Janus Henderson Group plc Reports Fourth Quarter and Full-Year 2024 Results
Janus Henderson Group (NYSE: JHG) reported strong fourth quarter and full-year 2024 results, with AUM increasing 13% year-over-year to US$378.7 billion. The company achieved net inflows of US$3.3 billion in Q4 2024, contributing to full-year net inflows of US$2.4 billion, compared to US$(0.7) billion outflows in 2023.
Q4 2024 operating income reached US$197.5 million, with adjusted operating income at US$204.7 million. The company reported Q4 diluted EPS of US$0.77 and adjusted diluted EPS of US$1.07, marking a 30% year-over-year increase. Investment performance remained strong, with 65%, 72%, 55%, and 73% of AUM outperforming benchmarks across 1-, 3-, 5-, and 10-year periods.
The company maintained a strong balance sheet with US$1.2 billion in cash and equivalents, generating US$695 million from operations in 2024. JHG returned US$458 million to shareholders through dividends and buybacks, declaring a quarterly dividend of US$0.39 per share.
Janus Henderson Group (NYSE: JHG) ha riportato risultati robusti per il quarto trimestre e per l'intero anno 2024, con un aumento del 13% dell'AUM rispetto all'anno precedente, raggiungendo i 378,7 miliardi di dollari. L'azienda ha registrato afflussi netti di 3,3 miliardi di dollari nel Q4 2024, contribuendo a afflussi netti annuali di 2,4 miliardi di dollari, rispetto a deflussi di (0,7) miliardi di dollari nel 2023.
Il reddito operativo del Q4 2024 ha raggiunto i 197,5 milioni di dollari, con un reddito operativo rettificato pari a 204,7 milioni di dollari. L'azienda ha riportato un EPS diluito per il Q4 di 0,77 dollari e un EPS diluito rettificato di 1,07 dollari, segnando un incremento del 30% rispetto all'anno precedente. La performance degli investimenti è rimasta solida, con il 65%, il 72%, il 55% e il 73% dell'AUM che ha superato i benchmark nei periodi di 1, 3, 5 e 10 anni.
L'azienda ha mantenuto un forte bilancio con 1,2 miliardi di dollari in contante e equivalenti, generando 695 milioni di dollari dalle operazioni nel 2024. JHG ha restituito 458 milioni di dollari agli azionisti attraverso dividendi e riacquisti, dichiarando un dividendo trimestrale di 0,39 dollari per azione.
Janus Henderson Group (NYSE: JHG) reportó resultados sólidos en el cuarto trimestre y para todo el año 2024, con un aumento del 13% en AUM en comparación con el año anterior, alcanzando los 378.7 mil millones de dólares. La compañía logró flujos de caja netos de 3.3 mil millones de dólares en el Q4 2024, contribuyendo a flujos de caja netos anuales de 2.4 mil millones de dólares, en comparación con salidas de (0.7) mil millones de dólares en 2023.
Los ingresos operativos del Q4 2024 alcanzaron los 197.5 millones de dólares, con ingresos operativos ajustados de 204.7 millones de dólares. La empresa reportó un EPS diluido para el Q4 de 0.77 dólares y un EPS diluido ajustado de 1.07 dólares, marcando un incremento del 30% interanual. El rendimiento de las inversiones se mantuvo sólido, con el 65%, 72%, 55% y 73% de AUM superando a los benchmarks en períodos de 1, 3, 5 y 10 años.
La empresa mantuvo un balance sólido con 1.2 mil millones de dólares en efectivo y equivalentes, generando 695 millones de dólares de operaciones en 2024. JHG devolvió 458 millones de dólares a los accionistas a través de dividendos y recompras, declarando un dividendo trimestral de 0.39 dólares por acción.
Janus Henderson Group (NYSE: JHG)는 2024년 4분기 및 연간 결과가 강력하다고 보고했으며, AUM이 전년 대비 13% 증가하여 3,787억 달러에 달했습니다. 이 회사는 2024년 4분기에 순유입 33억 달러를 달성하여 연간 순유입이 24억 달러에 기여했으며, 2023년에는 (7억 달러) 유출이 있었습니다.
2024년 4분기 운영 수익은 1억 9750만 달러에 달했으며, 조정 운영 수익은 2억 470만 달러였습니다. 이 회사는 4분기 희석 EPS가 0.77달러, 조정 희석 EPS가 1.07달러라고 보고하여 전년 대비 30% 증가했습니다. 투자 성과는 1년, 3년, 5년 및 10년 기간 동안 65%, 72%, 55% 및 73%의 AUM이 벤치마크를 초과하는 등 여전히 강력했습니다.
이 회사는 현금 및 현금성 자산이 12억 달러로 강력한 재무구조를 유지했으며, 2024년에는 운영에서 6억 9500만 달러를 발생시켰습니다. JHG는 배당금과 자사주 매입을 통해 주주에게 4억 5800만 달러를 반환했으며, 주당 0.39달러의 분기 배당금을 선언했습니다.
