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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 September 30, 2022

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 October 24, 2022, there were 165,657,905 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)

September 30, 

December 31, 

    

2022

    

2021

ASSETS

Current assets:

Cash and cash equivalents

$

1,022.9

$

1,107.3

Investment securities

 

284.1

 

451.4

Fees and other receivables

 

220.5

 

351.6

OEIC and unit trust receivables

 

233.9

 

84.4

Assets of consolidated VIEs:

Cash and cash equivalents

12.8

11.3

Investment securities

224.4

250.9

Other current assets

2.5

2.1

Other current assets

113.9

150.2

Total current assets

 

2,115.0

 

2,409.2

Non-current assets:

Property, equipment and software, net

 

49.0

 

63.3

Intangible assets, net

 

2,425.5

 

2,542.7

Goodwill

 

1,206.0

 

1,341.5

Retirement benefit asset, net

135.8

165.1

Other non-current assets

 

192.8

 

180.6

Total assets

$

6,124.1

$

6,702.4

LIABILITIES

Current liabilities:

Accounts payable and accrued liabilities

$

214.5

$

270.8

Current portion of accrued compensation, benefits and staff costs

 

230.2

 

420.0

OEIC and unit trust payables

239.8

92.2

Liabilities of consolidated VIEs:

Accounts payable and accrued liabilities

 

5.1

 

2.6

Total current liabilities

 

689.6

 

785.6

Non-current liabilities:

Accrued compensation, benefits and staff costs

36.8

45.7

Long-term debt

 

308.2

 

310.4

Deferred tax liabilities, net

 

597.5

 

619.2

Retirement benefit obligations, net

3.8

4.8

Other non-current liabilities

 

89.3

 

134.4

Total liabilities

 

1,725.2

 

1,900.1

Commitments and contingencies (See Note 15)

REDEEMABLE NONCONTROLLING INTERESTS

 

153.1

 

163.4

EQUITY

Common stock, $1.50 par value; 480,000,000 shares authorized, and 165,657,905 and 169,046,154 shares issued and outstanding as of September 30, 2022, and December 31, 2021, respectively

 

248.5

 

253.6

Additional paid-in-capital

3,684.8

3,771.8

Treasury shares, 69,806 and 1,133,934 shares held at September 30, 2022, and December 31, 2021, respectively

 

(3.4)

 

(55.1)

Accumulated other comprehensive loss, net of tax

 

(747.5)

 

(387.0)

Retained earnings

1,060.6

1,040.2

Total shareholders’ equity

 

4,243.0

 

4,623.5

Nonredeemable noncontrolling interests

 

2.8

 

15.4

Total equity

 

4,245.8

 

4,638.9

Total liabilities, redeemable noncontrolling interests and equity

$

6,124.1

$

6,702.4

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

1

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, 

    

2022

    

2021

    

2022

    

2021

Revenue:

Management fees

$

426.2

$

564.5

$

1,393.8

$

1,623.5

Performance fees

 

(13.2)

 

0.6

 

(25.0)

 

95.0

Shareowner servicing fees

 

54.0

 

67.6

 

172.7

 

192.4

Other revenue

45.9

54.7

146.9

158.9

Total revenue

 

512.9

 

687.4

 

1,688.4

 

2,069.8

Operating expenses:

Employee compensation and benefits

 

142.5

166.2

 

452.1

 

533.2

Long-term incentive plans

 

41.1

35.0

 

133.2

 

138.3

Distribution expenses

118.7

142.1

388.3

406.8

Investment administration

12.5

13.0

37.6

38.7

Marketing

 

5.6

7.5

 

20.8

 

20.4

General, administrative and occupancy

 

64.7

65.5

 

210.1

 

194.2

Impairment of goodwill and intangible assets

-

-

-

44.4

Depreciation and amortization

 

7.1

9.8

 

24.3

 

30.5

Total operating expenses

 

392.2

 

439.1

 

1,266.4

 

1,406.5

Operating income

 

120.7

248.3

 

422.0

 

663.3

Interest expense

 

(3.1)

(3.2)

 

(9.5)

 

(9.6)

Investment gains (losses), net

 

11.0

4.7

 

(130.6)

 

8.1

Other non-operating income, net

13.9

3.6

6.7

0.8

Income before taxes

 

142.5

 

253.4

 

288.6

 

662.6

Income tax provision

 

(27.9)

(53.3)

 

(95.3)

 

(175.7)

Net income

 

114.6

 

200.1

 

193.3

 

486.9

Net loss (income) attributable to noncontrolling interests

 

(7.0)

(3.3)

 

114.1

 

0.6

Net income attributable to JHG

$

107.6

$

196.8

$

307.4

$

487.5

Earnings per share attributable to JHG common shareholders:

Basic

$

0.65

$

1.15

$

1.84

$

2.81

Diluted

$

0.65

$

1.14

$

1.84

$

2.80

Other comprehensive income (loss), net of tax:

Foreign currency translation losses

$

(139.2)

$

(59.6)

$

(364.0)

$

(53.1)

Actuarial gains

 

0.1

 

0.1

 

0.3

 

0.4

Other comprehensive loss, net of tax

 

(139.1)

 

(59.5)

 

(363.7)

 

(52.7)

Other comprehensive loss (income) attributable to noncontrolling interests

 

(20.2)

0.8

 

3.2

 

(0.2)

Other comprehensive loss attributable to JHG

$

(159.3)

