Invesco Announces First Quarter Diluted EPS of
$0.31; Adjusted Diluted
EPS(1) of $0.33
ATLANTA, April 23,
2024 /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ)
today reported financial results for the three months ended
March 31, 2024.
- $6.3 billion of net long-term
inflows for the quarter, primarily driven by ETFs and Index,
Fundamental Fixed Income and Private Markets
- $1,662.7 billion in ending AUM,
an increase of 4.9% from the prior quarter
- 14.4% operating margin; 28.2% adjusted operating
margin(1)
- Announced an increase in the quarterly common stock dividend to
$0.205 per share reflective of strong
cash position and stable cash flows
- Redeemed $600 million of senior
notes and ended the quarter with net debt(2) of
$361.8 million and cash and cash
equivalents of $895.7 million
Update from Andrew
Schlossberg, President and CEO
"Strong organic flow growth in the first quarter was led by our
global ETF platform as well as net long-term flows in our
Fundamental Fixed Income and Private Markets capabilities. Our
advantageous market position with deep client relationships, strong
geographic mix, and broad suite of investment solutions enables us
to perform through various market cycles and positions us well in
front of the rapid evolution underway in the industry."
"We continue to streamline and simplify Invesco to benefit our
clients, colleagues, and shareholders. These efforts are driving
operating efficiencies and enabling us to more effectively meet
client needs while providing a wider aperture to anticipate and
address evolving market dynamics. As we continue to maintain
financial discipline, we are reallocating resources to innovate and
drive growth, enabling investment in high-demand solutions. We
remain acutely focused on a disciplined approach to profitable
growth while continuing to strengthen our balance sheet."
______________________________________________________________________
|
(1)
|
Represents non-GAAP
financial measure. See the information on pages 7 through 10 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
|
(2)
|
Net debt: Debt less
Cash and cash equivalents
|
Net Flows:
Net long-term inflows were $6.3
billion for the first quarter of 2024 as compared to
$6.7 billion of net long-term inflows
in the fourth quarter of 2023.
Retail net long-term inflows were $6.6 billion while
Institutional net long-term outflows were $0.3 billion. Net long-term flows by
investment capability include net long-term inflows from ETFs and
Index of $11.2 billion, Fundamental
Fixed Income of $1.1 billion and
Private Markets of $1.0 billion,
partially offset by net long-term outflows from Fundamental
Equities of $5.6 billion, APAC
Managed of $0.8 billion, and
Multi-Asset/Other of $0.6 billion. On
a geographic basis, the Asia
Pacific, Americas and EMEA regions achieved net long-term
inflows of $3.3 billion, $2.0 billion, and $1.0
billion, respectively.
Net market gains increased AUM in the first quarter by
$68.0 billion while foreign exchange
rate movements decreased AUM by $8.2
billion. We had inflows of $9.5 billion from non-management fee earning
products and $0.7 billion from money
market funds. Ending AUM increased 4.9% and average AUM
increased 6.4% during the first quarter.
Summary of net flows
(in billions)
|
|
Q1-24
|
|
Q4-23
|
|
Q1-23
|
Active
|
|
$
(7.1)
|
|
$
(7.2)
|
|
$
(2.5)
|
Passive
|
|
13.4
|
|
13.9
|
|
5.4
|
Net long-term
flows
|
|
6.3
|
|
6.7
|
|
2.9
|
Non-management fee
earning AUM
|
|
9.5
|
|
3.1
|
|
(1.6)
|
Money market
|
|
0.7
|
|
(18.1)
|
|
7.7
|
Total net
flows
|
|
$ 16.5
|
|
$
(8.3)
|
|
$
9.0
|
|
|
|
|
|
|
|
Annualized long-term
organic growth rate (1)
|
|
2.2 %
|
|
2.4 %
|
|
1.1 %
|
|
|
|
|
|
|
|
|
|
(1)
|
Annualized long-term
organic growth rate is calculated using net long-term flows
(annualized) divided by average long-term AUM for the period.
Long-term AUM excludes money market and non-management fee earning
AUM.
|
First Quarter Highlights:
Financial
Results
|
Q1-24
|
|
Q4-23
|
|
Q1-24 vs.
Q4-23
|
|
Q1-23
|
|
Q1-24 vs.
Q1-23
|
U.S. GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$1,475.3m
|
|
$1,413.4m
|
|
4.4 %
|
|
$1,418.2m
|
|
4.0 %
|
Operating
income/(loss)
|
$213.1m
|
|
($1,075.8m)
|
|
N/A
|
|
$209.5m
|
|
1.7 %
|
Operating
margin
|
14.4 %
|
|
(76.1) %
|
|
|
|
14.8 %
|
|
|
Net income/(loss)
attributable to Invesco Ltd.
|
$141.5m
|
|
($742.3m)
|
|
N/A
|
|
$145.0m
|
|
(2.4) %
|
Diluted EPS
|
$0.31
|
|
($1.64)
|
|
N/A
|
|
$0.32
|
|
(3.1) %
|
|
|
|
|
|
|
|
|
|
|
Adjusted Financial
Measures (1)
|
|
|
|
|
|
|
|
|
|
Net revenues
|
$1,053.2m
|
|
$1,045.9m
|
|
0.7 %
|
|
$1,075.9m
|
|
(2.1) %
|
Adjusted operating
income
|
$296.5m
|
|
$275.4m
|
|
7.7 %
|
|
$326.9m
|
|
(9.3) %
|
Adjusted operating
margin
|
28.2 %
|
|
26.3 %
|
|
|
|
30.4 %
|
|
|
Adjusted net income
attributable to Invesco Ltd.
|
$148.4m
|
|
$212.7m
|
|
(30.2) %
|
|
$173.4m
|
|
(14.4) %
|
Adjusted diluted
EPS
|
$0.33
|
|
$0.47
|
|
(29.8) %
|
|
$0.38
|
|
(13.2) %
|
|
|
|
|
|
|
|
|
|
|
Assets Under
Management
|
|
|
|
|
|
|
|
|
|
Ending AUM
|
$1,662.7bn
|
|
$1,585.3bn
|
|
4.9 %
|
|
$1,483.0bn
|
|
12.1 %
|
Average AUM
|
$1,613.0bn
|
|
$1,515.6bn
|
|
6.4 %
|
|
$1,463.0bn
|
|
10.3 %
|
|
|
|
|
|
|
|
|
|
|
Headcount
|
8,527
|
|
8,489
|
|
0.4 %
|
|
8,561
|
|
(0.4) %
|
|
|
(1)
|
Represents non-GAAP
financial measure. See the information on pages 7 through 10 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
|
U.S. GAAP Operating Results:
First Quarter 2024 compared to Fourth Quarter 2023
Operating revenues and expenses: Operating
revenues increased $61.9 million in
the first quarter of 2024 compared to the fourth quarter of 2023.
Investment management fees increased $45.4 million as a result of higher average
AUM partially offset by the shift in AUM toward lower yield
products. Service and distribution fees increased $32.4 million due to higher fund-related service
fees and higher AUM to which the fees apply. Performance fees
decreased $18.7 million due to
seasonality. Other revenues increased $2.8
million.
