Ares Management Corporation (ARES)

Ares Management Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating Revenue	3,638	3,595	3,043	4,113	1,735	1,709
Other Revenue	42.08	36.52	12.28	99.43	28.55	56.56
Revenue	3,680	3,632	3,055	4,212	1,764	1,765
Revenue Growth (YoY)	4.67%	18.87%	-27.46%	138.77%	-0.08%	84.20%
Cost of Revenue	1,983	2,087	1,811	2,837	1,171	1,151
Gross Profit	1,696	1,545	1,244	1,376	592.68	614.91
Selling, General & Admin	644.49	624.94	550.07	506.66	279.12	292.26
Operating Expenses	644.49	624.94	550.07	506.66	279.12	292.26
Operating Income	1,052	920.06	694.21	868.9	313.56	322.64
Interest Expense	-974.86	-860.88	-482.72	-294.81	-311.22	-297.42
Interest & Investment Income	1,043	1,015	595.93	447.68	471.72	403.11
Currency Exchange Gain (Loss)	-9.1	-9.1	-13.5	-4.8	13.1	-8.5
Other Non Operating Income (Expenses)	-4.49	13.92	26.62	19.2	-1.81	0.66
EBT Excluding Unusual Items	1,106	1,079	820.54	1,036	485.35	420.49
Gain (Loss) on Sale of Investments	352.89	340.27	78.12	96.41	-105.87	24.69
Asset Writedown	-78.7	-78.7	-181.6	-	-	-20
Other Unusual Items	-21.88	-7.33	-206.25	-66.89	-	-
Pretax Income	1,359	1,333	510.81	1,066	379.48	425.18
Income Tax Expense	174.31	172.97	71.89	147.39	54.99	52.38
Earnings From Continuing Operations	1,184	1,160	438.92	918.31	324.49	372.8
Minority Interest in Earnings	-723.89	-685.77	-271.37	-509.47	-172.34	-223.92
Net Income	460.38	474.33	167.54	408.84	152.14	148.88
Preferred Dividends & Other Adjustments	21.3	21.3	14.1	40.21	32.15	29.37
Net Income to Common	439.07	453.02	153.45	368.62	119.99	119.51
Net Income Growth	10.17%	183.11%	-59.02%	168.72%	2.19%	161.11%
Shares Outstanding (Basic)	195	185	176	164	135	108
Shares Outstanding (Diluted)	206	196	176	180	150	120
Shares Change (YoY)	10.28%	11.54%	-2.55%	20.47%	24.72%	24.84%
EPS (Basic)	2.25	2.46	0.87	2.25	0.89	1.11
EPS (Diluted)	2.19	2.42	0.87	2.15	0.87	1.06
EPS Growth	0.18%	177.12%	-59.28%	146.11%	-17.77%	259.07%
Free Cash Flow	-	-300.44	-769.91	-2,623	-441.6	-2,100
Free Cash Flow Per Share	-	-1.53	-4.39	-14.56	-2.95	-17.52
Dividend Per Share	3.560	3.080	2.440	1.880	1.600	1.280
Dividend Growth	21.92%	26.23%	29.79%	17.50%	25.00%	18.16%
Gross Margin	46.10%	42.54%	40.72%	32.66%	33.60%	34.83%
Operating Margin	28.59%	25.33%	22.72%	20.63%	17.78%	18.28%
Profit Margin	11.93%	12.47%	5.02%	8.75%	6.80%	6.77%
Free Cash Flow Margin	-	-8.27%	-25.20%	-62.28%	-25.03%	-118.94%
EBITDA	1,198	1,152	1,036	982.19	354.81	342.1
EBITDA Margin	32.56%	31.71%	33.89%	23.32%	20.11%	19.38%
D&A For EBITDA	146.29	231.71	341.34	113.29	41.25	19.46
EBIT	1,052	920.06	694.21	868.9	313.56	322.64
EBIT Margin	28.59%	25.33%	22.72%	20.63%	17.77%	18.28%
Effective Tax Rate	12.83%	12.98%	14.07%	13.83%	14.49%	12.32%
Revenue as Reported	3,680	3,632	3,055	4,212	1,764	1,765

Source: S&P Capital IQ. Standard template. Financial Sources.