Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - KKR & Co. Inc. | ex99_1.htm |
| 8-K - 8-K - KKR & Co. Inc. | form8k.htm |
Exhibit 99.2
KKR & CO. INC.
SEGMENT RESULTS (UNAUDITED)
(Amounts in thousands)
| For the Years Ended December 31, |
||||||||||||
|
2015
|
2016
|
2017
|
||||||||||
|
Segment Revenues
|
||||||||||||
|
Fees and Other, Net
|
||||||||||||
|
Management Fees
|
$
|
732,033
|
$
|
797,862
|
$
|
905,188
|
||||||
|
Transaction Fees
|
364,994
|
344,274
|
777,247
|
|||||||||
|
Monitoring Fees
|
264,643
|
64,354
|
81,021
|
|||||||||
|
Fee Credits
|
(219,620
|
)
|
(131,628
|
)
|
(261,429
|
)
|
||||||
|
Total Fees and Other, Net
|
1,142,050
|
1,074,862
|
1,502,027
|
|||||||||
|
Realized Performance Income (Loss)
|
||||||||||||
|
Carried Interest
|
1,027,154
|
1,256,208
|
1,198,981
|
|||||||||
|
Incentive Fees
|
19,647
|
33,346
|
73,395
|
|||||||||
|
Total Realized Performance Income (Loss)
|
1,046,801
|
1,289,554
|
1,272,376
|
|||||||||
|
Realized Investment Income (Loss)
|
||||||||||||
|
Net Realized Gains (Losses)
|
337,023
|
371,563
|
194,020
|
|||||||||
|
Interest Income and Dividends
|
411,536
|
322,857
|
285,696
|
|||||||||
|
Total Realized Investment Income (Loss)
|
748,559
|
694,420
|
479,716
|
|||||||||
|
Total Segment Revenues
|
|
2,937,410
|
|
3,058,836
|
|
3,254,119
|
||||||
|
Segment Expenses
|
||||||||||||
|
Compensation and Benefits(1)
|
1,015,056
|
1,119,564
|
1,282,745
|
|||||||||
|
Occupancy and Related Charges
|
62,657
|
62,400
|
56,410
|
|||||||||
|
Other Operating Expenses
|
233,618
|
234,348
|
243,772
|
|||||||||
|
Total Segment Expenses
|
|
1,311,331
|
|
1,416,312
|
|
1,582,927
|
||||||
|
Segment Operating Earnings
|
1,626,079
|
1,642,524
|
1,671,192
|
|||||||||
|
Interest Expense
|
203,085
|
188,761
|
181,612
|
|||||||||
|
Preferred Dividends
|
-
|
22,235
|
33,364
|
|||||||||
|
Income (Loss) Attributable to Noncontrolling Interests
|
16,007
|
2,336
|
6,551
|
|||||||||
|
Income Taxes Paid
|
140,677
|
87,723
|
94,065
|
|||||||||
|
After-tax Distributable Earnings
|
$
|
1,266,310
|
$
|
1,341,469
|
$
|
1,355,600
|
||||||
(1) Includes equity-based compensation of $186,346, $186,227 and $204,308 for the years ended December 31, 2015, 2016 and 2017, respectively.
1
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. CLASS A COMMON STOCKHOLDERS (GAAP
BASIS) TO AFTER-TAX DISTRIBUTABLE EARNINGS (UNAUDITED)
(Amounts in thousands)
| For the Years Ended December 31, |
||||||||||||
|
2015
|
2016
|
2017
|
||||||||||
|
Net Income (Loss) Attributable to KKR & Co. Inc. Class A Common Stockholders
|
$
|
488,482
|
$
|
287,072
|
$
|
984,941
|
||||||
|
Add: Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P.
|
433,693
|
212,878
|
791,021
|
|||||||||
|
Add: Equity-based and Other Compensation - KKR Holdings L.P. and Other
|
75,233
|
78,663
|
141,727
|
|||||||||
|
Add: Amortization of Intangibles and Other, net
|
47,599
|
(17,267
|
)
|
122,870
|
||||||||
|
Deduct: Unrealized Carried Interest
|
163,545
|
(420,372
|
)
|
600,242
|
||||||||
|
Deduct: Net Unrealized Gains (Losses)
|
(391,962
|
)
|
(584,423
|
)
|
395,358
|
|||||||
|
Add: Unrealized Performance Income Compensation
|
66,927
|
(161,510
|
)
|
247,601
|
||||||||
|
Deduct: Gain from remeasurement of tax receivable agreement liability
|
-
|
-
|
67,221
|
|
||||||||
|
Add: Income tax provision
|
66,636
|
24,561
|
224,326
|
|||||||||
|
Deduct: Income Taxes Paid
|
140,677
|
87,723
|
94,065
|
|||||||||
|
After-tax Distributable Earnings
|
$
|
1,266,310
|
$
|
1,341,469
|
$
|
1,355,600
|
||||||
2
RECONCILIATION OF TOTAL GAAP REVENUES AND TOTAL GAAP EXPENSES TO TOTAL SEGMENT REVENUES AND TOTAL SEGMENT
EXPENSES (UNAUDITED)
(Amounts in thousands)
| For the Years Ended December 31, | ||||||||||||
|
2015
|
2016
|
2017
|
||||||||||
|
Total GAAP Revenues
|
$
|
1,043,768
|
$
|
1,908,093
|
$
|
3,282,265
|
||||||
|
Add: Management Fees - Consolidated Funds and Other
|
538,986 |
196,375
|
267,032
|
|||||||||
|
Deduct: Fee Credits - Consolidated Funds
|
202,269
|
2,921
|
4,028
|
|||||||||
|
Deduct: Capital Allocation-Based Income (GAAP)
|
-
|
803,185
|
1,740,661
|
|||||||||
|
Add: Segment Realized Carried Interest
|
1,027,154
|
1,256,208
|
1,198,981
|
|||||||||
|
Add: Segment Realized Investment Income (Loss)
|
748,559
|
694,420
|
479,716
|
|||||||||
|
Deduct: Revenue Earned by Other Consolidated Entities
|
152,644 |
108,605
|
106,042
|
|||||||||
|
Deduct: Expense Reimbursements
|
66,144
|
81,549
|
123,144
|
|||||||||
|
Total Segment Revenues
|
$
|
2,937,410
|
$
|
3,058,836
|
$
|
3,254,119
|
||||||
|
Total GAAP Expenses
|
$
|
1,871,225
|
$
|
1,695,474
|
$
|
2,336,692
|
||||||
|
Deduct: Equity-based and Other Compensation - KKR Holdings L.P. and Other
|
75,233
|
78,663
|
141,727
|
|||||||||
|
Deduct: Segment Unrealized Performance Income Compensation
|
66,927
|
(161,510
|
)
|
247,601
|
||||||||
|
Deduct: Amortization of Intangibles
|
46,362
|
41,803
|
17,821
|
|||||||||
|
Deduct: Reimbursable Expenses
|
80,712
|
111,016
|
155,173
|
|||||||||
|
Deduct: Operating Expenses relating to Other Consolidated Entities
|
264,661
|
216,958
|
172,920
|
|||||||||
|
Add: Other
|
(25,999
|
)
|
7,768
|
(18,523
|
)
|
|||||||
|
Total Segment Expenses
|
$
|
1,311,331
|
$
|
1,416,312
|
$
|
1,582,927
|
||||||
3