP LLC • AlpInvest Access II GP B.V. • AlpInvest Access II GP, LLC • AlpInvest Access III GP, LLC • AlpInvest AF B.V. ...
IRS number
452832612
SEC advisor number
801-52462
FINRA CRD number
111128
AUM ?
$143.79B (as of 29 Mar 20)
Accounts
561 (as of 29 Mar 20)
Employees
864 (286 investment advisory or research)
Address
Carlyle Group Inc
C/O THE CARLYLE GROUP
1001 PENNSYLVANIA AVENUE, N.W.
WASHINGTON
DC 20004
Phone
202 729 5626

CG stock data

Investment data

Data from SEC filings
9 long holdings
End of quarter 30 Jun 22
Value
 
#Shares
 
Prev Q
 
Change
%, QoQ
$2.97B 153.67M 153.67M 0
$1.39B 41.67M NEW
$1.21B 12.46M NEW
$109.19M 6.25M 6.25M 0
$106.72M 13.61M 13.61M 0
$6.89M 1.2M 1.15M +4.2
$5.34M 4.81M NEW
$701K 129.41K 129.41K 0
$465K 314.4K NEW
42.25M EXIT
118.11M EXIT
Holdings list only includes long positions. Only includes long positions.

Calendar

28 Jul 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.31B 1.31B 1.31B 1.31B 1.31B 1.31B
Cash burn (monthly) (no burn) 25.62M (no burn) (no burn) 62.27M (no burn)
Cash used (since last report) n/a 78.31M n/a n/a 190.34M n/a
Cash remaining n/a 1.23B n/a n/a 1.12B n/a
Runway (months of cash) n/a 48.1 n/a n/a 18.0 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Aug 22 Carlyle Group Inc Class A Common Stock Sell Dispose S Yes No 21.0748 172 3.62K 2,960,231
17 Aug 22 Carlyle Group Inc Class A Common Stock Sell Dispose S Yes No 20.4201 6,472 132.16K 2,960,403
17 Aug 22 Carlyle Group Inc Class A Common Stock Sell Dispose S Yes No 19.8849 3,281 65.24K 2,966,875
17 Aug 22 Carlyle Group Inc Class A Common Stock Option exercise Acquire M Yes No 11 9,925 109.18K 2,970,156
17 Aug 22 Carlyle Group Inc Stock Option Class A Common Stock Option exercise Dispose M Yes No 11 9,925 109.18K 0
15 Aug 22 Carlyle Group Inc Class A Common Stock Sell Dispose S Yes Yes 51.1527 81,500 4.17M 40,307,862
15 Aug 22 Carlyle Group Inc Class A Common Stock Sell Dispose S Yes Yes 50.6546 76,715 3.89M 40,389,362
15 Aug 22 Carlyle Group Inc Class A Common Stock Sell Dispose S Yes Yes 49.7507 9,540 474.62K 40,466,077
12 Aug 22 Carlyle Group Inc Class A Common Stock Sell Dispose S Yes Yes 50.0641 7,516 376.28K 40,475,617
12 Aug 22 Carlyle Group Inc Class A Common Stock Sell Dispose S Yes Yes 49.7703 87,173 4.34M 40,483,133
98.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 436 475 -8.2%
Opened positions 59 87 -32.2%
Closed positions 98 65 +50.8%
Increased positions 196 195 +0.5%
Reduced positions 127 124 +2.4%
13F shares Current Prev Q Change
Total value 19.59B 31.35B -37.5%
Total shares 355.81M 359.26M -1.0%
Total puts 1.24M 1.39M -10.8%
Total calls 679.6K 628K +8.2%
Total put/call ratio 1.8 2.2 -17.5%
Largest owners Shares Value Change
Carlyle Group Management L.L.C. 152.13M $5.75B -2.4%
Vanguard 22.76M $720.47M +16.0%
MS Morgan Stanley 22.29M $705.78M +10.0%
Capital World Investors 17.64M $558.41M -8.5%
Mubadala Investment Co PJSC 16.89M $795.65M 0.0%
Vulcan Value Partners 14.82M $469.17M -8.1%
BLK Blackrock 14.41M $456.16M -5.6%
Alkeon Capital Management 12.99M $411.22M +14.4%
STT State Street 4.59M $145.28M +12.4%
LGEN Legal & General 3.3M $104.45M +14.3%
Largest transactions Shares Bought/sold Change
DB Deutsche Bank AG - Registered Shares 688.45K -6.18M -90.0%
Carlyle Group Management L.L.C. 152.13M -3.72M -2.4%
Vanguard 22.76M +3.13M +16.0%
MS Morgan Stanley 22.29M +2.03M +10.0%
BNS Bank Of Nova Scotia 2.47M +1.91M +345.4%
Healthcare Of Ontario Pension Plan Trust Fund 2.07M +1.88M +1026.5%
Samlyn Capital 0 -1.88M EXIT
Capital World Investors 17.64M -1.65M -8.5%
Alkeon Capital Management 12.99M +1.64M +14.4%
Security Benefit Life Insurance 2.62M -1.57M -37.5%

