Franklin Resources, Inc. Announces Preliminary Fourth Quarter and Fiscal Year Results
Franklin Resources reported a preliminary net loss of $84.7 million ($0.19 per share) for Q4 2024, compared to net income of $174.0 million in the previous quarter and $295.5 million year-over-year. The company recorded a $389.2 million impairment charge related to Western Asset Management mutual fund contracts. Total AUM reached $1.68 trillion, up 22% year-over-year, with long-term net outflows of $32.6 billion. The Putnam Investments acquisition exceeded expectations, growing AUM by 21% to $180 billion since closing. The company returned $946 million to shareholders through dividends and share repurchases.
Franklin Resources ha riportato una perdita netta preliminare di 84,7 milioni di dollari (0,19 dollari per azione) per il quarto trimestre del 2024, rispetto a un reddito netto di 174,0 milioni di dollari nel trimestre precedente e 295,5 milioni di dollari su base annua. L'azienda ha registrato un onere per svalutazione di 389,2 milioni di dollari relativo ai contratti dei fondi comuni di investimento di Western Asset Management. Il totale dell'AUM ha raggiunto i 1,68 trilioni di dollari, con un incremento del 22% rispetto all'anno precedente, insieme a deflussi netti a lungo termine di 32,6 miliardi di dollari. L'acquisizione di Putnam Investments ha superato le aspettative, facendo crescere l'AUM del 21%, arrivando a 180 miliardi di dollari dal momento della chiusura. L'azienda ha restituito ai propri azionisti 946 milioni di dollari attraverso dividendi e riacquisti di azioni.
Franklin Resources reportó una pérdida neta preliminar de 84,7 millones de dólares (0,19 dólares por acción) para el cuarto trimestre de 2024, en comparación con una ganancia neta de 174,0 millones de dólares en el trimestre anterior y 295,5 millones de dólares interanualmente. La compañía registró un cargo por deterioro de 389,2 millones de dólares relacionado con contratos de fondos mutuos de Western Asset Management. El total de AUM alcanzó 1,68 billones de dólares, un aumento del 22% en comparación con el año anterior, con salidas netas de 32,6 mil millones de dólares a largo plazo. La adquisición de Putnam Investments superó las expectativas, creciendo el AUM en un 21% hasta 180 mil millones de dólares desde su cierre. La compañía devolvió 946 millones de dólares a los accionistas a través de dividendos y recompras de acciones.
프랭클린 리소스는 2024년 4분기 동안 8억 4,700만 달러(주당 0.19달러)의 초기 순손실을 보고했으며, 이는 이전 분기의 1억 7,400만 달러 및 작년 대비 2억 9,550만 달러의 순수익과 비교된다. 회사는 웨스턴 애셋 매니지먼트 뮤추얼 펀드 계약과 관련하여 3억 8,920만 달러의 손상 요금을 기록했다. 총 운용 자산(AUM)은 1.68조 달러에 달하며, 이는 작년 대비 22% 상승한 수치로, 장기 순유출액은 3백 26억 달러에 달한다. 퍼트남 인베스트먼트 인수는 기대를 초과하여, 계약 완료 이후 AUM을 21% 증가시켜 1,800억 달러에 이르렀다. 회사는 배당금과 자사주 매입을 통해 주주들에게 9억 4,600만 달러를 반환했다.
Franklin Resources a annoncé une perte nette préliminaire de 84,7 millions de dollars (0,19 dollar par action) pour le quatrième trimestre de 2024, comparativement à un revenu net de 174,0 millions de dollars au trimestre précédent et de 295,5 millions de dollars d'une année sur l'autre. La société a enregistré une charge de dépréciation de 389,2 millions de dollars liée aux contrats de fonds communs de Western Asset Management. L'AUM total a atteint 1,68 billion de dollars, en hausse de 22 % d'une année sur l'autre, avec des sorties nettes à long terme de 32,6 milliards de dollars. L'acquisition de Putnam Investments a dépassé les attentes, faisant croître l'AUM de 21 % pour atteindre 180 milliards de dollars depuis la clôture. La société a retourné 946 millions de dollars à ses actionnaires par le biais de dividendes et de rachats d'actions.
Franklin Resources berichtete einen vorläufigen Nettoverlust von 84,7 Millionen Dollar (0,19 Dollar pro Aktie) für das vierte Quartal 2024, verglichen mit einem Nettoertrag von 174,0 Millionen Dollar im vorherigen Quartal und 295,5 Millionen Dollar im Jahresvergleich. Das Unternehmen verzeichnete eine Abwertung in Höhe von 389,2 Millionen Dollar im Zusammenhang mit Fondsverträgen der Western Asset Management. Das Gesamtvermögen unter Verwaltung (AUM) erreichte 1,68 Billionen Dollar, was einem Anstieg von 22 % im Jahresvergleich entspricht, mit längerfristigen Nettoabflüssen von 32,6 Milliarden Dollar. Die Übernahme von Putnam Investments übertraf die Erwartungen und erhöhte das AUM um 21 % auf 180 Milliarden Dollar seit dem Abschluss. Das Unternehmen gab 946 Millionen Dollar an die Aktionäre durch Dividenden und Aktienrückkäufe zurück.
- Record AUM of $1.68 trillion, up 22% year-over-year
- 25% increase in long-term inflows to $319 billion
- Putnam acquisition exceeded cost savings target of $150 million
- International business reached over $500 billion in AUM
- Operating revenues increased 8% to $8.48 billion for fiscal year
- Net loss of $84.7 million in Q4 2024 vs. profit of $295.5 million year-ago
- $389.2 million impairment charge for Western Asset Management
- Long-term net outflows of $32.6 billion for fiscal year
- Operating margin declined to 4.8% from 14.0% year-over-year
- 47% decrease in fiscal year net income to $464.8 million
Insights
Franklin Resources reported concerning Q4 results with a net loss of
Key metrics show mixed performance:
- AUM reached record
$1.68 trillion , up22% YoY - Long-term net outflows of
$32.6 billion for fiscal 2024 - Adjusted operating margin declined to
26.3% from32.4% YoY
The Putnam acquisition appears to be a bright spot, contributing
The market dynamics present a complex picture. While global markets rallied significantly, Franklin's results show structural challenges in traditional fixed income through Western Asset Management. However, there are positive trends in high-growth segments:
- ETF AUM up
89% YoY - Canvas® platform AUM up
94% YoY - International business reaching
$500 billion AUM with positive flows
The shift toward alternatives and multi-asset strategies, combined with strong international distribution, suggests the company is adapting to changing investor preferences. However, the core fixed income business requires significant repositioning.
