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JANUS HENDERSON GROUP PLC
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Carried at amortized cost in our Condensed Consolidated Balance Sheets and disclosed in this table at fair value.
Reclassifications to net income are primarily related to the release of accumulated foreign currency translation reserves during the period in which a JHG entity liquidated.
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Table of Contents
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 September 30, 2024
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 001-38103
JANUS HENDERSON GROUP PLC
(Exact name of registrant as specified in its charter)
| | |
| Jersey, Channel Islands
(State or other jurisdiction of
incorporation or organization) | 98-1376360
(I.R.S. Employer
Identification No.) |
| 201 Bishopsgate London, United Kingdom
(Address of principal executive offices) | EC2M3AE
(Zip Code) |
+44 (0) 20 7818 1818
(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, $1.50 Per Share Par Value | JHG | 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 the 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,” “non-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 October 29, 2024, there were 158,994,913 shares of the registrant’s common stock, $1.50 par value per share, issued and outstanding.
JANUS HENDERSON GROUP PLC
2024 FORM 10‑Q QUARTERLY REPORT
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
JANUS HENDERSON GROUP PLC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(U.S. Dollars in Millions, Except Share Data)
| | | September 30, | | | December 31, | |
| | | 2024 | | | 2023 | |
| ASSETS | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 1,483.8 | | | $ | 1,152.4 | |
| Investments | | | 305.0 | | | | 334.2 | |
| Fees and other receivables | | | 270.7 | | | | 294.0 | |
| OEIC and unit trust receivables | | | 152.7 | | | | 94.6 | |
| Assets of consolidated VIEs: | | | | | | | | |
| Cash and cash equivalents | | | 21.0 | | | | 15.7 | |
| Investments | | | 713.0 | | | | 382.4 | |
| Other current assets | | | 15.0 | | | | 7.8 | |
| Other current assets | | | 174.1 | | | | 174.5 | |
| Total current assets | | | 3,135.3 | | | | 2,455.6 | |
| Non-current assets: | | | | | | | | |
| Property, equipment and software, net | | | 38.8 | | | | 44.2 | |
| Intangible assets, net | | | 2,448.3 | | | | 2,431.3 | |
| Goodwill | | | 1,351.5 | | | | 1,290.3 | |
| Retirement benefit asset, net | | | 93.8 | | | | 87.6 | |
| Other non-current assets | | | 196.1 | | | | 187.6 | |
| Total assets | | $ | 7,263.8 | | | $ | 6,496.6 | |
| | | | | | | | | |
| LIABILITIES | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable and accrued liabilities | | $ | 262.3 | | | $ | 231.4 | |
| Current portion of accrued compensation, benefits and staff costs | | | 285.6 | | | | 297.9 | |
| Current portion of long-term debt | | | 302.4 | | | | — | |
| OEIC and unit trust payables | | | 158.9 | | | | 98.5 | |
| Liabilities of consolidated VIEs: | | | | | | | | |
| Accounts payable and accrued liabilities | | | 7.2 | | | | 3.2 | |
| Total current liabilities | | | 1,016.4 | | | | 631.0 | |
| | | | | | | | | |
| Non-current liabilities: | | | | | | | | |
| Accrued compensation, benefits and staff costs | | | 32.7 | | | | 45.0 | |
| Long-term debt | | | 396.2 | | | | 304.6 | |
| Deferred tax liabilities, net | | | 576.3 | | | | 570.8 | |
| Other non-current liabilities | | | 115.5 | | | | 89.7 | |
| Total liabilities | | | 2,137.1 | | | | 1,641.1 | |
| | | | | | | | | |
| Commitments and contingencies (See Note 15) | | | | | | | | |
| | | | | | | | | |