Operating expenses decreased $1,227.0
million in the first quarter of 2024 compared to the fourth
quarter of 2023 primarily due to a $1,248.9
million impairment of our indefinite-lived intangible
assets in the fourth quarter of 2023. Excluding the intangible
asset impairment, operating expenses increased $21.9 million. Third-party distribution, service
and advisory costs increased $44.6
million due to an increase in pass-through Service and
distribution fees resulting from higher fund costs and higher AUM
to which the fees apply. Employee compensation expense increased
$3.9 million primarily due to higher
seasonal payroll taxes partially offset by lower costs related to
organizational changes. General and administrative expenses
decreased $26.2 million primarily due
to lower professional fees.
Non-operating income and expenses: Equity in
earnings of unconsolidated affiliates was $6.9 million, earned primarily from our
China joint venture. Other gains
and losses were a net gain of $35.9
million, driven by market value changes on deferred
compensation and seed capital investments. Other income/(expense)
of consolidated investment products (CIP) was a gain of
$30.5 million, primarily driven by
market gains on the underlying investments held by the funds.
The tax provision was an expense of $68.7
million in the first quarter of 2024 as compared to a
benefit of $(266.4) million in the
fourth quarter of 2023, resulting in an effective tax rate of 24.3%
and 28.5%, respectively. The effective tax rate in the fourth
quarter of 2023 was higher than the effective tax rate in the first
quarter of 2024 due to the favorable impact of the resolution of
certain tax matters and the mix of income across tax jurisdictions
in the fourth quarter of 2023.
Diluted earnings per common share: Diluted earnings
per common share was $0.31 for the
first quarter of 2024.
First Quarter 2024 compared to First Quarter 2023
Operating revenues and expenses: Operating
revenues increased $57.1 million
compared to the first quarter of 2023. Investment management fees
increased $20.8 million as a result
of higher average AUM partially offset by the shift in AUM toward
lower yield products. Service and distribution fees increased
$42.8 million due to higher
fund-related service fees and higher AUM to which the fees apply.
Performance fees decreased $4.8
million. Other revenues decreased $1.7 million.
Operating expenses increased $53.5
million in the first quarter of 2024 compared to the first
quarter of 2023. Third-party distribution, service and advisory
costs increased $48.9 million due to
an increase in pass-through Service and distribution fees resulting
from higher fund costs and higher AUM to which the fees apply.
Employee compensation expense increased $9.9
million primarily due to an increase in expense related to
the mark-to-market on deferred compensation liabilities. Property,
office and technology costs increased $7.1
million primarily due to higher technology costs. General
and administrative expenses increased $33.5
million primarily due to insurance recoveries and indirect
tax refunds in the first quarter of 2023. Transaction, integration
and restructuring costs were nil in the first quarter of 2024 due
to the completion of strategic initiatives compared to $41.6 million in the first quarter of 2023.
The effective tax rate was 24.3% in the first quarter of 2024 as
compared to 29.7% in the first quarter of 2023. The decrease in the
effective tax rate in the first quarter of 2024 was primarily due
to the favorable impact of the increase in net income attributable
to non-controlling interests in consolidated entities.
Adjusted(1) Operating Results:
First Quarter 2024 compared to Fourth Quarter 2023
Net revenues and adjusted operating expenses: Net
revenues increased $7.3 million
compared to the fourth quarter of 2023 primarily due to higher
average AUM partially offset by the shift in AUM toward lower yield
products and lower seasonal performance fees.
Adjusted operating expenses decreased $13.8 million compared to the fourth quarter of
2023. Employee compensation expenses increased $6.0 million primarily due to higher seasonal
payroll taxes partially offset by lower costs related to
organizational changes. General and administrative expenses
decreased $20.6 million primarily due
to lower professional fees.
Adjusted operating income increased $21.1 million compared to the fourth quarter
of 2023. Adjusted operating margin increased to 28.2% from
26.3%.
Non-operating income and expenses: Equity in earnings of
unconsolidated affiliates was a loss of $12.8 million. Other gains and losses were a net
gain of $9.6 million.
The effective tax rate on adjusted net income increased to 24.6%
in the first quarter of 2024 from 9.9% in the fourth quarter of
2023. The increase in the effective tax rate was primarily due to
the favorable impact of the discrete tax benefits in the fourth
quarter of 2023 related to the resolution of certain tax matters
and the nontaxable gain on the sale of certain Hong Kong pension sponsorship rights.
Adjusted diluted earnings per common share was
$0.33 for the first
quarter.
First Quarter 2024 compared to First Quarter 2023
Net revenues and adjusted operating expenses: Net
revenues in the first quarter of 2024 decreased $22.7 million compared to the first quarter
of 2023, resulting from the shift in AUM toward lower yield
products.
Adjusted operating expenses increased $7.7 million compared to the first quarter of
2023 reflecting higher Property, office and technology and General
and administrative costs, partially offset by lower Employee
compensation expenses.
Adjusted operating income decreased $30.4 million compared to the first quarter
of 2023. Adjusted operating margin decreased to 28.2% from 30.4%
for the first quarter of 2023.
The effective tax rate on adjusted net income increased slightly
to 24.6% in the first quarter of 2024 from 24.1% in the first
quarter of 2023.
___________________________________________________________________________________
|
(1)
|
Represents non-GAAP
financial measure. See the information on pages 7 through 10 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
|
Capital Management:
Cash and cash equivalents: $895.7
million at March 31, 2024 ($1,469.2 million as of December 31, 2023).
Debt: $1,257.5
million at March 31, 2024
($1,489.5 million at December 31, 2023).
Net Debt(2): $361.8 million
at March 31, 2024 ($20.3 million at December
31, 2023).
___________________________________________________________________________________
|
(2)
Net debt: Debt less Cash and cash
equivalents
|
Common shares outstanding (end of period): 449.8
million
Diluted common shares outstanding (end of period): 455.4
million
Dividends paid: $90.2
million (common); $59.2
million (preferred)
Common dividends declared: The company is declaring a
first quarter cash dividend of $0.205
per share to holders of common shares. The dividend is payable on
June 4, 2024, to common shareholders
of record at the close of business on May
14, 2024, with an ex-dividend date of May 13, 2024.
Preferred dividends declared: The company is declaring a
preferred cash dividend of $14.75 per
share representing the period from March 1,
2024 through May 31, 2024. The
preferred dividend is payable on June 3, 2024.
About Invesco Ltd.
Invesco is a global independent investment management firm
dedicated to delivering an investment experience that helps
people get more out of life. Our distinctive investment teams
deliver a comprehensive range of active, passive and alternative
investment capabilities. With offices in more than 20 countries,
Invesco managed $1.7 trillion in
assets on behalf of clients worldwide as of March 31, 2024.
For more information, visit invesco.com/corporate.
