Invesco Reports Results for the Three Months Ended June 30, 2024
Invesco (NYSE: IVZ) reported strong financial results for Q2 2024, with record-high AUM of $1.7 trillion, up 12% year-over-year. The company achieved $16.7 billion in net long-term inflows, driven by ETFs, Index, APAC Managed, Private Markets, and Fundamental Fixed Income. Invesco's adjusted diluted EPS increased to $0.43, up 38.7% from Q2 2023. The company's adjusted operating margin improved to 30.9%, reflecting enhanced efficiency. Invesco plans to initiate share buybacks in Q3 and has reduced its net debt to $11.6 million. The company declared a quarterly dividend of $0.205 per common share.
Invesco (NYSE: IVZ) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un patrimonio gestito record di 1,7 trilioni di dollari, in aumento del 12% rispetto all'anno precedente. L'azienda ha registrato 16,7 miliardi di dollari in afflussi netti a lungo termine, stimolati da ETF, Indici, APAC Managed, Mercati Privati e Reddito Fisso Fondamentale. L'EPS diluito rettificato di Invesco è aumentato a 0,43 dollari, in crescita del 38,7% rispetto al secondo trimestre del 2023. Il margine operativo rettificato dell'azienda è migliorato al 30,9%, a testimonianza di una maggiore efficienza. Invesco prevede di avviare riacquisti di azioni nel terzo trimestre e ha ridotto il suo debito netto a 11,6 milioni di dollari. L'azienda ha dichiarato un dividendo trimestrale di 0,205 dollari per azione comune.
Invesco (NYSE: IVZ) reportó sólidos resultados financieros para el segundo trimestre de 2024, con un AUM récord de 1.7 billones de dólares, un aumento del 12% en comparación con el año anterior. La compañía logró 16.7 mil millones de dólares en entradas netas a largo plazo, impulsadas por ETFs, Índices, APAC Managed, Mercados Privados y Renta Fija Fundamental. El EPS diluido ajustado de Invesco aumentó a 0.43 dólares, un incremento del 38.7% respecto al segundo trimestre de 2023. El margen operativo ajustado de la empresa mejoró al 30.9%, lo que refleja una mayor eficiencia. Invesco planea iniciar recompra de acciones en el tercer trimestre y ha reducido su deuda neta a 11.6 millones de dólares. La compañía declaró un dividendo trimestral de 0.205 dólares por acción común.
인베스코(뉴욕증권거래소: IVZ)는 2024년 2분기 강력한 재무 결과를 발표했습니다. 총 자산 규모(AUM) 역대 최고인 1.7조 달러로 작년 대비 12% 증가했습니다. 회사는 ETF, 인덱스, 아시아 태평양 관리, 프라이빗 마켓 및 기본 고정 수입에 힘입어 167억 달러의 순 장기 유입을 달성했습니다. 인베스코의 조정된 희석 주당 순이익(EPS)은 0.43달러로 증가하며 2023년 2분기 대비 38.7% 증가했습니다. 회사의 조정 운영 이익률은 30.9%로 개선되었으며, 이는 효율성이 향상되었음을 나타냅니다. 인베스코는 3분기 주식 매입을 시작할 계획이며, 순부채를 1160만 달러로 줄였습니다. 회사는 보통주당 분기 배당금 0.205달러를 선언했습니다.
Invesco (NYSE: IVZ) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec un actif sous gestion record de 1,7 trillion de dollars, en hausse de 12 % par rapport à l'année précédente. La société a enregistré 16,7 milliards de dollars de flux nets à long terme, soutenus par des ETF, des indices, APAC Managed, des marchés privés et des revenus fixes fondamentaux. Le résultat net par action (EPS) dilué ajusté d'Invesco a augmenté à 0,43 dollar, en hausse de 38,7 % par rapport au deuxième trimestre 2023. La marge opérationnelle ajustée de la société a augmenté à 30,9 %, reflétant une efficacité accrue. Invesco prévoit de débuter des programmes de rachat d'actions au troisième trimestre et a réduit sa dette nette à 11,6 millions de dollars. L'entreprise a déclaré un dividende trimestriel de 0,205 dollar par action ordinaire.
Invesco (NYSE: IVZ) berichtete über starke Finanzergebnisse für das zweite Quartal 2024, mit einem Rekordvermögen von 1,7 Billionen US-Dollar, was einem Anstieg von 12 % im Jahresvergleich entspricht. Das Unternehmen erzielte 16,7 Milliarden US-Dollar an Nettomittelzuflüssen, die durch ETFs, Indizes, APAC Managed, Private Markets und Fundamental Fixed Income vorangetrieben wurden. Das bereinigte verwässerte Ergebnis je Aktie von Invesco erhöhte sich auf 0,43 US-Dollar, was einem Anstieg von 38,7 % gegenüber dem 2. Quartal 2023 entspricht. Die bereinigte operative Marge des Unternehmens verbesserte sich auf 30,9 %, was auf erhöhte Effizienz hinweist. Invesco plant, im 3. Quartal Aktienrückkäufe einzuleiten und hat seine Nettoverschuldung auf 11,6 Millionen US-Dollar reduziert. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,205 US-Dollar pro Stammaktie.
