UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to            

Commission File No. 001-36429

ARES MANAGEMENT CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware	80-0962035
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067

(Address of principal executive office) (Zip Code)

(310) 201-4100

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	ARES	New York Stock Exchange
7.00% Series A Preferred Stock, par value $0.01 per share	ARES.PRA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes x  No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x  No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company.” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer  x Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No x

As of May 4, 2020 there were 132,460,236 of the registrant’s shares of Class A common stock outstanding, 1,000 shares of the registrant's Class B common stock outstanding, and 115,199,621 of the registrant's Class C common stock outstanding.

TABLE OF CONTENTS

	Page
PART I—FINANCIAL INFORMATION
Item 1. Financial Information - Unaudited	8
Condensed Consolidated Statements of Financial Condition as of March 31, 2020 and December 31, 2019	8
Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and March 31, 2019	9
Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31,2020 and March 31,2019	10
Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2020 and for the year ended December 31, 2019	11
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and March 31, 2019	13
Notes to the Condensed Consolidated Financial Statements	14
Item 2.  Management’s Discussion And Analysis Of Financial Condition And Results Of Operations	49
Item 3. Quantitative and Qualitative Disclosures about Market Risk	85
Item 4.  Controls And Procedures	86
PART II—OTHER INFORMATION
Item 1. Legal Proceedings	87
Item 1A.  Risk Factors	87
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	90
Item 3. Defaults Upon Senior Securities	90
Item 4. Mine Safety Disclosure	90
Item 5. Other Information	90
Item 6. Exhibits	91
Signatures	92

2

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Some of these factors are described in this report and in our Annual Report on Form 10-K for the year ended December 31, 2019, under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors”. These factors should not be construed as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are included in this report and in our other periodic filings. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. For a discussion of risks resulting from the coronavirus (COVID-19) pandemic and the impact on the U.S. and global economy, along with the oil and gas market disruption, see “Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q.

3

References in this Quarterly Report on Form 10-Q to the “Ares Operating Group” refer to, collectively, Ares Holdings L.P. (“Ares Holdings”), Ares Offshore Holdings L.P. (“Ares Offshore”) and Ares Investments L.P. (“Ares Investments”). References in this Quarterly Report on Form 10-Q to an “Ares Operating Group Unit” or an “AOG Unit” refer to, collectively, a partnership unit in each of the Ares Operating Group entities. The use of any defined term in this report to mean more than one entities, persons, securities or other items collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms “Ares,” “we” and “our” in this report to refer to Ares Management Corporation and its subsidiaries, each subsidiary of Ares Management Corporation is a standalone legal entity that is separate and distinct from Ares Management Corporation and any of its other subsidiaries.

Under generally accepted accounting principles in the United States (“GAAP”), we are required to consolidate (a) entities other than limited partnerships and entities similar to limited partnerships in which we hold a majority voting interest or have majority ownership and control over the operational, financial and investing decisions of that entity, including Ares-affiliates and affiliated funds and co-investment entities, for which we are presumed to have controlling financial interests, and (b) entities that we concluded are variable interest entities (“VIEs”), including limited partnerships and collateralized loan obligations, for which we are deemed to be the primary beneficiary. When an entity is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the entity in our consolidated financial statements on a gross basis, subject to eliminations from consolidation, including the elimination of the management fees, performance income and other fees that we earn from the entity. However, the presentation of performance related compensation and other expenses associated with generating such revenues is not affected by the consolidation process. In addition, as a result of the consolidation process, the net income attributable to third-party investors in consolidated entities is presented as net income attributable to non-controlling interests in Consolidated Funds in our Condensed Consolidated Statements of Operations.

