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Invesco Reports Results for the Three Months and Year Ended December 31, 2024

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Invesco (NYSE: IVZ) reported strong Q4 2024 results with diluted EPS of $0.46 and adjusted diluted EPS of $0.52. The company achieved $25.6 billion in net long-term inflows for the quarter and $65.1 billion for the full year 2024, primarily driven by ETFs and APAC Managed investments.

Assets Under Management (AUM) reached $1.85 trillion, marking a 2.8% increase from the previous quarter and a 16.4% rise year-over-year. The company demonstrated solid financial performance with a 19.6% operating margin and 33.7% adjusted operating margin in Q4. Operating revenues increased by 5.1% quarter-over-quarter to $1,593.0 million.

During Q4, Invesco maintained strong balance sheet management with zero balance on their credit facility and $1 billion in cash equivalents. The company continued its shareholder return program, repurchasing 1.4 million common shares for $25 million and declaring a quarterly dividend of $0.205 per share.

Invesco (NYSE: IVZ) ha riportato risultati solidi per il quarto trimestre del 2024, con un utile per azione diluito di $0.46 e un utile per azione diluito rettificato di $0.52. L'azienda ha registrato $25.6 miliardi di afflussi netti a lungo termine per il trimestre e $65.1 miliardi per l'intero anno 2024, principalmente sostenuti da ETF e investimenti gestiti nell'APAC.

Gli Asset in Gestione (AUM) hanno raggiunto $1.85 trilioni, segnando un aumento del 2.8% rispetto al trimestre precedente e un incremento del 16.4% su base annua. L'azienda ha dimostrato una solida performance finanziaria con un margine operativo del 19.6% e un margine operativo rettificato del 33.7% nel Q4. I ricavi operativi sono aumentati del 5.1% trimestre su trimestre a $1,593.0 milioni.

Durante il Q4, Invesco ha mantenuto una gestione solida del bilancio con zero saldo nella loro linea di credito e $1 miliardo in equivalenti di cassa. L'azienda ha continuato il suo programma di restituzione agli azionisti, riacquistando 1.4 milioni di azioni ordinarie per $25 milioni e dichiarando un dividendo trimestrale di $0.205 per azione.

Invesco (NYSE: IVZ) reportó resultados sólidos para el cuarto trimestre de 2024, con ganancias por acción diluidas de $0.46 y ganancias por acción diluidas ajustadas de $0.52. La empresa logró $25.6 mil millones en flujos netos a largo plazo para el trimestre y $65.1 mil millones para todo el año 2024, impulsados principalmente por ETFs e inversiones gestionadas en APAC.

Los Activos Bajo Gestión (AUM) alcanzaron $1.85 billones, marcando un aumento del 2.8% en comparación con el trimestre anterior y un incremento del 16.4% interanual. La empresa mostró un sólido rendimiento financiero con un margen operativo del 19.6% y un margen operativo ajustado del 33.7% en el cuarto trimestre. Los ingresos operativos aumentaron un 5.1% de un trimestre a otro, alcanzando $1,593.0 millones.

Durante el cuarto trimestre, Invesco mantuvo una gestión sólida de su balance con un saldo de cero en su línea de crédito y $1 mil millones en equivalentes de efectivo. La empresa continuó su programa de retorno a los accionistas, recomprando 1.4 millones de acciones comunes por $25 millones y declarando un dividendo trimestral de $0.205 por acción.

인베스코 (NYSE: IVZ)는 2024년 4분기 강력한 실적을 보고했으며, 희석 주당순이익이 $0.46, 조정 후 희석 주당순이익이 $0.52로 나타났습니다. 회사는 분기 동안 $25.6억 달러의 순 장기 유입을 달성했으며, 2024년 전체에서 $65.1억 달러를 기록했습니다. 주로 ETF와 APAC 관리 투자에 의해 주도되었습니다.

운용 자산(AUM)은 $1.85조 달러에 도달했고, 이는 이전 분기 대비 2.8% 증가했으며, 전년 동기 대비 16.4% 증가한 수치입니다. 회사는 4분기에 19.6%의 운영 마진과 33.7%의 조정 운영 마진으로 견고한 재무 성과를 보여주었습니다. 운영 수익은 분기별로 5.1% 증가하여 $1,593.0 백만에 달했습니다.

4분기 동안 인베스코는 신용 시설의 잔액이 0인 뛰어난 재무 관리를 유지하며 $10억 달러의 현금 equivalents를 보유하고 있었습니다. 회사는 주주 환원 프로그램을 계속하며 140만 주의 보통주를 $2500만 달러에 재매입하고 주당 $0.205의 분기 배당금을 선언했습니다.

Invesco (NYSE: IVZ) a annoncé d'excellents résultats pour le quatrième trimestre 2024, avec un bénéfice par action dilué de 0,46 $ et un bénéfice par action dilué ajusté de 0,52 $. L'entreprise a réalisé 25,6 milliards de dollars en entrées nettes à long terme pour le trimestre et 65,1 milliards de dollars pour l'ensemble de l'année 2024, principalement soutenus par des ETF et des investissements gérés en APAC.

Les Actifs Sous Gestion (AUM) ont atteint 1,85 trillion de dollars, marquant une augmentation de 2,8 % par rapport au trimestre précédent et une hausse de 16,4 % d'une année sur l'autre. L'entreprise a affiché une solide performance financière avec une marge opérationnelle de 19,6 % et une marge opérationnelle ajustée de 33,7 % au quatrième trimestre. Les revenus d'exploitation ont augmenté de 5,1 % par rapport au trimestre précédent pour atteindre 1 593,0 millions de dollars.

Au cours du quatrième trimestre, Invesco a maintenu une gestion solide de son bilan avec un solde nul sur sa ligne de crédit et 1 milliard de dollars en équivalents de trésorerie. L'entreprise a poursuivi son programme de retour aux actionnaires, en rachetant 1,4 million d'actions ordinaires pour 25 millions de dollars et en déclarant un dividende trimestriel de 0,205 $ par action.

Invesco (NYSE: IVZ) hat starke Ergebnisse für das vierte Quartal 2024 gemeldet, mit einem verwässerten Gewinn pro Aktie von $0.46 und einem angepassten verwässerten Gewinn pro Aktie von $0.52. Das Unternehmen erzielte $25.6 Milliarden an Netto-Zuflüssen für das Quartal und $65.1 Milliarden für das gesamte Jahr 2024, hauptsächlich getrieben durch ETFs und verwaltete Investitionen in der APAC-Region.

Das verwaltete Vermögen (AUM) erreichte $1.85 Billionen, was einem Anstieg von 2.8% im Vergleich zum vorherigen Quartal und einem Anstieg von 16.4% im Jahresvergleich entspricht. Das Unternehmen zeigte eine solide Finanzperformance mit einer operativen Marge von 19.6% und einer angepassten operativen Marge von 33.7% im vierten Quartal. Die Betriebseinnahmen stiegen im Quartalsvergleich um 5.1% auf $1,593.0 Millionen.

Im vierten Quartal hielt Invesco eine starke Bilanzverwaltung aufrecht, mit einem Guthaben von null in ihrer Kreditlinie und $1 Milliarde in liquiden Mitteln. Das Unternehmen setzte sein Programm zur Rückgabe an die Aktionäre fort, indem es 1,4 Millionen Stammaktien für $25 Millionen zurückkaufte und eine vierteljährliche Dividende von $0.205 pro Aktie erklärte.

Positive
  • Net long-term inflows of $25.6B in Q4 and $65.1B for full year 2024
  • AUM increased 16.4% YoY to $1.85 trillion
  • Operating revenues up 12.7% YoY to $1,593.0M
  • Adjusted operating margin improved to 33.7% in Q4
  • Strong balance sheet with zero net debt and $986.5M cash position
Negative
  • Active investment strategies saw $10.0B in net outflows during Q4
  • Fundamental Equities experienced $6.0B in net outflows
  • Net market losses decreased AUM by $2.5B in Q4
  • Foreign exchange movements reduced AUM by $20.5B

Insights

Invesco's Q4 2024 results reflect a compelling transformation story, with several key metrics pointing to sustainable growth momentum. The 33.7% adjusted operating margin represents a significant improvement from 26.3% YoY, demonstrating successful execution of operational efficiency initiatives.