- Record-high AUM of $1.7 trillion, up 12% year-over-year
- Net long-term inflows of $16.7 billion for Q2 2024
- Adjusted diluted EPS increased to $0.43, up 38.7% from Q2 2023
- Adjusted operating margin improved to 30.9%
- Reduced net debt to $11.6 million
- Plans to initiate share buybacks in Q3 2024
- Accrual of $50 million liability for SEC investigation and regulatory matter
- Slight decrease in net revenues to $1,085.8 million, down 0.4% year-over-year
Insights
Invesco's financial results for Q2 2024 demonstrate a strong performance, notably with a significant increase in net long-term inflows and AUM. Net long-term inflows reached $16.7 billion, a remarkable improvement from the previous quarter's $6.3 billion and a drastic turnaround from the outflows recorded in the prior year. This growth was driven by Invesco's diversified product offerings, especially in the global ETF platform and the APAC region, which positions the company favorably in the competitive asset management industry.
The ending AUM of $1.7 trillion, representing an 11.5% year-over-year growth, is another highlight. This growth, coupled with a zero balance on the credit facility and a significant reduction in net debt to $11.6 million, indicates strong financial health and stability. Additionally, the operating margin of 13.9% and the adjusted operating margin of 30.9% reflect effective cost management and operational efficiency.
From an investor's perspective, the strong performance and the strategic focus on high-growth areas like ETFs and APAC markets are encouraging. The planned share buybacks indicate confidence in future growth and a potential increase in shareholder value. However, retail investors should remain cognizant of the $50 million liability related to SEC investigations, which, although not materially impactful, underscores ongoing regulatory risks.
Invesco's Q2 results underscore its strategic positioning and operational strengths, particularly in the context of current market trends. The record high AUM of $1.7 trillion and significant net inflows highlight Invesco's ability to attract and retain assets amidst a competitive landscape. The ETF and index products' performance, along with the robust growth in Asia Pacific and private markets, reflects a targeted approach towards high-demand sectors and regions.
The company's strategic initiatives, including simplifying operations and maintaining financial discipline, are important in enhancing efficiency and agility. The reduction in net debt and the strong cash position provide a solid foundation for potential growth investments and shareholder returns. Additionally, the adjusted operating margin improvement to 30.9% indicates that Invesco is successfully managing costs while driving revenue growth.
Investors should note the positive trajectory in operating performance, which is likely to sustain given the strategic focus areas. The planned share buybacks are a positive signal, suggesting that the management is confident in the company's valuation and future prospects. However, the impact of market fluctuations and regulatory scrutiny remains an underlying risk that needs to be monitored.
From a legal perspective, Invesco's Q2 2024 results include noteworthy elements related to regulatory compliance. The $50 million liability accrued for an investigation by the SEC into electronic business communications recordkeeping requirements and a separate regulatory matter is significant. While the company asserts that these issues are not expected to have a material impact, the ongoing regulatory scrutiny could pose risks to operational and reputational aspects.
For investors, it is important to understand the potential implications of such regulatory investigations. Although Invesco is taking steps to address compliance requirements and manage liabilities, these investigations can lead to fines, operational disruptions, or increased compliance costs. The ability of Invesco to navigate these regulatory challenges effectively will be key to maintaining investor confidence and ensuring long-term stability.
Given the company's proactive stance on managing these liabilities and the assertion that they are unlikely to materially affect the business, the immediate financial impact might be contained. However, continuous monitoring of regulatory developments and Invesco's responses will be essential for anticipating future risks.
Invesco Announces Second Quarter Diluted EPS of
$16.7 billion - Ending AUM grew
