Ares Management (ARES) FY2017 results: revenue $1.5 billion, up 53.4% on the year
Ares Management Corp. (ARES) reported revenue of $1.5 billion for fiscal 2017, the year ended 31 December 2017, up 53.4% on the year before. Net income was $76 million, down 31.9%, and diluted earnings per share $0.62. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$1.5 billion
+53.4% on the year
FY2012FY2017
Operating margin
-1.7%
-5.4% a year earlier
FY2012FY2017
Net income
$76 million
-31.9% on the year
FY2012FY2017
Diluted EPS
$0.62
-48.3% on the year
FY2012FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,480
965
814
+53.4%
Operating income
-24.8
-51.6
45.4
Operating margin
-1.7%
-5.4%
5.6%
Interest expense
21.2
18.0
18.9
+18.0%
Pre-tax income
150
298
81.5
-49.7%
Income tax
-23.1
11.0
19.1
Effective tax rate
-15.4%
3.7%
23.4%
Net income
76.2
112
19.4
-31.9%
Net margin
5.1%
11.6%
2.4%
Diluted EPS
$0.62
$1.20
$0.23
-48.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
-1,863
-626
-528
Capital expenditure
33.2
11.9
10.7
+178.4%
Free cash flow
-1,896
-638
-539
Free cash flow margin
-128.1%
-66.1%
-66.1%
Cash from investing
-33.2
-11.9
-75.1
Cash from financing
1,655
881
582
+87.9%
Depreciation and amortisation
30.5
n/a
n/a
Share-based compensation
69.7
39.1
32.2
+78.4%
Dividend per share
$1.13
$0.83
$0.88
+36.1%
Shares outstanding at period end
0
n/a
n/a
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,460
293
247
+398.6%
Non-controlling interest
n/a
1,084
721
Redeemable equity
n/a
23.5
24.0
Debt
616
306
401
+101.5%
Other liabilities
6,487
4,123
2,928
+57.3%
Total liabilities and equity
8,564
5,830
4,321
+46.9%
Goodwill
144
144
144
+0.1%
Intangible assets
40.5
58.3
85.0
-30.6%
Securities held for sale or to maturity
0.0
16.5
17.0
Cash and equivalents
119
343
n/a
-65.3%
Other assets
8,260
5,268
4,075
+56.8%
Total assets
8,564
5,830
4,321
+46.9%
10-K for the year ended 31 December 2017, filed 28 February 2020: the filing.