Maryland | 000-32191 | 52-2264646 | ||||||
(State of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.20 | TROW |
The NASDAQ Stock Market LLC
(Nasdaq Global Select Market)
|
Three months ended | |||||||||||||||||||||||||||||
(in millions, except per-share data) | 3/31/2024 | 3/31/2023 | Change(1) |
12/31/2023 | Change(1) |
||||||||||||||||||||||||
U.S. GAAP basis | |||||||||||||||||||||||||||||
Investment advisory fees | $ | 1,554.0 | $ | 1,391.8 | 11.7 | % | $ | 1,461.2 | 6.4 | % | |||||||||||||||||||
Capital allocation-based income(2) |
$ | 47.1 | $ | 16.9 | n/m | $ | 40.2 | n/m | |||||||||||||||||||||
Net revenues | $ | 1,750.2 | $ | 1,537.6 | 13.8 | % | $ | 1,642.0 | 6.6 | % | |||||||||||||||||||
Operating expenses | $ | 1,163.6 | $ | 1,053.4 | 10.5 | % | $ | 1,254.8 | (7.3) | % | |||||||||||||||||||
Net operating income | $ | 586.6 | $ | 484.2 | 21.1 | % | $ | 387.2 | 51.5 | % | |||||||||||||||||||
Non-operating income (loss) | $ | 188.9 | $ | 135.4 | n/m | $ | 259.7 | n/m | |||||||||||||||||||||
Net income attributable to T. Rowe Price | $ | 573.8 | $ | 421.5 | 36.1 | % | $ | 437.6 | 31.1 | % | |||||||||||||||||||
Diluted earnings per common share | $ | 2.49 | $ | 1.83 | 36.1 | % | $ | 1.90 | 31.1 | % | |||||||||||||||||||
Weighted average common shares outstanding assuming dilution | 224.2 | 225.2 | (0.4) | % | 224.0 | 0.1 | % | ||||||||||||||||||||||
Adjusted basis(3) |
|||||||||||||||||||||||||||||
Operating expenses | $ | 1,071.4 | $ | 1,022.5 | 4.8 | % | $ | 1,150.7 | (6.9) | % | |||||||||||||||||||
Operating expenses, excluding accrued carried interest related compensation | $ | 1,052.9 | $ | 1,013.9 | 3.8 | % | $ | 1,135.5 | (7.3) | % | |||||||||||||||||||
Net operating income | $ | 692.4 | $ | 528.0 | 31.1 | % | $ | 502.7 | 37.7 | % | |||||||||||||||||||
Non-operating income (loss) | $ | 28.5 | $ | 30.8 | (7.5) | % | $ | 49.5 | n/m | ||||||||||||||||||||
Net income attributable to T. Rowe Price | $ | 548.5 | $ | 389.4 | 40.9 | % | $ | 394.7 | 39.0 | % | |||||||||||||||||||
Diluted earnings per common share | $ | 2.38 | $ | 1.69 | 40.8 | % | $ | 1.72 | 38.4 | % | |||||||||||||||||||
Assets under management (in billions) |
|||||||||||||||||||||||||||||
Average assets under management | $ | 1,484.4 | $ | 1,322.9 | 12.2 | % | $ | 1,374.3 | 8.0 | % | |||||||||||||||||||
Ending assets under management | $ | 1,542.2 | $ | 1,341.7 | 14.9 | % | $ | 1,444.5 | 6.8 | % | |||||||||||||||||||
Investment advisory effective fee rate in basis points (bps) | 42.1 | 42.7 | (0.6) | 42.2 | (0.1) |
Three months ended 3/31/2024 |
|||||||||||||||||||||||||||||
(in billions) | Equity | Fixed income, including money market | Multi-asset(1) |
Alternatives(2) |
Total | ||||||||||||||||||||||||
Assets under management at beginning of period | $ | 743.6 | $ | 170.0 | $ | 483.0 | $ | 47.9 | $ | 1,444.5 | |||||||||||||||||||
Net cash flows prior to manager-driven distributions | (12.8) | 0.2 | 5.5 | 0.1 | (7.0) | ||||||||||||||||||||||||
Manager-driven distributions | — | — | — | (1.0) | (1.0) | ||||||||||||||||||||||||
Net cash flows | (12.8) | 0.2 | 5.5 | (0.9) | (8.0) | ||||||||||||||||||||||||
