filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following tables present selected consolidated financial information and other data of the Company. The Company, which was formed on November 15, 2013 as a partnership and converted to a Delaware corporation effective November 26, 2018, was formed to serve as a holding company for our businesses. See “Item 1. Business—Organizational Structure.”
We derived the following selected consolidated financial data of the Company as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018, and 2017 from the audited consolidated financial statements included in this Annual Report on Form 10-K. The selected consolidated financial data of the Company as of and for the years ended December 31, 2016 and 2015 were derived from the audited consolidated financial statements of the Company, which are not included in this Annual Report on Form 10-K. The consolidated financial statements were prepared on substantially the same basis as the audited consolidated financial statements and include all adjustments that we consider necessary for a fair presentation of the Company’s consolidated financial position and results of operations. The selected historical financial data is not indicative of the expected future operating results of the Company.
The entities comprising our Consolidated Funds are not the same entities for all periods presented. The consolidation of funds during the periods generally has the effect of grossing up reported assets, liabilities and cash flow, and has no effect on net income attributable to the Company or total stockholders' equity. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidation and Deconsolidation of Ares Funds” and “—Critical Accounting Estimates—Principles of Consolidation” and Note 2, “Summary of Significant Accounting Policies,” to our consolidated financial statements appearing elsewhere in this Annual Report on Form 10-K.
The following selected historical consolidated financial data should be read together with “Item 1. Business—Organizational Structure,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K ($ in thousands):
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Statements of operations data | As Adjusted | As Adjusted | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 1,765,438 | $ | 958,461 | $ | 1,479,943 | $ | 1,254,373 | $ | 825,732 | |||||||||||||||||||||||||||||||||||||||||||
| Total expenses | 1,462,797 | 870,362 | 1,504,758 | 1,016,420 | 769,040 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total other income | 122,539 | 96,242 | 174,674 | 59,967 | 24,792 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Income before taxes | 425,180 | 184,341 | 149,859 | 297,920 | 81,484 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 52,376 | 32,202 | (23,052) | 11,019 | 19,064 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | 372,804 | 152,139 | 172,911 | 286,901 | 62,420 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds | 39,704 | 20,512 | 60,818 | 3,386 | (5,686) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Net income attributable to redeemable interests in Ares Operating Group entities | — | — | — | 456 | 338 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 184,216 | 74,607 | 35,915 | 171,251 | 48,390 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to Ares Management Corporation | 148,884 | 57,020 | 76,178 | 111,808 | 19,378 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Series A Preferred Stock dividends paid | 21,700 | 21,700 | 21,700 | 12,176 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to Ares Management Corporation Class A common stockholders | $ | 127,184 | $ | 35,320 | $ | 54,478 | $ | 99,632 | $ | 19,378 | |||||||||||||||||||||||||||||||||||||||||||
| Net income per share of Class A common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 1.11 | $ | 0.30 | $ | 0.62 | $ | 1.22 | $ | 0.23 | |||||||||||||||||||||||||||||||||||||||||||
| Diluted | $ | 1.06 | $ | 0.30 | $ | 0.62 | $ | 1.20 | $ | 0.23 | |||||||||||||||||||||||||||||||||||||||||||
| Dividend declared and paid per share of Class A common stock | $ | 1.28 | $ | 1.33 | $ | 1.13 | $ | 0.83 | $ | 0.88 |
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Statements of financial condition data | As Adjusted | As Adjusted | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 12,014,196 | $ | 10,154,692 | $ | 8,563,522 | $ | 5,829,712 | $ | 4,321,408 | |||||||||||||||||||||||||||||||||||||||||||
| Debt obligations | 316,609 | 480,952 | 616,176 | 305,784 | 389,120 | ||||||||||||||||||||||||||||||||||||||||||||||||
| CLO loan obligations of Consolidated Funds | 7,973,748 | 6,678,091 | 4,963,194 | 3,031,112 | 2,174,352 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Funds’ borrowings | 107,244 | 209,284 | 138,198 | 55,070 | 11,734 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 10,155,598 | 8,760,351 | 7,103,230 | 4,452,450 | 3,329,497 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Non-controlling interest in Consolidated Funds | 618,020 | 503,637 | 528,488 | 338,035 | 323,606 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Non-controlling interest in Ares Operating Group entities | 472,288 | 302,780 | 358,186 | 447,615 | 397,883 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total stockholders' equity | 768,290 | 587,924 | 573,618 | 591,612 | 246,917 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total equity | 1,858,598 | 1,394,341 | 1,460,292 | 1,377,262 | 968,406 | ||||||||||||||||||||||||||||||||||||||||||||||||
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