Janus Henderson Group plc Reports Third Quarter 2021 Diluted EPS of US$1.14, or US$1.16 on an Adjusted Basis

Rhea-AI Summary

Janus Henderson Group reported strong third quarter 2021 results with operating income of US$248.3 million, up from US$225.0 million in Q2 2021 and US$156.5 million a year ago. Adjusted operating income increased 56%, reaching US$253.0 million. Despite a 2% decline in assets under management (AUM) to US$419.3 billion due to US$5.2 billion in net outflows, 72% of AUM outperformed benchmarks over one year. The company declared a quarterly dividend of US$0.38 per share and conducted US$75.0 million in share buybacks during Q3.

Positive

• Operating income increased by 10.3% quarter-over-quarter and 58.6% year-over-year.
• Adjusted operating income rose 56% compared to the same period last year.
• Diluted earnings per share of US$1.14 grew 44% quarter-over-quarter and 75% year-over-year.

Negative

• Assets under management decreased by 2% from the previous quarter due to net outflows of US$5.2 billion.

• Solid investment performance, with 72%, 64%, 67% and 86% of assets under management (‘AUM’) outperforming relevant benchmarks on a one-, three-, five- and 10-year basis, respectively, as at 30 September 2021
• Third quarter 2021 operating income was US$248.3 million; third quarter 2021 adjusted operating income of US$253.0 million increased 56% compared to the same period a year ago
• AUM of US$419.3 billion decreased 2% compared to the prior quarter, primarily due to net outflows of US$(5.2) billion which were concentrated in Quantitative Equities
• Completed US$75.0 million of share buybacks during the third quarter
• Board declared quarterly dividend of US$0.38 per share

LONDON--(BUSINESS WIRE)-- Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published its third quarter 2021 results for the period ended 30 September 2021.

Third quarter 2021 operating income was US$248.3 million compared to US$225.0 million in the second quarter 2021 and US$156.5 million in the third quarter 2020. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$253.0 million in the third quarter 2021 compared to US$269.3 million in the second quarter 2021 and US$162.1 million in the third quarter 2020.

Third quarter 2021 diluted earnings per share of US$1.14 increased 44% compared to US$0.79 in the second quarter 2021 and increased 75% compared to US$0.65 in the third quarter 2020. Adjusted diluted earnings per share of US$1.16 in the third quarter 2021 was flat versus US$1.16 in the second quarter 2021 and increased 66% compared to US$0.70 in the third quarter 2020.

Dick Weil, Chief Executive Officer of Janus Henderson Group plc, stated:

“Third quarter financial results were strong with adjusted operating income of US$253.0 million and adjusted diluted EPS of US$1.16 up 56% and 66%, respectively, from one year ago, demonstrating the operating leverage in our business.

“We have made significant progress delivering our strategy of Simple Excellence, which is resulting in momentum building across the business. We have a strong foundation, and the progress we have made allows us to take advantage of trends that our clients are asking us to support them on. We expect this to result in the delivery of growth through organic and inorganic opportunities that accentuate our distribution excellence, our investment expertise and our differentiated operating platform.”

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 the United States of America (‘US GAAP’ or ‘GAAP’). However, JHG management evaluates the profitability of the Group and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See ‘Reconciliation of non-GAAP financial information’ below for additional information.

		Three months ended
		30 Sep		30 Jun		30 Sep
		2021		2021		2020
GAAP basis:
Revenue		687.4		738.4		568.5
Operating expenses		439.1		513.4		412.0
Operating income		248.3		225.0		156.5
Operating margin		36.1	%	30.5	%	27.5	%
Net income attributable to JHG		196.8		137.3		118.9
Diluted earnings per share		1.14		0.79		0.65
Adjusted basis:
Revenue		545.3		603.6		449.7
Operating expenses		292.3		334.3		287.6
Operating income		253.0		269.3		162.1
Operating margin		46.4	%	44.6	%	36.0	%
Net income attributable to JHG		199.5		200.5		129.6
Diluted earnings per share		1.16		1.16		0.70

DIVIDEND AND SHARE BUYBACK

On 27 October 2021, the Board declared a third quarter dividend in respect of the three months ended 30 September 2021 of US$0.38 per share. Shareholders on the register on the record date of 8 November 2021 will be paid the dividend on 24 November 2021. Janus Henderson does not offer a dividend reinvestment plan.