Members of the investment community and general public are
invited to listen to the conference call today, April 23,
2024, at 9:00 a.m. ET by dialing one
of the following numbers: 1-866-803-2143 for U.S. and Canadian
callers or 1-210-795-1098 for international callers, using the
Passcode: Invesco. An audio replay of the conference call will be
available until Wednesday, May 8,
2024 by calling 1-800-839-1248 for U.S. and Canadian callers
or 1-203-369-3356 for international callers. A presentation
highlighting the company's performance will be available during a
live Webcast and on Invesco's Website at invesco.com/corporate.
This release, and comments made in the associated conference
call today, may include "forward-looking statements."
Forward-looking statements include information concerning future
results of our operations, expenses, earnings, liquidity, cash
flow, capital expenditures, and assets under management and could
differ materially from events that actually occur in the future due
to known and unknown risks and other important factors, including,
but not limited to, industry or market conditions, geopolitical
events and pandemics or health crises and their respective
potential impact on the company, acquisitions and divestitures,
debt and our ability to obtain additional financing or make
payments, regulatory developments, demand for and pricing of our
products and other aspects of our business or general economic
conditions. In addition, words such as "believes," "expects,"
"anticipates," "intends," "plans," "estimates," "projects,"
"forecasts," and future or conditional verbs such as "will," "may,"
"could," "should," and "would" as well as any other statement that
necessarily depends on future events, are intended to identify
forward-looking statements. None of this information should be
considered in isolation from, or as a substitute for, historical
financial statements.
Forward-looking statements are not guarantees, and they involve
risks, uncertainties and assumptions. Although we make such
statements based on assumptions that we believe to be reasonable,
there can be no assurance that actual results will not differ
materially from our expectations. We caution investors not to rely
unduly on any forward-looking statements and urge you to carefully
consider the risks described in our most recent Form 10-K and
subsequent Forms 10-Q, filed with the Securities and Exchange
Commission. You may obtain these reports from the SEC's website at
www.sec.gov. We expressly disclaim any obligation to update the
information in any public disclosure if any forward-looking
statement later turns out to be inaccurate.
Investor Relations
Contacts:
Media Relations
Contact:
|
Greg Ketron
Jennifer
Church
Andrea
Raphael
|
404-724-4299
404-439-3428
212-323-4202
|
Invesco
Ltd.
|
U.S. GAAP Condensed
Consolidated Income Statements
|
(Unaudited, in
millions, other than per share amounts)
|
|
|
Q1-24
|
|
Q4-23
|
|
%
Change
|
|
Q1-23
|
|
%
Change
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
Investment management
fees
|
$
1,048.7
|
|
$
1,003.3
|
|
4.5 %
|
|
$
1,027.9
|
|
2.0 %
|
Service and
distribution fees
|
377.0
|
|
344.6
|
|
9.4 %
|
|
334.2
|
|
12.8 %
|
Performance
fees
|
0.8
|
|
19.5
|
|
(95.9) %
|
|
5.6
|
|
(85.7) %
|
Other
|
48.8
|
|
46.0
|
|
6.1 %
|
|
50.5
|
|
(3.4) %
|
Total operating
revenues
|
1,475.3
|
|
1,413.4
|
|
4.4 %
|
|
1,418.2
|
|
4.0 %
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
504.0
|
|
459.4
|
|
9.7 %
|
|
455.1
|
|
10.7 %
|
Employee
compensation
|
472.7
|
|
468.8
|
|
0.8 %
|
|
462.8
|
|
2.1 %
|
Marketing
(1)
|
18.1
|
|
20.2
|
|
(10.4) %
|
|
19.6
|
|
(7.7) %
|
Property, office and
technology (1)
|
117.6
|
|
115.8
|
|
1.6 %
|
|
110.5
|
|
6.4 %
|
General and
administrative (1)
|
138.5
|
|
164.7
|
|
(15.9) %
|
|
105.0
|
|
31.9 %
|
Transaction,
integration and restructuring
|
—
|
|
—
|
|
N/A
|
|
41.6
|
|
N/A
|
Amortization of
intangible assets
|
11.3
|
|
1,260.3
|
|
(99.1) %
|
|
14.1
|
|
(19.9) %
|
Total operating
expenses
|
1,262.2
|
|
2,489.2
|
|
(49.3) %
|
|
1,208.7
|
|
4.4 %
|
Operating
income/(loss)
|
213.1
|
|
(1,075.8)
|
|
N/A
|
|
209.5
|
|
1.7 %
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
6.9
|
|
9.1
|
|
(24.2) %
|
|
26.1
|
|
(73.6) %
|
Interest and dividend
income
|
12.4
|
|
21.3
|
|
(41.8) %
|
|
8.6
|
|
44.2 %
|
Interest
expense
|
(15.9)
|
|
(16.8)
|
|
(5.4) %
|
|
(18.0)
|
|
(11.7) %
|
Other gains/(losses),
net
|
35.9
|
|
73.0
|
|
(50.8) %
|
|
27.4
|
|
31.0 %
|
Other income/(expense)
of CIP, net
|
30.5
|
|
55.7
|
|
(45.2) %
|
|
(17.9)
|
|
N/A
|
Income/(loss) before
income taxes
|
282.9
|
|
(933.5)
|
|
N/A
|
|
235.7
|
|
20.0 %
|
Income tax
provision
|
(68.7)
|
|
266.4
|
|
N/A
|
|
(69.9)
|
|
(1.7) %
|
Net
income/(loss)
|
214.2
|
|
(667.1)
|
|
N/A
|
|
165.8
|
|
29.2 %
|
Net (income)/loss
attributable to noncontrolling interests in consolidated
entities
|
(13.5)
|
|
(16.0)
|
|
(15.6) %
|
|
38.4
|
|
N/A
|
Less: Dividends
declared on preferred shares
|
(59.2)
|
|
(59.2)
|
|
— %
|
|
(59.2)
|
|
— %
|
Net income/(loss)
attributable to Invesco Ltd.
|
$
141.5
|
|
$ (742.3)
|
|
N/A
|
|
$
145.0
|
|
(2.4) %
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
---basic
|
$0.31
|
|
($1.64)
|
|
N/A
|
|
$0.32
|
|
(3.1) %
|
---diluted
|
$0.31
|
|
($1.64)
|
|
N/A
|
|
$0.32
|
|
(3.1) %
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
---basic
|
453.2
|
|
451.7
|
|
0.3 %
|
|
458.1
|
|
(1.1) %
|
---diluted
|
453.5
|
|
453.1
|
|
0.1 %
|
|
458.9
|
|
(1.2) %
|
|
|
(1)
|
Comparative periods
presented reflect reclassification of certain operating expenses to
align with current period presentation. The reclassification had no
impact on our reported Operating revenues, Operating income, Net
income, or any internal performance measure on which management is
compensated.
|
Invesco Ltd.
Non-GAAP Information
and Reconciliations
We utilize the following non-GAAP performance measures: Net
revenues (and by calculation, Net revenue yield on AUM), Adjusted
operating income, Adjusted operating margin, Adjusted net income
attributable to Invesco Ltd., and Adjusted diluted EPS. We believe
the adjusted measures provide valuable insight into our ongoing
operational performance and assist in comparisons to our
competitors. These measures also assist management with the
establishment of operational budgets and forecasts. The most
directly comparable U.S. GAAP measures are Operating revenues (and
by calculation, gross revenue yield on AUM), Operating
income/(loss), Operating margin, Net income/(loss) attributable to
Invesco Ltd., and Diluted EPS.
