Cash flow Ares Management Corporation

Equities

ARES

US03990B1017

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 04:00:02 2025-01-17 pm EST			5-day change	1st Jan Change
191.32 ^USD	+1.82%		+9.30%	+8.07%

Jan. 14	Sector Update: Financial Stocks Advance Premarket Tuesday	MT
Jan. 14	Ares Management Closes $17.5 Billion Europe Lending Fund	MT

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Published financial data: ARES MANAGEMENT CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	1.71B	1.74B	4.11B	3.04B	3.6B
Interest And Invest. Income (Rev)	56.56M	28.55M	99.43M	12.28M	36.52M
Total Revenues	1.77B	1.76B	4.21B	3.06B	3.63B
Cost of Goods Sold, Total	1.15B	1.17B	2.83B	1.81B	2.09B
Gross Profit	615M	593M	1.38B	1.24B	1.54B
Selling General & Admin Expenses, Total	292M	282M	502M	550M	625M
Other Operating Expenses, Total	292M	282M	502M	550M	625M
Operating Income	323M	311M	876M	694M	920M
Interest Expense, Total	-297M	-311M	-295M	-483M	-861M
Interest And Investment Income	403M	472M	448M	596M	1.01B
Net Interest Expenses	106M	160M	153M	113M	154M
Currency Exchange Gains (Loss)	-8.5M	13.1M	-4.8M	-13.5M	-9.1M
Other Non Operating Income (Expenses)	660K	-1.81M	5.5M	26.62M	13.92M
EBT, Excl. Unusual Items	420M	483M	1.03B	821M	1.08B
Merger & Related Restructuring Charges	-	-	-5.1M	-	-
Gain (Loss) On Sale Of Investments	24.69M	-106M	96.4M	78.12M	340M
Asset Writedown	-20M	-	-	-182M	-78.7M
Insurance Settlements	-	2.5M	-	-	-
Other Unusual Items	-	-	-54.79M	-206M	-7.33M
EBT, Incl. Unusual Items	425M	379M	1.07B	511M	1.33B
Income Tax Expense	52.38M	54.99M	147M	71.89M	173M
Earnings From Continuing Operations	373M	324M	918M	439M	1.16B
Net Income to Company	373M	324M	918M	439M	1.16B
Minority Interest	-224M	-172M	-509M	-271M	-686M
Net Income - (IS)	149M	152M	409M	168M	474M
Preferred Dividend and Other Adjustments	29.37M	32.15M	40.21M	14.1M	21.3M
Net Income to Common Incl Extra Items	120M	120M	369M	153M	453M
Net Income to Common Excl. Extra Items	120M	120M	369M	153M	453M
Per Share Items
Net EPS - Basic	1.11	0.89	2.25	0.87	2.46
Basic EPS - Continuing Operations	1.11	0.89	2.25	0.87	2.46
Basic Weighted Average Shares Outstanding	108M	135M	164M	176M	185M
Net EPS - Diluted	1.06	0.87	2.15	0.87	2.42
Diluted EPS - Continuing Operations	1.06	0.87	2.15	0.87	2.42
Diluted Weighted Average Shares Outstanding	120M	150M	180M	176M	196M
Normalized Basic EPS	0.36	0.96	0.82	1.38	-0.06
Normalized Diluted EPS	0.32	0.87	0.74	1.38	-0.06
Dividend Per Share	1.28	1.6	1.88	2.44	3.08
Payout Ratio	114.43	166.39	81.98	267.18	126.48
Supplemental Items
EBITDA	342M	352M	989M	1.04B	1.15B
EBITA	326M	336M	967M	828M	1.05B
EBIT	323M	311M	876M	694M	920M
EBITDAR	371M	384M	1.03B	1.08B	1.2B
Total Revenues (As Reported)	1.77B	1.76B	4.21B	3.06B	3.63B
Effective Tax Rate - (Ratio)	12.32	14.49	13.83	14.07	12.98
