Company Quick10K Filing
BrightSphere Investment
Price-0.00 EPS1
Shares93 P/E-0
MCap-0 P/FCF-0
Net Debt-125 EBIT93
TEV-125 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
8-K 2020-11-17 M&A, Exhibits
8-K 2020-10-29 Earnings, Exhibits
8-K 2020-09-03 Enter Agreement, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-07-24 Enter Agreement, Earnings, Regulation FD, Exhibits
8-K 2020-06-24 Shareholder Vote
8-K 2020-05-07
8-K 2020-04-15
8-K 2020-03-02
8-K 2020-02-06
8-K 2019-12-16
8-K 2019-11-05
8-K 2019-09-17
8-K 2019-08-20
8-K 2019-08-01
8-K 2019-07-22
8-K 2019-07-12

BSA 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
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 6. Exhibits.
EX-31.1 bsig-2020930xexx311.htm
EX-31.2 bsig-2020930xexx312.htm
EX-32.1 bsig-2020930xexx321.htm
EX-32.2 bsig-2020930xexx322.htm

BrightSphere Investment Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02018201820192020
Assets, Equity
0.30.20.20.10.10.02018201820192020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12018201820192020
Ops, Inv, Fin

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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 September 30, 2020
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: 001-38979
 
bsig-20200930_g1.jpg
BRIGHTSPHERE
Investment Group Inc.
(Exact name of registrant as specified in its charter) 
Delaware47-1121020
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
  
200 Clarendon Street, 53rd Floor02116
Boston, Massachusetts
(Address of principal executive offices)(Zip Code)
(617)-369-7300
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTicker SymbolName of each exchange on which registered
Common stock, par value $0.001 per shareBSIGNew York Stock Exchange
4.800% Notes due 2026BSIG 26New York Stock Exchange
5.125% Notes due 2031BSANew 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 ý No o 
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 ý No o 
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 definition 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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ý 
The number of shares of the registrant’s common stock, $0.001 per share, outstanding as of November 4, 2020 was 79,885,287.


Table of Contents
TABLE OF CONTENTS
  Page
Part I
   
Item 1.
   
 
   
 
   
 
   
 
   
 
   
 
   
Item 2.
   
Item 3.
   
Item 4.
   
Part II
   
Item 1.
   
Item 1A.
   
Item 6.


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Table of Contents
EXPLANATORY NOTE

On July 12, 2019, the BrightSphere corporate group, which consisted of BrightSphere Investment Group plc, a public company limited by shares incorporated under the laws of England and Wales and its operating subsidiaries (such operating subsidiaries and the holding company collectively, the “BrightSphere Group”), completed a redomestication, resulting in BrightSphere Investment Group Inc., a Delaware corporation, becoming the publicly traded parent company of the BrightSphere Group (the “Redomestication”). As part of the Redomestication, which was approved by the shareholders of BrightSphere Investment Group plc, existing shares of BrightSphere Investment Group plc were exchanged on a one-for-one basis for newly issued shares of common stock of BrightSphere Investment Group Inc. immediately prior to the effective time of the Redomestication. As a result, all outstanding shareholders of BrightSphere Investment Group plc became common stockholders of BrightSphere Investment Group Inc. Throughout this Form 10-Q, references to “BrightSphere,” “the Company,” “we” and “us” (i) for periods until the completion of the Redomestication, refer to BrightSphere Investment Group plc and (ii) for periods after the completion of the Redomestication, refer to BrightSphere Investment Group Inc. Also throughout this Form 10-Q, we refer to our equity securities (i) for periods until the completion of the Redomestication, as ordinary shares and (ii) for periods after the completion of the Redomestication, as shares of common stock.




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Table of Contents
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

BrightSphere Investment Group Inc.
Condensed Consolidated Balance Sheets
(in millions, except for share and per share data, unaudited)
September 30,
2020
December 31,
2019
Assets  
Cash and cash equivalents$129.8 $111.3 
Investment advisory fees receivable101.1 151.9 
Income taxes receivable24.7 26.2 
Fixed assets, net71.8 65.8 
Right of use assets93.7 37.7 
Investments (includes balances reported at fair value of $114.7 and $184.3)
116.5 186.3 
Acquired intangibles, net60.0 65.1 
Goodwill182.1 274.6 
Other assets56.5 52.0 
Deferred tax assets212.7 243.6 
Assets held for sale:
Affiliate assets held for sale151.0  
Assets of consolidated Funds:
Cash and cash equivalents, restricted1.1 9.7 
Investments (includes balances reported at fair value of $0.0 and $119.5)
101.9 190.6 
Other assets 4.9 
Consolidated Funds’ assets held for sale114.3  
Total assets$1,417.2 $1,419.7 
Liabilities and stockholders’ equity  
Accounts payable and accrued expenses$27.2 $41.5 
Accrued incentive compensation120.7 137.8 
Due to OM plc3.4 3.7 
Other compensation liabilities313.5 404.9 
Accrued income taxes13.0 12.8 
Operating lease liabilities110.0 42.5 
Other liabilities3.3 3.1 
Debt:
Non-recourse borrowings 35.0 
Third party borrowings474.2 533.8 
Liabilities held for sale:
Affiliate liabilities held for sale80.4  
Liabilities of consolidated Funds:
Accounts payable and accrued expenses 5.2 
Securities sold, not yet purchased, at fair value 0.9 
Other liabilities 0.1 
Consolidated Funds’ liabilities held for sale0.1  
Total liabilities1,145.8 1,221.3 
Commitments and contingencies
Redeemable non-controlling interests in consolidated Funds85.6 83.9 
Equity: 
Common stock (par value $0.001; 80,117,415 and 85,886,371 shares, respectively, issued)
0.1 0.1 
Additional paid-in capital501.2 534.3 
Retained deficit(373.7)(452.5)
Accumulated other comprehensive loss(16.2)(17.5)
Non-controlling interests1.4 1.3 
Non-controlling interests in consolidated Funds73.0 48.8 
Total equity and redeemable non-controlling interests in consolidated Funds271.4 198.4 
Total liabilities and equity$1,417.2 $1,419.7 
See Notes to Condensed Consolidated Financial Statements

