Ares Management (ARES) FY2018 results: revenue $958 million, down 35.2% on the year
Ares Management Corp. (ARES) reported revenue of $958 million for fiscal 2018, the year ended 31 December 2018, down 35.2% on the year before. Net income was $57 million, down 25.1%, and diluted earnings per share $0.30. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$958 million
-35.2% on the year
FY2012FY2018
Operating margin
9.2%
-1.7% a year earlier
FY2012FY2018
Net income
$57 million
-25.1% on the year
FY2012FY2018
Diluted EPS
$0.30
-51.6% on the year
FY2012FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
958
1,480
965
-35.2%
Operating income
88.1
-24.8
-51.6
Operating margin
9.2%
-1.7%
-5.4%
Interest expense
n/a
21.2
18.0
Pre-tax income
184
150
298
+23.0%
Income tax
32.2
-23.1
11.0
Effective tax rate
17.5%
-15.4%
3.7%
Net income
57.0
76.2
112
-25.1%
Net margin
5.9%
5.1%
11.6%
Diluted EPS
$0.30
$0.62
$1.20
-51.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
-1,417
-1,863
-626
Capital expenditure
18.4
33.2
11.9
-44.5%
Free cash flow
-1,436
-1,896
-638
Free cash flow margin
-149.8%
-128.1%
-66.1%
Cash from investing
-18.4
-33.2
-11.9
Cash from financing
1,405
1,655
881
-15.1%
Depreciation and amortisation
25.1
30.5
n/a
-17.7%
Share-based compensation
89.7
69.7
39.1
+28.7%
Dividend per share
$0.28
$1.13
$0.83
-75.2%
Shares outstanding at period end
102m
0
n/a
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
588
1,460
293
-59.7%
Non-controlling interest
806
n/a
1,084
Redeemable equity
n/a
n/a
23.5
Debt
n/a
616
306
Other liabilities
8,760
6,487
4,123
+35.0%
Total liabilities and equity
10,155
8,564
5,830
+18.6%
Goodwill
144
144
144
-0.1%
Intangible assets
31.4
40.5
58.3
-22.3%
Securities held for sale or to maturity
n/a
0.0
16.5
Cash and equivalents
110
119
343
-7.3%
Other assets
9,869
8,260
5,268
+19.5%
Total assets
10,155
8,564
5,830
+18.6%
10-K for the year ended 31 December 2018, filed 28 February 2020: the filing.