Company Quick10K Filing
Janus Henderson Group
Price22.12 EPS2
Shares190 P/E10
MCap4,201 P/FCF16
Net Debt-457 EBIT539
TEV3,744 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-04-30
8-K 2020-04-29
8-K 2020-04-20
8-K 2020-03-19
8-K 2020-03-06
8-K 2020-02-04
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-05-02
8-K 2019-05-02
8-K 2019-03-21
8-K 2019-03-05
8-K 2019-02-25
8-K 2019-02-05
8-K 2018-12-11
8-K 2018-11-01
8-K 2018-08-06
8-K 2018-07-31
8-K 2018-05-09
8-K 2018-05-03
8-K 2018-03-22
8-K 2018-02-28
8-K 2018-02-06

JHG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Significant Accounting Policies
Note 2 - Dispositions
Note 3 - Consolidation
Note 4 - Investment Securities
Note 5 - Fair Value Measurements
Note 6 - Goodwill and Intangible Assets
Note 7 - Debt
Note 8 - Income Taxes
Note 9 - Noncontrolling Interests
Note 10 - Long - Term Incentive and Employee Compensation
Note 11 - Retirement Benefit Plans
Note 12 - Accumulated Other Comprehensive Loss
Note 13 - Earnings (Loss) and Dividends per Share
Note 14 - Commitments and Contingencies
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-15.1 jhg-20200630xex15d1.htm
EX-31.1 jhg-20200630xex31d1.htm
EX-31.2 jhg-20200630xex31d2.htm
EX-32.1 jhg-20200630xex32d1.htm
EX-32.2 jhg-20200630xex32d2.htm

Janus Henderson Group Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02017201820192020
Assets, Equity
0.60.50.40.20.10.02017201820192020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32017201820192020
Ops, Inv, Fin

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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 001-38103

Graphic

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 Company 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 July 27, 2020, there were 183,852,855 shares of the Company’s common stock, $1.50 par value per share, issued and outstanding.

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)

June 30, 

December 31, 

    

2020

    

2019

ASSETS

Current assets:

Cash and cash equivalents

$

836.6

$

733.9

Investment securities

 

219.1

 

253.5

Fees and other receivables

 

284.5

 

334.8

OEIC and unit trust receivables

 

194.4

 

131.7

Assets of consolidated VIEs:

Cash and cash equivalents

43.8

62.6

Investment securities

632.2

924.8

Other current assets

36.4

23.5

Other current assets

91.6

116.0

Total current assets

 

2,338.6

 

2,580.8

Non-current assets:

Property, equipment and software, net

 

82.5

 

84.7

Intangible assets, net

 

2,638.6

 

3,088.6

Goodwill

 

1,310.4

 

1,504.3

Retirement benefit asset, net

199.8

214.0

Other non-current assets

 

155.3

 

149.3

Total assets

$

6,725.2

$

7,621.7

LIABILITIES

Current liabilities:

Accounts payable and accrued liabilities

$

242.2

$

246.0

Current portion of accrued compensation, benefits and staff costs

 

202.2

 

335.7

OEIC and unit trust payables

210.2

130.9

Liabilities of consolidated VIEs:

Accounts payable and accrued liabilities

 

81.0

 

57.1

Total current liabilities

 

735.6

 

769.7

Non-current liabilities:

Accrued compensation, benefits and staff costs

35.1

59.4

Long-term debt

 

314.8

 

316.2

Deferred tax liabilities, net

 

600.5

 

729.1

Retirement benefit obligations, net

4.2

4.4

Other non-current liabilities

 

137.4

 

158.8

Total liabilities

 

1,827.6

 

2,037.6

Commitments and contingencies (See Note 14)

REDEEMABLE NONCONTROLLING INTERESTS

 

468.7

 

677.9

EQUITY

Common stock ($1.50 par, 480,000,000 shares authorized and 183,852,855 and 186,975,693 shares issued and outstanding as of June 30, 2020, and December 31, 2019, respectively)

 

275.8

 

280.5

Additional paid-in-capital

3,792.1

3,828.5

Treasury shares (2,739,678 and 3,545,812 shares held, respectively)

