Company Quick10K Filing
Quick10K
Franklin Resources
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$33.73 508 $17,120
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-06-11 Officers
8-K 2019-04-26 Earnings, Exhibits
8-K 2019-04-02 Officers
8-K 2019-03-12 Officers, Exhibits
8-K 2019-02-12 Shareholder Vote
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-10-25 Earnings, Other Events, Exhibits
8-K 2018-10-24 Amend Bylaw, Exhibits
8-K 2018-07-27 Earnings, Exhibits
8-K 2018-04-11 Other Events, Exhibits
8-K 2018-02-14 Shareholder Vote
SPXC SPX 1,440
OEC Orion Engineered Carbons 1,190
TPRE Third Point Reinsurance 1,090
CVM Cel Sci 262
MNLO Menlo Therapeutics 163
EPSN Epsilon Energy 108
JCTG Jiucaitong Group 0
FZMD Fuse Medical 0
DCAC Danielsorate Advisory Company 0
BTLN Brightlane 0
BEN 2019-06-30
Part I - Financial Information
Item 1. Financial Statements.
Note 1 - Basis of Presentation
Note 2 - New Accounting Guidance
Note 3 - Acquisition
Note 4 - Earnings per Share
Note 5 - Revenues
Note 6 - Investments
Note 7 - Fair Value Measurements
Note 8 - Consolidated Investment Products
Note 9 - Nonconsolidated Variable Interest Entities
Note 10 - Taxes on Income
Note 11 - Commitments and Contingencies
Note 12 - Stock-Based Compensation
Note 13 - Other Income (Expenses)
Note 14 - Accumulated Other Comprehensive Income (Loss)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-10.1 exhibit101q32019.htm
EX-10.2 exhibit102q32019.htm
EX-31.1 exhibit311q32019.htm
EX-31.2 exhibit312q32019.htm
EX-32.1 exhibit321q32019.htm
EX-32.2 exhibit322q32019.htm

Franklin Resources Earnings 2019-06-30

BEN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
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 23, 2019: 503,666,583.


Table of Contents


INDEX TO FORM 10-Q
 
 
Page
Financial Information
 
 
Item 1.
Financial Statements (unaudited)
 
 
 
3
 
 
4
 
 
5
 
 
6
 
 
8
 
 
10
 
Item 2.
26
 
Item 3.
52
 
Item 4.
52
 
 
 
 
Other Information
 
 
Item 1.
52
 
Item 1A.
52
 
Item 2.
52
 
Item 6.
52
 
 
 
 
53
54


2

Table of Contents

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)
 
2019
 
2018
 
2019
 
2018
Operating Revenues
 
 
 
 
 
 
 
 
Investment management fees
 
$
1,019.4

 
$
1,077.9

 
$
2,983.6

 
$
3,308.6

Sales and distribution fees
 
367.5

 
391.4

 
1,080.8

 
1,219.0

Shareholder servicing fees
 
52.7

 
53.9

 
164.9

 
170.1

Other
 
37.1

 
35.4

 
92.7

 
94.2

Total operating revenues
 
1,476.7

 
1,558.6

 
4,322.0

 
4,791.9

Operating Expenses
 
 
 
 
 
 
 
 
Sales, distribution and marketing
 
462.4

 
499.8

 
1,356.3

 
1,550.0

Compensation and benefits
 
437.7

 
357.5

 
1,202.3

 
1,045.5

Information systems and technology
 
65.7

 
62.5

 
188.7

 
175.6

Occupancy
 
32.2

 
30.5

 
94.8

 
94.0

General, administrative and other
 
103.8

 
105.2

 
314.0

 
286.9

Total operating expenses
 
1,101.8

 
1,055.5

 
3,156.1

 
3,152.0

Operating Income
 
374.9

 
503.1

 
1,165.9

 
1,639.9

Other Income (Expenses)
 
 
 
 
 
 
 
 
Investment and other income (losses), net
 
44.2

 
(33.8
)
 
103.8

 
134.9

Interest expense
 
(5.6
)
 
(22.1
)
 
(17.7
)
 
(42.9
)
Other income (expenses), net
 
38.6

 
(55.9
)
 
86.1

 
92.0

Income before taxes
 
413.5

 
447.2

 
1,252.0

 
1,731.9

Taxes on income
 
158.9

 
91.8

 
355.8

 
1,465.5

Net income
 
254.6


355.4

 
896.2

 
266.4

Less: net income (loss) attributable to
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests
 
0.1

 
(45.0
)
 
6.2

 
(18.3
)
Nonredeemable noncontrolling interests
 
8.6

 
(1.6
)
 
0.7

 
22.8

Net Income Attributable to Franklin Resources, Inc.
$
245.9

 
$
402.0

 
$
889.3

 
$
261.9

 
 
 
 
 
 
 
 
 
Earnings per Share
 
 
 
 
 
 
 
 
Basic
 
$
0.48

 
$
0.75

 
$
1.74

 
$
0.45

Diluted
 
0.48

 
0.75

 
1.74

 
0.45



See Notes to Consolidated Financial Statements.