Janus Henderson Group (NYSE: JHG) a annoncé de solides résultats pour le quatrième trimestre et l'année entière 2024, avec un AUM en hausse de 13 % par rapport à l'année précédente, atteignant 378,7 milliards de dollars. L'entreprise a enregistré des entrées nettes de 3,3 milliards de dollars au T4 2024, ce qui a contribué à des entrées nettes annuelles de 2,4 milliards de dollars, contre des sorties de (0,7) milliard de dollars en 2023.
Le revenu opérationnel du T4 2024 a atteint 197,5 millions de dollars, avec un revenu opérationnel ajusté de 204,7 millions de dollars. L'entreprise a déclaré un BPA dilué pour le T4 de 0,77 $ et un BPA dilué ajusté de 1,07 $, marquant une augmentation de 30 % par rapport à l'année précédente. La performance des investissements est restée solide, avec 65 %, 72 %, 55 % et 73 % de l'AUM dépassant les indices de référence sur des périodes de 1, 3, 5 et 10 ans.
La société a maintenu un bilan solide avec 1,2 milliard de dollars de liquidités et équivalents, générant 695 millions de dollars d'opérations en 2024. JHG a restitué 458 millions de dollars aux actionnaires par le biais de dividendes et de rachats d'actions, déclarant un dividende trimestriel de 0,39 $ par action.
Janus Henderson Group (NYSE: JHG) berichtete über starke Ergebnisse im vierten Quartal und für das gesamte Jahr 2024, wobei das AUM im Vergleich zum Vorjahr um 13% auf 378,7 Milliarden US-Dollar stieg. Das Unternehmen erzielte Nettozuflüsse von 3,3 Milliarden US-Dollar im Q4 2024, was zu einem Nettozufluss des gesamten Jahres von 2,4 Milliarden US-Dollar beitrug, während im Jahr 2023 Nettoabflüsse von (0,7) Milliarden US-Dollar verzeichnet wurden.
Das operative Einkommen im Q4 2024 erreichte 197,5 Millionen US-Dollar, mit einem angepassten operativen Einkommen von 204,7 Millionen US-Dollar. Das Unternehmen meldete einen verwässerten EPS von 0,77 US-Dollar und einen angepassten verwässerten EPS von 1,07 US-Dollar, was einem Anstieg von 30% im Jahresvergleich entspricht. Die Anlagestrategie blieb stark, da 65%, 72%, 55% und 73% des AUM in den Zeiträumen von 1, 3, 5 und 10 Jahren die Benchmarks übertrafen.
Das Unternehmen wies eine solide Bilanz mit 1,2 Milliarden US-Dollar in Liquidität und Äquivalenten auf, die im Jahr 2024 695 Millionen US-Dollar aus dem operativen Geschäft generierte. JHG gab 458 Millionen US-Dollar an die Aktionäre in Form von Dividenden und Aktienrückkäufen zurück und erklärte eine vierteljährliche Dividende von 0,39 US-Dollar pro Aktie.
- Net inflows of US$2.4 billion in 2024 vs US$(0.7) billion outflows in 2023
- Q4 adjusted diluted EPS increased 30% YoY to US$1.07
- AUM grew 13% YoY to US$378.7 billion
- Strong operating cash flow of US$695 million in 2024
- Solid investment performance with majority of AUM outperforming benchmarks
- Equities segment experienced net outflows of US$2.5 billion in Q4 2024
Insights
The Q4 2024 results reveal a compelling transformation at Janus Henderson, marked by three key achievements. First, the company successfully reversed its flow trajectory, converting US$(0.7)B in 2023 outflows to US$2.4B in 2024 inflows - a particularly notable feat in a challenging market for active managers. This improvement in organic growth directly enhanced revenue quality.
Operating performance showed remarkable strength, with adjusted operating margin expanding to 36.1% in Q4 2024 from 34.3% YoY, driven by higher revenue and disciplined cost management. The 30% YoY increase in adjusted EPS to US$1.07 demonstrates strong operational leverage.
Strategic initiatives are reshaping the business model through targeted acquisitions. The additions of NBK Capital Partners and Victory Park Capital expand private market capabilities - a high-margin, growing segment less correlated with traditional markets. Tabula provides entry into European ETFs, positioning JHG in the fastest-growing segment of the industry.
Capital allocation remains shareholder-friendly while maintaining strategic flexibility. The company returned US$458M to shareholders in 2024 through dividends and buybacks while maintaining US$1.2B in cash for potential opportunities. The 13% AUM growth to US$378.7B reflects both market appreciation and successful execution of the organic growth strategy.
Investment performance metrics are particularly strong in fixed income (91% outperformance over 1-year) and multi-asset strategies (93%), though equities show room for improvement at 50%. This performance diversity should help maintain positive flows across market cycles.
