Ares Management Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	650.43	463.74	474.33	167.54	408.84	152.14
Depreciation & Amortization	217.04	158.58	231.71	341.34	113.29	41.25
Loss (Gain) From Sale of Investments	-335.43	-335.43	-353.44	-62.46	-166.28	88.83
Stock-Based Compensation	352.85	352.85	255.97	200.39	237.19	122.99
Other Operating Activities	2,301	2,354	-415.63	-1,186	-2,721	-891.53
Change in Accounts Receivable	-188.17	-188.17	-48.86	-20.61	-745.02	-17.69
Change in Accounts Payable	148.38	148.38	27.86	-51.69	125.17	21.04
Change in Other Net Operating Assets	626.94	-163.2	-405.2	-122.34	152.02	57.33
Operating Cash Flow	4,558	2,791	-233.26	-734.11	-2,596	-425.66
Capital Expenditures	-65.69	-91.51	-67.18	-35.8	-27.23	-15.94
Cash Acquisitions	-1,780	-67.9	-43.9	-301.58	-1,057	-120.82
Investing Cash Flow	-1,846	-159.4	-111.08	-337.38	-1,085	-136.76
Long-Term Debt Issued	-	2,305	3,296	3,010	3,382	2,202
Long-Term Debt Repaid	-	-4,583	-1,614	-1,240	-548.75	-1,050
Net Debt Issued (Repaid)	-1,334	-2,278	1,682	1,769	2,833	1,152
Issuance of Common Stock	-	408.64	85.96	21.21	864.65	476.03
Repurchase of Common Stock	-951.16	-227.53	-1,203	-201.31	-226.1	-95.37
Preferred Dividends Paid	-	-	-	-	-10.85	-21.7
Common Dividends Paid	-	-783.17	-599.93	-447.63	-324.31	-231.45
Dividends Paid	-	-783.17	-599.93	-447.63	-335.16	-253.15
Other Financing Activities	-1,666	-10.31	326.54	-13.57	677.06	-335.94
Financing Cash Flow	-2,492	-1,432	292.13	1,128	3,504	943.9
Foreign Exchange Rate Adjustments	-73.79	-40.45	10.5	-10.24	-19.1	19.96
Net Cash Flow	146.53	1,160	-41.71	46.33	-196.16	401.43
Free Cash Flow	4,493	2,700	-300.44	-769.91	-2,623	-441.6
Free Cash Flow Margin	83.89%	69.49%	-8.27%	-25.20%	-62.28%	-25.03%
Free Cash Flow Per Share	21.12	13.63	-1.53	-4.39	-14.56	-2.95
Cash Interest Paid	866.76	866.76	722.64	320.33	205.09	257.13
Cash Income Tax Paid	107.57	107.57	62.01	104.86	22.79	38.17
Levered Free Cash Flow	2,013	569.87	459.18	289.61	2,635	79.36
Unlevered Free Cash Flow	2,530	1,181	997.23	591.31	2,820	273.88
Change in Working Capital	587.15	-202.99	-426.19	-194.63	-467.83	60.67

Source: S&P Global Market Intelligence. Standard template. Financial Sources.