As supplemental information, the Company is providing certain adjusted performance measures which are based on methodologies other than generally accepted accounting principles. Preliminary adjusted net income2 was
“Franklin Templeton is one of the most comprehensive global asset managers with investment management capabilities across public and private markets and a distribution reach with clients in over 150 countries,” said Jenny Johnson, President and CEO of Franklin Resources, Inc. “Over the past several years, we have successfully grown and further diversified our business by investment team, asset class, investment vehicle and geography.
“As we reflect on our fiscal year, global markets rallied significantly, despite ongoing geopolitical complexity and uncertainty. Against this backdrop, we reached record AUM of
“During the fiscal year, we continued to increase our presence in our key focus areas which reflect areas of long-term client demand. Client interest in alternative and multi-asset investment strategies generated positive flows for the year. Private markets fundraising totaled
“Our acquisition of Putnam Investments has exceeded our expectations. Since closing on January 1, Putnam’s AUM has grown
“We remain committed to our vision of building innovative and collaborative relationships with our clients and look forward to unlocking new opportunities that reflect the high standards that have defined Franklin Templeton as a trusted partner over 75 years. I would like to thank our employees around the world for their dedication and commitment to always putting our clients first.”
|
Quarter Ended |
% Change |
Quarter Ended |
% Change |
Fiscal Year Ended September 30, |
|
|||||||||||||||||||||||
|
30-Sep-24 |
30-Jun-24 |
Qtr. vs. Qtr. |
30-Sep-23 |
Year vs. Year |
2024 |
2023 |
% Change |
|||||||||||||||||||||
Financial Results |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(in millions, except per share data) |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Operating revenues |
$ |
2,211.2 |
|
$ |
2,122.9 |
|
4 |
% |
$ |
1,986.1 |
|
11 |
% |
$ |
8,478.0 |
|
$ |
7,849.4 |
|
8 |
% |
||||||||
Operating income (loss) |
|
(150.7 |
) |
|
222.5 |
|
NM |
|
|
338.3 |
|
NM |
|
|
407.6 |
|
|
1,102.3 |
|
(63 |
%) |
||||||||
Operating margin |
|
(6.8 |
%) |
|
10.5 |
% |
|
|
17.0 |
% |
|
|
4.8 |
% |
|
14.0 |
% |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net income (loss)¹ |
$ |
(84.7 |
) |
$ |
174.0 |
|
NM |
|
$ |
295.5 |
|
NM |
|
$ |
464.8 |
|
$ |
882.8 |
|
(47 |
%) |
||||||||
Diluted earnings (loss) per share |
|
(0.19 |
) |
|
0.32 |
|
NM |
|
|
0.58 |
|
NM |
|
|
0.85 |
|
|
1.72 |
|
(51 |
%) |
||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
As adjusted (non-GAAP):2 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Adjusted operating income |
$ |
451.6 |
|
$ |
424.9 |
|
6 |
% |
$ |
511.7 |
|
(12 |
%) |
$ |
1,713.1 |
|
$ |
1,823.8 |
|
(6 |
%) |
||||||||
Adjusted operating margin |
|
26.3 |
% |
|
25.7 |
% |
|
|
32.4 |
% |
|
|
26.1 |
% |
|
29.9 |
% |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Adjusted net income |
$ |
315.2 |
|
$ |
326.4 |
|
(3 |
%) |
$ |
427.0 |
|
(26 |
%) |
$ |
1,276.7 |
|
$ |
1,332.2 |
|
(4 |
%) |
||||||||
Adjusted diluted earnings per share |
|
0.59 |
|
|
0.60 |
|
(2 |
%) |
|
0.84 |
|
(30 |
%) |
|
2.39 |
|
|
2.60 |
|
(8 |
%) |
||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Assets Under Management |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(in billions) |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Ending |
$ |
1,678.6 |
|
$ |
1,646.6 |
|
2 |
% |
$ |
1,374.2 |
|
22 |
% |
$ |
1,678.6 |
|
$ |
1,374.2 |
|
22 |
% |
||||||||
Average3 |
|
1,667.5 |
|
|
1,632.6 |
|
2 |
% |
|
1,419.1 |
|
18 |
% |
|
1,565.8 |
|
|
1,400.4 |
|
12 |
% |
||||||||
Long-term net flows |
|
(31.3 |
) |
|
(3.2 |
) |
|
|
(6.9 |
) |
|
|
(32.6 |
) |
|
(21.3 |
) |
|
Total assets under management (“AUM”) were
Cash and cash equivalents and investments were
Conference Call Information
A written commentary on the results by Jenny Johnson, President and CEO; Matthew Nicholls, Executive Vice President, CFO and COO; and Adam Spector, Executive Vice President, Head of Global Distribution will be available via investors.franklinresources.com today at approximately 8:30 a.m. Eastern Time.
