Janus Henderson Group plc Reports Fourth Quarter 2021 Results and Announces Management-Led Buyout of Quantitative Equities Subsidiary Intech
Janus Henderson Group plc (NYSE: JHG) reported strong fourth-quarter 2021 results, achieving operating income of US$157.6 million and adjusted operating income of US$239.7 million, reflecting a 3% annual increase. The company’s AUM reached a record US$432.3 billion, despite net outflows of US$(5.2 billion), primarily in Quantitative Equities. The Board declared a quarterly dividend of US$0.38 per share and completed US$66.9 million in share buybacks. The company also announced the strategic sale of its Quantitative Equities subsidiary, enhancing operational focus for both entities.
- Record AUM of US$432.3 billion, up 3% from the previous quarter.
- Fourth quarter adjusted operating income rose 3% year-over-year to US$239.7 million.
- Board declared a quarterly dividend of US$0.38 per share.
- Completed US$66.9 million in share buybacks during Q4.
- Operating income decreased from US$248.3 million in Q3 2021 to US$157.6 million in Q4 2021.
- Diluted earnings per share dropped from US$1.14 in Q3 2021 to US$0.78 in Q4 2021.
- Net outflows of US$5.2 billion concentrated in Quantitative Equities.
-
Solid long-term investment performance, with
54% ,58% ,76% and84% of assets under management (‘AUM’) outperforming relevant benchmarks on a one-, three-, five- and 10-year basis, respectively, as at31 December 2021 -
Fourth quarter 2021 operating income was
US ; fourth quarter 2021 adjusted operating income of$157.6 million US increased$239.7 million 3% compared to the same period a year ago -
Record AUM of
US increased$432.3 billion 3% compared to the prior quarter, due to market performance partially offset by net outflows ofUS which were concentrated in$(5.2) billion Quantitative Equities -
Completed
US of share buybacks during the fourth quarter and the Board declared quarterly dividend of$66.9 million US per share$0.38 -
Announces strategic decision to sell its
Quantitative Equities subsidiaryIntech Investment Management to a consortium of Intech management and certain non-executive directors
Fourth quarter 2021 operating income was
Fourth quarter 2021 diluted earnings per share of
Management-Led Buyout of Quantitative Equities Subsidiary Intech
With a focus on company strategy and execution,
“2021 was a year of significant progress towards our strategy of Simple Excellence. We launched new products in focus areas of growth including active ETFs, ESG and Fixed Income. We strengthened our leadership with key hires. We improved our platform through significant technology and data upgrades, and the strategic decision to sell Intech further simplifies our operating model. We are pleased to have reached an agreement with Intech that benefits both firms, providing
“Our dedicated focus on our clients produced good momentum in our business. Flows into Fixed Income and Multi-Asset capabilities were robust and we saw good client demand in our Intermediary channel, particularly in the EMEA & LatAm and