| REDEEMABLE NONCONTROLLING INTERESTS | | | 493.5 | | | | 317.2 | |
| | | | | | | | | |
| EQUITY | | | | | | | | |
| Common stock, $1.50 par value; 480,000,000 shares authorized, and 158,553,373 and 163,338,035 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively | | | 237.8 | | | | 245.0 | |
| Additional paid-in capital | | | 3,694.8 | | | | 3,722.3 | |
| Treasury shares, 38,478 and 41,444 shares held at September 30, 2024, and December 31, 2023, respectively | | | (1.0 | ) | | | (1.1 | ) |
| Accumulated other comprehensive loss, net of tax | | | (385.2 | ) | | | (563.6 | ) |
| Retained earnings | | | 1,086.6 | | | | 1,135.5 | |
| Total shareholders’ equity | | | 4,633.0 | | | | 4,538.1 | |
| Nonredeemable noncontrolling interests | | | 0.2 | | | | 0.2 | |
| Total equity | | | 4,633.2 | | | | 4,538.3 | |
| Total liabilities, redeemable noncontrolling interests and equity | | $ | 7,263.8 | | | $ | 6,496.6 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
JANUS HENDERSON GROUP PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(U.S. Dollars in Millions, Except Per Share Data)
| |
|
Three months ended |
|
|
Nine months ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management fees |
|
$ |
502.8 |
|
|
$ |
434.9 |
|
|
$ |
1,435.0 |
|
|
$ |
1,273.0 |
|
| Performance fees |
|
|
8.6 |
|
|
|
(15.8 |
) |
|
|
2.9 |
|
|
|
(36.6 |
) |
| Shareowner servicing fees |
|
|
61.4 |
|
|
|
54.9 |
|
|
|
177.1 |
|
|
|
159.7 |
|
| Other revenue |
|
|
52.0 |
|
|
|
47.0 |
|
|
|
149.9 |
|
|
|
137.2 |
|
| Total revenue |
|
|
624.8 |
|
|
|
521.0 |
|
|
|
1,764.9 |
|
|
|
1,533.3 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Employee compensation and benefits |
|
|
177.0 |
|
|
|
149.2 |
|
|
|
509.1 |
|
|
|
437.2 |
|
| Long-term incentive plans |
|
|
40.5 |
|
|
|
32.6 |
|
|
|
127.3 |
|
|
|
125.7 |
|
| Distribution expenses |
|
|
133.7 |
|
|
|
116.0 |
|
|
|
382.7 |
|
|
|
342.6 |
|
| Investment administration |
|
|
17.7 |
|
|
|
12.4 |
|
|
|
42.7 |
|
|
|
35.1 |
|
| Marketing |
|
|
8.3 |
|
|
|
9.6 |
|
|
|
26.1 |
|
|
|
27.7 |
|
| General, administrative and occupancy |
|
|
77.4 |
|
|
|
73.7 |
|
|
|
212.9 |
|
|
|
207.0 |
|
| Depreciation and amortization |
|
|
5.5 |
|
|
|
5.8 |
|
|
|
15.9 |
|
|
|
18.0 |
|
| Total operating expenses |
|
|
460.1 |
|
|
|
399.3 |
|
|
|
1,316.7 |
|
|
|
1,193.3 |
|
| Operating income: |
|
|
164.7 |
|
|
|
121.7 |
|
|
|
448.2 |
|
|
|
340.0 |
|
| Interest expense |
|
|
(4.5 |
) |
|
|
(3.2 |
) |
|
|
(10.8 |
) |
|
|
(9.5 |
) |
| Investment gains (losses), net |
|
|
35.0 |
|
|
|
(5.9 |
) |
|
|
63.9 |
|
|
|
18.6 |
|
| Other non-operating income (expense), net |
|
|
(101.6 |
) |
|
|
(13.4 |
) |
|
|
(59.4 |
) |
|
|
0.7 |
|
| Income before taxes |
|
|
93.6 |
|
|
|
99.2 |
|
|
|
441.9 |
|
|
|
349.8 |
|
| Income tax provision |
|
|
(43.6 |
) |
|
|
(13.2 |
) |
|
|
(117.8 |
) |
|
|
(67.4 |
) |
| Net income |
|
|
50.0 |
|
|
|
86.0 |
|
|
|
324.1 |
|
|
|
282.4 |
|
| Net loss (income) attributable to noncontrolling interests |
|
|
(22.7 |
) |
|
|
7.5 |
|
|
|
(37.0 |
) |
|
|
(11.7 |
) |
| Net income attributable to JHG |
|
$ |
27.3 |
|
|
$ |
93.5 |
|
|
$ |
287.1 |
|
|
$ |
270.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share attributable to JHG common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.17 |
|
|
$ |
0.56 |
|
|
$ |
1.80 |
|
|
$ |
1.64 |
|
| Diluted |
|
$ |
0.17 |
|
|
$ |
0.56 |
|
|
$ |
1.80 |
|
|
$ |
1.64 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation |
|
$ |
108.4 |
|
|
$ |
(70.7 |
) |
|
$ |
88.3 |
|
|
$ |
14.3 |
|
| Reclassification of foreign currency translation to net income |
|
|
111.9 |
|
|
|
— |
|
|
|
95.4 |
|
|
|
— |
|
| Actuarial gains |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
1.2 |
|
|
|