Ms. Johnson and Messrs. Nicholls and Spector will also lead a live teleconference today at 11:00 a.m. Eastern Time to answer questions. Access to the teleconference will be available via investors.franklinresources.com or by dialing (+1) (877) 407-0989 in
Analysts and investors are encouraged to review the Company’s recent filings with the
FRANKLIN RESOURCES, INC. CONSOLIDATED STATEMENTS OF INCOME Unaudited |
||||||||||||||||||||||
(in millions, except per share data) |
Three Months Ended September 30, |
% Change |
Twelve Months Ended September 30, |
% Change |
||||||||||||||||||
2024 |
2023 5 |
2024 |
2023 5 |
|||||||||||||||||||
Operating Revenues |
|
|
|
|
|
|
||||||||||||||||
Investment management fees |
$ |
1,766.2 |
|
$ |
1,634.4 |
|
8 |
% |
$ |
6,822.2 |
|
$ |
6,452.9 |
|
6 |
% |
||||||
Sales and distribution fees |
|
368.0 |
|
|
306.4 |
|
20 |
% |
|
1,381.0 |
|
|
1,203.7 |
|
15 |
% |
||||||
Shareholder servicing fees |
|
67.0 |
|
|
37.2 |
|
80 |
% |
|
229.3 |
|
|
152.7 |
|
50 |
% |
||||||
Other |
|
10.0 |
|
|
8.1 |
|
23 |
% |
|
45.5 |
|
|
40.1 |
|
13 |
% |
||||||
Total operating revenues |
|
2,211.2 |
|
|
1,986.1 |
|
11 |
% |
|
8,478.0 |
|
|
7,849.4 |
|
8 |
% |
||||||
Operating Expenses |
|
|
|
|
|
|
||||||||||||||||
Compensation and benefits |
|
940.8 |
|
|
826.3 |
|
14 |
% |
|
3,831.1 |
|
|
3,494.0 |
|
10 |
% |
||||||
Sales, distribution and marketing |
|
496.9 |
|
|
411.1 |
|
21 |
% |
|
1,863.1 |
|
|
1,613.1 |
|
15 |
% |
||||||
Information systems and technology |
|
177.4 |
|
|
128.3 |
|
38 |
% |
|
620.1 |
|
|
505.0 |
|
23 |
% |
||||||
Occupancy |
|
77.7 |
|
|
57.8 |
|
34 |
% |
|
325.4 |
|
|
228.9 |
|
42 |
% |
||||||
Amortization of intangible assets |
|
83.8 |
|
|
86.5 |
|
(3 |
%) |
|
338.2 |
|
|
341.1 |
|
(1 |
%) |
||||||
Impairment of intangible assets |
|
389.2 |
|
|
— |
|
NM |
|
|
389.2 |
|
|
— |
|
NM |
|
||||||
General, administrative and other |
|
196.1 |
|
|
137.8 |
|
42 |
% |
|
703.3 |
|
|
565.0 |
|
24 |
% |
||||||
Total operating expenses |
|
2,361.9 |
|
|
1,647.8 |
|
43 |
% |
|
8,070.4 |
|
|
6,747.1 |
|
20 |
% |
||||||
Operating Income (Loss) |
|
(150.7 |
) |
|
338.3 |
|
NM |
|
|
407.6 |
|
|
1,102.3 |
|
(63 |
%) |
||||||
Other Income (Expenses) |
|
|
|
|
|
|
||||||||||||||||
Investment and other income, net |
|
95.3 |
|
|
62.0 |
|
54 |
% |
|
395.5 |
|
|
262.3 |
|
51 |
% |
||||||
Interest expense |
|
(25.0 |
) |
|
(24.4 |
) |
2 |
% |
|
(97.2 |
) |
|
(123.7 |
) |
(21 |
%) |
||||||
Investment and other income of consolidated investment products, net |
|
46.2 |
|
|
40.5 |
|
14 |
% |
|
149.9 |
|
|
115.8 |
|
29 |
% |
||||||
Expenses of consolidated investment products |
|
(12.0 |
) |
|
(3.0 |
) |
300 |
% |
|
(32.6 |
) |
|
(18.7 |
) |
74 |
% |
||||||
Other income, net |
|
104.5 |
|
|
75.1 |
|
39 |
% |
|
415.6 |
|
|
235.7 |
|
76 |
% |
||||||
Income (loss) before taxes |
|
(46.2 |
) |
|
413.4 |
|
NM |
|
|
823.2 |
|
|
1,338.0 |
|
(38 |
%) |
||||||
Taxes on income |
|
9.5 |
|
|
75.0 |
|
(87 |
%) |
|
215.3 |
|
|
312.3 |
|
(31 |
%) |
||||||
Net income (loss) |
|
(55.7 |
) |
|
338.4 |
|
NM |
|
|
607.9 |
|
|
1,025.7 |
|
(41 |
%) |
||||||
Less: net income (loss) attributable to |
|
|
|
|
|
|
||||||||||||||||
Redeemable noncontrolling interests |
|
32.6 |
|
|
27.0 |
|
21 |
% |
|
127.9 |
|
|
135.5 |
|
(6 |
%) |
||||||
Nonredeemable noncontrolling interests |
|
(3.6 |
) |
|
15.9 |
|
NM |
|
|
15.2 |
|
|
7.4 |
|
105 |
% |
||||||
Net Income (Loss) Attributable to Franklin Resources, Inc. |
$ |
(84.7 |
) |
$ |
295.5 |
|
NM |
|
$ |
464.8 |
|
$ |
882.8 |
|
(47 |
%) |
||||||
|
|
|
|
|
|
|
||||||||||||||||
Earnings (Loss) per Share |
|
|
|
|
|
|
||||||||||||||||
Basic |
$ |
(0.19 |
) |
$ |
0.58 |
|
NM |
|
$ |
0.85 |
|
$ |
1.72 |
|
(51 |
%) |
||||||
Diluted |
|
(0.19 |
) |
|
0.58 |
|
NM |
|
|
0.85 |
|
|
1.72 |
|
(51 |
%) |
||||||
Dividends Declared per Share |
$ |
0.31 |
|
$ |
0.30 |
|
3 |
% |
$ |
1.24 |
|
$ |
1.20 |
|
3 |
% |
||||||
|
|
|
|
|
|
|
||||||||||||||||
Average Shares Outstanding |
|
|
|
|
|
|
||||||||||||||||
Basic |
|
516.2 |
|
|
489.2 |
|
6 |
% |
|
509.5 |
|
|
490.0 |
|
4 |
% |
||||||
Diluted |
|
516.2 |
|
|
490.0 |
|
5 |
% |
|
510.3 |
|
|
490.8 |
|
4 |
% |
||||||
|
|
|
|
|
|
|
||||||||||||||||