12% year-over-year to a record high of$1.7 trillion 3.2% from the prior quarter 13.9% operating margin;30.9% adjusted operating margin(1)- Net debt(2) of
$11.6 million $878.5 million
Update from Andrew Schlossberg, President and CEO
"Outsized annualized organic growth of nearly
"We continue to simplify Invesco to improve both efficiency and agility in our operations and maintain financial discipline. We have strengthened the balance sheet through deleveraging, are close to operating with zero net debt, and plan to execute share buybacks beginning in the third quarter."
(1) | Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable | |
(2) | Net debt: Debt less Cash and cash equivalents | |
Net Flows:
Net long-term inflows were
Retail and Institutional net long-term inflows were
Net market gains increased AUM in the second quarter by
Summary of net flows (in billions) | Q2-24 | Q1-24 | Q2-23 | |||
Active | ||||||
Passive | 14.4 | 13.4 | 6.4 | |||
Net long-term flows | 16.7 | 6.3 | (2.0) | |||
Non-management fee earning AUM | 6.6 | 9.5 | 1.1 | |||
Money market | 4.9 | 0.7 | 15.4 | |||
Total net flows | 16.5 | 14.5 | ||||
Annualized long-term organic growth rate (1) | 5.6 % | 2.2 % | (0.7) % | |||
(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. |
Second Quarter Highlights:
Financial Results | Q2-24 | Q1-24 | Q2-24 vs. | Q2-23 | Q2-24 vs. | ||||
Operating revenues | | | 0.5 % | | 2.8 % | ||||
Operating income | (3.0) % | 1.5 % | |||||||
Operating margin | 13.9 % | 14.4 % | 14.1 % | ||||||
Net income attributable to Invesco Ltd. | (6.6) % | — % | |||||||
Diluted EPS | (6.5) % | — % | |||||||
Adjusted Financial Measures (1) | |||||||||
Net revenues | | | 3.1 % | | (0.4) % | ||||
Adjusted operating income | | 13.1 % | 11.0 % | ||||||
Adjusted operating margin | 30.9 % | 28.2 % | 27.7 % | ||||||
Adjusted net income attributable to Invesco Ltd. | | 32.2 % | 35.9 % | ||||||
Adjusted diluted EPS | 30.3 % | 38.7 % | |||||||
Assets Under Management | |||||||||
Ending AUM | | | 3.2 % | | 11.5 % | ||||
Average AUM | | | 3.5 % | | 11.7 % | ||||
Headcount | 8,536 | 8,527 | 0.1 % | 8,621 | (1.0) % |
(1) | Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable |
Second Quarter 2024 compared to First Quarter 2024
Operating revenues and expenses: Operating revenues increased
Operating expenses increased
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was
The effective tax rate was
Diluted earnings per common share: Diluted earnings per common share was
Second Quarter 2024 compared to Second Quarter 2023
Operating revenues and expenses: Operating revenues increased
Operating expenses increased
The effective tax rate was
Adjusted(1) Operating Results:
Second Quarter 2024 compared to First Quarter 2024
Net revenues and adjusted operating expenses: Net revenues increased
Adjusted operating expenses decreased
Adjusted operating income increased
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a gain of
The effective tax rate on adjusted net income was
Adjusted diluted earnings per common share was
Second Quarter 2024 compared to Second Quarter 2023
Net revenues and adjusted operating expenses: After allowing for foreign exchange rate changes, Net revenues in the second quarter of 2024 increased
Adjusted operating expenses decreased
Adjusted operating income increased
The effective tax rate on adjusted net income was
(1) | Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable | |
Capital Management:
Cash and cash equivalents:
Debt:
Net Debt(2):
(2) | Net debt: Debt less Cash and cash equivalents | |
Common shares outstanding (end of period): 450.0 million
Diluted common shares outstanding (end of period): 456.5 million
Dividends paid:
Common dividends declared: The company is declaring a second quarter cash dividend of
Preferred dividends declared: The company is declaring a preferred cash dividend of
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
Members of the investment community and general public are invited to listen to the conference call today, July 23, 2024, at 9:00 a.m. ET by dialing one of the following numbers: 1-866-803-2143 for
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. | |||||||||
(Unaudited, in millions, other than per share amounts) | |||||||||
Q2-24 | Q1-24 | % Change | Q2-23 | % Change | |||||
Operating revenues: | |||||||||
Investment management fees | $ 1,065.8 | $ 1,048.7 | 1.6 % | $ 1,033.5 | 3.1 % | ||||
Service and distribution fees | 361.6 | 377.0 | (4.1) % | 342.3 | 5.6 % | ||||
Performance fees | 8.7 | 0.8 | 987.5 % | 19.6 | (55.6) % | ||||
Other | 47.2 | 48.8 | (3.3) % | 47.4 | (0.4) % | ||||
Total operating revenues | 1,483.3 | 1,475.3 | 0.5 % | 1,442.8 | 2.8 % | ||||
