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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: 000-32191
______________________________________ 
T. ROWE PRICE GROUP, INC.
(Exact name of registrant as specified in its charter)
Maryland
 
52-2264646
(State of incorporation) (I.R.S. Employer Identification No.)
100 East Pratt Street, Baltimore, Maryland 21202
(Address, including Zip Code, of principal executive offices)
(410) 345-2000
(Registrant’s telephone number, including area code)
________________
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.20 par value per share
TROW
The NASDAQ Stock Market LLC
______________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 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, 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
The number of shares outstanding of the issuer’s common stock ($.20 par value), as of the latest practicable date,
October 25, 2022, is 223,464,812.
The exhibit index is at Item 6 on page 44.



PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
 
9/30/202212/31/2021
ASSETS
Cash and cash equivalents$2,366.3 $1,523.1 
Accounts receivable and accrued revenue741.4 1,058.3 
Investments2,480.2 2,975.5 
Assets of consolidated T. Rowe Price investment products ($1,234.8 million at September 30, 2022 and $1,761.5 million at December 31, 2021, related to variable interest entities)
1,284.3 1,962.8 
Operating lease assets282.8 201.2 
Property, equipment and software, net752.8 736.2 
Intangible assets, net832.0 913.4 
Goodwill2,652.4 2,693.2 
Other assets601.0 445.3 
Total assets$11,993.2 $12,509.0 
LIABILITIES
Accounts payable and accrued expenses$382.8 $431.0 
Liabilities of consolidated T. Rowe Price investment products ($41.6 million at September 30, 2022 and $36.2 million at December 31, 2021, related to variable interest entities)
47.5 51.5 
Operating lease liabilities320.0 249.2 
Accrued compensation and related costs701.1 256.8 
Supplemental savings plan liability676.9 882.6 
Contingent consideration liability131.3 306.3 
Income taxes payable38.3 77.9 
Total liabilities2,297.9 2,255.3 
Commitments and contingent liabilities
Redeemable non-controlling interests580.8 982.3 
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares
  
Common stock, $.20 par value—authorized 750,000,000; issued 223,920,000 shares at September 30, 2022 and 229,175,000 at December 31, 2021
44.8 45.8 
Additional capital in excess of par value499.3 919.8 
Retained earnings8,419.9 8,083.6 
Accumulated other comprehensive loss(56.5)(26.5)
Total stockholders’ equity attributable to T. Rowe Price Group, Inc.8,907.5 9,022.7 
Non-controlling interests in consolidated entities207.0 248.7 
Total stockholders’ equity9,114.5 9,271.4 
Total liabilities, redeemable non-controlling interests, and stockholders’ equity$11,993.2 $12,509.0 
The accompanying notes are an integral part of these statements.
Page 2


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per-share amounts)
 
 Three months endedNine months ended
 9/30/20229/30/20219/30/20229/30/2021
Revenues
Investment advisory fees$1,442.0 $1,813.4 $4,600.8 $5,288.4 
Capital allocation-based income1.1  (80.8) 
Administrative, distribution, and servicing fees145.1 140.7 444.2 421.8 
Net revenues1,588.2 1,954.1 4,964.2 5,710.2 
Operating expenses
Compensation and related costs588.1 564.6 1,633.1 1,751.9 
Distribution and servicing69.9 96.0 231.5 274.3 
Advertising and promotion24.3 22.1 69.1 61.4 
Product and recordkeeping related costs75.6 70.3 232.3 154.6 
Technology, occupancy, and facility costs143.6 123.1 411.8 359.7 
General, administrative, and other112.1 81.8 265.8 260.8 
Total operating expenses1,013.6 957.9 2,843.6 2,862.7 
Net operating income574.6 996.2 2,120.6 2,847.5 
Non-operating income (loss)
Net gains (losses) on investments(41.5)8.7 (301.3)165.0 
Net gains (losses) on consolidated investment products(41.7)(17.1)(247.7)75.7 
Other income (loss).4 (3.1)(12.2)(6.2)
Total non-operating income (loss)(82.8)(11.5)(561.2)234.5 
Income before income taxes491.8 984.7 1,559.4 3,082.0 
Provision for income taxes134.0 227.3 399.4 717.1 
Net income357.8 757.4 1,160.0 2,364.9 
Less: net income (loss) attributable to redeemable
non-controlling interests
(26.6)(19.8)(131.9)22.6 
Net income attributable to T. Rowe Price Group$384.4 $777.2 $1,291.9 $2,342.3 
Earnings per share on common stock of T. Rowe Price Group
Basic$1.67 $3.34 $5.57 $10.04 
Diluted$1.66 $3.31 $5.54 $9.94 

