Cash flow Ares Management Corporation

Equities

ARES

US03990B1017

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 21:00:02 05/12/2025 GMT			5-day change	1st Jan Change
165.46 ^USD	+1.47%		+5.49%	-6.54%

12-03	MGT Impact Solutions, LLC announced that it has received $350 million in funding from Ares Management Corporation	CI
12-03	Ares Management Completes $350 Million Investment in MGT	MT

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Published financial data: ARES MANAGEMENT CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	1.74B	4.11B	3.04B	3.6B	3.84B
Interest And Invest. Income (Rev)	28.55M	99.43M	12.28M	36.52M	45.42M
Total Revenues	1.76B	4.21B	3.06B	3.63B	3.88B
Cost of Goods Sold, Total	1.17B	2.83B	1.81B	2.09B	2.14B
Gross Profit	593M	1.38B	1.24B	1.54B	1.74B
Selling General & Admin Expenses, Total	282M	502M	550M	625M	748M
Other Operating Expenses, Total	282M	502M	550M	625M	748M
Operating Income	311M	876M	694M	920M	993M
Interest Expense, Total	-311M	-295M	-483M	-861M	-978M
Interest And Investment Income	472M	448M	596M	1.01B	976M
Net Interest Expenses	160M	153M	113M	154M	-1.9M
Currency Exchange Gains (Loss)	13.1M	-4.8M	-13.5M	-9.1M	-600K
Other Non Operating Income (Expenses)	-1.81M	5.5M	26.62M	13.92M	1.23M
EBT, Excl. Unusual Items	483M	1.03B	821M	1.08B	992M
Merger & Related Restructuring Charges	-	-5.1M	-	-	-
Gain (Loss) On Sale Of Investments	-106M	96.4M	78.12M	340M	331M
Asset Writedown	-	-	-182M	-78.7M	-8.9M
Insurance Settlements	2.5M	-	-	-	-
Other Unusual Items	-	-54.79M	-206M	-7.33M	-38.15M
EBT, Incl. Unusual Items	379M	1.07B	511M	1.33B	1.28B
Income Tax Expense	54.99M	147M	71.89M	173M	165M
Earnings From Continuing Operations	324M	918M	439M	1.16B	1.11B
Net Income to Company	324M	918M	439M	1.16B	1.11B
Minority Interest	-172M	-509M	-271M	-686M	-647M
Net Income - (IS)	152M	409M	168M	474M	464M
Preferred Dividend and Other Adjustments	32.15M	40.21M	14.1M	21.3M	53.55M
Net Income to Common Incl Extra Items	120M	369M	153M	453M	410M
Net Income to Common Excl. Extra Items	120M	369M	153M	453M	410M
Per Share Items
Net EPS - Basic	0.89	2.25	0.87	2.46	2.07
Basic EPS - Continuing Operations	0.89	2.25	0.87	2.46	2.07
Basic Weighted Average Shares Outstanding	135M	164M	176M	185M	198M
Net EPS - Diluted	0.87	2.15	0.87	2.42	2.07
Diluted EPS - Continuing Operations	0.87	2.15	0.87	2.42	2.07
Diluted Weighted Average Shares Outstanding	150M	180M	176M	196M	198M
Normalized Basic EPS	0.96	0.82	1.38	-0.06	-0.14
Normalized Diluted EPS	0.87	0.74	1.38	-0.06	-0.14
Dividend Per Share	1.6	1.88	2.44	3.08	3.72
Payout Ratio	166.39	81.98	267.18	126.48	168.88
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	352M	989M	1.04B	1.15B	1.15B
EBITA	336M	967M	828M	1.05B	1.11B
EBIT	311M	876M	694M	920M	993M
EBITDAR	384M	1.03B	1.08B	1.2B	1.22B
Total Revenues (As Reported)	1.76B	4.21B	3.06B	3.63B	3.88B
Effective Tax Rate - (Ratio)	14.49	13.83	14.07	12.98	12.91
Current Domestic Taxes	30.56M	52.98M	50.07M	47.37M	77.62M
Current Foreign Taxes	9.26M	11.77M	14.45M	27.85M	23.51M
Total Current Taxes	39.82M	64.75M	64.52M	75.22M	101M
Deferred Domestic Taxes	14.4M	81.24M	12.79M	101M	58M