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)
The Group presents its financial results in US$ and in accordance with accounting principles generally accepted in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Year ended |
|
||||||
|
|
31 Dec |
|
30 Sep |
|
31 Dec |
|
31 Dec |
|
31 Dec |
|
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
GAAP basis: |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
697.2 |
|
687.4 |
|
657.2 |
|
2,767.0 |
|
2,298.6 |
|
Operating expenses |
|
539.6 |
|
439.1 |
|
430.2 |
|
1,943.6 |
|
2,140.8 |
|
Operating income |
|
157.6 |
|
248.3 |
|
227.0 |
|
823.4 |
|
157.8 |
|
Operating margin |
|
22.6 |
% |
36.1 |
% |
34.5 |
% |
29.8 |
% |
6.9 |
% |
Net income attributable to JHG |
|
132.5 |
|
196.8 |
|
186.8 |
|
622.1 |
|
161.6 |
|
Diluted earnings per share |
|
0.78 |
|
1.14 |
|
1.02 |
|
3.59 |
|
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted basis: |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
549.9 |
|
545.3 |
|
528.5 |
|
2,215.4 |
|
1,834.2 |
|
Operating expenses |
|
310.2 |
|
292.3 |
|
296.8 |
|
1,251.9 |
|
1,137.5 |
|
Operating income |
|
239.7 |
|
253.0 |
|
231.7 |
|
963.5 |
|
696.7 |
|
Operating margin |
|
43.6 |
% |
46.4 |
% |
43.8 |
% |
43.5 |
% |
38.0 |
% |
Net income attributable to JHG |
|
180.1 |
|
199.5 |
|
189.0 |
|
741.6 |
|
557.9 |
|
Diluted earnings per share |
|
1.05 |
|
1.16 |
|
1.04 |
|
4.28 |
|
3.01 |
|
DIVIDEND AND SHARE BUYBACK
On
As part of the
Net tangible assets per share
|
|
|
|
|
US$ |
|
|
|
|
Net tangible assets / (liabilities) per ordinary share |
|
4.41 |
|
3.68 |
Net tangible assets are defined by the ASX as being total assets less intangible assets less total liabilities ranking ahead of, or equally with, claims of ordinary shares.
AUM AND FLOWS (in US$ billions)
FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client switches.
|
|
|
|
|
|
|
|||
|
|
Three months ended |
|||||||
|
|
31 Dec |
|
30 Sep |
|
31 Dec |
|||
|
|
2021 |
|
2021 |
|
2020 |
|||
Opening AUM |
|
419.3 |
|
|
427.6 |
|
|
358.3 |
|
Sales |
|
19.3 |
|
|
16.0 |
|
|
23.2 |
|
Redemptions |
|
(24.5 |
) |
|
(21.2 |
) |
|
(24.3 |
) |
Net sales / (redemptions) |
|
(5.2 |
) |
|
(5.2 |
) |
|
(1.1 |
) |
Market / FX |
|
18.2 |
|
|
(3.1 |
) |
|
44.4 |
|
Closing AUM |
|
432.3 |
|
|
419.3 |
|
|
401.6 |
|
Quarterly AUM and flows by capability
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Equities |
|
Fixed
|
|
Multi-Asset |
|
Quantitative
|
|
Alternatives |
|
Total |
||||||
AUM |
|
219.4 |
|
|
81.5 |
|
|
48.0 |
|
|
42.0 |
|
|
10.7 |
|
|
401.6 |
|
Sales |
|
10.5 |
|
|
5.9 |
|
|
3.0 |
|
|
0.2 |
|
|
1.1 |
|
|
20.7 |
|
Redemptions |
|
(12.0 |
) |
|
(5.5 |
) |
|
(2.2 |
) |
|
(2.3 |
) |
|
(2.0 |
) |
|
(24.0 |
) |
Net sales / (redemptions) |
|
(1.5 |
) |
|
0.4 |
|
|
0.8 |
|
|
(2.1 |
) |
|
(0.9 |
) |
|
(3.3 |
) |
Market / FX |
|
7.0 |
|
|
(2.4 |
) |
|
0.7 |
|
|
1.4 |
|
|
0.1 |
|
|
6.8 |
|
AUM |
|
224.9 |
|
|
79.5 |
|
|
49.5 |
|
|
41.3 |
|
|
9.9 |
|
|
405.1 |
|
Sales |
|
8.6 |
|
|
5.9 |
|
|
2.4 |
|
|
0.2 |
|
|
1.3 |
|
|
18.4 |
|
Redemptions |
|
(10.5 |
) |
|
(6.0 |
) |
|
(1.9 |
