Company Quick10K Filing
Invesco
Price16.86 EPS1
Shares467 P/E16
MCap7,872 P/FCF12
Net Debt1,248 EBIT751
TEV9,120 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-23
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-07-13 Regulation FD, Exhibits
8-K 2020-06-09
8-K 2020-05-14
8-K 2020-05-13
8-K 2020-05-11
8-K 2020-05-06
8-K 2020-04-24
8-K 2020-04-23
8-K 2020-04-09
8-K 2020-03-11
8-K 2020-03-10
8-K 2020-02-24
8-K 2020-02-11
8-K 2020-01-29
8-K 2020-01-13
8-K 2019-12-10
8-K 2019-11-11
8-K 2019-10-23
8-K 2019-10-09
8-K 2019-09-12
8-K 2019-08-13
8-K 2019-07-25
8-K 2019-07-11
8-K 2019-06-12
8-K 2019-05-24
8-K 2019-05-10
8-K 2019-05-09
8-K 2019-04-25
8-K 2019-04-10
8-K 2019-03-11
8-K 2019-02-12
8-K 2019-01-30
8-K 2019-01-11
8-K 2018-12-12
8-K 2018-11-20
8-K 2018-11-13
8-K 2018-10-18
8-K 2018-10-17
8-K 2018-10-17
8-K 2018-10-10
8-K 2018-09-13
8-K 2018-08-10
8-K 2018-07-26
8-K 2018-07-12
8-K 2018-06-12
8-K 2018-06-04
8-K 2018-05-10
8-K 2018-05-10
8-K 2018-04-26
8-K 2018-04-11
8-K 2018-04-06
8-K 2018-03-28
8-K 2018-03-13
8-K 2018-02-13
8-K 2018-01-31
8-K 2018-01-11

IVZ 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 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ivz2q2020ex311.htm
EX-31.2 ivz2q2020ex312.htm
EX-32.1 ivz2q2020ex321.htm
EX-32.2 ivz2q2020ex322.htm

Invesco Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
40322416802012201420172020
Assets, Equity
1.81.41.10.70.40.02012201420172020
Rev, G Profit, Net Income
0.90.4-0.1-0.6-1.1-1.62012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 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 001-13908
invescologoa02a03a04a01a03.gif
Invesco Ltd.
(Exact Name of Registrant as Specified in Its Charter)
Bermuda
 
98-0557567
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
1555 Peachtree Street, N.E.,
Suite 1800,
Atlanta,
GA
 
30309
(Address of Principal Executive Offices)
 
(Zip Code)

(404) 892-0896
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
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, $.20 par value
IVZ
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 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, 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
As of June 30, 2020, the most recent practicable date, the number of Common Shares outstanding was 459,165,929.

1


    

                                    

TABLE OF CONTENTS
We include cross references to captions elsewhere in this Quarterly Report on Form 10-Q, which we refer to as this “Report,” where you can find related additional information. The following table of contents tells you where to find these captions.
 
 
 
Page
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


    

                                    

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Invesco Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)

 
As of
$ in millions, except per share data
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Cash and cash equivalents
987.1

 
1,049.0

Unsettled fund receivables
129.2

 
162.7

Accounts receivable
701.0

 
855.6

Investments
709.1

 
829.5

Assets of consolidated investment products (CIP):
 
 
 
Cash and cash equivalents of CIP
284.1

 
652.2

Accounts receivable and other assets of CIP
243.7

 
172.9

Investments of CIP
7,398.5

 
7,808.0

Assets held for policyholders
8,020.9

 
10,835.6

Prepaid assets
128.6

 
144.0

Other assets
490.4

 
459.6

Property, equipment and software, net
555.1

 
583.5

Intangible assets, net
7,313.1

 
7,358.3

Goodwill
8,618.3

 
8,509.4

Total assets
35,579.1

 
39,420.3

LIABILITIES
 
 
 
Accrued compensation and benefits
575.5

 
1,030.7

Accounts payable and accrued expenses
1,878.9

 
1,904.0

Liabilities of CIP:
 