Financial report summary

?
Competition
SILO Pharma
Risks
  • Adverse economic and market conditions and other events or conditions throughout the world could negatively impact our business in many ways, including by reducing the value or performance of the investments made by our investment funds and reducing the ability of our investment funds to raise capital, any of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition.
  • Changes in the debt financing markets or higher interest rates could negatively impact the ability of certain of our funds and their portfolio companies to obtain attractive financing or re-financing and could increase the cost of such financing if it is obtained, which could lead to lower-yielding investments and could potentially decrease our net income.
  • Our use of leverage may expose us to substantial risks.
  • Our revenue, earnings and cash flow are variable, which makes it difficult for us to achieve steady earnings growth on a quarterly basis.
  • We depend on our Chief Executive Officer and other key personnel, and the loss of their services or investor confidence in such personnel could have a material adverse effect on our business, results of operations and financial condition.
  • Recruiting and retaining our professionals has become more difficult and may continue to be difficult in the future, which could adversely affect our business, results of operations and financial condition.
  • We may not be successful in expanding into new investment strategies, markets and businesses, which could adversely affect our business, results of operations and financial condition.
  • Our organizational documents do not limit our ability to enter into new lines of business, and we intend to, from time to time, expand into new investment strategies, geographic markets and businesses, each of which may result in additional risks and uncertainties in our businesses.
  • Operational risks (including those associated with our business model), system security risks, breaches of data protection, cyberattacks or actions or failure to act by our employees or others with authorized access to our networks may disrupt our businesses, result in losses or limit our growth.
  • Failure to maintain the security of our information and technology networks, including personally identifiable employee and investor information, intellectual property and proprietary business information could have a material adverse effect on us.
  • Laws and regulations relating to privacy, data protection, data transfers, data localization, and data security worldwide may limit the use and adoption of our services and adversely affect our business.
  • We have increasingly undertaken business initiatives to increase the number and type of investment products we offer to retail investors, which could expose us to new and greater levels of risk.
  • Extensive regulation in the United States and abroad affects our activities, increases the cost of doing business and creates the potential for significant liabilities and penalties.
  • It is unclear what impact the United Kingdom’s exit from the European Union will have on the Company or the fund portfolio companies.
  • Financial regulations and changes thereto in the United States could adversely affect our business and the possibility of increased regulatory focus could result in additional burdens and expenses on our business.
  • The short-term and long-term impact of the Basel capital standards is uncertain.
  • Regulatory initiatives in jurisdictions outside the United States could adversely affect our business.
  • The replacement of LIBOR with an alternative reference rate may adversely affect our credit arrangements and our collateralized loan obligation transactions.
  • We are subject to substantial litigation risks and may face significant liabilities and damage to our professional reputation as a result of litigation allegations and negative publicity.
  • Employee misconduct or fraud could harm us and subject us to significant legal liability and reputational harm, which could impair our ability to attract and retain investors in our funds. Fraud, other deceptive practices or other misconduct at our portfolio companies could similarly subject us to liability and reputational damage and also harm performance.
  • Poor performance of our investment funds would cause a decline in our revenue, income and cash flow, may obligate us to repay carried interest previously paid to us, and could adversely affect our ability to raise capital for future investment funds.
  • Our asset management business depends in large part on our ability to raise capital from third-party investors. If we are unable to raise capital from third-party investors, we would be unable to collect management fees or deploy their capital into investments and potentially collect carried interest, which would materially reduce our revenue and cash flow and adversely affect our financial condition.
  • Our investors may negotiate to pay us lower management fees and the economic terms of our future funds may be less favorable to us than those of our existing funds, which could adversely affect our revenues.
  • Valuation methodologies for certain assets in our funds can involve subjective judgments, and the fair value of assets established pursuant to such methodologies may be incorrect, which could result in the misstatement of fund performance and accrued performance allocations.
  • The historical returns attributable to our funds, including those presented in this report, should not be considered as indicative of the future results of our funds or of our future results or of any returns expected on an investment in our common stock.
  • Dependence on significant leverage in investments by our funds could adversely affect our ability to achieve attractive rates of return on those investments.
  • The alternative asset management business is intensely competitive.
  • The due diligence process that we undertake in connection with investments by our investment funds may not reveal all facts that may be relevant in connection with an investment.
