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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2022
or
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-09318
FRANKLIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware | 13-2670991 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
One Franklin Parkway, San Mateo, CA 94403
(Address of principal executive offices) (Zip code)
(650) 312-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.10 per share | BEN | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
| Large Accelerated Filer | ☒ | | Accelerated Filer | ☐ |
| Non-accelerated Filer | ☐ | | Smaller Reporting Company | ☐ |
| | | | Emerging Growth Company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Number of shares of the registrant’s common stock outstanding at July 21, 2022: 498,357,111.
INDEX TO FORM 10-Q
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| | Page |
| Financial Information | |
| Item 1. | Financial Statements (unaudited) | |
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| Item 2. | | |
| Item 3. | | |
| Item 4. | | |
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| Other Information | |
| Item 1. | | |
| Item 1A. | | |
| Item 2. | | |
| Item 6. | | |
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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Nine Months Ended June 30, |
(in millions, except per share data) | | 2022 | | 2021 | | 2022 | | 2021 |
Operating Revenues | | | | | | | | |
Investment management fees | | $ | 1,636.1 | | | $ | 1,697.3 | | | $ | 5,045.8 | | | $ | 4,836.1 | |
Sales and distribution fees | | 335.6 | | | 416.9 | | | 1,104.0 | | | 1,227.4 | |
Shareholder servicing fees | | 46.9 | | | 50.5 | | | 146.8 | | | 155.6 | |
Other | | 12.7 | | | 8.2 | | | 39.7 | | | 25.4 | |
Total operating revenues | | 2,031.3 | | | 2,172.9 | | | 6,336.3 | | | 6,244.5 | |
Operating Expenses | | | | | | | | |
Compensation and benefits | | 766.7 | | | 771.4 | | | 2,321.8 | | | 2,229.2 | |
Sales, distribution and marketing | | 440.3 | | | 531.0 | | | 1,432.8 | | | 1,579.3 | |
Information systems and technology | | 125.9 | | | 121.8 | | | 376.6 | | | 355.8 | |
Occupancy | | 53.8 | | | 54.6 | | | 163.1 | | | 164.1 | |
Amortization of intangible assets | | 81.8 | | | 58.0 | | | 200.5 | | | 174.1 | |
General, administrative and other | | 158.1 | | | 158.0 | | | 416.1 | | | 398.5 | |
Total operating expenses | | 1,626.6 | | | 1,694.8 | | | 4,910.9 | | | 4,901.0 | |
Operating Income | | 404.7 | | | 478.1 | | | 1,425.4 | | | 1,343.5 | |
Other Income (Expenses) | | | | | | | | |
Investment and other income, net | | 13.0 | | | 52.9 | | | 97.7 | | | 197.2 | |
Interest expense | | (28.9) | | | (25.7) | | | (71.1) | | | (71.3) | |
Investment and other income (losses) of consolidated investment products, net | | (74.4) | | | 61.0 | | | 33.3 | | | 263.3 | |
Expenses of consolidated investment products | | (1.3) | | | (10.9) | | | (10.1) | | | (26.5) | |
Other income (expenses), net | | (91.6) | | | 77.3 | | | 49.8 | | | 362.7 | |
Income before taxes | | 313.1 | | | 555.4 | | | 1,475.2 | | | 1,706.2 | |
Taxes on income | | 89.5 | | | 83.8 | | | 347.7 | | | 354.4 | |
Net income | | 223.6 | | | 471.6 | | | 1,127.5 | | | 1,351.8 | |
Less: net income (loss) attributable to | | | | | | | | |
Redeemable noncontrolling interests | | (0.5) | | | 33.7 | | | (50.2) | | | 64.4 | |
Nonredeemable noncontrolling interests | | (32.3) | | | (0.5) | | | 118.5 | | | 121.9 | |
Net Income Attributable to Franklin Resources, Inc. | | $ | 256.4 | | | $ | 438.4 | | | $ | 1,059.2 | | | $ | 1,165.5 | |
| | | | | | | | |
Earnings per Share | | | | | | | | |
Basic | | $ | 0.50 | | | $ | 0.86 | | | $ | 2.07 | | | $ | 2.27 | |
Diluted | | 0.50 | | | 0.86 | | | 2.07 | | | 2.27 | |
See Notes to Consolidated Financial Statements.
