2023 Q2 Form 10-Q Financial Statement

#000152716623000064 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $462.1M $859.0M
YoY Change -55.95% -45.69%
Cost Of Revenue $40.60M $229.1M
YoY Change -85.21% -48.09%
Gross Profit $421.5M $629.9M
YoY Change -45.58% -44.77%
Gross Profit Margin 91.21% 73.33%
Selling, General & Admin $463.6M $429.2M
YoY Change 5.8% 6.82%
% of Gross Profit 109.99% 68.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.10M $44.00M
YoY Change 8.89% 126.8%
% of Gross Profit 10.46% 6.99%
Operating Expenses $496.4M $462.0M
YoY Change 6.05% 13.51%
Operating Profit -$74.90M $167.9M
YoY Change -124.45% -77.11%
Interest Expense $4.900M $29.70M
YoY Change -81.78% 6.83%
% of Operating Profit 17.69%
Other Income/Expense, Net $0.00 -$100.0K
YoY Change -100.0% -66.67%
Pretax Income -$70.00M $159.6M
YoY Change -123.36% -78.51%
Income Tax -$7.300M $34.30M
% Of Pretax Income 21.49%
Net Earnings -$98.40M $100.7M
YoY Change -140.1% -82.38%
Net Earnings / Revenue -21.29% 11.72%
Basic Earnings Per Share -$0.27 $0.28
Diluted Earnings Per Share -$0.27 $0.28
COMMON SHARES
Basic Shares Outstanding 362.1M shares 364.2M shares
Diluted Shares Outstanding 361.3M shares 365.4M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.407B $1.239B
YoY Change -8.63% -15.09%
Cash & Equivalents $1.407B $1.010B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $116.7M $499.3M
Other Receivables $605.8M $100.6M
Total Short-Term Assets $2.129B $1.839B
YoY Change -0.98% -6.44%
LONG-TERM ASSETS
Property, Plant & Equipment $498.4M $141.8M
YoY Change 260.12% -2.34%
Goodwill $104.0M $104.0M
YoY Change 718.9% 693.89%
Intangibles
YoY Change
Long-Term Investments $11.37B $2.916B
YoY Change 312.03% 9.92%
Other Assets $19.60M $30.90M
YoY Change 12.64% 71.67%
Total Long-Term Assets $19.25B $19.44B
YoY Change -0.12% -1.7%
TOTAL ASSETS
Total Short-Term Assets $2.129B $1.839B
Total Long-Term Assets $19.25B $19.44B
Total Assets $21.38B $21.27B
YoY Change -0.2% -2.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $327.5M $304.8M
YoY Change 3.97% -16.58%
Accrued Expenses $4.352B $4.430B
YoY Change -14.72% -13.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $63.40M $33.90M
YoY Change 93.29% -52.72%
Total Short-Term Liabilities $5.038B $5.083B
YoY Change -12.92% -13.52%
LONG-TERM LIABILITIES
Long-Term Debt $8.710B $2.276B
YoY Change 289.0% 0.91%
Other Long-Term Liabilities $678.2M $662.5M
YoY Change -5.58% -34.39%
Total Long-Term Liabilities $9.388B $2.276B
YoY Change 319.29% 0.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.038B $5.083B
Total Long-Term Liabilities $9.388B $2.276B
Total Liabilities $15.42B $14.46B
YoY Change 2.83% -5.98%
SHAREHOLDERS EQUITY
Retained Earnings $2.993B $3.281B
YoY Change -9.58% 2.3%
Common Stock $3.600M $3.600M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.964B $6.175B
YoY Change
Total Liabilities & Shareholders Equity $21.38B $21.27B
YoY Change -0.2% -2.13%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$98.40M $100.7M
YoY Change -140.1% -82.38%
Depreciation, Depletion And Amortization $44.10M $44.00M
YoY Change 8.89% 126.8%
Cash From Operating Activities -$736.5M -$112.5M
YoY Change 294.27% -69.73%
INVESTING ACTIVITIES
Capital Expenditures $19.60M $12.90M
YoY Change -484.31% 4.88%
Acquisitions
YoY Change
Other Investing Activities $58.20M -$81.00M
YoY Change
Cash From Investing Activities $38.60M -$93.90M
YoY Change -856.86% -85.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 544.5M -$136.5M
YoY Change 126.5% -17.02%
NET CHANGE
Cash From Operating Activities -736.5M -$112.5M
Cash From Investing Activities 38.60M -$93.90M
Cash From Financing Activities 544.5M -$136.5M
Net Change In Cash -153.4M -$334.6M
YoY Change -416.29% -71.75%
FREE CASH FLOW
Cash From Operating Activities -$736.5M -$112.5M
Capital Expenditures $19.60M $12.90M
Free Cash Flow -$756.1M -$125.4M
YoY Change 316.13% -67.34%

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CY2022Q1 cg Cash And Cash Equivalents At Carrying Value Held At Consolidated Funds
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<div style="margin-bottom:6pt;margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;margin-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance allocations and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance allocations and incentive fees. Actual results could differ from these estimates and such differences could be material.</span></div>
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Goodwill
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CY2023Q1 us-gaap Intangible Assets Net Including Goodwill
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866400000 usd
CY2022Q4 us-gaap Intangible Assets Net Including Goodwill
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897800000 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Finitelived
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CY2022Q1 us-gaap Impairment Of Intangible Assets Finitelived
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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32800000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q1 cg Finite Lived Intangible Asset Expected Amortization After Year Four
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CY2023Q1 us-gaap Notes And Loans Payable