Operating expenses: | |||||||||
Third-party distribution, service and advisory | 495.4 | 504.0 | (1.7) % | 462.5 | 7.1 % | ||||
Employee compensation | 452.3 | 472.7 | (4.3) % | 475.7 | (4.9) % | ||||
Marketing (1) | 20.6 | 18.1 | 13.8 % | 23.1 | (10.8) % | ||||
Property, office and technology (1) | 116.4 | 117.6 | (1.0) % | 112.7 | 3.3 % | ||||
General and administrative (1) | 180.4 | 138.5 | 30.3 % | 151.9 | 18.8 % | ||||
Amortization of intangible assets | 11.4 | 11.3 | 0.9 % | 13.1 | (13.0) % | ||||
Total operating expenses | 1,276.5 | 1,262.2 | 1.1 % | 1,239.0 | 3.0 % | ||||
Operating income | 206.8 | 213.1 | (3.0) % | 203.8 | 1.5 % | ||||
Other income/(expense): | |||||||||
Equity in earnings of unconsolidated affiliates | 13.9 | 6.9 | 101.4 % | 19.2 | (27.6) % | ||||
Interest and dividend income | 11.0 | 12.4 | (11.3) % | 7.1 | 54.9 % | ||||
Interest expense | (16.3) | (15.9) | 2.5 % | (18.4) | (11.4) % | ||||
Other gains/(losses), net | 3.6 | 35.9 | (90.0) % | 20.9 | (82.8) % | ||||
Other income/(expense) of CIP, net | 40.9 | 30.5 | 34.1 % | (2.7) | N/A | ||||
Income before income taxes | 259.9 | 282.9 | (8.1) % | 229.9 | 13.0 % | ||||
Income tax provision | (64.0) | (68.7) | (6.8) % | (65.5) | (2.3) % | ||||
Net income | 195.9 | 214.2 | (8.5) % | 164.4 | 19.2 % | ||||
Net (income)/loss attributable to noncontrolling | (4.5) | (13.5) | (66.7) % | 27.0 | N/A | ||||
Less: Dividends declared on preferred shares | (59.2) | (59.2) | — % | (59.2) | — % | ||||
Net income attributable to Invesco Ltd. | $ 132.2 | $ 141.5 | (6.6) % | $ 132.2 | — % | ||||
Earnings per common share: | |||||||||
---basic | (6.5) % | — % | |||||||
---diluted | (6.5) % | — % | |||||||
Average common shares outstanding: | |||||||||
---basic | 455.5 | 453.2 | 0.5 % | 457.9 | (0.5) % | ||||
---diluted | 456.1 | 453.5 | 0.6 % | 458.8 | (0.6) % | ||||
(1) | Comparative periods presented reflect 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
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
Reconciliation of Operating revenues to Net revenues: | ||||||
(in millions) | Q2-24 | Q1-24 | Q2-23 | |||
Operating revenues, | $ 1,483.3 | $ 1,475.3 | $ 1,442.8 | |||
Revenue Adjustments (1) | ||||||
Investment management fees | (203.8) | (192.3) | (195.4) | |||
Service and distribution fees | (253.5) | (271.8) | (230.9) | |||
Other | (38.1) | (39.9) | (36.2) | |||
Total Revenue Adjustments | $ (495.4) | $ (504.0) | $ (462.5) | |||
Invesco Great Wall (2) | 86.1 | 74.7 | 97.6 | |||
CIP (3) | 11.8 | 7.2 | 12.8 | |||
Net revenues | $ 1,085.8 | $ 1,053.2 | $ 1,090.7 | |||
Reconciliation of Operating income to Adjusted operating income: | ||||||
(in millions) | Q2-24 | Q1-24 | Q2-23 | |||
Operating income, | $ 206.8 | $ 213.1 | $ 203.8 | |||
Invesco Great Wall (2) | 44.3 | 38.3 | 53.6 | |||
CIP (3) | 15.7 | 12.2 | 21.7 | |||
Amortization of intangible assets (4) | 11.4 | 11.3 | 13.1 | |||
Compensation expense related to market valuation changes in deferred | 7.1 | 21.6 | 9.8 | |||
General and administrative (6) | 50.0 | — | — | |||
Adjusted operating income | $ 335.3 | $ 296.5 | $ 302.0 | |||
Operating margin (7) | 13.9 % | 14.4 % | 14.1 % | |||
Adjusted operating margin (8) | 30.9 % | 28.2 % | 27.7 % | |||
Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd. | ||||||
(in millions) | Q2-24 | Q1-24 | Q2-23 | |||
Net income attributable to Invesco Ltd., | $ 132.2 | 141.5 | $ 132.2 | |||
Adjustments (excluding tax): | ||||||
Amortization of intangible assets (4) | 11.4 | 11.3 | 13.1 | |||
Deferred compensation plan market valuation changes and dividend | 5.3 | (11.5) | (6.1) | |||
General and administrative (6) | 50.0 | — | — | |||
Total adjustments excluding tax | $ 66.7 | $ (0.2) | $ 7.0 | |||
Tax adjustment for amortization of intangible assets and goodwill (9) | 4.4 | 4.4 | 3.6 | |||
Other tax effects of adjustments above | (7.1) | 2.7 | 1.6 | |||
Adjusted net income attributable to Invesco Ltd. (10) | $ 196.2 | $ 148.4 | $ 144.4 | |||
Average common shares outstanding - diluted | 456.1 | 453.5 | 458.8 | |||
Diluted EPS | ||||||
Adjusted diluted EPS (11) | ||||||
Reconciliation of Operating expenses to Adjusted operating expenses: | ||||||
(in millions) | Q2-24 | Q1-24 | Q2-23 | |||
Operating expenses, | $ 1,276.5 | $ 1,262.2 | $ 1,239.0 | |||
Invesco Great Wall (2) | 41.8 | 36.4 | 44.0 | |||
Third-party distribution, service and advisory expenses | (495.4) | (504.0) | (462.5) | |||
CIP (3) | (3.9) | (5.0) | (8.9) | |||
Amortization of intangible assets (4) | (11.4) | (11.3) | (13.1) | |||
