2015 Q2 Form 10-Q Financial Statement

#000140491215000002 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $35.70M $24.94M $17.78M
YoY Change -36.49% 40.28% -88.24%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $554.2M $515.0M $473.2M
YoY Change -5.31% 8.83% 7.72%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $554.2M $515.0M $473.2M
YoY Change -5.31% 8.83% 7.72%
Operating Profit
YoY Change
Interest Expense $139.4M $112.0M $34.73M
YoY Change 111.26% 222.37% 50.85%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $3.336B $1.959B $2.026B
YoY Change 62.07% -3.29% -3.88%
Income Tax $30.55M $16.14M $21.70M
% Of Pretax Income 0.92% 0.82% 1.07%
Net Earnings $376.3M $270.5M $210.0M
YoY Change 111.15% 28.79% 8.58%
Net Earnings / Revenue 1054.08% 1084.46% 1181.27%
Basic Earnings Per Share
Diluted Earnings Per Share $779.6K $572.9K $646.0K
COMMON SHARES
Basic Shares Outstanding 441.9M shares 288.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.910B $2.642B $2.242B
YoY Change -22.74% 17.84% 13.75%
Cash & Equivalents $1.825B $1.307B $1.325B
Short-Term Investments
Other Short-Term Assets $14.00M $14.00M $12.00M
YoY Change 0.0% 16.67% -25.0%
Inventory
Prepaid Expenses
Receivables $511.0M $674.0M $403.0M
Other Receivables $246.0M $468.0M $812.0M
Total Short-Term Assets $4.681B $3.798B $3.469B
YoY Change -21.85% 9.48% 21.76%
LONG-TERM ASSETS
Property, Plant & Equipment $73.32M $75.49M $80.21M
YoY Change -6.79% -5.88% 2.41%
Goodwill $89.00M $89.00M $89.00M
YoY Change 0.0% 0.0% 0.0%
Intangibles $191.4M $196.7M $237.5M
YoY Change -16.78% -17.18% 23.38%
Long-Term Investments $64.62B $61.08B $51.60B
YoY Change 12.36% 18.39% 23.5%
Other Assets $489.0M $385.0M $295.0M
YoY Change 47.29% 30.51% 54.45%
Total Long-Term Assets $67.01B $63.49B $52.93B
YoY Change 12.35% 19.94% 23.98%
TOTAL ASSETS
Total Short-Term Assets $4.681B $3.798B $3.469B
Total Long-Term Assets $67.01B $63.49B $52.93B
Total Assets $71.69B $67.29B $56.40B
YoY Change 9.23% 19.3% 23.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.281B $1.154B $1.117B
YoY Change 17.85% 3.31% 24.11%
Accrued Expenses $195.0M $128.0M $107.0M
YoY Change 7.14% 19.63% 72.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.842B $632.0M $415.0M
YoY Change 230.7% 52.29% 9.79%
LONG-TERM LIABILITIES
Long-Term Debt $15.89B $11.72B $3.242B
YoY Change 50.5% 261.44% 98.41%
Other Long-Term Liabilities $1.737B $1.625B $2.081B
YoY Change 4.14% -21.91% 143.39%
Total Long-Term Liabilities $17.63B $13.34B $5.323B
YoY Change 44.18% 150.67% 113.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.842B $632.0M $415.0M
Total Long-Term Liabilities $17.63B $13.34B $5.323B
Total Liabilities $19.58B $15.13B $6.854B
YoY Change 41.15% 120.72% 82.01%
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 $5.947B $5.601B $3.019B
YoY Change
Total Liabilities & Shareholders Equity $71.69B $67.29B $56.40B
YoY Change 9.23% 19.3% 23.85%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $376.3M $270.5M $210.0M
YoY Change 111.15% 28.79% 8.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $55.90M $943.4M -$903.4M
YoY Change -97.98% -204.42% -159.82%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M $3.783M $1.888M
YoY Change -50.0% 100.37% 47.16%
Acquisitions $0.00 $58.92M
YoY Change -100.0%
Other Investing Activities -$137.2M $11.70M -$66.60M
YoY Change -162.65% -117.57% -207.94%
Cash From Investing Activities -$138.6M $7.918M -$68.50M
YoY Change -164.11% -111.56% -213.41%
FINANCING ACTIVITIES
Cash Dividend Paid $151.7M $138.3M
YoY Change 9.71% -22.02%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $837.2M $133.3M
YoY Change 528.1% 144.61%
Cash From Financing Activities 600.4M -$562.4M 990.4M
YoY Change -133.22% -156.78% -176.17%
NET CHANGE
Cash From Operating Activities 55.90M $943.4M -903.4M
Cash From Investing Activities -138.6M $7.918M -68.50M
Cash From Financing Activities 600.4M -$562.4M 990.4M
Net Change In Cash 517.7M $388.9M 18.50M
YoY Change -56.1% 2002.14% -93.15%
FREE CASH FLOW
Cash From Operating Activities $55.90M $943.4M -$903.4M
Capital Expenditures -$1.400M $3.783M $1.888M
Free Cash Flow $57.30M $939.6M -$905.3M
YoY Change -97.93% -203.79% -160.0%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements of KKR&#160;&amp;&#160;Co.&#160;L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information and the instructions to Form&#160;10-Q. The condensed consolidated financial statements (referred to hereafter as the &#8220;financial statements&#8221;), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;"> condensed consolidated balance sheet data was derived from audited consolidated financial statements included in KKR&#8217;s Annual Report on Form&#160;10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, which include all disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in KKR&#160;&amp;&#160;Co.&#160;L.P.&#8217;s Annual Report on Form&#160;10-K filed with the Securities and Exchange Commission (&#8220;SEC&#8221;).</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">KKR&#160;&amp;&#160;Co.&#160;L.P. consolidates the financial results of the KKR Group Partnerships and their consolidated subsidiaries, which include the accounts of KKR&#8217;s investment management and capital markets companies, the general partners of certain unconsolidated funds and vehicles, general partners of consolidated funds and their respective consolidated funds and certain other entities including certain CLOs. References in the accompanying financial statements to &#8220;principals&#8221; are to KKR&#8217;s senior employees and non-employee operating consultants who hold interests in KKR&#8217;s business through KKR Holdings, and references to &#8220;Senior Principals&#8221; are to KKR&#8217;s senior employees who hold interests in the Managing Partner entitling them to vote for the election of the Managing Partner&#8217;s directors.</font></div></div>
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