Operating Margin |
|
(6.8 |
%) |
|
17.0 |
% |
|
|
4.8 |
% |
|
14.0 |
% |
|
FRANKLIN RESOURCES, INC. CONSOLIDATED STATEMENTS OF INCOME Unaudited |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
(in millions, except per share data) |
Three Months Ended |
% Change |
Three Months Ended 5 |
||||||||||||||||||||
30-Sep-24 |
30-Jun-24 |
31-Mar-24 |
31-Dec-23 |
30-Sep-23 |
|||||||||||||||||||
Operating Revenues |
|
|
|
|
|
|
|||||||||||||||||
Investment management fees |
$ |
1,766.2 |
|
$ |
1,689.9 |
|
5 |
% |
$ |
1,713.9 |
|
$ |
1,652.2 |
|
$ |
1,634.4 |
|
||||||
Sales and distribution fees |
|
368.0 |
|
|
358.3 |
|
3 |
% |
|
358.3 |
|
|
296.4 |
|
|
306.4 |
|
||||||
Shareholder servicing fees |
|
67.0 |
|
|
61.8 |
|
8 |
% |
|
68.0 |
|
|
32.5 |
|
|
37.2 |
|
||||||
Other |
|
10.0 |
|
|
12.9 |
|
(22 |
%) |
|
12.6 |
|
|
10.0 |
|
|
8.1 |
|
||||||
Total operating revenues |
|
2,211.2 |
|
|
2,122.9 |
|
4 |
% |
|
2,152.8 |
|
|
1,991.1 |
|
|
1,986.1 |
|
||||||
Operating Expenses |
|
|
|
|
|
|
|||||||||||||||||
Compensation and benefits |
|
940.8 |
|
|
893.8 |
|
5 |
% |
|
1,028.2 |
|
|
968.3 |
|
|
826.3 |
|
||||||
Sales, distribution and marketing |
|
496.9 |
|
|
481.1 |
|
3 |
% |
|
484.3 |
|
|
400.8 |
|
|
411.1 |
|
||||||
Information systems and technology |
|
177.4 |
|
|
156.6 |
|
13 |
% |
|
155.1 |
|
|
131.0 |
|
|
128.3 |
|
||||||
Occupancy |
|
77.7 |
|
|
104.8 |
|
(26 |
%) |
|
76.2 |
|
|
66.7 |
|
|
57.8 |
|
||||||
Amortization of intangible assets |
|
83.8 |
|
|
84.0 |
|
0 |
% |
|
84.6 |
|
|
85.8 |
|
|
86.5 |
|
||||||
Impairment of intangible assets |
|
389.2 |
|
|
— |
|
NM |
|
|
— |
|
|
— |
|
|
— |
|
||||||
General, administrative and other |
|
196.1 |
|
|
180.1 |
|
9 |
% |
|
195.1 |
|
|
132.0 |
|
|
137.8 |
|
||||||
Total operating expenses |
|
2,361.9 |
|
|
1,900.4 |
|
24 |
% |
|
2,023.5 |
|
|
1,784.6 |
|
|
1,647.8 |
|
||||||
Operating Income (Loss) |
|
(150.7 |
) |
|
222.5 |
|
NM |
|
|
129.3 |
|
|
206.5 |
|
|
338.3 |
|
||||||
Other Income (Expenses) |
|
|
|
|
|
|
|||||||||||||||||
Investment and other income, net |
|
95.3 |
|
|
74.5 |
|
28 |
% |
|
52.5 |
|
|
173.2 |
|
|
62.0 |
|
||||||
Interest expense |
|
(25.0 |
) |
|
(25.7 |
) |
(3 |
%) |
|
(27.7 |
) |
|
(18.8 |
) |
|
(24.4 |
) |
||||||
Investment and other income (losses) of consolidated investment products, net |
|
46.2 |
|
|
37.6 |
|
23 |
% |
|
89.9 |
|
|
(23.8 |
) |
|
40.5 |
|
||||||
Expenses of consolidated investment products |
|
(12.0 |
) |
|
(8.8 |
) |
36 |
% |
|
(5.9 |
) |
|
(5.9 |
) |
|
(3.0 |
) |
||||||
Other income, net |
|
104.5 |
|
|
77.6 |
|
35 |
% |
|
108.8 |
|
|
124.7 |
|
|
75.1 |
|
||||||
Income (loss) before taxes |
|
(46.2 |
) |
|
300.1 |
|
NM |
|
|
238.1 |
|
|
331.2 |
|
|
413.4 |
|
||||||
Taxes on income |
|
9.5 |
|
|
68.1 |
|
(86 |
%) |
|
62.8 |
|
|
74.9 |
|
|
75.0 |
|
||||||
Net income (loss) |
|
(55.7 |
) |
|
232.0 |
|
NM |
|
|
175.3 |
|
|
256.3 |
|
|
338.4 |
|
||||||
Less: net income (loss) attributable to |
|
|
|
|
|
|
|||||||||||||||||
Redeemable noncontrolling interests |
|
32.6 |
|
|
43.0 |
|
(24 |
%) |
|
42.8 |
|
|
9.5 |
|
|
27.0 |
|
||||||
Nonredeemable noncontrolling interests |
|
(3.6 |
) |
|
15.0 |
|
NM |
|
|
8.3 |
|
|
(4.5 |
) |
|
15.9 |
|
||||||
Net Income (Loss) Attributable to Franklin Resources, Inc. |
$ |
(84.7 |
) |
$ |
174.0 |
|
NM |
|
$ |
124.2 |
|
$ |
251.3 |
|
$ |
295.5 |
|
||||||
|
|
|
|
|
|
|
|||||||||||||||||
Earnings (Loss) per Share |
|
|
|
|
|
|
|||||||||||||||||
Basic |
$ |
(0.19 |
) |
$ |
0.32 |
|
NM |
|
$ |
0.23 |
|
$ |
0.50 |
|
$ |
0.58 |
|
||||||
Diluted |
|
(0.19 |
) |
|
0.32 |
|
NM |
|
|
0.23 |
|
|
0.50 |
|
|
0.58 |
|
||||||
Dividends Declared per Share |
$ |
0.31 |
|
$ |
0.31 |
|
0 |
% |
$ |
0.31 |
|
$ |
0.31 |
|
$ |
0.30 |
|
||||||
|
|
|
|
|
|
|
|||||||||||||||||
Average Shares Outstanding |
|
|
|
|
|
|
|||||||||||||||||
Basic |
|
516.2 |
|
|
516.5 |
|
0 |
% |
|
518.4 |
|
|
487.0 |
|
|
489.2 |
|
||||||
Diluted |
|
516.2 |
|
|
517.2 |
|
0 |
% |
|
519.2 |
|
|
487.9 |
|
|
490.0 |
|
||||||
|
|
|
|
|
|
|
|||||||||||||||||
Operating Margin |
|
(6.8 |
)% |
|
10.5 |
% |
|
6.0 |
% |
|
10.4 |
% |
|
17.0 |
% |
AUM AND FLOWS |
||||||||||||||||||||||
|
||||||||||||||||||||||
(in billions) |