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Table of Contents
BrightSphere Investment Group Inc.
Condensed Consolidated Statements of Operations
(in millions except for per share data, unaudited)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Revenue:    
Management fees$178.2 $196.4 $527.4 $609.8 
Performance fees1.2 (1.9)2.5 (6.9)
Other revenue1.6 1.4 5.2 4.3 
Consolidated Funds’ revenue1.4 1.9 4.6 4.9 
Total revenue182.4 197.8 539.7 612.1 
Operating expenses:    
Compensation and benefits109.7 108.0 284.0 332.8 
General and administrative expense25.4 31.7 77.6 95.3 
Impairment of goodwill  16.4  
Amortization of acquired intangibles1.6 1.6 5.1 4.9 
Depreciation and amortization5.2 4.4 15.6 12.2 
Consolidated Funds’ expense 0.2 0.2 0.4 
Total operating expenses141.9 145.9 398.9 445.6 
Operating income40.5 51.9 140.8 166.5 
Non-operating income and (expense):    
Investment income (loss)3.9 2.3 (3.2)11.4 
Interest income 0.4 0.5 1.8 
Interest expense(6.9)(8.3)(22.1)(24.1)
Gain on sale of Affiliate7.2  7.2  
Net consolidated Funds’ investment gains2.1 4.7 20.5 13.8 
Total non-operating income (loss)6.3 (0.9)2.9 2.9 
Income from continuing operations before taxes46.8 51.0 143.7 169.4 
Income tax expense (benefit)12.8 (32.0)33.7 3.7 
Income from continuing operations34.0 83.0 110.0 165.7 
Gain (loss) on disposal of discontinued operations, net of tax    
Net income34.0 83.0 110.0 165.7 
Net income (loss) attributable to non-controlling interests in consolidated Funds(3.2)7.6 21.3 9.6 
Net income attributable to controlling interests$37.2 $75.4 $88.7 $156.1 
Earnings per share (basic) attributable to controlling interests$0.46 $0.84 $1.08 $1.68 
Earnings per share (diluted) attributable to controlling interests0.46 0.84 1.08 1.68 
Continuing operations earnings per share (basic) attributable to controlling interests
0.46 0.84 1.08 1.68 
Continuing operations earnings per share (diluted) attributable to controlling interests
0.46 0.84 1.08 1.68 
Weighted average common stock outstanding80.0 90.0 81.8 93.0 
Weighted average diluted common stock outstanding80.9 90.0 82.1 93.1 
See Notes to Condensed Consolidated Financial Statements

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Table of Contents
BrightSphere Investment Group Inc.
Condensed Consolidated Statements of Comprehensive Income
(in millions, unaudited)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income$34.0 $83.0 $110.0 $165.7 
Other comprehensive income (loss):
Amortization related to derivative securities, net of tax
0.6 0.6 1.7 1.8 
Foreign currency translation adjustment1.4 (0.8)(0.4)(0.9)
Total other comprehensive income (loss)2.0 (0.2)1.3 0.9 
Comprehensive income (loss) attributable to non-controlling interests in consolidated Funds(3.2)7.6 21.3 9.6 
Total comprehensive income attributable to controlling interests$39.2 $75.2 $90.0 $157.0 

