KKR & Co. Inc. Quarterly Report for Q1 Ended Mar 31, 2019

Summary

KKR & Co. Inc. reported strong performance for the first quarter of 2019, with total revenues of $1.19 billion, a significant increase from $472.6 million in the same period of the prior year. This growth was primarily driven by a substantial rise in Capital Allocation-Based Income, soaring to $814.9 million from $78.2 million year-over-year, largely due to increased carried interest and general partner capital interest reflecting strong private equity portfolio performance. Net income attributable to KKR & Co. Inc. Class A common stockholders more than quadrupled to $701.0 million ($1.27 per diluted share) from $170.1 million ($0.32 per diluted share) in the prior year's first quarter. The company's balance sheet remained robust, with total assets growing to $52.0 billion as of March 31, 2019, up from $50.7 billion at the end of 2018. Investments increased to $45.8 billion. Total equity also saw a significant increase to $26.2 billion, driven by retained earnings and overall growth. The company maintained a consistent debt level, with total debt obligations at $22.3 billion. KKR also continued its share repurchase program, repurchasing approximately 1.4 million shares of Class A common stock during the quarter.

Key Highlights

• 1Total revenues increased significantly to $1.19 billion for Q1 2019, up from $472.6 million in Q1 2018, driven by strong performance in Capital Allocation-Based Income.
• 2Capital Allocation-Based Income surged to $814.9 million in Q1 2019, compared to $78.2 million in Q1 2018, primarily due to higher carried interest and general partner capital interest.
• 3Net income attributable to KKR & Co. Inc. Class A common stockholders increased to $701.0 million ($1.27 per diluted share) in Q1 2019, a substantial rise from $170.1 million ($0.32 per diluted share) in Q1 2018.
• 4Total assets grew to $52.0 billion as of March 31, 2019, up from $50.7 billion at December 31, 2018.
• 5Investments increased to $45.8 billion as of March 31, 2019, compared to $44.9 billion at December 31, 2018.
• 6Total equity increased to $26.2 billion as of March 31, 2019, primarily due to growth in retained earnings.
• 7KKR repurchased approximately 1.4 million shares of Class A common stock during the first quarter of 2019 under its share repurchase program.

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