Compensation expense related to market valuation changes in deferred | (7.1) | (21.6) | (9.8) | |||
General and administrative (6) | (50.0) | — | — | |||
Adjusted operating expenses | $ 750.5 | $ 756.7 | $ 788.7 | |||
Employee compensation, | $ 452.3 | $ 472.7 | $ 475.7 | |||
Invesco Great Wall (2) | 30.8 | 25.7 | 34.2 | |||
Compensation expense related to market valuation changes in deferred | (7.1) | (21.6) | (9.8) | |||
Adjusted employee compensation | $ 476.0 | $ 476.8 | $ 500.1 | |||
Marketing, | $ 20.6 | $ 18.1 | $ 23.1 | |||
Invesco Great Wall (2)(12) | 2.2 | 2.1 | 2.3 | |||
Adjusted marketing (12) | $ 22.8 | $ 20.2 | $ 25.4 | |||
Property, office and technology, | $ 116.4 | $ 117.6 | $ 112.7 | |||
Invesco Great Wall (2)(12) | 4.5 | 4.5 | 4.1 | |||
Adjusted property, office and technology (12) | $ 120.9 | $ 122.1 | $ 116.8 | |||
General and administrative, | $ 180.4 | $ 138.5 | $ 151.9 | |||
Invesco Great Wall (2)(12) | 4.3 | 4.1 | 3.4 | |||
CIP (3) | (3.9) | (5.0) | (8.9) | |||
Regulatory matters (6) | (50.0) | — | — | |||
Adjusted general and administrative (12) | $ 130.8 | $ 137.6 | $ 146.4 | |||
Amortization of intangible assets, | $ 11.4 | $ 11.3 | $ 13.1 | |||
Amortization of intangible assets (4) | (11.4) | (11.3) | (13.1) | |||
Adjusted amortization 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 |
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 |
(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) | Amortization 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. |
(5) | 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. |
(6) | General and administrative: The company recorded a |
(7) | Operating margin is equal to Operating income divided by Operating revenues. |
(8) | Adjusted operating margin is equal to Adjusted operating income divided by Net revenues. |
(9) | 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. |
(10) | The effective tax rate on Adjusted net income attributable to Invesco Ltd. is |
(11) | 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. |
(12) | Comparative periods presented reflect 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 | Six Months Ended | ||||||||||||
(in billions) | June 30, | March 31, | % | June 30, | June 30, | June 30, | % | ||||||
Beginning Assets | 4.9 % | 12.5 % | |||||||||||
Long-term inflows | 97.8 | 80.3 | 21.8 % | 71.3 | 178.1 | 150.7 | 18.2 % | ||||||
Long-term outflows | (81.1) | (74.0) | 9.6 % | (73.3) | (155.1) | (149.8) | 3.5 % | ||||||
Net long-term flows | 16.7 | 6.3 | 165.1 % | (2.0) | 23.0 | 0.9 | 2,455.6 % | ||||||
Net flows in non-management fee earning AUM (a) | 6.6 | 9.5 | (30.5) % | 1.1 | 16.1 | (0.5) | N/A | ||||||
Net flows in money market funds | 4.9 | 0.7 | 600.0 % | 15.4 | 5.6 | 23.1 | (75.8) % | ||||||
Total net flows | 28.2 | 16.5 | 70.9 % | 14.5 | 44.7 | 23.5 | 90.2 % | ||||||
Reinvested distributions | 1.4 | 1.1 | 27.3 % | 1.0 | 2.5 | 2.0 | 25.0 % | ||||||
Market gains and losses | 27.4 | 68.0 | (59.7) % | 46.5 | 95.4 | 108.4 | (12.0) % | ||||||
Foreign currency translation | (3.9) | (8.2) | (52.4) % | (6.8) | (12.1) | (4.9) | 146.9 % | ||||||
Ending Assets | 3.2 % | 11.5 % | |||||||||||
Ending long-term AUM | 1.7 % | 10.8 % | |||||||||||
Average long-term AUM | 3.1 % | 9.0 % | |||||||||||
Average AUM | 3.5 % | 11.0 % | |||||||||||
Average QQQ AUM | 7.1 % | 51.3 % | |||||||||||
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||||
By investment approach: (in billions) | Active(c) | Passive(c) | Active(c) | Passive(c) | ||||
Beginning Assets | ||||||||
Long-term inflows | 49.7 | 48.1 | 92.1 | 86.0 | ||||
Long-term outflows | (47.4) | (33.7) | (96.9) | (58.2) | ||||
Net long-term flows | 2.3 | 14.4 | (4.8) | 27.8 | ||||
Net flows in non-management fee earning AUM (a) | — | 6.6 | — | 16.1 | ||||
Net flows in money market funds | 4.9 | — | 5.6 | — | ||||
Total net flows | 7.2 | 21.0 | 0.8 | 43.9 | ||||
Reinvested distributions | 1.4 | — | 2.5 | — | ||||
Market gains and losses | 2.9 | 24.5 | $ 25.4 | $ 70.0 | ||||
Foreign currency translation | (3.9) | — | $ (10.7) | $ (1.4) | ||||
Ending Assets | ||||||||
Average AUM | ||||||||
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||||
By channel: (in billions) | Retail | Institutional | Retail | Institutional | ||||
Beginning Assets | ||||||||
Long-term inflows | 73.7 | 24.1 | 133.7 | 44.4 | ||||
Long-term outflows | (61.6) | (19.5) | (115.0) | (40.1) | ||||
Net long-term flows | 12.1 | 4.6 | 18.7 | 4.3 | ||||
Net flows in non-management fee earning AUM (a) | 6.7 | (0.1) | 15.7 | 0.4 | ||||
Net flows in money market funds | (0.6) | 5.5 | 0.6 | 5.0 | ||||
