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TheStreet Open House

Kohlberg Kravis Roberts & Co. Management Discusses Q2 2012 Results - Earnings Call Transcript

Kohlberg Kravis Roberts & Co. (KKR)

Q2 2012 Earnings Call

July 27, 2012 10:00 am ET

Executives

Craig Larson - Director of Investor Relations

William J. Janetschek - Member and Chief Financial Officer

Scott C. Nuttall - Head of Global Capital and Asset Management Group and Member of the Management Committee

Analysts

Howard Chen - Crédit Suisse AG, Research Division

Michael S. Kim - Sandler O'Neill + Partners, L.P., Research Division

William R. Katz - Citigroup Inc, Research Division

Christoph M. Kotowski - Oppenheimer & Co. Inc., Research Division

Matthew Kelley - Morgan Stanley, Research Division

Marc S. Irizarry - Goldman Sachs Group Inc., Research Division

Roger A. Freeman - Barclays Capital, Research Division

Robert Lee - Keefe, Bruyette, & Woods, Inc., Research Division

Presentation

Operator

Welcome to KKR's Second Quarter 2012 Earnings Conference Call. [Operator Instructions] I will now hand the call over to Craig Larson, Head of Investor Relations for KKR. Please go ahead, sir.

Craig Larson

Thank you, Cynthia. Welcome to our Second Quarter 2012 Earnings Call. Thank you for joining us. As usual, I'm joined by Bill Janetschek, our CFO; and Scott Nuttall, Global Head of Capital and Asset Management.

We'd like to remind everyone that this call will contain forward-looking statements, which do not guarantee future events or performance. Please refer to our SEC filings for cautionary factors related to these statements, and we'll also refer to non-GAAP measures on this call which are reconciled to GAAP figures in our press release.

This morning, we reported quarterly economic net income of $546 million compared to $747 million last quarter and $315 million in the second quarter of 2011. This translates into $0.74 of after-tax, economic net income per unit, more than double what we earned in the second quarter of last year.

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