The following are reconciliations of Operating revenues,
Operating income/(loss) (and by calculation, operating margin), and
Net income/(loss) attributable to Invesco Ltd. (and by calculation,
diluted EPS) on a U.S. GAAP basis to a non-GAAP basis of Net
revenues, Adjusted operating income (and by calculation, Adjusted
operating margin), and Adjusted net income attributable to Invesco
Ltd. (and by calculation, Adjusted diluted EPS). In addition, a
reconciliation of Adjusted operating expenses is provided below,
together with reconciliations of the U.S. GAAP Operating expense
lines to provide further analysis of the non-GAAP adjustments.
These non-GAAP measures should not be considered as substitutes for
any U.S. GAAP measures and may not be comparable to other similarly
titled measures of other companies. The tax effect of the
reconciling items is based on the tax jurisdiction attributable to
the transactions. These measures are described more fully in the
company's Forms 10-K and 10-Q. Refer to these public filings for
additional information about the company's non-GAAP performance
measures.
Reconciliation of Operating revenues to Net revenues:
(in
millions)
|
Q1-24
|
|
Q4-23
|
|
Q1-23
|
|
Operating revenues,
U.S. GAAP basis
|
$ 1,475.3
|
|
$ 1,413.4
|
|
$ 1,418.2
|
|
Revenue Adjustments
(1)
|
|
|
|
|
|
|
Investment management
fees
|
(192.3)
|
|
(187.5)
|
|
(189.8)
|
|
Service and
distribution fees
|
(271.8)
|
|
(236.3)
|
|
(225.3)
|
|
Other
|
(39.9)
|
|
(35.6)
|
|
(40.0)
|
|
Total Revenue
Adjustments
|
$
(504.0)
|
|
$
(459.4)
|
|
$
(455.1)
|
|
Invesco Great Wall
(2)
|
74.7
|
|
79.5
|
|
100.5
|
|
CIP
(3)
|
7.2
|
|
12.4
|
|
12.3
|
|
Net revenues
|
$ 1,053.2
|
|
$ 1,045.9
|
|
$ 1,075.9
|
|
|
|
|
|
|
|
|
Reconciliation of Operating income/(loss) to Adjusted
operating income:
(in
millions)
|
Q1-24
|
|
Q4-23
|
|
Q1-23
|
|
Operating
income/(loss), U.S. GAAP basis
|
$ 213.1
|
|
$ (1,075.8)
|
|
$ 209.5
|
|
Invesco Great Wall
(2)
|
38.3
|
|
41.6
|
|
54.6
|
|
CIP
(3)
|
12.2
|
|
23.7
|
|
14.7
|
|
Transaction,
integration and restructuring (4)
|
—
|
|
—
|
|
41.6
|
|
Amortization and
impairment of intangible assets (5)
|
11.3
|
|
1,260.3
|
|
14.1
|
|
Compensation expense
related to market valuation changes in deferred
compensation plans (6)
|
21.6
|
|
25.6
|
|
12.4
|
|
General and
administrative (7)
|
—
|
|
—
|
|
(20.0)
|
|
Adjusted operating
income
|
$ 296.5
|
|
$ 275.4
|
|
$ 326.9
|
|
|
|
|
|
|
|
|
Operating margin
(8)
|
14.4 %
|
|
(76.1 %)
|
|
14.8 %
|
|
Adjusted operating
margin (9)
|
28.2 %
|
|
26.3 %
|
|
30.4 %
|
|
Reconciliation of Net income/(loss) attributable to Invesco
Ltd. to Adjusted net income attributable to Invesco Ltd.
(in
millions)
|
Q1-24
|
|
Q4-23
|
|
Q1-23
|
|
Net income/(loss)
attributable to Invesco Ltd., U.S. GAAP basis
|
$
141.5
|
|
$
(742.3)
|
|
$
145.0
|
|
Adjustments (excluding
tax):
|
|
|
|
|
|
|
Transaction,
integration and restructuring (4)
|
—
|
|
—
|
|
41.6
|
|
Amortization and
impairment of intangible assets (5)
|
11.3
|
|
1,260.3
|
|
14.1
|
|
Deferred compensation
plan market valuation changes and dividend
income less compensation expense
(6)
|
(11.5)
|
|
(18.0)
|
|
(10.4)
|
|
General and
administrative (7)
|
—
|
|
—
|
|
(20.0)
|
|
Total adjustments
excluding tax
|
$
(0.2)
|
|
$ 1,242.3
|
|
$
25.3
|
|
Tax adjustment for
amortization of intangible assets and goodwill
(10)
|
4.4
|
|
4.5
|
|
4.2
|
|
Tax adjustment for
impairment of intangible assets
|
—
|
|
(296.1)
|
|
—
|
|
Other tax effects of
adjustments above
|
2.7
|
|
4.3
|
|
(1.1)
|
|
Adjusted net income
attributable to Invesco Ltd. (11)
|
$
148.4
|
|
$
212.7
|
|
$
173.4
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - diluted
|
453.5
|
|
453.1
|
|
458.9
|
|
Diluted EPS
|
$0.31
|
|
($1.64)
|
|
$0.32
|
|
Adjusted diluted EPS
(12)
|
$0.33
|
|
$0.47
|
|
$0.38
|
|
Reconciliation of Operating expenses to Adjusted operating
expenses:
(in
millions)
|
Q1-24
|
|
Q4-23
|
|
Q1-23
|
|
Operating expenses,
U.S. GAAP basis
|
$ 1,262.2
|
|
$ 2,489.2
|
|
$ 1,208.7
|
|
Invesco Great Wall
(2)
|
36.4
|
|
37.9
|
|
45.9
|
|
Third-party
distribution, service and advisory expenses
|
(504.0)
|
|
(459.4)
|
|
(455.1)
|
|
CIP
(3)
|
(5.0)
|
|
(11.3)
|
|
(2.4)
|
|
Transaction,
integration and restructuring (4)
|
—
|
|
—
|
|
(41.6)
|
|
Amortization and
impairment of intangible assets (5)
|
(11.3)
|
|
(1,260.3)
|
|
(14.1)
|
|
Compensation expense
related to market valuation changes in deferred
compensation plans (6)
|
(21.6)
|
|
(25.6)
|
|
(12.4)
|
|
General and
administrative (7)
|
—
|
|
—
|
|
20.0
|
|
Adjusted operating
expenses
|
$
756.7
|
|
$
770.5
|
|
$
749.0
|
|
|
|
|
|
|
|
|
Employee compensation,
U.S. GAAP basis
|
$
472.7
|
|
$
468.8
|
|
$
462.8
|
|
Invesco Great Wall
(2)
|
25.7
|
|
27.6
|
|
35.6
|
|
Compensation expense
related to market valuation changes in deferred
compensation plans (6)
|
(21.6)
|
|
(25.6)
|
|
(12.4)
|
|
Adjusted employee
compensation
|
$
476.8
|
|
$
470.8
|
|
$
486.0
|
|
|
|
|
|
|
|
|
Marketing, U.S. GAAP
basis (13)
|
$
18.1
|
|
$
20.2
|
|
$
19.6
|
|
Invesco Great Wall
(2)(13)
|
2.1
|
|
0.9
|
|
2.1
|
|
Adjusted marketing
(13)
|
$
20.2
|
|
$
21.1
|
|
$
21.7
|
|
|
|
|
|
|
|
|
Property, office and
technology, U.S. GAAP basis (13)
|
$
117.6
|
|
$
115.8
|
|
$
110.5
|
|
Invesco Great Wall
(2)(13)
|
4.5
|
|
4.6
|
|
4.3
|
|
Adjusted property,
office and technology (13)
|
$
122.1
|
|
$
120.4
|
|
$
114.8
|
|
|
|
|
|
|
|
|
General and
administrative, U.S. GAAP basis (13)
|
$
138.5
|
|
$
164.7
|
|
$
105.0
|
|
Invesco Great Wall
(2)(13)
|
4.1
|
|
4.8
|
|
3.9
|
|
CIP
(3)
|
(5.0)
|
|
(11.3)
|
|
(2.4)
|
|
Recoveries of
previously disclosed losses(7)
|
—
|
|
—
|
|
20.0
|
|
Adjusted general and