The flow picture is particularly noteworthy, with $25.6 billion in net long-term inflows representing an 8% annualized organic growth rate. However, the composition reveals an important trend: while passive strategies saw $35.6 billion in inflows, active strategies experienced $10 billion in outflows. This shift toward lower-fee products, while pressuring revenue yields, positions Invesco well in the evolving asset management landscape where scale and efficiency are increasingly critical.

Geographic diversification stands out as a key strength, with positive flows across all regions: $9.2 billion from EMEA, $8.9 billion from Americas and $7.5 billion from Asia Pacific. This balanced distribution helps insulate the business from regional market volatility and provides multiple growth engines.

The firm's capital management remains disciplined, with $25 million in share repurchases and a maintained quarterly dividend of $0.205 per share, while keeping zero net debt. This financial flexibility provides optionality for strategic investments or additional shareholder returns.

Looking ahead, the 16.4% YoY AUM growth to $1.85 trillion provides a strong foundation for 2025, with the shift toward ETFs and strategic capabilities in wealth management suggesting continued momentum in organic growth, albeit potentially at lower revenue yields.

Invesco Announces Fourth Quarter Diluted EPS of $0.46; Adjusted Diluted EPS(1) of $0.52

ATLANTA, Jan. 28, 2025 /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today reported financial results for the three months and year ended December 31, 2024.

  • $25.6 billion of net long-term inflows for the quarter, primarily driven by ETFs and APAC Managed
  • $65.1 billion of net long-term inflows for the full year 2024, primarily driven by ETFs, APAC Managed, Fundamental Fixed Income and Private Markets
  • $1.85 trillion in ending AUM, an increase of 2.8% from the prior quarter and an increase of 16.4% from the prior year-end
  • 19.6% operating margin in Q4 2024; 33.7% adjusted operating margin(1)
  • Continued balance sheet strength - a zero balance on our credit facility and Cash and cash equivalents of $1 billion
  • Repurchased 1.4 million common shares for $25 million during the quarter

Update from Andrew Schlossberg, President and CEO

"During the fourth quarter and throughout 2024, we continued to make meaningful progress in executing our strategic priorities and leveraging our competitive advantages to drive improved business performance. We generated profitable growth, helping drive higher operating income compared to the prior quarter and the prior year. The positive operating leverage we generated in 2024 improved operating margin to nearly 34% in the fourth quarter.  

We continued to drive strong net long-term inflows, with an annualized organic growth rate of 8%. Importantly, positive flows continued across all three of our regions, with significant quarterly acceleration in EMEA and Asia Pacific. Client demand and inflows remained strong in strategically important product lines led by ETFs, SMAs, Alternative Credit strategies, and our China JV.

Balance sheet strength and enhanced return of capital to shareholders remains a priority as we continued to operate with zero net debt(2) while repurchasing another $25 million or 1.4 million shares this quarter.

As we enter the new year, we believe our global footprint, leading distribution platform, with particular strength in wealth management, and diverse set of investment capabilities will continue to meet client demand and generate profitable growth. We have the right people and strategic focus to continue to deliver on the key performance drivers that generate value for our various constituents including our clients, shareholders and employees. I would like to thank my colleagues and the Executive Leadership Team for their efforts in delivering on our strategic priorities in 2024."



(1)

Represents non-GAAP financial measure. See the information on pages 9 through 12 for a reconciliation to the most directly comparable U.S. GAAP measure.

(2)

Net debt: Debt less Cash and cash equivalents

Net Flows:

Net long-term inflows were $25.6 billion for the fourth quarter as compared to $16.5 billion in the third quarter.

Retail net long-term inflows were $28.4 billion while Institutional net long-term outflows were $2.8 billion. Net long-term flows by investment capability include net long-term inflows from ETFs and Index of $29.6 billion, APAC Managed of $3.5 billion, Private Markets of $0.8 billion, partially offset by net long-term outflows from Fundamental Equities of $6.0 billion, Multi-Asset/Other of $1.5 billion, and Fundamental Fixed Income of $0.8 billion. On a geographic basis, the EMEA, Americas and Asia Pacific regions achieved net long-term inflows of $9.2 billion, $8.9 billion, and $7.5 billion, respectively.

Net market losses decreased AUM in the fourth quarter by $2.5 billion and foreign exchange rate movements decreased AUM by $20.5 billion. We had inflows of $25.1 billion from money market funds during the quarter and $10.2 billion from non-management fee earning products. Ending AUM increased 2.8% and average AUM increased 4.7% during the fourth quarter.

Summary of net flows (in billions)


Q4-24


Q3-24


Q4-23


2024


2023

Active


$  (10.0)


$  (0.6)


$  (7.2)


$  (15.4)


$ (29.0)

Passive


35.6


17.1


13.9


80.5


39.2

Net long-term flows


25.6


16.5


6.7


65.1


10.2

Non-management fee earning AUM


10.2


3.5


3.1


29.8


6.2

Money market


25.1


(7.3)


(18.1)


23.4


(11.1)

Total net flows


$  60.9


$ 12.7


$  (8.3)


$  118.3


$    5.3












Annualized long-term organic growth rate (1)


7.8 %


5.2 %


2.4 %


5.3 %


0.9 %














(1)

Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Long-term AUM excludes money market and non-management fee earning AUM.

 

Fourth Quarter Highlights:












Financial Results

Q4-24


Q3-24


Q4-24  vs.
Q3-24


Q4-23


Q4-24 vs.
Q4-23


U.S. GAAP Financial Measures











Operating revenues

$1,593.0m


$1,515.4m


5.1 %


$1,413.4m


12.7 %


Operating income/(loss)

    $311.7m 


    $100.5m


210.1 %


($1,075.8m) 


N/A


Operating margin

19.6 %


6.6 %




(76.1 %)




Net income/(loss) attributable to Invesco Ltd.

    $209.3m


      $55.0m 


280.5 %


   ($742.3m) 


N/A


Diluted EPS

$0.46


$0.12


283.3 %


($1.64)


N/A













Adjusted Financial Measures (1)











Net revenues

$1,157.2m


$1,104.3m


4.8 %


$1,045.9m


10.6 %


Adjusted operating income

    $390.1m


    $348.8m


11.8 %


    $275.4m


41.6 %


Adjusted operating margin

33.7 %


31.6 %




26.3 %




Adjusted net income attributable to Invesco Ltd.

    $237.3m


    $199.8m


18.8 %


    $212.7m


11.6 %


Adjusted diluted EPS

$0.52


$0.44


18.2 %


$0.47


10.6 %













Assets Under Management











Ending AUM

$1,846.0bn


$1,795.6bn


2.8 %


$1,585.3bn


16.4 %


Average AUM

$1,824.4bn


$1,742.0bn


4.7 %


$1,515.6bn


20.4 %













Headcount

8,508


8,524


(0.2) %


8,489


0.2 %


 

2024 Highlights:


Financial Results

2024


2023


% Change


U.S. GAAP Financial Measures







Operating revenues

$6,067.0m


$5,716.4m


6.1 %


Operating income/(loss)

    $832.1m


   ($434.8m) 


N/A


Operating margin

13.7 %


(7.6 %)




Net income/(loss) attributable to Invesco Ltd.

    $538.0m


  ($333.7m)


N/A


Diluted EPS

$1.18


($0.73)


N/A









Adjusted Financial Measures (1)







Net revenues

$4,400.5m


$4,310.7m


2.1 %


Adjusted operating income

$1,370.7m


$1,213.5m


13.0 %


Adjusted operating margin

31.1 %


28.2 %




Adjusted net income attributable to Invesco Ltd.

    $781.7m


    $689.7m


13.3 %


Adjusted diluted EPS

$1.71


$1.51


13.2 %









Assets Under Management







Ending AUM

$1,846.0bn


$1,585.3bn


16.4 %


Average AUM

$1,712.2bn


$1,500.6bn


14.1 %




(1)

Represents non-GAAP financial measure. See the information on pages 9 through 12 for a reconciliation to the most directly comparable U.S. GAAP measure.