0.7 |
|
| Other comprehensive income (loss), net of tax |
|
|
220.7 |
|
|
|
(70.2 |
) |
|
|
184.9 |
|
|
|
15.0 |
|
| Other comprehensive loss (income) attributable to noncontrolling interests |
|
|
(7.2 |
) |
|
|
1.0 |
|
|
|
(6.5 |
) |
|
|
(0.6 |
) |
| Other comprehensive income (loss) attributable to JHG |
|
$ |
213.5 |
|
|
$ |
(69.2 |
) |
|
$ |
178.4 |
|
|
$ |
14.4 |
|
| Total comprehensive income |
|
$ |
270.7 |
|
|
$ |
15.8 |
|
|
$ |
509.0 |
|
|
$ |
297.4 |
|
| Total comprehensive loss (income) attributable to noncontrolling interests |
|
|
(29.9 |
) |
|
|
8.5 |
|
|
|
(43.5 |
) |
|
|
(12.3 |
) |
| Total comprehensive income attributable to JHG |
|
$ |
240.8 |
|
|
$ |
24.3 |
|
|
$ |
465.5 |
|
|
$ |
285.1 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
JANUS HENDERSON GROUP PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(U.S. Dollars in Millions)
| |
|
Nine months ended |
|
| |
|
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
| CASH FLOWS PROVIDED BY (USED FOR): |
|
|
|
|
|
|
|
|
| Operating activities: |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
324.1 |
|
|
$ |
282.4 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
15.9 |
|
|
|
18.0 |
|
| Deferred income taxes |
|
|
0.3 |
|
|
|
(5.2 |
) |
| Stock-based compensation plan expense |
|
|
51.3 |
|
|
|
59.8 |
|
| Reclassification of foreign currency translation to net income |
|
|
95.4 |
|
|
|
— |
|
| Provision for credit losses and contingent consideration adjustments |
|
|
— |
|
|
|
25.3 |
|
| Investment gains, net |
|
|
(63.9 |
) |
|
|
(18.6 |
) |
| Other, net |
|
|
(6.9 |
) |
|
|
(5.3 |
) |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| OEIC and unit trust receivables and payables |
|
|
2.3 |
|
|
|
(0.5 |
) |
| Other assets |
|
|
45.7 |
|
|
|
49.6 |
|
| Other accruals and liabilities |
|
|
(16.9 |
) |
|
|
(125.4 |
) |
| Net operating activities |
|
|
447.3 |
|
|
|
280.1 |
|
| Investing activities: |
|
|
|
|
|
|
|
|
| Purchases of: |
|
|
|
|
|
|
|
|
| Investments, net |
|
|
(94.2 |
) |
|
|
(48.5 |
) |
| Property, equipment and software |
|
|
(6.3 |
) |
|
|
(8.4 |
) |
| Investments by consolidated seeded investment products, net |
|
|
(179.0 |
) |
|
|
(169.8 |
) |
| Cash paid on settled seed capital hedges, net |
|
|
(33.7 |
) |
|
|
(15.3 |
) |
| Acquisitions, net of cash acquired |
|
|
(17.2 |
) |
|
|
— |
|
| Other, net |
|
|
0.7 |
|
|
|
(0.1 |
) |
| Net investing activities |
|
|
(329.7 |
) |
|
|
(242.1 |
) |
| Financing activities: |
|
|
|
|
|
|
|
|
| Purchase of common stock for stock-based compensation plans |
|
|
(80.0 |
) |
|
|
(57.3 |
) |
| Purchase of common stock for the share buyback program |
|
|
(155.1 |
) |
|
|
— |
|
| Dividends paid to shareholders |
|
|
(188.1 |
) |
|
|
(194.0 |
) |
| Issuance of long-term debt |
|
|
396.2 |
|
|
|
— |
|
| Third-party capital invested into consolidated seeded investment products, net |
|
|
221.8 |
|
|
|
174.5 |
|
| Other, net |
|
|
(0.3 |
) |
|
|
1.0 |
|
| Net financing activities |
|
|
194.5 |
|
|
|
(75.8 |
) |
| Cash and cash equivalents: |
|
|
|
|
|
|
|
|
| Effect of foreign exchange rate changes |
|
|
24.6 |
|
|
|
1.7 |
|
| Net change |
|
|
336.7 |
|
|
|
(36.1 |
) |
| At beginning of period |
|
|
1,168.1 |
|
|
|
1,176.4 |
|
| At end of period |
|
$ |
1,504.8 |
|
|
$ |
1,140.3 |
|
| Supplemental cash flow information: |
|
|
|
|
|
|
|
|
| Cash paid for interest |
|
$ |
14.6 |
|
|
$ |
14.6 |
|
| Cash paid for income taxes, net of refunds |
|
$ |
95.0 |
|
|
$ |
79.1 |
|
| Reconciliation of cash and cash equivalents: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
1,483.8 |
|
|
$ |
1,121.2 |
|
| Cash and cash equivalents held in consolidated VIEs |
|
|
21.0 |
|
|
|
19.1 |