In this Quarterly Report on Form 10-Q, in addition to presenting our results on a consolidated basis in accordance with GAAP, we present revenues, expenses and other results on a (i) “segment basis,” which deconsolidates these entities and therefore shows the results of our reportable segments without giving effect to the consolidation of the entities and (ii) “unconsolidated reporting basis,” which shows the results of our reportable segments on a combined segment basis together with our Operations Management Group. In addition to our reportable segments, we have an Operations Management Group (the “OMG”). The OMG consists of shared resource groups to support our reportable segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, strategy and relationship management, legal, compliance and human resources. The OMG’s expenses are not allocated to our reportable segments but we consider the cost structure of the OMG when evaluating our financial performance. This information constitutes non-GAAP financial information within the meaning of Regulation G, as promulgated by the SEC. Our management uses this information to assess the performance of our reportable segments and the OMG, and we believe that this information enhances the ability of shareholders to analyze our performance. For more information, see “Notes to the Condensed Consolidated Financial Statements - Note 14. Segment Reporting.”

4

Glossary

When used in this report, unless the context otherwise requires:

•“ARCC Part I Fees” refers to a quarterly performance income on the net investment income of Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”). Such fees from ARCC are classified as management fees as they are predictable and recurring in nature, not subject to contingent repayment and generally cash-settled each quarter;

•“ARCC Part II Fees” refers to fees that are paid in arrears as of the end of each calendar year when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of ARCC Part II Fees paid in all prior years since inception;

•“Ares”, “the Company”, “we”, “us” and “our” refer to Ares Management Corporation and its subsidiaries;

•“Ares Operating Group Unit” or an “AOG Unit” refers to, collectively, a partnership unit in each of the Ares Operating Group entities;

•“assets under management” or “AUM” refers to the assets we manage. For our funds other than CLOs, our AUM represents the sum of the net asset value ("NAV") of such funds, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). For our funds that are CLOs, our AUM is equal to initial principal amounts adjusted for paydowns;

•"AUM not yet paying fees" refers to AUM that is not currently paying fees and is eligible to earn management fees upon deployment;

•“available capital” (also referred to as “dry powder”) is comprised of uncalled committed capital and undrawn amounts under credit facilities and may include AUM that may be canceled or not otherwise available to invest;

•“Class B membership interests” refers to the interests that were retained by the former owners of Crestline Denali Capital LLC and represent the financial interests in the subordinated notes of the CLOs;

•“CLOs” refers to “our funds” that are structured as collateralized loan obligations;

•“Consolidated Funds” refers collectively to certain Ares-affiliated funds, related co-investment entities and certain CLOs that are required under GAAP to be consolidated in our consolidated financial statements;

•“Credit Facility” refers to the revolving credit facility of the Ares Operating Group;

•“effective management fee rate” represents the annualized fees divided by the average fee paying AUM for the period, excluding the impact of one-time catch-up fees;

•“fee paying AUM” or “FPAUM” refers to the AUM from which we directly earn management fees. Fee paying AUM is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees;

•“fee related earnings” or “FRE”, a non-GAAP measure, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes performance income, performance related compensation, investment income from our Consolidated Funds and non-consolidated funds and certain other items that we believe are not indicative of our core operating performance;

•“GAAP” refers to accounting principles generally accepted in the United States of America;

•“Holdco Members” refers to Michael Arougheti, David Kaplan, Antony Ressler, Bennett Rosenthal, Ryan Berry, R. Kipp deVeer and Michael McFerran;

5

•“Incentive eligible AUM” or “IEAUM” refers to the AUM of our funds from which performance income may be generated, regardless of whether or not they are currently generating performance income. It generally represents the NAV plus uncalled equity or total assets plus uncalled debt, as applicable, of our funds for which we are entitled to receive performance income, excluding capital committed by us and our professionals (from which we generally do not earn performance income). With respect to ARCC's AUM, only ARCC Part II Fees may be generated from IEAUM;

•“Incentive generating AUM” or “IGAUM” refers to the AUM of our funds that are currently generating, on a realized or unrealized basis, performance income. It generally represents the NAV or total assets of our funds, as applicable, for which we are entitled to receive performance income, excluding capital committed by us and our professionals (from which we generally do not earn performance income). ARCC is only included in IGAUM when ARCC Part II Fees are being generated;

