DigitalBridge Group, Inc.(DBRG), a leading investment management firm, released its unaudited consolidated financial statements for the first quarter ended March 31, 2023. The company reported a net loss of $292 million, highlighting the challenging market conditions during the period. However, despite the loss, the company's revenue remained robust at $250 million for the same quarter.
In this article, we delve into the financial data of DigitalBridge Group, Inc., providing insights into its net income, revenue, and other key financial figures. The financial data has been presented in thousands of dollars, except for per share data.
Net Income/Loss
DigitalBridge Group, Inc. reported a net loss of $292 million for the first quarter ended March 31, 2023. The challenging market conditions during the period impacted the company's performance, resulting in a negative net income figure.
Revenue
Despite the net loss, DigitalBridge Group achieved significant revenue in the first quarter of 2023. The company's revenue for the period stood at $250 million, reflecting its strong position in the market.
In the subsequent sections, we will delve into the company's consolidated balance sheets, supplemental schedule, and consolidated statements of operations, providing a comprehensive overview of DigitalBridge Group's financial performance in the first quarter of 2023.
Consolidated Balance Sheets
Assets
The total assets of DigitalBridge Group, Inc. amounted to $10.74 billion as of March 31, 2023, compared to $11.03 billion as of December 31, 2022. Key components of the assets include:
- Cash and cash equivalents: $668.52 million (March 31, 2023) vs. $918.25 million (December 31, 2022)
- Investments at fair value: $1.23 billion (March 31, 2023) vs. $1.24 billion (December 31, 2022)
- Real estate: $5.96 billion (March 31, 2023) vs. $5.92 billion (December 31, 2022)
- Goodwill: $907.94 million (March 31, 2023) vs. $761.37 million (December 31, 2022)
- Other assets: $642.45 million (March 31, 2023) vs. $654.05 million (December 31, 2022)
The total liabilities of DigitalBridge Group, Inc. amounted to $6.48 billion as of March 31, 2023, compared to $6.46 billion as of December 31, 2022. Key components of the liabilities include:
- Corporate debt: $569.77 million (March 31, 2023) vs. $568.91 million (December 31, 2022)
- Non-recourse investment-level debt: $4.75 billion (March 31, 2023) vs. $4.59 billion (December 31, 2022)
- Other liabilities: $1.13 billion (March 31, 2023) vs. $1.27 billion (December 31, 2022)
Supplemental Schedule to Consolidated Balance Sheets
The supplemental schedule provides further details of assets and liabilities across different segments of DigitalBridge Group, Inc.:
- Cash and cash equivalents: $56.94 million (March 31, 2023) vs. $39.56 million (December 31, 2022)
- Restricted cash: $2.32 million (March 31, 2023) vs. $2.30 million (December 31, 2022)
- Investments: $345.83 million (March 31, 2023) vs. $395.33 million (December 31, 2022)
Operating
- Cash and cash equivalents: $65.10 million (March 31, 2023) vs. $65.98 million (December 31, 2022)
- Restricted cash: $152.26 million (March 31, 2023) vs. $114.44 million (December 31, 2022)
- Real estate: $5.96 billion (March 31, 2023) vs. $5.92 billion (December 31, 2022)
- Cash and cash equivalents: $546.48 million (March 31, 2023) vs. $812.72 million (December 31, 2022)
- Restricted cash: $1.10 million (March 31, 2023) vs. $1.75 million (December 31, 2022)
Consolidated Statements of Operations
The consolidated statements of operations provide insights into DigitalBridge Group's revenue and expenses for the first quarter of 2023:
Revenues
- Fee income: $59.13 million (Q1 2023) vs. $42.84 million (Q1 2022)
- Carried interest allocation (reversal): ($54.76) million (Q1 2023) vs. ($31.08) million (Q1 2022)
- Principal investment income (loss): $3.56 million (Q1 2023) vs. $6.45 million (Q1 2022)
- Property operating income: $230.93 million (Q1 2023) vs. $202.51 million (Q1 2022)
- Other income: $11.30 million (Q1 2023) vs. $12.11 million (Q1 2022)
Expenses
- Property operating expense: $97.13 million (Q1 2023) vs. $84.00 million (Q1 2022)
- Interest expense: $67.20 million (Q1 2023) vs. $44.03 million (Q1 2022)
- Investment expense: $5.75 million (Q1 2023) vs. $9.57 million (Q1 2022)
- Transaction-related costs: $8.53 million (Q1 2023) vs. $0.17 million (Q1 2022)
- Depreciation and amortization: $141.57 million (Q1 2023) vs. $128.57 million (Q1 2022)
- Compensation expense: $74.65 million (Q1 2023) vs. $65.54 million (Q1 2022)
Other Gain (Loss), Net
DigitalBridge Group, Inc. reported a net other loss of $142.75 million in the first quarter of 2023, compared to a net other loss of $149.88 million in the same period in 2022.
Consolidated Statements of Comprehensive Income (Loss)
The consolidated statements of comprehensive income (loss) reveal the overall financial performance of DigitalBridge Group, Inc., including other comprehensive income (loss) from various sources.
DigitalBridge Group, Inc. reported a net loss of $292 million