Ares Management Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	463.74	474.33	167.54	408.84
Depreciation & Amortization	158.58	231.71	341.34	113.29
Loss (Gain) From Sale of Investments	-335.43	-353.44	-62.46	-166.28
Stock-Based Compensation	352.85	255.97	200.39	237.19
Other Operating Activities	2,354	-415.63	-1,186	-2,721
Change in Accounts Receivable	-188.17	-48.86	-20.61	-745.02
Change in Accounts Payable	148.38	27.86	-51.69	125.17
Change in Other Net Operating Assets	-163.2	-405.2	-122.34	152.02
Operating Cash Flow	2,791	-233.26	-734.11	-2,596
Capital Expenditures	-91.51	-67.18	-35.8	-27.23
Cash Acquisitions	-67.9	-43.9	-301.58	-1,057
Investing Cash Flow	-159.4	-111.08	-337.38	-1,085
Long-Term Debt Issued	2,305	3,296	3,010	3,382
Long-Term Debt Repaid	-4,583	-1,614	-1,240	-548.75
Net Debt Issued (Repaid)	-2,278	1,682	1,769	2,833
Issuance of Common Stock	408.64	85.96	21.21	864.65
Repurchase of Common Stock	-227.53	-1,203	-201.31	-226.1
Preferred Dividends Paid	-	-	-	-10.85
Common Dividends Paid	-783.17	-599.93	-447.63	-324.31
Dividends Paid	-783.17	-599.93	-447.63	-335.16
Other Financing Activities	-10.31	326.54	-13.57	677.06
Financing Cash Flow	-1,432	292.13	1,128	3,504
Foreign Exchange Rate Adjustments	-40.45	10.5	-10.24	-19.1
Net Cash Flow	1,160	-41.71	46.33	-196.16
Free Cash Flow	2,700	-300.44	-769.91	-2,623
Free Cash Flow Margin	69.49%	-8.27%	-25.20%	-62.28%
Free Cash Flow Per Share	13.63	-1.53	-4.39	-14.56
Cash Interest Paid	866.76	722.64	320.33	205.09
Cash Income Tax Paid	107.57	62.01	104.86	22.79
Levered Free Cash Flow	569.87	459.18	289.61	2,635
Unlevered Free Cash Flow	1,181	997.23	591.31	2,820
Change in Working Capital	-202.99	-426.19	-194.63	-467.83

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