 

(114.6)

 

(139.5)

Accumulated other comprehensive loss, net of tax

 

(501.7)

 

(367.1)

Retained earnings

959.2

1,284.1

Total shareholders’ equity

 

4,410.8

 

4,886.5

Nonredeemable noncontrolling interests

 

18.1

 

19.7

Total equity

 

4,428.9

 

4,906.2

Total liabilities, redeemable noncontrolling interests and equity

$

6,725.2

$

7,621.7

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

JANUS HENDERSON GROUP PLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(U.S. Dollars in Millions, Except per Share Data)

Three months ended

Six months ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Revenue:

Management fees

$

407.7

$

446.4

$

847.3

$

888.3

Performance fees

 

17.2

 

3.5

 

31.8

 

(2.1)

Shareowner servicing fees

 

47.3

 

38.3

 

97.6

 

74.2

Other revenue

45.8

47.7

96.2

94.8

Total revenue

 

518.0

 

535.9

 

1,072.9

 

1,055.2

Operating expenses:

Employee compensation and benefits

 

145.8

 

146.5

 

301.4

 

291.5

Long-term incentive plans

 

49.1

 

49.2

 

82.7

 

97.6

Distribution expenses

104.7

101.5

216.9

203.4

Investment administration

12.6

11.1

24.3

22.9

Marketing

 

3.7

 

8.1

 

10.4

 

15.6

General, administrative and occupancy

 

58.0

 

67.7

 

123.2

 

132.9

Impairment of goodwill and intangible assets

26.4

18.0

513.7

18.0

Depreciation and amortization

 

11.0

 

15.3

 

26.0

 

30.3

Total operating expenses

 

411.3

 

417.4

 

1,298.6

 

812.2

Operating income (loss)

 

106.7

 

118.5

 

(225.7)

 

243.0

Interest expense

 

(3.2)

 

(4.2)

 

(6.5)

 

(8.3)

Investment gains (losses), net

 

50.3

 

4.8

 

(0.2)

 

18.1

Other non-operating income, net

8.6

28.5

40.8

24.6

Income (loss) before taxes

 

162.4

 

147.6

 

(191.6)

 

277.4

Income tax benefit (provision)

 

(30.1)

 

(35.3)

 

38.7

 

(65.2)

Net income (loss)

 

132.3

 

112.3

 

(152.9)

 

212.2

Net loss (income) attributable to noncontrolling interests

 

(29.4)

 

(2.9)

 

8.8

 

(8.7)

Net income (loss) attributable to JHG

$

102.9

$

109.4

$

(144.1)

$

203.5

Earnings (loss) per share attributable to JHG common shareholders:

Basic

$

0.55

$

0.56

$

(0.79)

$

1.04

Diluted

$

0.55

$

0.56

$

(0.79)

$

1.03

Other comprehensive income (loss), net of tax:

Foreign currency translation gains (losses)

$

10.6

$

(37.3)

$

(138.5)

$

(0.5)

Actuarial gains

 

0.1

 

 

0.2

 

Other comprehensive income (loss), net of tax

 

10.7

 

(37.3)

 

(138.3)

 

(0.5)

Other comprehensive loss (income) attributable to noncontrolling interests

 

(1.4)

 

0.1

 

3.7

 

Other comprehensive income (loss) attributable to JHG

$

9.3

$

(37.2)

$

(134.6)

$

(0.5)

Total comprehensive income (loss)

$

143.0

$

75.0

$

(291.2)

$

211.7

Total comprehensive loss (income) attributable to noncontrolling interests

 

(30.8)

 

(2.8)

 

12.5

 

(8.7)

Total comprehensive income (loss) attributable to JHG

$

112.2

$

72.2

$

(278.7)

$

203.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

JANUS HENDERSON GROUP PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(U.S. Dollars in Millions)

Six months ended

June 30, 

2020

2019

CASH FLOWS PROVIDED BY (USED FOR):

Operating activities:

Net income (loss)

$

(152.9)

$

212.2

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

26.0

30.3

Impairment of goodwill and intangible assets

513.7

18.0

Deferred income taxes

(117.7)

