Janus Henderson Group plc Reports Third Quarter 2024 Results
Janus Henderson Group reported strong Q3 2024 results with assets under management (AUM) reaching US$382.3 billion, up 6% quarter-over-quarter and 24% year-over-year. The company achieved net inflows of US$0.4 billion and demonstrated solid investment performance with 75% of AUM outperforming benchmarks on a one-year basis. Q3 2024 adjusted diluted EPS was US$0.91, representing a 42% increase year-over-year. The company returned US$102 million to shareholders through dividends and buybacks, declared a quarterly dividend of US$0.39 per share, and approved a US$50 million increase to its share repurchase program.
Janus Henderson Group ha riportato risultati solidi per il terzo trimestre del 2024, con attività sotto gestione (AUM) che hanno raggiunto i 382,3 miliardi di dollari, un aumento del 6% rispetto al trimestre precedente e del 24% rispetto allo stesso periodo dell'anno scorso. L'azienda ha registrato flussi netti di 0,4 miliardi di dollari e ha dimostrato una solida performance degli investimenti, con il 75% delle AUM che ha superato i benchmark su base annuale. L'utile per azione diluito rettificato del Q3 2024 è stato di 0,91 USD, rappresentando un aumento del 42% rispetto all'anno precedente. L'azienda ha restituito 102 milioni di dollari agli azionisti attraverso dividendi e riacquisti, ha dichiarato un dividendo trimestrale di 0,39 dollari per azione e ha approvato un incremento di 50 milioni di dollari per il suo programma di riacquisto di azioni.
Janus Henderson Group reportó resultados sólidos en el tercer trimestre de 2024, con activos bajo gestión (AUM) alcanzando 382.3 mil millones de dólares, un aumento del 6% en comparación con el trimestre anterior y del 24% en comparación con el año anterior. La compañía logró flujos netos de 0.4 mil millones de dólares y demostró un sólido desempeño en inversiones, con el 75% de AUM superando los puntos de referencia en base anual. El beneficio por acción diluido ajustado del Q3 2024 fue de 0.91 USD, lo que representa un aumento del 42% en comparación con el año anterior. La empresa devolvió 102 millones de dólares a los accionistas a través de dividendos y recompras, declaró un dividendo trimestral de 0.39 dólares por acción, y aprobó un aumento de 50 millones de dólares para su programa de recompra de acciones.
Janus Henderson Group는 2024년 3분기 강력한 실적을 보고했으며, 운용 자산(AUM)이 3,823억 달러에 달해 전 분기 대비 6%, 전년 동기 대비 24% 증가했습니다. 회사는 넷 유입이 4억 달러에 도달했으며, AUM의 75%가 연간 기준으로 벤치마크를 초과하는 탄탄한 투자 성과를 보여주었습니다. 2024년 3분기의 조정 후 희석 주당순이익은 0.91달러로, 전년 대비 42% 증가한 수치입니다. 회사는 배당금과 자사주 매입을 통해 주주에게 1억 200만 달러를 환원하였고, 주당 0.39달러의 분기 배당금을 선언했으며, 자사주 매입 프로그램을 5천만 달러 증액하는 것을 승인했습니다.
Janus Henderson Group a annoncé de solides résultats pour le troisième trimestre de 2024, avec des actifs sous gestion (AUM) atteignant 382,3 milliards de dollars, en hausse de 6 % par rapport au trimestre précédent et de 24 % par rapport à l'année précédente. La société a enregistré des afflux nets de 0,4 milliard de dollars et a démontré une solide performance d'investissement, avec 75 % des AUM dépassant les indices de référence sur une base annuelle. Le bénéfice par action dilué ajusté pour le T3 2024 s'élevait à 0,91 USD, représentant une augmentation de 42 % par rapport à l'année précédente. La société a retourné 102 millions de dollars aux actionnaires par le biais de dividendes et de rachats, a déclaré un dividende trimestriel de 0,39 USD par action et a approuvé une augmentation de 50 millions de dollars de son programme de rachat d'actions.