|
| Total cash and cash equivalents |
|
$ |
1,504.8 |
|
|
$ |
1,140.3 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
JANUS HENDERSON GROUP PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(Amounts in Millions)
| | | | | | | | | | | | | | | Accumulated | | | | | | | | | | |
| | | | | | | | | Additional | | | | | | other | | | | | | Nonredeemable | | | | |
| | | Number of | | | Common | | | paid-in | | | Treasury | | | comprehensive | | | Retained | | | noncontrolling | | | Total | |
| Three months ended September 30, 2024 | | shares | | | stock | | | capital | | | shares | | | loss | | | earnings | | | interests | | | equity | |
| Balance at July 1, 2024 | | | 159.6 | | | $ | 239.5 | | | $ | 3,675.4 | | | $ | (1.1 | ) | | $ | (598.7 | ) | | $ | 1,159.5 | | | $ | 0.2 | | | $ | 4,474.8 | |
| Net income | | | — | | | | — | | | | — | | | | — | | | | — | | | | 27.3 | | | | — | | | | 27.3 | |
| Other comprehensive income | | | — | | | | — | | | | — | | | | — | | | | 101.6 | | | | — | | | | — | | | | 101.6 | |
| Reclassification of foreign currency translation to net income | | | — | | | | — | | | | — | | | | — | | | | 111.9 | | | | — | | | | — | | | | 111.9 | |
| Dividends paid to shareholders ($0.39 per share) | | | — | | | | — | | | | (0.1 | ) | | | — | | | | — | | | | (62.2 | ) | | | — | | | | (62.3 | ) |
| Purchase of common stock for the share buyback program | | | (1.0 | ) | | | (1.7 | ) | | | — | | | | — | | | | — | | | | (38.0 | ) | | | — | | | | (39.7 | ) |
| Purchase of common stock for stock-based compensation plans | | | — | | | | — | | | | 0.6 | | | | (0.2 | ) | | | — | | | | — | | | | — | | | | 0.4 | |
| Vesting of stock-based compensation plans | | | — | | | | — | | | | (0.4 | ) | | | 0.3 | | | | — | | | | — | | | | — | | | | (0.1 | ) |
| Stock-based compensation plan expense | | | — | | | | — | | | | 18.1 | | | | — | | | | — | | | | — | | | | — | | | | 18.1 | |
| Proceeds from stock-based compensation plans | | | — | | | | — | | | | 1.2 | | | | — | | | | — | | | | — | | | | — | | | | 1.2 | |
| Balance at September 30, 2024 | | | 158.6 | | | $ | 237.8 | | | $ | 3,694.8 | | | $ | (1.0 | ) | | $ | (385.2 | ) | | $ | 1,086.6 | | | $ | 0.2 | | | $ | 4,633.2 | |
| | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Additional | | | | | | | other | | | | | | | Nonredeemable | | | | | |
| | | Number of | | | Common | | | paid-in | | | Treasury | | | comprehensive | | | Retained | | | noncontrolling | | | Total | |
| Three months ended September 30, 2023 | | shares | | | stock | | | capital | | | shares | | | loss | | | earnings | | | interests | | | equity | |
| Balance at July 1, 2023 | | | 165.7 | | | $ | 248.5 | | | $ | 3,687.1 | | | $ | (1.1 | ) | | $ | (564.1 | ) | | $ | 1,108.6 | | | $ | 2.8 | | | $ | 4,481.8 | |
| Net income | | | — | | | | — | | | | — | | | | — | | | | — | | | | 93.5 | | | | — | | | | 93.5 | |
| Other comprehensive loss | | | — | | | | — | | | | — | | | | — | | | | (69.2 | ) | | | — | | | | — | | | | (69.2 | ) |
| Dividends paid to shareholders ($0.39 per share) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (64.7 | ) | | | — | | | | (64.7 | ) |
| Purchase of common stock for stock-based compensation plans | | | — | | | | — | | | | 0.5 | | | | (0.3 | ) | | | — | | | | — | | | | — | | | | 0.2 | |
| Vesting of stock-based compensation plans | | | — | | | | — | | | | (0.3 | ) | | | 0.3 | | | | — | | | | — | | | | — | | | | — | |
| Stock-based compensation plan expense | | | — | | | | — | | | | 16.9 | | | | — | | | | — | | | | — | | | | — | | | | 16.9 | |
| Proceeds from stock-based compensation plans | | | — | | | | — | | | | 0.2 | | | | — | | | | — | | | | — | | | | — | | | | 0.2 | |
