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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 June 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 001-13459
amglogo.gif
AFFILIATED MANAGERS GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
04-3218510
(State or other jurisdiction
of incorporation or organization)
 
(IRS Employer Identification Number)
777 South Flagler Drive, West Palm Beach, Florida 33401
(Address of principal executive offices)
(800) 345-1100
(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
Common Stock ($0.01 par value)
AMG
New York Stock Exchange
5.875% Junior Subordinated Notes due 2059
MGR
New York Stock Exchange
4.750% Junior Subordinated Notes due 2060
MGRB
New York Stock Exchange
4.200% Junior Subordinated Notes due 2061
MGRD
New York Stock Exchange
6.750% Junior Subordinated Notes due 2064
MGRE
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 ☒
There were 29,813,967 shares of the registrant’s common stock outstanding on July 31, 2024.
PART I—FINANCIAL INFORMATION
Item 1.Financial Statements
AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
(unaudited)
 
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
 
2023
2024
2023
2024
Consolidated revenue
$512.5
$500.3
$1,029.9
$1,000.3
Consolidated expenses:
Compensation and related expenses
228.9
215.3
451.2
455.7
Selling, general and administrative
85.2
89.4
182.3
181.1
Intangible amortization and impairments
12.5
7.3
25.0
14.5
Interest expense
30.9
33.5
61.3
63.4
Depreciation and other amortization
3.3
3.1
7.0
6.1
Other expenses (net)
13.8
10.8
28.3
19.9
Total consolidated expenses
374.6
359.4
755.1
740.7
Equity method income (net)
55.8
18.1
114.5
135.7
Investment and other income
26.5
19.3
64.3
37.2
Income before income taxes
220.2
178.3
453.6
432.5
Income tax expense
32.8
43.3
77.7
98.7
Net income
187.4
135.0
375.9
333.8
Net income (non-controlling interests)
(62.1)
(59.0)
(116.1)
(108.0)
Net income (controlling interest)
$125.3
$76.0
$259.8
$225.8
Average shares outstanding (basic)
35.9
31.5
35.9
32.1
Average shares outstanding (diluted)
42.1
35.3
40.2
36.0
Earnings per share (basic)
$3.49
$2.42
$7.23
$7.02
Earnings per share (diluted)
$3.25
$2.26
$6.74
$6.49
The accompanying notes are an integral part of the Consolidated Financial Statements.
2
AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
 
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
 
2023
2024
2023
2024
Net income
$187.4
$135.0
$375.9
$333.8
Other comprehensive income (loss), net of tax:
 
 
Foreign currency translation gain (loss)
24.5
(2.2)
51.3
3.4
Change in net realized and unrealized gain (loss) on derivative financial
instruments
0.5
0.1
0.7
0.4
Change in net unrealized gain (loss) on available-for-sale debt securities
(0.6)
(0.0)
(0.2)
0.4
Other comprehensive income (loss), net of tax
24.4
(2.1)
51.8
4.2
Comprehensive income
211.8
132.9
427.7
338.0
Comprehensive income (non-controlling interests)
(69.4)
(62.8)
(125.7)
(108.3)
Comprehensive income (controlling interest)
$142.4
$70.1
$302.0
$229.7
The accompanying notes are an integral part of the Consolidated Financial Statements.
3
AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
December 31,
2023
June 30,
2024
Assets
 
 
Cash and cash equivalents
$813.6
$865.5
Receivables
368.4
457.2
Investments in marketable securities
461.0
167.3
Goodwill
2,523.6
2,516.1
Acquired client relationships (net)
1,812.4
1,795.6
Equity method investments in Affiliates (net)
2,288.5
2,161.6
Fixed assets (net)
67.3
62.8
Other investments
480.9
530.3
Other assets
243.9
288.6
Total assets
$9,059.6
$8,845.0
Liabilities and Equity
 
Payables and accrued liabilities
$628.5
$637.3
Debt
2,537.5
2,525.2
Deferred income tax liability (net)
463.8
499.1
Other liabilities
466.3
529.7
Total liabilities
4,096.1
4,191.3
Commitments and contingencies (Note 8)
Redeemable non-controlling interests
393.4
391.0
Equity:
 
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued as of December 31,
2023 and June 30, 2024)
0.6
0.6
Additional paid-in capital
741.4
712.8
Accumulated other comprehensive loss
(167.6)
(163.7)
Retained earnings
6,389.6
6,614.7
6,964.0
7,164.4
Less: Treasury stock, at cost (25.3 shares and 28.1 shares as of December 31, 2023 and June 30,
2024, respectively)
(3,376.1)
(3,833.5)
Total stockholders' equity
3,587.9
3,330.9
Non-controlling interests
982.2
931.8
Total equity
4,570.1
4,262.7
Total liabilities and equity
$9,059.6
$8,845.0
The accompanying notes are an integral part of the Consolidated Financial Statements.
4
AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)
(unaudited)
Three Months Ended June 30, 2023
Total Stockholders’ Equity
 
 
 