Janus Henderson Group hat für das dritte Quartal 2024 starke Ergebnisse berichtet, mit verwalteten Vermögenswerten (AUM) in Höhe von 382,3 Milliarden US-Dollar, was einem Anstieg von 6% im Vergleich zum Vorquartal und 24% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete Nettozuflüsse von 0,4 Milliarden US-Dollar und zeigte eine solide Anlageperformance, wobei 75% der AUM die Benchmark im Jahresvergleich übertrafen. Der bereinigte verwässerte Gewinn je Aktie im Q3 2024 lag bei 0,91 USD, was einer Steigerung von 42% im Vergleich zum Vorjahr entspricht. Das Unternehmen gab 102 Millionen US-Dollar an die Aktionäre durch Dividenden und Rückkäufe zurück, erklärte eine vierteljährliche Dividende von 0,39 USD pro Aktie und genehmigte eine Erhöhung des Aktienrückkaufprogramms um 50 Millionen US-Dollar.
- Net inflows of US$0.4 billion for second consecutive quarter
- AUM increased 24% year-over-year to US$382.3 billion
- Adjusted diluted EPS grew 42% year-over-year to US$0.91
- Strong investment performance with 75% of AUM outperforming benchmarks
- Operating income increased 35% year-over-year to US$164.7 million
- Operating margin declined to 26.4% from 27.9% in previous quarter
- Diluted EPS decreased to US$0.17 from US$0.81 in Q2 2024
Insights
A strong quarter with notable improvements across key metrics.
Investment performance metrics are particularly strong, with
The fixed income segment shows remarkable strength with
The acquisition contribution of
-
Solid investment performance, with
75% ,71% ,67% , and85% of assets under management (“AUM”) outperforming relevant benchmarks on a one-, three-, five-, and 10-year basis, respectively, as of September 30, 2024 -
Consecutive quarters of net inflows with third quarter 2024 net inflows of
US $0.4 billion -
Third quarter 2024 diluted EPS of
US includes a$0.17 US non-cash, non-operating, accounting expense release. Adjusted diluted EPS of$111.9 million US is an increase of$0.91 42% year over year -
AUM increased
6% quarter over quarter and24% year over year toUS as of September 30, 2024$382.3 billion -
Returned
US in capital to shareholders through dividends and share buybacks in third quarter 2024$102 million -
Board of Directors ("Board") declared a quarterly dividend of
US per share and approved a$0.39 US increase to the Company’s existing common stock repurchase authorization$50 million
Third quarter 2024 diluted earnings per share of
Ali Dibadj, Chief Executive Officer, stated:
"Janus Henderson again delivered another solid set of quarterly results, building upon tangible momentum in the business. The results reflect market gains, solid investment performance produced by our world-class investment professionals, a second consecutive quarter of positive net flows delivered by our dedicated client groups, and the efforts and productivity from all our operating and support areas. Our teams have worked together to execute our strategy to Protect & Grow, Amplify, and Diversify our business, which is delivering growth across channels and regions. Better net flows, a stable net management fee rate, and operating leverage resulted in a
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ 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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|
30 Sep |
|
30 Jun |
|
30 Sep |
||||||
|
|
2024 |
|
2024 |
|
2023 |
||||||
GAAP basis: |
|
|
|
|
|
|
|
|
|
|||
Revenue |
|
|
624.8 |
|
|
|
588.4 |
|
|
|
521.0 |
|
Operating expenses |
|
|
460.1 |
|
|
|
424.1 |
|
|
|
399.3 |
|
Operating income |
|
|
164.7 |
|
|
|
164.3 |
|
|
|
121.7 |
|
Operating margin |
|
|
26.4 |
% |
|
|
27.9 |
% |
|
|
23.4 |
% |
Net income attributable to JHG |
|
|
27.3 |
|
|
|
129.7 |
|
|
|
93.5 |
|
Diluted earnings per share |
|
|
0.17 |
|
|
|
0.81 |
|
|
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted basis: |
|
|
|
|
|
|
|
|
|
|||
Revenue |
|
|
488.1 |
|
|
|
458.3 |
|
|
|
405.0 |
|
Operating expenses |
|
|
317.6 |
|
|
|
293.6 |
|
|
|
279.6 |
|
Operating income |
|
|
170.5 |
|
|
|
164.7 |
|
|
|
125.4 |
|
Operating margin |
|
|
34.9 |
% |
|
|
35.9 |
% |
|
|
31.0 |
% |
Net income attributable to JHG |
|
|
144.7 |
|
|
|
135.2 |
|
|
|
106.7 |
|
Diluted earnings per share |
|
|
0.91 |
|
|
|
0.85 |
|
|
|
0.64 |
|
SHARE REPURCHASE AND DIVIDEND
On October 30, 2024, the Board declared a dividend of
As part of 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 transfers.