Three Months Ended September 30, |
% Change |
Twelve Months Ended September 30, |
% Change |
||||||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||||||||
Beginning AUM |
$ |
1,646.6 |
|
$ |
1,431.5 |
|
15 |
% |
$ |
1,374.2 |
|
$ |
1,297.4 |
|
6 |
% |
||||||
Long-term inflows |
|
82.5 |
|
|
55.2 |
|
49 |
% |
|
319.0 |
|
|
254.9 |
|
25 |
% |
||||||
Long-term outflows |
|
(113.8 |
) |
|
(62.1 |
) |
83 |
% |
|
(351.6 |
) |
|
(276.2 |
) |
27 |
% |
||||||
Long-term net flows |
|
(31.3 |
) |
|
(6.9 |
) |
354 |
% |
|
(32.6 |
) |
|
(21.3 |
) |
53 |
% |
||||||
Cash management net flows |
|
(0.2 |
) |
|
(1.6 |
) |
(88 |
%) |
|
2.7 |
|
|
4.3 |
|
(37 |
%) |
||||||
Total net flows |
|
(31.5 |
) |
|
(8.5 |
) |
271 |
% |
|
(29.9 |
) |
|
(17.0 |
) |
76 |
% |
||||||
Acquisition |
|
— |
|
|
— |
|
NM |
|
|
148.3 |
|
|
34.9 |
|
NM |
|
||||||
Net market change, distributions and other6 |
|
63.5 |
|
|
(48.8 |
) |
NM |
|
|
186.0 |
|
|
58.9 |
|
216 |
% |
||||||
Ending AUM |
$ |
1,678.6 |
|
$ |
1,374.2 |
|
22 |
% |
$ |
1,678.6 |
|
$ |
1,374.2 |
|
22 |
% |
||||||
Average AUM |
$ |
1,667.5 |
|
$ |
1,419.1 |
|
18 |
% |
$ |
1,565.8 |
|
$ |
1,400.4 |
|
12 |
% |
AUM BY ASSET CLASS |
||||||||||||||||||
|
||||||||||||||||||
(in billions) |
30-Sep-24 |
30-Jun-24 |
% Change |
31-Mar-24 |
31-Dec-23 |
30-Sep-23 |
||||||||||||
Equity |
$ |
632.1 |
$ |
595.0 |
6 |
% |
$ |
592.7 |
$ |
467.5 |
$ |
430.4 |
||||||
Fixed Income |
|
556.4 |
|
564.5 |
(1 |
%) |
|
571.4 |
|
511.7 |
|
483.1 |
||||||
Alternative |
|
249.9 |
|
254.5 |
(2 |
%) |
|
255.5 |
|
256.2 |
|
254.9 |
||||||
Multi-Asset |
|
176.2 |
|
168.1 |
5 |
% |
|
163.4 |
|
154.6 |
|
145.0 |
||||||
Cash Management |
|
64.0 |
|
64.5 |
(1 |
%) |
|
61.7 |
|
65.5 |
|
60.8 |
||||||
Total AUM |
$ |
1,678.6 |
$ |
1,646.6 |
2 |
% |
$ |
1,644.7 |
$ |
1,455.5 |
$ |
1,374.2 |
||||||
Average AUM for the Three-Month Period |
$ |
1,667.5 |
$ |
1,632.6 |
2 |
% |
$ |
1,581.1 |
$ |
1,394.2 |
$ |
1,419.1 |
AUM BY SALES REGION |
||||||||||||||||||
|
||||||||||||||||||
(in billions) |
30-Sep-24 |
30-Jun-24 |
% Change |
31-Mar-24 |
31-Dec-23 |
30-Sep-23 |
||||||||||||
|
$ |
1,177.1 |
$ |
1,155.0 |
2 |
% |
$ |
1,155.9 |
$ |
1,019.4 |
$ |
979.9 |
||||||
International |
|
|
|
|
|
|
||||||||||||
|
|
209.1 |
|
205.8 |
2 |
% |
|
206.3 |
|
180.6 |
|
165.1 |
||||||
|
|
178.0 |
|
174.1 |
2 |
% |
|
170.4 |
|
150.5 |
|
117.6 |
||||||
|
|
114.4 |
|
111.7 |
2 |
% |
|
112.1 |
|
105.0 |
|
111.6 |
||||||
Total international |
|
501.5 |
|
491.6 |
2 |
% |
|
488.8 |
|
436.1 |
|
394.3 |
||||||
Total |
$ |
1,678.6 |
$ |
1,646.6 |
2 |
% |
$ |
1,644.7 |
$ |
1,455.5 |
$ |
1,374.2 |
AUM AND FLOWS BY ASSET CLASS |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
(in billions) |
|
|
|
|
|
|
||||||||||||||||||
for the three months ended September 30, 2024 |
Equity |
Fixed Income |
Alternative |
Multi-Asset |
Cash Management |
Total |
||||||||||||||||||
AUM at July 1, 2024 |
$ |
595.0 |
|
$ |
564.5 |
|
$ |
254.5 |
|
$ |
168.1 |
|
$ |
64.5 |
|
$ |
1,646.6 |
|
||||||
Long-term inflows |
|
36.8 |
|
|
33.0 |
|
|
4.0 |
|
|
8.7 |
|
|
— |
|
|
82.5 |
|
||||||
Long-term outflows |
|
(36.0 |
) |
|
(66.9 |
) |
|
(5.0 |
) |
|
(5.9 |
) |
|
— |
|
|
(113.8 |
) |
||||||
Long-term net flows |
|
0.8 |
|
|
(33.9 |
) |
|
(1.0 |
) |
|
2.8 |
|
|
— |
|
|
(31.3 |
) |
||||||
Cash management net flows |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.2 |
) |
|
(0.2 |
) |
||||||
Total net flows |
|
0.8 |
|
|
(33.9 |
) |
|
(1.0 |
) |
|
2.8 |
|
|
(0.2 |
) |
|
(31.5 |
) |
||||||
Net market change, distributions and other6 |
|
36.3 |
|
|
25.8 |
|
|
(3.6 |
) |
|
5.3 |
|
|
(0.3 |
) |
|
63.5 |
|
||||||
AUM at September 30, 2024 |
$ |
632.1 |
|
$ |
556.4 |
|
$ |
249.9 |
|
$ |
176.2 |
|
$ |
64.0 |
|
$ |
1,678.6 |
|
(in billions) |
|
|
|
|
|
|
||||||||||||||||||
for the three months ended June 30, 2024 |
Equity |
Fixed Income |
Alternative |
Multi-Asset |
Cash Management |
Total |
||||||||||||||||||
AUM at April 1, 2024 |
$ |
592.7 |
|
$ |
571.4 |
|
$ |
255.5 |
|
$ |
163.4 |
|
$ |
61.7 |
|
$ |
1,644.7 |
|
||||||
Long-term inflows |
|
32.0 |
|
|
37.4 |
|
|
3.4 |
|
|
9.9 |
|
|
— |
|
|
82.7 |
|
||||||
Long-term outflows |
|
(33.6 |
) |
|
(42.2 |
) |
|
(2.0 |
) |
|
(8.1 |
) |
|