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CY2022Q4 us-gaap Debt Instrument Face Amount
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CY2022Q4 us-gaap Notes And Loans Payable
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CY2022Q1 us-gaap Interest Expense Debt
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CY2023Q1 cg Fair Value Of Collateralized Loan Obligation Assets
FairValueOfCollateralizedLoanObligationAssets
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CY2022Q4 cg Fair Value Of Collateralized Loan Obligation Assets
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CY2022Q4 cg Accrued Performance Fees Due To Employees And Advisors Included In Accrued Compensation
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CY2023Q1 us-gaap Accrued Bonuses Current And Noncurrent
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CY2022Q4 us-gaap Accrued Bonuses Current And Noncurrent
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CY2023Q1 cg Employment Based Contingent Cash Consideration
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CY2022Q4 cg Employment Based Contingent Cash Consideration
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CY2022Q4 us-gaap Defined Benefit Pension Plan Liabilities Current
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CY2022Q4 us-gaap Other Employee Related Liabilities Current And Noncurrent
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CY2023Q1 us-gaap Employee Related Liabilities Current And Noncurrent
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CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
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CY2023Q1 cg Accrued Bonuses Make Whole Cash Incentive Awards Granted
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CY2023Q1 cg Accrued Performance Allocations And Incentive Fee Related Compensation Not Yet Paid
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CY2022Q4 cg Accrued Performance Allocations And Incentive Fee Related Compensation Not Yet Paid
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CY2023Q1 cg Performance Fee Expense Realized
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103600000 usd
CY2022Q1 cg Performance Fee Expense Realized
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CY2023Q1 cg Unrealized Gain Loss On Performance Revenues And Fees Compensation Expense
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CY2022Q1 cg Unrealized Gain Loss On Performance Revenues And Fees Compensation Expense
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233100000 usd
CY2023Q1 cg Performance Allocations And Incentive Fee Expense
PerformanceAllocationsAndIncentiveFeeExpense
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CY2022Q1 cg Performance Allocations And Incentive Fee Expense
PerformanceAllocationsAndIncentiveFeeExpense
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CY2023Q1 cg Unfunded Commitment
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4175900000 usd
CY2023Q1 cg Unfunded Commitment
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4200000000 usd
CY2023Q1 cg Unfunded Commitment To Be Paid By Senior Executives And Professionals
UnfundedCommitmentToBePaidBySeniorExecutivesAndProfessionals
3500000000 usd
CY2023Q1 cg Unfunded Commitments Origination And Syndication Of Loans
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CY2023Q1 cg Accrued Giveback Obligations
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CY2023Q1 cg Giveback Obligation Receivable
GivebackObligationReceivable
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CY2023Q1 cg Amount Of Giveback Obligation Of Current And Former Related Parties
AmountOfGivebackObligationOfCurrentAndFormerRelatedParties
18900000 usd
CY2023Q1 cg Amount Of Net Accrued Giveback Obligation Of Subsidiary
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CY2023Q1 us-gaap Lessee Operating Lease Renewal Term
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CY2023Q1 cg Lessee Operating Lease Option To Terminate Term
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CY2023Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Sublease Income
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CY2022Q1 us-gaap Sublease Income
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CY2023Q1 us-gaap Lease Cost
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12600000 usd
CY2022Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16300000 usd
CY2022Q1 us-gaap Operating Lease Payments
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16000000.0 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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51400000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
65000000.0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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61000000.0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
58600000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
59200000 usd
CY2023Q1 cg Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
340000000.0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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635200000 usd
