Company Quick10K Filing
Quick10K
Eaton Vance
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$41.36 115 $4,748
10-Q 2019-07-31 Quarter: 2019-07-31
10-Q 2019-04-30 Quarter: 2019-04-30
10-Q 2019-01-31 Quarter: 2019-01-31
10-K 2018-10-31 Annual: 2018-10-31
10-Q 2018-07-31 Quarter: 2018-07-31
10-Q 2018-04-30 Quarter: 2018-04-30
10-Q 2018-01-31 Quarter: 2018-01-31
10-K 2017-10-31 Annual: 2017-10-31
10-Q 2017-07-31 Quarter: 2017-07-31
10-Q 2017-04-30 Quarter: 2017-04-30
10-Q 2017-01-31 Quarter: 2017-01-31
10-K 2016-10-31 Annual: 2016-10-31
10-Q 2016-07-31 Quarter: 2016-07-31
10-Q 2016-04-30 Quarter: 2016-04-30
10-Q 2016-01-31 Quarter: 2016-01-31
10-K 2015-10-31 Annual: 2015-10-31
10-Q 2015-07-31 Quarter: 2015-07-31
10-Q 2015-04-30 Quarter: 2015-04-30
10-Q 2015-01-31 Quarter: 2015-01-31
10-K 2014-10-31 Annual: 2014-10-31
10-Q 2014-07-31 Quarter: 2014-07-31
10-Q 2014-04-30 Quarter: 2014-04-30
10-Q 2014-01-31 Quarter: 2014-01-31
8-K 2019-11-08 Officers
8-K 2019-10-30 Officers, Shareholder Vote, Exhibits
8-K 2019-08-27 Earnings, Exhibits
8-K 2019-05-21 Earnings, Exhibits
8-K 2019-02-26 Earnings, Exhibits
8-K 2019-01-16 Officers, Shareholder Vote, Exhibits
8-K 2018-12-13 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-27 Earnings, Exhibits
8-K 2018-10-26 Officers, Shareholder Vote, Exhibits
8-K 2018-08-29 Earnings, Exhibits
8-K 2018-07-11 Officers
8-K 2018-05-22 Earnings, Exhibits
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-01-12 Officers, Shareholder Vote, Exhibits
LAZ Lazard 4,377
EVR Evercore 3,398
HLI Houlihan Lokey 2,896
CNS Cohen & Steers 2,475
VCTR Victory Capital 1,134
PZN Pzena Investment Management 599
WHG Westwood Holdings 264
MDLY Medley Management 97
GROW US Global Investors 31
OAK Oaktree Capital 0
EV 2019-07-31
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-31.1 tv523070ex311.htm
EX-31.2 tv523070ex312.htm
EX-32.1 tv523070ex321.htm
EX-32.2 tv523070ex322.htm

Eaton Vance Earnings 2019-07-31

EV 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

2019--10-310.0039062512800001907200000.00390625fourthreeseven7--false4--sevenQ30000350797Large Accelerated FilerYesYes--
In the fourth quarter of fiscal 2018, the Company elected to present the investing cash flows related to the purchase and sale of investments in CLO entity note obligations separately from the purchase and sale of other investments. The prior year amounts previously presented within the purchase and sale of investments line items have been reclassified to the purchase and sale of investments in CLO entity note obligations line items for comparability purposes.
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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 July 31, 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: 1-8100

EATON VANCE CORP.

(Exact name of registrant as specified in its charter)

 

Maryland

 

04-2718215

(State or other jurisdiction of

 

(I.R.S. Employer Identification No.)

incorporation or organization)

 

 

 

 

 

 

Two International Place, Boston, Massachusetts 02110

 

 

(Address of principal executive offices) (zip code)

 

 

 

 

 

(617) 482-8260

 

 

(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

Non-Voting Common Stock, $0.00390625 par value

EV

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

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class:

 

Outstanding as of July 31, 2019

Non-Voting Common Stock, $0.00390625 par value

 

113,042,392 shares

Voting Common Stock, $0.00390625 par value

 

422,935 shares

 

 


 

Eaton Vance Corp.

Form 10-Q

As of July 31, 2019 and for the

Three and Nine Month Periods Ended July 31, 2019

 

Table of Contents

 

Required Information

 

Page Number Reference

 

 

 

 

 

Part I

Financial Information

 

 

Item 1.

Consolidated Financial Statements (unaudited)

3

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

52

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

77

 

Item 4.

Controls and Procedures

77

 

 

 

 

 

Part II

Other Information

 

 

Item 1.

Legal Proceedings

78

 

Item 1A.

Risk Factors

78

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

 

Item 6.

Exhibits

79

 

 

 

 

 

Signatures

 

80

 

 

2


 

 

Part I - Financial Information

 

 

 

 

 

 

 

 

 

 

 

Item 1. Consolidated Financial Statements (unaudited)

 

 

 

 

 

 

 

 

 

 

 

Eaton Vance Corp.