As part of the US$200 million on-market buyback programme approved by the Board in July 2021, JHG purchased approximately 1.8 million of its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX in the third quarter, for a total outlay of US$75.0 million.

Net tangible assets per share

US$		30 Sep 2021		31 Dec 2020
Net tangible assets / (liabilities) per ordinary share		3.93		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.

Total Group comparative AUM and flows

		Three months ended
		30 Sep			30 Jun			30 Sep
		2021			2021			2020
Opening AUM		427.6			405.1			336.7
Sales		16.0			18.4			15.8
Redemptions		(21.2	)		(20.9	)		(18.7	)
Net sales / (redemptions)		(5.2	)		(2.5	)		(2.9	)
Market / FX		(3.1	)		25.0			24.5
Closing AUM		419.3			427.6			358.3

Quarterly AUM and flows by capability

		Equities			Fixed Income			Multi-Asset			Quantitative Equities			Alternatives			Total
AUM 30 Sep 2020		188.9			75.1			43.6			40.7			10.0			358.3
Sales		10.3			8.7			3.1			0.3			0.8			23.2
Redemptions		(10.4	)		(7.5	)		(1.9	)		(3.7	)		(0.8	)		(24.3	)
Net sales / (redemptions)		(0.1	)		1.2			1.2			(3.4	)		—			(1.1	)
Market / FX		30.6			5.2			3.2			4.7			0.7			44.4
AUM 31 Dec 2020		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 31 Mar 2021		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 30 Jun 2021		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 30 Sep 2021		236.2			79.5			53.9			39.1			10.6			419.3

Average AUM

		Three months ended
		30 Sep		30 Jun		30 Sep
		2021		2021		2020
Equities		243.5		235.3		188.5
Fixed Income		80.9		80.7		74.8
Multi-Asset		54.9		51.8		42.7
Quantitative Equities		41.9		42.9		40.0
Alternatives		10.7		10.1		10.0
Total		431.9		420.8		356.0

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 30 September 2021)

Capability		1-year		3-year		5-year		10-year
Equities		64	%	56	%	60	%	84	%
Fixed Income		98	%	96	%	96	%	99	%
Multi-Asset		99	%	97	%	97	%	97	%
Quantitative Equities		41	%	2	%	2	%	32	%
Alternatives		94	%	97	%	100	%	100	%
Total		72	%	64	%	67	%	86	%

Outperformance is measured based on composite performance gross of fees vs 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 vs zero for absolute return strategies, (2) fund net of fees vs primary index or (3) fund net of fees vs Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable.

Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 5% of AUM as at 30 September 2021. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 30 September 2021)

Capability		1-year		3-year		5-year		10-year
Equities		47	%	47	%	49	%	68	%
Fixed Income		84	%	77	%	73	%	69	%
Multi-Asset		20	%	92	%	92	%	94	%
Quantitative Equities		11	%	11	%	11	%	0	%
Alternatives		27	%	70	%	74	%	98	%
Total		47	%	59	%	60	%	73	%

Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and Australian Managed Investment Schemes. The top two Morningstar quartiles represent funds in the top half of their category based on total return. For the 1-, 3-, 5- and 10-year periods ending 30 September 2021, 46%, 54%, 50% and 61% of the 195, 185, 180 and 150 total mutual funds, respectively, were in the top 2 Morningstar quartiles.

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 Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2021 Morningstar, Inc. All Rights Reserved.

FOURTH QUARTER AND FULL-YEAR 2021 RESULTS

Janus Henderson intends to publish its fourth quarter and full-year 2021 results on 3 February 2022.

THIRD QUARTER 2021 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 28 October 2021 on a conference call and webcast to be held at 8am EDT, 1pm BST, 11pm AEDT.

Those wishing to participate should call:

United Kingdom		0800 279 9489 (toll free)
United States		866 270 1533 (toll free)
Australia		1 800 121 301 (toll free)
All other countries		+1 412 317 0797 (this is not toll free)
Conference ID		10160342

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 investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset and alternative asset class strategies.

At 30 September 2021, Janus Henderson had approximately US$419 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).

