Janus Henderson Group plc Reports Fourth Quarter and Full-Year 2022 Results
Janus Henderson Group reported solid investment performance with 41%, 67%, 70%, and 75% of assets under management (AUM) outperforming benchmarks over one, three, five, and ten years, respectively, as of December 31, 2022. AUM increased by 5% to $287 billion, despite $11 billion in net outflows. Fourth-quarter diluted EPS was $0.39, a decrease from $0.65 in Q3 2022. Operating income dropped to $67.8 million from $120.7 million in Q3. The company declared a quarterly dividend of $0.39 per share and returned $358 million through dividends and buybacks in 2022. Janus is focusing on growth amidst market volatility.
- 41% of AUM outperforming benchmarks over one year; 67% over three years; 70% over five years; 75% over ten years.
- AUM increased by 5% to $287 billion despite $11 billion in net outflows.
- Board declared a quarterly dividend of $0.39 per share.
- Returned $358 million in capital through dividends and share buybacks in 2022.
- Strong balance sheet with $1.2 billion in cash and cash equivalents.
- Fourth-quarter diluted EPS of $0.39 down from $0.65 in Q3 2022.
- Operating income fallen to $67.8 million from $120.7 million in Q3 and $157.6 million in Q4 2021.
- Adjusted diluted EPS of $0.61 down from $1.05 in Q4 2021.
- Net outflows of $11 billion, with $7 billion from announced redemptions.
-
Solid long-term investment performance, with
41% ,67% ,70% , and75% of assets under management (“AUM”) outperforming relevant benchmarks on a one-, three-, five-, and 10-year basis, respectively, as ofDecember 31, 2022 -
AUM increased
5% toUS compared to the prior quarter, due to market performance and$287 billion U.S. dollar depreciation, partially offset byUS of net outflows, of which$(11) billion US was from previously announced redemptions$(7) billion -
Fourth quarter 2022 diluted EPS of
US , or$0.39 US on an adjusted basis$0.61 -
Strong balance sheet and cash generation with
US in cash and cash equivalents and$1.2 billion US of cash provided from operating activities in the fourth quarter 2022$146 million -
Board declared a quarterly dividend of
US per share; returned$0.39 US in capital through dividends and share buybacks in 2022$358 million
Fourth quarter 2022 operating income was
Fourth quarter 2022 diluted earnings per share of
“The global market volatility and headwinds in 2022 created one of the most challenging investment backdrops in history. Amidst these extreme conditions, I am proud of the tremendous amount of work completed during the year as we reposition
”The current environment remains uncertain. Our focus will be to control what we can control and position
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)
The Company presents its financial results in US$ and in accordance with accounting principles generally accepted in
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Three months ended |
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31 Dec |
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30 Sep |
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31 Dec |
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31 Dec |
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31 Dec |
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2022 |
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2022 |
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2021 |
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2022 |
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2021 |
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GAAP basis: |
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|
|
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|
|
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Revenue |
|
515.2 |
|
512.9 |
|
697.2 |
|
2,203.6 |
|
2,767.0 |
|
Operating expenses |
|
447.4 |
|
392.2 |
|
539.6 |
|
1,713.8 |
|
1,946.1 |
|
Operating income |
|
67.8 |
|
120.7 |
|
157.6 |
|
489.8 |
|
820.9 |
|
Operating margin |
|
13.2 |
% |
23.5 |
% |
22.6 |
% |
22.2 |
% |
29.7 |
% |
Net income attributable to JHG |
|
65.0 |
|
107.6 |
|
132.5 |
|
372.4 |
|
620.0 |
|
Diluted earnings per share |
|
0.39 |
|
0.65 |
|
0.78 |
|
2.23 |
|
3.57 |
|
|
|
|
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Adjusted basis: |
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|
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|
|
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Revenue |
|
405.2 |
|
394.2 |
|
549.9 |
|
1,705.3 |
|
2,212.9 |
|
Operating expenses |
|
282.0 |
|
268.8 |
|
310.2 |
|
1,128.6 |
|
1,251.9 |
|
Operating income |
|
123.2 |
|
125.4 |
|
239.7 |
|
576.7 |
|
961.0 |
|
Operating margin |
|
30.4 |
% |
31.8 |
% |
43.6 |
% |
33.8 |
% |
43.4 |
% |
Net income attributable to JHG |
|
102.0 |
|
101.1 |
|
180.1 |
|
433.8 |
|
739.5 |
|
Diluted earnings per share |
|
0.61 |
|
0.61 |
|
1.05 |
|
2.60 |
|
4.26 |
|
DIVIDEND AND SHARE BUYBACK
On
The Company did not purchase any shares of its common stock on the
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.