) |
|
(1.5 |
) |
|
(1.0 |
) |
|
(20.9 |
) |
Net sales / (redemptions) |
|
(1.9 |
) |
|
(0.1 |
) |
|
0.5 |
|
|
(1.3 |
) |
|
0.3 |
|
|
(2.5 |
) |
Market / FX |
|
17.1 |
|
|
1.1 |
|
|
3.2 |
|
|
3.4 |
|
|
0.2 |
|
|
25.0 |
|
AUM |
|
240.1 |
|
|
80.5 |
|
|
53.2 |
|
|
43.4 |
|
|
10.4 |
|
|
427.6 |
|
Sales |
|
7.5 |
|
|
4.7 |
|
|
2.6 |
|
|
0.1 |
|
|
1.1 |
|
|
16.0 |
|
Redemptions |
|
(10.1 |
) |
|
(4.0 |
) |
|
(1.8 |
) |
|
(4.5 |
) |
|
(0.8 |
) |
|
(21.2 |
) |
Net sales / (redemptions) |
|
(2.6 |
) |
|
0.7 |
|
|
0.8 |
|
|
(4.4 |
) |
|
0.3 |
|
|
(5.2 |
) |
Market / FX |
|
(1.3 |
) |
|
(1.7 |
) |
|
(0.1 |
) |
|
0.1 |
|
|
(0.1 |
) |
|
(3.1 |
) |
AUM |
|
236.2 |
|
|
79.5 |
|
|
53.9 |
|
|
39.1 |
|
|
10.6 |
|
|
419.3 |
|
Sales |
|
8.1 |
|
|
5.6 |
|
|
4.3 |
|
|
0.1 |
|
|
1.2 |
|
|
19.3 |
|
Redemptions |
|
(11.3 |
) |
|
(5.5 |
) |
|
(2.2 |
) |
|
(4.3 |
) |
|
(1.2 |
) |
|
(24.5 |
) |
Net sales / (redemptions) |
|
(3.2 |
) |
|
0.1 |
|
|
2.1 |
|
|
(4.2 |
) |
|
— |
|
|
(5.2 |
) |
Market / FX |
|
11.3 |
|
|
— |
|
|
3.7 |
|
|
3.1 |
|
|
0.1 |
|
|
18.2 |
|
AUM |
|
244.3 |
|
|
79.6 |
|
|
59.7 |
|
|
38.0 |
|
|
10.7 |
|
|
432.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
|
|
|
|
|
|
|
|
Three months ended |
||||
|
|
31 Dec |
|
30 Sep |
|
31 Dec |
|
|
2021 |
|
2021 |
|
2020 |
Equities |
|
243.0 |
|
243.5 |
|
204.1 |
Fixed Income |
|
79.8 |
|
80.9 |
|
78.1 |
Multi-Asset |
|
57.3 |
|
54.9 |
|
45.6 |
|
|
38.7 |
|
41.9 |
|
40.8 |
Alternatives |
|
10.6 |
|
10.7 |
|
10.4 |
Total |
|
429.4 |
|
431.9 |
|
379.0 |
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at
|
|
|
|
|
|
|
|
|
|
Capability |
|
1-year |
|
3-year |
|
5-year |
|
10-year |
|
Equities |
|
39 |
% |
37 |
% |
68 |
% |
81 |
% |
Fixed Income |
|
91 |
% |
96 |
% |
96 |
% |
98 |
% |
Multi-Asset |
|
99 |
% |
96 |
% |
96 |
% |
97 |
% |
|
|
8 |
% |
58 |
% |
53 |
% |
21 |
% |
Alternatives |
|
91 |
% |
100 |
% |
100 |
% |
100 |
% |
Total |
|
54 |
% |
58 |
% |
76 |
% |
84 |
% |
Cash management vehicles, ETF-enhanced beta strategies, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent
% of mutual fund AUM in top 2 Morningstar quartiles (at
|
|
|
|
|
|
|
|
|
|
Capability |
|
1-year |
|
3-year |
|
5-year |
|
10-year |
|
Equities |
|
54 |
% |
51 |
% |
52 |
% |
86 |
% |
Fixed Income |
|
64 |
% |
81 |
% |
75 |
% |
70 |
% |
Multi-Asset |
|
95 |
% |
93 |
% |
93 |
% |
94 |
% |
|
|
0 |
% |
11 |
% |
13 |
% |
0 |
% |
Alternatives |
|
50 |
% |
34 |
% |
100 |
% |
100 |
% |
Total |
|
62 |
% |
61 |
% |
64 |
% |
86 |
% |
Includes
Analysis based on ‘primary’ share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for
ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by
FIRST QUARTER 2022 RESULTS
FOURTH QUARTER AND FULL-YEAR 2021 RESULTS BRIEFING INFORMATION
Chief Executive Officer
Those wishing to participate should call:
|
|
|
|
0808 189 6484 (toll free) |
|
|
844 200 6205 (toll free) |
|
|
02 7908 3093 (this is not toll free) |
|
All other countries |
+1 929 526 1599 (this is not toll free) |
|
Conference ID |
982643 |
Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website (ir.janushenderson.com).