Total net flows | 18.2 | 10.0 | 35.0 | 9.7 | ||||
Reinvested distributions | 1.4 | — | 2.5 | — | ||||
Market gains and losses | 26.3 | 1.1 | 86.0 | 9.4 | ||||
Foreign currency translation | (1.3) | (2.6) | (4.0) | (8.1) | ||||
Ending Assets | ||||||||
See the footnotes immediately following these tables. |
Invesco Ltd. | ||||||||||||
Assets Under Management (continued) | ||||||||||||
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||||||||
By client domicile: (in billions) |
| EMEA |
| EMEA | ||||||||
Beginning Assets | ||||||||||||
Long-term inflows | 50.4 | 28.1 | 19.3 | 89.8 | 51.1 | 37.2 | ||||||
Long-term outflows | (47.8) | (17.9) | (15.4) | (85.2) | (37.6) | (32.3) | ||||||
Net long-term flows | 2.6 | 10.2 | 3.9 | 4.6 | 13.5 | 4.9 | ||||||
Net flows in non-management fee earning AUM (a) | 5.9 | 0.2 | 0.5 | 16.0 | (0.8) | 0.9 | ||||||
Net flows in money market funds | 6.6 | (1.6) | (0.1) | 6.3 | (0.5) | (0.2) | ||||||
Total net flows | 15.1 | 8.8 | 4.3 | 26.9 | 12.2 | 5.6 | ||||||
Reinvested distributions | 1.3 | — | 0.1 | 2.4 | — | 0.1 | ||||||
Market gains and losses | 19.8 | 2.4 | 5.2 | 73.4 | 7.6 | 14.4 | ||||||
Foreign currency translation | (0.2) | (3.4) | (0.3) | (0.8) | (9.9) | (1.4) | ||||||
Ending Assets | ||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||
By investment capability (b): (in | ETFs and | Fundamental | Fundamental | Private | APAC | Multi- | Global | QQQ (k) | ||||||||
Beginning Assets | ||||||||||||||||
Long-term inflows | 43.4 | 16.4 | 8.3 | 6.6 | 21.0 | 2.1 | — | — | ||||||||
Long-term outflows | (30.6) | (14.8) | (14.6) | (4.0) | (14.3) | (2.8) | — | — | ||||||||
Net long-term flows | 12.8 | 1.6 | (6.3) | 2.6 | 6.7 | (0.7) | — | — | ||||||||
Net flows in non-management fee | — | — | — | — | — | (0.2) | — | 6.8 | ||||||||
Net flows in money market funds | — | — | — | — | (1.7) | — | 6.6 | — | ||||||||
Total net flows | 12.8 | 1.6 | (6.3) | 2.6 | 5.0 | (0.9) | 6.6 | 6.8 | ||||||||
Reinvested distributions | — | 0.5 | 0.5 | 0.2 | — | 0.1 | 0.1 | — | ||||||||
Market gains and losses | 3.8 | 0.4 | 1.7 | (0.5) | 0.9 | 0.5 | 0.1 | 20.5 | ||||||||
Foreign currency translation | 0.2 | (2.2) | (0.7) | (0.3) | (0.6) | (0.3) | — | — | ||||||||
Ending Assets | ||||||||||||||||
Average AUM | ||||||||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||||
By investment capability (b): (in | ETFs and | Fundamental | Fundamental | Private | APAC | Multi- | Global | QQQ (k) | ||||||||
Beginning Assets | ||||||||||||||||
Long-term inflows | 76.4 | 32.2 | 17.4 | 10.4 | 37.0 | 4.7 | — | — | ||||||||
Long-term outflows | (52.4) | (29.5) | (29.3) | (6.8) | (31.1) | (6.0) | — | — | ||||||||
Net long-term flows | 24.0 | 2.7 | (11.9) | 3.6 | 5.9 | (1.3) | — | — | ||||||||
Net flows in non-management fee earning AUM (a) | — | — | — | — | — | 0.2 | — | 15.9 | ||||||||
Net flows in money market funds | — | — | — | — | (0.6) | — | 6.2 | — | ||||||||
Total net flows | 24.0 | 2.7 | (11.9) | 3.6 | 5.3 | (1.1) | 6.2 | 15.9 | ||||||||
Reinvested distributions | — | 1.0 | 0.8 | 0.4 | — | 0.1 | 0.2 | — | ||||||||
Market gains and losses | 30.0 | 1.3 | 21.2 | (3.7) | 1.6 | 4.0 | 0.3 | 40.7 | ||||||||
Foreign currency translation | (1.0) | (5.0) | (1.8) | (0.9) | (2.5) | (0.8) | (0.1) | — | ||||||||
Ending Assets | ||||||||||||||||
Average AUM | ||||||||||||||||
See the footnotes immediately following these tables. |
Invesco Ltd. | |||||||||||||
Assets Under Management - Active (c) | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
(in billions) | June 30, | March 31, | % | June 30, | June 30, | June 30, | % | ||||||
Beginning Assets | $ 995.7 | $ 985.3 | 1.1 % | $ 1,005.2 | $ 985.3 | $ 976.2 | 0.9 % | ||||||
Long-term inflows | 49.7 | 42.4 | 17.2 % | 40.1 | 92.1 | 87.0 | 5.9 % | ||||||
Long-term outflows | (47.4) | (49.5) | (4.2) % | (48.5) | (96.9) | (97.9) | (1.0) % | ||||||
Net long-term flows | 2.3 | (7.1) | N/A | (8.4) | (4.8) | (10.9) | (56.0) % | ||||||
Net flows in money market funds | 4.9 | 0.7 | 600.0 % | 15.4 | 5.6 | 23.1 | (75.8) % | ||||||
Total net flows | 7.2 | (6.4) | N/A | 7.0 | 0.8 | 12.2 | (93.4) % | ||||||
Reinvested distributions | 1.4 | 1.1 | 27.3 % | 1.0 | 2.5 | 2.0 | 25.0 % | ||||||
Market gains and losses | 2.9 | 22.5 | (87.1) % | 9.9 | 25.4 | 30.8 | (17.5) % | ||||||
Foreign currency translation | (3.9) | (6.8) | (42.6) % | (6.5) | (10.7) | (4.6) | 132.6 % | ||||||
Ending Assets | $ 1,003.3 | $ 995.7 | 0.8 % | $ 1,016.6 | $ 1,003.3 | $ 1,016.6 | (1.3) % | ||||||
Average long-term AUM | $ 798.9 | $ 787.8 | 1.4 % | $ 788.2 | $ 793.3 | $ 788.3 | 0.6 % | ||||||
