Ares Management Corp (ARES) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Reconciling items				259.8			5.3
Other				698.7			809.1
Total revenues [+]	4,212.1	1,764.0	1,765.4	958.5	1,479.9	964.8	814.4	603.9
Management fees							634.4
Performance fees							150.6	91.4
Net investment income	25.1	33.7	69.7	29.7
Revenue growth	138.8%	-0.1%	84.2%	-35.2%	53.4%	18.5%	34.9%	26.2%
Cost of goods sold	1,162.6	0.0	0.0	0.0	0.0	0.0	414.5	456.4
Gross profit	3,049.5	1,764.0	1,765.4	958.5	1,479.9	964.8	400.0	147.5
Gross margin	72.4%	100.0%	100.0%	100.0%	100.0%	100.0%	49.1%	24.4%
Selling, general and administrative	444.2	1,450.5	1,462.8	870.4	1,504.8	1,016.4	224.8	166.8
Other operating expenses	1,527.1	-131.8	-245.1	-192.5	-349.3	-392.6
EBITDA [+]							230.5	16.8
EBITDA growth	142.1%	-18.7%	95.2%	-13.5%	-4.8%	48.0%	1271.2%	-101.1%
EBITDA margin	25.6%	25.2%	31.0%	29.3%	21.9%	35.3%	28.3%	2.8%
Depreciation				-9.0	-17.9	-26.6	55.3	36.1
EBITA	1,078.2	445.4	547.7	289.6	342.4	367.6	175.2	-19.3
EBITA margin	25.6%	25.2%	31.0%	30.2%	23.1%	38.1%	21.5%	-3.2%
Amortization of intangibles				9.0	17.9	26.6
EBIT [+]	1,078.2	445.4	547.7	280.6	324.5	341.0	175.2	-19.3
EBIT growth	142.1%	-18.7%	95.2%	-13.5%	-4.8%	94.6%	-1006.7%	-98.7%
EBIT margin	25.6%	25.2%	31.0%	29.3%	21.9%	35.3%	21.5%	-3.2%
Non-recurring items						-16.9
Interest expense, net [+]	36.8						4.9
Interest expense	36.8						18.9
Interest income							14.0
Other income (expense), net [+]	24.3	-65.9	-122.5	-96.2	-174.7	-60.0	-170.3	19.3
Gain (loss) on investments	19.1						17.0
Other	14.4						21.7	-2.4
Pre-tax income	1,065.7	379.5	425.2	184.3	149.9	297.9	0.0	0.0
Income taxes	147.4	55.0	52.4	32.2	-23.1	11.0	19.1	16.5
Tax rate	13.8%	14.5%	12.3%	17.5%		3.7%
Minority interest					35.9
Net income	386.7	130.4	127.2	35.3	54.5	99.6	0.0	0.0
Net margin	9.2%	7.4%	7.2%	3.7%	3.7%	10.3%	0.0%	0.0%

Basic EPS [+]	$2.36	$0.97	$1.18	$0.37	$0.67	$1.23	$0.00	$0.00
Growth	144.6%	-18.1%	220.4%	-44.7%	-46.0%
Diluted EPS [+]	$2.15	$0.87	$1.06	$0.37	$0.67	$1.20	$0.00	$0.00
Growth	146.1%	-17.8%	188.4%	-44.7%	-44.6%

Dividends per share [+]							$2.70	$4.11
Growth						-100.0%	-34.2%

Shares outstanding (basic) [+]	163.7	135.1	107.9	96.0	81.8	80.7	80.7	80.4
Growth	21.2%	25.2%	12.4%	17.3%	1.3%	0.1%	0.4%
Shares outstanding (diluted) [+]	180.1	149.5	119.9	96.0	81.8	82.9	80.7	80.4
Growth	20.5%	24.7%	24.8%	17.3%	-1.3%	2.8%	0.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.