Ares Management (ARES) FY2021 results: revenue $4.2 billion, up 138.8% on the year

Ares Management Corp. (ARES) reported revenue of $4.2 billion for fiscal 2021, the year ended 31 December 2021, up 138.8% on the year before. Net income was $409 million, up 168.7%, and diluted earnings per share $2.15. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$4.2 billion

+138.8% on the year

FY2014FY2021

Operating margin

19.0%

17.8% a year earlier

FY2014FY2021

Net income

$409 million

+168.7% on the year

FY2014FY2021

Diluted EPS

$2.15

+147.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	4,212	1,764	1,765	+138.8%
Selling, general and administrative	444	259	n/a	+71.5%
Operating income	802	314	303	+155.8%
Operating margin	19.0%	17.8%	17.1%
Interest expense	36.8	24.9	n/a	+47.6%
Pre-tax income	1,066	379	425	+180.8%
Income tax	147	55.0	52.4	+168.0%
Effective tax rate	13.8%	14.5%	12.3%
Net income	409	152	149	+168.7%
Net margin	9.7%	8.6%	8.4%
Diluted EPS	$2.15	$0.87	$1.06	+147.1%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	-2,596	-426	-2,083
Capital expenditure	n/a	n/a	16.8
Free cash flow	n/a	n/a	-2,100
Free cash flow margin	n/a	n/a	-118.9%
Cash from investing	-1,085	-137	-16.8
Cash from financing	3,504	944	2,122	+271.2%
Share-based compensation	237	123	97.7	+92.9%
Dividend per share	$1.88	n/a	$1.28
Diluted shares, weighted	180m	150m	n/a	+20.5%
Shares outstanding at period end	290m	260m	115m	+11.9%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,825	1,194	768	+52.9%
Non-controlling interest	1,989	1,278	1,090	+55.6%
Other liabilities	17,791	12,697	10,156	+40.1%
Total liabilities and equity	21,605	15,169	12,014	+42.4%
Goodwill	788	371	144	+112.4%
Intangible assets	768	222	8.0	+246.0%
Cash and equivalents	344	540	138	-36.3%
Other assets	19,705	14,036	11,724	+40.4%
Total assets	21,605	15,169	12,014	+42.4%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.