← StepStone Group Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Net income (loss) | $60.0m | $144.8m | $314.6m | $484.3m | ($45.3m) | $167.8m | ($172.8m) | ($743.3m) | |
| Depreciation and amortization | $7.9m | $7.1m | $5.5m | $27.0m | $47.4m | $47.6m | $45.5m | $45.7m | |
| Amortization of deferred financing costs | $813k | $796k | $3.9m | $236k | $472k | $472k | $847k | $1.3m | |
| Change in deferred income taxes | $0 | $0 | $15.9m | $6.2m | ($12.7m) | $9.2m | ($75.1m) | ($195.0m) | |
| Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements | — | $0 | ($2.6m) | ($55.3m) | ($3.6m) | $132.6m | $6.0m | ($2.0m) | |
| Unrealized carried interest allocations and investment income | ($27.9m) | ($164.7m) | ($444.9m) | ($723.2m) | $838.8m | $21.5m | ($150.6m) | ($708.7m) | |
| Unrealized performance fee-related compensation | $11.2m | $82.7m | $215.5m | $312.9m | ($119.0m) | $74.7m | $94.3m | $342.2m | |
| Equity-based compensation | $1.7m | $1.9m | $7.9m | $14.0m | $24.9m | $39.4m | $650.1m | $1.6b | |
| Fair value adjustment for acquisition-related contingent consideration | — | ($2k) | $1.6m | $9.6m | $9.4m | $16.8m | $15.8m | $0 | |
| Gain on remeasurement of lease liabilities | — | — | $0 | $0 | ($2.7m) | ($106k) | $0 | $0 | |
| Loss on sale of subsidiary | — | — | — | $0 | $0 | $812k | $0 | $0 | |
| Payments for acquisition-related contingent consideration | — | — | — | — | $0 | $0 | ($17.8m) | $0 | |
| Other non-cash activities | $0 | $0 | $70k | ($3.0m) | $40k | $579k | $103k | $0 | |
| Unrealized investment income of Consolidated Funds | — | — | $0 | $0 | ($9.3m) | ($26.1m) | ($62.2m) | ($84.9m) | |
| Fees and accounts receivable | $967k | ($851k) | ($7.0m) | ($1.8m) | ($10.3m) | ($12.3m) | ($24.1m) | ($64.4m) | |
| Due from affiliates | ($2.3m) | ($7.4m) | $2.2m | ($11.5m) | ($30.2m) | ($15.5m) | ($24.4m) | ($15.8m) | |
| Other assets and receivables | ($5.8m) | ($3.7m) | ($69k) | $2.1m | ($4.0m) | $9.7m | ($14.9m) | $36.1m | |
| Accounts payable, accrued expenses and other liabilities | $6.1m | ($2.8m) | $11.2m | $6.6m | ($1.2m) | $16.6m | $13.2m | $16.5m | |
| Accrued compensation and benefits | $2.5m | $7.9m | $11.3m | $7.1m | $11.2m | $16.5m | $3.6m | $28.6m | |
| Due to affiliates | $1.0m | ($1.5m) | $872k | ($2.3m) | ($765k) | $815k | $11.2m | ($1.5m) | |
| Lease right-of-use assets, net and lease liabilities | — | $0 | $0 | ($413k) | $2.0m | $2.0m | ($298k) | $357k | |
| Other liabilities and payables | — | — | $0 | $0 | $566k | $1.1m | $16.0m | ($584k) | |
| Contributions to investments | ($11.2m) | ($12.5m) | ($14.0m) | ($39.6m) | ($35.0m) | ($35.8m) | ($78.2m) | ($58.2m) | |
| Distributions received from investments | $4.2m | $5.5m | $4.1m | $13.0m | $9.8m | $8.1m | $39.8m | $18.6m | |
| Net cash recognized upon initial consolidation of funds | — | — | — | — | — | $0 | $0 | $812.1m | |
| Net cash derecognized from deconsolidation of fund | — | — | — | — | — | $0 | $0 | ($37.0m) | |
| Purchases of property and equipment | ($3.0m) | ($837k) | ($1.3m) | ($2.1m) | ($5.6m) | ($19.6m) | ($5.1m) | ($2.6m) | |
| Proceeds from capital contributions | — | $0 | $0 | $15.1m | $13.4m | $12.5m | $28.4m | $4.7m | |
| Purchase of non-controlling interests | $0 | ($107.2m) | ($131.3m) | ($3.0m) | $0 | $0 | ($5.4m) | ($10.3m) | |
| Redemption of redeemable non-controlling interests | — | — | — | — | $0 | $0 | ($31.7m) | ($53.7m) | |
| Proceeds from sale of non-controlling interests | $0 | $110.8m | $3.3m | $0 | $22.8m | $65.3m | $240.3m | $403.3m | |
| Proceeds from revolving credit facility | — | $0 | $0 | $185.0m | $35.0m | $50.0m | $125.0m | $75.0m | |
| Proceeds from issuance of notes payable | — | — | — | — | $0 | $0 | $175.0m | $0 | |
