Invesco Reports Results for the Three Months Ended September 30, 2024
Invesco (NYSE: IVZ) reported financial results for Q3 2024, with diluted EPS of $0.12 and adjusted diluted EPS of $0.44. The company achieved $16.5 billion in net long-term inflows, primarily driven by ETFs, Index, and Fixed Income. Ending AUM grew to a record high of $1.8 trillion, a 4.7% increase from the previous quarter. The operating margin was 6.6%, impacted by a one-time non-cash expense of $147.6 million, while the adjusted operating margin was 31.6%.
Invesco maintained a strong balance sheet with over $1 billion in cash and cash equivalents and no balance on its credit facility. The company repurchased 1.5 million common shares for $25 million during the quarter. CEO Andrew Schlossberg highlighted positive momentum, record long-term AUM, and improved operating income and margin. The company saw positive organic growth across all regions, with Asia Pacific leading at 9%.
Invesco (NYSE: IVZ) ha riportato i risultati finanziari per il terzo trimestre del 2024, con un EPS diluito di $0.12 e un EPS diluito rettificato di $0.44. L'azienda ha raggiunto 16,5 miliardi di dollari in afflussi netti a lungo termine, principalmente grazie a ETF, indici e reddito fisso. Le masse gestite (AUM) sono aumentate a un livello record di $1,8 trilioni, con un incremento del 4,7% rispetto al trimestre precedente. Il margine operativo è stato del 6,6%, influenzato da una spesa non monetaria una tantum di $147,6 milioni, mentre il margine operativo rettificato era del 31,6%.
Invesco ha mantenuto un forte bilancio con oltre 1 miliardo di dollari in contante e equivalenti e nessun saldo sul suo credito. L'azienda ha riacquistato 1,5 milioni di azioni ordinarie per 25 milioni di dollari durante il trimestre. Il CEO Andrew Schlossberg ha evidenziato un momento positivo, un record di AUM a lungo termine e un miglioramento del reddito operativo e del margine. L'azienda ha registrato una crescita organica positiva in tutte le regioni, con l'Asia Pacifico in testa al 9%.
Invesco (NYSE: IVZ) informó los resultados financieros para el tercer trimestre de 2024, con un EPS diluido de $0.12 y un EPS diluido ajustado de $0.44. La compañía logró 16.5 mil millones de dólares en entradas netas a largo plazo, impulsadas principalmente por ETF, índices y renta fija. Los activos bajo gestión (AUM) crecieron a un nivel récord de $1.8 billones, un aumento del 4.7% con respecto al trimestre anterior. El margen operativo fue del 6.6%, afectado por un gasto no monetario único de $147.6 millones, mientras que el margen operativo ajustado fue del 31.6%.
Invesco mantuvo un balance sólido con más de 1 mil millones de dólares en efectivo y equivalentes y sin saldo en su línea de crédito. La compañía recompró 1.5 millones de acciones ordinarias por 25 millones de dólares durante el trimestre. El CEO Andrew Schlossberg destacó el impulso positivo, un récord en AUM a largo plazo y una mejora en los ingresos y márgenes operativos. La compañía vio un crecimiento orgánico positivo en todas las regiones, con Asia-Pacífico liderando con un 9%.
인베스코(NYSE: IVZ)는 2024년 3분기 재무 결과를 보고했으며, 희석 주당순이익(EPS)은 $0.12, 조정 희석 EPS는 $0.44입니다. 이 회사는 주로 ETF, 인덱스 및 고정 수익으로 인해 165억 달러의 순 장기 유입을 달성했습니다. 총 자산(AUM)은 $1.8조로 사상 최고치를 기록했으며, 이전 분기 대비 4.7% 증가했습니다. 운영 마진은 6.6%로, $147.6백만의 일회성 비현금 비용에 영향을 받았으며, 조정된 운영 마진은 31.6%였습니다.
인베스코는 10억 달러 이상의 현금 및 현금성 자산을 보유하며 견고한 대차대조표를 유지하고 있으며, 신용 시설에는 잔액이 없습니다. 이 회사는 분기 동안 2500만 달러에 150만 주의 일반주식을 재매입했습니다. CEO 앤드류 슐로스버그는 긍정적인 모멘텀과 기록적인 장기 AUM, 개선된 운영 소득 및 마진을 강조했습니다. 이 회사는 모든 지역에서 긍정적인 유기적 성장을 보았습니다, 아시아 태평양 지역이 9%로 선두를 차지했습니다.
Invesco (NYSE: IVZ) a publié ses résultats financiers pour le troisième trimestre de 2024, avec un BPA dilué de 0,12 $ et un BPA dilué ajusté de 0,44 $. La société a enregistré 16,5 milliards de dollars en flux nets à long terme, principalement grâce aux ETF, aux indices et à la dette fixe. Les actifs sous gestion (AUM) ont atteint un niveau record de 1,8 trillion de dollars, soit une augmentation de 4,7 % par rapport au trimestre précédent. La marge opérationnelle était de 6,6 %, affectée par une dépense non monétaire unique de 147,6 millions de dollars, tandis que la marge opérationnelle ajustée était de 31,6 %.