— |
|
|
(85.9 |
) |
||||||
Long-term net flows |
|
(1.6 |
) |
|
(4.8 |
) |
|
1.4 |
|
|
1.8 |
|
|
— |
|
|
(3.2 |
) |
||||||
Cash management net flows |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3.0 |
|
|
3.0 |
|
||||||
Total net flows |
|
(1.6 |
) |
|
(4.8 |
) |
|
1.4 |
|
|
1.8 |
|
|
3.0 |
|
|
(0.2 |
) |
||||||
Net market change, distributions and other6 |
|
3.9 |
|
|
(2.1 |
) |
|
(2.4 |
) |
|
2.9 |
|
|
(0.2 |
) |
|
2.1 |
|
||||||
AUM at June 30, 2024 |
$ |
595.0 |
|
$ |
564.5 |
|
$ |
254.5 |
|
$ |
168.1 |
|
$ |
64.5 |
|
$ |
1,646.6 |
|
(in billions) |
|
|
|
|
|
|
||||||||||||||||||
for the three months ended September 30, 2023 |
Equity |
Fixed Income |
Alternative |
Multi-Asset |
Cash Management |
Total |
||||||||||||||||||
AUM at July 1, 2023 |
$ |
458.0 |
|
$ |
505.1 |
|
$ |
257.2 |
|
$ |
148.3 |
|
$ |
62.9 |
|
$ |
1,431.5 |
|
||||||
Long-term inflows |
|
17.1 |
|
|
26.2 |
|
|
3.9 |
|
|
8.0 |
|
|
— |
|
|
55.2 |
|
||||||
Long-term outflows |
|
(24.8 |
) |
|
(27.8 |
) |
|
(3.1 |
) |
|
(6.4 |
) |
|
— |
|
|
(62.1 |
) |
||||||
Long-term net flows |
|
(7.7 |
) |
|
(1.6 |
) |
|
0.8 |
|
|
1.6 |
|
|
— |
|
|
(6.9 |
) |
||||||
Cash management net flows |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.6 |
) |
|
(1.6 |
) |
||||||
Total net flows |
|
(7.7 |
) |
|
(1.6 |
) |
|
0.8 |
|
|
1.6 |
|
|
(1.6 |
) |
|
(8.5 |
) |
||||||
Net market change, distributions and other6 |
|
(19.9 |
) |
|
(20.4 |
) |
|
(3.1 |
) |
|
(4.9 |
) |
|
(0.5 |
) |
|
(48.8 |
) |
||||||
AUM at September 30, 2023 |
$ |
430.4 |
|
$ |
483.1 |
|
$ |
254.9 |
|
$ |
145.0 |
|
$ |
60.8 |
|
$ |
1,374.2 |
|
Supplemental Non-GAAP Financial Measures
As supplemental information, we are providing performance measures for “adjusted operating income,” “adjusted operating margin,” “adjusted net income” and “adjusted diluted earnings per share,” each of which is based on methodologies other than generally accepted accounting principles (“non-GAAP measures”). Management believes these non-GAAP measures are useful indicators of our financial performance and may be helpful to investors in evaluating our relative performance against industry peers.
“Adjusted operating income,” “adjusted operating margin,” “adjusted net income” and “adjusted diluted earnings per share” are defined below, followed by reconciliations of operating income (loss), operating margin, net income attributable to Franklin Resources, Inc. and diluted earnings per share on a
Adjusted Operating Income
We define adjusted operating income as operating income (loss) adjusted to exclude the following:
- Elimination of operating revenues upon consolidation of investment products.
-
Acquisition-related items:
- Acquisition-related retention compensation.
- Other acquisition-related expenses including professional fees, technology costs and fair value adjustments related to contingent consideration assets and liabilities.
- Amortization of intangible assets.
- Impairment of intangible assets and goodwill, if any.
- Special termination benefits related to workforce optimization initiatives related to past acquisitions and certain initiatives undertaken by the Company.
- Impact on compensation and benefits expense from gains and losses on investments related to deferred compensation plans, which is offset in investment and other income (losses), net.
- Impact on compensation and benefits expense related to minority interests in certain subsidiaries, which is offset in net income (loss) attributable to redeemable noncontrolling interests.
Adjusted Operating Margin
We calculate adjusted operating margin as adjusted operating income divided by adjusted operating revenues. We define adjusted operating revenues as operating revenues adjusted to exclude the following:
- Elimination of operating revenues upon consolidation of investment products.
- Acquisition-related performance-based investment management fees which are passed through as compensation and benefits expense.
- Sales and distribution fees and a portion of investment management fees allocated to cover sales, distribution and marketing expenses paid to the financial advisers and other intermediaries who sell our funds on our behalf.