About
At
FINANCIAL DISCLOSURES
Condensed consolidated statements of comprehensive income (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three months ended |
|
Year ended |
|||||||||||
(in US$ millions, except per share data or as noted) |
|
31 Dec
|
|
30 Sep
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|||||
Management fees |
|
565.9 |
|
|
564.5 |
|
|
489.1 |
|
|
2,189.4 |
|
|
1,794.1 |
|
Performance fees |
|
7.7 |
|
|
0.6 |
|
|
59.3 |
|
|
102.7 |
|
|
98.1 |
|
Shareowner servicing fees |
|
68.3 |
|
|
67.6 |
|
|
57.9 |
|
|
260.7 |
|
|
209.2 |
|
Other revenue |
|
55.3 |
|
|
54.7 |
|
|
50.9 |
|
|
214.2 |
|
|
197.2 |
|
Total revenue |
|
697.2 |
|
|
687.4 |
|
|
657.2 |
|
|
2,767.0 |
|
|
2,298.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|||||
Employee compensation and benefits |
|
160.1 |
|
|
166.2 |
|
|
162.3 |
|
|
693.3 |
|
|
618.6 |
|
Long-term incentive plans |
|
42.7 |
|
|
35.0 |
|
|
44.7 |
|
|
181.0 |
|
|
170.1 |
|
Distribution expenses |
|
147.3 |
|
|
142.1 |
|
|
128.7 |
|
|
551.6 |
|
|
464.4 |
|
Investment administration |
|
12.9 |
|
|
13.0 |
|
|
12.6 |
|
|
51.6 |
|
|
50.0 |
|
Marketing |
|
11.3 |
|
|
7.5 |
|
|
3.9 |
|
|
31.7 |
|
|
19.6 |
|
General, administrative and occupancy |
|
77.6 |
|
|
65.5 |
|
|
66.4 |
|
|
271.8 |
|
|
255.2 |
|
Impairment of goodwill and intangible assets |
|
77.5 |
|
|
— |
|
|
— |
|
|
121.9 |
|
|
513.7 |
|
Depreciation and amortisation |
|
10.2 |
|
|
9.8 |
|
|
11.6 |
|
|
40.7 |
|
|
49.2 |
|
Total operating expenses |
|
539.6 |
|
|
439.1 |
|
|
430.2 |
|
|
1,943.6 |
|
|
2,140.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income |
|
157.6 |
|
|
248.3 |
|
|
227.0 |
|
|
823.4 |
|
|
157.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense |
|
(3.2 |
) |
|
(3.2 |
) |
|
(3.2 |
) |
|
(12.8 |
) |
|
(12.9 |
) |
Investment gains (losses), net |
|
(7.3 |
) |
|
4.7 |
|
|
32.2 |
|
|
0.8 |
|
|
57.5 |
|
Other non-operating income (expense), net |
|
8.0 |
|
|
3.6 |
|
|
(0.2 |
) |
|
8.8 |
|
|
39.7 |
|
Income before taxes |
|
155.1 |
|
|
253.4 |
|
|
255.8 |
|
|
820.2 |
|
|
242.1 |
|
Income tax provision |
|
(29.6 |
) |
|
(53.3 |
) |
|
(57.4 |
) |
|
(205.7 |
) |
|
(59.5 |
) |
Net income |
|
125.5 |
|
|
200.1 |
|
|
198.4 |
|
|
614.5 |
|
|
182.6 |
|
Net loss (income) attributable to noncontrolling interests |
|
7.0 |
|
|
(3.3 |
) |
|
(11.6 |
) |
|
7.6 |
|
|
(21.0 |
) |
Net income attributable to JHG |
|
132.5 |
|
|
196.8 |
|
|
186.8 |
|
|
622.1 |
|
|
161.6 |
|
Less: allocation of earnings to participating stock-based awards |
|
(3.6 |
) |
|
(5.4 |
) |
|
(5.5 |
) |
|
(17.7 |
) |
|
(4.7 |
) |
Net income attributable to JHG common shareholders |
|
128.9 |
|
|
191.4 |
|
|
181.3 |
|
|
604.4 |
|
|
156.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic weighted-average shares outstanding (in millions) |
|
165.6 |
|
|
167.1 |
|
|