 

 

 

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

July 31,

 

 

October 31,

(in thousands)

 

2019

 

 

2018

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

527,708

 

$

600,696

Management fees and other receivables

 

234,146

 

 

236,736

Investments

 

1,044,026

 

 

1,078,627

Assets of consolidated collateralized loan obligation (CLO) entities:

 

 

 

 

 

Cash

 

87,755

 

 

216,598

Bank loans and other investments

 

1,706,350

 

 

874,304

Other assets

 

21,983

 

 

4,464

Deferred sales commissions

 

52,333

 

 

48,629

Deferred income taxes

 

37,197

 

 

45,826

Equipment and leasehold improvements, net

 

70,534

 

 

52,428

Intangible assets, net

 

76,957

 

 

80,885

Goodwill

 

259,681

 

 

259,681

Loan to affiliate

 

5,000

 

 

5,000

Other assets

 

95,195

 

 

95,454

Total assets

$

4,218,865

 

$

3,599,328

 

 

 

 

 

 

See notes to Consolidated Financial Statements.

 

 

 

 

3


 

Eaton Vance Corp.

 

 

 

 

 

Consolidated Balance Sheets (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

July 31,

 

 

October 31,

(in thousands, except share data)

 

2019

 

 

2018

 

 

 

 

 

 

Liabilities, Temporary Equity and Permanent Equity

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accrued compensation

$

176,405

 

$

233,836

Accounts payable and accrued expenses

 

78,504

 

 

91,410

Dividend payable

 

50,676

 

 

51,731

Debt

 

620,304

 

 

619,678

Liabilities of consolidated CLO entities:

 

 

 

 

 

Senior and subordinated note obligations

 

1,620,598

 

 

873,008

Other liabilities

 

81,175

 

 

154,185

Other liabilities

 

115,633

 

 

131,952

Total liabilities

 

2,743,295

 

 

2,155,800

 

 

 

 

 

 

Commitments and contingencies (Note 17)

 

nil

 

 

nil

 

 

 

 

 

 

Temporary Equity:

 

 

 

 

 

 

 

 

 

 

 

Redeemable non-controlling interests

 

346,163

 

 

335,097

Total temporary equity

 

346,163

 

 

335,097

 

 

 

 

 

 

Permanent Equity:

 

 

 

 

 

 

 

 

 

 

 

Voting Common Stock, par value $0.00390625 per share:

 

 

 

 

 

Authorized, 1,280,000 shares

 

 

 

 

 

Issued and outstanding, 422,935 and 422,935 shares,

 

 

 

 

 

respectively

 

2

 

 

2

Non-Voting Common Stock, par value $0.00390625 per share:

 

 

 

 

 

Authorized, 190,720,000 shares

 

 

 

 

 

Issued and outstanding, 113,042,392 and 116,527,845 shares,

 

 

 

 

 

respectively

 

442

 

 

455

Additional paid-in capital

 

-

 

 

17,514

Notes receivable from stock option exercises

 

(7,919)

 

 

(8,057)

Accumulated other comprehensive loss

 

(59,935)

 

 

(53,181)

Retained earnings

 

1,195,775

 

 

1,150,698

Total Eaton Vance Corp. shareholders' equity

 

1,128,365

 

 

1,107,431

Non-redeemable non-controlling interests

 

1,042

 

 

1,000

Total permanent equity

 

1,129,407

 

 

1,108,431

Total liabilities, temporary equity and permanent equity

$

4,218,865

 

$

3,599,328

 

 

 

 

 

 

See notes to Consolidated Financial Statements.

 

 

 

 

 

 

4


 

Eaton Vance Corp.

 

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

 

 

July 31,

 

July 31,

(in thousands, except per share data)

 

2019

 

2018

 

2019

 

2018

Revenue:

 

 

 

 

 

 

 

 

 

Management fees

$

375,747

$

368,961

$

1,085,881

$

1,086,894

 

Distribution and underwriter fees

 

21,281

 

24,738

 

64,425

 

73,842

 

Service fees

 

31,855

 

31,053

 

90,801

 

90,867

 

Other revenue

 

2,352

 

3,939

 

8,405

 

10,024

 

 

Total revenue

 

431,235

 

428,691

 

1,249,512

 

1,261,627

Expenses:

 

 

 

 

 

 

 

 

 

Compensation and related costs

 

158,642

 

152,921

 

466,072

 

455,958

 

Distribution expense

 

38,070

 

41,424

 

111,508

 

123,891

 

Service fee expense

 

28,037

 

27,074

 

79,475

 

79,594

 

Amortization of deferred sales commissions

 

5,644

 

4,637

 

16,762

 

13,342

 

Fund-related expenses

 

9,715

 

9,253

 

29,320

 

27,773

 

Other expenses

 

53,992

 

51,118

 

160,937

 

150,319

 

 

Total expenses

 

294,100

 

286,427

 

864,074

 

850,877

Operating income

 

137,135

 

