Affiliated Managers Group (AMG) FY2023 results: revenue $2.1 billion, down 11.7% on the year
Affiliated Managers Group, Inc. (AMG) reported revenue of $2.1 billion for fiscal 2023, the year ended 31 December 2023, down 11.7% on the year before. Net income was $673 million, down 41.3%, and diluted earnings per share $17.42. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.
Revenue
$2.1 billion
-11.7% on the year
FY2016FY2023
Operating margin
27.3%
28.2% a year earlier
FY2016FY2023
Net income
$673 million
-41.3% on the year
FY2016FY2023
Diluted EPS
$17.42
-31.3% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
874
1,055
1,259
-17.1%
Capital expenditure
12.4
11.4
8.4
+8.8%
Free cash flow
862
1,043
1,251
-17.4%
Free cash flow margin
41.9%
44.8%
51.8%
Cash from investing
264
-110
-584
Cash from financing
-758
-1,403
-798
Share-based compensation
112
114
127
-1.5%
Buybacks
342
714
595
-52.1%
Dividends paid
1.5
1.6
1.7
-6.2%
Dividend per share
$0.04
$0.04
$0.04
0.0%
Diluted shares, weighted
42m
49m
45m
-13.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
3,588
3,230
2,786
+11.1%
Non-controlling interest
982
945
924
+3.9%
Redeemable equity
393
465
674
-15.5%
Debt
2,538
2,535
2,490
+0.1%
Other liabilities
1,559
1,705
2,002
-8.6%
Total liabilities and equity
9,060
8,881
8,876
+2.0%
Fixed assets
67.3
68.5
73.9
-1.8%
Goodwill
2,524
2,649
2,689
-4.7%
Intangible assets
1,812
1,876
1,966
-3.4%
Securities held for sale or to maturity
405
251
0.0
+61.5%
Cash and equivalents
814
429
908
+89.6%
Other assets
3,437
3,608
3,238
-4.7%
Total assets
9,060
8,881
8,876
+2.0%
10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.