-
Solid investment performance, with
65% ,72% ,55% , and73% of assets under management (“AUM”) outperforming relevant benchmarks on a one-, three-, five-, and 10-year basis, respectively, as of December 31, 2024
-
AUM increased
13% year over year toUS as of December 31, 2024$378.7 billion
-
Fourth quarter 2024 net inflows of
US , resulting in$3.3 billion US of net inflows in 2024 compared to$2.4 billion US of net outflows in 2023$(0.7) billion
-
Fourth quarter 2024 diluted EPS of
US includes a$0.77 US non-cash, non-operating, accounting expense release. Adjusted diluted EPS of$42.6 million US is an increase of$1.07 30% year over year and18% quarter over quarter
-
Strong balance sheet and cash generation, with approximately
US in cash and cash equivalents and$1.2 billion US of cash provided from operating activities in 2024$695 million
-
Board of Directors ("Board") declared a quarterly dividend of
US per share; returned$0.39 US in capital through dividends and share buybacks in 2024$458 million
Fourth quarter 2024 diluted earnings per share of
Ali Dibadj, Chief Executive Officer, stated:
"We ended 2024 with solid fourth quarter results, delivering improvements in net flows, operating revenues, operating income, and EPS. We demonstrated in 2024 many signs of continued, clear progress across the business. We are encouraged by the
"As we enter 2025, our ongoing strategic efforts and execution are clearly starting to manifest in our results, and while we believe we are squarely on the path to deliver organic revenue growth consistently, we are not yet at our destination. There are still several strategic ambitions across the business that we believe can contribute to future sustainable growth."
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ 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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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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2024 |
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2024 |
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2023 |
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2024 |
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2023 |
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GAAP basis: |
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Revenue |
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708.3 |
|
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624.8 |
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|
568.5 |
|
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2,473.2 |
|
|
|
2,101.8 |
|
Operating expenses |
|
|
510.8 |
|
|
|
460.1 |
|
|
|
424.8 |
|
|
|
1,827.5 |
|
|
|
1,618.1 |
|
Operating income |
|
|
197.5 |
|
|
|
164.7 |
|
|
|
143.7 |
|
|
|
645.7 |
|
|
|
483.7 |
|
Operating margin |
|
|
27.9 |
% |
|
|
26.4 |
% |
|
|
25.3 |
% |
|
|
26.1 |
% |
|
|
23.0 |
% |
Net income attributable to JHG |
|
|
121.8 |
|
|
|
27.3 |
|
|
|
121.3 |
|
|
|
408.9 |
|
|
|
392.0 |
|
Diluted earnings per share |
|
|
0.77 |
|
|
|
0.17 |
|
|
|
0.74 |
|
|
|
2.56 |
|
|
|
2.37 |
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Adjusted basis: |
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Revenue |
|
|
567.6 |
|
|
|
488.1 |
|
|
|
455.2 |
|
|
|
1,940.8 |
|
|
|
1,645.9 |
|
Operating expenses |
|
|
362.9 |
|
|
|
317.6 |
|
|
|
299.0 |
|
|
|
1,272.7 |
|
|
|
1,137.2 |
|
Operating income |
|
|
204.7 |
|
|
|
170.5 |
|
|
|
156.2 |
|
|
|
668.1 |
|
|
|
508.7 |
|
Operating margin |
|
|
36.1 |
% |
|
|
34.9 |
% |
|
|
34.3 |
% |
|
|
34.4 |
% |
|
|
30.9 |
% |
Net income attributable to JHG |
|
|
169.4 |
|
|
|
144.7 |
|
|
|
135.2 |
|
|
|
563.7 |
|
|
|
435.2 |
|
Diluted earnings per share |
|
|
1.07 |
|
|
|
0.91 |
|
|
|
0.82 |
|
|
|
3.53 |
|
|
|
2.63 |
|
SHARE REPURCHASE AND DIVIDEND
On January 30, 2025, the Board declared a dividend of
As part of the Company's Board-approved
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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 transfers.