Total comparative AUM and flows |
||||||||||||
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Three months ended |
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|
|
30 Sep |
|
30 Jun |
|
30 Sep |
||||||
|
|
2024 |
|
2024 |
|
2023 |
||||||
Opening AUM |
|
|
361.4 |
|
|
|
352.6 |
|
|
|
322.1 |
|
Sales |
|
|
16.1 |
|
|
|
18.1 |
|
|
|
11.8 |
|
Redemptions |
|
|
(15.7 |
) |
|
|
(16.4 |
) |
|
|
(14.4 |
) |
Net sales / (redemptions) |
|
|
0.4 |
|
|
|
1.7 |
|
|
|
(2.6 |
) |
Market / FX |
|
|
19.4 |
|
|
|
7.1 |
|
|
|
(11.2 |
) |
Acquisitions |
|
|
1.1 |
|
|
|
— |
|
|
|
— |
|
Closing AUM |
|
|
382.3 |
|
|
|
361.4 |
|
|
|
308.3 |
|
Quarterly AUM and flows by capability |
||||||||||||||||||||
|
|
|
|
|
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Equities |
|
Income |
|
Multi-Asset |
|
Alternatives |
|
Total |
||||||||||
AUM 30 Sep 2023 |
|
|
187.9 |
|
|
|
65.1 |
|
|
|
45.9 |
|
|
|
9.4 |
|
|
|
308.3 |
|
Sales |
|
|
6.0 |
|
|
|
6.9 |
|
|
|
1.0 |
|
|
|
0.5 |
|
|
|
14.4 |
|
Redemptions |
|
|
(9.2 |
) |
|
|
(5.2 |
) |
|
|
(2.4 |
) |
|
|
(0.7 |
) |
|
|
(17.5 |
) |
Net sales / (redemptions) |
|
|
(3.2 |
) |
|
|
1.7 |
|
|
|
(1.4 |
) |
|
|
(0.2 |
) |
|
|
(3.1 |
) |
Market / FX |
|
|
20.4 |
|
|
|
4.7 |
|
|
|
4.4 |
|
|
|
0.2 |
|
|
|
29.7 |
|
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 |
|
Average AUM by capability |
||||||||||||
|
|
Three months ended |
||||||||||
|
|
30 Sep |
|
30 Jun |
|
30 Sep |
||||||
|
|
2024 |
|
2024 |
|
2023 |
||||||
Equities |
|
|
229.6 |
|
|
|
220.8 |
|
|
|
196.9 |
|
Fixed Income |
|
|
78.5 |
|
|
|
71.7 |
|
|
|
66.1 |
|
Multi-Asset |
|
|
52.1 |
|
|
|
50.7 |
|
|
|
47.7 |
|
Alternatives |
|
|
9.7 |
|
|
|
8.9 |
|
|
|
9.4 |
|
Total |
|
|
369.9 |
|
|
|
352.1 |
|
|
|
320.1 |
|
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (as of September 30, 2024) |
||||||||||||||||
Capability |
|
1-year |
|
3-year |
|
5-year |
|
10-year |
||||||||
Equities |
|
|
63 |
% |
|
|
61 |
% |
|
|
54 |
% |
|
|
80 |
% |
Fixed Income |
|
|
98 |
% |
|
|
81 |
% |
|
|
89 |
% |
|
|
93 |
% |
Multi-Asset |
|
|
97 |
% |
|
|
96 |
% |
|
|
97 |
% |
|
|
97 |
% |
Alternatives |
|
|
84 |
% |
|
|
94 |
% |
|
|
100 |
% |
|
|
100 |
% |
Total |
|
|
75 |
% |
|
|
71 |
% |
|
|
67 |
% |
|
|
85 |
% |
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 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 September 30, 2024) |
||||||||||||||||
Capability |
|
1-year |
|
3-year |
|
5-year |
|
10-year |
||||||||
Equities |
|
|
77 |
% |
|
|
73 |
% |
|
|
80 |
% |
|
|
87 |
% |
Fixed Income |
|
|
81 |
% |
|
|
57 |
% |
|
|
67 |
% |
|
|
71 |
% |
Multi-Asset |
|
|
96 |
% |
|
|
95 |
% |
|
|
95 |
% |
|
|
96 |
% |
Alternatives |
|
|
37 |
% |
|
|
87 |
% |
|
|
42 |
% |
|
|
100 |
% |
Total |
|
|
80 |
% |
|
|
74 |
% |
|
|
81 |
% |
|
|
87 |
% |
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.
THIRD QUARTER 2024 RESULTS BRIEFING INFORMATION
