Ares Management (ARES) FY2022 results: revenue $3.1 billion, down 27.5% on the year

Ares Management Corp. (ARES) reported revenue of $3.1 billion for fiscal 2022, the year ended 31 December 2022, down 27.5% on the year before. Net income was $168 million, down 59.0%, and diluted earnings per share $0.87. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$3.1 billion

-27.5% on the year

FY2015FY2022

Operating margin

10.0%

19.0% a year earlier

FY2015FY2022

Net income

$168 million

-59.0% on the year

FY2015FY2022

Diluted EPS

$0.87

-59.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,055	4,212	1,764	-27.5%
Selling, general and administrative	695	444	259	+56.5%
Operating income	306	802	314	-61.8%
Operating margin	10.0%	19.0%	17.8%
Interest expense	71.4	36.8	24.9	+94.1%
Pre-tax income	511	1,066	379	-52.1%
Income tax	71.9	147	55.0	-51.2%
Effective tax rate	14.1%	13.8%	14.5%
Net income	168	409	152	-59.0%
Net margin	5.5%	9.7%	8.6%
Diluted EPS	$0.87	$2.15	$0.87	-59.5%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	-734	-2,596	-426
Cash from investing	-337	-1,085	-137
Cash from financing	1,128	3,504	944	-67.8%
Depreciation and amortisation	160	n/a	n/a
Share-based compensation	200	237	123	-15.5%
Dividend per share	n/a	$1.88	n/a
Diluted shares, weighted	n/a	180m	150m
Shares outstanding at period end	295m	290m	260m	+1.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,589	1,825	1,194	-12.9%
Non-controlling interest	2,209	1,989	1,278	+11.1%
Other liabilities	18,204	17,791	12,697	+2.3%
Total liabilities and equity	22,003	21,605	15,169	+1.8%
Goodwill	1,000	788	371	+26.9%
Intangible assets	640	768	222	-16.6%
Cash and equivalents	390	344	540	+13.5%
Other assets	19,973	19,705	14,036	+1.4%
Total assets	22,003	21,605	15,169	+1.8%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.