3

Table of Contents

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
(in millions)
 
Three Months Ended
June 30,
 
Nine Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net Income
 
$
254.6

 
$
355.4

 
$
896.2

 
$
266.4

Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
Currency translation adjustments, net of tax
 
1.9

 
(86.7
)
 
(4.8
)
 
(64.1
)
Net unrealized gains (losses) on defined benefit plans, net of tax
 
0.1

 
0.2

 
(1.0
)
 
(0.5
)
Net unrealized gains on investments, net of tax
 
3.6

 
3.3

 
3.5

 
6.6

Total other comprehensive income (loss)
 
5.6

 
(83.2
)
 
(2.3
)
 
(58.0
)
Total comprehensive income
 
260.2

 
272.2

 
893.9

 
208.4

Less: comprehensive income (loss) attributable to
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests
 
0.1

 
(45.0
)
 
6.2

 
(18.3
)
Nonredeemable noncontrolling interests
 
8.6

 
(1.6
)
 
0.7

 
22.8

Comprehensive Income Attributable to Franklin Resources, Inc.
 
$
251.5

 
$
318.8

 
$
887.0

 
$
203.9


See Notes to Consolidated Financial Statements.

4

Table of Contents

FRANKLIN RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
(in millions, except share and per share data)
 
June 30,
2019
 
September 30,
2018
Assets
 
 
 
 
Cash and cash equivalents
 
$
5,508.8

 
$
6,610.8

Receivables
 
757.8

 
733.7

Investments (including $619.4 and $551.6 at fair value at June 30, 2019 and September 30, 2018)
 
1,622.0

 
1,426.5

Assets of consolidated investment products
 
 
 
 
Cash and cash equivalents
 
248.8

 
299.8

Receivables
 
92.4

 
114.2

Investments, at fair value
 
2,351.1

 
2,109.4

Property and equipment, net
 
684.8

 
535.0

Goodwill and other intangible assets, net
 
3,013.4

 
2,333.4

Other
 
184.2

 
220.7

Total Assets
 
$
14,463.3

 
$
14,383.5

 
 
 
 
 
Liabilities
 
 
 
 
Compensation and benefits
 
$
460.0

 
$
405.6

Accounts payable and accrued expenses
 
207.8

 
158.9

Dividends
 
138.3

 
127.7

Commissions
 
263.4

 
297.9

Income taxes
 
850.1

 
1,034.8

Debt
 
697.0

 
695.9

Liabilities of consolidated investment products
 
 
 
 
Accounts payable and accrued expenses
 
52.6

 
68.0

Debt
 
31.8


32.6

Deferred taxes
 
118.9

 
126.5

Other
 
271.1

 
184.1

Total liabilities
 
3,091.0

 
3,132.0

Commitments and Contingencies (Note 11)
 

 

Redeemable Noncontrolling Interests
 
806.5

 
1,043.6

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; 504,120,477 and 519,122,574 shares issued and outstanding at June 30, 2019 and September 30, 2018
 
50.4

 
51.9

Retained earnings
 
10,241.5

 
10,217.9

Accumulated other comprehensive loss
 
(380.9
)
 
(370.6
)
Total Franklin Resources, Inc. stockholders’ equity
 
9,911.0

 
9,899.2

Nonredeemable noncontrolling interests
 
654.8

 
308.7

Total stockholders’ equity
 
10,565.8

 
10,207.9

Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
 
$
14,463.3

 
$
14,383.5


See Notes to Consolidated Financial Statements.