  • Our funds invest in relatively high-risk, illiquid assets, and we may fail to realize any profits from these activities for a considerable period of time or lose some or all of our principal investments.
  • The investments of our private equity funds are subject to a number of inherent risks.
  • Our real estate funds are subject to the risks inherent in the ownership and operation of real estate and the construction and development of real estate.
  • We often pursue investment opportunities that involve business, regulatory, legal or other complexities.
  • Our investment funds make investments in companies that we do not control.
  • Our investment funds may invest in assets denominated in currencies which differ from the currency in which the fund is denominated.
  • Our funds make investments in companies that are based outside of the United States, which may expose us to additional risks not typically associated with investing in companies that are based in the United States.
  • We may need to pay “giveback” obligations if and when they are triggered under the governing agreements with our investors.
  • Our investment funds often make preferred and common equity investments that rank junior to preferred equity and debt in a company’s capital structure.
  • Third-party investors in substantially all of our carry funds have the right to remove the general partner of the fund for cause, to accelerate the liquidation date of the investment fund without cause by a simple majority vote and to terminate the investment period under certain circumstances and investors in certain of the investment funds we advise may redeem their investments. These events would lead to a decrease in our revenues, which could be substantial.
  • Third-party investors in our investment funds with commitment-based structures may not satisfy their contractual obligation to fund capital calls when requested by us, which could adversely affect a fund’s operations and performance.
  • Our failure to deal appropriately with conflicts of interest in our investment business could damage our reputation and adversely affect our businesses.
  • Our CLO business and investment into CLOs involves certain risks.
  • Underwriting, syndicating and securities placement activities expose us to risks.
  • Risk management activities may adversely affect the return on our and our funds’ investments.
  • Certain of our fund investments may be concentrated in particular asset types or geographic regions, which could exacerbate any negative performance of those funds to the extent those concentrated investments perform poorly.
  • Our energy business is involved in oil and gas investments (i.e, exploration, production, storage, transportation, logistics, refining, marketing, trading, petrochemicals, energy services and other opportunistic investments), which involves a high degree of risk.
  • Certain of our investment funds may invest in securities of companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Such investments may be subject to a greater risk of poor performance or loss.
  • The financial projections of our portfolio companies could prove inaccurate.
  • Contingent liabilities could harm fund performance.
  • We and our investment funds are subject to risks in using prime brokers, custodians, administrators and other agents and third-party service providers.
  • Investments in the natural resources industry, including the infrastructure and power industries, involve various operational, construction and regulatory risks.
  • Investments in the insurance industry (including our investment in Fortitude) could be adversely impacted by insurance regulations and potential regulatory reforms.
  • Our relationship with Fortitude may not generate a meaningful contribution to our revenue and our indirect controlling ownership of Fortitude could give rise to real or apparent conflicts of interest.
  • Our Global Investment Solutions business is subject to additional risks.
  • Ongoing trade negotiations and potential for further regulatory reform may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies.
  • The market price of our common stock may decline due to the large number of shares of common stock eligible for future sale.
  • The market price of our common stock may be volatile, which could cause the value of your investment to decline.
  • Carlyle Group Management L.L.C. has significant influence over us and its interests may conflict with ours or yours.
  • We are transitioning from a “controlled company” to no longer being a “controlled company” within the meaning of the rules of Nasdaq and the SEC. However, even though we are no longer a “controlled company”, we will continue to qualify for, and as a result rely on, exceptions from certain corporate governance requirements under the rules of Nasdaq during a one-year transition period.
  • Our founders have the right to designate members of our Board of Directors.
  • Our certificate of incorporation will not limit the ability of our former general partner, founders, directors, officers or stockholders to compete with us.
  • Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that you might consider favorable.
  • If The Carlyle Group Inc. were deemed to be an “investment company” under the Investment Company Act, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.
  • The consolidation of investment funds, holding companies or operating businesses of our portfolio companies could make it more difficult to understand the operating performance of the Company and could create operational risks for the Company.
  • Changes in relevant tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities could negatively impact our effective tax rate and tax liability.
  • U.S. and foreign tax regulations could adversely affect our ability to raise funds from certain foreign investors and increase compliance costs.
  • We expect to pay more corporate income taxes than we would have as a limited partnership prior to the Conversion.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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Removed: anticipated, Conversely, Midtown, onset, predictable, reached, revaluation, stable, strength