| Deferred financing costs | — | $0 | $0 | ($2.4m) | $0 | $0 | ($5.4m) | $0 | |
| Payments on revolving credit facility | — | $0 | $0 | ($120.0m) | $0 | $0 | ($175.0m) | ($75.0m) | |
| Distributions to non-controlling interests | ($52.6m) | ($52.9m) | ($97.7m) | ($118.8m) | ($120.6m) | ($106.3m) | ($161.2m) | ($170.8m) | |
| Payments for taxes related to net settlement of equity-based awards | — | — | $0 | $0 | ($2.7m) | ($695k) | ($1.5m) | ($400k) | |
| Payments to related parties under Tax Receivable Agreements | — | $0 | $0 | ($787k) | ($6.0m) | ($10.3m) | ($9.8m) | ($12.6m) | |
| Proceeds from borrowings on fund credit facility | — | — | — | — | $0 | $0 | $7.9m | $17.5m | |
| Payments on fund credit facility | — | — | — | — | $0 | $0 | ($7.9m) | ($17.5m) | |
| Accrued dividends | — | $0 | $180k | $803k | $814k | $1.9m | $911k | $761k | |
| Establishment of lease liabilities in exchange for lease right-of-use assets | — | $0 | $0 | $79.7m | $77.3m | $5.5m | $0 | $0 | |
| Issuance of note related to sale of subsidiary | — | — | — | $0 | $0 | $8.4m | $0 | $0 | |
| Initial consolidation of Consolidated Funds | — | — | — | — | — | $0 | $0 | $394.1m | |
| Reclassification and adjustment of non-controlling interests in subsidiaries to redeemable equity at redemption value | — | — | — | $0 | $0 | $1.1b | $0 | $0 | |
| Settlement of non-controlling interests related to awards of carried interest allocations | — | — | — | — | $0 | $0 | $55.0m | $0 | |
| Equity issued for redemption of redeemable non-controlling interests | — | $0 | $0 | $558.6m | $0 | $0 | $97.4m | $0 | |
| Equity issued for purchase of non-controlling interests | — | — | — | — | — | $0 | $0 | $160.9m | |
| Net cash provided by operating activities | $51.5m | $65.9m | $149.3m | $214.3m | $151.2m | $161.5m | $64.9m | $66.5m | |
| Purchases of investments of Consolidated Funds | — | — | $0 | $0 | ($21.3m) | ($77.1m) | ($226.2m) | ($333.6m) | |
| Proceeds from sale of investments of Consolidated Funds | — | — | $0 | $0 | $4k | $2.0m | $5.2m | $7.0m | |
| Other investing activities | $0 | $0 | $7k | $35k | $1k | $0 | $1k | $0 | |
| Net cash provided by (used in) investing activities | ($61.9m) | $35.8m | ($11.2m) | ($210.2m) | ($30.8m) | ($47.3m) | ($43.5m) | $732.9m | |
| Proceeds from issuance of Class A common stock of shares under ESPP | — | — | — | — | $0 | $0 | $2.5m | $3.7m | |
| Payments for repurchases of Class A common stock | — | — | — | — | — | $0 | $0 | ($8.7m) | |
| Dividends paid to common stockholders | $0 | $0 | ($2.0m) | ($23.9m) | ($50.0m) | ($68.5m) | ($75.8m) | ($117.8m) | |
| Other financing activities | ($1.6m) | ($1.4m) | ($1.0m) | ($9k) | ($1k) | ($1k) | ($5k) | $0 | |
| Net cash provided by (used in) financing activities | ($55.5m) | ($52.2m) | ($45.3m) | ($70.4m) | ($108.0m) | ($58.0m) | $87.5m | $37.4m | |
| Effect of foreign currency exchange rate changes | $288k | ($252k) | $1.1m | ($15k) | ($287k) | ($3.4m) | ($1.4m) | ($7.6m) | |
| Net increase in cash, cash equivalents and restricted cash | ($65.7m) | $49.3m | $93.9m | ($66.4m) | $12.1m | $52.8m | $107.5m | $829.2m | |
| Cash, cash equivalents and restricted cash at beginning of period | $40.6m | $89.9m | $183.9m | $117.4m | $129.5m | $182.3m | $289.8m | $1.1b | |
| Cash and cash equivalents | $40.6m | $89.9m | $179.9m | $116.4m | $102.6m | $181.6m | $289.3m | $1.1b | |
| Restricted cash | $0 | $0 | $4.0m | $1.1m | $955k | $718k | $502k | $579k | |
| Interest paid | $9.5m | $9.4m | $3.5m | $829k | $3.6m | $8.5m | $7.2m | $16.1m | |
| Taxes paid | $1.7m | $2.8m | $3.4m | $11.7m | $29.5m | $14.3m | $14.1m | $42.3m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.