176.5 |
|
|
167.9 |
|
|
179.4 |
|
Diluted weighted-average shares outstanding (in millions) |
|
166.2 |
|
|
167.8 |
|
|
177.0 |
|
|
168.5 |
|
|
179.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted earnings per share (in US$) |
|
0.78 |
|
|
1.14 |
|
|
1.02 |
|
|
3.59 |
|
|
0.87 |
|
Reconciliation of non-GAAP financial information
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three months ended |
|
Year ended |
|
|||||||||||
(in US$ millions, except per share data or as noted) |
|
31 Dec
|
|
30 Sep
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
|||||
Reconciliation of revenue to adjusted revenue |
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue |
|
697.2 |
|
|
687.4 |
|
|
657.2 |
|
|
2,767.0 |
|
|
2,298.6 |
|
|
Management fees1 |
|
(56.5 |
) |
|
(53.0 |
) |
|
(51.6 |
) |
|
(205.9 |
) |
|
(183.8 |
) |
|
Shareowner servicing fees1 |
|
(56.2 |
) |
|
(55.4 |
) |
|
(47.4 |
) |
|
(214.7 |
) |
|
(170.3 |
) |
|
Other revenue1 |
|
(34.6 |
) |
|
(33.7 |
) |
|
(29.7 |
) |
|
(131.0 |
) |
|
(110.3 |
) |
|
Adjusted revenue |
|
549.9 |
|
|
545.3 |
|
|
528.5 |
|
|
2,215.4 |
|
|
1,834.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of operating expenses to adjusted operating expenses |
|
|
|
|
|
|||||||||||
Operating expenses |
|
539.6 |
|
|
439.1 |
|
|
430.2 |
|
|
1,943.6 |
|
|
2,140.8 |
|
|
Employee compensation and benefits2 |
|
— |
|
|
— |
|
|
(0.1 |
) |
|
— |
|
|
(2.3 |
) |
|
Long-term incentive plans2 |
|
0.1 |
|
|
0.1 |
|
|
0.1 |
|
|
0.4 |
|
|
0.5 |
|
|
Distribution expenses1 |
|
(147.3 |
) |
|
(142.1 |
) |
|
(128.7 |
) |
|
(551.6 |
) |
|
(464.4 |
) |
|
General, administration and occupancy2 |
|
(2.6 |
) |
|
(2.9 |
) |
|
(2.8 |
) |
|
(10.8 |
) |
|
(11.0 |
) |
|
Impairment of goodwill and intangible assets3 |
|
(77.5 |
) |
|
— |
|
|
— |
|
|
(121.9 |
) |
|
(513.7 |
) |
|
Depreciation and amortisation3 |
|
(2.1 |
) |
|
(1.9 |
) |
|
(1.9 |
) |
|
(7.8 |
) |
|
(12.4 |
) |
|
Adjusted operating expenses |
|
310.2 |
|
|
292.3 |
|
|
296.8 |
|
|
1,251.9 |
|
|
1,137.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted operating income |
|
239.7 |
|
|
253.0 |
|
|
231.7 |
|
|
963.5 |
|
|
696.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating margin |
|
22.6 |
|
% |
36.1 |
|
% |
34.5 |
|
% |
29.8 |
|
% |
6.9 |
|
% |
Adjusted operating margin |
|
43.6 |
|
% |
46.4 |
|
% |
43.8 |
|
% |
43.5 |
|
% |
38.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG |
|
|||||||||||||||
Net income attributable to JHG |
|
132.5 |
|
|
196.8 |
|
|
186.8 |
|
|
622.1 |
|
|
161.6 |
|
|
Employee compensation and benefits2 |
|
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
2.3 |
|
|
Long-term incentive plans2 |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.4 |
) |
|
(0.5 |
) |
|
General, administration and occupancy2 |
|
2.6 |
|
|
2.9 |
|
|
2.8 |
|
|
10.8 |
|