The accompanying notes are an integral part of these statements.
Page 3


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three months endedNine months ended
 9/30/20229/30/20219/30/20229/30/2021
Net income$357.8 $757.4 $1,160.0 $2,364.9 
Other comprehensive income (loss)
Currency translation adjustments
Consolidated T. Rowe Price investment products - variable interest entities(31.8)(17.2)(73.9)(30.0)
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products  (6.9)(2.6)
Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities
(31.8)(17.2)(80.8)(32.6)
Equity method investments
.7 3.5 (1.9)2.4 
Other comprehensive loss before income taxes(31.1)(13.7)(82.7)(30.2)
Net deferred tax benefits2.9 .8 8.1 3.6 
Total other comprehensive loss(28.2)(12.9)(74.6)(26.6)
Total comprehensive income329.6 744.5 1,085.4 2,338.3 
Less: comprehensive income (loss) attributable to redeemable non-controlling interests(45.7)(32.0)(176.5)2.4 
Total comprehensive income attributable to T. Rowe Price Group$375.3 $776.5 $1,261.9 $2,335.9 

The accompanying notes are an integral part of these statements.
Page 4


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
 Nine months ended
 9/30/20229/30/2021
Cash flows from operating activities
Net income$1,160.0 $2,364.9 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property, equipment and software166.0 151.1 
Amortization of acquisition-related assets and retention arrangements 158.4  
Fair value remeasurement of contingent consideration liability(125.7) 
Stock-based compensation expense
185.7 166.3 
Net (gains) losses recognized on investments384.5 (144.4)
Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability33.8 28.1 
Net change in securities held by consolidated T. Rowe Price investment products
291.0 (5.3)
Other changes240.9 530.0 
Net cash provided by operating activities2,494.6 3,090.7 
Cash flows from investing activities
Purchases of investment products(47.7)(47.3)
Dispositions of investment products160.8 285.4 
Net cash of T. Rowe Price investment products on deconsolidation(8.7)(15.6)
Additions to property, equipment and software(177.2)(178.7)
Other investing activity3.3 13.8 
Net cash provided by (used in) investing activities(69.5)57.6 
Cash flows from financing activities
Repurchases of common stock(727.9)(493.1)
Common share issuances under stock-based compensation plans13.8 33.3 
Dividends paid to common stockholders of T. Rowe Price(832.4)(1,454.0)
Net distributions to non-controlling interests in consolidated entities(8.4) 
Net subscriptions (redemptions) received from redeemable non-controlling interest holders(61.8)22.7 
Net cash used in financing activities(1,616.7)(1,891.1)
Effect of exchange rate changes on cash and cash equivalents of consolidated
T. Rowe Price investment products
11.8 (3.6)
Net change in cash and cash equivalents during period820.2 1,253.6 
Cash and cash equivalents at beginning of period, including $101.1 million at December 31, 2021, and $104.8 million at December 31, 2020, held by consolidated T. Rowe Price investment products
1,624.2 2,256.5 
Cash and cash equivalents at end of period, including $78.1 million at September 30, 2022, and $91.6 million at September 30, 2021, held by consolidated T. Rowe Price investment products
$2,444.4 $3,510.1 