| Balance at September 30, 2023 | | | 165.7 | | | $ | 248.5 | | | $ | 3,704.4 | | | $ | (1.1 | ) | | $ | (633.3 | ) | | $ | 1,137.4 | | | $ | 2.8 | | | $ | 4,458.7 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
JANUS HENDERSON GROUP PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(Amounts in Millions)
| | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Additional | | | | | | | other | | | | | | | Nonredeemable | | | | | |
| | | Number of | | | Common | | | paid-in | | | Treasury | | | comprehensive | | | Retained | | | noncontrolling | | | Total | |
| Nine months ended September 30, 2024 | | shares | | | stock | | | capital | | | shares | | | loss | | | earnings | | | interests | | | equity | |
| Balance at January 1, 2024 | | | 163.3 | | | $ | 245.0 | | | $ | 3,722.3 | | | $ | (1.1 | ) | | $ | (563.6 | ) | | $ | 1,135.5 | | | $ | 0.2 | | | $ | 4,538.3 | |
| Net income | | | — | | | | — | | | | — | | | | — | | | | — | | | | 287.1 | | | | — | | | | 287.1 | |
| Other comprehensive income | | | — | | | | — | | | | — | | | | — | | | | 83.0 | | | | — | | | | — | | | | 83.0 | |
| Reclassification of foreign currency translation to net income | | | — | | | | — | | | | — | | | | — | | | | 95.4 | | | | — | | | | — | | | | 95.4 | |
| Dividends paid to shareholders ($1.17 per share) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (188.1 | ) | | | — | | | | (188.1 | ) |
| Purchase of common stock for the share buyback program | | | (4.7 | ) | | | (7.2 | ) | | | — | | | | — | | | | — | | | | (147.9 | ) | | | — | | | | (155.1 | ) |
| Purchase of common stock for stock-based compensation plans | | | — | | | | — | | | | (79.1 | ) | | | (0.9 | ) | | | — | | | | — | | | | — | | | | (80.0 | ) |
| Vesting of stock-based compensation plans | | | — | | | | — | | | | (1.1 | ) | | | 1.0 | | | | — | | | | — | | | | — | | | | (0.1 | ) |
| Stock-based compensation plan expense | | | — | | | | — | | | | 51.3 | | | | — | | | | — | | | | — | | | | — | | | | 51.3 | |
| Proceeds from stock-based compensation plans | | | — | | | | — | | | | 1.4 | | | | — | | | | — | | | | — | | | | — | | | | 1.4 | |
| Balance at September 30, 2024 | | | 158.6 | | | $ | 237.8 | | | $ | 3,694.8 | | | $ | (1.0 | ) | | $ | (385.2 | ) | | $ | 1,086.6 | | | $ | 0.2 | | | $ | 4,633.2 | |
| | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Additional | | | | | | | other | | | | | | | Nonredeemable | | | | | |
| | | Number of | | | Common | | | paid-in | | | Treasury | | | comprehensive | | | Retained | | | noncontrolling | | | Total | |
| Nine months ended September 30, 2023 | | shares | | | stock | | | capital | | | shares | | | loss | | | earnings | | | interests | | | equity | |
| Balance at January 1, 2023 | | | 165.7 | | | $ | 248.5 | | | $ | 3,706.6 | | | $ | (8.3 | ) | | $ | (647.7 | ) | | $ | 1,060.7 | | | $ | 2.8 | | | $ | 4,362.6 | |
| Net income | | | — | | | | — | | | | — | | | | — | | | | — | | | | 270.7 | | | | — | | | | 270.7 | |
| Other comprehensive income | | | — | | | | — | | | | — | | | | — | | | | 14.4 | | | | — | | | | — | | | | 14.4 | |
| Dividends paid to shareholders ($1.17 per share) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (194.0 | ) | | | — | | | | (194.0 | ) |
| Purchase of common stock for stock-based compensation plans | | | — | | | | — | | | | (56.5 | ) | | | (0.8 | ) | | | — | | | | — | | | | — | | | | (57.3 | ) |
| Vesting of stock-based compensation plans | | | — | | | | — | | | | (8.0 | ) | | | 8.0 | | | | — | | | | — | | | | — | | | | — | |
| Stock-based compensation plan expense | | | — | | | | — | | | | 59.8 | | | | — | | | | — | | | | — | | | | — | | | | 59.8 | |