Total comparative AUM and flows |
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Three months ended |
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Year ended |
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31 Dec |
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30 Sep |
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31 Dec |
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31 Dec |
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31 Dec |
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2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
Opening AUM |
|
274.6 |
|
|
299.7 |
|
|
419.3 |
|
|
432.3 |
|
|
401.6 |
|
Sales |
|
14.8 |
|
|
11.4 |
|
|
19.3 |
|
|
60.5 |
|
|
74.4 |
|
Redemptions |
|
(25.8 |
) |
|
(17.2 |
) |
|
(24.5 |
) |
|
(97.0 |
) |
|
(90.6 |
) |
Net sales / (redemptions) |
|
(11.0 |
) |
|
(5.8 |
) |
|
(5.2 |
) |
|
(36.5 |
) |
|
(16.2 |
) |
Market / FX |
|
23.7 |
|
|
(19.3 |
) |
|
18.2 |
|
|
(80.2 |
) |
|
46.9 |
|
Reclassifications and disposals1 |
|
— |
|
|
— |
|
|
— |
|
|
(28.3 |
) |
|
— |
|
Closing AUM |
|
287.3 |
|
|
274.6 |
|
|
432.3 |
|
|
287.3 |
|
|
432.3 |
|
Quarterly AUM and flows by capability |
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Total excl |
|
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Fixed |
|
|
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Quantitative |
|
Quantitative |
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|||||||
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Equities |
|
Income |
|
Multi-Asset |
|
Alternatives |
|
Equities |
|
Equities |
|
Total |
|||||||
AUM |
|
244.3 |
|
|
79.6 |
|
|
59.7 |
|
|
10.7 |
|
|
394.3 |
|
|
38.0 |
|
|
432.3 |
|
Sales |
|
8.5 |
|
|
6.0 |
|
|
2.3 |
|
|
0.9 |
|
|
17.7 |
|
|
0.2 |
|
|
17.9 |
|
Redemptions |
|
(12.3 |
) |
|
(6.0 |
) |
|
(4.5 |
) |
|
(1.1 |
) |
|
(23.9 |
) |
|
(5.9 |
) |
|
(29.8 |
) |
Net sales / (redemptions) |
|
(3.8 |
) |
|
— |
|
|
(2.2 |
) |
|
(0.2 |
) |
|
(6.2 |
) |
|
(5.7 |
) |
|
(11.9 |
) |
Market / FX |
|
(20.5 |
) |
|
(4.1 |
) |
|
(3.6 |
) |
|
(0.2 |
) |
|
(28.4 |
) |
|
(2.7 |
) |
|
(31.1 |
) |
Reclassifications and disposals1 |
|
1.3 |
|
|
— |
|
|
— |
|
|
— |
|
1.3 |
|
(29.6 |
) |
|
(28.3 |
) |
||
AUM |
|
221.3 |
|
|
75.5 |
|
|
53.9 |
|
|
10.3 |
|
|
361.0 |
|
|
— |
|
|
361.0 |
|
Sales |
|
5.5 |
|
|
4.9 |
|
|
1.6 |
|
|
4.4 |
|
|
16.4 |
|
|
— |
|
|
16.4 |
|
Redemptions |
|
(11.3 |
) |
|
(8.2 |
) |
|
(2.5 |
) |
|
(2.2 |
) |
|
(24.2 |
) |
|
— |
|
|
(24.2 |
) |
Net sales / (redemptions) |
|
(5.8 |
) |
|
(3.3 |
) |
|
(0.9 |
) |
|
2.2 |
|
|
(7.8 |
) |
|
— |
|
|
(7.8 |
) |
Market / FX |
|
(38.5 |
) |
|
(7.7 |
) |
|
(6.5 |
) |
|
(0.8 |
) |
|
(53.5 |
) |
|
— |
|
|
(53.5 |
) |
AUM |
|
177.0 |
|
|
64.5 |
|
|
46.5 |
|
|
11.7 |
|
|
299.7 |
|
|
— |
|
|
299.7 |
|
Sales |