Invesco a maintenu un bilan solide avec plus d'un milliard de dollars en espèces et équivalents de trésorerie et aucun solde sur sa ligne de crédit. L'entreprise a racheté 1,5 million d'actions ordinaires pour 25 millions de dollars au cours du trimestre. Le PDG Andrew Schlossberg a souligné l'élan positif, un record de l'AUM à long terme et une amélioration des revenus et des marges opérationnelles. L'entreprise a connu une croissance organique positive dans toutes les régions, l'Asie-Pacifique en tête avec 9 %.
Invesco (NYSE: IVZ) hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem verwässerten EPS von $0.12 und einem angepassten verwässerten EPS von $0.44. Das Unternehmen erzielte 16,5 Milliarden Dollar an Nettomittelzuflüssen in den langfristigen Bereich, hauptsächlich getrieben von ETFs, Indizes und festverzinslichen Wertpapieren. Die verwalteten Vermögenswerte (AUM) stiegen auf ein Rekordhoch von $1,8 Billionen, was einem Anstieg von 4,7% im Vergleich zum vorherigen Quartal entspricht. Die operative Marge betrug 6,6%, beeinflusst durch eine einmalige, nicht zahlungswirksame Ausgabe von 147,6 Millionen Dollar, während die angepasste operative Marge 31,6% betrug.
Invesco wies eine starke Bilanz auf mit über 1 Milliarde Dollar in Bargeld und Bargeldäquivalenten und keinem Saldo auf seiner Kreditlinie. Das Unternehmen repurchase 1,5 Millionen Stammaktien für 25 Millionen Dollar im Laufe des Viertels. CEO Andrew Schlossberg hob die positive Entwicklung, Rekorde bei den langfristigen AUM und steigende Betriebsgewinne und -margen hervor. Das Unternehmen verzeichnete in allen Regionen ein positives organisches Wachstum, wobei Asien-Pazifik mit 9% führend war.
- Record high ending AUM of $1.8 trillion, a 4.7% increase from the previous quarter
- $16.5 billion in net long-term inflows for the quarter
- Adjusted operating margin improved to 31.6% from 30.9% in the previous quarter
- Positive organic growth in all three regions, led by Asia Pacific at 9%
- Strong balance sheet with over $1 billion in cash and cash equivalents
- Repurchased 1.5 million common shares for $25 million during the quarter
- Operating margin decreased to 6.6% due to a one-time non-cash expense of $147.6 million
- Diluted EPS decreased to $0.12 from $0.29 in the previous quarter
- Net income attributable to Invesco decreased by 58.4% compared to the previous quarter
Insights
Invesco's Q3 2024 results show a mix of positive and challenging developments. The company reported record AUM of
However, the operating margin dropped to
The diluted EPS of
While the shift towards lower-yield products may pressure future revenues, Invesco's diverse product suite and global presence position it well for continued growth in a challenging market environment.
Invesco's Q3 results reflect broader industry trends and competitive dynamics. The
However, the
The increase in average AUM by
Investors should monitor the ongoing shift in product mix and its impact on fee rates, as well as the company's ability to maintain its strong position in the rapidly growing ETF market.
Invesco Announces Third Quarter Diluted EPS of
$16 - Ending AUM grew to a record high of
$1 4.7% from the prior quarter 6.6% operating margin in Q3 2024 which includes a one-time non-cash acceleration of$147.6 million 31.6% adjusted operating margin(1)- Continued balance sheet strength - a zero balance on our credit facility and Cash and cash equivalents of over
$1 billion - Repurchased 1.5 million common shares for
$25 million
Update from Andrew Schlossberg, President and CEO
"We continued our positive momentum in the quarter. We finished the period with record long-term AUM and
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(1) | Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable |
Net Flows:
Net long-term inflows were
Retail and Institutional net long-term inflows were
Net market gains increased AUM in the third quarter by
Summary of net flows (in billions) | Q3-24 | Q2-24 | Q3-23 | |||
Active | ||||||
Passive | 17.1 | 14.4 | 13.5 | |||
Net long-term flows | 16.5 | 16.7 | 2.6 | |||
Non-management fee earning AUM | 3.5 | 6.6 | 3.6 | |||
Money market | 4.9 | (16.1) | ||||
