| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | |
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income (loss) | ||||||
372 | 152 | 172 | 286 | 62 | 545 | |
Adjustments to reconcile net income to net cash used in operating activities | ||||||
Allocable to non-controlling interests in Consolidated Funds: | ||||||
Cash flows due to changes in operating assets and liabilities: | ||||||
Allocable to non-controlling interest in Consolidated Funds: | ||||||
Net cash used in operating activities | ||||||
-2,083 | -1,417 | -1,863 | -625 | -527 | 1,532 | |
Cash flows from investing activities: | ||||||
Purchase of furniture, equipment and leasehold improvements, net | ||||||
16 | 18 | 33 | 11 | 10 | 16 | |
Acquisitions | ||||||
- | - | - | - | 64 | 60 | |
Net cash used in investing activities | ||||||
-16 | -18 | -33 | -11 | -75 | -76 | |
Cash flows from financing activities: | ||||||
Allocable to non-controlling interests in Consolidated Funds: | ||||||
Net cash provided by financing activities | ||||||
2,122 | 1,405 | 1,654 | 880 | 581 | -1,364 | |
Effect of exchange rate changes | ||||||
5 | 21 | 17 | - | - | - | |
Net change in cash and cash equivalents | ||||||
28 | -8 | -223 | - | - | - | |
Supplemental information: | ||||||
Issuance of AOG Units to non-controlling interest holders in connection with acquisitions | ||||||
- | - | - | - | 25 | 0 | |
Ares Management L.P | ||||||
Equity compensation expense | ||||||
97 | 89 | 69 | 39 | 32 | 83 | |
Depreciation and amortization | ||||||
39 | 28 | 32 | 37 | 55 | 36 | |
Net realized and unrealized gains (losses) on investments | ||||||
53 | -12 | 67 | - | - | - | |
Net realized and unrealized gain on investments | ||||||
- | - | - | 28 | 17 | 32 | |
Contingent consideration | ||||||
0 | 0 | -20 | -17 | -21 | 0 | |
Other non-cash amounts | ||||||
0 | -0 | 1 | 0 | -0 | -3 | |
Investments purchased | ||||||
278 | 248 | 257 | 120 | 150 | 57 | |
Investments purchased | ||||||
284 | 381 | 154 | 145 | 59 | 19 | |
Net performance income receivable | ||||||
103 | -29 | 90 | 28 | -20 | -38 | |
Due to/from affiliates | ||||||
-76 | 33 | -2 | -26 | 8 | -53 | |
Other assets | ||||||
-27 | 66 | 36 | 0 | 0 | -11 | |
Accrued compensation and benefits | ||||||
7 | 0 | -105 | 9 | -6 | -4 | |
Accounts payable, accrued expenses and other liabilities | ||||||
30 | 2 | 14 | 5 | -37 | 34 | |
Deferred taxes | ||||||
- | - | - | 28 | -1 | 1 | |
Net proceeds from issuance of Class A common stock | ||||||
206 | 105 | 0 | - | 0 | 209 | |
Proceeds from credit facility | ||||||
335 | 680 | 455 | 147 | 185 | 223 | |
Proceeds from term notes | ||||||
0 | 44 | 100 | 26 | 35 | 0 | |
Repayments of credit facility | ||||||
500 | 655 | 245 | 257 | 75 | 345 | |
Repayments of term loans | ||||||
0 | 206 | 0 | 0 | 328 | 11 | |
Proceeds from issuance of common shares | ||||||
- | - | - | 0 | - | - | |
Proceeds from the issuance of preferred equity, net of issuance costs | ||||||
- | - | - | 298 | 0 | 0 | |
Dividends and distributions | ||||||
323 | 312 | 261 | 200 | 217 | 329 | |
Series A Preferred Stock dividends and distributions | ||||||
21 | 21 | 21 | 12 | 0 | 0 | |
Repurchases of Class A common stock | ||||||
10 | 0 | 0 | - | - | - | |
Stock option exercises | ||||||
90 | 0 | 1 | 0 | - | - | |
Redemption of redeemable interest and put option liability | ||||||
- | - | - | 40 | 0 | 0 | |
Taxes paid related to net share settlement of equity awards | ||||||
33 | 18 | 14 | 0 | - | - | |
Tax benefit from share-based payment | ||||||
- | - | - | 0 | - | - | |
Other financing activities | ||||||
-3 | 3 | 2 | -0 | 0 | 0 | |
Effect of exchange rate changes | ||||||
- | - | - | -21 | -5 | -32 | |
Net change in cash and cash equivalents | ||||||
- | - | - | 221 | -27 | 59 | |
Cash paid during the period for interest | ||||||
17 | 19 | 17 | 15 | 15 | 3 | |
Cash paid during the period for income taxes | ||||||
35 | 26 | 18 | 26 | 13 | 19 | |
Consolidated Funds | ||||||
Net realized and unrealized gains (losses) on investments | ||||||
15 | -1 | 100 | - | - | - | |
Net realized and unrealized gain on investments | ||||||
- | - | - | -2 | -24 | 513 | |
Investments purchased | ||||||
5,216 | 4,919 | 4,058 | 2,263 | 1,643 | 9,739 | |
Investments purchased | ||||||
3,077 | 2,756 | 2,303 | - | - | - | |
Receipt of non-cash interest income and dividends from investments | ||||||
- | - | - | 7 | 8 | 57 | |
Other non-cash amounts | ||||||
8 | 4 | 4 | 4 | 1 | 19 | |
Net realized (gain) loss on investments | ||||||
15 | -1 | 100 | - | - | - | |
Proceeds from sale or pay down of investments | ||||||
- | - | - | -1,498 | -1,049 | -10,943 | |
Change in cash and cash equivalents held at Consolidated Funds | ||||||
221 | -171 | 101 | 295 | -1,154 | -338 | |
Cash acquired/relinquished with consolidation/deconsolidation of Consolidated Funds | ||||||
-81 | 11 | 198 | 0 | 870 | 40 | |
Change in cash and cash equivalents held at Consolidated Funds | ||||||
54 | -11 | 48 | -3 | 1 | -357 | |
Change in other liabilities and payables held at Consolidated Funds | ||||||
88 | 137 | 85 | 167 | -285 | -339 | |
Contributions from non-controlling interests in Consolidated Funds | ||||||
172 | 71 | 190 | 132 | 88 | 339 | |
Distributions to non-controlling interests in Consolidated Funds | ||||||
96 | 159 | 61 | 118 | 85 | 1,322 | |
Borrowings under loan obligations by Consolidated Funds | ||||||
3,341 | 2,901 | 2,949 | 1,621 | 763 | 3,782 | |
Repayments under loan obligations by Consolidated Funds | ||||||
1,035 | 1,027 | 1,440 | 716 | 100 | 4,105 | |
Cash paid during the period for interest | ||||||
215 | 165 | 76 | 53 | 43 | 216 | |
Cash paid during the period for income taxes | ||||||
0 | 0 | 0 | 0 | 1 | 16 | |
Parent Company | ||||||
Debt extinguishment expenses | ||||||
- | - | - | - | 11 | 0 | |
Net realized (gain) loss on investments | ||||||
53 | -12 | 67 | - | - | - | |
Restricted cash | ||||||
- | - | - | - | -32 | 19 | |
Issuance costs | ||||||
- | - | - | - | 0 | 28 | |
Proceeds from debt issuance, net of offering costs | ||||||
- | - | - | - | 316 | 245 | |
Repayments of promissory notes | ||||||
- | - | - | - | 0 | 20 | |