Chief Executive Officer Ali Dibadj and Chief Financial Officer Roger Thompson will present these results on October 31, 2024, 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 |
008089 |
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 September 30, 2024, Janus Henderson had approximately
FINANCIAL DISCLOSURES
Condensed consolidated statements of comprehensive income (unaudited) |
||||||||||||
|
|
Three months ended |
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|
|
30 Sep |
|
30 Jun |
|
30 Sep |
||||||
(in US$ millions, except per share data or as noted) |
|
2024 |
|
2024 |
|
2023 |
||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
|
502.8 |
|
|
|
472.8 |
|
|
|
434.9 |
|
Performance fees |
|
|
8.6 |
|
|
|
7.4 |
|
|
|
(15.8 |
) |
Shareowner servicing fees |
|
|
61.4 |
|
|
|
58.5 |
|
|
|
54.9 |
|
Other revenue |
|
|
52.0 |
|
|
|
49.7 |
|
|
|
47.0 |
|
Total revenue |
|
|
624.8 |
|
|
|
588.4 |
|
|
|
521.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
|
177.0 |
|
|
|
166.3 |
|
|
|
149.2 |
|
Long-term incentive plans |
|
|
40.5 |
|
|
|
36.4 |
|
|
|
32.6 |
|
Distribution expenses |
|
|
133.7 |
|
|
|
126.6 |
|
|
|
116.0 |
|
Investment administration |
|
|
17.7 |
|
|
|
12.8 |
|
|
|
12.4 |
|
Marketing |
|
|
8.3 |
|
|
|
9.8 |
|
|
|
9.6 |
|
General, administrative and occupancy |
|
|
77.4 |
|
|
|
66.9 |
|
|
|
73.7 |
|
Depreciation and amortization |
|
|
5.5 |
|
|
|
5.3 |
|
|
|
5.8 |
|
Total operating expenses |
|
|
460.1 |
|
|
|
424.1 |
|
|
|
399.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
164.7 |
|
|
|
164.3 |
|
|
|
121.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(4.5 |
) |
|
|
(3.2 |
) |
|
|
(3.2 |
) |
Investment gains (losses), net |
|
|
35.0 |
|
|
|
6.4 |
|
|
|
(5.9 |
) |
Other non-operating income (expense), net |
|
|
(101.6 |
) |
|
|
7.6 |
|
|
|
(13.4 |
) |
Income before taxes |
|
|
93.6 |
|
|
|
175.1 |
|
|
|
99.2 |
|
Income tax provision |
|
|
(43.6 |
) |
|
|
(41.6 |
) |
|
|
(13.2 |
) |
Net income |
|
|
50.0 |
|
|
|
133.5 |
|
|
|
86.0 |
|
Net loss (income) attributable to noncontrolling interests |
|
|
(22.7 |
) |
|
|
(3.8 |
) |
|
|
7.5 |
|
Net income attributable to JHG |
|
|
27.3 |
|
|
|
129.7 |
|
|
|
93.5 |
|
Less: allocation of earnings to participating stock-based awards |
|
|
(0.7 |
) |
|
|
(3.2 |
) |
|
|
(2.8 |
) |
Net income attributable to JHG common shareholders |
|
|
26.6 |
|
|
|
126.5 |
|
|
|
90.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding (in millions) |
|
|
154.4 |
|
|
|
155.6 |
|
|
|
160.8 |
|
Diluted weighted-average shares outstanding (in millions) |
|
|
154.7 |
|
|
|
155.8 |
|
|
|
160.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share (in US$) |
|
|
0.17 |
|
|
|
0.81 |
|
|
|
0.56 |
|
Reconciliation of non-GAAP financial information