administrative (13)
|
$
137.6
|
|
$
158.2
|
|
$
126.5
|
|
|
|
|
|
|
|
|
Transaction,
integration and restructuring, U.S. GAAP basis
|
$
—
|
|
$
—
|
|
$
41.6
|
|
Transaction,
integration and restructuring(4)
|
—
|
|
—
|
|
(41.6)
|
|
Adjusted transaction,
integration and restructuring
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
|
|
|
|
Amortization and
impairment of intangible assets, U.S. GAAP basis
|
$
11.3
|
|
$ 1,260.3
|
|
$
14.1
|
|
Amortization and
impairment of intangible assets (5)
|
(11.3)
|
|
(1,260.3)
|
|
(14.1)
|
|
Adjusted amortization
and impairment of intangible assets
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Revenue adjustments:
The company calculates Net revenues by reducing Operating revenues
to exclude fees that are passed through to external parties who
perform functions on behalf of, and distribute, the company's
managed funds. The Net revenue presentation assists in identifying
the revenue contribution generated by the company, removing
distortions caused by the differing distribution channel fees and
allowing for a fair comparison with U.S. peer investment managers
and within Invesco's own investment units. Additionally, management
evaluates Net revenue yield on AUM, which is equal to Net revenues
divided by Average AUM during the reporting period, as an indicator
of the basis point Net revenues we receive for each dollar of AUM
we manage.
|
|
|
|
Investment management
fees are adjusted by renewal commissions and certain administrative
fees. Service and distribution fees are primarily adjusted by
distribution fees passed through to broker dealers for certain
share classes and pass through fund-related costs. Other revenues
are primarily adjusted by transaction fees passed through to third
parties.
|
|
|
(2)
|
Invesco Great Wall: The
company reflects 100% of Invesco Great Wall in its Net revenues and
Adjusted operating income (and by calculation, Adjusted operating
margin). The company's non-GAAP operating results reflect the
economics of these holdings on a basis consistent with the
underlying AUM and flows. Adjusted net income is reduced by the
amount of earnings attributable to the 51% noncontrolling
interests.
|
|
|
(3)
|
CIP: The company
believes that the CIP may impact a reader's analysis of our
underlying results of operations and could result in investor
confusion or the production of information about the company by
analysts or external credit rating agencies that is not reflective
of the underlying results of operations and financial condition of
the company. Accordingly, the company believes that it is
appropriate to adjust Operating revenues and Operating income for
the impact of CIP in calculating the respective Net revenues and
Adjusted operating income (and by calculation, Adjusted operating
margin).
|
|
|
(4)
|
Transaction,
integration and restructuring: The company believes it is useful to
adjust for the Transaction, integration and restructuring charges
in arriving at Adjusted operating income, Adjusted operating
margin, Adjusted net income, and Adjusted diluted EPS, as this will
aid comparability of our results period to period, and aid
comparability with peer companies that may not have similar
acquisition and restructuring related charges.
|
|
|
(5)
|
Amortization and
impairment of intangible assets: The company removes amortization
and non-cash impairment expense related to acquired assets in
arriving at Adjusted operating income, Adjusted operating margin
and Adjusted diluted EPS, as this will aid comparability of our
results period to period, and aid comparability with peer companies
that may not have similar acquisition-related charges.
|
|
|
(6)
|
Market movement on
deferred compensation plan liabilities: Certain deferred
compensation plan awards involve a return to the employee linked to
the appreciation (depreciation) of specified investments. The
company hedges economically the exposure to market movements for
these investments. Since these plans are hedged economically, the
company believes it is useful to reflect the offset ultimately
achieved from hedging the market exposure in the calculation of
Adjusted operating income (and by calculation, Adjusted operating
margin) and Adjusted net income (and by calculation, Adjusted
diluted EPS) to produce results that will be more comparable period
to period.
|
|
|
(7)
|
General and
administrative: The adjustment removes insurance recoveries related
to fund-related losses incurred in prior periods.
|
|
|
(8)
|
Operating margin is
equal to Operating income divided by Operating revenues.
|
|
|
(9)
|
Adjusted operating
margin is equal to Adjusted operating income divided by Net
revenues.
|
|
|
(10)
|
Tax adjustment for
amortization of intangible assets and goodwill: The company
reflects the tax benefit realized on the tax amortization of
goodwill and intangibles in Adjusted net income. The company
believes it is useful to include this tax benefit in arriving at
the Adjusted diluted EPS measure.
|
|
|
(11)
|
The effective tax rate
on Adjusted net income attributable to Invesco Ltd. is 24.6%
(fourth quarter 2023: 9.9%; first quarter 2023: 24.1%).
|
|
|
(12)
|
Adjusted diluted EPS is
equal to Adjusted net income attributable to Invesco Ltd. divided
by the weighted average number of common and restricted common
shares outstanding.
|
|
|
(13)
|
Comparative periods
presented reflect reclassification of certain operating expenses to
align with current period presentation. The reclassification had no
impact on our reported Net revenues, Adjusted Operating income,
Adjusted Net income, or any internal performance measure on which
management is compensated.
|
Invesco
Ltd.
