StepStone Group (STEP) FY2021 results: revenue $788 million, up 76.4% on the year

StepStone Group Inc. (STEP) reported revenue of $788 million for fiscal 2021, the year ended 31 March 2021, up 76.4% on the year before. Net income was $63 million, and diluted earnings per share $2.06. The figures are the company's own, from the 10-K it filed with the SEC on 23 June 2021.

Revenue

$788 million

+76.4% on the year

FY2019FY2021

Operating margin

41.7%

34.0% a year earlier

FY2019FY2021

Net income

$63 million

FY2019FY2021

Diluted EPS

$2.06

FY2019FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	788	447	256	+76.4%
Operating income	328	152	66.4	+116.0%
Operating margin	41.7%	34.0%	25.9%
Interest expense	7.4	10.2	10.3	-27.9%
Pre-tax income	338	149	61.6	+127.1%
Income tax	23.3	4.0	1.6	+488.0%
Effective tax rate	6.9%	2.7%	2.7%
Net income	62.6	0.0	0.0
Net margin	8.0%	0.0%	0.0%
Diluted EPS	$2.06	n/a	n/a

$ 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	149	65.9	51.5	+126.5%
Capital expenditure	1.3	0.8	3.0	+50.3%
Free cash flow	148	65.1	48.4	+127.4%
Free cash flow margin	18.8%	14.6%	18.9%
Cash from investing	-11.2	35.8	-61.9
Cash from financing	-45.3	-52.2	-55.5
Depreciation and amortisation	5.5	7.1	7.9	-22.4%
Share-based compensation	7.9	1.9	1.7	+312.5%
Dividends paid	2.0	0.0	0.0
Dividend per share	$0.07	n/a	n/a
Diluted shares, weighted	33m	n/a	n/a

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	249	n/a	n/a
Non-controlling interest	410	n/a	n/a
Debt	0.0	143	n/a
Other liabilities	661	n/a	n/a
Total liabilities and equity	1,321	681	n/a	+94.0%
Fixed assets	10.2	11.0	n/a	-6.6%
Goodwill	6.8	6.8	n/a	0.0%
Intangible assets	5.5	8.8	n/a	-37.8%
Cash and equivalents	180	89.9	40.6	+100.0%
Other assets	1,118	564	n/a	+98.2%
Total assets	1,321	681	n/a	+94.0%

10-K for the year ended 31 March 2021, filed 23 June 2021: the filing.