Affiliated Managers Group (AMG) FY2021 results: revenue $2.4 billion, up 19.0% on the year

Affiliated Managers Group, Inc. (AMG) reported revenue of $2.4 billion for fiscal 2021, the year ended 31 December 2021, up 19.0% on the year before. Net income was $566 million, up 179.8%, and diluted earnings per share $13.05. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2022.

Revenue

$2.4 billion

+19.0% on the year

FY2016FY2021

Operating margin

32.4%

25.5% a year earlier

FY2016FY2021

Net income

$566 million

+179.8% on the year

FY2016FY2021

Diluted EPS

$13.05

+201.4% on the year

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,412	2,028	2,240	+19.0%
Selling, general and administrative	347	321	377	+8.0%
Operating income	781	518	n/a	+50.9%
Operating margin	32.4%	25.5%	n/a
Interest expense	111	92.3	76.2	+20.7%
Pre-tax income	1,141	508	308	+124.4%
Income tax	251	81.4	2.9	+208.4%
Effective tax rate	22.0%	16.0%	0.9%
Net income	566	202	15.7	+179.8%
Net margin	23.4%	10.0%	0.7%
Diluted EPS	$13.05	$4.33	$0.31	+201.4%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,259	1,009	929	+24.8%
Capital expenditure	8.4	8.5	9.6	-1.2%
Free cash flow	1,251	1,001	920	+25.0%
Free cash flow margin	51.8%	49.4%	41.1%
Cash from investing	-584	-53.7	-24.4
Cash from financing	-798	-455	-935
Share-based compensation	127	119	90.4	+6.3%
Buybacks	595	335	356	+77.6%
Dividends paid	1.7	16.8	65.3	-89.9%
Dividend per share	$0.04	$0.35	$1.28	-88.6%
Diluted shares, weighted	45m	47m	51m	-4.1%
Shares outstanding at period end	n/a	58m	58m

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,786	2,780	2,938	+0.2%
Non-controlling interest	924	538	562	+71.9%
Redeemable equity	674	672	917	+0.4%
Debt	2,490	2,312	1,794	+7.7%
Other liabilities	2,002	1,588	1,444	+26.0%
Total liabilities and equity	8,876	7,889	7,654	+12.5%
Fixed assets	73.9	79.6	92.3	-7.2%
Goodwill	2,689	2,661	2,652	+1.0%
Intangible assets	1,966	1,049	1,182	+87.5%
Securities held for sale or to maturity	0.0	n/a	n/a
Cash and equivalents	908	1,040	540	-12.6%
Other assets	3,238	3,059	3,188	+5.9%
Total assets	8,876	7,889	7,654	+12.5%

10-K for the year ended 31 December 2021, filed 18 February 2022: the filing.