| Proceeds from stock-based compensation plans | | | — | | | | — | | | | 2.5 | | | | — | | | | — | | | | — | | | | — | | | | 2.5 | |
| Balance at September 30, 2023 | | | 165.7 | | | $ | 248.5 | | | $ | 3,704.4 | | | $ | (1.1 | ) | | $ | (633.3 | ) | | $ | 1,137.4 | | | $ | 2.8 | | | $ | 4,458.7 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
JANUS HENDERSON GROUP PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 — Basis of Presentation
Basis of Presentation
In the opinion of management of Janus Henderson Group plc (“JHG,” “the Company,” “we,” “us,” “our” and similar terms), the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly state our financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP are not required for interim reporting purposes and have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in our Annual Report on Form 10-K for the year ended December 31, 2023. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” to require disclosure of certain significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. We do not expect the adoption of this new guidance to have a material impact on the condensed consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025. We do not expect the adoption of this new guidance to have a material impact on the condensed consolidated financial statements.
Note 2 — Acquisitions
Victory Park Capital Advisors, LLC
On October 1, 2024, JHG completed the acquisition of Victory Park Capital Advisors, LLC (“VPC”), a global private credit manager with a nearly two-decade-long track record of providing customized private credit solutions to both established and emerging businesses. VPC complements JHG’s securitized credit franchise and expertise in public asset-backed securitized markets, and further expands the Company’s capabilities into the private markets for its clients. JHG acquired 55% of the voting equity interests for $99.0 million and approximately 824,000 shares of JHG common stock. In addition, subject to achieving certain revenue targets, JHG will deliver earnout consideration to be payable in 2027.
In addition to our acquisition of VPC, we expect to close our acquisition of a 55% voting equity interest in Triumph Capital Markets Holdco, LP, which represents VPC's broker-dealer business, in the fourth quarter of 2024.
Tabula Investment Management
On July 1, 2024, JHG completed the acquisition of Tabula Investment Management (“Tabula”), a leading independent exchange-traded fund (“ETF”) provider in Europe with an existing focus on fixed income and sustainable investment solutions. The acquisition aligns with JHG’s strategic pillar of “amplify our strengths not fully leveraged” and builds on the firm’s active ETF strategy in the US. JHG acquired 98.8% of the voting equity interests of Tabula. Prior to the acquisition, we held a 1.2% investment in Tabula. The Tabula acquisition is not material to the financial statements.
NBK Capital Partners
On September 19, 2024, JHG completed the acquisition of NBK Capital Partners (“NBK”), the wealth management arm of the National Bank of Kuwait Group, whereby NBK’s private investments team will join JHG as the firm’s new emerging markets private capital division. The Company expects that partnering with NBK will provide JHG with the opportunity to tap into this rapidly expanding market. In addition to enhancing its offering to its existing clients, the partnership is also expected to provide JHG with the access to engage with new clients in the Middle East, and globally, who want to actively invest in emerging markets. JHG has acquired 100% of the voting equity interests of NBK. The NBK acquisition is not material to the financial statements.