|
4.8 |
|
|
4.4 |
|
|
1.5 |
|
|
0.7 |
|
|
11.4 |
|
|
— |
|
|
11.4 |
|
Redemptions |
|
(8.9 |
) |
|
(5.6 |
) |
|
(1.7 |
) |
|
(1.0 |
) |
|
(17.2 |
) |
|
— |
|
|
(17.2 |
) |
Net sales / (redemptions) |
|
(4.1 |
) |
|
(1.2 |
) |
|
(0.2 |
) |
|
(0.3 |
) |
|
(5.8 |
) |
|
— |
|
|
(5.8 |
) |
Market / FX |
|
(11.1 |
) |
|
(4.8 |
) |
|
(2.5 |
) |
|
(0.9 |
) |
|
(19.3 |
) |
|
— |
|
|
(19.3 |
) |
AUM |
|
161.8 |
|
|
58.5 |
|
|
43.8 |
|
|
10.5 |
|
|
274.6 |
|
|
— |
|
|
274.6 |
|
Sales |
|
5.6 |
|
|
7.7 |
|
|
1.1 |
|
|
0.4 |
|
|
14.8 |
|
|
— |
|
|
14.8 |
|
Redemptions |
|
(13.1 |
) |
|
(9.6 |
) |
|
(2.1 |
) |
|
(1.0 |
) |
|
(25.8 |
) |
|
— |
|
|
(25.8 |
) |
Net sales / (redemptions) |
|
(7.5 |
) |
|
(1.9 |
) |
|
(1.0 |
) |
|
(0.6 |
) |
|
(11.0 |
) |
|
— |
|
|
(11.0 |
) |
Market / FX |
|
17.0 |
|
|
3.2 |
|
|
2.7 |
|
|
0.8 |
|
|
23.7 |
|
|
— |
|
|
23.7 |
|
AUM |
|
171.3 |
|
|
59.8 |
|
|
45.5 |
|
|
10.7 |
|
|
287.3 |
|
|
— |
|
|
287.3 |
|
_______________ |
||
1 |
Disposals relate to the sale of Intech, and reclassifications relate to a reclassification of existing funds from |
Average AUM by capability |
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Three months ended |
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Year ended |
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31 Dec |
|
30 Sep |
|
31 Dec |
|
31 Dec |
|
31 Dec |
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Equities |
|
171.3 |
|
182.4 |
|
243.0 |
|
193.2 |
|
236.4 |
Fixed Income |
|
59.0 |
|
63.7 |
|
79.8 |
|
67.2 |
|
80.6 |
Multi-Asset |
|
45.5 |
|
47.5 |
|
57.3 |
|
49.2 |
|
53.2 |
|
|
— |
|
— |
|
38.7 |
|
7.7 |
|
41.3 |
Alternatives |
|
10.7 |
|
11.4 |
|
10.6 |
|
11.5 |
|
10.5 |
Total |
|
286.5 |
|
305.0 |
|
429.4 |
|
328.8 |
|
422.0 |
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (as of |
||||||||||||
|
|
|
|
|
|
|||||||
Capability |
|
1-year |
3-year |
5-year |
10-year |
|||||||
Equities |
|
58 |
% |
54 |
% |
57 |
% |
64 |
% |
|||
Fixed Income |
|
18 |
% |
78 |
% |
89 |
% |
90 |
% |
|||
Multi-Asset |
|
5 |
% |
96 |
% |
96 |
% |
99 |
% |
|||
Alternatives |
|
34 |
% |
100 |
% |
100 |
% |
100 |
% |
|||
Total |
|
41 |
% |
67 |
% |
70 |
% |
75 |
% |
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. Performance across all time periods excludes Intech, the sale of which was completed
% of mutual fund AUM in top 2 Morningstar quartiles (as of |
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|
|
|
|
|
|||||||
Capability |
|
1-year |
3-year |
5-year |
10-year |
|||||||
Equities |
|
61 |
% |
54 |
% |
72 |
% |
89 |
% |
|||
Fixed Income |
|
22 |
% |
36 |
% |
68 |
% |
65 |
% |
|||
Multi-Asset |
|
5 |
% |
92 |
% |
92 |
% |
96 |
% |
|||
Alternatives |
|
98 |
% |
97 |
% |
97 |
% |
100 |
% |
|||
Total |
|
46 |
% |
60 |
% |
76 |
% |
88 |
% |
Includes