|
Assets Under
Management
|
|
|
Three Months
Ended
|
(in
billions)
|
March 31,
2024
|
|
December
31, 2023
|
|
%
Change
|
|
March 31,
2023
|
Beginning
Assets
|
$1,585.3
|
|
$1,487.3
|
|
6.6 %
|
|
$1,409.2
|
Long-term
inflows
|
80.3
|
|
81.0
|
|
(0.9) %
|
|
79.4
|
Long-term
outflows
|
(74.0)
|
|
(74.3)
|
|
(0.4) %
|
|
(76.5)
|
Net long-term
flows
|
6.3
|
|
6.7
|
|
(6.0) %
|
|
2.9
|
Net flows in
non-management fee earning AUM (a)
|
9.5
|
|
3.1
|
|
206.5 %
|
|
(1.6)
|
Net flows in money
market funds
|
0.7
|
|
(18.1)
|
|
N/A
|
|
7.7
|
Total net
flows
|
16.5
|
|
(8.3)
|
|
N/A
|
|
9.0
|
Reinvested
distributions
|
1.1
|
|
8.4
|
|
(86.9) %
|
|
1.0
|
Market gains and
losses
|
68.0
|
|
86.9
|
|
(21.7) %
|
|
61.9
|
Foreign currency
translation
|
(8.2)
|
|
11.0
|
|
N/A
|
|
1.9
|
Ending
Assets
|
$1,662.7
|
|
$1,585.3
|
|
4.9 %
|
|
$1,483.0
|
|
|
|
|
|
|
|
|
Ending long-term
AUM
|
$1,200.8
|
|
$1,153.7
|
|
4.1 %
|
|
$1,088.7
|
Average long-term
AUM
|
$1,164.1
|
|
$1,095.0
|
|
6.3 %
|
|
$1,083.2
|
Average AUM
|
$1,613.0
|
|
$1,515.6
|
|
6.4 %
|
|
$1,463.0
|
Average QQQ
AUM
|
$246.2
|
|
$209.6
|
|
17.5 %
|
|
$156.1
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2024
|
By investment
approach: (in billions)
|
|
Active(c)
|
|
Passive(c)
|
Beginning
Assets
|
|
$985.3
|
|
$600.0
|
Long-term
inflows
|
|
42.4
|
|
37.9
|
Long-term
outflows
|
|
(49.5)
|
|
(24.5)
|
Net long-term
flows
|
|
(7.1)
|
|
13.4
|
Net flows in
non-management fee earning AUM (a)
|
|
—
|
|
9.5
|
Net flows in money
market funds
|
|
0.7
|
|
—
|
Total net
flows
|
|
(6.4)
|
|
22.9
|
Reinvested
distributions
|
|
1.1
|
|
—
|
Market gains and
losses
|
|
22.5
|
|
45.5
|
Foreign currency
translation
|
|
(6.8)
|
|
(1.4)
|
Ending
Assets
|
|
$995.7
|
|
$667.0
|
|
|
|
|
|
Average AUM
|
|
$980.9
|
|
$632.1
|
|
|
|
|
|
Three Months Ended
March 31, 2024
|
By channel: (in
billions)
|
|
Retail
|
|
Institutional
|
Beginning
Assets
|
|
$1,042.0
|
|
$543.3
|
Long-term
inflows
|
|
60.0
|
|
20.3
|
Long-term
outflows
|
|
(53.4)
|
|
(20.6)
|
Net long-term
flows
|
|
6.6
|
|
(0.3)
|
Net flows in
non-management fee earning AUM (a)
|
|
9.0
|
|
0.5
|
Net flows in money
market funds
|
|
1.2
|
|
(0.5)
|
Total net
flows
|
|
16.8
|
|
(0.3)
|
Reinvested
distributions
|
|
1.1
|
|
—
|
Market gains and
losses
|
|
59.7
|
|
8.3
|
Foreign currency
translation
|
|
(2.7)
|
|
(5.5)
|
Ending
Assets
|
|
$1,116.9
|
|
$545.8
|
|
|
|
|
|
See the footnotes immediately following these tables.
Invesco
Ltd.
|
Assets Under
Management (continued)
|
|
Three Months Ended
March 31, 2024
|
By client domicile:
(in billions)
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
Beginning
Assets
|
|
$1,133.9
|
|
$235.5
|
|
$215.9
|
Long-term
inflows
|
|
39.4
|
|
23.0
|
|
17.9
|
Long-term
outflows
|
|
(37.4)
|
|
(19.7)
|
|
(16.9)
|
Net long-term
flows
|
|
2.0
|
|
3.3
|
|
1.0
|
Net flows in
non-management fee earning AUM (a)
|
|
10.1
|
|
(1.0)
|
|
0.4
|
Net flows in money
market funds
|
|
(0.3)
|
|
1.1
|
|
(0.1)
|
Total net
flows
|
|
11.8
|
|
3.4
|
|
1.3
|
Reinvested
distributions
|
|
1.1
|
|
—
|
|
—
|
Market gains and
losses
|
|
53.6
|
|
5.2
|
|
9.2
|
Foreign currency
translation
|
|
(0.6)
|
|
(6.5)
|
|
(1.1)
|
Ending
Assets
|
|
$1,199.8
|
|
$237.6
|
|
$225.3
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2024
|
By investment
capability (b): (in
billions)
|
|
ETFs and
Index
|
|
Fundamental
Fixed Income
|
|
Fundamental
Equities
|
|
Private
Markets
|
|
APAC
Managed
|
|
Multi-
Asset/Other
|
|
Global
Liquidity
|
|
QQQ
|
Beginning
Assets
|
|
$362.1
|
|
$272.6
|
|
$260.5
|
|
$129.7
|
|
$108.0
|
|
$57.4
|
|
$165.0
|
|
$230.0
|
Long-term
inflows
|
|
33.0
|
|
15.8
|
|
9.1
|
|
3.8
|
|
16.0
|
|
2.6
|
|
—
|
|
—
|
Long-term
outflows
|
|
(21.8)
|
|
(14.7)
|
|
(14.7)
|
|
(2.8)
|
|
(16.8)
|
|
(3.2)
|
|
—
|
|
—
|
Net long-term
flows
|
|
11.2
|
|
1.1
|
|
(5.6)
|
|
1.0
|
|
(0.8)
|
|
(0.6)
|
|
—
|
|
—
|
Net flows in
non-management fee earning AUM (a)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
0.4
|
|
—
|
|
9.1
|
Net flows in money
market funds
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1.1
|
|
—
|
|
(0.4)
|
|
—
|
Total net
flows
|
|
11.2
|
|
1.1
|
|
(5.6)
|
|
1.0
|
|
0.3
|
|
(0.2)
|
|
(0.4)
|
|
9.1
|
Reinvested
distributions
|
|
—
|
|
0.5
|
|
0.3
|
|
0.2
|
|
—
|
|
—
|
|
0.1
|
|
—
|
Market gains and
losses
|
|
26.2
|
|
0.9
|
|
19.5
|
|
(3.2)
|
|
0.7
|
|
3.5
|
|
0.2
|
|
20.2
|
Foreign currency
translation
|
|
(1.2)
|
|
(2.8)
|
|
(1.1)
|
|
(0.6)
|
|
(1.9)
|
|
(0.5)
|
|
(0.1)
|
|
—
|
Ending
Assets
|
|
$398.3
|
|
$272.3
|
|
$273.6
|
|
$127.1
|
|
$107.1
|
|
$60.2
|
|
$164.8
|
|
$259.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
|
$377.1
|
|
$269.8
|
|
$263.4
|
|
$127.7
|
|
$107.0
|
|
$58.0
|
|
$163.8
|
|
$246.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
Invesco
Ltd.