The accompanying notes are an integral part of these statements.
Page 5


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)
Three months ended 9/30/2022
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total
stockholders’
equity attributable to T. Rowe Price Group, Inc.
Non-controlling interests in consolidated entitiesTotal stockholders’ equity
Redeemable non-controlling interests
Balances at June 30, 2022225,715 $45.1 $654.6 $8,311.9 $(47.4)$8,964.2 $208.8 $9,173.0 $564.6 
Net income (loss)— — — 384.4 — 384.4 .1 384.5 (26.6)
Other comprehensive loss, net of tax— — — — (9.1)(9.1)— (9.1)(19.1)
Dividends declared ($1.20 per share)
— — — (276.4)— (276.4)— (276.4)— 
Shares issued upon option exercises135 — 6.4 — — 6.4 — 6.4 — 
Net shares issued upon vesting of restricted stock units11 — (.3)— — (.3)— (.3)— 
Stock-based compensation expense— — 62.8 — — 62.8 — 62.8 — 
Common shares repurchased(1,941)(.3)(224.2)— — (224.5)— (224.5)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (1.9)(1.9)— 
Net subscriptions from T. Rowe Price investment products— — — — — — — — 19.2 
Net consolidations of T. Rowe Price investment products— — — — — — — — 42.7 
Balances at September 30, 2022223,920 $44.8 $499.3 $8,419.9 $(56.5)$8,907.5 $207.0 $9,114.5 $580.8 

Three months ended 9/30/2021
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total
stockholders’
equity
Redeemable non-controlling interests
Balances at June 30, 2021226,925 $45.4 $673.7 $7,202.6 $(28.7)$7,893.0 $880.4 
Net income (loss)— — — 777.2 — 777.2 (19.8)
Other comprehensive loss, net of tax— — — — (.7)(.7)(12.2)
Dividends declared ($1.08 per share)
— — — (250.7)— (250.7)— 
Shares issued upon option exercises321 — 9.0 — — 9.0 — 
Net shares issued upon vesting of restricted stock units5 — (.5)— — (.5)— 
Stock-based compensation expense— — 52.3 — — 52.3 — 
Restricted stock units issued as dividend equivalents— — .4 (.2)— .2 — 
Common shares repurchased(1,034)(.2)(80.3)(137.2)— (217.7)— 
Net redemptions from T. Rowe Price investment products— — — — — — (292.8)
Net consolidations of T. Rowe Price investment products— — — — — — 531.0 
Balances at September 30, 2021226,217 $45.2 $654.6 $7,591.7 $(29.4)$8,262.1 $1,086.6 
(1) Accumulated other comprehensive income
The accompanying notes are an integral part of these statements.
Page 6


Nine months ended 9/30/2022
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total
stockholders’
equity attributable to T. Rowe Price Group, Inc.
Non-controlling interests in consolidated entitiesTotal stockholders’ equityRedeemable non-controlling interests
Balances at December 31, 2021229,175 $45.8 $919.8 $8,083.6 $(26.5)$9,022.7 $248.7 $9,271.4 $982.3 
Net income (loss)— — — 1,291.9 — 1,291.9 (33.3)1,258.6 (131.9)
Other comprehensive loss, net of tax— — — — (30.0)(30.0)— (30.0)(44.6)
Dividends declared ($3.60 per share)
— — — (832.7)— (832.7)— (832.7)— 
Shares issued upon option exercises372 .1 17.7 — — 17.8 — 17.8 — 
Net shares issued upon vesting of restricted stock units72 — (3.9)— — (3.9)— (3.9)— 
Stock-based compensation expense— — 185.7 — — 185.7 — 185.7 — 
Restricted stock units issued as dividend equivalents9 — .2 (.2)—  —  — 
Common shares repurchased(5,708)(1.1)(620.2)(122.7)— (744.0)— (744.0)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (8.4)(8.4)— 
Net redemptions from T. Rowe Price investment products— — — — — — — — (49.6)
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (175.4)
Balances at September 30, 2022223,920 $44.8 $499.3 $8,419.9 $(56.5)$8,907.5 $207.0 $9,114.5 $— $580.8 
Nine months ended 9/30/2021
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total stockholders’ equityRedeemable non-controlling interests
Balances at December 31, 2020227,965 $45.6 $654.6 $7,029.8 $(23.0)$7,707.0 $1,561.7 
Net income— — — 2,342.3 — 2,342.3 22.6 
Other comprehensive loss, net of tax— — — — (6.4)(6.4)(20.2)
Dividends declared ($3.24 per share)
— — — (754.8)— (754.8)— 
Special cash dividend declared ($3.00 per share)
— — — (699.5)— (699.5)— 
Shares issued upon option exercises1,083 .2 38.6 — — 38.8 — 
Restricted shares issued, net of shares withheld for taxes4 — — — — — — 
Net shares issued upon vesting of restricted stock units54 — (4.8)— — (4.8)— 
Stock-based compensation expense— — 166.2 — — 166.2 — 
Restricted stock units issued as dividend equivalents— — .6 (.7)— (.1)— 
Common shares repurchased(2,889)(.6)(200.6)(325.4)— (526.6)— 
Net subscriptions into T. Rowe Price investment products— — — — — — 6.1 
Net deconsolidations of T. Rowe Price investment products— — — — — — (483.6)
Balances at September 30, 2021226,217 $45.2 $654.6 $7,591.7 $(29.4)$8,262.1 $1,086.6 
(1) Accumulated other comprehensive income
The accompanying notes are an integral part of these statements.
Page 7


NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – THE COMPANY AND BASIS OF PREPARATION.

T. Rowe Price Group, Inc. (“T. Rowe Price”, “us”, or “we”) derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds (“U.S. mutual funds”), subadvised funds, separately managed accounts, collective investment trusts, and other
affiliated products. The other affiliated products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, and collateralized loan obligations. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. Additionally, we also derive revenue from our interests in general partners of certain affiliated private investment funds that are entitled to a disproportionate allocation of income through capital allocation-based arrangements.

Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

On December 29, 2021, we completed our acquisition of Oak Hill Advisors, L.P., a leading alternative credit manager, and other entities that had common ownership (collectively, OHA). We acquired 100% of the equity interests of Oak Hill Advisors, L.P., 100% of the equity interests in entities that make co-investments in certain affiliated private investment funds (the "co-investment entities") and a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income (the "carried interest entities"). As of September 30, 2022, OHA had $56 billion of capital under management (which includes net asset value, portfolio value and/or unfunded capital).

BASIS OF PRESENTATION.

These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates.

The unaudited interim financial information contained in these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2021 Annual Report.

U.S. INFLATION REDUCTION LEGISLATION.

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 ("IRA"). The IRA establishes new tax provisions and various incentives and tax credits. Among other things, the IRA created a 15% minimum tax on adjusted book income effective for taxable years beginning after December 31, 2022 as well as an excise tax of 1% on stock repurchases, net of stock issuances, for publicly traded companies effective for net stock repurchases made after December 31, 2022. We are currently assessing what impact, if any, the IRA’s provisions will have on our financial position and results of operations, but we do not believe the impact will be material.

NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.

We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.



Page 8


NOTE 2 – INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Revenues earned under agreements with clients include: 
Three months ended 9/30/2022Three months ended 9/30/2021
Administrative, distribution, and servicing fees
Administrative, distribution, and servicing fees
(in millions)
Investment advisory fees
Administrative fees
Distribution and servicing fees
Capital allocation-based income
Net revenues
Investment advisory fees
Administrative fees
Distribution and servicing fees
Net revenues
U.S. mutual funds$841.7 $86.5 $22.0 $ $950.2 $1,125.5 $82.6 $30.9 $1,239.0 
Subadvised funds, separate accounts, collective investment trusts, and other investment products600.3 5.0  1.1 606.4 687.9   687.9 
Other clients(1)
 31.6   31.6  27.2  27.2 
$1,442.0 $123.1 $22.0 $1.1 $1,588.2 $1,813.4 $109.8 $30.9 $1,954.1 
Nine months ended 9/30/2022Nine months ended 9/30/2021
Administrative, distribution, and servicing fees
Administrative, distribution, and servicing fees
(in millions)
Investment advisory fees
Administrative fees
Distribution and servicing fees
Capital allocation-based income
Net revenues
Investment advisory fees
Administrative fees
Distribution and servicing fees
Net revenues
U.S. mutual funds$2,694.4 $265.1 $71.5 $ $3,031.0 $3,273.2 $243.1 $90.0 $3,606.3 
Subadvised funds, separate accounts, collective investment trusts, and other investment products1,906.4 12.5  (80.8)1,838.1 2,015.2