 
 
Debt of CIP
6,247.6

 
6,234.6

Other liabilities of CIP
653.2

 
949.6

Policyholder payables
8,020.9

 
10,835.6

Unsettled fund payables
118.1

 
154.2

Long-term debt
2,407.0

 
2,080.3

Deferred tax liabilities, net
1,507.4

 
1,529.5

Total liabilities
21,408.6

 
24,718.5

Commitments and contingencies (See Note 13)


 


TEMPORARY EQUITY
 
 
 
Redeemable noncontrolling interests in consolidated entities
202.8

 
383.5

PERMANENT EQUITY
 
 
 
Equity attributable to Invesco Ltd.:
 
 
 
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of June 30, 2020 and December 31, 2019)
4,010.5

 
4,010.5

Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of June 30, 2020 and December 31, 2019)
113.2

 
113.2

Additional paid-in-capital
7,788.4

 
7,860.8

Treasury shares
(3,319.1
)
 
(3,452.5
)
Retained earnings
5,825.0

 
5,917.8

Accumulated other comprehensive income/(loss), net of tax
(816.0
)
 
(587.3
)
Total equity attributable to Invesco Ltd.
13,602.0

 
13,862.5

Equity attributable to nonredeemable noncontrolling interests in consolidated entities
365.7

 
455.8

Total permanent equity
13,967.7

 
14,318.3

Total liabilities, temporary and permanent equity
35,579.1

 
39,420.3

See accompanying notes.

3


    

                                    

Invesco Ltd.
Condensed Consolidated Statements of Income
(Unaudited)

 
Three months ended June 30,
 
Six months ended June 30,
$ in millions, except per share data
2020
 
2019
 
2020
 
2019
Operating revenues:
 
 
 
 
 
 
 
Investment management fees
1,037.1

 
1,071.3

 
2,205.4

 
1,995.0

Service and distribution fees
332.7

 
294.1

 
698.5

 
513.4

Performance fees
3.5

 
15.7

 
8.3

 
37.5

Other
45.7

 
58.3

 
105.7

 
108.1

Total operating revenues
1,419.0

 
1,439.4

 
3,017.9

 
2,654.0

Operating expenses:
 
 
 
 
 
 
 
Third-party distribution, service and advisory
444.0

 
451.8

 
959.1

 
819.8

Employee compensation
454.6

 
421.9

 
876.5

 
803.2

Marketing
14.4

 
33.4

 
47.1

 
61.4

Property, office and technology
128.3

 
114.9

 
258.7

 
222.1

General and administrative
188.9

 
94.2

 
295.2

 
178.0

Transaction, integration, and restructuring
71.7

 
304.9

 
147.2

 
351.0

Total operating expenses
1,301.9

 
1,421.1

 
2,583.8

 
2,435.5

Operating income
117.1

 
18.3

 
434.1

 
218.5

Other income/(expense):
 
 
 
 
 
 
 
Equity in earnings of unconsolidated affiliates
11.2

 
12.1

 
28.1

 
27.1

Interest and dividend income
2.4

 
3.9

 
8.8

 
8.6

Interest expense
(34.8
)
 
(33.0
)
 
(71.1
)
 
(66.1
)
Other gains and losses, net
60.0

 
24.1

 
(46.5
)
 
55.2

Other income/(expense) of CIP, net
(50.5
)
 
51.1

 
(70.6
)
 
90.0

Income before income taxes
105.4

 
76.5

 
282.8

 
333.3

Income tax provision
(43.4
)
 
(14.5
)
 
(100.8
)
 
(80.7
)
Net income
62.0

 
62.0

 
182.0

 
252.6

Net (income)/loss attributable to noncontrolling interests in consolidated entities
37.7

 
(21.9
)
 
58.4

 
(34.8
)
Dividends declared on preferred shares
(59.2
)
 

 
(118.4
)
 

Net income attributable to Invesco Ltd.
40.5

 
40.1

 
122.0

 
217.8

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
-basic

$0.09

 

$0.09

 

$0.27

 

$0.52

-diluted

$0.09

 

$0.09

 

$0.26

 

$0.52


See accompanying notes.