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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|||||
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|
2024 |
|
|
2024 |
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|
2023 |
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|
2024 |
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|
2023 |
|
|||||
Opening AUM |
|
|
382.3 |
|
|
|
361.4 |
|
|
|
308.3 |
|
|
|
334.9 |
|
|
|
287.3 |
|
Sales |
|
20.4 |
|
|
|
16.1 |
|
|
|
14.4 |
|
|
|
70.5 |
|
|
|
60.9 |
|
|
Redemptions |
|
|
(17.1 |
) |
|
|
(15.7 |
) |
|
|
(17.5 |
) |
|
|
(68.1 |
) |
|
|
(61.6 |
) |
Net sales / (redemptions) |
|
|
3.3 |
|
|
|
0.4 |
|
|
|
(3.1 |
) |
|
|
2.4 |
|
|
|
(0.7 |
) |
Market / FX |
|
|
(10.1 |
) |
|
|
19.4 |
|
|
|
29.7 |
|
|
|
37.1 |
|
|
|
48.3 |
|
Acquisitions and reclassifications |
|
|
3.2 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
4.3 |
|
|
|
— |
|
Closing AUM |
|
|
378.7 |
|
|
|
382.3 |
|
|
|
334.9 |
|
|
|
378.7 |
|
|
|
334.9 |
|
Quarterly AUM and flows by capability
|
|
Equities |
|
|
Fixed Income |
|
|
Multi-Asset |
|
|
Alternatives |
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Total |
|
|||||
AUM 31 Dec 2023 |
|
|
205.1 |
|
|
|
71.5 |
|
|
|
48.9 |
|
|
|
9.4 |
|
|
|
334.9 |
|
Sales |
|
|
8.1 |
|
|
|
5.8 |
|
|
|
1.3 |
|
|
|
0.7 |
|
|
|
15.9 |
|
Redemptions |
|
|
(9.2 |
) |
|
|
(5.7 |
) |
|
|
(2.1 |
) |
|
|
(1.9 |
) |
|
|
(18.9 |
) |
Net sales / (redemptions) |
|
|
(1.1 |
) |
|
|
0.1 |
|
|
|
(0.8 |
) |
|
|
(1.2 |
) |
|
|
(3.0 |
) |
Market / FX |
|
|
18.3 |
|
|
|
(1.0 |
) |
|
|
3.0 |
|
|
|
0.4 |
|
|
|
20.7 |
|
AUM 31 Mar 2024 |
|
|
222.3 |
|
|
|
70.6 |
|
|
|
51.1 |
|
|
|
8.6 |
|
|
|
352.6 |
|
Sales |
|
|
7.0 |
|
|
|
8.3 |
|
|
|
1.6 |
|
|
|
1.2 |
|
|
|
18.1 |
|
Redemptions |
|
|
(8.4 |
) |
|
|
(5.0 |
) |
|
|
(2.4 |
) |
|
|
(0.6 |
) |
|
|
(16.4 |
) |
Net sales / (redemptions) |
|
|
(1.4 |
) |
|
|
3.3 |
|
|
|
(0.8 |
) |
|
|
0.6 |
|
|
|
1.7 |
|
Market / FX |
|
|
5.3 |
|
|
|
0.5 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
7.1 |
|
Reclassifications |
|
|
— |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
AUM 30 Jun 2024 |
|
|
226.2 |
|
|
|
74.5 |
|
|
|
51.5 |
|
|
|
9.2 |
|
|
|
361.4 |
|
Sales |
|
|
7.9 |
|
|
|
6.1 |
|
|
|
1.4 |
|
|
|
0.7 |
|
|
|
16.1 |
|
Redemptions |
|
|
(9.4 |
) |
|
|
(3.9 |
) |
|
|
(1.8 |
) |
|
|
(0.6 |
) |
|
|
(15.7 |
) |
Net sales / (redemptions) |
|
|
(1.5 |
) |
|
|
2.2 |
|
|
|
(0.4 |
) |
|
|
0.1 |
|
|
|
0.4 |
|
Market / FX |
|
|
12.4 |
|
|
|
3.8 |
|
|
|
2.4 |
|
|
|
0.8 |
|
|
|
19.4 |
|
Acquisitions |
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
1.1 |
|
AUM 30 Sep 2024 |
|
|
237.1 |
|
|
|
81.3 |
|
|
|
53.5 |
|
|
|
10.4 |
|
|
|
382.3 |
|
Sales |
|
|
8.1 |
|
|
|
9.3 |
|
|
|
2.0 |
|
|
|
1.0 |
|
|
|
20.4 |
|
Redemptions |
|
|
(10.6 |
) |
|
|
(4.1 |
) |
|
|
(1.9 |
) |
|
|
(0.5 |
) |
|
|
(17.1 |
) |
Net sales / (redemptions) |
|
|
(2.5 |
) |
|
|
5.2 |
|
|
|
0.1 |
|
|
|
0.5 |
|
|
|
3.3 |
|
Market / FX |
|
|
(5.2 |
) |
|
|
(3.8 |
) |
|
|
(0.5 |
) |
|
|
(0.6 |
) |
|
|