Analysis based on “primary” share class (Class I Shares, Institutional 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 2023 RESULTS
FOURTH QUARTER AND FULL-YEAR 2022 RESULTS BRIEFING INFORMATION
Chief Executive Officer
Those wishing to participate should call:
|
844 200 6205 (toll free) |
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|
0808 189 6484 (toll free) |
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02 7908 3093 (this is not toll free) |
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All other countries |
+1 929 526 1599 (this is not toll free) |
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Conference ID |
264757 |
Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website (ir.janushenderson.com).
About
As of
FINANCIAL DISCLOSURES
Condensed consolidated statements of comprehensive income (unaudited) |
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Three months ended |
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Year ended |
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31 Dec |
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30 Sep |
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31 Dec |
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31 Dec |
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31 Dec |
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(in US$ millions, except per share data or as noted) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|||||
Management fees |
|
405.6 |
|
|
426.2 |
|
|
565.9 |
|
|
1,799.4 |
|
|
2,189.4 |
|
Performance fees |
|
14.3 |
|
|
(13.2 |
) |
|
7.7 |
|
|
(10.7 |
) |
|
102.7 |
|
Shareowner servicing fees |
|
51.3 |
|
|
54.0 |
|
|
68.3 |
|
|
224.0 |
|
|
260.7 |
|
Other revenue |
|
44.0 |
|
|
45.9 |
|
|
55.3 |
|
|
190.9 |
|
|
214.2 |
|
Total revenue |
|
515.2 |
|
|
512.9 |
|
|
697.2 |
|
|
2,203.6 |
|
|
2,767.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|||||
Employee compensation and benefits |
|
159.4 |
|
|
142.5 |
|
|
160.1 |
|
|
611.5 |
|
|
693.3 |
|
Long-term incentive plans |
|
47.5 |
|
|
41.1 |
|
|
42.7 |
|
|
180.7 |
|
|
181.0 |
|
Distribution expenses |
|
110.0 |
|
|
118.7 |
|
|
147.3 |
|
|
498.3 |
|
|
554.1 |
|
Investment administration |
|
11.8 |
|
|
12.5 |
|
|
12.9 |
|
|
49.4 |
|
|
51.6 |
|
Marketing |
|
6.3 |
|
|
5.6 |
|
|
11.3 |
|
|
27.1 |
|
|
31.7 |
|
General, administrative and occupancy |
|
69.2 |
|
|
64.7 |
|
|
77.6 |
|
|
279.3 |
|
|
271.8 |
|
Impairment of goodwill and intangible assets |
|
35.8 |
|
|
— |
|
|
77.5 |
|
|
35.8 |
|
|
121.9 |
|
Depreciation and amortization |
|
7.4 |
|
|
7.1 |
|
|
10.2 |
|
|
31.7 |
|
|
40.7 |
|
Total operating expenses |
|
447.4 |
|
|
392.2 |
|
|
539.6 |
|
|
1,713.8 |
|
|
1,946.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income |
|
67.8 |
|
|
