KKR & Co. Inc. Reports Fourth Quarter 2020 Results
NEW YORK, February 8, 2021 - KKR & Co. Inc. (NYSE: KKR) today reported its fourth quarter 2020 results.
GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders(1) was $1,479.7 million and $1,946.0 million, respectively, for the quarter and full year ended December 31, 2020. On a diluted basis, Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock was $2.46 and $3.37, respectively, for the quarter and full year ended December 31, 2020. KKR & Co. Inc. Stockholders' Equity - Common Stockholders(1) was $12.1 billion as of December 31, 2020, or $21.15 Per Outstanding Share of Common Stock.
After-tax Distributable Earnings and After-tax Distributable Earnings Per Adjusted Share were $431.1 million and $0.49, respectively, for the quarter ended December 31, 2020 and were $1,522.4 million and $1.78, respectively, for the full year ended December 31, 2020.
•After-tax Distributable Earnings Per Adjusted Share of $0.49 and $1.78 for the quarter and full year ended December 31, 2020, were up 11% and 6%, respectively, compared to the equivalent periods in 2019.
•Distributable operating earnings was up 18% and 11% for the quarter and full year ended December 31, 2020, respectively, compared to the equivalent periods in 2019.
•Assets Under Management and Fee Paying Assets Under Management were $252 billion and $186 billion, up 15% and 16%, respectively, year-over-year, driven in part by record fundraising in 2020. Uncalled commitments were $67 billion, up 18% year-over-year, of which $20 billion will contribute to Fee Paying Assets Under Management when that capital is either invested or enters its investment period.
•Capital Invested and Syndicated Capital totaled $12.5 billion and $34.5 billion in the quarter and full year ended December 31, 2020, respectively.
•Book Value was $20 billion or $23.09 per adjusted share as of December 31, 2020.
•On February 1, 2021, KKR completed the previously announced acquisition of Global Atlantic Financial Group Limited, a leading retirement and life insurance company. Pro forma for the transaction, KKR's Assets Under Management and Fee Paying Assets Under Management would be approximately $342 billion and $276 billion, respectively.
•KKR’s regular dividend of $0.135 per common share was declared for the quarter ended December 31, 2020. Additionally, beginning with the dividend to be announced with the results for the quarter ending March 31, 2021, KKR intends to increase its regular annualized dividend per share of common stock from $0.54 to $0.58.
“We ended 2020 with a strong fourth quarter. We are enormously proud of the dedication of our employees and the results delivered on behalf of our fund investors and shareholders over the course of the year. In addition to strong investment performance and continued Book Value growth, we had the most active fundraising and deployment year in our history,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “The strength of our fundamentals, coupled with the completion of our acquisition of Global Atlantic, positions us well for future growth.”
Note: KKR discloses in this earnings release certain financial measures, including after-tax distributable earnings, distributable revenues, distributable expenses, book value, book assets, and book liabilities, that are not calculated and presented in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”). Such non-GAAP measures should be considered in addition to, and not a substitute for or superior to, financial measures calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in Exhibit A.
(1)Represents only that portion of the business held by KKR & Co. Inc. and does not include the economic interests that are held by KKR Holdings L.P. Our non-GAAP financial results are presented prior to giving effect to the allocation of ownership interests between KKR & Co. Inc. and KKR Holdings L.P. and as such represents the business in total.
The following information was filed by Kkr Co. Inc. (KKR) on Monday, February 8, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.