Adjusted Net Income and Adjusted Diluted Earnings Per Share
We define adjusted net income as net income attributable to Franklin Resources, Inc. adjusted to exclude the following:
- Activities of CIPs.
-
Acquisition-related items:
- Acquisition-related retention compensation.
- Other acquisition-related expenses including professional fees, technology costs and fair value adjustments related to contingent consideration assets and liabilities.
- Amortization of intangible assets.
- Impairment of intangible assets and goodwill, if any.
- Write off of noncontrolling interests related to the wind down of an acquired business.
- Interest expense for amortization of Legg Mason debt premium from acquisition-date fair value adjustment.
- Special termination benefits related to workforce optimization initiatives related to past acquisitions and certain initiatives undertaken by the Company.
- Net gains or losses on investments related to deferred compensation plans which are not offset by compensation and benefits expense.
- Net compensation and benefits expense related to minority interests in certain subsidiaries not offset by net income (loss) attributable to redeemable noncontrolling interests.
- Unrealized investment gains and losses.
- Net income tax expense of the above adjustments based on the respective blended rates applicable to the adjustments.
We define adjusted diluted earnings per share as diluted earnings per share adjusted to exclude the per share impacts of the adjustments applied to net income in calculating adjusted net income.
In calculating our non-GAAP measures, we adjust for the impact of CIPs because it is not considered reflective of our underlying results of operations. Acquisition-related items and special termination benefits are excluded to facilitate comparability to other asset management firms. We adjust for compensation and benefits expense related to funded deferred compensation plans because it is partially offset in other income (expense), net. We adjust for compensation and benefits expense and net income (loss) attributable to redeemable noncontrolling interests to reflect the economics of certain profits interest arrangements. Sales and distribution fees and a portion of investment management fees generally cover sales, distribution and marketing expenses and, therefore, are excluded from adjusted operating revenues. In addition, when calculating adjusted net income and adjusted diluted earnings per share we exclude unrealized investment gains and losses included in investment and other income (losses) because the related investments are generally expected to be held long term.
The calculations of adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted earnings per share are as follows:
(in millions) |
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
30-Sep-24 |
30-Jun-24 |
30-Sep-23 |
30-Sep-24 |
30-Sep-23 |
||||||||||||||||
Operating income (loss) |
$ |
(150.7 |
) |
$ |
222.5 |
|
$ |
338.3 |
|
$ |
407.6 |
|
$ |
1,102.3 |
|
|||||
Add (subtract): |
|
|
|
|
|
|||||||||||||||
Elimination of operating revenues upon consolidation of investment products* |
|
12.7 |
|
|
12.3 |
|
|
11.2 |
|
|
47.4 |
|
|
37.5 |
|
|||||
Acquisition-related retention |
|
46.3 |
|
|
43.7 |
|
|
56.8 |
|
|
263.6 |
|
|
164.9 |
|
|||||
Compensation and benefits expense from gains (losses) on deferred compensation, net |
|
15.7 |
|
|
1.8 |
|
|
(6.0 |
) |
|
50.5 |
|
|
20.3 |
|
|||||
Other acquisition-related expenses |
|
31.8 |
|
|
33.6 |
|
|
4.9 |
|
|
97.4 |
|
|
50.2 |
|
|||||
Amortization of intangible assets |
|
83.8 |
|
|
84.0 |
|
|
86.5 |
|
|
338.2 |
|
|
341.1 |
|
|||||
Impairment of intangible assets |
|
389.2 |
|
|
— |
|
|
— |
|
|
389.2 |
|
|
— |
|
|||||
Special termination benefits |
|
12.0 |
|
|
16.7 |
|
|
8.3 |
|
|
75.8 |
|
|
63.2 |
|
|||||
Compensation and benefits expense related to minority interests in certain subsidiaries |
|
10.8 |
|
|
10.3 |
|
|
11.7 |
|
|
43.4 |
|
|
44.3 |
|
|||||
Adjusted operating income |
$ |
451.6 |
|
$ |
424.9 |
|
$ |
511.7 |
|
$ |
1,713.1 |
|
$ |
1,823.8 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Total operating revenues |
$ |
2,211.2 |
|
$ |
2,122.9 |
|
$ |
1,986.1 |
|
$ |
8,478.0 |
|
$ |
7,849.4 |
|
|||||
Add (subtract): |
|
|
|
|
|
|||||||||||||||
Acquisition-related pass through performance fees |
|
(10.5 |
) |
|
— |
|
|
(5.6 |
) |
|
(97.5 |
) |
|
(169.7 |
) |
|||||
Sales and distribution fees |
|
(368.0 |
) |
|
(358.3 |
) |
|
(306.4 |
) |
|
(1,381.2 |
) |
|
(1,203.7 |
) |
|||||
Allocation of investment management fees for sales, distribution and marketing expenses |
|
(128.9 |
) |
|
(122.8 |
) |
|
(104.7 |
) |
|
(481.9 |
) |
|
(409.4 |
) |
|||||
Elimination of operating revenues upon consolidation of investment products* |
|
12.7 |
|
|
12.3 |
|
|
11.2 |
|
|
47.4 |
|
|
37.5 |
|
|||||
Adjusted operating revenues |
$ |
1,716.5 |
|
$ |
1,654.1 |
|
$ |
1,580.6 |
|
$ |
6,564.8 |
|
$ |
6,104.1 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Operating margin |
|
(6.8 |
%) |
|
10.5 |
% |
|
17.0 |
% |
|
4.8 |
% |
|
14.0 |
% |
|||||
Adjusted operating margin |
|
26.3 |
% |
|
25.7 |
% |
|
32.4 |
% |
|
26.1 |
% |
|
29.9 |
% |
(in millions, except per share data) |
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||
30-Sep-24 |
30-Jun-24 |
30-Sep-23 |
30-Sep-24 |
30-Sep-23 |
|||||||||||||||
Net income (loss) attributable to Franklin Resources, Inc. |
$ |
(84.7 |
) |
$ |
174.0 |
|
$ |
295.5 |
|
$ |
464.8 |
|
$ |
882.8 |
|
||||
Add (subtract): |
|
|
|
|
|
||||||||||||||
Net (income) loss of consolidated investment products* |
|
(2.8 |
) |
|
(2.4 |
) |
|
1.6 |
|
|
(3.9 |
) |
|
8.0 |
|
||||
Acquisition-related retention |
|
46.3 |
|
|
43.7 |
|
|
56.8 |
|
|
263.6 |
|
|
164.9 |
|
||||
Other acquisition-related expenses |
|
32.0 |
|
|
34.9 |
|
|
8.9 |
|
|
107.0 |
|
|
70.4 |