(10.1 |
) |
Acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.2 |
|
|
|
3.2 |
|
AUM 31 Dec 2024 |
|
|
229.4 |
|
|
|
82.7 |
|
|
|
53.1 |
|
|
|
13.5 |
|
|
|
378.7 |
|
Average AUM by capability
|
|
Three months ended |
|
|
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 |
|
|
31 Dec |
|
|||||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Equities |
|
|
235.5 |
|
|
|
229.6 |
|
|
|
191.9 |
|
|
|
224.7 |
|
|
|
191.6 |
|
Fixed Income |
|
|
81.4 |
|
|
|
78.5 |
|
|
|
66.8 |
|
|
|
75.6 |
|
|
|
65.5 |
|
Multi-Asset |
|
|
53.8 |
|
|
|
52.1 |
|
|
|
46.9 |
|
|
|
51.6 |
|
|
|
47.1 |
|
Alternatives |
|
|
13.5 |
|
|
|
9.7 |
|
|
|
9.3 |
|
|
|
10.2 |
|
|
|
9.6 |
|
Total |
|
|
384.2 |
|
|
|
369.9 |
|
|
|
314.9 |
|
|
|
362.1 |
|
|
|
313.8 |
|
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (as of December 31, 2024)
Capability |
|
1-year |
|
|
3-year |
|
|
5-year |
|
|
10-year |
|
||||
Equities |
|
|
50 |
% |
|
|
62 |
% |
|
|
37 |
% |
|
|
62 |
% |
Fixed Income |
|
|
91 |
% |
|
|
84 |
% |
|
|
86 |
% |
|
|
94 |
% |
Multi-Asset |
|
|
93 |
% |
|
|
96 |
% |
|
|
97 |
% |
|
|
97 |
% |
Alternatives |
|
|
85 |
% |
|
|
85 |
% |
|
|
100 |
% |
|
|
100 |
% |
Total |
|
|
65 |
% |
|
|
72 |
% |
|
|
55 |
% |
|
|
73 |
% |
Outperformance is measured based on composite performance gross of fees versus primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees versus zero for absolute return strategies, (2) fund net of fees versus primary index, or (3) fund net of fees versus Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable.
Cash management vehicles, ETF-enhanced beta strategies, legacy Tabula passive ETFs, Fixed Income Buy & Maintain mandates, legacy NBK Capital Partners and Victory Park Capital funds, 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 (as of December 31, 2024)
Capability |
|
1-year |
|
|
3-year |
|
|
5-year |
|
|
10-year |
|
||||
Equities |
|
|
70 |
% |
|
|
71 |
% |
|
|
70 |
% |
|
|
80 |
% |
Fixed Income |
|
|
84 |
% |
|
|
74 |
% |
|
|
71 |
% |
|
|
75 |
% |
Multi-Asset |
|
|
93 |
% |
|
|
95 |
% |
|
|
94 |
% |
|
|
96 |
% |
Alternatives |
|
|
33 |
% |
|
|
86 |
% |
|
|
100 |
% |
|
|
100 |
% |
Total |
|
|
76 |
% |
|
|
76 |
% |
|
|
75 |
% |
|
|
83 |
% |
Includes Janus Investment Fund, Janus Aspen Series, Janus Henderson Detroit Street Trust (ETFs), and Clayton Street Trust (
Analysis based on "primary" share class (Class I Shares, Institutional Shares, or share class with longest history for
Funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2024 Morningstar, Inc. All Rights Reserved.
FOURTH QUARTER AND FULL-YEAR 2024 RESULTS BRIEFING INFORMATION
Chief Executive Officer Ali Dibadj and Chief Financial Officer Roger Thompson will present these results on January 31, 2025, on a conference call and webcast to be held at 9:00 a.m. ET.
Those wishing to participate should call:
|
833 470 1428 |
|
|
0808 189 6484 |
|
All other countries |
+1 929 526 1599 |
|
Conference ID |
454523 |
Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website (ir.janushenderson.com).