3
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Three Months Ended June 30, | | Nine Months Ended June 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net Income | | $ | 223.6 | | | $ | 471.6 | | | $ | 1,127.5 | | | $ | 1,351.8 | |
Other Comprehensive Income (Loss) | | | | | | | | |
Currency translation adjustments, net of tax | | (100.6) | | | 22.6 | | | (123.8) | | | 81.3 | |
Net unrealized gains (losses) on defined benefit plans, net of tax | | (2.4) | | | (0.2) | | | (2.2) | | | 0.2 | |
| | | | | | | | |
Total other comprehensive income (loss) | | (103.0) | | | 22.4 | | | (126.0) | | | 81.5 | |
Total comprehensive income | | 120.6 | | | 494.0 | | | 1,001.5 | | | 1,433.3 | |
Less: comprehensive income (loss) attributable to | | | | | | | | |
Redeemable noncontrolling interests | | (0.5) | | | 33.7 | | | (50.2) | | | 64.4 | |
Nonredeemable noncontrolling interests | | (32.3) | | | (0.5) | | | 118.5 | | | 121.9 | |
Comprehensive Income Attributable to Franklin Resources, Inc. | | $ | 153.4 | | | $ | 460.8 | | | $ | 933.2 | | | $ | 1,247.0 | |
See Notes to Consolidated Financial Statements.
4
FRANKLIN RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
| | | | | | | | | | | | | | |
(in millions, except share and per share data) | | June 30, 2022 | | September 30, 2021 |
Assets | | | | |
Cash and cash equivalents | | $ | 3,806.3 | | | $ | 4,357.8 | |
Receivables | | 1,414.8 | | | 1,428.2 | |
Investments (including $660.8 and $588.3 at fair value at June 30, 2022 and September 30, 2021) | | 1,658.5 | | | 1,510.3 | |
Assets of consolidated investment products | | | | |
Cash and cash equivalents | | 672.4 | | | 289.4 | |
Investments, at fair value | | 7,475.3 | | | 5,820.1 | |
Property and equipment, net | | 759.1 | | | 770.0 | |
Goodwill | | 5,807.1 | | | 4,457.7 | |
Intangible assets, net | | 5,177.4 | | | 4,710.2 | |
Operating lease right-of-use assets | | 486.8 | | | 448.4 | |
Other | | 338.3 | | | 376.3 | |
Total Assets | | $ | 27,596.0 | | | $ | 24,168.4 | |
| | | | |
Liabilities | | | | |
Compensation and benefits | | $ | 1,234.3 | | | $ | 1,179.3 | |
Accounts payable and accrued expenses | | 541.7 | | | 479.3 | |
Commissions | | 209.8 | | | 259.8 | |
Income taxes | | 521.2 | | | 693.6 | |
Debt | | 3,382.2 | | | 3,399.4 | |
Liabilities of consolidated investment products | | | | |
Accounts payable and accrued expenses | | 451.4 | | | 558.0 | |
Debt | | 5,496.5 | | | 3,671.0 | |
Deferred tax liabilities | | 290.9 | | | 311.7 | |
Operating lease liabilities | | 555.3 | | | 518.4 | |
Other | | 1,133.9 | | | 354.3 | |
Total liabilities | | 13,817.2 | | | 11,424.8 | |
Commitments and Contingencies (Note 11) | | | | |
Redeemable Noncontrolling Interests | | 1,493.7 | | | 933.0 | |
Stockholders’ Equity | | | | |
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued | | — | | | — | |
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 498,356,132 and 501,807,677 shares issued and outstanding at June 30, 2022 and September 30, 2021 | | 49.8 | | | 50.2 | |
Retained earnings | | 11,997.5 | | | 11,550.8 | |
Accumulated other comprehensive loss | | (503.6) | | | (377.6) | |
Total Franklin Resources, Inc. stockholders’ equity | | 11,543.7 | | | 11,223.4 | |
Nonredeemable noncontrolling interests | | 741.4 | | | 587.2 | |
Total stockholders’ equity | | 12,285.1 | | | 11,810.6 | |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | | $ | 27,596.0 | | | $ | 24,168.4 | |
See Notes to Consolidated Financial Statements.
