Carlyle Group LP (NASDAQ:CG) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:30 am ET


Carlyle Group LP (NASDAQ:CG) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Carlyle Group Second Quarter 2020 Earnings Call. [Operator Instructions]

I would now like to hand the conference over to your speaker for today, Mr. Daniel Harris. You may begin, sir.

Daniel F. Harris

Thank you, Demetrius. Good morning, and welcome to Carlyle's Second Quarter 2020 Earnings Call. With me on the call today is our Co-Chief Executive Officer, Kewsong Lee; and our Chief Financial Officer, Curt Buser. This call is being webcast, and a replay will be available on our website.

We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. We have provided reconciliations of these measures to GAAP in our earnings release. Any forward-looking statements made today do not guarantee future performance, and undue reliance should not be placed on them. These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our annual report on Form 10-K and our other SEC filings that could cause actual results to differ materially from those indicated. Carlyle assumes no obligation to update any forward-looking statements at any time. Earlier this morning, we issued a press release and detailed earnings presentation, which is also available on our Investor Relations website. For the second quarter, we generated $127 million in fee-related earnings and $198 million in distributable earnings, with DE per common share of $0.53. We've declared a quarterly dividend of $0.25 per common share. To ensure participation by all those on the call, please limit yourself to one question and then return to the queue for any additional follow-ups.

With that, let me turn the call over to our Co-Chief Executive Officer, Kewsong Lee.

Kewsong Lee

Good morning, everyone, and thank you for joining our call today. We hope you're doing well and that you and your families are staying safe and healthy. So before we get started, I want to thank Glenn for his partnership and friendship over the last several years. We accomplished a lot, and I am proud of the work we did together to make Carlyle an even stronger firm. He is a culture carrier and a Class Act. I wish Glenn all the very best as he goes off into a life for public service.

Now on to Carlyle, our priorities and our results. The combined health and economic crisis is a backdrop unlike anything we have lived through. I'm proud of how everyone at Carlyle has come together to do an amazing work and job on behalf of all of our investors, and I would like to thank our entire organization for their focus and commitment during these challenging times. Despite the current environment, we are adapting well, and our business continues to perform. This is evidenced by our solid second quarter results, which includes strong fund appreciation, a substantial increase in our