Deferred Foreign Taxes	772K	1.39M	-5.42M	-3.73M	5.49M
Total Deferred Taxes	15.18M	82.63M	7.38M	97.75M	63.49M
Normalized Net Income	129M	134M	241M	-11.5M	-27.07M
Interest on Long-Term Debt	1.73M	1.95M	2.26M	2.4M	3.09M
Supplemental Operating Expense Items
General and Administrative Expenses	250M	463M	507M	575M	682M
Net Rental Expense, Total	31.71M	38.14M	42.75M	49.53M	66.81M
Imputed Operating Lease Interest Expense	8.11M	7.69M	12.78M	23.45M	36.18M
Imputed Operating Lease Depreciation	23.6M	30.45M	29.96M	26.08M	30.63M
Stock-Based Comp., COGS (Total)	123M	237M	200M	256M	353M
Total Stock-Based Compensation	123M	237M	200M	256M	353M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.06B	1.39B	1.11B	1.5B	2.74B
Trading Asset Securities, Total	-	5.68M	-	-	-
Total Cash And Short Term Investments	1.06B	1.4B	1.11B	1.5B	2.74B
Accounts Receivable, Total	544M	1.07B	947M	1.08B	1.25B
Other Receivables	3.98M	3.08M	5.25M	12.63M	11.74M
Total Receivables	548M	1.07B	953M	1.1B	1.26B
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	78.36M	86.89M	136M	178M	251M
Total Current Assets	1.69B	2.56B	2.2B	2.77B	4.25B
Gross Property Plant And Equipment	290M	330M	342M	488M	770M
Accumulated Depreciation	-73.16M	-90.03M	-106M	-116M	-80.62M
Net Property Plant And Equipment	217M	240M	236M	372M	689M
Long-term Investments	12.56B	16.5B	17.18B	19.23B	17.38B
Goodwill	371M	788M	1B	1.12B	1.16B
Other Intangibles, Total	222M	1.42B	1.21B	1.06B	976M
Deferred Tax Assets Long-Term	70.03M	39.4M	68.93M	21.55M	242M
Deferred Charges Long-Term	9.52M	14.39M	5.51M	4.21M	4.86M
Other Long-Term Assets, Total	30.55M	43.26M	102M	152M	177M
Total Assets	15.17B	21.61B	22B	24.73B	24.88B
Liabilities
Accounts Payable, Total	674M	1.48B	695M	894M	1.01B
Accrued Expenses, Total	944M	2.57B	2.91B	2.84B	2.9B
Current Portion of Long-Term Debt	104M	71.5M	93.05M	125M	275M
Current Portion of Leases	34.82M	43.49M	46.7M	51.4M	56.07M
Other Current Liabilities	64.11M	122M	138M	208M	410M
Total Current Liabilities	1.82B	4.28B	3.89B	4.11B	4.65B
Long-Term Debt	10.62B	12.22B	13.05B	15.31B	12.23B
Long-Term Leases	147M	163M	144M	268M	586M
Unearned Revenue Non Current	4.81M	10.16M	8.7M	9.58M	5.77M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	5.55M	21.36M	8.34M	6M	13.66M
Total Liabilities	12.6B	16.69B	17.1B	19.71B	17.49B
Preferred Stock Redeemable	299M	-	-	-	-
Preferred Stock Convertible	-	-	-	-	1.46B
Total Preferred Equity	299M	-	-	-	1.46B
Common Stock, Total	2.6M	2.9M	2.95M	3.08M	3.13M
Additional Paid In Capital	1.04B	1.91B	1.97B	2.39B	2.94B
Retained Earnings	-152M	-89.38M	-369M	-495M	-837M
Comprehensive Income and Other	483K	-1.86M	-14.99M	-5.63M	-17.76M
Total Common Equity	895M	1.83B	1.59B	1.89B	2.08B
Minority Interest	1.38B	3.09B	3.32B	3.13B	3.85B
Total Equity	2.57B	4.91B	4.91B	5.02B	7.4B
Total Liabilities And Equity	15.17B	21.61B	22B	24.73B	24.88B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	150M	175M	180M	193M	208M
ECS Total Common Shares Outstanding	147M	172M	177M	191M	203M
Book Value / Share	6.08	10.62	8.96	9.94	10.25
Tangible Book Value	302M	-386M	-619M	-289M	-53.59M
Tangible Book Value Per Share	2.05	-2.24	-3.49	-1.52	-0.26