5
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Unaudited
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Franklin Resources, Inc. | | Non- redeemable Non- controlling Interests | | Total Stockholders’ Equity |
| Common Stock | | Capital in Excess of Par Value | | Retained Earnings | | Accum- ulated Other Compre- hensive Loss | | Stockholders’ Equity |
(in millions) |
for the nine months ended June 30, 2022 | Shares | | Amount |
Balance at October 1, 2021 | | 501.8 | | | $ | 50.2 | | | $ | — | | | $ | 11,550.8 | | | $ | (377.6) | | | $ | 11,223.4 | | | $ | 587.2 | | | $ | 11,810.6 | |
Net income | | | | | | | | 453.2 | | | | | 453.2 | | | 84.1 | | | 537.3 | |
Other comprehensive loss | | | | | | | | | | (12.0) | | | (12.0) | | | | | (12.0) | |
Dividends declared on common stock ($0.29 per share) | | | | | | | | (148.9) | | | | | (148.9) | | | | | (148.9) | |
Repurchase of common stock | | (0.7) | | | — | | | (58.8) | | | 37.1 | | | | | (21.7) | | | | | (21.7) | |
Issuance of common stock | | 1.4 | | | 0.1 | | | 47.6 | | | | | | | 47.7 | | | | | 47.7 | |
Stock-based compensation | | | | | | 11.2 | | | | | | | 11.2 | | | | | 11.2 | |
Net distributions and other | | | | | | | | | | | | | | (27.8) | | | (27.8) | |
Balance at December 31, 2021 | | 502.5 | | | $ | 50.3 | | | $ | — | | | $ | 11,892.2 | | | $ | (389.6) | | | $ | 11,552.9 | | | $ | 643.5 | | | $ | 12,196.4 | |
Net income | | | | | | | | 349.6 | | | | | 349.6 | | | 66.7 | | | 416.3 | |
Other comprehensive loss | | | | | | | | | | (11.0) | | | (11.0) | | | | | (11.0) | |
Dividends declared on common stock ($0.29 per share) | | | | | | | | (148.3) | | | | | (148.3) | | | | | (148.3) | |
Repurchase of common stock | | (2.7) | | | (0.4) | | | (66.7) | | | (13.7) | | | | | (80.8) | | | | | (80.8) | |
Issuance of common stock | | 0.6 | | | 0.1 | | | 18.5 | | | | | | | 18.6 | | | | | 18.6 | |
Stock-based compensation | | | | | | 48.2 | | | | | | | 48.2 | | | | | 48.2 | |
Net distributions and other | | | | | | | | | | | | | | (21.7) | | | (21.7) | |
Net deconsolidation of investment products | | | | | | | | | | | | | | (39.6) | | | (39.6) | |
Adjustment to fair value of redeemable noncontrolling interests | | | | | | | | (188.5) | | | | | (188.5) | | | | | (188.5) | |
Balance at March 31, 2022 | | 500.4 | | | $ | 50.0 | | | $ | — | | | $ | 11,891.3 | | | $ | (400.6) | | | $ | 11,540.7 | | | $ | 648.9 | | | $ | 12,189.6 | |
Net income (loss) | | | | | | | | 256.4 | | | | | 256.4 | | | (32.3) | | | 224.1 | |
Other comprehensive loss | | | | | | | | | | (103.0) | | | (103.0) | | | | | (103.0) | |
Dividends declared on common stock ($0.29 per share) | | | | | | | | (147.7) | | | | | (147.7) | | | | | (147.7) | |
Repurchase of common stock | | (2.0) | | | (0.2) | | | (48.3) | | | (2.5) | | | | | (51.0) | | | | | (51.0) | |
Issuance of common stock | | — | | | — | | | 1.8 | | | | | | | 1.8 | | | | | 1.8 | |
Stock-based compensation | | | | | | 46.5 | | | | | | | 46.5 | | | | | 46.5 | |
Net distributions and other | | | | | | | | | | | | | | (24.8) | | | (24.8) | |
Net deconsolidation of investment products | | | | | | | | | | | | | | (0.3) | | | (0.3) | |
Acquisition | | | | | | | | | | | | | | 149.9 | | | 149.9 | |
Balance at June 30, 2022 | | 498.4 | | | $ | 49.8 | | | $ | — | | | $ | 11,997.5 | | | $ | (503.6) | | | $ | 11,543.7 | | | $ | 741.4 | | | $ | 12,285.1 | |
See Notes to Consolidated Financial Statements.