Average AUM | $ 994.6 | $ 980.9 | 1.4 % | $ 1,006.1 | $ 987.8 | $ 1,004.0 | (1.6) % | ||||||
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||||
By channel: (in billions) | Retail | Institutional | Retail | Institutional | ||||
Beginning Assets | ||||||||
Long-term inflows | 27.8 | 21.9 | 52.7 | 39.4 | ||||
Long-term outflows | (30.9) | (16.5) | (62.8) | (34.1) | ||||
Net long-term flows | (3.1) | 5.4 | (10.1) | 5.3 | ||||
Net flows in non-management fee earning AUM (a) | — | — | — | — | ||||
Net flows in money market funds | (0.6) | 5.5 | 0.6 | 5.0 | ||||
Total net flows | (3.7) | 10.9 | (9.5) | 10.3 | ||||
Reinvested distributions | 1.4 | — | 2.5 | — | ||||
Market gains and losses | 1.8 | 1.1 | 21.9 | 3.5 | ||||
Foreign currency translation | (1.0) | (2.9) | (3.2) | (7.5) | ||||
Ending Assets | ||||||||
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||||||||
By client domicile: (in billions) |
| EMEA |
| EMEA | ||||||||
Beginning Assets | ||||||||||||
Long-term inflows | 19.7 | 24.0 | 6.0 | 39.0 | 40.7 | 12.4 | ||||||
Long-term outflows | (26.2) | (14.1) | (7.1) | (53.9) | (28.7) | (14.3) | ||||||
Net long-term flows | (6.5) | 9.9 | (1.1) | (14.9) | 12.0 | (1.9) | ||||||
Net flows in money market funds | — | — | — | — | — | — | ||||||
Net flows in money market funds | 6.6 | (1.6) | (0.1) | 6.3 | (0.5) | (0.2) | ||||||
Total net flows | 0.1 | 8.3 | (1.2) | (8.6) | 11.5 | (2.1) | ||||||
Reinvested distributions | 1.3 | — | 0.1 | 2.4 | — | 0.1 | ||||||
Market gains and losses | 0.7 | 1.1 | 1.1 | 20.2 | 2.6 | 2.6 | ||||||
Foreign currency translation | (0.1) | (3.6) | (0.2) | (0.6) | (9.0) | (1.1) | ||||||
Ending Assets | ||||||||||||
See the footnotes immediately following these tables. |
Invesco Ltd. | |||||||||||||
Assets Under Management - Passive (c) | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
(in billions) | June 30, | March 31, | % | June 30, | June 30, | June 30, | % | ||||||
Beginning Assets | 11.2 % | 38.6 % | |||||||||||
Long-term inflows | 48.1 | 37.9 | 26.9 % | 31.2 | 86.0 | 63.7 | 35.0 % | ||||||
Long-term outflows | (33.7) | (24.5) | 37.6 % | (24.8) | (58.2) | (51.9) | 12.1 % | ||||||
Net long-term flows | 14.4 | 13.4 | 7.5 % | 6.4 | 27.8 | 11.8 | 135.6 % | ||||||
Net flows in non-management fee earning AUM (a) | 6.6 | 9.5 | (30.5) % | 1.1 | 16.1 | (0.5) | N/A | ||||||
Total net flows | 21.0 | 22.9 | (8.3) % | 7.5 | 43.9 | 11.3 | 288.5 % | ||||||
Market gains and losses | 24.5 | 45.5 | (46.2) % | 36.6 | 70.0 | 77.6 | (9.8) % | ||||||
Foreign currency translation | — | (1.4) | N/A | (0.3) | (1.4) | (0.3) | 366.7 % | ||||||
Ending Assets | 6.8 % | 36.6 % | |||||||||||
Average long-term AUM | 6.7 % | 31.3 % | |||||||||||
Average AUM | 6.7 % | 37.6 % | |||||||||||
Average QQQ AUM | 7.1 % | 51.3 % | |||||||||||
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||||
By channel: (in billions) | Retail | Institutional | Retail | Institutional | ||||
Beginning Assets | ||||||||
Long-term inflows | 45.9 | 2.2 | 81.0 | 5.0 | ||||
Long-term outflows | (30.7) | (3.0) | (52.2) | (6.0) | ||||
Net long-term flows | 15.2 | (0.8) | 28.8 | (1.0) | ||||
Net flows in non-management fee earning AUM (a) | 6.7 | (0.1) | 15.7 | 0.4 | ||||
Total net flows | 21.9 | (0.9) | 44.5 | (0.6) | ||||
Market gains and losses | 24.5 | — | 64.1 | 5.9 | ||||
Foreign currency translation | (0.3) | 0.3 | (0.8) | (0.6) | ||||
Ending Assets | ||||||||
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||||||||
By client domicile: (in billions) | EMEA | EMEA | ||||||||||
Beginning Assets | ||||||||||||
Long-term inflows | 30.7 | 4.1 | 13.3 | 50.8 | 10.4 | 24.8 | ||||||
Long-term outflows | (21.6) | (3.8) | (8.3) | (31.3) | (8.9) | (18.0) | ||||||
Net long-term flows | 9.1 | 0.3 | 5.0 | 19.5 | 1.5 | 6.8 | ||||||
Net flows in non-management fee earning | 5.9 | 0.2 | 0.5 | 16.0 | (0.8) | 0.9 | ||||||
Total net flows | 15.0 | 0.5 | 5.5 | 35.5 | 0.7 | 7.7 | ||||||
Market gains and losses | 19.1 | 1.3 | 4.1 | 53.2 | 5.0 | 11.8 | ||||||
Foreign currency translation | (0.1) | 0.2 | (0.1) | (0.2) | (0.9) | (0.3) | ||||||
Ending Assets | ||||||||||||
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) | 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. |
(d) | ETFs and Index includes ETFs and Indexed Strategies; excludes Invesco QQQ Trust. |
(e) | Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability. |
(f) | Fundamental Equities includes Equity products. |
(g) | 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. |
(h) | APAC Managed includes all products managed in the APAC region, including Invesco Great Wall, APAC managed short term, money market, passive, and ETFs. |
