Ares Management (ARES) FY2023 results: revenue $3.6 billion, up 18.9% on the year
Ares Management Corp. (ARES) reported revenue of $3.6 billion for fiscal 2023, the year ended 31 December 2023, up 18.9% on the year before. Net income was $474 million, up 183.1%, and diluted earnings per share $2.42. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$3.6 billion
+18.9% on the year
FY2016FY2023
Operating margin
23.0%
10.0% a year earlier
FY2016FY2023
Net income
$474 million
+183.1% on the year
FY2016FY2023
Diluted EPS
$2.42
+178.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
-233
-734
-2,596
Cash from investing
-111
-337
-1,085
Cash from financing
292
1,128
3,504
-74.1%
Depreciation and amortisation
157
160
n/a
-1.5%
Share-based compensation
256
200
237
+27.7%
Dividend per share
n/a
n/a
$1.88
Diluted shares, weighted
196m
n/a
180m
Shares outstanding at period end
308m
295m
290m
+4.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
1,893
1,589
1,825
+19.1%
Non-controlling interest
2,581
2,209
1,989
+16.8%
Other liabilities
20,256
18,204
17,791
+11.3%
Total liabilities and equity
24,730
22,003
21,605
+12.4%
Goodwill
1,124
1,000
788
+12.4%
Intangible assets
491
640
768
-23.4%
Cash and equivalents
348
390
344
-10.7%
Other assets
22,768
19,973
19,705
+14.0%
Total assets
24,730
22,003
21,605
+12.4%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.