Total Debt	10.9B	12.5B	13.33B	15.76B	13.15B
Net Debt	9.84B	11.1B	12.22B	14.26B	10.41B
Debt Equivalent Oper. Leases	254M	305M	342M	396M	534M
Minority Interest, Total (Incl. Fin. Div)	1.38B	3.09B	3.32B	3.13B	3.85B
Equity Method Investments, Total	1.63B	3.63B	3.82B	4.41B	4.5B
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	28.07M	31.96M	41.55M	52.68M	62.92M
Full Time Employees	1.45K	2.1K	2.55K	2.85K	3.2K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	152M	409M	168M	474M	464M
Depreciation & Amortization - CF	16.75M	21.99M	208M	106M	42.28M
Amortization of Goodwill and Intangible Assets - (CF)	24.5M	91.3M	134M	126M	116M
Depreciation & Amortization, Total	41.25M	113M	341M	232M	159M
(Gain) Loss on Sale of Investments - (CF)	88.82M	-166M	-62.46M	-353M	-335M
Asset Writedown & Restructuring Costs	-	-	-	-	-
Stock-Based Compensation (CF)	123M	237M	200M	256M	353M
Other Operating Activities, Total	-892M	-2.72B	-1.19B	-416M	2.35B
Change In Accounts Receivable	-24.35M	-745M	-20.61M	-48.86M	-188M
Change In Accounts Payable	21.04M	125M	-51.68M	27.86M	148M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	63.99M	152M	-122M	-405M	-163M
Cash from Operations	-426M	-2.6B	-734M	-233M	2.79B
Capital Expenditure	-15.94M	-27.23M	-35.8M	-67.18M	-91.51M
Cash Acquisitions	-121M	-1.06B	-302M	-43.9M	-67.9M
Cash from Investing	-137M	-1.08B	-337M	-111M	-159M
Long-Term Debt Issued, Total	2.2B	3.38B	3.01B	3.3B	2.31B
Total Debt Issued	2.2B	3.38B	3.01B	3.3B	2.31B
Long-Term Debt Repaid, Total	-1.05B	-549M	-1.24B	-1.61B	-4.58B
Total Debt Repaid	-1.05B	-549M	-1.24B	-1.61B	-4.58B
Issuance of Common Stock	476M	865M	21.2M	85.96M	409M
Repurchase of Common Stock	-95.37M	-226M	-201M	-1.2B	-228M
Issuance of Preferred Stock	-	-	-	-	1.46B
Repurchase of Preferred Stock	-	-310M	-	-	-
Common Dividends Paid	-231M	-324M	-448M	-600M	-783M
Preferred Dividends Paid	-21.7M	-10.85M	-	-	-
Common & Preferred Stock Dividends Paid	-253M	-335M	-448M	-600M	-783M
Other Financing Activities, Total	-336M	677M	-13.57M	327M	-10.31M
Cash from Financing	944M	3.5B	1.13B	292M	-1.43B
Foreign Exchange Rate Adjustments	19.96M	-19.1M	-10.24M	10.5M	-40.45M
Net Change in Cash	401M	-196M	46.33M	-41.71M	1.16B
Supplemental Items
Cash Interest Paid	257M	205M	320M	723M	867M
Cash Income Tax Paid (Refund)	38.17M	22.79M	105M	62.01M	108M
Levered Free Cash Flow	76.36M	2.64B	285M	459M	570M
Unlevered Free Cash Flow	271M	2.82B	587M	997M	1.18B
Change In Net Working Capital	71.83M	-1.95B	353M	-1.7M	-141M
Net Debt Issued / Repaid	1.15B	2.83B	1.77B	1.68B	-2.28B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.43	2.98	1.99	2.46	2.5
Return on Total Capital	1.63	3.54	2.43	2.95	3
Return On Equity %	14.65	24.55	8.94	23.37	17.89
Return on Common Equity	17.59	27.1	8.99	26.02	20.62
Margin Analysis
Gross Profit Margin %	33.6	32.7	40.72	42.54	44.83
SG&A Margin	15.96	11.91	18	17.21	19.27
EBITDA Margin %	19.97	23.48	33.89	31.71	29.65
EBITA Margin %	19.02	22.96	27.09	28.8	28.56
EBIT Margin %	17.63	20.79	22.72	25.33	25.56
Income From Continuing Operations Margin %	18.39	21.8	14.36	31.94	28.59