FINANCIAL DISCLOSURES

Condensed consolidated statements of comprehensive income (unaudited)

		Three months ended
		30 Sep			30 Jun			30 Sep
(in US$ millions, except per share data or as noted)		2021			2021			2020
Revenue:
Management fees		564.5			544.1			457.7
Performance fees		0.6			77.4			7.0
Shareowner servicing fees		67.6			64.0			53.7
Other revenue		54.7			52.9			50.1
Total revenue		687.4			738.4			568.5
Operating expenses:
Employee compensation and benefits		166.2			192.4			154.9
Long-term incentive plans		35.0			49.8			42.7
Distribution expenses		142.1			134.8			118.8
Investment administration		13.0			13.1			13.1
Marketing		7.5			6.7			5.3
General, administrative and occupancy		65.5			65.7			65.6
Impairment of goodwill and intangible assets		—			40.8			—
Depreciation and amortisation		9.8			10.1			11.6
Total operating expenses		439.1			513.4			412.0
Operating income		248.3			225.0			156.5
Interest expense		(3.2	)		(3.2	)		(3.2	)
Investment gains, net		4.7			1.8			25.5
Other non-operating income (expense), net		3.6			(2.7	)		(0.9	)
Income before taxes		253.4			220.9			177.9
Income tax provision		(53.3	)		(79.7	)		(40.8	)
Net income		200.1			141.2			137.1
Net income attributable to noncontrolling interests		(3.3	)		(3.9	)		(18.2	)
Net income attributable to JHG		196.8			137.3			118.9
Less: allocation of earnings to participating stock-based awards		(5.4	)		(3.9	)		(3.5	)
Net income attributable to JHG common shareholders		191.4			133.4			115.4
Basic weighted-average shares outstanding (in millions)		167.1			167.6			178.4
Diluted weighted-average shares outstanding (in millions)		167.8			168.1			178.8
Diluted earnings per share (in US$)		1.14			0.79			0.65

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 US 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
		30 Sep			30 Jun			30 Sep
(in US$ millions, except per share data or as noted)		2021			2021			2020
Reconciliation of revenue to adjusted revenue
Revenue		687.4			738.4			568.5
Management fees1		(53.0	)		(49.6	)		(47.9	)
Shareowner servicing fees1		(55.4	)		(53.1	)		(42.8	)
Other revenue1		(33.7	)		(32.1	)		(28.1	)
Adjusted revenue		545.3			603.6			449.7
Reconciliation of operating expenses to adjusted operating expenses
Operating expenses		439.1			513.4			412.0
Employee compensation and benefits2		—			—			(0.3	)
Long-term incentive plans2		0.1			0.1			0.1
Distribution expenses1		(142.1	)		(134.8	)		(118.8	)
General, administration and occupancy2		(2.9	)		(1.7	)		(3.5	)
Impairment of goodwill and intangible assets3		—			(40.8	)		—
Depreciation and amortisation3		(1.9	)		(1.9	)		(1.9	)
Adjusted operating expenses		292.3			334.3			287.6
Adjusted operating income		253.0			269.3			162.1
Operating margin		36.1		%	30.5		%	27.5		%
Adjusted operating margin		46.4		%	44.6		%	36.0		%
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG
Net income attributable to JHG		196.8			137.3			118.9
Employee compensation and benefits2		—			—			0.3
Long-term incentive plans2		(0.1	)		(0.1	)		(0.1	)
General, administration and occupancy2		2.9			1.7			3.5
Impairment of goodwill and intangible assets3		—			40.8			—
Depreciation and amortisation3		1.9			1.9			1.9
Other non-operating income (expense), net4		(1.6	)		(1.7	)		(0.5	)
Income tax benefit (provision)5		(0.4	)		20.6			5.6
Adjusted net income attributable to JHG		199.5			200.5			129.6
Less: allocation of earnings to participating stock-based awards		(5.5	)		(5.7	)		(3.8	)
Adjusted net income attributable to JHG common shareholders		194.0			194.8			125.8
Weighted-average diluted common shares outstanding – diluted (two class) (in millions)		167.8			168.1			178.8
Diluted earnings per share (two class) (in US$)		1.14			0.79			0.65
Adjusted diluted earnings per share (two class) (in US$)		1.16			1.16			0.70

---

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 adjustment for the three months ended 30 September 2021 includes a one-time charge related to the employee benefits trust. JHG management believes these costs are not representative of the ongoing operations of the Group.
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 for the three months ended 30 June 2021 also include impairment charges of certain mutual fund investment management agreements. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operations of the Group.
4. Adjustments primarily relate to 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. Adjustments for the three months ended 30 June 2021 include a non-cash deferred tax expense of US$31.0 million due to the enactment of Finance Act 2021 during the second quarter 2021.