Net market appreciation (depreciation) and income(3) |
72.1 | 0.7 | 32.1 | 0.8 | 105.7 | ||||||||||||||||||||||||
Change during the period | 59.3 | 0.9 | 37.6 | (0.1) | 97.7 | ||||||||||||||||||||||||
Assets under management at March 31, 2024 |
$ | 802.9 | $ | 170.9 | $ | 520.6 | $ | 47.8 | $ | 1,542.2 |
Three months ended | |||||||||||||||||||||||||||||
(in millions) | 3/31/2024 | 3/31/2023 | Change | 12/31/2023 | Change | ||||||||||||||||||||||||
Investment advisory fees | |||||||||||||||||||||||||||||
Equity | $ | 949.6 | $ | 833.9 | 13.9 | % | $ | 864.3 | 9.9 | % | |||||||||||||||||||
Fixed income, including money market | 100.6 | 102.4 | (1.8) | % | 98.2 | 2.4 | % | ||||||||||||||||||||||
Multi-asset | 429.7 | 386.0 | 11.3 | % | 400.6 | 7.3 | % | ||||||||||||||||||||||
Alternatives | 74.1 | 69.5 | 6.6 | % | 98.1 | (24.5) | % | ||||||||||||||||||||||
Total investment advisory fees | 1,554.0 | 1,391.8 | 11.7 | % | 1,461.2 | 6.4 | % | ||||||||||||||||||||||
Capital allocation-based income(1) |
47.1 | 16.9 | n/m | 40.2 | n/m | ||||||||||||||||||||||||
Administrative, distribution, and servicing fees | 149.1 | 128.9 | 15.7 | % | 140.6 | 6.0 | % | ||||||||||||||||||||||
Net revenues | $ | 1,750.2 | $ | 1,537.6 | 13.8 | % | $ | 1,642.0 | 6.6 | % | |||||||||||||||||||
Average AUM (in billions): | |||||||||||||||||||||||||||||
Equity | $ | 770.4 | $ | 687.0 | 12.1 | % | $ | 704.9 | 9.3 | % | |||||||||||||||||||
Fixed income, including money market | 169.5 | 169.6 | (0.1) | % | 168.4 | 0.7 | % | ||||||||||||||||||||||
Multi-asset | 497.0 | 422.2 | 17.7 | % | 453.6 | 9.6 | % | ||||||||||||||||||||||
Alternatives | 47.5 | 44.1 | 7.7 | % | 47.4 | 0.2 | % | ||||||||||||||||||||||
Average AUM | $ | 1,484.4 | $ | 1,322.9 | 12.2 | % | $ | 1,374.3 | 8.0 | % | |||||||||||||||||||
Investment advisory effective fee rate (bps) | 42.1 | 42.7 | (0.6) | 42.2 | (0.1) | ||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
(in millions) | 3/31/2024 | 3/31/2023 | Change (1) |
12/31/2023 | Change (1) |
||||||||||||||||||||||||
Compensation, benefits, and related costs | $ | 629.3 | $ | 593.3 | 6.1 | % | $ | 649.4 | (3.1) | % | |||||||||||||||||||
Acquisition-related retention agreements | 13.5 | 14.2 | (4.9) | % | 13.5 | — | % | ||||||||||||||||||||||
Capital allocation-based income compensation(2) |
13.2 | 3.5 | n/m | 10.6 | n/m | ||||||||||||||||||||||||
Supplemental savings plan | 53.0 | 42.5 | n/m | 61.9 | n/m | ||||||||||||||||||||||||
Total compensation and related costs | 709.0 | 653.5 | 8.5 | % | 735.4 | (3.6) | % | ||||||||||||||||||||||
Distribution and servicing | 81.9 | 71.5 | 14.5 | % | 75.7 | 8.2 | % | ||||||||||||||||||||||
Advertising and promotion | 25.3 | 25.8 | (1.9) | % | 44.4 | (43.0) | % | ||||||||||||||||||||||
Product and recordkeeping related costs | 75.0 | 72.1 | 4.0 | % | 68.1 | 10.1 | % | ||||||||||||||||||||||
Technology, occupancy, and facility costs | 149.9 | 146.6 | 2.3 | % | 171.6 | (12.6) | % | ||||||||||||||||||||||
General, administrative, and other | 92.6 | 107.5 | (13.9) | % | 128.1 | (27.7) | % | ||||||||||||||||||||||