Total net flows | 28.2 | |||||
Annualized long-term organic growth rate (1) | 5.2 % | 5.6 % | 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. |
Third Quarter Highlights:
Financial Results | Q3-24 | Q2-24 | Q3-24 vs. | Q3-23 | Q3-24 vs. | ||||
Operating revenues | | | 2.2 % | | 5.1 % | ||||
Operating income | | | (51.4) % | | (55.9) % | ||||
Operating margin | 6.6 % | 13.9 % | 15.8 % | ||||||
Net income attributable to Invesco Ltd. | | | (58.4) % | | (58.1) % | ||||
Diluted EPS | (58.6) % | (58.6) % | |||||||
Adjusted Financial Measures (1) | |||||||||
Net revenues | | | 1.7 % | | 0.6 % | ||||
Adjusted operating income | | | 4.0 % | | 12.8 % | ||||
Adjusted operating margin | 31.6 % | 30.9 % | 28.2 % | ||||||
Adjusted net income attributable to Invesco Ltd. | | | 1.8 % | | 25.5 % | ||||
Adjusted diluted EPS | 2.3 % | 25.7 % | |||||||
Assets Under Management | |||||||||
Ending AUM | | | 4.7 % | | 20.7 % | ||||
Average AUM | | | 4.4 % | | 14.0 % | ||||
Headcount | 8,524 | 8,536 | (0.1) % | 8,603 | (0.9) % |
(1) | Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable |
Third Quarter 2024 compared to Second Quarter 2024
Operating revenues and expenses: Operating revenues increased
Operating expenses increased
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a gain of
The effective tax rate was
Diluted earnings per common share: Diluted earnings per common share was
Third Quarter 2024 compared to Third Quarter 2023
Operating revenues and expenses: Operating revenues increased
Operating expenses increased
The effective tax rate was
Adjusted(1) Operating Results:
Third Quarter 2024 compared to Second Quarter 2024
Net revenues and adjusted operating expenses: Net revenues in the third quarter increased
After allowing for foreign exchange rate changes, Adjusted operating expenses in the third quarter decreased
Adjusted operating income increased
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a loss of
The adjusted effective tax rate was
Adjusted diluted earnings per common share was
Third Quarter 2024 compared to Third Quarter 2023
Net revenues and adjusted operating expenses: Net revenues in the third quarter of 2024 increased
Adjusted operating expenses in the third quarter of 2024 decreased
Adjusted operating income increased
The adjusted effective tax rate 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:
Common share repurchases: During the third quarter of 2024, the company repurchased 1.5 million common shares for
Common shares outstanding (end of period): 449.4 million
Diluted common shares outstanding (end of period): 455.1 million
Dividends paid:
Common dividends declared: The company is announcing a third quarter cash dividend of
Preferred dividends declared: The company is announcing 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, October 22, 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:
Media Relations Contact: | Greg Ketron Jennifer Church Andrea Raphael | 404-724-4299 404-439-3428 212-323-4202 |
Invesco Ltd. | |||||||||
(Unaudited, in millions, other than per share amounts) | |||||||||
Q3-24 | Q2-24 | % Change | Q3-23 | % Change | |||||
Operating revenues: | |||||||||
Investment management fees | $ 1,100.5 | $ 1,065.8 | 3.3 % | $ 1,041.3 | 5.7 % | ||||
Service and distribution fees | 360.3 | 361.6 | (0.4) % | 353.5 | 1.9 % | ||||
Performance fees | 2.8 | 8.7 | (67.8) % | 2.0 | 40.0 % | ||||
Other | 51.8 | 47.2 | 9.7 % | 45.2 | 14.6 % | ||||
Total operating revenues | 1,515.4 | 1,483.3 | 2.2 % | 1,442.0 | 5.1 % | ||||
Operating expenses: | |||||||||
Third-party distribution, service and advisory | 499.6 | 495.4 | 0.8 % | 448.2 | 11.5 % | ||||
Employee compensation | 625.4 | 452.3 | 38.3 % | 478.5 | 30.7 % | ||||
Marketing (1) | 18.9 | 20.6 | (8.3) % | 19.2 | (1.6) % | ||||
Property, office and technology (1) | 119.0 | 116.4 | 2.2 % | 111.1 | 7.1 % | ||||
General and administrative (1) | 140.8 | 180.4 | (22.0) % | 146.0 | (3.6) % | ||||
Amortization of intangible assets | 11.2 | 11.4 | (1.8) % | 11.3 | (0.9) % | ||||
Total operating expenses | 1,414.9 | 1,276.5 | 10.8 % | 1,214.3 | 16.5 % | ||||
Operating income | 100.5 | 206.8 | (51.4) % | 227.7 | (55.9) % | ||||