6
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Unaudited
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Franklin Resources, Inc. | | Non- redeemable Non- controlling Interests | | Total Stockholders’ Equity |
| Common Stock | | Capital in Excess of Par Value | | Retained Earnings | | Accum- ulated Other Compre- hensive Loss | | Stockholders’ Equity |
(in millions) |
for the nine months ended June 30, 2021 | Shares | | Amount |
Balance at October 1, 2020 | | 495.1 | | | $ | 49.5 | | | $ | — | | | $ | 10,472.6 | | | $ | (407.6) | | | $ | 10,114.5 | | | $ | 754.6 | | | $ | 10,869.1 | |
Adoption of new accounting guidance | | | | | | | | (3.3) | | | | | (3.3) | | | | | (3.3) | |
Net income | | | | | | | | 345.3 | | | | | 345.3 | | | 30.8 | | | 376.1 | |
Other comprehensive income | | | | | | | | | | 92.9 | | | 92.9 | | | | | 92.9 | |
Dividends declared on common stock ($0.28 per share) | | | | | | | | (144.0) | | | | | (144.0) | | | | | (144.0) | |
Repurchase of common stock | | (2.1) | | | (0.2) | | | (39.9) | | | (5.5) | | | | | (45.6) | | | | | (45.6) | |
Issuance of common stock | | 12.5 | | | 1.2 | | | 32.5 | | | | | | | 33.7 | | | | | 33.7 | |
Stock-based compensation | | | | | | 7.4 | | | | | | | 7.4 | | | | | 7.4 | |
Net subscriptions and other | | | | | | | | | | | | | | 93.3 | | | 93.3 | |
Balance at December 31, 2020 | | 505.5 | | | $ | 50.5 | | | $ | — | | | $ | 10,665.1 | | | $ | (314.7) | | | $ | 10,400.9 | | | $ | 878.7 | | | $ | 11,279.6 | |
Net income | | | | | | | | 381.8 | | | | | 381.8 | | | 91.6 | | | 473.4 | |
Other comprehensive loss | | | | | | | | | | (33.8) | | | (33.8) | | | | | (33.8) | |
Dividends declared on common stock ($0.28 per share) | | | | | | | | (143.7) | | | | | (143.7) | | | | | (143.7) | |
Repurchase of common stock | | (1.7) | | | (0.2) | | | (56.2) | | | 10.6 | | | | | (45.8) | | | | | (45.8) | |
Issuance of common stock | | 0.5 | | | 0.1 | | | 14.1 | | | | | | | 14.2 | | | | | 14.2 | |
Stock-based compensation | | | | | | 42.1 | | | | | | | 42.1 | | | | | 42.1 | |
Net subscriptions and other | | | | | | | | | | | | | | 16.5 | | | 16.5 | |
Net deconsolidation of investment products | | | | | | | | | | | | | | (31.6) | | | (31.6) | |
Adjustment to fair value of redeemable noncontrolling interests | | | | | | | | (52.3) | | | | | (52.3) | | | | | (52.3) | |
Balance at March 31, 2021 | | 504.3 | | | $ | 50.4 | | | $ | — | | | $ | 10,861.5 | | | $ | (348.5) | | | $ | 10,563.4 | | | $ | 955.2 | | | $ | 11,518.6 | |
Net income (loss) | | | | | | | | 438.4 | | | | | 438.4 | | | (0.5) | | | 437.9 | |
Other comprehensive income | | | | | | | | | | 22.4 | | | 22.4 | | | | | 22.4 | |
Dividends declared on common stock ($0.28 per share) | | | | | | | | (143.3) | | | | | (143.3) | | | | | (143.3) | |
Repurchase of common stock | | (1.4) | | | (0.1) | | | (40.7) | | | (5.6) | | | | | (46.4) | | | | | (46.4) | |
Issuance of common stock | | — | | | — | | | 0.2 | | | | | | | 0.2 | | | | | 0.2 | |
Stock-based compensation | | | | | | 40.5 | | | | | | | 40.5 | | | | | 40.5 | |
Net subscriptions and other | | | | | | | | | | | | | | 87.9 | | | 87.9 | |
Net deconsolidation of investment products | | | | | | | | | | | | | | (487.0) | | | (487.0) | |
Balance at June 30, 2021 | | 502.9 | | | $ | 50.3 | | | $ | — | | | $ | 11,151.0 | | | $ | (326.1) | | | $ | 10,875.2 | | | $ | 555.6 | | | $ | 11,430.8 | |
See Notes to Consolidated Financial Statements.
7
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
| | | | | | | | | | | | | | |
| | Nine Months Ended June 30, |
(in millions) | | 2022 | | 2021 |
| | | | |
Net Income | | $ | 1,127.5 | | | $ | 1,351.8 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Stock-based compensation | | 160.9 | | | 126.6 | |
Amortization of deferred sales commissions | | 49.6 | | | 58.8 | |
Depreciation and other amortization | | 68.8 | | | 70.9 | |
Amortization of intangible assets | | 200.5 | | | 174.1 | |
Net losses (gains) on investments | | 32.9 | | | (67.7) | |
Income from investments in equity method investees | | (51.6) | | | (123.8) | |
Net losses (gains) on investments of consolidated investment products | | 22.0 | | | (176.1) | |
Net purchase of investments by consolidated investment products | | (312.2) | | | (434.4) | |
Deferred income taxes | | 55.9 | | | (42.3) | |
Other | | 33.0 | | | 12.3 | |
Changes in operating assets and liabilities: | | | | |
Increase in receivables and other assets | | (97.3) | | | (115.2) | |
Decrease (increase) in investments, net | | ( |