|
Assets Under
Management - Active (c)
|
|
|
Three Months
Ended
|
(in
billions)
|
March 31,
2024
|
|
December
31, 2023
|
|
%
Change
|
|
March 31,
2023
|
Beginning
Assets
|
$
985.3
|
|
$
966.1
|
|
2.0 %
|
|
$
976.2
|
Long-term
inflows
|
42.4
|
|
41.3
|
|
2.7 %
|
|
46.9
|
Long-term
outflows
|
(49.5)
|
|
(48.5)
|
|
2.1 %
|
|
(49.4)
|
Net long-term
flows
|
(7.1)
|
|
(7.2)
|
|
(1.4) %
|
|
(2.5)
|
Net flows in money
market funds
|
0.7
|
|
(18.1)
|
|
N/A
|
|
7.7
|
Total net
flows
|
(6.4)
|
|
(25.3)
|
|
(74.7) %
|
|
5.2
|
Reinvested
distributions
|
1.1
|
|
8.4
|
|
(86.9) %
|
|
1.0
|
Market gains and
losses
|
22.5
|
|
26.9
|
|
(16.4) %
|
|
20.9
|
Foreign currency
translation
|
(6.8)
|
|
9.2
|
|
N/A
|
|
1.9
|
Ending
Assets
|
$
995.7
|
|
$
985.3
|
|
1.1 %
|
|
$ 1,005.2
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$
787.8
|
|
$
764.5
|
|
3.0 %
|
|
$
788.5
|
Average AUM
|
$
980.9
|
|
$
966.5
|
|
1.5 %
|
|
$ 1,002.0
|
Three Months Ended
March 31, 2024
|
By channel: (in
billions)
|
|
Retail
|
|
Institutional
|
Beginning
Assets
|
|
$501.5
|
|
$483.8
|
Long-term
inflows
|
|
24.9
|
|
17.5
|
Long-term
outflows
|
|
(31.9)
|
|
(17.6)
|
Net long-term
flows
|
|
(7.0)
|
|
(0.1)
|
Net flows in
non-management fee earning AUM (a)
|
|
—
|
|
—
|
Net flows in money
market funds
|
|
1.2
|
|
(0.5)
|
Total net
flows
|
|
(5.8)
|
|
(0.6)
|
Reinvested
distributions
|
|
1.1
|
|
—
|
Market gains and
losses
|
|
20.1
|
|
2.4
|
Foreign currency
translation
|
|
(2.2)
|
|
(4.6)
|
Ending
Assets
|
|
$514.7
|
|
$481.0
|
|
|
|
|
|
Three Months Ended
March 31, 2024
|
By client domicile:
(in billions)
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
Beginning
Assets
|
|
$671.4
|
|
$192.0
|
|
$121.9
|
Long-term
inflows
|
|
19.3
|
|
16.7
|
|
6.4
|
Long-term
outflows
|
|
(27.7)
|
|
(14.6)
|
|
(7.2)
|
Net long-term
flows
|
|
(8.4)
|
|
2.1
|
|
(0.8)
|
Net flows in money
market funds
|
|
(0.3)
|
|
1.1
|
|
(0.1)
|
Total net
flows
|
|
(8.7)
|
|
3.2
|
|
(0.9)
|
Reinvested
distributions
|
|
1.1
|
|
—
|
|
—
|
Market gains and
losses
|
|
19.5
|
|
1.5
|
|
1.5
|
Foreign currency
translation
|
|
(0.5)
|
|
(5.4)
|
|
(0.9)
|
Ending
Assets
|
|
$682.8
|
|
$191.3
|
|
$121.6
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
Invesco
Ltd.
|
Assets Under
Management - Passive (c)
|
|
|
Three Months
Ended
|
(in
billions)
|
March 31,
2024
|
|
December
31, 2023
|
|
%
Change
|
|
March 31,
2023
|
Beginning
Assets
|
$600.0
|
|
$521.2
|
|
15.1 %
|
|
$433.0
|
Long-term
inflows
|
37.9
|
|
39.7
|
|
(4.5) %
|
|
32.5
|
Long-term
outflows
|
(24.5)
|
|
(25.8)
|
|
(5.0) %
|
|
(27.1)
|
Net long-term
flows
|
13.4
|
|
13.9
|
|
(3.6) %
|
|
5.4
|
Net flows in
non-management fee earning AUM (a)
|
9.5
|
|
3.1
|
|
206.5 %
|
|
(1.6)
|
Total net
flows
|
22.9
|
|
17.0
|
|
34.7 %
|
|
3.8
|
Market gains and
losses
|
45.5
|
|
60.0
|
|
(24.2) %
|
|
41.0
|
Foreign currency
translation
|
(1.4)
|
|
1.8
|
|
N/A
|
|
—
|
Ending
Assets
|
$667.0
|
|
$600.0
|
|
11.2 %
|
|
$477.8
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$376.3
|
|
$330.5
|
|
13.9 %
|
|
$294.7
|
Average AUM
|
$632.1
|
|
$549.1
|
|
15.1 %
|
|
$461.0
|
Average QQQ
AUM
|
$246.2
|
|
$209.6
|
|
17.5 %
|
|
$156.1
|
Three Months Ended
March 31, 2024
|
By channel: (in
billions)
|
|
Retail
|
|
Institutional
|
Beginning
Assets
|
|
$540.5
|
|
$59.5
|
Long-term
inflows
|
|
35.1
|
|
2.8
|
Long-term
outflows
|
|
(21.5)
|
|
(3.0)
|
Net long-term
flows
|
|
13.6
|
|
(0.2)
|
Net flows in
non-management fee earning AUM (a)
|
|
9.0
|
|
0.5
|
Total net
flows
|
|
22.6
|
|
0.3
|
Market gains and
losses
|
|
39.6
|
|
5.9
|
Foreign currency
translation
|
|
(0.5)
|
|
(0.9)
|
Ending
Assets
|
|
$602.2
|
|
$64.8
|
|
|
|
|
|
Three Months Ended
March 31, 2024
|
By client domicile:
(in billions)
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
Beginning
Assets
|
|
$462.5
|
|
$43.5
|
|
$94.0
|
Long-term
inflows
|
|
20.1
|
|
6.3
|
|
11.5
|
Long-term
outflows
|
|
(9.7)
|
|
(5.1)
|
|
(9.7)
|
Net long-term
flows
|
|
10.4
|
|
1.2
|
|
1.8
|
Net flows in
non-management fee earning AUM (a)
|
|
10.1
|
|
(1.0)
|
|
0.4
|
Total net
flows
|
|
20.5
|
|
0.2
|
|
2.2
|
Market gains and
losses
|
|
34.1
|
|
3.7
|
|
7.7
|
Foreign currency
translation
|
|
(0.1)
|
|
(1.1)
|
|
(0.2)
|
Ending
Assets
|
|
$517.0
|
|
$46.3
|
|
$103.7
|
|
|
|
|
|
|
|
See the footnotes immediately following these tables.
Invesco Ltd.