120.7 |
|
|
157.6 |
|
|
489.8 |
|
|
820.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense |
|
(3.1 |
) |
|
(3.1 |
) |
|
(3.2 |
) |
|
(12.6 |
) |
|
(12.8 |
) |
Investment gains (losses), net |
|
17.3 |
|
|
11.0 |
|
|
(7.3 |
) |
|
(113.3 |
) |
|
0.8 |
|
Other non-operating income, net |
|
4.8 |
|
|
13.9 |
|
|
8.0 |
|
|
11.5 |
|
|
8.8 |
|
Income before taxes |
|
86.8 |
|
|
142.5 |
|
|
155.1 |
|
|
375.4 |
|
|
817.7 |
|
Income tax provision |
|
(5.6 |
) |
|
(27.9 |
) |
|
(29.6 |
) |
|
(100.9 |
) |
|
(205.3 |
) |
Net income |
|
81.2 |
|
|
114.6 |
|
|
125.5 |
|
|
274.5 |
|
|
612.4 |
|
Net loss (income) attributable to noncontrolling interests |
|
(16.2 |
) |
|
(7.0 |
) |
|
7.0 |
|
|
97.9 |
|
|
7.6 |
|
Net income attributable to JHG |
|
65.0 |
|
|
107.6 |
|
|
132.5 |
|
|
372.4 |
|
|
620.0 |
|
Less: allocation of earnings to participating stock-based awards |
|
(2.1 |
) |
|
(3.5 |
) |
|
(3.6 |
) |
|
(11.3 |
) |
|
(17.7 |
) |
Net income attributable to JHG common shareholders |
|
62.9 |
|
|
104.1 |
|
|
128.9 |
|
|
361.1 |
|
|
602.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic weighted-average shares outstanding (in millions) |
|
160.1 |
|
|
160.5 |
|
|
165.6 |
|
|
161.7 |
|
|
167.9 |
|
Diluted weighted-average shares outstanding (in millions) |
|
160.4 |
|
|
160.9 |
|
|
166.2 |
|
|
162.0 |
|
|
168.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted earnings per share (in US$) |
|
0.39 |
|
|
0.65 |
|
|
0.78 |
|
|
2.23 |
|
|
3.57 |
|
Reconciliation of non-GAAP financial information
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the
|
|
Three months ended |
|
Year ended |
|||||||||||
|
|
31 Dec |
|
30 Sep |
|
31 Dec |
|
31 Dec |
|
31 Dec |
|||||
(in US$ millions, except per share data or as noted) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
Reconciliation of revenue to adjusted revenue |
|
|
|
|
|
|
|||||||||
Revenue |
|
515.2 |
|
512.9 |
|
697.2 |
|
2,203.6 |
|
2,767.0 |
|
||||
Management fees1 |
|
(39.3 |
) |
(46.0 |
) |
(56.5 |
) |
(193.2 |
) |
(208.4 |
) |
||||
Shareowner servicing fees1 |
|
(42.4 |
) |
(43.7 |
) |
(56.2 |
) |
(185.2 |
) |
(214.7 |
) |
||||
Other revenue1 |
|
(28.3 |
) |
(29.0 |
) |
(34.6 |
) |
(119.9 |
) |
(131.0 |
) |
||||
Adjusted revenue |
|
405.2 |
|
394.2 |
|
549.9 |
|
1,705.3 |
|
2,212.9 |
|
||||
|
|
|
|
|
|
|
|||||||||
Reconciliation of operating expenses to adjusted operating expenses |
|||||||||||||||
Operating expenses |
|
447.4 |
|
392.2 |
|
539.6 |
|
1,713.8 |
|
1,946.1 |
|
||||
Employee compensation and benefits2 |
|
(16.8 |
) |
— |
|
— |
|
(16.8 |
) |
— |
|
||||
Long-term incentive plans2 |
|
(2.1 |
) |
(2.4 |
) |
0.1 |
|
(21.1 |
) |
0.4 |
|
||||
Distribution expenses1 |
|
(110.0 |
) |
(118.7 |
) |
(147.3 |
) |
(498.3 |
) |
(554.1 |
) |
||||
General, administration and occupancy2 |