U.S. GAAP Operating Results:

Fourth Quarter 2024 compared to Third Quarter 2024

Operating revenues and expenses: Operating revenues increased $77.6 million in the fourth quarter of 2024 compared to the third quarter. Investment management fees increased $26.8 million, as a result of higher average AUM partially offset by the shift in AUM toward lower yield products. Service and distribution fees increased $20.5 million due to higher average AUM. Performance fees were $34.1 million and were earned primarily from multi-asset/other, private markets real estate and fundamental equities products. Other revenues decreased $1.0 million. Foreign exchange rate changes decreased operating revenues by $9.3 million in the fourth quarter.

Operating expenses decreased $133.6 million in the fourth quarter of 2024 compared to the third quarter. Third party distribution, service and advisory costs increased $27.0 million primarily due to an increase in pass-through service and distribution costs. Employee compensation expense decreased $161.6 million primarily due to a one-time acceleration of $147.6 million in expense in the third quarter resulting from changes to the retirement criteria for vesting of currently outstanding long-term awards, as well as a $31.7 million decrease in expense related to the mark-to-market on deferred compensation liabilities in the fourth quarter which was partially offset by higher variable compensation costs. General and administrative expenses decreased $5.8 million primarily due to insurance reimbursements of $13.1 million received in the fourth quarter which were partially offset by higher professional fees. Foreign exchange rate changes decreased operating expenses by $7.4 million in the fourth quarter.

Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was $20.1 million, earned primarily from gains on our China joint venture and private markets investments. Interest and dividend income was $24.6 million earned from deferred compensation and seed capital investments as well as cash and cash equivalents. Other gains and losses were a net loss of $20.1 million, primarily driven by market value changes on deferred compensation and seed capital investments. Other income/(expense) of consolidated investment products (CIP) was a loss of $6.5 million, primarily driven by market losses on the underlying investments held by the funds partially offset by net interest income.

The effective tax rates was 24.8% in the fourth quarter of 2024 as compared to 28.6% in the third quarter. The decrease in the effective tax rate in the fourth quarter was primarily due to the release of certain reserves for uncertain tax positions in the fourth quarter and the increase in non-deductible executive compensation in the third quarter related to the one-time acceleration of compensation expense for long-term awards.

Diluted earnings per common share: Diluted earnings per common share was $0.46 for the fourth quarter of 2024.

Fourth Quarter 2024 compared to Fourth Quarter 2023

Operating revenues and expenses: Operating revenues increased $179.6 million in the fourth quarter of 2024 compared to the fourth quarter of 2023. Investment management fees increased $124.0 million as a result of higher average AUM partially offset by the shift in AUM toward lower yield products. Service and distribution fees increased $36.2 million due to higher average AUM. Performance fees increased $14.6 million. Other revenues increased $4.8 million.

Operating expenses increased $41.0 million excluding the $1,248.9 million non-cash intangible asset impairment recorded in the fourth quarter of 2023. Third-party distribution, service and advisory costs increased $67.2 million due to higher average AUM. Employee compensation expenses decreased $5.0 million. Property, office and technology costs increased $5.5 million. General and administrative expenses decreased $29.7 million primarily due to insurance reimbursements received in the fourth quarter of 2024 as well as lower professional fees and fund expenses related to CIP.

The tax provision was an expense of $78.7 million in the fourth quarter of 2024 as compared to a benefit of $(266.4) million in the fourth quarter of 2023, resulting in effective tax rates of 24.8% and 28.5% in the fourth quarters of 2024 and 2023, respectively. The higher effective tax rate in the fourth quarter of 2023 was primarily a result of favorable permanent tax adjustments increasing the effective tax due to the pre-tax book loss in this quarter.  Additionally, the effective tax rate in the fourth quarter of 2024 was unfavorably impacted by the net loss attributable to non-controlling interest in consolidated entities.

Adjusted(1) Operating Results:

Fourth Quarter 2024 compared to Third Quarter 2024

Net revenue and adjusted operating expenses: Net revenues in the fourth quarter of 2024 increased $52.9 million compared to the third quarter primarily due to higher average AUM partially offset by the shift in AUM toward lower yield products. Foreign exchange rate changes decreased operating revenues by $6.9 million in the fourth quarter.

Adjusted operating expenses in the fourth quarter 2024 increased $11.6 million compared to the third quarter. Employee compensation expenses increased primarily due to higher variable compensation costs. General and administrative expenses decreased due to insurance reimbursements received which were partially offset by higher professional fees. Foreign exchange rate changes decreased operating expenses by $4.5 million in the fourth quarter.

Adjusted operating income increased $41.3 million in the fourth quarter compared to the third quarter. Adjusted operating margin increased to 33.7% from 31.6% for the prior quarter.

Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a gain of $10.9 million. Interest and dividend income was $17.0 million.

The effective tax rate on adjusted net income was 22.2% in the fourth quarter as compared to 21.8% in the third quarter.

Adjusted diluted earnings per common share was $0.52 for the fourth quarter of 2024.

Fourth Quarter 2024 compared to Fourth Quarter 2023

Net revenues and adjusted operating expenses: Net revenue in the fourth quarter of 2024 increased $111.3 million compared to the fourth quarter of 2023 primarily due to higher average AUM partially offset by the shift in AUM toward lower yield products.

Adjusted operating expenses decreased $3.4 million compared to the fourth quarter of 2023.

Adjusted operating income increased $114.7 million in the fourth quarter of 2024 compared to the fourth quarter of 2023. Adjusted operating margin increased to 33.7% from 26.3% for the fourth quarter of 2023.

The effective tax rate on adjusted net income was 22.2% in the fourth quarter of 2024 as compared to 9.9% in the fourth quarter of 2023. The increase in the effective tax rate was primarily due to the favorable impact of the discrete tax benefits in the fourth quarter of 2023 related to the resolution of certain tax matters and the nontaxable gain on the sale of certain Hong Kong pension sponsorship rights. The effective tax rate in the fourth quarter of 2024 was also unfavorably impacted by the change in the mix of income across tax jurisdictions.



(1)

Represents non-GAAP financial measure. See the information on pages 9 through 12 for a reconciliation to the most directly comparable U.S. GAAP measure.

Capital Management:

Cash and cash equivalents: $986.5 million at December 31, 2024 ($1,044.9 million at September 30, 2024).

Debt: $890.6 million at December 31, 2024 ($890.3 million at September 30, 2024). The credit facility balance was zero as of December 31, 2024 and September 30, 2024.

Common share repurchases:  During the fourth quarter of 2024, the company repurchased 1.4 million common shares for $25 million in the open market.

Common shares outstanding (end of period): 448.0 million

Diluted common shares outstanding (end of period): 453.8 million

Dividends paid: $92.8 million (common); $59.2 million (preferred)

Common dividends declared: The company is announcing a fourth quarter cash dividend of $0.205 per share to holders of common shares. The dividend is payable on March 4, 2025, to common shareholders of record at the close of business on February 14, 2025, with an ex-dividend date of February 14, 2025.

Preferred dividends declared: The company is announcing a preferred cash dividend of $14.75 per share representing the period from December 1, 2024 through February 28, 2025. The preferred dividend is payable on March 3, 2025.

About Invesco Ltd.

Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed $1.85 trillion in assets on behalf of clients worldwide as of December 31, 2024. For more information, visit invesco.com/corporate.

Members of the investment community and general public are invited to listen to the conference call today, January 28, 2025, at 9:00 a.m. ET by dialing one of the following numbers: 1-866-803-2143 for U.S. and Canadian callers or 1-210-795-1098 for international callers, using the Passcode: Invesco. An audio replay of the conference call will be available until Thursday, February13, 2025 by calling 1-800-551-8152 for U.S. and Canadian callers or 1-203-369-3810 for international callers. A presentation highlighting the company's performance will be available during a live Webcast and on Invesco's Website at invesco.com/corporate.

This release, and comments made in the associated conference call today, may include "forward-looking statements." Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and assets under management and could differ materially from events that actually occur in the future due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products and other aspects of our business or general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.

Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q, filed with the Securities and Exchange Commission. You may obtain these reports from the SEC's website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.