Current Domestic Taxes	38.95M	30.56M	52.98M	50.07M	47.37M
Current Foreign Taxes	5.57M	9.26M	11.77M	14.45M	27.85M
Total Current Taxes	44.52M	39.82M	64.75M	64.52M	75.22M
Deferred Domestic Taxes	9.82M	14.4M	81.24M	12.79M	101M
Deferred Foreign Taxes	-1.97M	772K	1.39M	-5.42M	-3.73M
Total Deferred Taxes	7.85M	15.18M	82.63M	7.38M	97.75M
Normalized Net Income	38.89M	129M	134M	241M	-11.5M
Interest on Long-Term Debt	1.58M	1.73M	1.95M	2.26M	2.4M
Supplemental Operating Expense Items
General and Administrative Expenses	263M	250M	463M	507M	575M
Net Rental Expense, Total	28.81M	31.71M	38.14M	42.75M	49.53M
Imputed Operating Lease Interest Expense	8.6M	8.11M	7.69M	12.78M	23.45M
Imputed Operating Lease Depreciation	20.21M	23.6M	30.45M	29.96M	26.08M
Stock-Based Comp., COGS (Total)	97.69M	123M	237M	200M	256M
Total Stock-Based Compensation	97.69M	123M	237M	200M	256M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	745M	1.06B	1.39B	1.11B	1.5B
Trading Asset Securities, Total	-	-	5.68M	-	-
Total Cash And Short Term Investments	745M	1.06B	1.4B	1.11B	1.5B
Accounts Receivable, Total	371M	544M	1.07B	947M	1.08B
Other Receivables	3.38M	3.98M	3.08M	5.25M	12.63M
Notes Receivable	-	-	-	-	-
Total Receivables	374M	548M	1.07B	953M	1.1B
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	69.24M	78.36M	86.89M	136M	178M
Total Current Assets	1.19B	1.69B	2.56B	2.2B	2.77B
Gross Property Plant And Equipment	269M	290M	330M	342M	488M
Accumulated Depreciation	-60.75M	-73.16M	-90.03M	-106M	-116M
Net Property Plant And Equipment	208M	217M	240M	236M	372M
Long-term Investments	10.39B	12.56B	16.5B	17.18B	19.23B
Goodwill	144M	371M	788M	1B	1.12B
Other Intangibles, Total	7.98M	222M	1.42B	1.21B	1.06B
Deferred Tax Assets Long-Term	46.36M	70.03M	39.4M	68.93M	21.55M
Deferred Charges Long-Term	6.36M	9.52M	14.39M	5.51M	4.21M
Other Long-Term Assets, Total	21.65M	30.55M	43.26M	102M	152M
Total Assets	12.01B	15.17B	21.61B	22B	24.73B
Liabilities
Accounts Payable, Total	644M	674M	1.48B	695M	894M
Accrued Expenses, Total	898M	944M	2.57B	2.91B	2.84B
Current Portion of Long-Term Debt	71.5M	104M	71.5M	93.05M	125M
Current Portion of Leases	30.82M	34.82M	43.49M	46.7M	51.4M
Other Current Liabilities	31.43M	64.11M	122M	138M	208M
Total Current Liabilities	1.68B	1.82B	4.28B	3.89B	4.11B
Long-Term Debt	8.33B	10.62B	12.22B	13.05B	15.31B
Long-Term Leases	140M	147M	163M	144M	268M
Unearned Revenue Non Current	3.01M	4.81M	10.16M	8.7M	9.58M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	11.38M	5.55M	21.36M	8.34M	6M
Total Liabilities	10.16B	12.6B	16.69B	17.1B	19.71B
Preferred Stock Redeemable	299M	299M	-	-	-
Total Preferred Equity	299M	299M	-	-	-
Common Stock, Total	1.15M	2.6M	2.9M	2.95M	3.08M
Additional Paid In Capital	525M	1.04B	1.91B	1.97B	2.39B
Retained Earnings	-50.82M	-152M	-89.38M	-369M	-495M
Comprehensive Income and Other	-6.05M	483K	-1.86M	-14.99M	-5.63M