Change in fair value of contingent consideration | — | (49.6) | n/m | (9.6) | n/m | ||||||||||||||||||||||||
Acquisition-related amortization and impairment costs | 29.9 | 26.0 | 15.0 | % | 41.1 | (27.3) | % | ||||||||||||||||||||||
Total operating expenses | $ | 1,163.6 | $ | 1,053.4 | 10.5 | % | $ | 1,254.8 | (7.3) | % | |||||||||||||||||||
Total adjusted operating expenses(3) |
$ | 1,071.4 | $ | 1,022.5 | 4.8 | % | $ | 1,150.7 | (6.9) | % | |||||||||||||||||||
(in millions) | Three months ended | ||||||||||||||||
3/31/2024 | 3/31/2023 | 12/31/2023 | |||||||||||||||
Net gains (losses) from non-consolidated T. Rowe Price investment products | |||||||||||||||||
Cash and discretionary investments | |||||||||||||||||
Dividend income | $ | 27.8 | $ | 20.2 | $ | 33.1 | |||||||||||
Market-related gains (losses) and equity in earnings (losses) | 0.2 | 10.6 | 5.4 | ||||||||||||||
Total net gains (losses) from cash and discretionary investments | 28.0 | 30.8 | 38.5 | ||||||||||||||
Seed capital investments | |||||||||||||||||
Dividend income | — | 0.5 | 0.6 | ||||||||||||||
Market-related gains (losses) and equity in earnings (losses) | 23.5 | 15.1 | 25.3 | ||||||||||||||
Net gains (losses) recognized upon deconsolidation | — | — | (0.7) | ||||||||||||||
Investments used to hedge the supplemental savings plan liability | 49.7 | 44.7 | 65.0 | ||||||||||||||
Total net gains (losses) from non-consolidated T. Rowe Price investment products | 101.2 | 91.1 | 128.7 | ||||||||||||||
Other investment income | 20.3 | 2.8 | 12.8 | ||||||||||||||
Net gains (losses) on investments | 121.5 | 93.9 | 141.5 | ||||||||||||||
Net gains (losses) on consolidated sponsored investment products | 72.3 | 45.4 | 119.2 | ||||||||||||||
Other gains (losses), including foreign currency gains (losses) | (4.9) | (3.9) | (1.0) | ||||||||||||||
Non-operating income (loss) | $ | 188.9 | $ | 135.4 | $ | 259.7 | |||||||||||
Three months ended | |||||||||||
3/31/2024 | 3/31/2023 | ||||||||||
Statutory U.S. federal income tax rate | 21.0 | % | 21.0 | % | |||||||
State income taxes for current year, net of federal income tax benefits(1) |
2.5 | 3.0 | |||||||||
Net (income) losses attributable to redeemable non-controlling interests(2) |
(0.5) | (0.4) | |||||||||
Net excess tax losses (benefits) from stock-based compensation plans activity | (0.3) | (0.4) | |||||||||
Valuation allowances | 0.5 | 4.3 | |||||||||
Other items | 0.3 | 1.2 | |||||||||
Effective income tax rate | 23.5 | % | 28.7 | % | |||||||
Public Relations | Investor Relations | ||||||||||
Jamaal Mobley | Linsley Carruth | ||||||||||
410-345-3403 | 410-345-3717 | ||||||||||
jamaal.mobley@troweprice.com | linsley.carruth@troweprice.com | ||||||||||
Unaudited Consolidated Statements of Income | ||||||||||||||||||||
(in millions, except per-share amounts) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
Revenues | 3/31/2024 | 3/31/2023 | 12/31/2023 | |||||||||||||||||
Investment advisory fees | $ | 1,554.0 | $ | 1,391.8 | $ | 1,461.2 | ||||||||||||||
Capital allocation-based income | 47.1 | 16.9 | 40.2 | |||||||||||||||||