Investor Relations Contacts:

Greg Ketron

404-724-4299


Jennifer Church

404-439-3428

Media Relations Contact:

Andrea Raphael

212-323-4202

 

Invesco Ltd.
U.S. GAAP Condensed Consolidated Income Statements
(Unaudited, in millions, other than per share amounts)



Q4-24


Q3-24


% Change


Q4-23


% Change

Operating revenues:










Investment management fees

$    1,127.3


$    1,100.5


2.4 %


$    1,003.3


12.4 %

Service and distribution fees

380.8


360.3


5.7 %


344.6


10.5 %

Performance fees

34.1


2.8


1,117.9 %


19.5


74.9 %

Other

50.8


51.8


(1.9) %


46.0


10.4 %

Total operating revenues

1,593.0


1,515.4


5.1 %


1,413.4


12.7 %

Operating expenses:










Third-party distribution, service and advisory

526.6


499.6


5.4 %


459.4


14.6 %

Employee compensation

463.8


625.4


(25.8) %


468.8


(1.1) %

Marketing (1)

23.7


18.9


25.4 %


20.2


17.3 %

Property, office and technology (1)

121.3


119.0


1.9 %


115.8


4.7 %

General and administrative (1)

135.0


140.8


(4.1) %


164.7


(18.0) %

   Amortization and impairment of intangible assets

10.9


11.2


(2.7) %


1,260.3


(99.1) %

Total operating expenses

1,281.3


1,414.9


(9.4) %


2,489.2


(48.5) %

Operating income/(loss)

311.7


100.5


210.1 %


(1,075.8)


N/A

Other income/(expense):










Equity in earnings of unconsolidated affiliates

20.1


2.1


857.1 %


9.1


120.9 %

Interest and dividend income

24.6


10.9


125.7 %


21.3


15.5 %

Interest expense

(12.4)


(13.4)


(7.5) %


(16.8)


(26.2) %

Other gains/(losses), net

(20.1)


28.3


N/A


73.0


N/A

Other income/(expense) of CIP, net

(6.5)


16.7


N/A


55.7


N/A

Income/(loss) before income taxes

317.4


145.1


118.7 %


(933.5)


N/A

Income tax provision

(78.7)


(41.5)


89.6 %


266.4


N/A

Net income/(loss)

238.7


103.6


130.4 %


(667.1)


N/A

Net (income)/loss attributable to noncontrolling interests in consolidated entities

29.8


10.6


181.1 %


(16.0)


N/A

Less: Dividends declared on preferred shares

(59.2)


(59.2)


— %


(59.2)


— %

Net income/(loss) attributable to Invesco Ltd.

$        209.3


$          55.0


280.5 %


$      (742.3)


N/A











Earnings per common share:










---basic

$          0.46


$          0.12


283.3 %


$        (1.64)


N/A

---diluted

$          0.46


$          0.12


283.3 %


$        (1.64)


N/A











Average common shares outstanding:










---basic

453.3


454.9


(0.4) %


451.7


0.4 %

---diluted

454.1


455.6


(0.3) %


453.1


0.2 %

 

Invesco Ltd.
U.S. GAAP Condensed Consolidated Income Statements
(Unaudited, in millions, other than per share amounts)



For the year ended
December 31,




2024


2023


% Change

Operating revenues:






Investment management fees

$       4,342.3


$       4,106.0


5.8 %

Service and distribution fees

1,479.7


1,374.6


7.6 %

Performance fees

46.4


46.7


(0.6) %

Other

198.6


189.1


5.0 %

Total operating revenues

6,067.0


5,716.4


6.1 %

Operating expenses:






Third-party distribution, service and advisory

2,025.6


1,825.2


11.0 %

Employee compensation

2,014.2


1,885.8


6.8 %

Marketing (1)

81.3


82.1


(1.0) %

Property, office and technology (1)

474.3


450.1


5.4 %

General and administrative (1)

594.7


567.6


4.8 %

Transaction, integration, and restructuring

—


41.6


N/A

   Amortization and impairment of intangible assets

44.8


1,298.8


(96.6) %

Total operating expenses

5,234.9


6,151.2


(14.9) %

Operating income/(loss)

832.1


(434.8)


N/A

Other income/(expense):






Equity in earnings of unconsolidated affiliates

43.0


71.3


(39.7) %

Interest and dividend income

58.9


47.8


23.2 %

Interest expense

(58.0)


(70.5)


(17.7) %

Other gains and losses, net

47.7


98.0


(51.3) %

Other income/(expense) of CIP, net

81.6


50.3


62.2 %

Income/(loss) before income taxes

1,005.3


(237.9)


N/A

Income tax provision

(252.9)


69.7


N/A

Net income/(loss)

752.4


(168.2)


N/A

Net (income)/loss attributable to noncontrolling interests in consolidated entities

22.4


71.3


(68.6) %

Less: Dividends declared on preferred shares

(236.8)


(236.8)


— %

Net income/(loss) attributable to Invesco Ltd.

$           538.0


$         (333.7)


N/A







Earnings per common share:






---basic

$             1.18


$           (0.73)


N/A

---diluted

$             1.18


$           (0.73)


N/A







Average common shares outstanding:






---basic

457.0


454.8


0.5 %

---diluted

457.7


456.2


0.3 %



(1)

The 2023 comparative period presented reflects the reclassification of certain operating expenses to align with current period presentation. The reclassification had no impact on our reported Operating revenues, Operating income, Net income, or any internal performance measure on which management is compensated.

Invesco Ltd.
Non-GAAP Information and Reconciliations

We utilize the following non-GAAP performance measures: Net revenues (and by calculation, Net revenue yield on AUM), Adjusted operating income, Adjusted operating margin, Adjusted net income attributable to Invesco Ltd., and Adjusted diluted EPS. We believe the adjusted measures provide valuable insight into our ongoing operational performance and assist in comparisons to our competitors. These measures also assist management with the establishment of operational budgets and forecasts. The most directly comparable U.S. GAAP measures are Operating revenues (and by calculation, gross revenue yield on AUM), Operating income, Operating margin, Net income attributable to Invesco Ltd., and Diluted EPS.

The following are reconciliations of Operating revenues, Operating income (and by calculation, operating margin), and Net income attributable to Invesco Ltd. (and by calculation, diluted EPS) on a U.S. GAAP basis to a non-GAAP basis of Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income attributable to Invesco Ltd. (and by calculation, Adjusted diluted EPS). In addition, a reconciliation of Adjusted operating expenses is provided below, together with reconciliations of the U.S. GAAP Operating expense lines to provide further analysis of the non-GAAP adjustments. These non-GAAP measures should not be considered as substitutes for any U.S. GAAP measures and may not be comparable to other similarly titled measures of other companies. The tax effect of the reconciling items is based on the tax jurisdiction attributable to the transactions. These measures are described more fully in the company's Forms 10-K and 10-Q. Refer to these public filings for additional information about the company's non-GAAP performance measures.

Reconciliation of Operating revenues to Net revenues:


Quarter


Year


(in millions)

Q4-24


Q3-24


Q4-23


2024


2023


Operating revenues, U.S. GAAP basis

$   1,593.0


$   1,515.4


$   1,413.4


$   6,067.0


$   5,716.4


Revenue Adjustments (1)











  Investment management fees

(213.5)


(207.0)


(187.5)


(816.6)


(766.4)


  Service and distribution fees

(271.5)


(252.0)


(236.3)


(1,048.8)


(911.7)


  Other

(41.6)


(40.6)


(35.6)


(160.2)


(147.1)


Total Revenue Adjustments

(526.6)


(499.6)


(459.4)


(2,025.6)


(1,825.2)


Invesco Great Wall (2)

80.4


76.9


79.5


318.1


368.3


CIP (3)

10.4


11.6


12.4


41.0


51.2


Net revenues

$   1,157.2


$   1,104.3


$   1,045.9


$   4,400.5


$   4,310.7













Reconciliation of Operating income/(loss) to Adjusted operating income:


Quarter


Year

(in millions)

Q4-24


Q3-24


Q4-23


2024


2023

Operating income/(loss), U.S. GAAP basis

$   311.7


$  100.5


$  (1,075.8)


$   832.1


$ (434.8)

Invesco Great Wall (2)

43.1


37.6


41.6


163.3


201.9

CIP (3)

17.0


15.3


23.7


60.2


84.8

Transaction, integration, and restructuring (4)

—


—


—


—


41.6

Amortization and impairment of intangible assets (5)

10.9


11.2


1,260.3


44.8


1,298.8

Compensation expense related to market valuation changes in deferred compensation plans (6)

4.9


36.6


25.6


70.2


41.2

One-time acceleration of compensation expense for currently outstanding long-term awards (7)

—


147.6


—


147.6


—

General and administrative (8)

2.5


—


—


52.5


(20.0)

Adjusted operating income

$   390.1


$  348.8


$   275.4


$  1,370.7


$  1,213.5











Operating margin (9)

19.6 %


6.6 %


(76.1) %


13.7 %


(7.6) %

Adjusted operating margin (10)

33.7 %


31.6 %


26.3 %


31.1 %


28.2 %

Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd.


