Q1 2018 Earnings

Financial Services Asset Management

Income Statement

Revenue

$473M-38.4% YoY

Gross Profit

$174M36.9% margin

Operating Income

$36M7.6% margin

Net Income

$178M37.8% margin

EPS (Diluted)

$0.32

QoQ Revenue Growth

-49.8%

Cash Flow

Operating Cash Flow

-$2.2B

Free Cash Flow

-$2.2B

Stock-Based Comp.

$96M

Balance Sheet

Total Assets

$47.6B

Total Liabilities

$25.8B

Stockholders' Equity

Cash & Equivalents

$2.7B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$473M	$768M	-38.4%
Gross Profit	$174M	$365M	-52.2%
Operating Income	$36M	$228M	-84.2%
Net Income	$178M	$268M	-33.3%

Revenue Segments

Investment Management Fees

$188M37%

Investment Transaction Fees

$159M32%

Carried Interests

$63M13%

Investment Advisory Fees Reconciliation Reimbursable Expenses

$20M4%

Investment Monitoring Fees

$18M4%

General Partners' Capital Interest

$15M3%

Oil and Gas Revenue

$15M3%

Incentive Fees

$14M3%

Investment Consulting Fees

$11M2%