(0.5)

Stock-based compensation plan expense

34.1

38.1

Impairment of right-of-use operating asset

4.7

Gain on sale of Geneva

(16.2)

Investment (gains) losses, net

0.2

(18.1)

Contributions to pension plans in excess of costs recognized

(0.2)

(3.4)

Contingent consideration adjustment

(7.1)

(20.0)

Other, net

(22.2)

(9.0)

Changes in operating assets and liabilities:

OEIC and unit trust receivables and payables

16.5

8.2

Other assets

60.4

14.5

Other accruals and liabilities

(92.1)

(192.0)

Net operating activities

242.5

83.0

Investing activities:

Proceeds from (purchase of):

Investment securities, net

77.5

57.5

Property, equipment and software

(12.4)

(14.8)

Investment securities by consolidated seeded investment products, net

(237.4)

(22.2)

Cash received (paid) on settled hedges, net

6.0

(10.7)

Dividends received from equity-method investments

0.5

0.5

Proceeds from sale of Volantis

2.2

1.2

Proceeds from sale of Geneva

38.6

Net investing activities

(125.0)

11.5

Financing activities:

Purchase of common stock for stock-based compensation plans

(45.7)

(38.1)

Purchase of common stock for share buyback program

(53.2)

(106.1)

Dividends paid to shareholders

(132.3)

(138.3)

Payment of contingent consideration

(13.8)

(14.1)

Distributions to noncontrolling interests

(0.5)

(0.5)

Third-party sales (redemptions) in consolidated seeded investment products, net

237.4

22.2

Principal payments under capital lease obligations

(0.5)

(0.6)

Net financing activities

(8.6)

(275.5)

Cash and cash equivalents:

Effect of foreign exchange rate changes

(25.0)

(4.6)

Net change

83.9

(185.6)

At beginning of period

796.5

916.6

At end of period

$

880.4

$

731.0

Supplemental cash flow information:

Cash paid for interest

$

7.3

$

7.3

Cash paid for income taxes, net of refunds

$

32.9

$

114.7

Reconciliation of cash and cash equivalents:

Cash and cash equivalents

$

836.6

$

707.0

Cash and cash equivalents held in consolidated VIEs

43.8

24.0

Total cash and cash equivalents

$

880.4

$

731.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

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

shares

stock

capital

shares

loss

earnings

interests

equity

Balance at April 1, 2020

184.9

$

277.4

$

3,803.7

$

(137.9)

$

(511.0)

$

942.8

$

18.4

$

4,393.4

Net income

102.9

0.1

 

103.0

Other comprehensive loss

9.3

 

9.3

Dividends paid to shareholders

($0.36 per share)

0.1

(66.5)

 

(66.4)

Share buyback program

(1.0)

(1.6)

(20.4)

(22.0)

Distributions to noncontrolling interests

(0.4)

(0.4)

Fair value adjustments to redeemable noncontrolling interests

0.4

0.4

Purchase of common stock for stock-based compensation plans

(5.8)

(0.1)

 

(5.9)

Vesting of stock-based compensation plans

(23.4)

23.4

Stock-based compensation plan expense

17.5

 

17.5

Balance at June 30, 2020

183.9

$

275.8

$

3,792.1

$

(114.6)

$

(501.7)

$

959.2

$

18.1

$

4,428.9

    

    

    

    

    

Accumulated

    

    

    

Additional

other

Nonredeemable

Number of

Common

paid-in

Treasury

comprehensive

Retained

noncontrolling

Total

shares

stock

capital

shares

loss

earnings

interests

equity

Balance at April 1, 2019

195.2

$

292.7

$

3,802.1

$

(165.4)

$

(386.8)

$

1,309.9

$

22.6

$

4,875.1

Net income

109.4

0.2

 

109.6

Other comprehensive loss

(37.2)

 

(37.2)

Dividends paid to shareholders

($0.36 per share)

0.1

(68.7)

 

(68.6)

Share buyback program

(3.6)

(5.2)

(70.0)

(75.2)

Distributions to noncontrolling interests