Artisan Partners Asset Management Inc. (APAM) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
UNITED STATES	812.4	1,021.6	748.3	666.7	699.0	679.3
Non-US	180.9	205.6	151.2	132.3	129.6	116.3
Total revenues [+]	993.3	1,227.2	899.6	799.0	828.6	795.6	733.9	805.5
Performance fees								1.8
Revenue growth [+]	-19.1%	36.4%	12.6%	-3.6%	4.1%	8.4%	-8.9%	-2.8%
UNITED STATES	-20.5%	36.5%	12.3%	-4.6%	2.9%
Non-US	-12.0%	36.0%	14.3%	2.1%	11.5%
Cost of goods sold [+]	1,049.6	1,148.1	893.6	824.2	845.0	14.5	13.1	12.5
Labor costs	510.4	563.1	435.8	400.5	413.2
Sales commissions and fees	510.4	563.1	435.8	400.5	413.2
Occupancy costs	28.8	21.9	21.9	23.3	18.7
Gross profit	-56.3	79.2	6.0	-25.3	-16.4	781.1	720.9	793.0
Gross margin	-5.7%	6.5%	0.7%	-3.2%	-2.0%	98.2%	98.2%	98.4%
Selling, general and administrative [+]	521.3	577.0	446.3	413.2	417.7	462.8	411.3	441.5
Sales and marketing	27.6	33.9	26.7	25.8	29.3	31.8	2.4	414.2
General and administrative [+]	493.7	543.1	419.6	387.4	388.4	431.0	408.9	27.2
Wages and related expenses	458.6	516.9	399.3	358.3	360.3	402.9	383.9	414.2
General and administrative expenses	493.7	543.1	419.6	387.4	388.4	431.0	408.9
Other selling, general and administrative								414.2
Research and development	50.3	43.9	38.9	39.5	37.2	34.1	32.1	25.5
Other operating expenses	-972.0	-1,082.2	-837.5	-761.4	-776.2	-2.2	43.2	43.6
EBITDA [+]	351.9	547.4	364.9	289.7	310.6	291.7	239.5	286.9
EBITDA growth	-35.7%	50.0%	26.0%	-6.7%	6.5%	21.8%	-16.5%	-7.5%
EBITDA margin	35.4%	44.6%	40.6%	36.3%	37.5%	36.7%	32.6%	35.6%
Depreciation and amortization	7.8	6.9	6.6	6.2	5.7	5.3	5.3	4.5
EBIT [+]	344.1	540.5	358.3	283.5	304.9	286.4	234.2	282.4
EBIT growth	-36.3%	50.8%	26.4%	-7.0%	6.5%	22.3%	-17.1%	-8.0%
EBIT margin	34.6%	44.0%	39.8%	35.5%	36.8%	36.0%	31.9%	35.1%
Interest expense, net [+]	9.9	10.8	10.8	11.1	11.2	10.3	10.4	11.7
Interest expense	9.9	10.8	10.8	11.1	11.2	11.4	11.7	11.7
Interest income						1.1	1.3
Other income (expense), net [+]	-22.4	21.9	21.8	-3.1	8.1	295.2	0.7	-11.8
Gain (loss) on investments					0.7
Realized gain (loss) on investments								0.4
Other								-0.4
Pre-tax income	311.8	551.6	369.3	269.3	301.8	571.2	224.5	258.9
Income taxes	63.5	107.0	60.8	27.8	47.6	420.5	51.5	46.8
Tax rate	20.3%	19.4%	16.5%	10.3%	15.8%	73.6%	22.9%	18.1%
Minority interest							100.0	130.3
Net income	248.4	444.5	308.5	241.5	254.2	150.7	73.0	81.8
Net margin	25.0%	36.2%	34.3%	30.2%	30.7%	18.9%	10.0%	10.2%

Basic EPS [+]	$3.98	$7.43	$5.55	$4.72	$5.20	$3.38	$1.91	$2.31
Growth	-46.5%	33.9%	17.4%	-9.2%	54.1%	76.3%	-17.0%	-8.8%
Diluted EPS [+]	$3.97	$7.42	$5.54	$4.72	$5.20	$3.38	$1.91	$2.31
Growth	-46.5%	33.9%	17.4%	-9.2%	54.1%	76.3%	-17.0%	-8.8%

Dividends per share [+]	$3.67	$4.23	$3.39	$3.39	$3.19	$2.76	$2.80	$3.35
Growth	-13.2%	24.8%	0.0%	6.3%	15.6%	-1.4%	-16.4%	-12.5%

Shares outstanding (basic) [+]	62.5	59.9	55.6	51.1	48.9	44.6	38.1	35.4
Growth	4.4%	7.6%	8.8%	4.6%	9.4%	17.1%	7.6%	28.8%
Shares outstanding (diluted) [+]	62.5	59.9	55.6	51.1	48.9	44.6	38.1	35.4
Growth	4.4%	7.6%	8.8%	4.6%	9.4%	17.1%	7.6%	28.8%

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