4


    

                                    

Invesco Ltd.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
$ in millions
2020
 
2019
 
2020
 
2019
Net income
62.0

 
62.0

 
182.0

 
252.6

Other comprehensive income/(loss), net of tax:
 
 
 
 
 
 
 
Currency translation differences on investments in foreign subsidiaries
86.2

 
1.5

 
(228.8
)
 
62.4

Other comprehensive income/(loss), net
3.3

 
0.7

 
0.1

 
1.2

Other comprehensive income/(loss)
89.5

 
2.2

 
(228.7
)
 
63.6

Total comprehensive income/(loss)
151.5

 
64.2

 
(46.7
)
 
316.2

Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities
37.7

 
(21.9
)
 
58.4

 
(34.8
)
Dividends on preferred shares
(59.2
)
 

 
(118.4
)
 

Comprehensive income/(loss) attributable to Invesco Ltd.
130.0

 
42.3

 
(106.7
)
 
281.4

See accompanying notes.



5


    

                                    

Invesco Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Six months ended June 30,
$ in millions
2020
 
2019
Operating activities:
 
 
 
Net income
182.0

 
252.6

Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
 
 
 
Amortization and depreciation
98.7

 
76.6

Common share-based compensation expense
95.2

 
109.4

Other (gains)/losses, net
46.5

 
(55.2
)
Other (gains)/losses of CIP, net
126.1

 
(31.4
)
Equity in earnings of unconsolidated affiliates
(28.1
)
 
(27.1
)
Distributions from equity method investees
29.3

 
2.9

Changes in operating assets and liabilities, net of business acquisitions:
 
 
 
(Purchase)/sale of investments by CIP, net
(24.4
)
 
(84.5
)
(Purchase)/sale of investments, net
174.5

 
73.2

(Increase)/decrease in receivables
2,391.5

 
(143.1
)
Increase/(decrease) in payables
(2,830.4
)
 
174.0

Net cash provided by/(used in) operating activities
260.9

 
347.4

Investing activities:
 
 
 
Purchase of property, equipment and software
(47.0
)
 
(49.0
)
Disposal of property, equipment and software
(0.2
)
 

Purchase of investments by CIP
(2,742.7
)
 
(2,080.9
)
Sale of investments by CIP
2,041.4

 
1,213.5

Purchase of investments
(73.0
)
 
(134.5
)
Sale of investments
93.5

 
60.8

Capital distributions from equity method investees
13.7

 
60.7

Collateral received/(posted), net
(28.7
)
 
55.2

Purchase of business, net of cash acquired

 
339.9

Net cash provided by/(used in) investing activities
(743.0
)
 
(534.3
)
Financing activities:
 
 
 
Purchases of treasury shares
(34.9
)
 
(143.8
)
Dividends paid - preferred
(118.4
)
 

Dividends paid - common
(214.5
)
 
(245.5
)
Third-party capital invested into CIP
82.5

 
120.7

Third-party capital distributed by CIP
(153.4
)
 
(48.5
)
Borrowings of debt by CIP
1,075.1

 
834.6

Repayments of debt by CIP
(686.1
)
 
(396.1
)
Payment on forward contracts
(190.6
)
 

Net borrowings/(repayments) under credit facility
325.6

 
(289.4
)
Payment of contingent consideration
(14.0
)
 
(8.0
)
Net cash provided by/(used in) financing activities
71.3

 
(176.0
)
Increase/(decrease) in cash and cash equivalents
(410.8
)
 
(362.9
)
Foreign exchange movement on cash and cash equivalents
(28.3)
 
4.5
Foreign exchange movement on cash and cash equivalents of CIP
(0.1)
 
(4.1)
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP
9.2
 
(7.6)
Cash and cash equivalents, beginning of period
1,701.2
 
1,805.4
Cash and cash equivalents, end of period
1,271.2
 
1,435.3
Cash and cash equivalents
987.1
 
1,199.4
Cash and cash equivalents of CIP
284.1
 
235.9
Total cash and cash equivalents per consolidated statement of cash flows
1,271.2
 
1,435.3


See accompanying notes.