About Janus Henderson
Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of December 31, 2024, Janus Henderson had approximately
FINANCIAL DISCLOSURES
Condensed consolidated statements of comprehensive income (unaudited)
|
|
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) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
|
522.7 |
|
|
|
502.8 |
|
|
|
427.1 |
|
|
|
1,957.7 |
|
|
|
1,700.1 |
|
Performance fees |
|
|
67.5 |
|
|
|
8.6 |
|
|
|
41.7 |
|
|
|
70.4 |
|
|
|
5.1 |
|
Shareowner servicing fees |
|
|
63.6 |
|
|
|
61.4 |
|
|
|
53.6 |
|
|
|
240.7 |
|
|
|
213.3 |
|
Other revenue |
|
|
54.5 |
|
|
|
52.0 |
|
|
|
46.1 |
|
|
|
204.4 |
|
|
|
183.3 |
|
Total revenue |
|
|
708.3 |
|
|
|
624.8 |
|
|
|
568.5 |
|
|
|
2,473.2 |
|
|
|
2,101.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
|
207.0 |
|
|
|
177.0 |
|
|
|
156.1 |
|
|
|
716.1 |
|
|
|
593.3 |
|
Long-term incentive plans |
|
|
39.3 |
|
|
|
40.5 |
|
|
|
41.7 |
|
|
|
166.6 |
|
|
|
167.4 |
|
Distribution expenses |
|
|
138.2 |
|
|
|
133.7 |
|
|
|
113.3 |
|
|
|
520.9 |
|
|
|
455.9 |
|
Investment administration |
|
|
15.5 |
|
|
|
17.7 |
|
|
|
12.3 |
|
|
|
58.2 |
|
|
|
47.4 |
|
Marketing |
|
|
14.3 |
|
|
|
8.3 |
|
|
|
8.9 |
|
|
|
40.4 |
|
|
|
36.6 |
|
General, administrative and occupancy |
|
|
87.9 |
|
|
|
77.4 |
|
|
|
87.6 |
|
|
|
300.8 |
|
|
|
294.6 |
|
Depreciation and amortization |
|
|
8.6 |
|
|
|
5.5 |
|
|
|
4.9 |
|
|
|
24.5 |
|
|
|
22.9 |
|
Total operating expenses |
|
|
510.8 |
|
|
|
460.1 |
|
|
|
424.8 |
|
|
|
1,827.5 |
|
|
|
1,618.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
197.5 |
|
|
|
164.7 |
|
|
|
143.7 |
|
|
|
645.7 |
|
|
|
483.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(7.2 |
) |
|
|
(4.5 |
) |
|
|
(3.2 |
) |
|
|
(18.0 |
) |
|
|
(12.7 |
) |
Investment gains, net |
|
|
6.9 |
|
|
|
35.0 |
|
|
|
24.8 |
|
|
|
70.8 |
|
|
|
43.4 |
|
Other non-operating income (expense), net |
|
|
(27.2 |
) |
|
|
(101.6 |
) |
|
|
11.9 |
|
|
|
(86.6 |
) |
|
|
12.6 |
|
Income before taxes |
|
|
170.0 |
|
|
|
93.6 |
|
|
|
177.2 |
|
|
|
611.9 |
|
|
|
527.0 |
|
Income tax provision |
|
|
(48.5 |
) |
|
|
(43.6 |
) |
|
|
(32.9 |
) |
|
|
(166.3 |
) |
|
|
(100.3 |
) |
Net income |
|
|
121.5 |
|
|
|
50.0 |
|
|
|
144.3 |
|
|
|
445.6 |
|
|
|
426.7 |
|
Net loss (income) attributable to noncontrolling interests |
|
|
0.3 |
|
|
|
(22.7 |
) |
|
|
(23.0 |
) |
|
|
(36.7 |
) |
|
|
(34.7 |
) |
Net income attributable to JHG |
|
|
121.8 |
|
|
|
27.3 |
|
|
|
121.3 |
|
|
|
408.9 |
|
|
|
392.0 |
|
Less: allocation of earnings to participating stock-based awards |
|
|
(3.1 |
) |
|
|
(0.7 |
) |
|
|
(3.5 |
) |
|
|
(9.9 |
) |
|
|
(11.2 |
) |
Net income attributable to JHG common shareholders |
|
|
118.7 |
|
|
|
26.6 |
|
|
|
117.8 |
|
|
|
399.0 |
|
|
|
380.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding (in millions) |
|
|
154.2 |
|
|
|
154.4 |
|
|
|
160.1 |
|
|
|
155.4 |
|
|
|
160.4 |
|
Diluted weighted-average shares outstanding (in millions) |
|
|
154.8 |
|
|
|
154.7 |
|
|
|
160.2 |
|
|
|
155.8 |
|
|
|
160.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share (in US$) |
|
|
0.77 |
|
|
|
0.17 |
|
|
|
0.74 |
|
|
|
2.56 |
|
|
|
2.37 |
|
Reconciliation of non-GAAP financial information
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of GAAP revenue, operating expenses, operating income, net income attributable to JHG, and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG, and adjusted diluted earnings per share.