142,264

 

385,438

 

410,750

Non-operating income (expense):

 

 

 

 

 

 

 

 

 

Gains and other investment income, net

 

14,846

 

7,131

 

35,885

 

9,468

 

Interest expense

 

(5,888)

 

(5,906)

 

(17,907)

 

(17,716)

 

Other income (expense) of consolidated CLO entities:

 

 

 

 

 

 

 

 

 

 

Gains and other investment income, net

 

18,260

 

1,847

 

45,495

 

4,823

 

 

Interest and other expense

 

(21,748)

 

(3,092)

 

(40,905)

 

(3,630)

 

 

Total non-operating income (expense)

 

5,470

 

(20)

 

22,568

 

(7,055)

Income before income taxes and equity in net

 

 

 

 

 

 

 

 

 

income of affiliates

 

142,605

 

142,244

 

408,006

 

403,695

Income taxes

 

(36,304)

 

(37,219)

 

(100,998)

 

(119,880)

Equity in net income of affiliates, net of tax

 

2,235

 

2,750

 

6,918

 

8,877

Net income

 

108,536

 

107,775

 

313,926

 

292,692

Net income attributable to non-controlling and

 

 

 

 

 

 

 

 

 

other beneficial interests

 

(6,315)

 

(5,981)

 

(23,097)

 

(16,241)

Net income attributable to Eaton Vance Corp. shareholders

$

102,221

$

101,794

$

290,829

$

276,451

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

$

0.94

$

0.89

$

2.63

$

2.40

 

Diluted

$

0.90

$

0.83

$

2.54

$

2.24

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

109,111

 

114,610

 

110,553

 

115,157

 

Diluted

 

113,464

 

122,741

 

114,510

 

123,553

 

 

 

 

 

 

See notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

5


 

Eaton Vance Corp.

Consolidated Statements of Comprehensive Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

July 31,

 

July 31,

(in thousands)

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

Net income

$

108,536

$

107,775

$

313,926

$

292,692

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Amortization of net losses on cash flow hedges,

 

 

 

 

 

 

 

 

net of tax

 

(23)

 

(25)

 

(73)

 

(75)

Unrealized gains (losses) on available-for-sale investments,

 

 

 

 

 

 

 

 

net of tax

 

-

 

(1,027)

 

-

 

5

Foreign currency translation adjustments

 

1,703

 

(4,585)

 

(2,967)

 

(2,566)

Other comprehensive income (loss), net of tax

 

1,680

 

(5,637)

 

(3,040)

 

(2,636)

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

110,216

 

102,138

 

310,886

 

290,056

Comprehensive income attributable to non-controlling

 

 

 

 

 

 

 

 

and other beneficial interests

 

(6,315)

 

(5,981)

 

(23,097)

 

(16,241)

Total comprehensive income attributable to Eaton Vance

 

 

 

 

 

 

 

 

Corp. shareholders

$

103,901

$

96,157

$

287,789

$

273,815

 

 

 

 

 

 

 

 

 

See notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

6


 

Eaton Vance Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Shareholders' Equity (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended July 31, 2019

 

 

Permanent Equity

 

 

 

 

Temporary Equity

 

 

(in thousands)

Voting Common Stock

 

Non-Voting Common Stock

 

Additional Paid-In Capital

 

Notes Receivable from Stock Option Exercises

 

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

 

Non-Redeemable Non- Controlling Interests

 

Total Permanent Equity

 

 

 

Redeemable Non-Controlling Interests

 

 

Balance, April 30, 2019

$

2

 

 

$

446

 

 

$

-

 

 

$

(7,820)

 

 

$

(61,615)

 

$

1,157,970

 

 

$

1,049

 

 

$

1,090,032

 

 

 

$

340,176

 

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

102,221

 

 

 

494

 

 

 

102,715

 

 

 

 

5,821

 

 

Other comprehensive income (loss), net of tax

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,680

 

 

-

 

 

 

-

 

 

 

1,680

 

 

 

 

-

 

 

Dividends declared ($0.35 per share)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

(39,626)

 

 

 

-

 

 

 

(39,626)

 

 

 

 

-

 

 

Issuance of Non-Voting Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On exercise of stock options

 

-

 

 

 

1

 

 

 

11,371

 

 

 

(286)

 

 

 

-

 

 

-

 

 

 

-

 

 

 

11,086

 

 

 

 

-

 

 

Under employee stock purchase plans

 

-

 

 

 

-

 

 

 

1,606

 

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

1,606

 

 

 

 

-

 

 

Under employee stock purchase incentive plan

 

-

 

 

 

1

 

 

 

812

 

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

813

 

 

 

 

-

 

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

23,420

 

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

23,420

 

 

 

 

-

 

 

Tax benefit (expense) associated with

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

non-controlling interests

 

-

 

 

 

-

 

 

 

(30)

 

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

(30)

 

 

 

 

-

 

 

Repurchase of Non-Voting Common Stock

 

-