Other income/(expense): | |||||||||
Equity in earnings of unconsolidated affiliates | 2.1 | 13.9 | (84.9) % | 16.9 | (87.6) % | ||||
Interest and dividend income | 10.9 | 11.0 | (0.9) % | 10.8 | 0.9 % | ||||
Interest expense | (13.4) | (16.3) | (17.8) % | (17.3) | (22.5) % | ||||
Other gains/(losses), net | 28.3 | 3.6 | 686.1 % | (23.3) | N/A | ||||
Other income/(expense) of CIP, net | 16.7 | 40.9 | (59.2) % | 15.2 | 9.9 % | ||||
Income before income taxes | 145.1 | 259.9 | (44.2) % | 230.0 | (36.9) % | ||||
Income tax provision | (41.5) | (64.0) | (35.2) % | (61.3) | (32.3) % | ||||
Net income | 103.6 | 195.9 | (47.1) % | 168.7 | (38.6) % | ||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 10.6 | (4.5) | N/A | 21.9 | (51.6) % | ||||
Less: Dividends declared on preferred shares | (59.2) | (59.2) | — % | (59.2) | — % | ||||
Net income attributable to Invesco Ltd. | $ 55.0 | $ 132.2 | (58.4) % | $ 131.4 | (58.1) % | ||||
Earnings per common share: | |||||||||
---basic | (58.6) % | (58.6) % | |||||||
---diluted | (58.6) % | (58.6) % | |||||||
Average common shares outstanding: | |||||||||
---basic | 454.9 | 455.5 | (0.1) % | 451.7 | 0.7 % | ||||
---diluted | 455.6 | 456.1 | (0.1) % | 453.1 | 0.6 % | ||||
(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
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) | Q3-24 | Q2-24 | Q3-23 | |||
Operating revenues, | $ 1,515.4 | $ 1,483.3 | $ 1,442.0 | |||
Revenue Adjustments (1) | ||||||
Investment management fees | (207.0) | (203.8) | (193.7) | |||
Service and distribution fees | (252.0) | (253.5) | (219.2) | |||
Other | (40.6) | (38.1) | (35.3) | |||
Total Revenue Adjustments | $ (499.6) | $ (495.4) | $ (448.2) | |||
Invesco Great Wall (2) | 76.9 | 86.1 | 90.7 | |||
CIP (3) | 11.6 | 11.8 | 13.7 | |||
Net revenues | $ 1,104.3 | $ 1,085.8 | $ 1,098.2 | |||
Reconciliation of Operating income to Adjusted operating income:
(in millions) | Q3-24 | Q2-24 | Q3-23 | |||
Operating income, | $ 100.5 | $ 206.8 | $ 227.7 | |||
Invesco Great Wall (2) | 37.6 | 44.3 | 52.1 | |||
CIP (3) | 15.3 | 15.7 | 24.7 | |||
Amortization of intangible assets (4) | 11.2 | 11.4 | 11.3 | |||
Compensation expense related to market valuation changes in deferred compensation plans (5) | 36.6 | 7.1 | (6.6) | |||
One-time acceleration of compensation expense for currently outstanding long-term awards (6) | 147.6 | — | — | |||
General and administrative (7) | — | 50.0 | — | |||
Adjusted operating income | $ 348.8 | $ 335.3 | $ 309.2 | |||
Operating margin (8) | 6.6 % | 13.9 % | 15.8 % | |||
Adjusted operating margin (9) | 31.6 % | 30.9 % | 28.2 % |
Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd.
(in millions) | Q3-24 | Q2-24 | Q3-23 | |||
Net income attributable to Invesco Ltd., | $ 55.0 | 132.2 | $ 131.4 | |||
Adjustments (excluding tax): | ||||||
Amortization of intangible assets (4) | 11.2 | 11.4 | 11.3 | |||
Deferred compensation net market valuation changes (5) | 10.2 | 5.3 | 15.9 | |||
One-time acceleration of compensation expense for currently outstanding long-term awards (6) | 147.6 | — | — | |||
General and administrative (7) | — | 50.0 | — | |||
Total adjustments excluding tax | $ 169.0 | $ 66.7 | $ 27.2 | |||
Tax adjustment for amortization of intangible assets and goodwill (10) | 4.5 | 4.4 | 4.4 | |||
Other tax effects of adjustments above | (28.7) | (7.1) | (3.8) | |||
Adjusted net income attributable to Invesco Ltd. | $ 199.8 | $ 196.2 | $ 159.2 | |||
Average common shares outstanding - diluted | 455.6 | 456.1 | 453.1 | |||
Diluted EPS | ||||||
Adjusted diluted EPS (11) |
Reconciliation of Operating expenses to Adjusted operating expenses:
(in millions) | Q3-24 | Q2-24 | Q3-23 | |||
Operating expenses, | $ 1,414.9 | $ 1,276.5 | $ 1,214.3 | |||
Invesco Great Wall (2) | 39.3 | 41.8 | 38.6 | |||
Third-party distribution, service and advisory expenses | (499.6) | (495.4) | (448.2) | |||
CIP (3) | (3.7) | (3.9) | (11.0) | |||
Amortization of intangible assets (4) | (11.2) | (11.4) | (11.3) | |||
Compensation expense related to market valuation changes in deferred compensation plans (5) | (36.6) | (7.1) | 6.6 | |||
