Affiliated Managers Group (AMG) Q4 FY2023 earnings: revenue $503 million, down 6.8% on the year

Affiliated Managers Group, Inc. (AMG) reported revenue of $503 million for Q4 FY2023, the quarter ended 31 December 2023, down 6.8% on the same quarter a year earlier. Net income was $196 million, down 74.8% on the year, and diluted earnings per share $5.22. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$503 milliondown 6.8%

Net income$196 milliondown 74.8%

Diluted EPS$5.22

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	503	525	n/a	n/a
Selling, general and administrative	84.8	91.1	n/a	n/a
Operating income	119	168	n/a	n/a
Operating margin	23.6%	31.9%	n/a
Interest expense	31.3	31.1	n/a	n/a
Pre-tax income	274	364	n/a	n/a
Income tax	29.8	77.7	n/a	n/a
Effective tax rate	10.9%	21.4%	n/a
Net income	196	217	n/a	n/a
Net margin	39.0%	41.3%	n/a
Diluted EPS	$5.22	$5.48	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	255	294	n/a	n/a
Capital expenditure	5.8	2.6	n/a	n/a
Free cash flow	249	291	n/a	n/a
Free cash flow margin	49.6%	55.5%	n/a
Cash from investing	-213	187	n/a	n/a
Cash from financing	-234	-259	n/a	n/a
Share-based compensation	28.7	14.5	n/a	n/a
Buybacks	128	169	n/a	n/a
Dividends paid	0.3	0.4	n/a	n/a
Dividend per share	n/a	$0.01	n/a	n/a
Diluted shares, weighted	42m	43m	n/a	n/a
Shares outstanding at period end	33m	34m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,588	3,495	n/a	n/a
Non-controlling interest	982	969	n/a	n/a
Redeemable equity	393	432	n/a	n/a
Debt	2,538	2,537	n/a	n/a
Other liabilities	1,559	1,570	n/a	n/a
Total liabilities and equity	9,060	9,004	n/a	n/a
Fixed assets	67.3	63.8	n/a	n/a
Goodwill	2,524	2,509	n/a	n/a
Intangible assets	1,812	1,810	n/a	n/a
Securities held for sale or to maturity	405	400	n/a	n/a
Cash and equivalents	814	999	n/a	n/a
Other assets	3,437	3,222	n/a	n/a
Total assets	9,060	9,004	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	525	503	500	500	516	524	497	493	528	557	545	641
SG&A	91.1	84.8	91.7	89.4	97.0	98.4	94.7	95.7	100	118	107	107
Operating income	168	119	119	141	142	132	39.7	80.5	119	30.0	39.0	154
Operating margin	32%	24%	24%	28%	27%	25%	8%	16%	22%	5%	7%	24%
Interest expense	31.1	31.3	29.9	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	364	274	254	178	217	274	127	172	362	526	193	307
Tax rate	21%	11%	22%	24%	14%	19%	22%	21%	20%	28%	24%	23%
Net income	217	196	150	76.0	124	162	72.4	84.3	212	348	110	186
Net margin	41%	39%	30%	15%	24%	31%	15%	17%	40%	62%	20%	29%
Diluted EPS	$5.48	$5.22	$4.14	$2.26	$3.78	$4.95	$2.20	$2.80	$6.87	$10.87	$3.84	$6.95
Operating cash flow	294	255	209	245	265	212	209	231	277	256	299	239
Capital expenditure	2.6	5.8	1.0	0.6	0.7	1.1	1.6	1.4	1.2	1.9	3.8	0.0
Free cash flow	291	249	208	245	264	211	207	229	276	254	296	239
Buybacks	169	128	152	332	105	120	176	101	75.7	353	185	180
Dividends paid	0.4	0.3	0.3	0.4	0.3	0.4	0.3	0.2	0.3	0.2	n/a	n/a
Shares outstanding	34m	33m	32m	30m	30m	29m	28m	28m	28m	27m	26m	26m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0001004434-24-000010: the filing on EDGAR. All of Affiliated Managers Group, Inc.'s filings: EDGAR company page.

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