$

(58.7)

$

(360.5)

$

(52.9)

Total comprehensive income (loss)

$

(24.5)

$

140.6

$

(170.4)

$

434.2

Total comprehensive loss (income) attributable to noncontrolling interests

 

(27.2)

 

(2.5)

 

117.3

 

0.4

Total comprehensive income (loss) attributable to JHG

$

(51.7)

$

138.1

$

(53.1)

$

434.6

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)

Nine months ended

September 30, 

2022

2021

CASH FLOWS PROVIDED BY (USED FOR):

Operating activities:

Net income

$

193.3

$

486.9

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

24.3

30.5

Impairment of goodwill and intangible assets

-

44.4

Deferred income taxes

9.2

24.2

Stock-based compensation plan expense

68.0

50.7

Loss on sale of Intech

9.1

-

Investment losses (gains), net

130.6

(8.1)

Contributions to pension plans in excess of costs recognized

0.3

(1.0)

Other, net

(8.3)

(7.4)

Changes in operating assets and liabilities:

OEIC and unit trust receivables and payables

(1.8)

2.1

Other assets

114.7

(14.4)

Other accruals and liabilities

(212.1)

6.3

Net operating activities

327.3

614.2

Investing activities:

Sales (purchases) of:

Investment securities, net

34.8

(196.5)

Property, equipment and software

(10.3)

(5.9)

Investment securities by consolidated seeded investment products, net

21.7

(58.0)

Cash received (paid) on settled seed capital hedges, net

62.6

(12.6)

Dividends received from equity-method investments

0.5

1.1

JHG long-term note with Intech

(13.2)

-

Proceeds from sale of Intech

14.9

-

Receipt of contingent consideration payments from sale of subsidiaries

-

6.1

Net investing activities

111.0

(265.8)

Financing activities:

Proceeds from stock-based compensation plans

3.3

10.9

Purchase of common stock for stock-based compensation plans

(106.7)

(72.1)

Purchase of common stock from Dai-ichi Life and share buyback program

(98.9)

(305.2)

Dividends paid to shareholders

(194.5)

(191.5)

Distributions to noncontrolling interests

(1.0)

(0.4)

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

(16.2)

61.2

Principal payments under capital lease obligations

(1.2)

(0.3)

Net financing activities

(415.2)

(497.4)

Cash and cash equivalents:

Effect of foreign exchange rate changes

(106.0)

(14.5)

Net change

(82.9)

(163.5)

At beginning of period

1,118.6

1,108.1

At end of period

$

1,035.7

$

944.6

Supplemental cash flow information:

Cash paid for interest

$

14.6

$

14.6

Cash paid for income taxes, net of refunds

$

122.1

$

169.2

Reconciliation of cash and cash equivalents:

Cash and cash equivalents

$

1,022.9

$

933.1

Cash and cash equivalents held in consolidated VIEs

12.8

11.5

Total cash and cash equivalents

$

1,035.7

$

944.6

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

Three months ended September 30, 2022

shares

stock

capital

shares

loss

earnings

interests

equity

Balance at July 1, 2022

165.7

$

248.5

$

3,673.6

$

(5.9)

$

(588.2)

$

1,017.8

$

2.8

$

4,348.6

Net income

107.6

 

107.6

Other comprehensive loss

(159.3)

 

(159.3)

Dividends paid to shareholders ($0.39 per share)

0.1

(64.8)

 

(64.7)

Purchase of common stock for stock-based compensation plans

(9.4)

(0.3)

 

(9.7)

Vesting of stock-based compensation plans

(2.8)

2.8

Stock-based compensation plan expense

22.2

 

22.2

Proceeds from stock-based compensation plans

1.1

1.1

Balance at September 30, 2022

165.7

$

248.5

$

3,684.8

$

(3.4)

$

(747.5)

$

1,060.6

$

2.8

$

4,245.8

    

    

    

    

    

Accumulated

    

    

    

Additional

other

Nonredeemable

Number of

Common

paid-in

Treasury

comprehensive

Retained

noncontrolling

Total

Three months ended September 30, 2021

shares

stock

capital

shares

loss

earnings

interests

equity

Balance at July 1, 2021

172.3

$

258.5

$

3,743.6

$

(67.6)

$

(309.1)

$

976.3

$

15.6

$

4,617.3

Net income

196.8

0.1

 

196.9

Other comprehensive loss

(58.7)

 

(58.7)

Dividends paid to shareholders ($0.38 per share)

(64.8)

 

(64.8)

Purchase of common stock for share buyback program

(1.7)

(2.6)

(72.4)

(75.0)

Distributions to noncontrolling interests

(0.1)

(0.1)

Fair value adjustments to redeemable noncontrolling interests

1.0

1.0

Purchase of common stock for stock-based compensation plans

0.5

(0.6)

 

(0.1)

Vesting of stock-based compensation plans

(10.1)

10.1

Stock-based compensation plan expense

16.0

 

16.0

Proceeds from stock-based compensation plans

5.4

5.4

Balance at September 30, 2021

170.6

$

255.9

$

3,755.4

$

(58.1)

$

(367.8)

$

1,036.9

$

15.6

$

4,637.9

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

4

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, 2022

shares

stock

capital

shares

loss

earnings

interests

equity

Balance at January 1, 2022

169.0

$

253.6

$

3,771.8

$

(55.1)

$

(387.0)