•“management fees” refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value, net investment income, total assets or par value of the investment portfolios managed by us and include ARCC Part I Fees;

•“net inflows of capital” refers to net new commitments during the period, including equity and debt commitments and gross inflows into our open-ended managed accounts and sub-advised accounts, as well as new debt and equity issuances by our publicly traded vehicles minus redemptions from our open-ended funds, managed accounts and sub-advised accounts;

•“net performance income” refers to performance income net of performance related compensation. Performance related compensation is the portion of performance income that is payable to our professionals;

•“our funds” refers to the funds, alternative asset companies, co-investment vehicles and other entities and accounts that are managed or co-managed by the Ares Operating Group, and which are structured to pay fees. It also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and a registered investment adviser;

•“permanent capital” refers to capital of our funds that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law. Such funds currently consist of ARCC, Ares Commercial Real Estate Corporation (“ACRE”) and Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”). Such funds may be required, or elect, to return all or a portion of capital gains and investment income;

•“performance income” refers to income we earn based on the performance of a fund that is generally based on certain specific hurdle rates as defined in the fund’s investment management or partnership agreements and may be either an incentive fee or carried interest;

•“realized income” or “RI”, a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and losses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from net income by excluding (a) income tax expense, (b) operating results of our Consolidated Funds, (c) depreciation and amortization expense, (d) the effects of changes arising from corporate actions, (e) unrealized gains and losses related to performance income and investment performance and (f) certain other items that we believe are not indicative of our operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital transactions, underwriting costs and expenses incurred in connection with corporate reorganization;

•“SEC” refers to the Securities and Exchange Commission;

•“Senior Notes” or the "AFC Notes" refers to senior notes issued by a wholly owned subsidiary of Ares Holdings; and

•"Series A Preferred Stock" refers to the preferred stock, $0.01 par value per share, of the Company designated as 7.00% Series A Preferred Stock.

6

Many of the terms used in this report, including AUM, FPAUM, FRE and RI, may not be comparable to similarly titled measures used by other companies. In addition, our definitions of AUM and FPAUM are not based on any definition of AUM or FPAUM that is set forth in the agreements governing the investment funds that we manage and may differ from definitions of AUM or FPAUM set forth in other agreements to which we are a party or definitions used by the SEC or other regulatory bodies. Further, FRE and RI are not measures of performance calculated in accordance with GAAP. We use FRE and RI as measures of operating performance, not as measures of liquidity. FRE and RI should not be considered in isolation or as substitutes for operating income, net income, operating cash flows, or other income or cash flow statement data prepared in accordance with GAAP. The use of FRE and RI without consideration of related GAAP measures is not adequate due to the adjustments described above. Our management compensates for these limitations by using FRE and RI as supplemental measures to our GAAP results. We present these measures to provide a more complete understanding of our performance as our management measures it. Amounts and percentages throughout this report may reflect rounding adjustments and consequently totals may not appear to sum.

7

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Ares Management Corporation 

Condensed Consolidated Statements of Financial Condition 

(Amounts in Thousands, Except Share Data)