|
|
Three months ended |
|
|
Year ended |
|
||||||||||||||
|
|
31 Dec |
|
|
30 Sep |
|
|
31 Dec |
|
|
31 Dec |
|
|
31 Dec |
|
|||||
(in US$ millions, except per share data or as noted) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Reconciliation of revenue to adjusted revenue |
||||||||||||||||||||
Revenue |
|
|
708.3 |
|
|
|
624.8 |
|
|
|
568.5 |
|
|
|
2,473.2 |
|
|
|
2,101.8 |
|
Management fees1 |
|
|
(53.8 |
) |
|
|
(51.4 |
) |
|
|
(40.8 |
) |
|
|
(198.9 |
) |
|
|
(164.8 |
) |
Shareowner servicing fees1 |
|
|
(51.3 |
) |
|
|
(49.9 |
) |
|
|
(42.9 |
) |
|
|
(194.4 |
) |
|
|
(172.4 |
) |
Other revenue1 |
|
|
(35.6 |
) |
|
|
(35.4 |
) |
|
|
(29.6 |
) |
|
|
(139.1 |
) |
|
|
(118.7 |
) |
Adjusted revenue |
|
|
567.6 |
|
|
|
488.1 |
|
|
|
455.2 |
|
|
|
1,940.8 |
|
|
|
1,645.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of operating expenses to adjusted operating expenses |
||||||||||||||||||||
Operating expenses |
|
|
510.8 |
|
|
|
460.1 |
|
|
|
424.8 |
|
|
|
1,827.5 |
|
|
|
1,618.1 |
|
Employee compensation and benefits2 |
|
|
(2.5 |
) |
|
|
(4.3 |
) |
|
|
(2.2 |
) |
|
|
(20.0 |
) |
|
|
(5.8 |
) |
Long-term incentive plans2 |
|
|
(2.9 |
) |
|
|
(1.7 |
) |
|
|
(0.5 |
) |
|
|
(8.1 |
) |
|
|
(1.2 |
) |
Distribution expenses1 |
|
|
(138.2 |
) |
|
|
(133.7 |
) |
|
|
(113.3 |
) |
|
|
(520.9 |
) |
|
|
(455.9 |
) |
General, administration and occupancy2 |
|
|
(1.5 |
) |
|
|
(2.7 |
) |
|
|
(9.6 |
) |
|
|
(2.7 |
) |
|
|
(16.3 |
) |
Depreciation and amortization3 |
|
|
(2.8 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(3.1 |
) |
|
|
(1.7 |
) |
Adjusted operating expenses |
|
|
362.9 |
|
|
|
317.6 |
|
|
|
299.0 |
|
|
|
1,272.7 |
|
|
|
1,137.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
|
|
204.7 |
|
|
|
170.5 |
|
|
|
156.2 |
|
|
|
668.1 |
|
|
|
508.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
27.9 |
% |
|
|
26.4 |
% |
|
|
25.3 |
% |
|
|
26.1 |
% |
|
|
23.0 |
% |
Adjusted operating margin |
|
|
36.1 |
% |
|
|
34.9 |
% |
|
|
34.3 |
% |
|
|
34.4 |
% |
|
|
30.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG |
||||||||||||||||||||
Net income attributable to JHG |
|
|
121.8 |
|
|
|
27.3 |
|
|
|
121.3 |
|
|
|
408.9 |
|
|
|
392.0 |
|
Employee compensation and benefits2 |
|
|
— |
|
|
|
1.3 |
|
|
|
2.2 |
|
|
|
8.5 |
|
|
|
5.8 |
|
Long-term incentive plans2 |
|
|
2.9 |
|
|
|
1.7 |
|
|
|
0.5 |
|
|
|
8.1 |
|
|
|
1.2 |
|
General, administration and occupancy2 |
|
|
1.5 |
|
|
|
2.7 |
|
|
|
9.6 |
|
|
|
2.7 |
|
|
|
16.3 |
|
Depreciation and amortization3 |
|
|
2.8 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
3.1 |
|
|
|
1.7 |
|
Interest expense4 |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
Investment gains, net4 |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.8 |
|
|
|
12.5 |
|
Other non-operating income, net4 |
|
|
42.5 |
|
|
|
113.3 |
|
|
|
3.0 |
|
|
|
136.9 |
|
|
|
28.6 |
|
Income tax provision5 |
|
|
(1.1 |
) |
|
|
(1.8 |
) |
|
|
(1.8 |
) |
|
|
(4.4 |
) |
|
|
(22.9 |
) |
Net income attributable to noncontrolling interests6 |
|
|
(1.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.2 |
) |
|
|
— |
|
Adjusted net income attributable to JHG |
|
|
169.4 |
|
|
|
144.7 |
|
|
|
135.2 |
|
|
|
563.7 |
|
|
|
435.2 |
|
Less: allocation of earnings to participating stock-based awards |
|
|
(4.3 |
) |
|
|
(3.6 |
) |
|
|
(3.9 |
) |
|
|
(13.6 |
) |
|
|
(12.4 |
) |
Adjusted net income attributable to JHG common shareholders |
|
|
165.1 |
|
|
|
141.1 |
|
|
|
131.3 |
|
|
|
550.1 |
|
|
|
422.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average diluted common shares outstanding – diluted (in millions) |
|
|
154.8 |
|
|
|
154.7 |
|
|
|
160.2 |
|
|
|
155.8 |
|
|
|
160.5 |
|
Diluted earnings per share (in US$) |
|
|
0.77 |
|
|
|
0.17 |
|
|
|
0.74 |
|
|
|
2.56 |
|
|
|
2.37 |
|
Adjusted diluted earnings per share (in US$) |
|
|
1.07 |
|
|
|
0.91 |
|
|
|
0.82 |
|
|
|
3.53 |
|
|
|
2.63 |
|
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 servicing 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. In addition to the adjustments related to distribution and servicing activities, other revenue for the three months and year ended December 31, 2024, and the three months ended September 30, 2024, includes an adjustment related to an employee secondment arrangement with a joint venture. The arrangement is pass-through in nature, and we believe the costs do not represent our ongoing operations. |
2 |
Adjustments for the three months and year ended December 31, 2024, and the three months ended September 30, 2024, include acquisition related expenses and the acceleration of long-term incentive plan expense and redundancy expense related to the departure of certain employees. Adjustments for the year ended December 31, 2024, also include a |
