StepStone Group (STEP) FY2023 results: revenue -$68 million

StepStone Group Inc. (STEP) reported revenue of -$68 million for fiscal 2023, the year ended 31 March 2023. Net income was -$18 million, and diluted earnings per share $-0.30. The figures are the company's own, from the 10-K it filed with the SEC on 26 May 2023.

Revenue

-$68 million

FY2019FY2023

Operating margin

0.7%

33.1% a year earlier

FY2019FY2023

Net income

-$18 million

FY2019FY2023

Diluted EPS

-$0.30

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	-67.6	1,366	788
Operating income	-0.5	452	328
Operating margin	n/a	33.1%	41.7%
Interest expense	4.2	1.1	7.4	+276.4%
Pre-tax income	-41.5	513	338
Income tax	3.8	28.3	23.3	-86.5%
Effective tax rate	n/a	5.5%	6.9%
Net income	-18.4	194	62.6
Net margin	n/a	14.2%	8.0%
Diluted EPS	-$0.30	$3.84	$2.06

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	151	214	149	-29.4%
Capital expenditure	5.6	2.1	1.3	+167.6%
Free cash flow	146	212	148	-31.4%
Free cash flow margin	n/a	15.5%	18.8%
Cash from investing	-30.8	-210	-11.2
Cash from financing	-108	-70.4	-45.3
Depreciation and amortisation	47.4	27.0	5.5	+75.9%
Share-based compensation	24.9	14.0	7.9	+78.2%
Dividends paid	50.0	23.9	2.0	+109.3%
Dividend per share	$0.80	$0.44	$0.07	+81.8%
Diluted shares, weighted	62m	54m	33m	+15.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	772	818	249	-5.6%
Non-controlling interest	857	1,007	410	-14.8%
Redeemable equity	24.5	0.0	n/a
Debt	98.4	62.9	0.0	+56.4%
Other liabilities	1,746	2,301	661	-24.1%
Total liabilities and equity	3,497	4,188	1,321	-16.5%
Fixed assets	15.8	12.8	10.2	+24.1%
Goodwill	581	581	6.8	0.0%
Intangible assets	355	398	5.5	-10.9%
Cash and equivalents	130	116	180	+11.3%
Other assets	2,417	3,080	1,118	-21.5%
Total assets	3,497	4,188	1,321	-16.5%

10-K for the year ended 31 March 2023, filed 26 May 2023: the filing.