Note 3 — Consolidation
Variable Interest Entities
Consolidated Variable Interest Entities
Our consolidated variable interest entities (“VIEs”) as of September 30, 2024, and December 31, 2023, include certain consolidated seeded investment products in which we have an investment and act as the investment manager. Third-party assets held in consolidated VIEs are not available to us or to our creditors. We may not, under any circumstances, access third-party assets held by consolidated VIEs to use in our operating activities or otherwise. In addition, the investors in these consolidated VIEs have no recourse to the credit of JHG.
Unconsolidated Variable Interest Entities
The following table presents the carrying value of investments included in our Condensed Consolidated Balance Sheets pertaining to unconsolidated VIEs as of September 30, 2024, and December 31, 2023 (in millions):
| | | September 30, | | | December 31, | |
| | | 2024 | | | 2023 | |
| Unconsolidated VIEs | | $ | 16.5 | | | $ | 17.2 | |
Our total exposure to unconsolidated VIEs represents the value of our economic ownership interest in the investments.
Voting Rights Entities
Consolidated Voting Rights Entities
The following table presents the balances related to consolidated voting rights entities (“VREs”) that were recorded in our Condensed Consolidated Balance Sheets, including our net interest in these products, as of September 30, 2024, and December 31, 2023 (in millions):
| | | September 30, | | | December 31, | |
| | | 2024 | | | 2023 | |
| Investments | | $ | 119.8 | | | $ | 242.9 | |
| Cash and cash equivalents | | | 44.0 | | | | 6.5 | |
| Other current assets | | | 1.7 | | | | 21.6 | |
| Accounts payable and accrued liabilities | | | (1.0 | ) | | | (1.1 | ) |
| Total | | $ | 164.5 | | | $ | 269.9 | |
| Redeemable noncontrolling interests in consolidated VREs | | | (19.2 | ) | | | (100.9 | ) |
| JHG’s net interest in consolidated VREs | | $ | 145.3 | | | $ | 169.0 | |
Third-party assets held in consolidated VREs are not available to us or to our creditors. We may not, under any circumstances, access third-party assets held by consolidated VREs to use in our operating activities or otherwise. In addition, the investors in these consolidated VREs have no recourse to the credit of JHG.
Our total exposure to consolidated VREs represents the value of our economic ownership interest in these seeded investment products.
Unconsolidated Voting Rights Entities
The following table presents the carrying value of investments included in our Condensed Consolidated Balance Sheets pertaining to unconsolidated VREs as of September 30, 2024, and December 31, 2023 (in millions):
| | | September 30, | | | December 31, | |
| | | 2024 | | | 2023 | |
| Unconsolidated VREs | | $ | 85.4 | | | $ | 9.9 | |
Our total exposure to unconsolidated VREs represents the value of our economic ownership interest in the investments.
Note 4 — Investments
Our investments as of September 30, 2024, and December 31, 2023, are summarized as follows (in millions):
| | | September 30, | | | December 31, | |
| | | 2024 | | | 2023 | |
| Current investments: | | | | | | | | |
| Seeded investment products: | | | | | | | | |
| Consolidated VIEs | | $ | 713.0 | | | $ | 382.4 | |
| Consolidated VREs | | | 119.8 | | | | 242.9 | |
| Unconsolidated VIEs and VREs | | | 101.9 | | | | 27.1 | |
| Separately managed accounts | | | 46.1 | | | | 44.1 | |
| Total seeded investment products | | | 980.8 | | | | 696.5 | |
| Investments related to deferred compensation plans | | | 31.9 | | | | 12.0 | |
| Other investments | | | 5.3 | | | | 8.1 | |
| Total current investments | | $ | 1,018.0 | | | $ | 716.6 | |
| Non-current investments: | | | | | | | | |
| Equity method investments | | | 24.2 | | | | 29.5 | |
| Total investments | | $ | 1,042.2 | | | $ | 746.1 | |
Investment Gains (Losses), Net
Investment gains (losses), net in our Condensed Consolidated Statements of Comprehensive Income included the following for the three and nine months ended September 30, 2024 and 2023 (in millions):
| | | Three months ended | | | Nine months ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Seeded investment products and seed hedges, net | | $ | 10.8 | | | $ | 2.5 | | | $ | 27.3 | | | $ | 17.5 | |
| Third-party ownership interests in seeded investment products | | | 22.7 | | | | (7.5 | ) | | | 37.0 | | | | 11.7 | |
| Equity method investments | | | (1.0 | ) | | | (0.8 | ) | | | (4.5 | ) | | | (12.3 | ) |
| Other | | | 2.5 | | | | (0.1 | ) | | | 4.1 | | | | 1.7 | |
| Investment gains (losses), net | | $ | 35.0 | | | $ | (5.9 | ) | | $ | 63.9 | | | $ | 18.6 | |
Net unrealized gains (losses), excluding noncontrolling interests, on seeded investment products and associated derivative instruments still held at period end for the nine months ended September 30, 2024 and 2023, are summarized as follows (in millions):
| | | September 30, | |
| | | 2024 | | | 2023 | |
| Unrealized gains (losses), net | | $ | 61.9 | | | $ | (12.8 | ) |
Gains and losses attributable to third-party ownership interests in seeded investment products are noncontrolling interests and are not included in net income attributable to JHG.