Quarter


Year


(in millions)

Q4-24


Q3-24


Q4-23


2024


2023


Net income/(loss) attributable to Invesco Ltd., U.S. GAAP basis

$      209.3


$        55.0


$    (742.3)


$      538.0


$    (333.7)


Adjustments (excluding tax):











Transaction, integration, and restructuring (4)

—


—


—


—


41.6


Amortization and impairment of intangible assets  (5)

10.9


11.2


1,260.3


44.8


1,298.8


Deferred compensation net market valuation changes (6)

13.6


10.2


(18.0)


17.6


(18.6)


One-time acceleration of compensation expense for currently outstanding long-term awards (7)

—


147.6


—


147.6


—


General and administrative (8)

2.5


—


—


52.5


(20.0)


Total adjustments excluding tax

$        27.0


$      169.0


$   1,242.3


$      262.5


$   1,301.8


Tax adjustment for amortization of intangible assets and goodwill (11)

4.3


4.5


4.5


17.6


16.7


Tax adjustment for impairment of intangible assets

—


—


(296.1)


—


(296.1)


Other tax effects of adjustments above

(3.3)


(28.7)


4.3


(36.4)


1.0


Adjusted net income attributable to Invesco Ltd

$      237.3


$      199.8


$      212.7


$      781.7


$      689.7













Average common shares outstanding - diluted

454.1


455.6


453.1


457.7


456.2


Diluted EPS

$        0.46


$        0.12


$       (1.64)


$        1.18


$       (0.73)


Adjusted diluted EPS (12)

$        0.52


$        0.44


$        0.47


$        1.71


$        1.51


Reconciliation of Operating expenses to Adjusted operating expenses:


Quarter


Year


(in millions)

Q4-24


Q3-24


Q4-23


2024


2023


Operating expenses, U.S. GAAP basis

$   1,281.3


$   1,414.9


$   2,489.2


$      5,234.9


$      6,151.2


Invesco Great Wall (2)

37.3


39.3


37.9


154.8


166.4


Third party distribution, service, and advisory expenses

(526.6)


(499.6)


(459.4)


(2,025.6)


(1,825.2)


CIP (3)

(6.6)


(3.7)


(11.3)


(19.2)


(33.6)


Transaction, integration, and restructuring (4)

—


—


—


—


(41.6)


Amortization and impairment of intangible assets (5)

(10.9)


(11.2)


(1,260.3)


(44.8)


(1,298.8)


Compensation expense related to market valuation changes in deferred compensation plans (6)

(4.9)


(36.6)


(25.6)


(70.2)


(41.2)


One-time acceleration of compensation expense for currently outstanding long-term awards (7)

—


(147.6)


—


(147.6)


—


General and administrative (8)

(2.5)


—


—


(52.5)


20.0


Adjusted operating expenses

$      767.1


$       755.5


$      770.5


$      3,029.8


$      3,097.2













Employee compensation, U.S. GAAP basis

$      463.8


$       625.4


$      468.8


$      2,014.2


$      1,885.8


Invesco Great Wall (2)

26.2


28.7


27.6


111.4


126.2


Compensation expense related to market valuation changes in deferred compensation plans (6)

(4.9)


(36.6)


(25.6)


(70.2)


(41.2)


One-time acceleration of compensation expense for currently outstanding long-term awards (7)

—


(147.6)


—


(147.6)


—


Adjusted employee compensation

$      485.1


$       469.9


$      470.8


$      1,907.8


$      1,970.8













Marketing, U.S. GAAP basis(13)

$        23.7


$         18.9


$        20.2


$           81.3


$           82.1


Invesco Great Wall (2)(13)

2.3


2.0


0.9


8.6


7.2


Adjusted marketing(13)

$        26.0


$         20.9


$        21.1


$           89.9


$           89.3













Property, office and technology, U.S. GAAP basis(13)

$      121.3


$       119.0


$      115.8


$         474.3


$         450.1


Invesco Great Wall (2)(13)

4.3


4.3


4.6


17.6


17.0


Adjusted property, office and technology(13)

$      125.6


$       123.3


$      120.4


$         491.9


$         467.1













General and administrative, U.S. GAAP basis(13)

$      135.0


$       140.8


$      164.7


$         594.7


$         567.6


Invesco Great Wall (2)(13)

4.5


4.3


4.8


17.2


16.0


CIP (3)

(6.6)


(3.7)


(11.3)


(19.2)


(33.6)


Recoveries of previously disclosed losses (8)

—


—


—


—


20.0


Regulatory matters (8)

(2.5)


—

—

—


(52.5)


—


Adjusted general and administrative(13)

$      130.4


$       141.4


$      158.2


$         540.2


$         570.0













Transaction, integration, and restructuring, U.S. GAAP basis

$            —


$             —


$            —


$               —


$           41.6


Transaction, integration, and restructuring(4)

—


—


—


—


(41.6)


Adjusted transaction, integration, and restructuring

$            —


$             —


$            —


$               —


$               —













Amortization and impairment of intangible assets, U.S. GAAP basis

$        10.9


$         11.2


$   1,260.3


$           44.8


$      1,298.8


Amortization and impairment of intangible assets (5)

(10.9)


(11.2)


(1,260.3)


(44.8)


(1,298.8)


Adjusted amortization and impairment of intangible assets

$            —


$             —


$            —


$               —


$               —















(1)

Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company's managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco's own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the basis point Net revenues we receive for each dollar of AUM we manage.




Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.



(2)

Invesco Great Wall: The company reflects 100% of Invesco Great Wall in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company's non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests.



(3)

CIP: The company believes that the CIP may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).



(4)

Transaction, integration and restructuring: The company believes it is useful to adjust for the transaction, integration and restructuring charges in arriving at adjusted operating income, adjusted operating margin, adjusted net income, and adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition and restructuring related charges. Transaction, integration and restructuring charges were restructuring costs relating to our strategic evaluation which we completed in the first quarter of 2023.



(5)

Amortization and impairment of intangible assets: The company removes amortization related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.



(6)

Market movement on deferred compensation plan liabilities: Certain deferred compensation plan awards involve a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements for these investments. Since these plans are economically hedged, the company believes it is useful to reflect the offset ultimately achieved from hedging the market exposure in the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.



(7)

One-time acceleration of compensation expense for currently outstanding long-term awards: In the third quarter of 2024, the company recorded a one-time non-cash acceleration of $147.6 million in expense resulting from changes to the retirement criteria for vesting of currently outstanding long-term awards. Due to the non-recurring nature of this item, the company removed this expense in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS as this will aid comparability of our results period to period.



(8)

General and administrative: In 2024, the company removed the expense related to the settlement of regulatory matters. In 2023, the company removed insurance recoveries related to fund-related losses incurred in prior periods. Due to the non-recurring nature of these items, the company removed the expenses in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS as this will aid comparability of our results period to period.



(9)

Operating margin is equal to Operating income divided by Operating revenues.



(10)

Adjusted operating margin is equal to Adjusted operating income divided by Net revenues.



(11)

Tax adjustment for amortization of intangible assets and goodwill: The company reflects the tax benefit realized on the tax amortization of goodwill and intangibles in Adjusted net income. The company believes it is useful to include this tax benefit in arriving at the Adjusted diluted EPS measure.



(12)

Adjusted diluted EPS is equal to Adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding.