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. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations. |
4 |
Adjustments for all periods presented consist primarily of the release of accumulated foreign currency translation adjustments related to JHG liquidated entities. Adjustments for the year ended December 31, 2023, also include a provision for a credit loss and a contingent consideration fair value adjustment related to the 2022 sale of Intech, and a correction due to an error of previously recognized earnings associated with an equity method investment. JHG management believes these costs are not representative of our ongoing operations. |
5 |
The tax impact of the adjustments is calculated based on the applicable |
6 |
Adjustments for the three months and year ended December 31, 2024, include the noncontrolling interest on amortization of acquisition related intangible assets. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations. |
Condensed consolidated balance sheets (unaudited)
|
|
31 Dec |
|
|
31 Dec |
|
||
(in US$ millions) |
|
2024 |
|
|
2023 |
|
||
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
1,217.2 |
|
|
|
1,152.4 |
|
Investments |
|
|
337.1 |
|
|
|
334.2 |
|
Property, equipment and software, net |
|
|
39.4 |
|
|
|
44.2 |
|
Intangible assets and goodwill, net |
|
|
4,023.7 |
|
|
|
3,721.6 |
|
Assets of consolidated variable interest entities |
|
|
525.4 |
|
|
|
405.9 |
|
Other assets |
|
|
820.3 |
|
|
|
838.3 |
|
Total assets |
|
|
6,963.1 |
|
|
|
6,496.6 |
|
|
|
|
|
|
|
|
|
|
Liabilities, redeemable noncontrolling interests and equity: |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
395.0 |
|
|
|
304.6 |
|
Deferred tax liabilities, net |
|
|
569.3 |
|
|
|
570.8 |
|
Liabilities of consolidated variable interest entities |
|
|
4.7 |
|
|
|
3.2 |
|
Other liabilities |
|
|
911.0 |
|
|
|
762.5 |
|
Redeemable noncontrolling interests |
|
|
365.0 |
|
|
|
317.2 |
|
Total equity |
|
|
4,718.1 |
|
|
|
4,538.3 |
|
Total liabilities, redeemable noncontrolling interests and equity |
|
|
6,963.1 |
|
|
|
6,496.6 |
|
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) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Cash provided by (used for): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
247.3 |
|
|
|
228.5 |
|
|
|
161.5 |
|
|
|
694.6 |
|
|
|
441.6 |
|
Investing activities |
|
|
44.3 |
|
|
|
(215.0 |
) |
|
|
(86.8 |
) |
|
|
(285.4 |
) |
|
|
(328.9 |
) |
Financing activities |
|
|
(518.9 |
) |
|
|
424.6 |
|
|
|
(76.1 |
) |
|
|
(324.4 |
) |
|
|
(151.9 |
) |
Effect of exchange rate changes |
|
|
(42.7 |
) |
|
|
31.9 |
|
|
|
29.2 |
|
|
|
(18.1 |
) |
|
|
30.9 |
|
Net change during period |
|
|
(270.0 |
) |
|
|
470.0 |
|
|
|
27.8 |
|
|
|
66.7 |
|
|
|
(8.3 |
) |
Basis of preparation
In the opinion of management of Janus Henderson Group plc, the condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly present the financial position, results of operations, and cash flows of JHG in accordance with GAAP. Such financial statements have been prepared in accordance with the instructions to Form 10‑Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in Janus Henderson’s Annual Report on Form 10‑K for the year ended December 31, 2023, filed with the SEC (Commission File No. 001‑38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements.
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.
Certain statements in this press release not based on historical facts are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Such forward-looking statements involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events, including with respect to the timing and anticipated benefits of pending and recently completed transactions and expectations regarding acquisition opportunities. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.
Various risks, uncertainties, assumptions, and factors that could cause our future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks, uncertainties, assumptions, and factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, and in other filings or furnishings made by the Company with the SEC from time to time.
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.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.
© Janus Henderson Group plc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250131274233/en/
Investor enquiries:
Jim Kurtz
Head of Investor Relations
+1 303 336 4529
jim.kurtz@janushenderson.com
Or
Investor Relations
investor.relations@janushenderson.com
Media enquiries:
Candice Sun
Global Head of Media Relations
+1 303 336 5452
candice.sun@janushenderson.com
Nicole Mullin
Media Relations Director,
+44 (0)20 7818 2511
nicole.mullin@janushenderson.com
Source: Janus Henderson Group
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