One-time acceleration of compensation expense for currently outstanding long-term awards (6) | (147.6) | — | — | |||
General and administrative (7) | — | (50.0) | — | |||
Adjusted operating expenses | $ 755.5 | $ 750.5 | $ 789.0 | |||
Employee compensation, | $ 625.4 | $ 452.3 | $ 478.5 | |||
Invesco Great Wall (2) | 28.7 | 30.8 | 28.8 | |||
Compensation expense related to market valuation changes in deferred compensation plans (5) | (36.6) | (7.1) | 6.6 | |||
One-time acceleration of compensation expense for currently outstanding long-term awards (6) | $ (147.6) | $ — | $ — | |||
Adjusted employee compensation | $ 469.9 | $ 476.0 | $ 513.9 | |||
Marketing, | $ 18.9 | $ 20.6 | $ 19.2 | |||
Invesco Great Wall (2)(12) | 2.0 | 2.2 | 1.9 | |||
Adjusted marketing (12) | $ 20.9 | $ 22.8 | $ 21.1 | |||
Property, office and technology, | $ 119.0 | $ 116.4 | $ 111.1 | |||
Invesco Great Wall (2)(12) | 4.3 | 4.5 | 4.0 | |||
Adjusted property, office and technology (12) | $ 123.3 | $ 120.9 | $ 115.1 | |||
General and administrative, | $ 140.8 | $ 180.4 | $ 146.0 | |||
Invesco Great Wall (2)(12) | 4.3 | 4.3 | 3.9 | |||
CIP (3) | (3.7) | (3.9) | (11.0) | |||
Regulatory matters (7) | — | (50.0) | — | |||
Adjusted general and administrative (12) | $ 141.4 | $ 130.8 | $ 138.9 | |||
Amortization of intangible assets, | $ 11.2 | $ 11.4 | $ 11.3 | |||
Amortization of intangible assets (4) | (11.2) | (11.4) | (11.3) | |||
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) | 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 |
(7) | General and administrative: The company recorded a |
(8) | Operating margin is equal to Operating income divided by Operating revenues. |
(9) | Adjusted operating margin is equal to Adjusted operating income divided by Net revenues. |
(10) | 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. |
(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) | 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 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 | Nine Months Ended | ||||||||||||
(in billions) | September | June 30, | % | September | September | September | % | ||||||
Beginning Assets | 3.2 % | 12.5 % | |||||||||||
Long-term inflows | 107.2 | 97.8 | 9.6 % | 67.4 | 285.3 | 218.1 | 30.8 % | ||||||
Long-term outflows | (90.7) | (81.1) | 11.8 % | (64.8) | (245.8) | (214.6) | 14.5 % | ||||||
Net long-term flows | 16.5 | 16.7 | (1.2) % | 2.6 | 39.5 | 3.5 | 1,028.6 % | ||||||
Net flows in non-management fee earning AUM (a) | 3.5 | 6.6 | (47.0) % | 3.6 | 19.6 | 3.1 | 532.3 % | ||||||
Net flows in money market funds | (7.3) | 4.9 | N/A | (16.1) | (1.7) | 7.0 | N/A | ||||||
Total net flows | 12.7 | 28.2 | (55.0) % | (9.9) | 57.4 | 13.6 | 322.1 % | ||||||
Reinvested distributions | 1.0 | 1.4 | (28.6) % | 1.1 | 3.5 | 3.1 | 12.9 % | ||||||
Market gains and losses | 49.8 | 27.4 | 81.8 % | (34.2) | 145.2 | 74.2 | 95.7 % | ||||||
Dispositions | — | — | N/A | (1.4) | — | (1.4) | N/A | ||||||
Foreign currency translation | 16.3 | (3.9) | N/A | (6.5) | 4.2 | (11.4) | N/A | ||||||
Ending Assets | 4.7 % | 20.7 % | |||||||||||
Ending long-term AUM | 6.3 % | 21.3 % | |||||||||||
Average long-term AUM | 4.7 % | 10.8 % | |||||||||||
Average AUM | 4.4 % | 12.0 % | |||||||||||
Average QQQ AUM | 9.2 % | 47.7 % | |||||||||||
Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | |||||||
By investment approach: (in billions) | Active(c) | Passive(c) | Active(c) | Passive(c) | ||||
Beginning Assets | ||||||||
Long-term inflows | 49.3 | 57.9 | 141.4 | 143.9 | ||||
Long-term outflows | (49.9) | (40.8) | (146.8) | (99.0) | ||||
Net long-term flows | (0.6) | 17.1 | (5.4) | 44.9 | ||||
Net flows in non-management fee earning AUM (a) | — | 3.5 | — | 19.6 | ||||
Net flows in money market funds | (7.3) | — | (1.7) | — | ||||
Total net flows | (7.9) | 20.6 | (7.1) | 64.5 | ||||
Reinvested distributions | 1.0 | — | 3.5 | — | ||||
Market gains and losses | 21.6 | 28.2 | $ 47.0 | $ 98.2 | ||||
Foreign currency translation | 14.3 | 2.0 | $ 3.6 | $ 0.6 | ||||
Ending Assets | ||||||||
Average AUM | ||||||||
Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | |||||||
By channel: (in billions) | Retail | Institutional | Retail | Institutional | ||||
