Ares Management (ARES) FY2019 results: revenue $1.8 billion, up 84.2% on the year
Ares Management Corp. (ARES) reported revenue of $1.8 billion for fiscal 2019, the year ended 31 December 2019, up 84.2% on the year before. Net income was $149 million, up 161.1%, and diluted earnings per share $1.06. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$1.8 billion
+84.2% on the year
FY2012FY2019
Operating margin
17.1%
9.2% a year earlier
FY2012FY2019
Net income
$149 million
+161.1% on the year
FY2012FY2019
Diluted EPS
$1.06
+253.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,765
958
1,480
+84.2%
Operating income
303
88.1
-24.8
+243.5%
Operating margin
17.1%
9.2%
-1.7%
Interest expense
n/a
n/a
21.2
Pre-tax income
425
184
150
+130.6%
Income tax
52.4
32.2
-23.1
+62.6%
Effective tax rate
12.3%
17.5%
-15.4%
Net income
149
57.0
76.2
+161.1%
Net margin
8.4%
5.9%
5.1%
Diluted EPS
$1.06
$0.30
$0.62
+253.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-2,083
-1,417
-1,863
Capital expenditure
16.8
18.4
33.2
-8.8%
Free cash flow
-2,100
-1,436
-1,896
Free cash flow margin
-118.9%
-149.8%
-128.1%
Cash from investing
-16.8
-18.4
-33.2
Cash from financing
2,122
1,405
1,655
+51.0%
Depreciation and amortisation
n/a
25.1
30.5
Share-based compensation
97.7
89.7
69.7
+8.9%
Dividend per share
$1.28
$0.28
$1.13
+357.1%
Shares outstanding at period end
115m
102m
0
+13.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
768
588
1,460
+30.7%
Non-controlling interest
1,090
806
n/a
+35.2%
Debt
n/a
n/a
616
Other liabilities
10,156
8,760
6,487
+15.9%
Total liabilities and equity
12,014
10,155
8,564
+18.3%
Goodwill
144
144
144
+0.0%
Intangible assets
8.0
31.4
40.5
-74.6%
Securities held for sale or to maturity
n/a
n/a
0.0
Cash and equivalents
138
110
119
+25.5%
Other assets
11,724
9,869
8,260
+18.8%
Total assets
12,014
10,155
8,564
+18.3%
10-K for the year ended 31 December 2019, filed 25 February 2021: the filing.