Condensed consolidated balance sheets (unaudited)

		30 Sep		31 Dec
(in US$ millions)		2021		2020
Assets:
Cash and cash equivalents		933.1		1,099.7
Investment securities		445.2		268.1
Property, equipment and software, net		63.7		77.9
Intangible assets and goodwill, net		3,991.7		4,070.2
Assets of consolidated variable interest entities		258.8		226.5
Other assets		1,010.7		948.4
Total assets		6,703.2		6,690.8
Liabilities, redeemable noncontrolling interests and equity:
Long-term debt		311.1		313.3
Deferred tax liabilities, net		644.7		627.4
Liabilities of consolidated variable interest entities		2.9		3.2
Other liabilities		937.2		927.3
Redeemable noncontrolling interests		145.1		85.8
Total equity		4,662.2		4,733.8
Total liabilities, redeemable noncontrolling interests and equity		6,703.2		6,690.8

Condensed consolidated statements of cash flows (unaudited)

		Three months ended
		30 Sep			30 Jun			30 Sep
(in US$ millions)		2021			2021			2020
Cash provided by (used for):
Operating activities		319.4			269.0			183.0
Investing activities		(222.9	)		(66.3	)		135.0
Financing activities		(112.9	)		(62.0	)		(291.2	)
Effect of exchange rate changes		(16.3	)		—			19.3
Net change during period		(32.7	)		140.7			46.1

STATUTORY DISCLOSURES

Associates and joint ventures

At 30 September 2021, the Group holds interests in the following associates and joint ventures managed through shareholder agreements with third party investors, accounted for under the equity method:

• LongTail Alpha LLC ownership 20%

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 US 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 Group’s Annual Report on Form 10‑K for the year ended 31 December 2020, on file 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.

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 Janus Henderson Group plc that could differ materially from the events that actually occur. The differences could be caused by a number of factors, including those factors identified in Janus Henderson Group’s Annual Report on Form 10‑K for the fiscal year ended 31 December 2020 and in other filings or furnishings made by the Company with the Securities and Exchange Commission from time to time (Commission file no. 001‑38103), including those that appear under headings such as ‘Risk Factors’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’. Many of these factors are beyond the control of JHG and its management. Any forward-looking statements contained in this document are as at the date on which such statements were made. Janus Henderson Group undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.

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 Janus Henderson Distributors.

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.

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

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Investor enquiries:

Jim Kurtz

Co-Head Investor Relations (US)

+1 303 336 4529

jim.kurtz@janushenderson.com

Melanie Horton

Co-Head Investor Relations (Non-US)

+44 (0)20 7818 2905

melanie.horton@janushenderson.com

Or

Investor Relations

investor.relations@janushenderson.com

Media enquiries:

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Head of Media Relations

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Director, Media Relations & Corp Comms

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United Kingdom: Edelman Smithfield

Latika Shah

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Asia Pacific: Honner

Craig Morris

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Source: Janus Henderson Group plc

FAQ

What were Janus Henderson's adjusted operating income results for Q3 2021?

Janus Henderson reported adjusted operating income of US$253.0 million for Q3 2021, a 56% increase from the previous year.

How much did Janus Henderson's assets under management decrease in Q3 2021?

In Q3 2021, Janus Henderson's assets under management decreased by 2%, totaling US$419.3 billion.

What was the diluted earnings per share for Janus Henderson in Q3 2021?

The diluted earnings per share for Janus Henderson in Q3 2021 were US$1.14, a rise of 44% from the previous quarter.

What dividend did Janus Henderson declare for Q3 2021?

Janus Henderson declared a quarterly dividend of US$0.38 per share for Q3 2021.

How much did Janus Henderson spend on share buybacks in Q3 2021?

Janus Henderson spent US$75.0 million on share buybacks during Q3 2021.