$ARES
Ares Management Corp

2019 Q2 Form 10-Q Financial Statement

#000162828019005931 Filed on May 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $286.9M $304.7M $226.0M
YoY Change -13.62% 34.8% -7.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $319.0M $363.3M $201.7M
YoY Change 74.79% 80.12% -2.61%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $1.200M $3.300M
YoY Change -61.76% -63.64% -37.74%
% of Gross Profit
Operating Expenses $335.7M $369.1M $206.3M
YoY Change 51.89% 78.93% -58.03%
Operating Profit
YoY Change
Interest Expense $30.50M $32.40M $2.600M
YoY Change -56.37% 1146.15% -93.52%
% of Operating Profit
Other Income/Expense, Net $35.26M $27.87M $2.240M
YoY Change -48.09% 1144.2% -96.04%
Pretax Income $84.38M $136.0M $62.05M
YoY Change 65.22% 119.13% -132.56%
Income Tax $9.505M $14.38M -$12.38M
% Of Pretax Income 11.26% 10.58% -19.94%
Net Earnings $32.14M $44.95M $40.95M
YoY Change -372.94% 9.77% -199.55%
Net Earnings / Revenue 11.2% 14.75% 18.12%
Basic Earnings Per Share
Diluted Earnings Per Share $257.8K $390.1K $431.0K
COMMON SHARES
Basic Shares Outstanding 103.3M shares 82.76M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $624.0M $658.0M $648.0M
YoY Change -35.14% 1.54% 44.0%
Cash & Equivalents $247.2M $120.5M $648.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $701.0M $737.0M $744.0M
YoY Change -41.68% -0.94% -43.29%
LONG-TERM ASSETS
Property, Plant & Equipment $154.0M $157.0M
YoY Change
Goodwill $143.8M $143.8M $144.0M
YoY Change -0.05% -0.1% 0.15%
Intangibles
YoY Change
Long-Term Investments $9.493B $9.023B $7.291B
YoY Change 12.56% 23.76% 87.24%
Other Assets $51.00M
YoY Change 15.91%
Total Long-Term Assets $10.28B $9.752B $7.816B
YoY Change 14.94% 24.77% 77.39%
TOTAL ASSETS
Total Short-Term Assets $701.0M $737.0M $744.0M
Total Long-Term Assets $10.28B $9.752B $7.816B
Total Assets $10.98B $10.49B $8.560B
YoY Change 8.23% 22.54% 49.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $773.0M $704.0M $856.0M
YoY Change 5.75% -17.76% 35.66%
Accrued Expenses $294.0M $248.0M $50.00M
YoY Change 237.93% 396.0% -10.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.502B $1.040B $1.166B
YoY Change 44.98% -10.81% 193.7%
LONG-TERM LIABILITIES
Long-Term Debt $7.724B $7.265B $5.668B
YoY Change 12.89% 28.18% 61.39%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $7.724B $7.265B $5.668B
YoY Change 12.89% 28.18% 61.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.502B $1.040B $1.166B
Total Long-Term Liabilities $7.724B $7.265B $5.668B
Total Liabilities $9.377B $9.009B $6.995B
YoY Change 8.92% 28.8% 54.06%
SHAREHOLDERS EQUITY
Retained Earnings -$35.25M -$25.18M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $635.5M $599.7M $373.2M
YoY Change
Total Liabilities & Shareholders Equity $10.98B $10.49B $8.560B
YoY Change 8.23% 22.54% 49.7%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $32.14M $44.95M $40.95M
YoY Change -372.94% 9.77% -199.55%
Depreciation, Depletion And Amortization $1.300M $1.200M $3.300M
YoY Change -61.76% -63.64% -37.74%
Cash From Operating Activities -$941.5M -$349.8M $80.51M
YoY Change -31.18% -534.55% -127.59%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$3.000M $2.857M
YoY Change -35.71% -205.01% -72.13%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.700M -$2.994M -$2.857M
YoY Change -35.71% 4.8% -72.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.092B $353.3M -$85.65M
YoY Change -20.82% -512.52% -240.92%
NET CHANGE
Cash From Operating Activities -941.5M -$349.8M $80.51M
Cash From Investing Activities -2.700M -$2.994M -$2.857M
Cash From Financing Activities 1.092B $353.3M -$85.65M
Net Change In Cash 147.6M $10.25M -$8.002M
YoY Change 2170.77% -228.11% -96.68%
FREE CASH FLOW
Cash From Operating Activities -$941.5M -$349.8M $80.51M
Capital Expenditures -$2.700M -$3.000M $2.857M
Free Cash Flow -$938.8M -$346.8M $77.65M
YoY Change -31.17% -546.68% -125.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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PreferredStockDividendsIncomeStatementImpact
5425000 USD
CY2019Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5425000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
12400000 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
12400000 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
12400000 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
12400000 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
298761000 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
298761000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
74421000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
14169000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
47212000 USD
CY2018Q4 us-gaap Profit Loss
ProfitLoss
16337000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
121576000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-29336000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-25179000 USD
CY2018Q1 us-gaap Revenues
Revenues
226006000 USD
CY2019Q1 us-gaap Revenues
Revenues
304660000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1479824000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
1437681000 USD
CY2018Q1 us-gaap Undistributed Earnings
UndistributedEarnings
33624000 USD
CY2019Q1 us-gaap Undistributed Earnings
UndistributedEarnings
37055000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
663000 USD
CY2018Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
85617932 shares
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1565195000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1535249000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
1433000 shares
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1491319000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1394341000 USD
CY2019Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
102906494 shares
CY2018Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
213852928 shares
CY2019Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
110699112 shares
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has reclassified certain prior period amounts to conform to the current year presentation.</font></div></div>

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