|
11.0 |
|
|
Impairment of goodwill and intangible assets3 |
|
77.5 |
|
|
— |
|
|
— |
|
|
121.9 |
|
|
513.7 |
|
|
Depreciation and amortisation3 |
|
2.1 |
|
|
1.9 |
|
|
1.9 |
|
|
7.8 |
|
|
12.4 |
|
|
Interest expense4 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
Investment gains (losses), net4 |
|
— |
|
|
— |
|
|
(1.4 |
) |
|
0.2 |
|
|
(1.4 |
) |
|
Other non-operating income (expense), net4 |
|
(9.1 |
) |
|
(1.6 |
) |
|
(1.7 |
) |
|
(14.2 |
) |
|
(28.7 |
) |
|
Income tax benefit (provision)5 |
|
(25.4 |
) |
|
(0.4 |
) |
|
0.6 |
|
|
(6.6 |
) |
|
(112.6 |
) |
|
Adjusted net income attributable to JHG |
|
180.1 |
|
|
199.5 |
|
|
189.0 |
|
|
741.6 |
|
|
557.9 |
|
|
Less: allocation of earnings to participating stock-based awards |
|
(5.0 |
) |
|
(5.5 |
) |
|
(5.5 |
) |
|
(21.1 |
) |
|
(16.4 |
) |
|
Adjusted net income attributable to JHG common shareholders |
|
175.1 |
|
|
194.0 |
|
|
183.5 |
|
|
720.5 |
|
|
541.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average diluted common shares outstanding – diluted (two class) (in millions) |
|
166.2 |
|
|
167.8 |
|
|
177.0 |
|
|
168.5 |
|
|
179.9 |
|
|
Diluted earnings per share (two class) (in US$) |
|
0.78 |
|
|
1.14 |
|
|
1.02 |
|
|
3.59 |
|
|
0.87 |
|
|
Adjusted diluted earnings per share (two class) (in US$) |
|
1.05 |
|
|
1.16 |
|
|
1.04 |
|
|
4.28 |
|
|
3.01 |
|
|
____________________ | ||
1 |
JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue. |
|
2 |
Adjustments primarily represent rent expense for subleased office space. In addition, the adjustments for the three months ended |
|
3 |
Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. Adjustments also include impairment charges of our goodwill and certain mutual fund investment management agreements, client relationships and trademarks. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operations of the Group. |
|
4 |
Adjustments primarily represent contingent consideration adjustments associated with prior acquisitions. JHG management believes these costs are not representative of the ongoing operations of the Group. |
|
5 |
The tax impact of the adjustments is calculated based on the applicable US or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible. |
Condensed consolidated balance sheets (unaudited)
|
|
|
|
|
|
|
31 Dec |
|
31 Dec |
(in US$ millions) |
|
2021 |
|
2020 |
Assets: |
|
|
|
|
Cash and cash equivalents |
|
1,107.3 |
|
1,099.7 |
Investment securities |
|
451.4 |
|
268.1 |
Property, equipment and software, net |
|
63.3 |
|
77.9 |
Intangible assets and goodwill, net |
|
3,917.0 |
|
4,070.2 |
Assets of consolidated variable interest entities |
|
264.3 |
|
226.5 |
Other assets |
|
932.4 |
|
948.4 |
Total assets |
|
6,735.7 |
|
6,690.8 |
|
|
|
|
|
Liabilities, redeemable noncontrolling interests and equity: |
|
|
|
|
Long-term debt |