(13)

The 2023 comparative periods presented reflect the reclassification of certain operating expenses to align with current period presentation. The reclassification had no impact on our reported Net revenues, Adjusted Operating income, Adjusted Net income, or any internal performance measure on which management is compensated.

 

Invesco Ltd.
Assets Under Management 



Three Months Ended


Twelve Months Ended

(in billions)

December 31, 2024


September 30, 2024


% Change


December 31, 2023


December 31, 2024


December 31, 2023


% Change

Beginning Assets

$1,795.6


$1,715.8


4.7 %


$1,487.3


$1,585.3


$1,409.2


12.5 %

Long-term inflows

133.7


107.2


24.7 %


81.0


419.0


299.1


40.1 %

Long-term outflows

(108.1)


(90.7)


19.2 %


(74.3)


(353.9)


(288.9)


22.5 %

Net long-term flows

25.6


16.5


55.2 %


6.7


65.1


10.2


538.2 %

Net flows in non-management fee earning AUM (a)

10.2


3.5


191.4 %


3.1


29.8


6.2


380.6 %

Net flows in money market funds

25.1


(7.3)


N/A


(18.1)


23.4


(11.1)


N/A

Total net flows

60.9


12.7


379.5 %


(8.3)


118.3


5.3


2132.1 %

Reinvested distributions

12.5


1.0


1,150.0 %


8.4


16.0


11.5


39.1 %

Market gains and losses

(2.5)


49.8


N/A


86.9


142.7


161.1


(11.4) %

Dispositions

—


—


N/A


—


—


(1.4)


N/A

Foreign currency translation

(20.5)


16.3


N/A


11.0


(16.3)


(0.4)


3975.0 %

Ending Assets

$1,846.0


$1,795.6


2.8 %


$1,585.3


$1,846.0


$1,585.3


16.4 %















Ending long-term AUM

$1,301.1


$1,298.5


0.2 %


$1,153.7


$1,301.1


$1,153.7


12.8 %

Average long-term AUM

$1,310.1


$1,257.2


4.2 %


$1,095.0


$1,233.0


$1,091.3


13.0 %

Average AUM

$1,824.4


$1,742.0


4.7 %


$1,515.6


$1,712.2


$1,500.6


14.1 %

Average QQQ AUM

$305.1


$288.1


5.9 %


$209.6


$275.8


$187.5


47.1 %

 


Three Months Ended December 31, 2024

Twelve months ended December 31, 2024

By investment approach (in billions)

Active(k)


Passive(k)


Active(k)


Passive(k)

Beginning Assets

$1,032.3


$763.3


$985.3


$600.0

Long-term inflows 

52.6


81.1


194.0


225.0

Long-term outflows

(62.6)


(45.5)


(209.4)


(144.5)

Net long-term flows

(10.0)


35.6


(15.4)


80.5

Net flows in non-management fee earning AUM (a)

—


10.2


—


29.8

Net flows in money market funds

25.1


—


23.4


—

Total net flows

15.1


45.8


8.0


110.3

Reinvested distributions

12.5


—


16.0


—

Market gains and losses

(17.0)


14.5


30.0


112.7

Foreign currency translation

(16.4)


(4.1)


(12.8)


(3.5)

Ending Assets

$1,026.5


$819.5


$1,026.5


$819.5









Average AUM

$1,024.4


$800.0


$1,001.9


$710.3









 


Three Months Ended December 31, 2024

Twelve months ended December 31, 2024

By channel: (in billions)

Retail


Institutional


Retail


Institutional

Beginning Assets

$1,227.2


$568.4


$1,042.0


$543.3

Long-term inflows

103.5


30.2


319.6


99.4

Long-term outflows

(75.1)


(33.0)


(259.6)


(94.3)

Net long-term flows

28.4


(2.8)


60.0


5.1

Net flows in non-management fee earning AUM (a)

10.3


(0.1)


28.7


1.1

Net flows in money market funds

0.8


24.3


1.5


21.9

Total net flows

39.5


21.4


90.2


28.1

Reinvested distributions

12.3


0.2


15.8


0.2

Market gains and losses

(5.7)


3.2


123.4


19.3

Foreign currency translation

(7.7)


(12.8)


(5.8)


(10.5)

Ending Assets

$1,265.6


$580.4


$1,265.6


$580.4










See the footnotes immediately following these tables.

 

Invesco Ltd.
Assets Under Management (continued)




Three Months Ended December 31, 2024


Twelve months ended December 31, 2024

By client domicile: (in billions)


Americas


Asia Pacific


EMEA


Americas


Asia Pacific


EMEA

Beginning Assets


$1,275.3


$266.6


$253.7


$1,133.9


$235.5


$215.9

Long-term inflows


62.5


43.9


27.3


212.5


121.0


85.5

Long-term outflows


(53.6)


(36.4)


(18.1)


(190.7)


(94.9)


(68.3)

Net long-term flows


8.9


7.5


9.2


21.8


26.1


17.2

Net flows in non-management fee earning AUM (a)


5.7


0.4


4.1


23.8


0.1


5.9

Net flows in money market funds


25.5


(0.2)


(0.2)


24.0


—


(0.6)

Total net flows


40.1


7.7


13.1


69.6


26.2


22.5

Reinvested distributions


12.4


—


0.1


15.8


—


0.2

Market gains and losses


(7.3)


5.0


(0.2)


101.5


16.3


24.9

Transfer


(3.4)


3.6


(0.2)


(3.4)


3.6


(0.2)

Foreign currency translation


(1.6)


(12.7)


(6.2)


(1.9)


(11.4)


(3.0)

Ending Assets


$1,315.5


$270.2


$260.3


$1,315.5


$270.2


$260.3














 



Three Months Ended December 31, 2024

By investment capability (b): (in billions)


ETFs and Index (c)


Fundamental Fixed Income (d)


Fundamental Equities (e)


Private Markets (f)


APAC Managed (g)


Multi-Asset/Other (h)


Global Liquidity (i)


QQQ (j)

Beginning Assets


$457.6


$290.5


$278.5


$129.8


$117.2


$63.1


$164.1


$294.8

Long-term inflows


63.1


16.8


9.8


8.1


33.1


2.8


—


—

Long-term outflows


(33.5)


(17.6)


(15.8)


(7.3)


(29.6)


(4.3)


—


—

Net long-term flows


29.6


(0.8)


(6.0)


0.8


3.5


(1.5)


—


—

Net flows in non-management fee earning AUM (a)


—


—


—


—


—


(0.1)


—


10.3

Net flows in money market funds


—


—


—


—


(0.2)


—


25.3


—

Total net flows


29.6


(0.8)


(6.0)


0.8


3.3


(1.6)


25.3


10.3

Reinvested distributions


0.5


0.6


10.6


0.2


—


0.5


0.1


—

Market gains and losses


—


(4.0)


(12.8)


(0.6)


2.5


(1.5)


0.1


13.8

Foreign currency translation


(3.7)


(5.2)


(3.8)


(1.7)


(4.2)


(1.7)


(0.2)


—

Ending Assets


$484.0


$281.1


$266.5


$128.5


$118.8


$58.8


$189.4


$318.9


















Average AUM


$480.2


$284.6


$275.0


$129.9


$118.0


$60.2


$171.4


$305.1


















 



Twelve months ended December 31, 2024

By investment capability (b): (in billions)


ETFs and Index (c)


Fundamental Fixed Income (d)


Fundamental Equities (e)


Private Markets (f)


APAC Managed (g)


Multi-Asset/Other (h)


Global Liquidity (i)


QQQ (j)

Beginning Assets


$362.1


$272.6


$260.5


$129.7


$108.0


$57.4


$165.0


$230.0

Long-term inflows


192.7


68.5


35.7


25.0


86.7


10.4


—


—

Long-term outflows


(121.4)


(60.7)


(59.9)


(20.9)


(78.1)


(12.9)


—


—

Net long-term flows


71.3


7.8


(24.2)


4.1


8.6


(2.5)


—


—

Net flows in non-management fee earning AUM (a)


—


—


—


—


—


0.7


—


29.1

Net flows in money market funds


—


—


—


—


(0.2)


—


23.6


—

Total net flows


71.3


7.8


(24.2)


4.1


8.4


(1.8)


23.6


29.1

Reinvested distributions


0.5


2.1


11.6


0.8


—


0.6


0.4


—

Market gains and losses


53.2


3.2


21.2


(4.6)


5.6


3.8


0.5


59.8

Foreign currency translation


(3.1)


(4.6)


(2.6)


(1.5)


(3.2)


(1.2)


(0.1)


—

Ending Assets


$484.0


$281.1


$266.5


$128.5


$118.8


$58.8


$189.4


$318.9


















Average AUM


$423.8


$276.9


$269.4


$128.5


$112.1


$59.8


$165.9


$275.8



















See the footnotes immediately following these tables.

