Company Quick10K Filing
Ares Management
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-11
10-Q 2015-03-31 Filed 2015-05-12
10-K 2014-12-31 Filed 2015-03-20
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-06-10
8-K 2020-05-06 Earnings, Regulation FD, Exhibits
8-K 2020-03-30 Enter Agreement, Exhibits
8-K 2020-03-27 Enter Agreement, Sale of Shares, Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2020-02-14 Other Events
8-K 2020-02-13 Earnings, Regulation FD, Exhibits
8-K 2020-02-11 Officers, Regulation FD, Exhibits
8-K 2020-01-21 Sale of Shares
8-K 2020-01-21 Other Events, Exhibits
8-K 2019-10-31 Earnings, Regulation FD, Exhibits
8-K 2019-09-18 Enter Agreement, Exhibits
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-07-09 Enter Agreement, Regulation FD, Exhibits
8-K 2019-05-22 Shareholder Vote
8-K 2019-05-22 Other Events
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2019-03-21 Enter Agreement, Exhibits
8-K 2019-02-14 Earnings, Regulation FD, Exhibits
8-K 2019-01-16 Officers, Regulation FD, Exhibits
8-K 2018-12-12 Regulation FD
8-K 2018-11-26 Shareholder Rights, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2018-11-14 Other Events, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-05-03 Earnings, Regulation FD, Exhibits
8-K 2018-04-04 Other Events, Exhibits
8-K 2018-03-07 Enter Agreement, Exhibits
8-K 2018-02-15 Earnings, Regulation FD, Exhibits

Ares Management Financials

ARES Metrics, Comps, Filings

Quarterly | Annual

Business

Ares is a leading global alternative asset manager with approximately $130.7 billion of assets under management and approximately 1,100 employees in 18 offices across the United States, Europe, Asia and Australia. We offer our investors a range of investment strategies and seek to deliver attractive performance to a growing investor base that includes over 900 direct institutional relationships and a significant retail investor base across our publicly traded and sub‑advised funds. Since our inception in 1997, we have adhered to a disciplined investment philosophy that focuses on delivering strong risk‑adjusted investment returns through market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. We believe we create value for our stakeholders not only through our investment performance but also by expanding our product offering, enhancing our distribution channels, increasing our global presence, investing in our non‑investment functions, securing strategic partnerships and completing accretive acquisitions and portfolio purchases.

As shown in the chart below, over the past five and ten years, our assets under management have achieved a compound annual growth rate ("CAGR") of 12% and 18%, respectively. Our AUM has grown to approximately $130.7 billion as of December 31, 2018 from approximately $25.0 billion a decade earlier.

We have an established track record of delivering strong risk‑adjusted returns through market cycles. We believe our consistent and strong performance in a broad range of alternative assets has been shaped by several distinguishing features of our platform:


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Equity

Income Statement ($BB Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($BB Quarterly)

Ops, Inv, Fin

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Eaton Vance (EV) 5,170 0% 8.3 10% 4,254 2,784 1,683 0 433 622 5,138
Affiliated Managers Group (AMG) 4,852 0% 36.2 1% 7,679 3,199 2,248 0 110 172 6,242
Janus Henderson Group (JHG) 4,201 0% 6.4 6% 6,966 2,005 2,136 0 426 584 3,744
Lazard (LAZ) 4,054 0% 7.4 6% 5,552 4,866 1,924 0 332 471 3,465
Evercore (EVR) 3,569 0% 5.1 19% 2,211 1,208 1,362 0 420 644 3,255
Ares Management (ARES) 3,419 0% 5.2 3% 11,597 9,754 1,112 0 305 544 2,843
Legg Mason (LM) 3,384 0% 96.2 3% 7,802 3,370 2,846 0 216 52 4,969
Carlyle Group (CG) 3,297 0% 4.5 9% 13,928 10,632 3,068 0 1,209 1,362 6,063
Federated Investors (FII) 3,165 0% 8.9 14% 1,754 604 1,276 0 254 334 2,967
Houlihan Lokey (HLI) 2,951 28% 11.4 11% 1,448 556 1,113 311 165 243 2,763
AllianceBernstein (AB) 2,804 11.1 16% 1,455 1 0 0 232 252 2,804
Cohen & Steers (CNS) 2,663 0% 14.3 29% 460 128 395 0 135 177 2,535
Artisan Partners (APAM) 2,204 0% 8.8 21% 966 804 782 0 205 231 2,030
Noah Holdings (NOAH) 1,324 0% 8,014 1,839 0 0 0 0 -1,382
Victory Capital (VCTR) 1,263 0% 19.7 4% 1,792 1,285 490 0 69 113 2,221
BrightSphere Investment Group (BSIG) 1,236 0% 8.7 10% 1,356 1,304 886 0 137 205 1,779
Focus Financial Partners (FOCS) 1,113 0% 40.2 1% 2,645 1,831 1,138 0 19 26 1,062
Virtus Investment Partners (VRTS) 939 0% 7.3 2% 3,113 2,344 555 0 77 130 952
Pzena Investment (PZN) 620 0% 10.9 28% 178 82 112 0 49 53 584
Och-Ziff (OZM) 606 0% 13.4 2% 1,214 907 326 0 27 59 783

Balance Sheet ($MM)2014-03-312014-06-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash1,2771,3141,3181,381388160124265337455346425800556532836761385538376576
Accounts Receivable
Inventory
PP&E666877100
Assets22,03621,64121,61820,4444,7564,3214,3364,6725,3195,8305,7186,2448,0198,5648,56010,14510,42210,15510,48910,98011,597
Accounts Payable
Long-Term Debt172246299294596389471279280306488511486616590
Liabilities14,76014,88214,81514,1503,7373,3293,3753,3573,9714,4524,5404,9966,6427,1036,9958,6098,9308,7609,0099,3779,754
Stockholders' Equity543285292287256247231293230271271275373343294588600635752
Income Statement ($MM)2014-03-312014-06-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue134163182176144160358242534284356266204241247305287273
Cost of Revenue
Gross Profit
R&D
SG&A3946535175403938434751475244
Tax567635-483-341550375141012
Net Income28118157401245-116-38711895-4111484132741447161227592
Cash Flow ($MM)2014-03-312014-06-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating1,010-161,325-1,831-6-2594-328-292-12-888-67181-1,368-436-350-941-389
Cash Investing-4-68-4-2-2-3-2-3-10-11-7-5-3-4-7-3-3-6
Cash Financing-1,05933-1,3012,104-25517694046147944603-861,3794403531,092306