Equity Method Investments
Our equity method investments include a 49% interest in Privacore Capital and a 20% interest in Long Tail Alpha.
Cash Flows
Cash flows related to our investments for the nine months ended September 30, 2024 and 2023, are summarized as follows (in millions):
| | | Nine months ended September 30, | |
| | | 2024 | | | 2023 | |
| | | Purchases | | | Sales, | | | | | | | Purchases | | | Sales, | | | | | |
| | | and | | | settlements and | | | Net | | | and | | | settlements and | | | Net | |
| | | settlements | | | maturities | | | cash flow | | | settlements | | | maturities | | | cash flow | |
| Investments by consolidated seeded investment products | | $ | (230.2 | ) | | $ | 51.2 | | | $ | (179.0 | ) | | $ | (179.9 | ) | | $ | 10.1 | | | $ | (169.8 | ) |
| Investments | | | (178.1 | ) | | | 83.9 | | | | (94.2 | ) | | | (150.1 | ) | | | 101.6 | | | | (48.5 | ) |
Note 5 — Derivative Instruments
Derivative Instruments Used to Hedge Seeded Investment Products
We maintain an economic hedge program that uses derivative instruments to mitigate against market exposure of certain seeded investments by using index and commodity futures (“futures”), total return swaps and credit default swaps. Certain foreign currency exposures associated with our seeded investment products are also hedged by using foreign currency forward contracts.
We were party to the following derivative instruments as of September 30, 2024, and December 31, 2023 (in millions):
| | | Notional value | |
| | | September 30, 2024 | | | December 31, 2023 | |
| Futures | | $ | 545.4 | | | $ | 1,018.0 | |
| Credit default swaps | | | 129.3 | | | | 199.7 | |
| Total return swaps | | | 74.7 | | | | 51.8 | |
| Foreign currency forward contracts | | | 273.5 | | | | 176.2 | |
The derivative instruments are not designated as hedges for accounting purposes. Changes in fair value of the derivatives are recognized in investment gains (losses), net in our Condensed Consolidated Statements of Comprehensive Income. The changes in fair value of the derivative instruments for the three and nine months ended September 30, 2024 and 2023, are summarized as follows (in millions):
| | | Three months ended | | | Nine months ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Futures | | $ | (16.6 | ) | | $ | 9.1 | | | $ | (22.4 | ) | | $ | 6.0 | |
| Credit default swaps | | | (1.0 | ) | | | 0.8 | | | | (2.5 | ) | | | (1.7 | ) |
| Total return swaps | | | (3.4 | ) | | | 5.2 | | | | (9.3 | ) | | | (6.5 | ) |
| Foreign currency forward contracts and swaps | | | 9.7 | | | | (2.5 | ) | | | 10.6 | | | | 6.3 | |
| Total gains (losses) from derivative instruments | | $ | (11.3 | ) | | $ | 12.6 | | | $ | (23.6 | ) | | $ | 4.1 | |
Derivative assets and liabilities are generally recognized on a gross basis and included in other current assets or in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets. The derivative assets and liabilities as of September 30, 2024, and December 31, 2023, are summarized as follows (in millions):
| | | Fair value | |
| | | September 30, 2024 | | | December 31, 2023 | |
| Derivative assets | | $ | 2.8 | | | $ | 1.8 | |
| Derivative liabilities | |