 

Invesco Ltd.
Assets Under Management - Active(k)



Three Months Ended


Twelve Months Ended

(in billions)

December 31, 2024


September 30, 2024


% Change


December 31, 2023


December 31, 2024


December 31, 2023


% Change

Beginning Assets

$1,032.3


$1,003.3


2.9 %


$966.1


$985.3


$976.2


0.9 %

Long-term inflows

52.6


49.3


6.7 %


41.3


194.0


164.3


18.1 %

Long-term outflows

(62.6)


(49.9)


25.5 %


(48.5)


(209.4)


(193.3)


8.3 %

Net long-term flows

(10.0)


(0.6)


1,566.7 %


(7.2)


(15.4)


(29.0)


(46.9) %

Net flows in money market funds

25.1


(7.3)


N/A


(18.1)


23.4


(11.1)


N/A

Total net flows

15.1


(7.9)


N/A


(25.3)


8.0


(40.1)


N/A

Reinvested distributions

12.5


1.0


1,150.0 %


8.4


16.0


11.5


39.1 %

Market gains and losses

(17.0)


21.6


N/A


26.9


30.0


40.0


(25.0) %

Dispositions

—


—


N/A


—


—


(1.4)


N/A

Foreign currency translation

(16.4)


14.3


N/A


$9.2


(12.8)


(0.9)


1,322.2 %

Ending Assets

$1,026.5


$1,032.3


(0.6) %


$985.3


$1,026.5


$985.3


4.2 %















Average long-term AUM

$825.2


$820.4


0.6 %


$764.5


$808.1


$780.4


3.5 %

Average AUM

$1,024.4


$1,007.4


1.7 %


$966.5


$1,001.9


$992.3


1.0 %















           


Three Months Ended December 31, 2024


Twelve months ended December 31, 2024

By channel: (in billions)


Retail


Institutional



Retail


Institutional

Beginning Assets


$533.9


$498.4



$501.5


$483.8

Long-term inflows


29.3


23.3



109.6


84.4

Long-term outflows


(34.8)


(27.8)



(128.8)


(80.6)

Net long-term flows


(5.5)


(4.5)



(19.2)


3.8

Net flows in money market funds


0.8


24.3



1.5


21.9

Total net flows


(4.7)


19.8



(17.7)


25.7

Reinvested distributions


12.3


0.2



15.8


0.2

Market gains and losses


(17.7)


0.7



22.4


7.6

Foreign currency translation


(6.3)


(10.1)



(4.5)


(8.3)

Ending Assets


$517.5


$509.0



$517.5


$509.0











           



Three Months Ended December 31, 2024


Twelve months ended December 31, 2024

By client domicile: (in billions)


Americas


Asia Pacific


EMEA


Americas


Asia Pacific


EMEA

Beginning Assets


$691.5


$212.2


$128.6


$671.4


$192.0


$121.9

Long-term inflows


21.8


23.8


7.0


84.1


84.7


25.2

Long-term outflows


(31.6)


(24.3)


(6.7)


(111.8)


(70.2)


(27.4)

Net long-term flows


(9.8)


(0.5)


0.3


(27.7)


14.5


(2.2)

Net flows in money market funds


25.5


(0.2)


(0.2)


24.0


—


(0.6)

Total net flows


15.7


(0.7)


0.1


(3.7)


14.5


(2.8)

Reinvested distributions


12.4


—


0.1


15.8


—


0.2

Market gains and losses


(16.6)


2.0


(2.4)


19.7


6.2


4.1

Transfer


(3.4)


3.6


(0.2)


(3.4)


3.6


(0.2)

Foreign currency translation


(1.4)


(9.7)


(5.3)


(1.6)


(8.9)


(2.3)

Ending Assets


$698.2


$207.4


$120.9


$698.2


$207.4


$120.9

















See the footnotes immediately following these tables.

 

Invesco Ltd.
Assets Under Management - Passive(k)



Three Months Ended


Twelve Months Ended

in billions

December 31, 2024


September 30, 2024


% Change


December 31, 2023


December 31, 2024


December 31, 2023


% Change

Beginning Assets

$763.3


$712.5


7.1 %


$521.2


$600.0


$433.0


38.6 %

Long-term inflows

81.1


57.9


40.1 %


39.7


225.0


134.8


66.9 %

Long-term outflows

(45.5)


(40.8)


11.5 %


(25.8)


(144.5)


(95.6)


51.2 %

Net long-term flows

35.6


17.1


108.2 %


13.9


80.5


39.2


105.4 %

Net flows in non-management fee earning AUM (a)

10.2


3.5


191.4 %


3.1


29.8


6.2


380.6 %

Total net flows

45.8


20.6


122.3 %


17.0


110.3


45.4


143.0 %

Market gains and losses

14.5


28.2


(48.6) %


60.0


112.7


121.1


(6.9) %

Foreign currency translation

(4.1)


2.0


N/A


1.8


(3.5)


0.5


N/A

Ending Assets

$819.5


$763.3


7.4 %


$600.0


$819.5


$600.0


36.6 %















Average long-term AUM

$484.9


$436.8


11.0 %


$330.5


$424.9


$310.9


36.7 %

Average AUM

$800.0


$734.6


8.9 %


$549.1


$710.3


$508.3


39.7 %

Average QQQ AUM

$305.1


$288.1


5.9 %


$209.6


$275.8


$187.5


47.1 %















 


Three Months Ended December 31, 2024


Twelve months ended December 31, 2024

By channel: (in billions)


Retail


Institutional



Retail


Institutional

Beginning Assets


$693.3


$70.0



$540.5


$59.5

Long-term inflows


74.2


6.9



210.0


15.0

Long-term outflows


(40.3)


(5.2)



(130.8)


(13.7)

Net long-term flows


33.9


1.7



79.2


1.3

Net flows in non-management fee earning AUM (a)


10.3


(0.1)



28.7


1.1

Total net flows


44.2


1.6



107.9


2.4

Market gains and losses


12.0


2.5



101.0


11.7

Foreign currency translation


(1.4)


(2.7)



(1.3)


(2.2)

Ending Assets


$748.1


$71.4



$748.1


$71.4











 


Three Months Ended December 31, 2024

Twelve months ended December 31, 2024

By client domicile: (in billions)

Americas


Asia Pacific


EMEA


Americas


Asia Pacific


EMEA

Beginning Assets

$583.8


$54.4


$125.1


$462.5


$43.5


$94.0

Long-term inflows

40.7


20.1


20.3


128.4


36.3


60.3

Long-term outflows

(22.0)


(12.1)


(11.4)


(78.9)


(24.7)


(40.9)

Net long-term flows

18.7


8.0


8.9


49.5


11.6


19.4

Net flows in non-management fee earning AUM (a)

5.7


0.4


4.1


23.8


0.1


5.9

Total net flows

24.4


8.4


13.0


73.3


11.7


25.3

Market gains and losses

9.3


3.0


2.2


81.8


10.1


20.8

Foreign currency translation

(0.2)


(3.0)


(0.9)


(0.3)


(2.5)


(0.7)

Ending Assets

$617.3


$62.8


$139.4


$617.3


$62.8


$139.4
















See the footnotes immediately following these tables.

Invesco Ltd.
Footnotes to the Assets Under Management Tables

(a)

Non-management fee earning AUM includes non-management fee earning ETFs, UIT and product leverage.



(b)

Investment capabilities are descriptive groupings of AUM by investment strategy.



(c)

ETFs and Index includes ETFs and Indexed Strategies; excludes Invesco QQQ Trust.