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of GAAP revenue, operating expenses, operating income, net income attributable to JHG, and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG, and adjusted diluted earnings per share.
|
|
Three months ended |
||||||||||
|
|
30 Sep |
|
30 Jun |
|
30 Sep |
|
|||||
(in US$ millions, except per share data or as noted) |
|
2024 |
|
2024 |
|
2023 |
|
|||||
Reconciliation of revenue to adjusted revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
624.8 |
|
|
|
588.4 |
|
|
|
521.0 |
|
Management fees1 |
|
|
(51.4 |
) |
|
|
(48.2 |
) |
|
|
(41.4 |
) |
Shareowner servicing fees1 |
|
|
(49.9 |
) |
|
|
(47.3 |
) |
|
|
(43.9 |
) |
Other revenue1 |
|
|
(35.4 |
) |
|
|
(34.6 |
) |
|
|
(30.7 |
) |
Adjusted revenue |
|
|
488.1 |
|
|
|
458.3 |
|
|
|
405.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of operating expenses to adjusted operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
460.1 |
|
|
|
424.1 |
|
|
|
399.3 |
|
Employee compensation and benefits2 |
|
|
(4.3 |
) |
|
|
(4.7 |
) |
|
|
(0.9 |
) |
Long-term incentive plans2 |
|
|
(1.7 |
) |
|
|
(1.7 |
) |
|
|
2.4 |
|
Distribution expenses1 |
|
|
(133.7 |
) |
|
|
(126.6 |
) |
|
|
(116.0 |
) |
General, administration and occupancy2 |
|
|
(2.7 |
) |
|
|
2.6 |
|
|
|
(4.7 |
) |
Depreciation and amortization3 |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.5 |
) |
Adjusted operating expenses |
|
|
317.6 |
|
|
|
293.6 |
|
|
|
279.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
|
|
170.5 |
|
|
|
164.7 |
|
|
|
125.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
26.4 |
% |
|
|
27.9 |
% |
|
|
23.4 |
% |
Adjusted operating margin |
|
|
34.9 |
% |
|
|
35.9 |
% |
|
|
31.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to JHG |
|
|
27.3 |
|
|
|
129.7 |
|
|
|
93.5 |
|
Employee compensation and benefits2 |
|
|
1.3 |
|
|
|
1.2 |
|
|
|
0.9 |
|
Long-term incentive plans2 |
|
|
1.7 |
|
|
|
1.7 |
|
|
|
(2.4 |
) |
General, administration and occupancy2 |
|
|
2.7 |
|
|
|
(2.6 |
) |
|
|
4.7 |
|
Depreciation and amortization3 |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.5 |
|
Interest expense4 |
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
Investment gains (losses), net4 |
|
|
— |
|
|
|
0.8 |
|
|
|
(0.2 |
) |
Other non-operating income, net4 |
|
|
113.3 |
|
|
|
3.7 |
|
|
|
25.6 |
|
Income tax benefit (provision)5 |
|
|
(1.8 |
) |
|
|
0.6 |
|
|
|
(15.9 |
) |
Adjusted net income attributable to JHG |
|
|
144.7 |
|
|
|
135.2 |
|
|
|
106.7 |
|
Less: allocation of earnings to participating stock-based awards |
|
|
(3.6 |
) |
|
|
(3.4 |
) |
|
|
(3.2 |
) |
Adjusted net income attributable to JHG common shareholders |
|
|
141.1 |
|
|
|
131.8 |
|
|
|
103.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average diluted common shares outstanding – diluted (in millions) |
|
|
154.7 |
|
|
|
155.8 |
|
|
|
160.9 |
|
Diluted earnings per share (in US$) |
|
|
0.17 |
|
|
|
0.81 |
|
|
|
0.56 |
|