Total Common Equity	470M	895M	1.83B	1.59B	1.89B
Minority Interest	1.09B	1.38B	3.09B	3.32B	3.13B
Total Equity	1.86B	2.57B	4.91B	4.91B	5.02B
Total Liabilities And Equity	12.01B	15.17B	21.61B	22B	24.73B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	119M	150M	175M	180M	193M
ECS Total Common Shares Outstanding	115M	147M	172M	177M	191M
Book Value / Share	4.07	6.08	10.62	8.96	9.94
Tangible Book Value	318M	302M	-386M	-619M	-289M
Tangible Book Value Per Share	2.76	2.05	-2.24	-3.49	-1.52
Total Debt	8.57B	10.9B	12.5B	13.33B	15.76B
Net Debt	7.82B	9.84B	11.1B	12.22B	14.26B
Debt Equivalent Oper. Leases	231M	254M	305M	342M	396M
Minority Interest, Total (Incl. Fin. Div)	1.09B	1.38B	3.09B	3.32B	3.13B
Equity Method Investments, Total	1.59B	1.63B	3.63B	3.82B	4.41B
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	29.45M	28.07M	31.96M	41.55M	52.68M
Full Time Employees	1.2K	1.45K	2.1K	2.55K	2.85K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	149M	152M	409M	168M	474M
Depreciation & Amortization - CF	16.06M	16.75M	21.99M	208M	106M
Amortization of Goodwill and Intangible Assets - (CF)	3.4M	24.5M	91.3M	134M	126M
Depreciation & Amortization, Total	19.46M	41.25M	113M	341M	232M
(Gain) Loss on Sale of Investments - (CF)	-68.23M	88.82M	-166M	-62.46M	-353M
Asset Writedown & Restructuring Costs	20M	-	-	-	-
Stock-Based Compensation (CF)	97.69M	123M	237M	200M	256M
Other Operating Activities, Total	-1.92B	-892M	-2.72B	-1.19B	-416M
Change In Accounts Receivable	-104M	-24.35M	-745M	-20.61M	-48.86M
Change In Accounts Payable	30.67M	21.04M	125M	-51.68M	27.86M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-310M	63.99M	152M	-122M	-405M
Cash from Operations	-2.08B	-426M	-2.6B	-734M	-233M
Capital Expenditure	-16.8M	-15.94M	-27.23M	-35.8M	-67.18M
Cash Acquisitions	-	-121M	-1.06B	-302M	-43.9M
Cash from Investing	-16.8M	-137M	-1.08B	-337M	-111M
Long-Term Debt Issued, Total	3.68B	2.2B	3.38B	3.01B	3.3B
Total Debt Issued	3.68B	2.2B	3.38B	3.01B	3.3B
Long-Term Debt Repaid, Total	-1.54B	-1.05B	-549M	-1.24B	-1.61B
Total Debt Repaid	-1.54B	-1.05B	-549M	-1.24B	-1.61B
Issuance of Common Stock	297M	476M	865M	21.2M	85.96M
Repurchase of Common Stock	-44M	-95.37M	-226M	-201M	-1.2B
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-310M	-	-
Common Dividends Paid	-149M	-231M	-324M	-448M	-600M
Preferred Dividends Paid	-21.7M	-21.7M	-10.85M	-	-
Common & Preferred Stock Dividends Paid	-170M	-253M	-335M	-448M	-600M
Other Financing Activities, Total	-102M	-336M	677M	-13.57M	327M
Cash from Financing	2.12B	944M	3.5B	1.13B	292M
Foreign Exchange Rate Adjustments	5.62M	19.96M	-19.1M	-10.24M	10.5M
Net Change in Cash	28.14M	401M	-196M	46.33M	-41.71M
Supplemental Items
Cash Interest Paid	233M	257M	205M	320M	723M
Cash Income Tax Paid (Refund)	35.62M	38.17M	22.79M	105M	62.01M
Levered Free Cash Flow	223M	76.36M	2.64B	285M	459M