|
310.4 |
|
313.3 |
Deferred tax liabilities, net |
|
619.2 |
|
627.4 |
Liabilities of consolidated variable interest entities |
|
2.6 |
|
3.2 |
Other liabilities |
|
976.9 |
|
927.3 |
Redeemable noncontrolling interests |
|
163.4 |
|
85.8 |
Total equity |
|
4,663.2 |
|
4,733.8 |
Total liabilities, redeemable noncontrolling interests and equity |
|
6,735.7 |
|
6,690.8 |
Condensed consolidated statements of cash flows (unaudited)
|
|
|
|
|
|
|
|||
|
|
Three months ended |
|||||||
|
|
31 Dec |
|
30 Sep |
|
31 Dec |
|||
(in US$ millions) |
|
2021 |
|
2021 |
|
2020 |
|||
Cash provided by (used for): |
|
|
|
|
|
|
|||
Operating activities |
|
281.2 |
|
|
319.4 |
|
|
220.2 |
|
Investing activities |
|
(17.5 |
) |
|
(222.9 |
) |
|
119.4 |
|
Financing activities |
|
(90.7 |
) |
|
(112.9 |
) |
|
(191.2 |
) |
Effect of exchange rate changes |
|
1.0 |
|
|
(16.3 |
) |
|
33.2 |
|
Net change during period |
|
174.0 |
|
|
(32.7 |
) |
|
181.6 |
|
STATUTORY DISCLOSURES
Associates and joint ventures
At
-
LongTail Alpha LLC ownership20%
Basis of preparation
In the opinion of management of
Corporate governance principles and recommendations
In the opinion of the Directors, the financial records of the Group have been properly maintained, and the Condensed Consolidated Financial Statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Group. This opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.
This document includes statements concerning potential future events involving
Annualised, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.
The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.
Not all products or services are available in all jurisdictions.
Mutual funds in the US are distributed by
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a US fund prospectus or, if available, a summary prospectus containing this and other information, please contact your investment professional or call 800.668.0434. Read it carefully before you invest or send money.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220203005154/en/
Investor enquiries:
Co-Head Investor Relations (US)
+1 303 336 4529
jim.kurtz@janushenderson.com
Co-Head Investor Relations (Non-US)
+44 (0)20 7818 2905
melanie.horton@janushenderson.com
Or
Investor Relations
investor.relations@janushenderson.com
Media enquiries:
Head of Media Relations
+44 (0)20 7818 2523
stephen.sobey@janushenderson.com
Director, Media Relations & Corp Comms
+1 720 364 0708
sarah.johnson@janushenderson.com
+44 (0)7950 671 948
latika.shah@edelmansmithfield.com
+44 (0)7786 022 022
andrew.wilde@edelmansmithfield.com
+61 2 8248 3757
craig@honner.com.au
Source:
FAQ
What were Janus Henderson's Q4 2021 financial results?
How much AUM did Janus Henderson have at the end of 2021?
What was the dividend declared by Janus Henderson for Q4 2021?