StepStone Group (STEP) FY2024 results: revenue $712 million

StepStone Group Inc. (STEP) reported revenue of $712 million for fiscal 2024, the year ended 31 March 2024. Net income was $58 million, and diluted earnings per share $0.91. The figures are the company's own, from the 10-K it filed with the SEC on 24 May 2024.

Revenue

$712 million

FY2019FY2024

Operating margin

24.1%

0.7% a year earlier

FY2019FY2024

Net income

$58 million

FY2019FY2024

Diluted EPS

$0.91

FY2019FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	712	-67.6	1,366
Operating income	172	-0.5	452
Operating margin	24.1%	n/a	33.1%
Interest expense	9.3	4.2	1.1	+122.8%
Pre-tax income	195	-41.5	513
Income tax	27.6	3.8	28.3	+621.7%
Effective tax rate	14.1%	n/a	5.5%
Net income	58.1	-18.4	194
Net margin	8.2%	n/a	14.2%
Diluted EPS	$0.91	-$0.30	$3.84

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	162	151	214	+6.8%
Capital expenditure	19.6	5.6	2.1	+248.4%
Free cash flow	142	146	212	-2.5%
Free cash flow margin	19.9%	n/a	15.5%
Cash from investing	-47.3	-30.8	-210
Cash from financing	-58.0	-108	-70.4
Depreciation and amortisation	47.6	47.4	27.0	+0.3%
Share-based compensation	39.4	24.9	14.0	+58.2%
Buybacks	0.0	n/a	n/a
Dividends paid	68.5	50.0	23.9	+37.0%
Dividend per share	$1.08	$0.80	$0.44	+35.0%
Diluted shares, weighted	67m	62m	54m	+7.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	324	772	818	-57.9%
Non-controlling interest	1,330	857	1,007	+55.2%
Redeemable equity	n/a	24.5	0.0
Debt	149	98.4	62.9	+51.3%
Other liabilities	1,985	1,746	2,301	+13.7%
Total liabilities and equity	3,789	3,497	4,188	+8.3%
Fixed assets	29.6	15.8	12.8	+86.6%
Goodwill	581	581	581	0.0%
Intangible assets	305	355	398	-14.0%
Cash and equivalents	182	130	116	+40.8%
Other assets	2,692	2,417	3,080	+11.4%
Total assets	3,789	3,497	4,188	+8.3%

10-K for the year ended 31 March 2024, filed 24 May 2024: the filing.