5

Table of Contents

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, 2019
Shares
 
Amount
Balance at October 1, 2018
 
519.1

 
$
51.9

 
$

 
$
10,217.9

 
$
(370.6
)
 
$
9,899.2

 
$
308.7

 
$
10,207.9

Adoption of new accounting guidance
 
 
 
 
 
 
 
22.9

 
(8.0
)
 
14.9

 
 
 
14.9

Net income (loss)
 
 
 
 
 
 
 
275.9

 
 
 
275.9

 
(0.5
)
 
275.4

Other comprehensive loss
 
 
 
 
 
 
 
 
 
(15.0
)
 
(15.0
)
 
 
 
(15.0
)
Dividends declared on common stock ($0.26 per share)
 
 
 
 
 
 
 
(133.8
)
 
 
 
(133.8
)
 
 
 
(133.8
)
Repurchase of common stock
 
(10.7
)
 
(1.1
)
 
(30.8
)
 
(295.0
)
 
 
 
(326.9
)
 
 
 
(326.9
)
Issuance of common stock
 
3.1

 
0.3

 
33.6

 
 
 
 
 
33.9

 
 
 
33.9

Stock-based compensation
 
 
 
 
 
(2.8
)
 
 
 
 
 
(2.8
)
 
 
 
(2.8
)
Net subscriptions and other
 
 
 
 
 
 
 
 
 
 
 
 
 
23.1

 
23.1

Balance at December 31, 2018
 
511.5

 
$
51.1

 
$

 
$
10,087.9

 
$
(393.6
)
 
$
9,745.4

 
$
331.3

 
$
10,076.7

Net income (loss)
 
 
 
 
 
 
 
367.5

 
 
 
367.5

 
(7.4
)
 
360.1

Other comprehensive income
 
 
 
 
 
 
 
 
 
7.1

 
7.1

 
 
 
7.1

Dividends declared on common stock ($0.26 per share)
 
 
 
 
 
 
 
(132.6
)
 
 
 
(132.6
)
 
 
 
(132.6
)
Repurchase of common stock
 
(4.6
)
 
(0.4
)
 
(41.0
)
 
(103.3
)
 
 
 
(144.7
)
 
 
 
(144.7
)
Issuance of common stock
 
0.8

 
0.1

 
13.3

 
 
 
 
 
13.4

 
 
 
13.4

Stock-based compensation
 
 
 
 
 
27.7

 
 
 
 
 
27.7

 
 
 
27.7

Net subscriptions and other
 
 
 
 
 
 
 
 
 
 
 
 
 
51.0

 
51.0

Consolidation of investment product
 
 
 
 
 
 
 
 
 
 
 
 
 
24.3

 
24.3

Acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
216.1

 
216.1

Balance at March 31, 2019
 
507.7


$
50.8


$


$
10,219.5


$
(386.5
)

$
9,883.8


$
615.3


$
10,499.1

Net income
 
 
 
 
 
 
 
245.9

 
 
 
245.9

 
8.6

 
254.5

Other comprehensive income
 
 
 
 
 
 
 
 
 
5.6

 
5.6

 
 
 
5.6

Dividends declared on common stock ($0.26 per share)
 
 
 
 
 
 
 
(131.7
)
 
 
 
(131.7
)
 
 
 
(131.7
)
Repurchase of common stock
 
(3.6
)
 
(0.4
)
 
(28.7
)
 
(92.2
)
 
 
 
(121.3
)
 
 
 
(121.3
)
Issuance of common stock
 

 

 
0.6

 
 
 
 
 
0.6

 
 
 
0.6

Stock-based compensation
 
 
 
 
 
28.1

 
 
 
 
 
28.1

 
 
 
28.1

Net subscriptions and other
 
 
 
 
 
 
 
 
 
 
 
 
 
30.9

 
30.9

Balance at June 30, 2019
 
504.1

 
$
50.4

 
$

 
$
10,241.5

 
$
(380.9
)
 
$
9,911.0

 
$
654.8

 
$
10,565.8


See Notes to Consolidated Financial Statements.

6

Table of Contents

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, 2018
Shares
 
Amount
Balance at October 1, 2017
 
554.9

 
$
55.5

 
$

 
$
12,849.3

 
$
(284.8
)
 
$
12,620.0

 
$
315.8

 
$
12,935.8

Adoption of new accounting guidance
 
 
 
 
 
2.1

 
(1.7
)
 
 
 
0.4

 
 
 
0.4

Net loss
 
 
 
 
 
 
 
(583.3
)
 
 
 
(583.3
)
 
(0.1
)
 
(583.4
)
Other comprehensive income
 
 
 
 
 
 
 
 
 
18.2

 
18.2

 
 
 
18.2

Dividends declared on common stock ($0.23 per share)
 
 
 
 
 
 
 
(127.4
)
 
 
 
(127.4
)
 
 
 
(127.4
)
Repurchase of common stock
 
(4.6
)
 
(0.5
)
 
(32.1
)
 
(167.4
)
 
 
 
(200.0
)
 
 
 
(200.0
)
Issuance of common stock