Net Income Margin %	8.62	9.71	5.48	13.06	11.94
Net Avail. For Common Margin %	6.8	8.75	5.02	12.47	10.56
Normalized Net Income Margin	7.34	3.18	7.9	-0.32	-0.7
Levered Free Cash Flow Margin	4.33	62.67	9.34	12.64	14.67
Unlevered Free Cash Flow Margin	15.36	67.04	19.21	27.46	30.41
Asset Turnover
Asset Turnover	0.13	0.23	0.14	0.16	0.16
Fixed Assets Turnover	8.3	18.44	12.84	11.96	7.33
Receivables Turnover (Average Receivables)	3.79	5.1	3.02	3.54	3.29
Short Term Liquidity
Current Ratio	0.93	0.6	0.57	0.67	0.91
Quick Ratio	0.88	0.58	0.53	0.63	0.86
Operating Cash Flow to Current Liabilities	-0.23	-0.61	-0.19	-0.06	0.6
Days Sales Outstanding (Average Receivables)	96.52	71.55	120.86	103.09	111.3
Average Days Payable Outstanding	205.88	138.62	219.06	138.98	162.74
Long Term Solvency
Total Debt/Equity	423.95	254.46	271.85	313.78	177.71
Total Debt / Total Capital	80.91	71.79	73.11	75.83	63.99
LT Debt/Equity	418.55	252.12	269.01	310.26	173.24
Long-Term Debt / Total Capital	79.88	71.13	72.34	74.98	62.38
Total Liabilities / Total Assets	83.04	77.27	77.71	79.7	70.27
EBIT / Interest Expense	1	2.97	1.44	1.07	1.02
EBITDA / Interest Expense	1.23	3.48	2.23	1.4	1.25
(EBITDA - Capex) / Interest Expense	1.18	3.39	2.16	1.32	1.15
Total Debt / EBITDA	28.4	12.17	12.37	13.12	10.79
Net Debt / EBITDA	25.63	10.8	11.33	11.87	8.55
Total Debt / (EBITDA - Capex)	29.63	12.5	12.79	13.89	11.67
Net Debt / (EBITDA - Capex)	26.74	11.1	11.72	12.57	9.24
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-0.08	138.77	-27.46	18.87	6.96
Gross Profit, 1 Yr. Growth %	-3.61	132.36	-9.54	24.17	12.73
EBITDA, 1 Yr. Growth %	2.98	176.22	5.43	11.22	-0
EBITA, 1 Yr. Growth %	2.92	183.33	-13.79	26.36	6.06
EBIT, 1 Yr. Growth %	-3.59	176.42	-20.1	32.53	7.94
Earnings From Cont. Operations, 1 Yr. Growth %	-12.96	183	-52.2	164.31	-4.25
Net Income, 1 Yr. Growth %	2.19	168.72	-59.02	183.11	-2.23
Normalized Net Income, 1 Yr. Growth %	232.86	0.58	116.16	-104.76	135.41
Diluted EPS Before Extra, 1 Yr. Growth %	-17.77	146.11	-59.28	177.12	-14.52
Accounts Receivable, 1 Yr. Growth %	46.74	96.18	-11.29	14.37	15.5
Net Property, Plant and Equip., 1 Yr. Growth %	4.29	10.56	-1.62	57.68	85.44
Total Assets, 1 Yr. Growth %	26.26	42.43	1.84	12.4	0.62
Tangible Book Value, 1 Yr. Growth %	-5.01	-227.76	60.45	-53.27	-81.46
Common Equity, 1 Yr. Growth %	90.6	103.95	-12.93	19.14	10.11
Cash From Operations, 1 Yr. Growth %	-79.57	509.89	-71.72	-68.23	-1.3K
Capital Expenditures, 1 Yr. Growth %	-5.08	70.78	31.48	87.68	36.21
Levered Free Cash Flow, 1 Yr. Growth %	-65.39	3.14K	-89.18	58.55	24.11
Unlevered Free Cash Flow, 1 Yr. Growth %	-33.37	923.61	-79.18	68.65	18.46
Dividend Per Share, 1 Yr. Growth %	25	17.5	29.79	26.23	20.78
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	35.66	54.46	31.61	-7.14	12.76
Gross Profit, 2 Yr. CAGR %	28.7	49.65	44.89	5.98	18.31
EBITDA, 2 Yr. CAGR %	73.81	70.02	70.84	8.29	5.46
EBITA, 2 Yr. CAGR %	85.9	72.21	56.48	4.38	15.77
EBIT, 2 Yr. CAGR %	87.9	64.74	48.79	2.9	19.61
Earnings From Cont. Operations, 2 Yr. CAGR %	46.04	56.95	16.3	12.4	59.08
Net Income, 2 Yr. CAGR %	63.35	65.71	4.94	7.71	66.37
