2014 Q2 Form 10-Q Financial Statement

#000119312514303157 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $2.258B $1.440B
YoY Change 56.74% 129.67%
Cost Of Revenue $417.8M $286.8M
YoY Change 45.68% 604.67%
Gross Profit $1.840B $1.154B
YoY Change 59.51% 96.69%
Gross Profit Margin 81.5% 80.08%
Selling, General & Admin $642.1M $601.0M
YoY Change 6.84% -12.31%
% of Gross Profit 34.89% 52.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.50M $21.60M
YoY Change 18.06% -41.14%
% of Gross Profit 1.39% 1.87%
Operating Expenses $642.2M $601.0M
YoY Change 6.86% -12.3%
Operating Profit $1.198B $552.6M
YoY Change 116.78% -659.31%
Interest Expense $29.85M $26.96M
YoY Change 10.72% 95.72%
% of Operating Profit 2.49% 4.88%
Other Income/Expense, Net $138.6M $40.97M
YoY Change 238.29% -83.5%
Pretax Income $1.307B $566.7M
YoY Change 130.58% 317.86%
Income Tax $83.28M $56.08M
% Of Pretax Income 6.37% 9.9%
Net Earnings $517.0M $211.1M
YoY Change 144.86% -381.67%
Net Earnings / Revenue 22.9% 14.66%
Basic Earnings Per Share $0.85 $0.36
Diluted Earnings Per Share $0.85 $0.36
COMMON SHARES
Basic Shares Outstanding 606.7M shares 583.8M shares
Diluted Shares Outstanding 609.9M shares 586.8M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.484B $1.838B
YoY Change 35.15% 44.61%
Cash & Equivalents $1.223B $661.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.132B $936.0M
Other Receivables $0.00 $997.0M
Total Short-Term Assets $4.616B $3.771B
YoY Change 22.41% 41.93%
LONG-TERM ASSETS
Property, Plant & Equipment $132.2M $143.8M
YoY Change -8.07%
Goodwill $1.787B $1.704B
YoY Change 4.92% 0.0%
Intangibles
YoY Change
Long-Term Investments $3.493B $2.777B
YoY Change 25.76% 23.25%
Other Assets $1.186B $1.292B
YoY Change -8.2% 5.04%
Total Long-Term Assets $25.44B $23.97B
YoY Change 6.14% 2.07%
TOTAL ASSETS
Total Short-Term Assets $4.616B $3.771B
Total Long-Term Assets $25.44B $23.97B
Total Assets $30.06B $27.74B
YoY Change 8.35% 6.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.391B $1.096B
YoY Change 26.92% 33.17%
Accrued Expenses $2.349B $1.381B
YoY Change 70.09% 41.35%
Deferred Revenue
YoY Change
Short-Term Debt $42.00M $0.00
YoY Change -100.0%
Long-Term Debt Due $131.0M $78.00M
YoY Change 67.95% -11.36%
Total Short-Term Liabilities $5.260B $4.379B
YoY Change 20.12% 16.22%
LONG-TERM LIABILITIES
Long-Term Debt $8.989B $11.36B
YoY Change -20.9% -6.17%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $8.989B $11.36B
YoY Change -20.9% -6.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.260B $4.379B
Total Long-Term Liabilities $8.989B $11.36B
Total Liabilities $14.25B $15.74B
YoY Change -9.49% -0.86%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.744B $5.539B
YoY Change
Total Liabilities & Shareholders Equity $30.06B $27.74B
YoY Change 8.35% 6.12%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $517.0M $211.1M
YoY Change 144.86% -381.67%
Depreciation, Depletion And Amortization $25.50M $21.60M
YoY Change 18.06% -41.14%
Cash From Operating Activities $863.1M $236.3M
YoY Change 265.26% 11.41%
INVESTING ACTIVITIES
Capital Expenditures -$7.500M -$7.300M
YoY Change 2.74% -6.41%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K
YoY Change -100.0%
Cash From Investing Activities -$7.500M -$7.300M
YoY Change 2.74% -7.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -420.1M -382.6M
YoY Change 9.8% 109.19%
NET CHANGE
Cash From Operating Activities 863.1M 236.3M
Cash From Investing Activities -7.500M -7.300M
Cash From Financing Activities -420.1M -382.6M
Net Change In Cash 435.5M -153.6M
YoY Change -383.53% -821.13%
FREE CASH FLOW
Cash From Operating Activities $863.1M $236.3M
Capital Expenditures -$7.500M -$7.300M
Free Cash Flow $870.6M $243.6M
YoY Change 257.39% 10.78%

Facts In Submission

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<div> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>1.</b></font></td> <td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>ORGANIZATION</b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Blackstone Group L.P., together with its subsidiaries (&#x201C;Blackstone&#x201D; or the &#x201C;Partnership&#x201D;), is a leading global manager of private capital and provider of financial advisory services. The alternative asset management business includes the management of private equity funds, real estate funds, real estate investment trusts (&#x201C;REITs&#x201D;), funds of hedge funds, credit-focused funds, collateralized loan obligation (&#x201C;CLO&#x201D;) vehicles, collateralized debt obligation (&#x201C;CDO&#x201D;) vehicles, separately managed accounts and registered investment companies (collectively referred to as the &#x201C;Blackstone Funds&#x201D;). Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory, capital markets and fund placement services. Blackstone&#x2019;s business is organized into five segments: private equity, real estate, hedge fund solutions, credit and financial advisory.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Partnership was formed as a Delaware limited partnership on March&#xA0;12, 2007. The Partnership is managed and operated by its general partner, Blackstone Group Management L.L.C., which is in turn wholly owned and controlled by one of Blackstone&#x2019;s founders, Stephen A. Schwarzman (the &#x201C;Founder&#x201D;), and Blackstone&#x2019;s other senior managing directors. The activities of the Partnership are conducted through its holding partnerships: Blackstone Holdings&#xA0;I&#xA0;L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, &#x201C;Blackstone Holdings&#x201D;, &#x201C;Blackstone Holdings Partnerships&#x201D; or the &#x201C;Holding Partnerships&#x201D;). The Partnership, through its wholly owned subsidiaries, is the sole general partner in each of these Holding Partnerships.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Generally, holders of the limited partner interests in the four Holding Partnerships may, four times each year, exchange their limited partnership interests (&#x201C;Partnership Units&#x201D;) for Blackstone common units, on a one-to-one basis, exchanging one Partnership Unit in each of the four Holding Partnerships for one Blackstone common unit.</font></p> </div>
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bx Performance Fee Compensation Unrealized Incentive Fees
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bx Repayment Of Loans Payable
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bx Non Cash Performance Fees
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bx Performance Fees Realized Incentive Fees
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bx Increase Decrease In Cash Of Discontinued Operations
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bx Performance Fee Compensation Realized Incentive Fees
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bx Performance Fee Compensation Realized Carried Interest
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bx Net Settlement Of Vested Common Units And Repurchase Of Common And Partnership Units
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bx Fund Expenses Consolidated Funds
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bx Ipo And Acquisition Related Charges
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bx Proceeds From Loans Payable
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bx Economic Net Income
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bx Fund Expenses Added In Consolidation
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bx Performance Fees Unrealized Incentive Fees
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bx Realized Gains Losses On Other Investments
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bx Fund Management Fees And Performance Fees Eliminated In Consolidation
FundManagementFeesAndPerformanceFeesEliminatedInConsolidation
5134000
bx Realized Gains Losses Held By Consolidated Funds
RealizedGainsLossesHeldByConsolidatedFunds
98335000

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