See Notes to Condensed Consolidated Financial Statements

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Table of Contents
BrightSphere Investment Group Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
For the three months ended September 30, 2020 and 2019
($ in millions except share data, unaudited)
 Common stock
(millions)
Common stock, 
par
value
Additional paid-in capitalRetained earnings (deficit)Accumulated
other
comprehensive
income (loss)
Total
stockholders’
equity
Non-
controlling
interests
Non-controlling
interests in
consolidated
Funds
Total 
equity
Redeemable non-controlling interests in consolidated 
Funds
Total equity and
redeemable
non-controlling
interests in
consolidated
Funds
June 30, 201991.6 $0.1 $585.2 $(578.2)$(19.8)(12.7)$1.8 $32.7 $21.8 $81.8 $103.6 
Repurchase of common stock(2.8)— (25.5)— — (25.5)— — (25.5)— (25.5)
Capital contributions (redemptions)— — — — — — — 0.9 0.9 (1.0)(0.1)
Equity-based compensation— — 0.7 — — 0.7 — — 0.7 — 0.7 
Foreign currency translation adjustment
— — — — (0.8)(0.8)— — (0.8)— (0.8)
Amortization related to derivatives securities, net of tax
— — — — 0.6 0.6 — — 0.6 — 0.6 
Other changes in non-controlling interests— — — — — — 0.1 — 0.1 — 0.1 
Dividends ($0.10 per share)
— — — (8.9)— (8.9)— — (8.9)— (8.9)
Net income— — — 75.4 — 75.4 — 6.5 81.9 1.1 83.0 
September 30, 201988.8 $0.1 $560.4 $(511.7)$(20.0)$28.8 $1.9 $40.1 $70.8 $81.9 $152.7 
June 30, 202080.1 $0.1 $500.6 $(410.1)$(18.2)$72.4 $1.4 $78.8 $152.6 $79.9 $232.5 
Issuance of common stock— — 0.2 — — 0.2 — — 0.2 — 0.2 
Repurchase of common stock— — — — — — — — — —  
Capital contributions— — — — — — — 0.3 0.3 129.7 130.0 
Equity-based compensation— — 0.4 — — 0.4 — — 0.4 — 0.4 
Foreign currency translation adjustment— — — — 1.4 1.4 — — 1.4 — 1.4 
Amortization related to derivative securities, net of tax
— — — — 0.6 0.6 — — 0.6 — 0.6 
Other changes in non-controlling interests
— — — — — —  —  —  
Net de-consolidation of Funds— — — — — — — — (126.8)(126.8)
Dividends ($0.01 per share)
— — — (0.8)— (0.8)— — (0.8)— (0.8)
Net income— — — 37.2 — 37.2 — (6.1)31.1 2.8 33.9 
September 30, 202080.1 $0.1 $501.2 $(373.7)$(16.2)$111.4 $1.4 $73.0 $185.8 $85.6 $271.4 
See Notes to Condensed Consolidated Financial Statements

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Table of Contents
BrightSphere Investment Group Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
For the nine months ended September 30, 2020 and 2019
($ in millions except share data, unaudited)
 Common stock
(millions)
Common stock, 
par
value
Additional paid-in capitalRetained earnings (deficit)Accumulated
other
comprehensive
income (loss)
Total
stockholders’
equity
Non-
controlling
interests
Non-controlling
interests in
consolidated
Funds
Total 
equity
Redeemable non-controlling interests in consolidated 
Funds
Total equity and
redeemable
non-controlling
interests in
consolidated
Funds
December 31, 2018105.2 $0.1 $764.6 $(640.5)$(20.9)103.3 $1.6 $29.3 $134.2 $41.9 $176.1 
Issuance of common stock0.2 — — — — — — — — —  
Repurchase of common stock(16.6)— (209.3)— — (209.3)— — (209.3)— (209.3)
Capital contributions— — — — — — — 4.9 4.9 36.3 41.2 
Equity-based compensation— — 5.1 — — 5.1 — — 5.1 — 5.1 
Foreign currency translation adjustment
— — — — (0.9)(0.9)— — (0.9)— (0.9)
Amortization related to derivatives securities, net of tax
— — — — 1.8 1.8 — — 1.8 — 1.8 
Other changes in non-controlling interests
— — — — — — 0.3 — 0.3 — 0.3 
Dividends ($0.30 per share)
— — — (27.3)— (27.3)— — (27.3)— (27.3)
Net income— — — 156.1 — 156.1 — 5.9 162.0 3.7 165.7 
September 30, 201988.8 $0.1 $560.4 $(511.7)$(20.0)$28.8 $1.9 $40.1 $70.8 $81.9 $152.7 
December 31, 201985.9 $0.1 $534.3 $(452.5)$(17.5)$64.4 $1.3 $48.8 $114.5 $83.9 $198.4 
Issuance of common stock0.1 — 0.2 — — 0.2 — — 0.2 — 0.2 
Retirement of common stock(0.2)— — — — — — — — — — 
Repurchase of common stock(5.7)— (35.3)— — (35.3)— — (35.3)— (35.3)
Capital contributions— — — — — — — 1.4 1.4 130.1 131.5 
Equity-based compensation— — 2.0 — — 2.0 — — 2.0 — 2.0 
Foreign currency translation adjustment
— — — — (0.4)(0.4)— — (0.4)— (0.4)
Amortization related to derivative securities, net of tax
— — — — 1.7 1.7 — — 1.7 — 1.7 
Other changes in non-controlling interests
— — — — — —