|
(0.2 |
) |
(1.7 |
) |
(2.6 |
) |
(9.5 |
) |
(10.8 |
) |
||||
Impairment of goodwill and intangible assets3 |
|
(35.8 |
) |
— |
|
(77.5 |
) |
(35.8 |
) |
(121.9 |
) |
||||
Depreciation and amortization3 |
|
(0.5 |
) |
(0.6 |
) |
(2.1 |
) |
(3.7 |
) |
(7.8 |
) |
||||
Adjusted operating expenses |
|
282.0 |
|
268.8 |
|
310.2 |
|
1,128.6 |
|
1,251.9 |
|
||||
|
|
|
|
|
|
|
|||||||||
Adjusted operating income |
|
123.2 |
|
125.4 |
|
239.7 |
|
576.7 |
|
961.0 |
|
||||
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
13.2 |
% |
23.5 |
% |
22.6 |
% |
22.2 |
% |
29.7 |
% |
||||
Adjusted operating margin |
|
30.4 |
% |
31.8 |
% |
43.6 |
% |
33.8 |
% |
43.4 |
% |
||||
|
|
|
|
|
|
|
|||||||||
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG |
|||||||||||||||
Net income attributable to JHG |
|
65.0 |
|
107.6 |
|
132.5 |
|
372.4 |
|
620.0 |
|
||||
Employee compensation and benefits2 |
|
16.8 |
|
— |
|
— |
|
16.8 |
|
— |
|
||||
Long-term incentive plans2 |
|
2.1 |
|
2.4 |
|
(0.1 |
) |
21.1 |
|
(0.4 |
) |
||||
General, administration and occupancy2 |
|
0.2 |
|
1.7 |
|
2.6 |
|
9.5 |
|
10.8 |
|
||||
Impairment of goodwill and intangible assets3 |
|
35.8 |
|
— |
|
77.5 |
|
35.8 |
|
121.9 |
|
||||
Depreciation and amortization3 |
|
0.5 |
|
0.6 |
|
2.1 |
|
3.7 |
|
7.8 |
|
||||
Investment gains, net4 |
|
0.4 |
|
— |
|
— |
|
0.4 |
|
0.2 |
|
||||
Other non-operating income (expense), net4 |
|
0.1 |
|
(10.3 |
) |
(9.1 |
) |
0.3 |
|
(14.2 |
) |
||||
Income tax provision5 |
|
(18.9 |
) |
(0.9 |
) |
(25.4 |
) |
(26.2 |
) |
(6.6 |
) |
||||
Adjusted net income attributable to JHG |
|
102.0 |
|
101.1 |
|
180.1 |
|
433.8 |
|
739.5 |
|
||||
Less: allocation of earnings to participating stock-based awards |
|
(3.4 |
) |
(3.3 |
) |
(5.0 |
) |
(13.1 |
) |
(21.1 |
) |
||||
Adjusted net income attributable to JHG common shareholders |
|
98.6 |
|
97.8 |
|
175.1 |
|
420.7 |
|
718.4 |
|
||||
|
|
|
|
|
|
|
|||||||||
Weighted-average diluted common shares outstanding – diluted (two class) (in millions) |
|
160.4 |
|
160.9 |
|
166.2 |
|
162.0 |
|
168.5 |
|
||||
Diluted earnings per share (two class) (in US$) |
|
0.39 |
|
0.65 |
|
0.78 |
|
2.23 |
|
3.57 |
|
||||
Adjusted diluted earnings per share (two class) (in US$) |
|
0.61 |
|
0.61 |
|
1.05 |
|
2.60 |
|
4.26 |
|
_______________ |
||
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 for the year 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 recognized 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 amortized on a straight-line basis over the expected life of the contracts. Adjustments also include impairment charges of certain mutual fund investment management contracts, client relationships and trademarks. JHG management believes these non-cash and acquisition-related costs do not represent our ongoing operations. |
