- Q1 economic net loss of $553M or $0.65 per share vs. a profit of $526M and $0.62 one year ago. Book value per share of $10.79 falls from $12.19.
- Fee-paying AUM of $93.7B vs. $91.7B a year ago.
- Management fees of $279.9M vs. $337.1M a year ago. Performance loss of $124.9M vs. a gain of $326.8M. Investment loss of $593M vs. a loss of $176.4M. P-E portfolio lost 0.9% in value, and equity portfolio lost 5.4%.
- The company's largest investment, First Data Corp. (NYSE:FDC), lost about 20% in Q1, and accounted for roughly $300M of KKR's pretax loss.
- The company announced its buyback plan in late October, and since has repurchased 26.4M shares for $388M. Another 3.6M in equity awards were canceled for $57M to satisfy tax obligations. In total, 30M units have been retired.
- Conference call at 10 ET
- Previously: KKR misses by $0.32, beats on revenue (April 25)
- Shares flat premarket