Administrative, distribution, and servicing fees | 149.1 | 128.9 | 140.6 | |||||||||||||||||
Net revenues | 1,750.2 | 1,537.6 | 1,642.0 | |||||||||||||||||
Operating expenses | ||||||||||||||||||||
Compensation, benefits, and related costs | 629.3 | 593.3 | 649.4 | |||||||||||||||||
Acquisition-related retention agreements | 13.5 | 14.2 | 13.5 | |||||||||||||||||
Capital allocation-based income compensation | 13.2 | 3.5 | 10.6 | |||||||||||||||||
Supplemental savings plan | 53.0 | 42.5 | 61.9 | |||||||||||||||||
Total compensation and related costs | 709.0 | 653.5 | 735.4 | |||||||||||||||||
Distribution and servicing | 81.9 | 71.5 | 75.7 | |||||||||||||||||
Advertising and promotion | 25.3 | 25.8 | 44.4 | |||||||||||||||||
Product and recordkeeping related costs | 75.0 | 72.1 | 68.1 | |||||||||||||||||
Technology, occupancy, and facility costs | 149.9 | 146.6 | 171.6 | |||||||||||||||||
General, administrative, and other | 92.6 | 107.5 | 128.1 | |||||||||||||||||
Change in fair value of contingent consideration | — | (49.6) | (9.6) | |||||||||||||||||
Acquisition-related amortization and impairment costs | 29.9 | 26.0 | 41.1 | |||||||||||||||||
Total operating expenses | 1,163.6 | 1,053.4 | 1,254.8 | |||||||||||||||||
Net operating income | 586.6 | 484.2 | 387.2 | |||||||||||||||||
Non-operating income (loss) | ||||||||||||||||||||
Net gains (losses) on investments | 121.5 | 93.9 | 141.5 | |||||||||||||||||
Net gains (losses) on consolidated sponsored investment products | 72.3 | 45.4 | 119.2 | |||||||||||||||||
Other gains (losses), including foreign currency gains (losses) | (4.9) | (3.9) | (1.0) | |||||||||||||||||
Total non-operating income (loss) | 188.9 | 135.4 | 259.7 | |||||||||||||||||
Income before income taxes | 775.5 | 619.6 | 646.9 | |||||||||||||||||
Provision for income taxes | 182.1 | 177.9 | 173.3 | |||||||||||||||||
Net income | 593.4 | 441.7 | 473.6 | |||||||||||||||||
Less: net income (loss) attributable to redeemable non-controlling interests | 19.6 | 20.2 | 36.0 | |||||||||||||||||
Net income attributable to T. Rowe Price | 573.8 | 421.5 | 437.6 | |||||||||||||||||
Less: net income allocated to outstanding restricted stock and stock unit holders | 15.8 | 10.5 | 11.7 | |||||||||||||||||
Net income allocated to T. Rowe Price common stockholders | $ | 558.0 | $ | 411.0 | $ | 425.9 | ||||||||||||||
Earnings per share | ||||||||||||||||||||
Basic | $ | 2.50 | $ | 1.83 | $ | 1.91 | ||||||||||||||
Diluted | $ | 2.49 | $ | 1.83 | $ | 1.90 | ||||||||||||||
Weighted-average common shares | ||||||||||||||||||||
Outstanding | 223.6 | 224.4 | 223.5 | |||||||||||||||||
Outstanding assuming dilution | 224.2 | 225.2 | 224.0 | |||||||||||||||||
Three months ended | |||||||||||||||||||||||
3/31/2024 | |||||||||||||||||||||||
(in millions) |
Cash flow attributable to T. Rowe Price | Cash flow attributable to consolidated T. Rowe Price investment products |
Elims |
As reported |
|||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income (loss) | $ | 573.8 | $ | 70.0 | $ | (50.4) | $ | 593.4 | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||||||||
