StepStone Group LP (STEP US) · 10+ Years of Financial statements

Income Statement	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	264	256	447	788	1,366	-68	712
+ Sales & Services Revenue	264	256	447	788	1,366	-68	712
- Cost of Revenue	147	140	240	403	789	-239	330
+ Cost of Goods & Services	147	140	240	403	789	-239	330
Gross Profit	118	116	206	385	577	172	381
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	36	50	54	56	124	172	210
+ Selling, General & Admin	36	50	54	56	124	172	210
+ Research & Development	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	82	66	152	328	452	- -	172
- Non-Operating (Income) Loss	-4	5	3	-10	-60	41	-24
+ Interest Expense, Net	1	9	9	7	1	2	6
+ Interest Expense	1	10	10	7	1	4	9
- Interest Income	- -	2	1	- -	- -	2	4
+ Other Non-Op (Income) Loss	-5	-4	-6	-17	-61	39	-29
Pretax Income	86	62	149	338	513	-41	195
- Income Tax Expense (Benefit)	2	2	4	23	28	4	28
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	84	60	145	315	484	-45	168
- Net Extraordinary Losses (Gains)	5	120	290	504	581	-54	219
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	5	120	290	504	581	-54	219
Income (Loss) Incl. MI	79	-60	-145	-189	-97	8	-52
- Minority Interest	-2	-60	-145	-252	-290	27	-110
Net Income, GAAP	81	- -	- -	63	194	-18	58
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	81	- -	- -	63	194	-18	58
Basic Weighted Avg Shares	27	27	27	30	50	62	- -
Basic EPS, GAAP	3.06	- -	- -	2.11	3.89	-0.3	- -
Basic EPS from Cont Ops	3.15	2.25	5.44	10.61	9.72	-0.73	- -
Diluted Weighted Avg Shares	27	27	27	33	54	62	63
Diluted EPS, GAAP	3.06	- -	- -	1.88	3.62	-0.3	0.92
Diluted EPS from Cont Ops	3.15	2.25	5.44	9.45	9.04	-0.73	2.67
EBITDA	86	74	159	334	479	47	219
EBITDA Margin (%)	32.49	29	35.61	42.36	35.1	-69.47	30.82
EBITA	82	66	152	328	452	- -	172
EBIT	82	66	152	328	452	- -	172
Gross Margin (%)	44.49	45.44	46.17	48.82	42.24	-253.95	53.6
Operating Margin (%)	30.86	25.92	34.02	41.66	33.13	0.74	24.14
Profit Margin (%)	30.82	- -	- -	7.95	14.2	27.23	8.16
Sales per Employee	- -	- -	- -	1,381,958	1,728,513	-70,684	- -
Dividend per Share	3.32	- -	- -	0.07	0.48	0.81	- -
Depreciation Expense	4	8	7	5	27	47	48

Balance Sheet	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	- -	366	586	1,120	1,651	1,455	1,661
+ Cash, Cash Equivalents & STI	- -	84	90	180	116	129	182
+ Cash & Cash Equivalents	- -	41	90	180	116	129	182
+ ST Investments	- -	43	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	- -	326	496	936	1,534	1,326	1,478
+ Accounts Receivable, Net	- -	24	25	32	34	44	57
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	301	471	904	1,500	1,281	1,422
+ Inventories	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	-43	- -	4	1	1	1
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	126	95	201	2,537	2,042	2,128
+ Property, Plant & Equip, Net	- -	- -	- -	- -	74	117	127
+ Property, Plant & Equip	- -	- -	- -	- -	83	130	137
- Accumulated Depreciation	- -	- -	- -	- -	9	13	10
+ LT Investments & Receivables	- -	87	53	74	1,442	916	898
+ LT Investments	- -	87	53	74	1,442	916	898
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	39	42	126	1,021	1,009	1,103
+ Total Intangible Assets	- -	21	16	12	979	935	885
+ Goodwill	- -	7	7	7	581	581	581
+ Other Intangible Assets	- -	14	9	5	398	355	305
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	18	26	114	43	73	217
Total Assets	- -	492	681	1,321	4,188	3,497	3,789
+ Payables & Accruals	- -	187	278	627	2,184	1,557	1,544
+ Accounts Payable	- -	35	36	48	81	89	127
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	152	241	579	2,103	1,468	1,417
+ ST Debt	- -	17	21	- -	63	98	149
+ ST Borrowings	- -	17	21	- -	63	98	149
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	-17	-21	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	-17	-21	- -	- -	- -	- -
Total Current Liabilities	- -	187	278	627	2,246	1,656	1,693
+ LT Debt	- -	144	143	- -	71	121	120
+ LT Borrowings	- -	144	143	- -	- -	98	98
+ LT Finance Leases	- -	- -	- -	- -	71	121	120
+ Other LT Liabilities	- -	15	23	34	46	67	103
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	15	23	34	46	67	67
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	- -	- -	1	37
Total Noncurrent Liabilities	- -	159	166	34	117	188	223
Total Liabilities	- -	346	444	661	2,364	1,844	1,916
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	- -	- -	189	587	611	310
+ Common Stock	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	- -	189	587	611	310
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	- -	- -	60	230	160	14
+ Other Equity	- -	- -	- -	- -	1	- -	- -
Equity Before Minority Interest	- -	129	216	249	818	772	324
+ Minority/Non Controlling Interest	- -	17	21	410	1,007	882	1,549
Total Equity	- -	146	237	660	1,824	1,653	1,873
Total Liabilities & Equity	- -	492	681	1,321	4,188	3,497	3,789
Shares Outstanding	27	27	27	38	61	63	63
Capital Leases - Total	- -	- -	- -	- -	71	121	120
Net Debt	- -	120	74	-180	-54	68	66
Net Debt to Equity	- -	82.51	31.2	-27.27	-2.93	4.12	3.5
Tangible Common Equity Ratio	- -	26.54	33.27	49.48	26.35	28.03	34.02
Current Ratio	- -	1.96	2.11	1.79	0.74	0.88	0.98
Cash Conversion Cycle	- -	-28.45	-33.91	-24.74	-20.83	-82.59	-93.88
Number of Employees	- -	- -	- -	570	790	956	- -