Beginning Assets | ||||||||
Long-term inflows | 82.4 | 24.8 | 216.1 | 69.2 | ||||
Long-term outflows | (69.5) | (21.2) | (184.5) | (61.3) | ||||
Net long-term flows | 12.9 | 3.6 | 31.6 | 7.9 | ||||
Net flows in non-management fee earning AUM (a) | 2.7 | 0.8 | 18.4 | 1.2 | ||||
Net flows in money market funds | 0.1 | (7.4) | 0.7 | (2.4) | ||||
Total net flows | 15.7 | (3.0) | 50.7 | 6.7 | ||||
Reinvested distributions | 1.0 | — | 3.5 | — | ||||
Market gains and losses | 43.1 | 6.7 | 129.1 | 16.1 | ||||
Foreign currency translation | 5.9 | 10.4 | 1.9 | 2.3 | ||||
Ending Assets | ||||||||
See the footnotes immediately following these tables. |
Invesco Ltd. | ||||||||||||
Assets Under Management (continued) | ||||||||||||
Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | |||||||||||
By client domicile: (in billions) | EMEA | EMEA | ||||||||||
Beginning Assets | ||||||||||||
Long-term inflows | 60.2 | 26.0 | 21.0 | 150.0 | 77.1 | 58.2 | ||||||
Long-term outflows | (51.9) | (20.9) | (17.9) | (137.1) | (58.5) | (50.2) | ||||||
Net long-term flows | 8.3 | 5.1 | 3.1 | 12.9 | 18.6 | 8.0 | ||||||
Net flows in non-management fee earning AUM (a) | 2.1 | 0.5 | 0.9 | 18.1 | (0.3) | 1.8 | ||||||
Net flows in money market funds | (7.8) | 0.7 | (0.2) | (1.5) | 0.2 | (0.4) | ||||||
Total net flows | 2.6 | 6.3 | 3.8 | 29.5 | 18.5 | 9.4 | ||||||
Reinvested distributions | 1.0 | — | — | 3.4 | — | 0.1 | ||||||
Market gains and losses | 35.4 | 3.7 | 10.7 | 108.8 | 11.3 | 25.1 | ||||||
Foreign currency translation | 0.5 | 11.2 | 4.6 | (0.3) | 1.3 | 3.2 | ||||||
Ending Assets | ||||||||||||
Three Months Ended September 30, 2024 | ||||||||||||||||
By investment capability (b): (in billions) | ETFs and | Fundamental | Fundamental | Private | APAC | Multi- | Global | QQQ (j) | ||||||||
Beginning Assets | ||||||||||||||||
Long-term inflows | 53.2 | 19.5 | 8.5 | 6.5 | 16.6 | 2.9 | — | — | ||||||||
Long-term outflows | (35.5) | (13.6) | (14.8) | (6.8) | (17.4) | (2.6) | — | — | ||||||||
Net long-term flows | 17.7 | 5.9 | (6.3) | (0.3) | (0.8) | 0.3 | — | — | ||||||||
Net flows in non-management fee earning AUM (a) | — | — | — | — | — | 0.6 | — | 2.9 | ||||||||
Net flows in money market funds | — | — | — | — | 0.6 | — | (7.9) | — | ||||||||
Total net flows | 17.7 | 5.9 | (6.3) | (0.3) | (0.2) | 0.9 | (7.9) | 2.9 | ||||||||
Reinvested distributions | — | 0.5 | 0.2 | 0.2 | — | — | 0.1 | — | ||||||||
Market gains and losses | 23.2 | 5.9 | 12.8 | (0.3) | 1.5 | 1.3 | 0.1 | 5.3 | ||||||||
Foreign currency translation | 1.6 | 5.6 | 3.0 | 1.1 | 3.5 | 1.3 | 0.2 | — | ||||||||
Ending Assets | ||||||||||||||||
Average AUM | ||||||||||||||||
Nine Months Ended September 30, 2024 | ||||||||||||||||
By investment capability (b): (in billions) | ETFs and | Fundamental | Fundamental | Private | APAC | Multi- | Global | QQQ (j) | ||||||||
Beginning Assets | ||||||||||||||||
Long-term inflows | 129.6 | 51.7 | 25.9 | 16.9 | 53.6 | 7.6 | — | — | ||||||||
Long-term outflows | (87.9) | (43.1) | (44.1) | (13.6) | (48.5) | (8.6) | — | — | ||||||||
Net long-term flows | 41.7 | 8.6 | (18.2) | 3.3 | 5.1 | (1.0) | — | — | ||||||||
Net flows in non-management fee earning AUM (a) | — | — | — | — | — | 0.8 | — | 18.8 | ||||||||
Net flows in money market funds | — | — | — | — | — | — | (1.7) | — | ||||||||
Total net flows | 41.7 | 8.6 | (18.2) | 3.3 | 5.1 | (0.2) | (1.7) | 18.8 | ||||||||
Reinvested distributions | — | 1.5 | 1.0 | 0.6 | — | 0.1 | 0.3 | — | ||||||||
Market gains and losses | 53.2 | 7.2 | 34.0 | (4.0) | 3.1 | 5.3 | 0.4 | 46.0 | ||||||||
Foreign currency translation | 0.6 | 0.6 | 1.2 | 0.2 | 1.0 | 0.5 | 0.1 | — | ||||||||
Ending Assets | ||||||||||||||||
Average AUM | ||||||||||||||||
See the footnotes immediately following these tables. |
Invesco Ltd. | |||||||||||||
Assets Under Management - Active (k) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(in billions) | September | June 30, | % | September | September | September | % Change | ||||||
Beginning Assets | $ 1,003.3 | $ 995.7 | 0.8 % | $ 1,016.6 | $ 985.3 | $ 976.2 | 0.9 % | ||||||
Long-term inflows | 49.3 | 49.7 | (0.8) % | 36.0 | 141.4 | 123.0 | 15.0 % | ||||||