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury
Stock at
Cost
Non-
controlling
Interests
Total
Equity
March 31, 2023
$0.6
$563.9
$(178.3)
$5,852.3
$(2,966.6)
$947.5
$4,219.4
Net income
—
—
—
125.3
—
62.1
187.4
Other comprehensive income, net of tax
—
—
17.1
—
—
7.3
24.4
Share-based compensation
—
14.7
—
—
—
—
14.7
Common stock issued under share-based incentive
plans
—
(0.2)
—
—
0.1
—
(0.1)
Share repurchases
—
59.1
—
—
(104.0)
—
(44.9)
Dividends ($0.01 per share)
—
—
—
(0.4)
—
—
(0.4)
Affiliate equity activity:
Affiliate equity compensation
—
7.6
—
—
—
10.6
18.2
Issuances
—
(4.5)
—
—
—
5.9
1.4
Purchases
—
6.8
—
—
—
(1.8)
5.0
Changes in redemption value of Redeemable non-
controlling interests
—
4.5
—
—
—
—
4.5
Transfers to Redeemable non-controlling interests
—
—
—
—
—
(0.1)
(0.1)
Capital contributions and other
—
—
—
—
—
15.8
15.8
Distributions to non-controlling interests
—
—
—
—
—
(76.9)
(76.9)
June 30, 2023
$0.6
$651.9
$(161.2)
$5,977.2
$(3,070.5)
$970.4
$4,368.4
Three Months Ended June 30, 2024
Total Stockholders’ Equity
 
 
 
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury
Stock at
Cost
Non-
controlling
Interests
Total
Equity
March 31, 2024
$0.6
$712.1
$(157.8)
$6,539.1
$(3,503.8)
$930.3
$4,520.5
Net income
—
—
—
76.0
—
59.0
135.0
Other comprehensive income (loss), net of tax
—
—
(5.9)
—
—
3.8
(2.1)
Share-based compensation
—
10.8
—
—
—
—
10.8
Common stock issued under share-based incentive
plans
—
(0.3)
—
—
0.4
—
0.1
Share repurchases
—
—
—
—
(330.1)
—
(330.1)
Dividends ($0.01 per share)
—
—
—
(0.4)
—
—
(0.4)
Affiliate equity activity:
Affiliate equity compensation
—
4.5
—
—
—
9.8
14.3
Issuances
—
(0.8)
—
—
—
1.0
0.2
Purchases
—
(0.9)
—
—
—
(3.1)
(4.0)
Changes in redemption value of Redeemable non-
controlling interests
—
(12.6)
—
—
—
—
(12.6)
Transfers to Redeemable non-controlling interests
—
—
—
—
—
(1.7)
(1.7)
Capital contributions and other
—
—
—
—
—
(1.5)
(1.5)
Distributions to non-controlling interests
—
—
—
—
—
(65.8)
(65.8)
June 30, 2024
$0.6
$712.8
$(163.7)
$6,614.7
$(3,833.5)
$931.8
$4,262.7
The accompanying notes are an integral part of the Consolidated Financial Statements.
5
AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)
(unaudited)
Six Months Ended June 30, 2023
Total Stockholders' Equity
 
 
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury
Stock at
Cost
Non-
controlling
Interests
Total
Equity
December 31, 2022
$0.6
$695.5
$(203.4)
$5,718.2
$(2,980.6)
$945.3
$4,175.6
Net income
—
—
—
259.8
—
116.1
375.9
Other comprehensive income, net of tax
—
—
42.2
—
—
9.6
51.8
Share-based compensation
—
29.4
—
—
—
—
29.4
Common stock issued under share-based incentive
plans
—
(39.3)
—
—
14.1
—
(25.2)
Share repurchases
—
59.1
—
—
(104.0)
—
(44.9)
Dividends ($0.02 per share)
—
—
—
(0.8)
—
—
(0.8)
Affiliate equity activity:
Affiliate equity compensation
—
6.7
—
—
—
21.9
28.6
Issuances
—
(8.3)
—
—
—
23.0
14.7
Purchases
—
6.0
—
—
—
(1.5)
4.5
Changes in redemption value of Redeemable non-
controlling interests
—
(97.2)
—
—
—
—
(97.2)
Transfers to Redeemable non-controlling interests
—
—
—
—
—
(0.1)
(0.1)
Capital contributions and other
—
—
—
—
—
12.5
12.5
Distributions to non-controlling interests
—
—
—
—
—
(156.4)
(156.4)
June 30, 2023
$0.6
$651.9
$(161.2)
$5,977.2
$(3,070.5)
$970.4
$4,368.4
Six Months Ended June 30, 2024
Total Stockholders' Equity
 
 
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury
Stock at
Cost
Non-
controlling
Interests
Total
Equity
December 31, 2023
$0.6
$741.4
$(167.6)
$6,389.6
$(3,376.1)
$982.2
$4,570.1
Net income
—
—
—
225.8
—
108.0
333.8
Other comprehensive income, net of tax
—
—
3.9
—
—
0.3
4.2
Share-based compensation
—
31.9
—
—
—
—
31.9
Common stock issued under share-based incentive
plans
—
(42.7)
—
—
23.9
—
(18.8)
Share repurchases
—
—
—
—
(481.3)
—
(481.3)
Dividends ($0.02 per share)
—
—
—
(0.7)
—
—
(0.7)
Affiliate equity activity:
Affiliate equity compensation
—
10.1
—
—
—
21.2
31.3
Issuances
—
(3.8)
—
—
—
11.3
7.5
Purchases
—
6.6
—
—
—
(20.2)
(13.6)
Changes in redemption value of Redeemable non-
controlling interests
—
(30.7)
—
—
—
—
(30.7)
Transfers to Redeemable non-controlling interests
—
—
—
—
—
(1.7)
(1.7)
Capital contributions and other
—
—
—
—
—
(21.7)
(21.7)
Distributions to non-controlling interests
—
—
—
—
—
(147.6)
(147.6)
June 30, 2024
$0.6
$712.8
$(163.7)
$6,614.7
$(3,833.5)
$931.8
$4,262.7
The accompanying notes are an integral part of the Consolidated Financial Statements.
6
AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
For the Six Months
Ended June 30,
 
2023
2024
Cash flow from (used in) operating activities:
Net income
$375.9
$333.8