Footnotes to the Assets
Under Management Tables
(a)
|
Non-management fee
earning AUM includes non-management fee earning ETFs, UIT and
product leverage.
|
|
|
(b)
|
Investment capabilities
are descriptive groupings of AUM by investment strategy. The
company believes that presenting AUM by investment capability
provides a more granular depiction of asset categorization and
removed presentation of AUM by asset class in the quarter ending
March 31, 2024. The comparative periods reflect the current period
presentation.
|
|
|
(c)
|
Passive AUM includes
index-based ETFs, unit investment trusts (UITs), non-fee earning
leverage and other passive mandates. Active AUM is total AUM less
Passive AUM.
|
Invesco Ltd.
|
Supplemental
Information (1)
|
|
|
For the three months
ended
March 31,
2024
|
|
For the three months
ended
March 31,
2023
|
Cash flow
information
(in
millions)
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
Invesco and CIP cash
and cash equivalents,
beginning of period
|
$ 1,931.6
|
|
$ (462.4)
|
|
$
1,469.2
|
|
$ 1,434.1
|
|
$ (199.4)
|
|
$ 1,234.7
|
Cash flows from
operating activities
|
(54.4)
|
|
(52.3)
|
|
(106.7)
|
|
(98.9)
|
|
(20.6)
|
|
(119.5)
|
Cash flows from
investing activities
|
(287.3)
|
|
236.8
|
|
(50.5)
|
|
45.5
|
|
(110.8)
|
|
(65.3)
|
Cash flows from
financing activities
|
(148.3)
|
|
(253.9)
|
|
(402.2)
|
|
(178.5)
|
|
5.9
|
|
(172.6)
|
Increase/(decrease) in
cash and cash equivalents
|
(490.0)
|
|
(69.4)
|
|
(559.4)
|
|
(231.9)
|
|
(125.5)
|
|
(357.4)
|
Foreign exchange
movement on cash and cash
equivalents
|
(16.1)
|
|
2.0
|
|
(14.1)
|
|
12.7
|
|
(1.0)
|
|
11.7
|
Cash and cash
equivalents, end of the period
|
$ 1,425.5
|
|
$ (529.8)
|
|
$
895.7
|
|
$ 1,214.9
|
|
$ (325.9)
|
|
$
889.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
These tables include
non-GAAP presentations. Cash held by CIP is not available for use
by Invesco. Additionally, there is no recourse to Invesco for
CIP debt. The cash flows of CIP do not form part of the
company's cash flow management processes, nor do they form part of
the company's significant liquidity evaluations and decisions. The
impact of cash inflows/outflows from policyholder assets and
liabilities are reflected within cash flows from operating
activities as changes in receivable and/or payables, as
applicable.
|
Invesco
Ltd.
|
Supplemental
Information(1)
|
|
|
As of March 31,
2024
|
|
As of December
31, 2023
|
Balance Sheet
information
(in
millions)
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
As
Adjusted
|
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Impact of
Policyholders
|
|
As
Adjusted
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 895.7
|
|
$
—
|
|
$ 895.7
|
|
$
1,469.2
|
|
$
—
|
|
$
—
|
|
$
1,469.2
|
Investments
|
963.5
|
|
497.2
|
|
1,460.7
|
|
919.1
|
|
527.4
|
|
—
|
|
1,446.5
|
Investments and other
assets of CIP
|
9,119.5
|
|
(9,119.5)
|
|
—
|
|
9,016.0
|
|
(9,016.0)
|
|
—
|
|
—
|
Cash and cash
equivalents of CIP
|
529.8
|
|
(529.8)
|
|
—
|
|
462.4
|
|
(462.4)
|
|
—
|
|
—
|
Assets held for
policyholders (2)
|
—
|
|
—
|
|
—
|
|
393.9
|
|
—
|
|
(393.9)
|
|
—
|
Goodwill and intangible
assets, net
|
14,453.4
|
|
—
|
|
14,453.4
|
|
14,539.6
|
|
—
|
|
—
|
|
14,539.6
|
Other assets
(3)
|
2,115.3
|
|
24.7
|
|
2,140.0
|
|
2,133.6
|
|
18.8
|
|
—
|
|
2,152.4
|
Total assets
|
$ 28,077.2
|
|
$ (9,127.4)
|
|
$ 18,949.8
|
|
$ 28,933.8
|
|
$
(8,932.2)
|
|
$
(393.9)
|
|
$
19,607.7
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt of CIP
|
$
7,370.4
|
|
$ (7,370.4)
|
|
$
—
|
|
$
7,121.8
|
|
$
(7,121.8)
|
|
$
—
|
|
$
—
|
Other liabilities of
CIP
|
459.1
|
|
(459.1)
|
|
—
|
|
492.1
|
|
(492.1)
|
|
—
|
|
—
|
Policyholder payables
(2)
|
—
|
|
—
|
|
—
|
|
393.9
|
|
—
|
|
(393.9)
|
|
—
|
Debt
|
1,257.5
|
|
—
|
|
1,257.5
|
|
1,489.5
|
|
—
|
|
—
|
|
1,489.5
|
Other liabilities
(4)
|
3,137.4
|
|
—
|
|
3,137.4
|
|
3,520.5
|
|
—
|
|
—
|
|
3,520.5
|
Total
liabilities
|
$ 12,224.4
|
|
$ (7,829.5)
|
|
$
4,394.9
|
|
$ 13,017.8
|
|
$
(7,613.9)
|
|
$
(393.9)
|
|
$
5,010.0
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
attributable to Invesco Ltd.
|
$ 14,554.8
|
|
$
0.1
|
|
$ 14,554.9
|
|
$ 14,597.6
|
|
$
0.1
|
|
$
—
|
|
$
14,597.7
|
Noncontrolling
interests (5)
|
1,298.0
|
|
(1,298.0)
|
|
—
|
|
1,318.4
|
|
(1,318.4)
|
|
—
|
|
—
|
Total equity
|
15,852.8
|
|
(1,297.9)
|
|
14,554.9
|
|
15,916.0
|
|
(1,318.3)
|
|
—
|
|
14,597.7
|
Total liabilities and
equity
|
$ 28,077.2
|
|
$ (9,127.4)
|
|
$ 18,949.8
|
|
$ 28,933.8
|
|
$
(8,932.2)
|
|
$
(393.9)
|
|
$
19,607.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This table includes
non-GAAP presentations. Assets of CIP are not available for use by
Invesco. Additionally, there is no recourse to Invesco for CIP
debt. Policyholder assets and liabilities are equal and
offsetting and have no impact on Invesco's shareholders'
equity.
|
|
|
(2)
|
All policyholder assets
were distributed to customers in January 2024.
|
|
|
(3)
|
Amounts include
Accounts receivable, Property, equipment and software, and Other
assets.
|
|
|
(4)
|
Amounts include Accrued
compensation and benefits, Accounts payable and accrued expenses,
and Deferred tax liabilities.
|
|
|
(5)
|
Amounts include
Redeemable noncontrolling interests in consolidated entities and
Equity attributable to nonredeemable noncontrolling interests in
consolidated entities.
|
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SOURCE Invesco Ltd.