CY2023Q1 cg Lessee Operating Lease Lease Notyet Commenced Payments Due
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25800000 usd
CY2022Q4 cg Management Fee Reimbursable Expenses And Other Receivables From Unconsolidated Funds And Affiliates
ManagementFeeReimbursableExpensesAndOtherReceivablesFromUnconsolidatedFundsAndAffiliates
511100000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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114500000 usd
CY2023Q1 us-gaap Operating Lease Liability
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494900000 usd
CY2023Q1 cg Number Of Employees Serving On Board Of Directors
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87500000 usd
CY2023Q1 us-gaap Loss Contingency Accrual At Carrying Value
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CY2023Q1 cg Accrued Incentive Fees Related Party
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17500000 usd
CY2022Q4 cg Accrued Incentive Fees Related Party
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CY2023Q1 cg Giveback Obligation Receivable
GivebackObligationReceivable
10000000.0 usd
CY2022Q4 cg Giveback Obligation Receivable
GivebackObligationReceivable
10400000 usd
CY2023Q1 cg Notes Receivable And Accrued Interest From Affiliates
NotesReceivableAndAccruedInterestFromAffiliates
32900000 usd
CY2022Q4 cg Notes Receivable And Accrued Interest From Affiliates
NotesReceivableAndAccruedInterestFromAffiliates
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CY2023Q1 cg Management Fee Reimbursable Expenses And Other Receivables From Unconsolidated Funds And Affiliates
ManagementFeeReimbursableExpensesAndOtherReceivablesFromUnconsolidatedFundsAndAffiliates
438900000 usd
CY2023Q1 us-gaap Due From Affiliates
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499300000 usd
CY2022Q4 us-gaap Due From Affiliates
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579400000 usd
CY2023Q1 us-gaap Receivable With Imputed Interest Effective Yield Interest Rate
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CY2023Q1 cg Due To Affiliates Of Consolidated Funds
DueToAffiliatesOfConsolidatedFunds
11600000 usd
CY2022Q4 cg Due To Affiliates Of Consolidated Funds
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CY2023Q1 cg Due To Non Consolidated Affiliates
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130900000 usd
CY2022Q4 cg Due To Non Consolidated Affiliates
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CY2023Q1 cg Amounts Owed Under Tax Receivable Agreement
AmountsOwedUnderTaxReceivableAgreement
79600000 usd
CY2022Q4 cg Amounts Owed Under Tax Receivable Agreement
AmountsOwedUnderTaxReceivableAgreement
100000000.0 usd
CY2023Q1 cg Due To Affiliate Deferred Consideration
DueToAffiliateDeferredConsideration
65200000 usd
CY2022Q4 cg Due To Affiliate Deferred Consideration
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CY2023Q1 cg Due To Affiliates Other
DueToAffiliatesOther
26800000 usd
CY2022Q4 cg Due To Affiliates Other
DueToAffiliatesOther
24600000 usd
CY2023Q1 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
314100000 usd
CY2022Q4 us-gaap Due To Affiliate Current And Noncurrent
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CY2020Q1 cg Termination Of Tax Receivable Agreement Cost Per Partnership Unit Exchanged
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CY2020Q1 cg Termination Of Tax Receivable Agreement Annual Installment Cost Per Partnership Unit Exchanged
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CY2020Q1 cg Termination Of Tax Receivable Agreement Obligation Discount
TerminationOfTaxReceivableAgreementObligationDiscount
11300000 usd
CY2023Q1 cg Percentage Of Estimated Realizable Tax Benefit To Be Paid By Corporate Taxpayers On Exchange Transactions
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CY2023Q1 us-gaap Related Party Transaction Amounts Of Transaction
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CY2022Q1 us-gaap Related Party Transaction Amounts Of Transaction
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34300000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
147900000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.21
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
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CY2022Q4 us-gaap Taxes Payable Current And Noncurrent
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CY2023Q1 us-gaap Minority Interest
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CY2022Q4 us-gaap Minority Interest
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CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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24600000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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100700000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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362944260 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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571600000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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571600000 usd
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Earnings Per Share Basic
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1.60
CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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362944260 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
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CY2023Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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500000000 usd
CY2021Q4 cg Realized Performance Allocations And Incentive Fee Related Compensation Percentage
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CY2023Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
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CY2022Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
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CY2022Q1 cg Realized Performance Allocations And Incentive Fee Related Compensation
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CY2022Q2 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
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CY2022Q2 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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CY2022Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
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CY2022Q3 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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CY2022Q4 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
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CY2022Q4 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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CY2023Q1 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
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CY2023Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Number Of Reportable Segments
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CY2022Q1 us-gaap Number Of Reportable Segments
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CY2022Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 cg Economic Net Income Loss Reconciliation Distributed Earnings
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CY2023Q1 us-gaap Assets
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CY2022Q1 cg Economic Net Income Loss Reconciliation Distributed Earnings
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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742700000 usd
CY2023Q1 cg Performance Allocations And Incentive Fee Expense
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CY2023Q1 cg Net Realized Performance Fees
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CY2022Q1 cg Performance Allocations And Incentive Fee Expense
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CY2022Q1 cg Net Realized Performance Fees
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 cg Cash And Cash Equivalents At Carrying Value Held At Consolidated Funds
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228800000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2023Q1 cg Corporate Treasury Investments
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CY2023Q1 cg Accrued Performance Based Capital Allocation
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CY2023Q1 us-gaap Investments
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CY2023Q1 cg Investments Of Consolidated Funds
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CY2023Q1 us-gaap Due From Affiliates
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CY2023Q1 cg Due From Affiliates Of Consolidated Funds
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Other Assets
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CY2023Q1 us-gaap Intangible Assets Net Including Goodwill
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CY2023Q1 us-gaap Deferred Income Tax Assets Net
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CY2023Q1 us-gaap Assets
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CY2023Q1 us-gaap Long Term Debt Noncurrent
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CY2023Q1 cg Loan Payable To Affiliate Of Consolidated Funds
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CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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CY2023Q1 us-gaap Employee Related Liabilities Current And Noncurrent
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CY2023Q1 us-gaap Due To Affiliate Current And Noncurrent
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CY2023Q1 us-gaap Contract With Customer Liability
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CY2023Q1 us-gaap Deferred Income Tax Liabilities Net
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CY2023Q1 cg Other Liabilities Of Consolidated Funds
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 cg Accrued Giveback Obligations
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CY2023Q1 us-gaap Liabilities
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CY2023Q1 us-gaap Common Stock Value
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CY2023Q1 us-gaap Additional Paid In Capital
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CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2023Q1 us-gaap Minority Interest
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