Long-term outflows | (49.9) | (47.4) | 5.3 % | (46.9) | (146.8) | (144.8) | 1.4 % | ||||||
Net long-term flows | (0.6) | 2.3 | N/A | (10.9) | (5.4) | (21.8) | (75.2) % | ||||||
Net flows in money market funds | (7.3) | 4.9 | N/A | (16.1) | (1.7) | 7.0 | N/A | ||||||
Total net flows | (7.9) | 7.2 | N/A | (27.0) | (7.1) | (14.8) | (52.0) % | ||||||
Reinvested distributions | 1.0 | 1.4 | (28.6) % | 1.1 | 3.5 | 3.1 | 12.9 % | ||||||
Market gains and losses | 21.6 | 2.9 | 644.8 % | (17.7) | 47.0 | 13.1 | 258.8 % | ||||||
Dispositions | — | — | N/A | (1.4) | — | (1.4) | N/A | ||||||
Foreign currency translation | 14.3 | (3.9) | N/A | (5.5) | 3.6 | (10.1) | N/A | ||||||
Ending Assets | $ 1,032.3 | $ 1,003.3 | 2.9 % | $ 966.1 | $ 1,032.3 | $ 966.1 | 6.9 % | ||||||
Average long-term AUM | $ 820.4 | $ 798.9 | 2.7 % | $ 780.3 | $ 802.4 | $ 785.6 | 2.1 % | ||||||
Average AUM | $ 1,007.4 | $ 994.6 | 1.3 % | $ 994.5 | $ 994.3 | $ 1,000.9 | (0.7) % | ||||||
Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | |||||||
By channel: (in billions) | Retail | Institutional | Retail | Institutional | ||||
Beginning Assets | ||||||||
Long-term inflows | 27.6 | 21.7 | 80.3 | 61.1 | ||||
Long-term outflows | (31.2) | (18.7) | (94.0) | (52.8) | ||||
Net long-term flows | (3.6) | 3.0 | (13.7) | 8.3 | ||||
Net flows in money market funds | 0.1 | (7.4) | 0.7 | (2.4) | ||||
Total net flows | (3.5) | (4.4) | (13.0) | 5.9 | ||||
Reinvested distributions | 1.0 | — | 3.5 | — | ||||
Market gains and losses | 18.2 | 3.4 | 40.1 | 6.9 | ||||
Foreign currency translation | 5.0 | 9.3 | 1.8 | 1.8 | ||||
Ending Assets | ||||||||
Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | |||||||||||
By client domicile: (in billions) | EMEA | EMEA | ||||||||||
Beginning Assets | ||||||||||||
Long-term inflows | 23.3 | 20.2 | 5.8 | 62.3 | 60.9 | 18.2 | ||||||
Long-term outflows | (26.3) | (17.2) | (6.4) | (80.2) | (45.9) | (20.7) | ||||||
Net long-term flows | (3.0) | 3.0 | (0.6) | (17.9) | 15.0 | (2.5) | ||||||
Net flows in money market funds | (7.8) | 0.7 | (0.2) | (1.5) | 0.2 | (0.4) | ||||||
Total net flows | (10.8) | 3.7 | (0.8) | (19.4) | 15.2 | (2.9) | ||||||
Reinvested distributions | 1.0 | — | — | 3.4 | — | 0.1 | ||||||
Market gains and losses | 16.1 | 1.6 | 3.9 | 36.3 | 4.2 | 6.5 | ||||||
Foreign currency translation | 0.4 | 9.8 | 4.1 | (0.2) | 0.8 | 3.0 | ||||||
Ending Assets | ||||||||||||
See the footnotes immediately following these tables. |
Invesco Ltd. | |||||||||||||
Assets Under Management - Passive (k) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(in billions) | September | June 30, | % | September | September | September | % | ||||||
Beginning Assets | 6.8 % | 38.6 % | |||||||||||
Long-term inflows | 57.9 | 48.1 | 20.4 % | 31.4 | 143.9 | 95.1 | 51.3 % | ||||||
Long-term outflows | (40.8) | (33.7) | 21.1 % | (17.9) | (99.0) | (69.8) | 41.8 % | ||||||
Net long-term flows | 17.1 | 14.4 | 18.8 % | 13.5 | 44.9 | 25.3 | 77.5 % | ||||||
Net flows in non-management fee earning AUM (a) | 3.5 | 6.6 | (47.0) % | 3.6 | 19.6 | 3.1 | 532.3 % | ||||||
Total net flows | 20.6 | 21.0 | (1.9) % | 17.1 | 64.5 | 28.4 | 127.1 % | ||||||
Market gains and losses | 28.2 | 24.5 | 15.1 % | (16.5) | 98.2 | 61.1 | 60.7 % | ||||||
Foreign currency translation | 2.0 | — | N/A | (1.0) | 0.6 | (1.3) | N/A | ||||||
Ending Assets | 7.1 % | 46.5 % | |||||||||||
Average long-term AUM | 8.8 % | 33.0 % | |||||||||||
Average AUM | 8.9 % | 37.6 % | |||||||||||
Average QQQ AUM | 9.2 % | 47.7 % | |||||||||||
Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | |||||||
By channel: (in billions) | Retail | Institutional | Retail | Institutional | ||||
Beginning Assets | ||||||||
Long-term inflows | 54.8 | 3.1 | 135.8 | 8.1 | ||||
Long-term outflows | (38.3) | (2.5) | (90.5) | (8.5) | ||||
Net long-term flows | 16.5 | 0.6 | 45.3 | (0.4) | ||||
Net flows in non-management fee earning AUM (a) | 2.7 | 0.8 | 18.4 | 1.2 | ||||
Total net flows | 19.2 | 1.4 | 63.7 | 0.8 | ||||
Market gains and losses | 24.9 | 3.3 | 89.0 | 9.2 | ||||
Foreign currency translation | 0.9 | 1.1 | 0.1 | 0.5 | ||||
Ending Assets | ||||||||
Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | |||||||||||
By client domicile: (in billions) | EMEA | EMEA | ||||||||||
Beginning Assets | ||||||||||||
Long-term inflows | 36.9 | 5.8 | 15.2 | 87.7 | 16.2 | 40.0 | ||||||
Long-term outflows | (25.6) | (3.7) | (11.5) | (56.9) | (12.6) | (29.5) | ||||||
Net long-term flows | 11.3 | 2.1 | 3.7 | 30.8 | 3.6 | 10.5 | ||||||
Net flows in non-management fee earning AUM (a) | 2.1 | 0.5 | 0.9 | 18.1 | (0.3) | 1.8 | ||||||
Total net flows | 13.4 | 2.6 | 4.6 | 48.9 | 3.3 | 12.3 | ||||||
Market gains and losses | 19.3 | 2.1 | 6.8 | 72.5 | 7.1 | 18.6 | ||||||
Foreign currency translation | 0.1 | 1.4 | 0.5 | (0.1) | 0.5 | 0.2 | ||||||
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) | 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 September 30, 2024 | For the three months ended September 30, 2023 | ||||||||||
Cash flow information (in millions) | Impact of | Excluding | Impact of | Excluding | |||||||
Invesco and CIP cash and cash equivalents, beginning of period | $ 1,541.3 | $ (662.8) | $ 878.5 | $ 1,287.1 | $ (277.2) | $ 1,009.9 | |||||
Cash flows from operating activities | 438.4 | 3.3 | 441.7 | 354.1 | 103.1 | 457.2 | |||||
Cash flows from investing activities | 27.9 | (154.6) | (126.7) | 66.5 | (113.4) | (46.9) | |||||
Cash flows from financing activities | (409.1) | 224.4 | (184.7) | (125.5) | (27.7) | (153.2) | |||||
Increase/(decrease) in cash and cash equivalents | 57.2 | 73.1 | 130.3 | 295.1 | (38.0) | 257.1 | |||||
Foreign exchange movement on cash and cash equivalents | 40.9 | (4.8) | 36.1 | (27.1) | 1.6 | (25.5) | |||||
Cash and cash equivalents, end of the period | $ 1,639.4 | $ (594.5) | $ 1,044.9 | $ 1,555.1 | $ (313.6) | $ 1,241.5 | |||||
For the nine months ended September 30, 2024 | For the nine months ended September 30, 2023 | ||||||||||
Cash flow information (in millions) | Impact of | Excluding | Impact of | Excluding | |||||||
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 | 873.1 | (109.0) | 764.1 | 586.5 | 227.8 | 814.3 | |||||
Cash flows from investing activities | 85.3 | (180.9) | (95.6) | 17.3 | (189.1) | (171.8) | |||||
Cash flows from financing activities | (1,269.1) | 159.5 | (1,109.6) | (475.1) | (153.3) | (628.4) | |||||
Increase/(decrease) in cash and cash equivalents | (310.7) | (130.4) | (441.1) | 128.7 | (114.6) | 14.1 | |||||
Foreign exchange movement on cash and cash equivalents | 18.5 | (1.7) | 16.8 | (7.7) | 0.4 | (7.3) | |||||
Cash and cash equivalents, end of the period | $ 1,639.4 | $ (594.5) | $ 1,044.9 | $ 1,555.1 | $ (313.6) | $ 1,241.5 | |||||
(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. |
Invesco Ltd. | |||||||||||||
Supplemental Information(1) | |||||||||||||
As of September 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 | $ 1,044.9 | $ — | $ 1,044.9 | $ 1,469.2 | $ — | $ — | $ 1,469.2 | ||||||
Investments | 1,128.9 | 396.1 | 1,525.0 | 919.1 | 527.4 | — | 1,446.5 | ||||||
Investments and other assets of CIP | 8,012.1 | (8,012.1) | — | 9,016.0 | (9,016.0) | — | — | ||||||
Cash and cash equivalents of CIP | 594.5 | (594.5) | — | 462.4 | (462.4) | — | — | ||||||
Assets held for policyholders (2) | — | — | — | 393.9 | — | (393.9) | — | ||||||
Goodwill and intangible assets, net | 14,547.1 | — | 14,547.1 | 14,539.6 | — | — | 14,539.6 | ||||||
Other assets (3) | 2,175.1 | 11.6 | 2,186.7 | 2,133.6 | 18.8 | — | 2,152.4 | ||||||
Total assets | $ (8,932.2) | $ (393.9) | $ 19,607.7 | ||||||||||
LIABILITIES | |||||||||||||
Debt of CIP | $ 6,562.6 | $ — | $ 7,121.8 | $ (7,121.8) | $ — | $ — | |||||||
Other liabilities of CIP | 484.1 | (484.1) | — | 492.1 | (492.1) | — | — | ||||||
Policyholder payables (2) | — | — | — | 393.9 | — | (393.9) | — | ||||||
Debt | 890.3 | — | 890.3 | 1,489.5 | — | — | 1,489.5 | ||||||
Other liabilities (4) | 3,659.0 | — | 3,659.0 | 3,520.5 | — | — | 3,520.5 | ||||||
Total liabilities | $ 4,549.3 | $ (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) | 1,152.3 | (1,152.3) | — | 1,318.4 | (1,318.4) | — | — | ||||||
Total equity | 15,906.6 | (1,152.2) | 14,754.4 | 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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