Normalized Net Income, 2 Yr. CAGR %	141.13	85.47	35.77	-71.15	-66.51
Diluted EPS Before Extra, 2 Yr. CAGR %	71.84	42.26	0.1	6.22	53.91
Accounts Receivable, 2 Yr. CAGR %	36.59	69.67	31.92	0.73	14.94
Net Property, Plant and Equip., 2 Yr. CAGR %	85.04	7.38	4.29	24.44	71
Total Assets, 2 Yr. CAGR %	22.22	34.1	20.44	6.99	6.35
Tangible Book Value, 2 Yr. CAGR %	62.75	10.16	43.17	-13.41	-70.57
Common Equity, 2 Yr. CAGR %	75.92	97.16	33.26	1.85	14.54
Cash From Operations, 2 Yr. CAGR %	-45.19	11.64	31.33	-70.02	94.99
Capital Expenditures, 2 Yr. CAGR %	-6.97	27.32	49.85	57.09	59.89
Levered Free Cash Flow, 2 Yr. CAGR %	3.56	245.87	89.58	-58.26	40.28
Unlevered Free Cash Flow, 2 Yr. CAGR %	82.3	163.56	46.39	-40.53	41.34
Dividend Per Share, 2 Yr. CAGR %	21.53	21.19	23.49	28	23.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.03	63.8	20.06	27.22	-2.66
Gross Profit, 3 Yr. CAGR %	6.83	56.71	26.48	37.63	8.18
EBITDA, 3 Yr. CAGR %	7.55	103.92	44.66	48.07	5.45
EBITA, 3 Yr. CAGR %	7.75	115.14	36.42	45.72	4.93
EBIT, 3 Yr. CAGR %	7.5	115	29.1	43.16	4.56
Earnings From Cont. Operations, 3 Yr. CAGR %	23.35	82.07	5.59	52.91	6.55
Net Income, 3 Yr. CAGR %	25.93	92.83	4.01	46.09	4.29
Normalized Net Income, 3 Yr. CAGR %	13.48	81.8	83.8	-55.56	-41.91
Diluted EPS Before Extra, 3 Yr. CAGR %	12.06	93.7	-6.25	40.56	-1.2
Accounts Receivable, 3 Yr. CAGR %	31.02	54.11	36.68	25.79	5.43
Net Property, Plant and Equip., 3 Yr. CAGR %	52.53	55.85	4.29	19.63	42.14
Total Assets, 3 Yr. CAGR %	21	28.62	22.35	17.7	4.82
Tangible Book Value, 3 Yr. CAGR %	49.4	50.13	24.87	-1.42	-48.2
Common Equity, 3 Yr. CAGR %	48.22	84.81	50.14	28.38	4.53
Cash From Operations, 3 Yr. CAGR %	-38.87	22.36	-29.36	-18.17	2.44
Capital Expenditures, 3 Yr. CAGR %	-21.66	13.91	28.69	61.52	49.79
Levered Free Cash Flow, 3 Yr. CAGR %	-59.35	233.43	8.93	79.52	-39.98
Unlevered Free Cash Flow, 3 Yr. CAGR %	-39.6	226	13.02	53.84	-25.17
Dividend Per Share, 3 Yr. CAGR %	13.3	20.17	23.99	24.4	25.54
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	16.72	27.41	15.6	30.53	17.09
Gross Profit, 5 Yr. CAGR %	15.5	26.88	20.68	33.98	23.15
EBITDA, 5 Yr. CAGR %	20.87	29.13	29.61	58.1	27.48
EBITA, 5 Yr. CAGR %	21.35	29.59	25.28	60.87	27.75
EBIT, 5 Yr. CAGR %	28.96	29.77	22.63	59.87	25.22
Earnings From Cont. Operations, 5 Yr. CAGR %	39.05	26.2	20.48	50.12	24.4
Net Income, 5 Yr. CAGR %	51	29.6	17.07	52.76	25.51
Normalized Net Income, 5 Yr. CAGR %	31.55	85.36	22.21	-12.37	-6.98
Diluted EPS Before Extra, 5 Yr. CAGR %	30.56	12.32	7.12	52.32	14.31
Accounts Receivable, 5 Yr. CAGR %	-4.59	3.07	31.38	30	27.53
Net Property, Plant and Equip., 5 Yr. CAGR %	41.58	42.55	31.01	42.43	27.06
Total Assets, 5 Yr. CAGR %	28.55	29.95	20.77	19.48	15.68
Tangible Book Value, 5 Yr. CAGR %	75.98	33.53	46.88	20.47	-29.95
Common Equity, 5 Yr. CAGR %	29.37	44.19	42.04	45.62	34.74
Cash From Operations, 5 Yr. CAGR %	-4.22	32.92	-16.99	-30.29	6.03
Capital Expenditures, 5 Yr. CAGR %	8.35	17.98	1.54	29.54	40.36
Levered Free Cash Flow, 5 Yr. CAGR %	-33.89	62.23	-24.16	45.18	20.9
Unlevered Free Cash Flow, 5 Yr. CAGR %	-13	56.24	-13.74	65.01	23.78
Dividend Per Share, 5 Yr. CAGR %	13.75	15.62	17.27	23.24	23.78