Ares Management (ARES) FY2020 results: revenue $1.8 billion, down 0.1% on the year
Ares Management Corp. (ARES) reported revenue of $1.8 billion for fiscal 2020, the year ended 31 December 2020, down 0.1% on the year before. Net income was $152 million, up 2.2%, and diluted earnings per share $0.87. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$1.8 billion
-0.1% on the year
FY2013FY2020
Operating margin
17.8%
17.1% a year earlier
FY2013FY2020
Net income
$152 million
+2.2% on the year
FY2013FY2020
Diluted EPS
$0.87
-17.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,764
1,765
958
-0.1%
Selling, general and administrative
259
n/a
n/a
Operating income
314
303
88.1
+3.6%
Operating margin
17.8%
17.1%
9.2%
Interest expense
24.9
n/a
n/a
Pre-tax income
379
425
184
-10.7%
Income tax
55.0
52.4
32.2
+5.0%
Effective tax rate
14.5%
12.3%
17.5%
Net income
152
149
57.0
+2.2%
Net margin
8.6%
8.4%
5.9%
Diluted EPS
$0.87
$1.06
$0.30
-17.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-426
-2,083
-1,417
Capital expenditure
n/a
16.8
18.4
Free cash flow
n/a
-2,100
-1,436
Free cash flow margin
n/a
-118.9%
-149.8%
Cash from investing
-137
-16.8
-18.4
Cash from financing
944
2,122
1,405
-55.5%
Depreciation and amortisation
n/a
n/a
25.1
Share-based compensation
123
97.7
89.7
+25.9%
Dividend per share
n/a
$1.28
$0.28
Diluted shares, weighted
150m
n/a
n/a
Shares outstanding at period end
260m
115m
102m
+125.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,194
768
588
+55.4%
Non-controlling interest
1,278
1,090
806
+17.2%
Other liabilities
12,697
10,156
8,760
+25.0%
Total liabilities and equity
15,169
12,014
10,155
+26.3%
Goodwill
371
144
144
+157.9%
Intangible assets
222
8.0
31.4
+2,684.8%
Cash and equivalents
540
138
110
+290.1%
Other assets
14,036
11,724
9,869
+19.7%
Total assets
15,169
12,014
10,155
+26.3%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.