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Mar 31, 2020
KKR Q1 2020 Earnings Report
Navigated the quarter well amidst uncertainty and volatility, and results bear testament to the strength of the business model.
Key Takeaways
KKR & Co. Inc. reported a GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Class A Common Stockholders of $(1,288.9) million for the quarter ended March 31, 2020. After-tax Distributable Earnings and After-tax Distributable Earnings Per Adjusted Share were $355.3 million and $0.42, respectively, for the quarter ended March 31, 2020.
After-tax Distributable Earnings Per Adjusted Share are 11% higher compared to the first quarter of 2019.
Assets Under Management and Fee Paying Assets Under Management were $207 billion and $159 billion, up 4% and 8%, respectively, over the last twelve months.
Uncalled commitments were $58 billion, of which $19 billion will contribute to Fee Paying Assets Under Management as that capital is either invested or enters its investment period.
A dividend of $0.135 per share of Class A common stock has been declared for the first quarter of 2020, increasing the annualized dividend per Class A Common stock by 8% from $0.50 to $0.54.
Forward Guidance
This release contains certain forward-looking statements. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including the statements with respect to the declaration and payment of dividends in future quarters and the timing, manner and volume of repurchase of Class A common stock pursuant to its repurchase program.
Challenges Ahead
- the severity and duration of the COVID-19 pandemic
- the pandemic's impact on the U.S. and global economies
- federal, state and local governmental responses to the pandemic
- whether KKR realizes all or any of the anticipated benefits from converting to a corporation (the "Conversion") and the timing of realizing such benefits
- whether there are increased or unforeseen costs associated with the Conversion, including any adverse change in tax law
Historical Earnings Impact
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Avg. Return Before/After Earnings
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