Adjusted diluted earnings per share (in US$) |
|
|
0.91 |
|
|
|
0.85 |
|
|
|
0.64 |
|
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 ended September 30, 2024, and June 30, 2024, also 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 ended September 30, 2024, and June 30, 2024, include acquisition related expenses and the acceleration of long-term incentive plan expense related to the departure of certain employees. The adjustment for the three months ended June 30, 2024, also includes 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 the three months ended September 30, 2024, and June 30, 2024, consist primarily of the release of accumulated foreign currency translation adjustments related to JHG liquidated entities. The adjustment for the three months ended September 30, 2023, includes a provision for a credit loss and contingent consideration fair value adjustment related to the 2022 sale of Intech. 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 |
Condensed consolidated balance sheets (unaudited) |
||||||||
|
|
30 Sep |
|
31 Dec |
||||
(in US$ millions) |
|
2024 |
|
2023 |
||||
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
1,483.8 |
|
|
|
1,152.4 |
|
Investments |
|
|
305.0 |
|
|
|
334.2 |
|
Property, equipment and software, net |
|
|
38.8 |
|
|
|
44.2 |
|
Intangible assets and goodwill, net |
|
|
3,799.8 |
|
|
|
3,721.6 |
|
Assets of consolidated variable interest entities |
|
|
749.0 |
|
|
|
405.9 |
|
Other assets |
|
|
887.4 |
|
|
|
838.3 |
|
Total assets |
|
|
7,263.8 |
|
|
|
6,496.6 |
|
|
|
|
|
|
|
|
|
|
Liabilities, redeemable noncontrolling interests and equity: |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
698.6 |
|
|
|
304.6 |
|
Deferred tax liabilities, net |
|
|
576.3 |
|
|
|
570.8 |
|
Liabilities of consolidated variable interest entities |
|
|
7.2 |
|
|
|
3.2 |
|
Other liabilities |
|
|
855.0 |
|
|
|
762.5 |
|
Redeemable noncontrolling interests |
|
|
493.5 |
|
|
|
317.2 |
|
Total equity |
|
|
4,633.2 |
|
|
|
4,538.3 |
|
Total liabilities, redeemable noncontrolling interests and equity |
|
|
7,263.8 |
|
|
|
6,496.6 |
|
Condensed consolidated statements of cash flows (unaudited) |
||||||||||||
|
|
Three months ended |
||||||||||
|
|
30 Sep |
|
30 Jun |
|
30 Sep |
||||||
(in US$ millions) |
|
2024 |
|
2024 |
|
2023 |
||||||
Cash provided by (used for): |
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
228.5 |
|
|
|
223.8 |
|
|
|
216.9 |
|
Investing activities |
|
|
(215.0 |
) |
|
|
(60.4 |
) |
|
|
16.0 |
|
Financing activities |
|
|
424.6 |
|
|
|
(50.9 |
) |
|
|
(91.5 |
) |
Effect of exchange rate changes |
|
|
31.9 |
|
|
|
— |
|
|
|
(25.5 |
) |
Net change during period |
|
|
470.0 |
|
|
|
112.5 |
|
|
|
115.9 |
|
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/20241031516517/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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