6


    

                                    

Invesco Ltd.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three months ended June 30, 2020
 
Equity Attributable to Invesco Ltd.
 
 
 
 
 
 
$ in millions, except per share data
Preferred Shares
 
Common Shares
 
Additional Paid-in-Capital
 
Treasury Shares
 
Retained Earnings
 
Accumulated Other Comprehensive Income/(Loss)
 
Total Equity Attributable to Invesco Ltd.
 
Nonredeemable Noncontrolling Interests in Consolidated Entities
 
Total Permanent Equity
 
Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity
April 1, 2020
4,010.5

 
113.2

 
7,747.7

 
(3,323.2
)
 
5,856.6

 
(905.5
)
 
13,499.3

 
443.1

 
13,942.4

 
176.5

Net income

 

 

 

 
99.7

 

 
99.7

 
(60.4
)
 
39.3

 
22.7

Other comprehensive income/(loss)

 

 

 

 

 
89.5

 
89.5

 

 
89.5

 

Change in noncontrolling interests in consolidated entities, net

 

 

 

 

 

 

 
(17.0
)
 
(17.0
)
 
3.6

Dividends declared - preferred ($14.75 per share)

 

 

 

 
(59.2
)
 

 
(59.2
)
 

 
(59.2
)
 

Dividends declared - common ($0.155 per share)

 

 

 

 
(72.1
)
 

 
(72.1
)
 

 
(72.1
)
 

Common share-based compensation

 

 
47.8

 

 

 

 
47.8

 

 
47.8

 

Vested common shares

 

 
(6.6
)
 
6.6

 

 

 

 

 

 

Other common share awards

 

 
(0.5
)
 
0.9

 

 

 
0.4

 

 
0.4

 

Purchase of common shares

 

 

 
(3.4
)
 

 

 
(3.4
)
 

 
(3.4
)
 

June 30, 2020
4,010.5

 
113.2

 
7,788.4

 
(3,319.1
)
 
5,825.0

 
(816.0
)
 
13,602.0

 
365.7

 
13,967.7

 
202.8

Three months ended June 30, 2019
 
Equity Attributable to Invesco Ltd.
 
 
 
 
 
 
$ in millions, except per share data
Preferred Shares
 
Common Shares
 
Additional Paid-in-Capital
 
Treasury Shares
 
Retained Earnings
 
Accumulated Other Comprehensive Income/(Loss)
 
Total Equity Attributable to Invesco Ltd.
 
Nonredeemable Noncontrolling Interests in Consolidated Entities
 
Total Permanent Equity
 
Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity
April 1, 2019
 
 
98.1

 
6,273.7

 
(2,971.0
)
 
5,942.1

 
(673.6
)
 
8,669.3

 
340.1

 
9,009.4

 
451.1

Net income
 
 

 

 

 
40.1

 

 
40.1

 
16.3

 
56.4

 
5.6

Other comprehensive income/(loss)
 
 

 

 

 

 
2.2

 
2.2

 

 
2.2

 

Change in noncontrolling interests in consolidated entities, net
 
 

 

 

 

 

 

 
8.6

 
8.6

 
(60.3
)
Issuance of shares
4,010.5

 
15.1

 
1,438.2

 
 
 
 
 
 
 
5,463.8

 
 
 
5,463.8

 
 
Dividends declared - common ($0.31 per share)
 
 

 

 

 
(125.4
)
 

 
(125.4
)
 

 
(125.4
)
 

Common share-based compensation
 
 

 
59.6

 

 

 

 
59.6

 

 
59.6

 

Vested common shares
 
 

 
39.3

 
49.4

 

 

 
88.7

 

 
88.7

 

Other common share awards
 
 

 

 
0.3

 

 

 
0.3

 

 
0.3

 

Purchase of common shares
 
 

 

 
(263.9
)
 

 

 
(263.9
)