Unlevered Free Cash Flow	409M	271M	2.82B	587M	997M
Change In Net Working Capital	-107M	71.83M	-1.95B	353M	-1.7M
Net Debt Issued / Repaid	2.14B	1.15B	2.83B	1.77B	1.68B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.82	1.43	2.98	1.99	2.46
Return on Total Capital	2.1	1.63	3.54	2.43	2.95
Return On Equity %	22.92	14.65	24.55	8.94	23.37
Return on Common Equity	31.51	17.59	27.1	8.99	26.02
Margin Analysis
Gross Profit Margin %	34.83	33.6	32.7	40.72	42.54
SG&A Margin	16.55	15.96	11.91	18	17.21
EBITDA Margin %	19.38	19.97	23.48	33.89	31.71
EBITA Margin %	18.47	19.02	22.96	27.09	28.8
EBIT Margin %	18.28	17.63	20.79	22.72	25.33
Income From Continuing Operations Margin %	21.12	18.39	21.8	14.36	31.94
Net Income Margin %	8.43	8.62	9.71	5.48	13.06
Net Avail. For Common Margin %	6.77	6.8	8.75	5.02	12.47
Normalized Net Income Margin	2.2	7.34	3.18	7.9	-0.32
Levered Free Cash Flow Margin	12.64	4.33	62.67	9.34	12.64
Unlevered Free Cash Flow Margin	23.16	15.36	67.04	19.21	27.46
Asset Turnover
Asset Turnover	0.16	0.13	0.23	0.14	0.16
Fixed Assets Turnover	13.01	8.3	18.44	12.84	11.96
Receivables Turnover (Average Receivables)	5.16	3.79	5.1	3.02	3.54
Short Term Liquidity
Current Ratio	0.71	0.93	0.6	0.57	0.67
Quick Ratio	0.67	0.88	0.58	0.53	0.63
Operating Cash Flow to Current Liabilities	-1.24	-0.23	-0.61	-0.19	-0.06
Days Sales Outstanding (Average Receivables)	70.78	96.52	71.55	120.86	103.09
Average Days Payable Outstanding	202.84	205.88	138.62	219.06	138.98
Long Term Solvency
Total Debt/Equity	461	423.95	254.46	271.85	313.78
Total Debt / Total Capital	82.17	80.91	71.79	73.11	75.83
LT Debt/Equity	455.49	418.55	252.12	269.01	310.26
Long-Term Debt / Total Capital	81.19	79.88	71.13	72.34	74.98
Total Liabilities / Total Assets	84.53	83.04	77.27	77.71	79.7
EBIT / Interest Expense	1.08	1	2.97	1.44	1.07
EBITDA / Interest Expense	1.25	1.23	3.48	2.23	1.4
(EBITDA - Capex) / Interest Expense	1.19	1.18	3.39	2.16	1.32
Total Debt / EBITDA	23.1	28.4	12.17	12.37	13.12
Net Debt / EBITDA	21.09	25.63	10.8	11.33	11.87
Total Debt / (EBITDA - Capex)	24.2	29.63	12.5	12.79	13.89
Net Debt / (EBITDA - Capex)	22.09	26.74	11.1	11.72	12.57
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	84.2	-0.08	138.77	-27.46	18.87
Gross Profit, 1 Yr. Growth %	71.84	-3.61	132.36	-9.54	24.17
EBITDA, 1 Yr. Growth %	193.36	2.98	176.22	5.43	11.22
EBITA, 1 Yr. Growth %	235.78	2.92	183.33	-13.79	26.36
EBIT, 1 Yr. Growth %	266.23	-3.59	176.42	-20.1	32.53
Earnings From Cont. Operations, 1 Yr. Growth %	145.04	-12.96	183	-52.2	164.31
Net Income, 1 Yr. Growth %	161.11	2.19	168.72	-59.02	183.11
Normalized Net Income, 1 Yr. Growth %	74.68	232.86	0.58	116.16	-104.76
Diluted EPS Before Extra, 1 Yr. Growth %	259.07	-17.77	146.11	-59.28	177.12
Accounts Receivable, 1 Yr. Growth %	27.14	46.74	96.18	-11.29	14.37
Net Property, Plant and Equip., 1 Yr. Growth %