	As of March 31,		As of December 31,
	2020		2019
	(unaudited)
Assets
Cash and cash equivalents	$	1,167,673	$	138,384
Investments (includes accrued carried interest of $747,363 and $1,134,967 at March 31, 2020 and December 31, 2019, respectively)	1,190,604		1,663,664
Due from affiliates	288,030		268,099
Other assets	426,911		341,293
Right-of-use operating lease assets	145,225		143,406
Assets of Consolidated Funds:
Cash and cash equivalents	514,401		606,321
Investments, at fair value	9,094,565		8,727,947
Due from affiliates	6,192		6,192
Receivable for securities sold	355,149		88,809
Other assets	28,179		30,081
Total assets	$	13,216,929	$	12,014,196
Liabilities
Accounts payable, accrued expenses and other liabilities	$	90,613	$	88,173
Accrued compensation	69,702		37,795
Due to affiliates	73,050		71,445
Performance related compensation payable	532,665		829,764
Debt obligations	1,046,775		316,609
Operating lease liabilities	169,828		168,817
Liabilities of Consolidated Funds:
Accounts payable, accrued expenses and other liabilities	72,486		61,857
Payable for securities purchased	796,316		500,146
CLO loan obligations, at fair value	8,354,458		7,973,748
Fund borrowings	35,440		107,244
Total liabilities	11,241,333		10,155,598
Commitments and contingencies
Non-controlling interest in Consolidated Funds	562,818		618,020
Non-controlling interest in Ares Operating Group entities	514,166		472,288
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)	298,761		298,761
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (132,373,743 shares and 115,242,028 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively)	1,324		1,152
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)	—		—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (115,199,621 shares and 1 share issued and outstanding at March 31, 2020 and December 31, 2019, respectively)	1,152		—
Additional paid-in-capital	746,595		525,244
Retained earnings	(138,371)		(50,820)
Accumulated other comprehensive loss, net of tax	(10,849)		(6,047)
Total stockholders' equity	898,612		768,290
Total equity	1,975,596		1,858,598
Total liabilities, non-controlling interests and equity	$	13,216,929	$	12,014,196

See accompanying notes to the condensed consolidated financial statements.

8

Ares Management Corporation

Condensed Consolidated Statements of Operations

(Amounts in Thousands, Except Share Data)

(unaudited)

	Three months ended March 31,
	2020		2019
Revenues
Management fees (includes ARCC Part I Fees of $43,923 and $38,393 for the three months ended March 31, 2020 and 2019, respectively)	$	263,849	$	224,659
Carried interest allocation	(230,876)		197,293
Incentive fees	(3,249)		16,815
Principal investment income (loss)	(26,723)		28,759
Administrative, transaction and other fees	10,408		9,671
Total revenues	13,409		477,197
Expenses
Compensation and benefits	180,084		156,846
Performance related compensation	(167,899)		156,520
General, administrative and other expenses	62,331		51,187
Expenses of Consolidated Funds	7,443		4,554
Total expenses	81,959		369,107
Other income (expense)
Net realized and unrealized gains (losses) on investments	(8,034)		3,476
Interest and dividend income	1,790		1,844
Interest expense	(5,306)		(5,589)
Other income (expense), net	5,464		(4,497)
Net realized and unrealized gains (losses) on investments of Consolidated Funds	(254,761)		4,364
Interest and other income of Consolidated Funds	113,225		93,184
Interest expense of Consolidated Funds	(80,241)		(64,912)
Total other income (expense)	(227,863)		27,870
Income (loss) before taxes	(296,413)		135,960
Income tax expense (benefit)	(20,616)		14,384
Net income (loss)	(275,797)		121,576
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds	(166,406)		17,624
Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group entities	(78,355)		59,003
Net income (loss) attributable to Ares Management Corporation	(31,036)		44,949
Less: Series A Preferred Stock dividends paid	5,425		5,425
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	$	(36,461)	$	39,524
Net income (loss) attributable per share of Class A common stock
Basic	$	(0.33)	$	0.36
Diluted	$	(0.33)	$	0.36
Weighted-average shares of Class A common stock:
Basic	118,366,539		102,906,494
Diluted	118,366,539		110,699,112

Substantially all revenue is earned from affiliated funds of the Company. See accompanying notes to the condensed consolidated financial statements.

9

Ares Management Corporation

Condensed Consolidated Statements of Comprehensive Income

(Amounts in Thousands)

(unaudited)

	Three months ended March 31,
	2020		2019
Net income (loss)	$	(275,797)	$	121,576
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	(14,208)		1,084
Total comprehensive income (loss)	(290,005)		122,660
Less: Comprehensive income (loss) attributable to non-controlling interests in Consolidated Funds	(171,093)		15,965
Less: Comprehensive income (loss) attributable to non-controlling interests in Ares Operating Group entities	(83,074)		60,462
Comprehensive income (loss) attributable to Ares Management Corporation	$	(35,838)	$	46,233

See accompanying notes to the condensed consolidated financial statements.