(d)

Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability.



(e)

Fundamental Equities includes Equity products.



(f)

Private Markets includes Private Credit and Real Estate investments comprised primarily of Real Estate, CLOs, Private Credit and listed real assets, including certain ETFs managed within this capability.



(g)

APAC Managed includes all products managed in the APAC region, including Invesco Great Wall, APAC managed short term, money market, passive, and ETFs.



(h)

Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, Intelliflo, and UITs, including certain ETFs managed within this capability.



(i)

Global Liquidity is comprised mainly of Money Market funds excluding APAC Money Market funds.



(j)

QQQ includes Invesco QQQ Trust.



(k)

Passive AUM includes index-based ETFs, unit investment trusts (UITs), non-fee earning leverage and other passive mandates. Active AUM is total AUM less Passive AUM.

 

 Invesco Ltd.
Supplemental Information(1)



For the three months ended

December 31, 2024


For the three months ended

December 31, 2023

Cash flow information

(in millions)

U.S. GAAP


Impact of
CIP


Excluding
CIP


U.S. GAAP


Impact of
CIP


Excluding
CIP

Invesco and CIP cash and cash equivalents, beginning of period

$     1,639.4


$      (594.5)


$       1,044.9


$     1,555.1


$      (313.6)


$        1,241.5

Cash flows from operating activities

316.9


(5.8)


311.1


714.3


(364.4)


349.9

Cash flows from investing activities

(16.9)


(127.5)


(144.4)


(261.6)


261.9


0.3

Cash flows from financing activities

(392.5)


214.5


(178.0)


(110.3)


(43.5)


(153.8)

Increase/(decrease) in cash and cash equivalents

(92.5)


81.2


(11.3)


342.4


(146.0)


196.4

Foreign exchange movement on cash and cash equivalents

(50.9)


3.8


(47.1)


34.1


(2.8)


31.3

Cash and cash equivalents, end of the period

$     1,496.0


$      (509.5)


$         986.5


$     1,931.6


$      (462.4)


$        1,469.2













 


For the year ended

December 31, 2024


For the year ended

December 31, 2023

Cash flow information

(in millions)

U.S. GAAP


Impact of
CIP


Excluding
CIP


U.S. GAAP


Impact of
CIP


Excluding
CIP

Invesco and CIP cash and cash equivalents, beginning of period

$     1,931.6


$      (462.4)


$       1,469.2


$     1,434.1


$      (199.4)


$        1,234.7

Cash flows from operating activities

1,190.0


(114.8)


1,075.2


1,300.8


(136.6)


1,164.2

Cash flows from investing activities

68.4


(308.4)


(240.0)


(244.3)


72.8


(171.5)

Cash flows from financing activities

(1,661.6)


374.0


(1,287.6)


(585.4)


(196.8)


(782.2)

Increase/(decrease) in cash and cash equivalents

(403.2)


(49.2)


(452.4)


471.1


(260.6)


210.5

Foreign exchange movement on cash and cash equivalents

(32.4)


2.1


(30.3)


26.4


(2.4)


24.0

Cash and cash equivalents, end of the period

$     1,496.0


$      (509.5)


$         986.5


$     1,931.6


$      (462.4)


$        1,469.2















(1)

These tables include non-GAAP presentations. Cash held by CIP is not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. The cash flows of CIP do not form part of the company's cash flow management processes, nor do they form part of the company's significant liquidity evaluations and decisions. Policyholder assets and liabilities are equal and offsetting and have no impact on Invesco's shareholder's equity. The impact of cash inflows/outflows from policyholder assets and liabilities are reflected within cash flows from operating activities as changes in receivable and/or payables, as applicable.

 

Invesco Ltd.
Supplemental Information(1)



December 31, 2024


December 31, 2023

Balance Sheet information

(in millions)

U.S. GAAP


Impact of
CIP


Excluding
CIP


U.S. GAAP


Impact of
CIP


Excluding
CIP

ASSETS












Cash and cash equivalents

$     986.5


$          —


$     986.5


$  1,469.2


—


$    1,469.2

Investments

1,240.0


401.4


1,641.4


919.1


527.4


1,446.5

Investments and other assets of CIP (2)

8,374.5


(8,374.5)


—


9,478.4


(9,478.4)


—

Goodwill and intangible assets, net

14,067.4


—


14,067.4


14,539.6


—


14,539.6

Other assets (3)(5)

2,340.5


11.1


2,351.6


2,527.5


18.8


2,546.3

Total assets

$ 27,008.9


$ (7,962.0)


$ 19,046.9


$ 28,933.8


$ (8,932.2)


$  20,001.6

LIABILITIES












Debt and other liabilities of CIP

$  6,853.1


$ (6,853.1)


$           —


$  7,613.9


$ (7,613.9)


$            —

Debt

890.6


—


890.6


1,489.5


—


1,489.5

Other liabilities (4)(5)

3,596.4


—


3,596.4


3,914.4


—


3,914.4

Total liabilities

$ 11,340.1


$ (6,853.1)


$   4,487.0


$ 13,017.8


$ (7,613.9)


$    5,403.9

EQUITY












Total equity attributable to Invesco Ltd.

$ 14,559.9


$          —


$ 14,559.9


$ 14,597.6


$          0.1


$  14,597.7

Noncontrolling interests (6)

1,108.9


(1,108.9)


—


1,318.4


(1,318.4)


—

Total equity

15,668.8


(1,108.9)


14,559.9


15,916.0


(1,318.3)


14,597.7

Total liabilities and equity

$ 27,008.9


$ (7,962.0)


$ 19,046.9


$ 28,933.8


$ (8,932.2)


$  20,001.6















(1)

This table includes non-GAAP presentations. Assets of CIP are not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. Policyholder assets and liabilities are equal and offsetting and have no impact on Invesco's shareholders' equity.

(2)

Amounts include Cash and cash equivalents of CIP.

(3)

Amounts include Accounts receivable, Property, equipment and software, and Other assets.

(4)

Amounts include Accrued compensation and benefits, Accounts payable and accrued expenses, and Deferred tax liabilities.

(5)

December 31, 2023 included assets held for policyholder and policyholder payables. All policyholder assets were distributed to customers in January 2024.

(6)

Amounts include Redeemable noncontrolling interests in consolidated entities and Equity attributable to nonredeemable noncontrolling interests in consolidated entities.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-reports-results-for-the-three-months-and-year-ended-december-31-2024-302361677.html

SOURCE Invesco Ltd.

FAQ

What were Invesco's (IVZ) Q4 2024 net inflows and what drove them?

Invesco reported $25.6 billion in net long-term inflows for Q4 2024, primarily driven by ETFs and Index ($29.6B), APAC Managed ($3.5B), and Private Markets ($0.8B).

How much did Invesco's (IVZ) AUM grow in 2024?

Invesco's AUM grew to $1.85 trillion by the end of 2024, representing a 16.4% increase from the previous year-end.

What was Invesco's (IVZ) Q4 2024 adjusted operating margin?

Invesco achieved a 33.7% adjusted operating margin in Q4 2024, improving from 31.6% in Q3 2024.

How much did Invesco (IVZ) return to shareholders in Q4 2024?

Invesco repurchased 1.4 million shares for $25 million and declared a quarterly dividend of $0.205 per share in Q4 2024.

What was Invesco's (IVZ) full-year 2024 adjusted EPS?

Invesco reported adjusted diluted EPS of $1.71 for the full year 2024, a 13.2% increase from $1.51 in 2023.

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Invesco LTD

NYSE:IVZ

IVZ Rankings

#960 Ranked by Market Cap
#706 Ranked by Dividends

IVZ Latest News

Jan 29, 2025
AVANTA Residential Announces Preferred Equity Investment for Boardwalk Village
Jan 13, 2025
Invesco Ltd. Announces December 31, 2024 Assets Under Management
Jan 7, 2025
Invesco Ltd. To Announce Fourth Quarter 2024 Results
Jan 2, 2025
Invesco High Income Trust II, and Invesco Senior Income Trust Declare Dividends
Dec 31, 2024
Invesco Closed-End Funds Pay Dividends

IVZ Stock Data

8.66B
360.48M
1.66%
89.96%
2.19%
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