Affiliated Managers Group (AMG) FY2019 results: revenue $2.2 billion, down 5.8% on the year
Affiliated Managers Group, Inc. (AMG) reported revenue of $2.2 billion for fiscal 2019, the year ended 31 December 2019, down 5.8% on the year before. Net income was $16 million, down 93.6%, and diluted earnings per share $0.31. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$2.2 billion
-5.8% on the year
FY2016FY2019
Operating margin
n/a
28.9% a year earlier
FY2016FY2019
Net income
$16 million
-93.6% on the year
FY2016FY2019
Diluted EPS
$0.31
-93.1% on the year
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,240
2,378
2,305
-5.8%
Selling, general and administrative
377
418
373
-9.8%
Operating income
n/a
686
1,108
Operating margin
n/a
28.9%
48.1%
Interest expense
76.2
80.6
87.8
-5.5%
Pre-tax income
308
714
1,067
-56.8%
Income tax
2.9
181
58.4
-98.4%
Effective tax rate
0.9%
25.4%
5.5%
Net income
15.7
244
690
-93.6%
Net margin
0.7%
10.2%
29.9%
Diluted EPS
$0.31
$4.52
$12.03
-93.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
929
1,141
1,170
-18.5%
Capital expenditure
9.6
18.7
18.5
-48.7%
Free cash flow
920
1,122
1,152
-18.0%
Free cash flow margin
41.1%
47.2%
50.0%
Cash from investing
-24.4
-18.2
13.8
Cash from financing
-935
-983
-1,190
Share-based compensation
90.4
44.7
40.4
+102.2%
Buybacks
356
496
351
-28.2%
Dividends paid
65.3
64.4
44.9
+1.4%
Dividend per share
$1.28
$1.20
$0.80
+6.7%
Diluted shares, weighted
51m
54m
59m
-5.9%
Shares outstanding at period end
58m
58m
58m
0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,938
3,457
3,822
-15.0%
Non-controlling interest
562
678
756
-17.1%
Redeemable equity
917
834
812
+10.0%
Debt
1,794
1,830
1,855
-2.0%
Other liabilities
1,444
1,421
1,457
+1.6%
Total liabilities and equity
7,654
8,219
8,702
-6.9%
Fixed assets
92.3
104
111
-11.5%
Goodwill
2,652
2,633
2,662
+0.7%
Intangible assets
1,182
1,310
1,450
-9.8%
Cash and equivalents
540
566
440
-4.6%
Other assets
3,188
3,606
4,039
-11.6%
Total assets
7,654
8,219
8,702
-6.9%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.