|
||||
Amortization of intangible assets |
|
83.8 |
|
|
84.0 |
|
|
86.5 |
|
|
338.2 |
|
|
341.1 |
|
||||
Impairment of intangible assets |
|
389.2 |
|
|
— |
|
|
— |
|
|
389.2 |
|
|
— |
|
||||
Special termination benefits |
|
12.0 |
|
|
16.7 |
|
|
8.3 |
|
|
75.8 |
|
|
63.2 |
|
||||
Net gains on deferred compensation plan investments not offset by compensation and benefits expense |
|
(2.9 |
) |
|
(1.1 |
) |
|
(1.4 |
) |
|
(13.9 |
) |
|
(15.5 |
) |
||||
Unrealized investment (gains) losses |
|
(23.9 |
) |
|
31.0 |
|
|
20.6 |
|
|
(51.5 |
) |
|
(2.6 |
) |
||||
Interest expense for amortization of debt premium |
|
(5.2 |
) |
|
(6.4 |
) |
|
(6.4 |
) |
|
(24.4 |
) |
|
(25.4 |
) |
||||
Net compensation and benefits expense related to minority interests in certain subsidiaries not offset by net income attributable to redeemable noncontrolling interests |
|
2.3 |
|
|
2.8 |
|
|
1.0 |
|
|
3.5 |
|
|
0.1 |
|
||||
Net income tax expense of adjustments |
|
(130.9 |
) |
|
(50.8 |
) |
|
(44.4 |
) |
|
(271.7 |
) |
|
(154.8 |
) |
||||
Adjusted net income |
$ |
315.2 |
|
$ |
326.4 |
|
$ |
427.0 |
|
$ |
1,276.7 |
|
$ |
1,332.2 |
|
||||
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share |
$ |
(0.19 |
) |
$ |
0.32 |
|
$ |
0.58 |
|
$ |
0.85 |
|
$ |
1.72 |
|
||||
Adjusted diluted earnings per share |
|
0.59 |
|
|
0.60 |
|
|
0.84 |
|
|
2.39 |
|
|
2.60 |
|
* The impact of CIPs is summarized as follows: |
||||||||||||||||||||
|
||||||||||||||||||||
(in millions) |
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
30-Sep-24 |
30-Jun-24 |
30-Sep-23 |
30-Sep-24 |
30-Sep-23 |
||||||||||||||||
Elimination of operating revenues upon consolidation |
$ |
(12.7 |
) |
$ |
(12.3 |
) |
$ |
(11.2 |
) |
$ |
(47.4 |
) |
$ |
(37.5 |
) |
|||||
Other income, net |
|
32.5 |
|
|
42.0 |
|
|
21.4 |
|
|
104.5 |
|
|
88.8 |
|
|||||
Less: income attributable to noncontrolling interests |
|
17.0 |
|
|
27.3 |
|
|
11.8 |
|
|
53.2 |
|
|
59.3 |
|
|||||
Net income (loss) |
$ |
2.8 |
|
$ |
2.4 |
|
$ |
(1.6 |
) |
$ |
3.9 |
|
$ |
(8.0 |
) |
Notes
- Net income (loss) represents net income (loss) attributable to Franklin Resources, Inc.
- “Adjusted net income,” “adjusted diluted earnings per share,” “adjusted operating income” and “adjusted operating margin” are based on methodologies other than generally accepted accounting principles. See “Supplemental Non-GAAP Financial Measures” for definitions and reconciliations of these measures.
- Average AUM represents monthly average AUM.
-
Includes our direct investments in CIPs of
, approximately$1.1 billion of employee-owned and other third-party investments made through partnerships, approximately$355 million of investments that are subject to long-term repurchase agreements and other net financing arrangements, and approximately$289 million of cash and investments related to deferred compensation plans.$441 million - During the quarter ended March 31, 2024, the Company identified that it did not eliminate the investment income from certain consolidated limited partnerships for the fiscal year ended September 30, 2023, resulting in offsetting adjustments to investment and other income, net and net income attributable to nonredeemable noncontrolling interest. For comparability, the Company has revised the comparative prior period amounts in the Consolidated Statements of Income. There was no impact to operating income, net income attributable to Franklin Resources, Inc. or earnings per share.
- Net market change, distributions and other includes appreciation (depreciation), distributions to investors that represent return on investments and return of capital, and foreign exchange revaluation.
-
India region is included inEurope ,Middle East andAfrica .
Franklin Resources, Inc. (NYSE: BEN) is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the Company offers specialization on a global scale, bringing extensive capabilities in equity, fixed income, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the
Forward-Looking Statements
Some of the statements herein may include forward-looking statements that reflect our current views with respect to future events, financial performance and market conditions. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and generally can be identified by words or phrases written in the future tense and/or preceded by words such as “anticipate,” “believe,” “could,” “depends,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “potential,” “seek,” “should,” “will,” “would,” or other similar words or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that may cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements, including market and volatility risks, investment performance and reputational risks, global operational risks, competition and distribution risks, third-party risks, technology and security risks, human capital risks, cash management risks, and legal and regulatory risks. While forward-looking statements are our best prediction at the time that they are made, you should not rely on them and are cautioned against doing so. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other possible future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. They are neither statements of historical fact nor guarantees or assurances of future performance. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.
These and other risks, uncertainties and other important factors are described in more detail in our recent filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241103233835/en/
Franklin Resources, Inc.
Investor Relations: Selene Oh (650) 312-4091, selene.oh@franklintempleton.com
Media Relations: Jeaneen Terrio (212) 632-4005, jeaneen.terrio@franklintempleton.com
investors.franklinresources.com
Source: Franklin Resources, Inc.
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