(i) | Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, Intelliflo, and UITs, including certain ETFs managed within this capability. |
(j) | Global Liquidity is comprised mainly of Money Market funds excluding APAC Money Market funds. |
(k) | QQQ includes Invesco QQQ Trust. |
Invesco Ltd. | |||||||||||
Supplemental Information (1) | |||||||||||
For the three months ended June 30, 2024 | For the three months ended June 30, 2023 | ||||||||||
Cash flow information (in millions) | Impact of | Excluding | Impact of | Excluding | |||||||
Invesco and CIP cash and cash equivalents, | $ 1,425.5 | $ (529.8) | $ 895.7 | $ 1,214.9 | $ (325.9) | $ 889.0 | |||||
Cash flows from operating activities | 489.1 | (60.0) | 429.1 | 331.3 | 145.3 | 476.6 | |||||
Cash flows from investing activities | 344.7 | (263.1) | 81.6 | (94.7) | 35.1 | (59.6) | |||||
Cash flows from financing activities | (711.7) | 189.0 | (522.7) | (171.1) | (131.5) | (302.6) | |||||
Increase/(decrease) in cash and cash equivalents | 122.1 | (134.1) | (12.0) | 65.5 | 48.9 | 114.4 | |||||
Foreign exchange movement on cash and cash | (6.3) | 1.1 | (5.2) | 6.7 | (0.2) | 6.5 | |||||
Cash and cash equivalents, end of the period | $ 1,541.3 | $ (662.8) | $ 878.5 | $ 1,287.1 | $ (277.2) | $ 1,009.9 | |||||
For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | ||||||||||
Cash flow information (in millions) | Impact of | Excluding | Impact of | Excluding | |||||||
Invesco and CIP cash and cash equivalents, | $ 1,931.6 | $ (462.4) | $ 1,469.2 | $ 1,434.1 | $ (199.4) | $ 1,234.7 | |||||
Cash flows from operating activities | 434.7 | (112.3) | 322.4 | 232.4 | 124.7 | 357.1 | |||||
Cash flows from investing activities | 57.4 | (26.3) | 31.1 | (49.2) | (75.7) | (124.9) | |||||
Cash flows from financing activities | (860.0) | (64.9) | (924.9) | (349.6) | (125.6) | (475.2) | |||||
Increase/(decrease) in cash and cash equivalents | (367.9) | (203.5) | (571.4) | (166.4) | (76.6) | (243.0) | |||||
Foreign exchange movement on cash and cash | (22.4) | 3.1 | (19.3) | 19.4 | (1.2) | 18.2 | |||||
Cash and cash equivalents, end of the period | $ 1,541.3 | $ (662.8) | $ 878.5 | $ 1,287.1 | $ (277.2) | $ 1,009.9 | |||||
(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. 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) | |||||||||||||
As of June 30, 2024 | As of December 31, 2023 | ||||||||||||
Balance Sheet information (in millions) |
| Impact of | As |
| Impact of | Impact of | As | ||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ 878.5 | $ — | $ 878.5 | $ 1,469.2 | $ — | $ — | $ 1,469.2 | ||||||
Investments | 980.0 | 403.5 | 1,383.5 | 919.1 | 527.4 | — | 1,446.5 | ||||||
Investments and other assets of CIP | 8,135.7 | (8,135.7) | — | 9,016.0 | (9,016.0) | — | — | ||||||
Cash and cash equivalents of CIP | 662.8 | (662.8) | — | 462.4 | (462.4) | — | — | ||||||
Assets held for policyholders (2) | — | — | — | 393.9 | — | (393.9) | — | ||||||
Goodwill and intangible assets, net | 14,424.7 | — | 14,424.7 | 14,539.6 | — | — | 14,539.6 | ||||||
Other assets (3) | 2,085.9 | 11.8 | 2,097.7 | 2,133.6 | 18.8 | — | 2,152.4 | ||||||
Total assets | $ (8,932.2) | $ (393.9) | $ 19,607.7 | ||||||||||
LIABILITIES | |||||||||||||
Debt of CIP | $ 6,671.1 | $ — | $ 7,121.8 | $ (7,121.8) | $ — | $ — | |||||||
Other liabilities of CIP | 531.8 | (531.8) | — | 492.1 | (492.1) | — | — | ||||||
Policyholder payables (2) | — | — | — | 393.9 | — | (393.9) | — | ||||||
Debt | 890.1 | — | 890.1 | 1,489.5 | — | — | 1,489.5 | ||||||
Other liabilities (4) | 3,309.2 | — | 3,309.2 | 3,520.5 | — | — | 3,520.5 | ||||||
Total liabilities | $ 4,199.3 | $ (7,613.9) | $ (393.9) | $ 5,010.0 | |||||||||
EQUITY | |||||||||||||
Total equity attributable to Invesco Ltd. | $ 0.1 | $ 0.1 | $ — | $ 14,597.7 | |||||||||
Noncontrolling interests (5) | 1,180.4 | (1,180.4) | — | 1,318.4 | (1,318.4) | — | — | ||||||
Total equity | 15,765.4 | (1,180.3) | 14,585.1 | 15,916.0 | (1,318.3) | — | 14,597.7 | ||||||
Total liabilities and equity | $ (8,932.2) | $ (393.9) | $ 19,607.7 | ||||||||||
(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) | All policyholder assets were distributed to customers in January 2024. |
(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) | Amounts include Redeemable noncontrolling interests in consolidated entities and Equity attributable to nonredeemable noncontrolling interests in consolidated entities. |
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SOURCE Invesco Ltd.
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