10

Ares Management Corporation

Condensed Consolidated Statements of Changes in Equity 

(Amounts in Thousands)

(unaudited)

	Series A Preferred Stock		Class A Common Stock		Class C Common Stock		Additional Paid-in-Capital		Retained Earnings		Accumulated Other Comprehensive Income (loss)		Non-Controlling Interest in Ares Operating Group Entities		Non-Controlling Interest in Consolidated Funds		Total Equity
Balance at December 31, 2019	$	298,761	$	1,152	$	—	$	525,244	$	(50,820)	$	(6,047)	$	472,288	$	618,020	$	1,858,598
Consolidation and deconsolidation of funds, net	—		—		—		—		—		—		—		(3,882)		(3,882)
Changes in ownership interests and related tax benefits	—		40		—		(196,670)		—		—		122,551		—		(74,079)
Issuances of common stock	—		121		1,152		382,061		—		—		—		—		383,334
Capital contributions	—		—		—		—		—		—		42,012		133,265		175,277
Dividends/Distributions	(5,425)		—		—		—		(51,090)		—		(55,748)		(13,492)		(125,755)
Net loss	5,425		—		—		—		(36,461)		—		(78,355)		(166,406)		(275,797)
Currency translation adjustment	—		—		—		—		—		(4,802)		(4,719)		(4,687)		(14,208)
Equity compensation	—		—		—		16,420		—		—		16,137		—		32,557
Stock option exercises	—		11		—		19,540		—		—		—		—		19,551
Balance at March 31, 2020	$	298,761	$	1,324	$	1,152	$	746,595	$	(138,371)	$	(10,849)	$	514,166	$	562,818	$	1,975,596

See accompanying notes to the condensed consolidated financial statements.

11

Ares Management Corporation

Condensed Consolidated Statements of Changes in Equity 

(Amounts in Thousands)

(unaudited)

	Series A Preferred Stock		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Accumulated Other Comprehensive Income (loss)		Non-Controlling Interest in Ares Operating Group Entities		Non-Controlling Interest in Consolidated Funds		Total Equity
Balance at December 31, 2018	$	298,761	$	1,016	$	326,007	$	(29,336)	$	(8,524)	$	302,780	$	503,637	$	1,394,341
Relinquished with deconsolidation of funds	—		—		—		—		—		—		(55)		(55)
Changes in ownership interests and related tax benefits	—		15		(6,339)		—		—		(12,073)		—		(18,397)
Contributions	—		—		—		—		—		1,876		54,035		55,911
Dividends/Distributions	(5,425)		—		—		(35,367)		—		(40,112)		(20,736)		(101,640)
Net income	5,425		—		—		39,524		—		59,003		17,624		121,576
Currency translation adjustment	—		—		—		—		1,284		1,459		(1,659)		1,084
Equity compensation	—		—		12,637		—		—		14,367		—		27,004
Balance at March 31, 2019	298,761		1,031		332,305		(25,179)		(7,240)		327,300		552,846		1,479,824
Changes in ownership interests and related tax benefits	—		5		(32,128)		—		—		20,615		—		(11,508)
Repurchases of Class A common stock	—		(4)		(10,445)		—		—		—		—		(10,449)
Contributions	—		—		—		—		—		—		61,464		61,464
Dividends/Distributions	(5,425)		—		—		(36,782)		—		(40,103)		(10,219)		(92,529)
Net income	5,425		—		—		26,714		—		34,393		8,346		74,878
Currency translation adjustment	—		—		—		—		(1,639)		(1,858)		1,506		(1,991)
Equity compensation	—		—		11,306		—		—		12,535		—		23,841
Stock option exercises	—		43		78,751		—		—		—		—		78,794
Balance at June 30, 2019	298,761		1,075		379,789		(35,247)		(8,879)		352,882		613,943		1,602,324
Changes in ownership interests and related tax benefits	—		1		(94,004)		—		—		95,212		—		1,209
Contributions