|
4 |
Adjustments primarily relate to accumulated foreign currency translation expense related to liquidated JHG entities and rental income from subleased office space. In addition, the adjustments for the years ended |
|
5 |
The tax impact of the adjustments is calculated based on the applicable |
Condensed consolidated balance sheets (unaudited) |
||||
|
|
|
|
|
|
|
31 Dec |
|
31 Dec |
(in US$ millions) |
|
2022 |
|
2021 |
Assets: |
|
|
|
|
Cash and cash equivalents |
|
1,162.3 |
|
1,107.3 |
Investment securities |
|
261.6 |
|
451.4 |
Property, equipment and software, net |
|
51.8 |
|
63.3 |
Intangible assets and goodwill, net |
|
3,667.8 |
|
3,884.2 |
Assets of consolidated variable interest entities |
|
352.0 |
|
264.3 |
Other assets |
|
742.3 |
|
931.9 |
Total assets |
|
6,237.8 |
|
6,702.4 |
|
|
|
|
|
Liabilities, redeemable noncontrolling interests and equity: |
|
|
|
|
Long-term debt |
|
307.5 |
|
310.4 |
Deferred tax liabilities, net |
|
574.6 |
|
619.2 |
Liabilities of consolidated variable interest entities |
|
4.3 |
|
2.6 |
Other liabilities |
|
754.9 |
|
967.9 |
Redeemable noncontrolling interests |
|
233.9 |
|
163.4 |
Total equity |
|
4,362.6 |
|
4,638.9 |
Total liabilities, redeemable noncontrolling interests and equity |
|
6,237.8 |
|
6,702.4 |
Condensed consolidated statements of cash flows (unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three months ended |
|
Year ended |
|||||||||||
|
|
31 Dec |
|
30 Sep |
|
31 Dec |
|
31 Dec |
|
31 Dec |
|||||
(in US$ millions) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
Cash provided by (used for): |
|
|
|
|
|
|
|
|
|
|
|||||
Operating activities |
|
146.0 |
|
|
221.9 |
|
|
281.2 |
|
|
473.3 |
|
|
895.4 |
|
Investing activities |
|
(52.5 |
) |
|
51.8 |
|
|
(17.5 |
) |
|
58.5 |
|
|
(283.3 |
) |
Financing activities |
|
(3.9 |
) |
|
(64.5 |
) |
|
(90.7 |
) |
|
(419.1 |
) |
|
(588.1 |
) |
Effect of exchange rate changes |
|
51.1 |
|
|
(47.2 |
) |
|
1.0 |
|
|
(54.9 |
) |
|
(13.5 |
) |
Net change during period |
|
140.7 |
|
|
162.0 |
|
|
174.0 |
|
|
57.8 |
|
|
10.5 |
|
STATUTORY DISCLOSURES
Associates and joint ventures
As of
-
LongTail Alpha LLC ownership20%
Basis of preparation
In the opinion of management of
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
Annualized, 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.
©
View source version on businesswire.com: https://www.businesswire.com/news/home/20230202005157/en/
Investor enquiries:
Head of Investor Relations
+1 303 336 4529
jim.kurtz@janushenderson.com
Or
Investor Relations
investor.relations@janushenderson.com
Media enquiries:
Director of Media Relations
+44 (0)20 7818 2511
nicole.mullin@janushenderson.com
Source:
FAQ
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