Cash Flow Statement	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	84	60	145	315	484	-45	168
+ Depreciation & Amortization	4	8	7	5	27	47	48
+ Non-Cash Items	-94	-15	-80	-200	-288	182	-73
+ Stock-Based Compensation	- -	2	2	8	14	25	39
+ Deferred Income Taxes	- -	- -	- -	16	6	-13	9
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-94	-16	-81	-224	-309	170	-121
+ Chg in Non-Cash Work Cap	59	-2	-6	29	-9	-33	19
+ (Inc) Dec in Accts Receiv	2	-1	-8	-5	-13	-41	-28
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	5	10	4	34	3	9	34
+ Inc (Dec) in Other	52	-10	-2	- -	2	-1	13
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	54	51	66	149	214	151	162
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-3	-3	-1	-1	-2	-6	-20
+ Acq of Fixed Prod Assets	-3	-3	-1	-1	-2	-6	-20
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-6	-54	31	-14	-25	-22	-23
+ Dec in LT Investment	- -	46	71	- -	- -	- -	- -
+ Inc in LT Investment	-6	-101	-40	-14	-25	-22	-23
+ Net Cash From Acq & Div	- -	-9	- -	- -	-197	-13	-12
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	-9	- -	- -	-197	-13	-12
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	3	4	6	4	13	10	8
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-7	-62	36	-11	-210	-31	-47
+ Dividends Paid	-88	- -	- -	-2	-24	-50	-68
+ Net Cash From Debt	136	-2	-2	-147	130	70	50
+ Cash From Debt	164	- -	- -	- -	370	70	50
+ Repayments of Debt	-28	-2	-2	-147	-240	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	- -	338	- -	- -	- -
+ Increase in Capital Stock	- -	- -	- -	338	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	-9	-54	-51	-234	-177	-128	-40
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	39	-56	-52	-45	-70	-108	-58
Effect of Foreign Exchange Rates	- -	- -	- -	1	- -	- -	-3
Net Changes in Cash	86	-66	50	93	-66	12	56
Capital Expenditures	-3	-3	-1	-1	-2	-6	-20
EBITDA	86	74	159	334	479	47	219
EBITDA Margin (%)	32.49	29	35.61	42.36	35.1	-69.47	30.82
Net Cash Paid for Acquisitions	- -	9	- -	- -	197	13	12
Free Cash Flow	50	48	65	148	212	146	142
Free Cash Flow to Firm	51	58	75	155	213	- -	150
Free Cash Flow to Equity	- -	47	64	1	342	216	192
Free Cash Flow per Basic Share	1.89	1.82	2.45	4.99	4.26	2.35	- -
Price/Free Cash Flow	- -	- -	- -	7.57	8.12	9.29	12.17
Cash Flow to Net Income	0.66	- -	- -	2.38	1.11	-8.22	2.78

StepStone Group LP

STEP US

43.07