Depreciation, amortization and impairments of property, equipment and software | 62.6 | — | — | 62.6 | |||||||||||||||||||
Amortization and impairment of acquisition-related assets and retention agreements | 50.8 | — | — | 50.8 | |||||||||||||||||||
Stock-based compensation expense | 58.4 | — | — | 58.4 | |||||||||||||||||||
Net (gains) losses recognized on investments | (197.4) | — | 50.4 | (147.0) | |||||||||||||||||||
Net redemptions in sponsored investment products used to economically hedge supplemental savings plan liability | 15.1 | — | — | 15.1 | |||||||||||||||||||
Net change in trading securities held by consolidated sponsored investment products | — | (158.3) | — | (158.3) | |||||||||||||||||||
Other changes | 176.2 | (7.4) | (6.5) | 162.3 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 739.5 | (95.7) | (6.5) | 637.3 | |||||||||||||||||||
Net cash provided by (used in) investing activities | (34.4) | (0.1) | 25.9 | (8.6) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (355.2) | 106.8 | (19.4) | (267.8) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | — | (0.8) | — | (0.8) | |||||||||||||||||||
Net change in cash and cash equivalents during period | 349.9 | 10.2 | — | 360.1 | |||||||||||||||||||
Cash and cash equivalents at beginning of year | 2,066.6 | 77.2 | — | 2,143.8 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 2,416.5 | $ | 87.4 | $ | — | $ | 2,503.9 |
Unaudited Condensed Consolidated Balance Sheet Information (in millions) | As of | ||||||||||
3/31/2024 | 12/31/2023 | ||||||||||
Cash and cash equivalents | $ | 2,416.5 | $ | 2,066.6 | |||||||
Accounts receivable and accrued revenue | 883.0 | 807.9 | |||||||||
Investments | 2,588.7 | 2,554.7 | |||||||||
Assets of consolidated sponsored investment products | 2,117.2 | 1,959.3 | |||||||||
Operating lease assets | 234.9 | 241.1 | |||||||||
Property, equipment and software, net | 846.4 | 806.6 | |||||||||
Goodwill and intangible assets | 3,124.6 | 3,150.1 | |||||||||
Other assets | 642.7 | 692.5 | |||||||||
Total assets | 12,854.0 | 12,278.8 | |||||||||
Supplemental savings plan liability | 927.4 | 895.0 | |||||||||
Total other liabilities, includes $71.1 at March 31, 2024, and $54.2 at December 31, 2023, from consolidated sponsored investment products |
1,260.4 | 1,092.6 | |||||||||
Non-controlling interests* | 882.1 | 786.1 | |||||||||
Stockholders' equity attributable to T. Rowe Price Group, Inc., 223.5 common shares outstanding at
March 31, 2024 and 223.9 common shares outstanding at December 31, 2023
|
$ | 9,784.1 | $ | 9,505.1 |
Three months ended | |||||||||||||||||
Investments in affiliated private investment funds - carried interest | 3/31/2024 | 3/31/2023 | 12/31/2023 | ||||||||||||||
Balance at beginning of period | $ | 519.9 | $ | 467.8 | $ | 578.2 | |||||||||||
Capital allocation-based income: | |||||||||||||||||
Change in accrued carried interest | 59.5 | 29.2 | 51.1 | ||||||||||||||
Acquisition-related amortization and impairments | (12.4) | (12.3) | (10.9) | ||||||||||||||
Net distributions | (52.7) | (0.9) | (98.5) | ||||||||||||||
Balance at end of period |
$ | 514.3 | $ | 483.8 | $ | 519.9 |
Three months ended | |||||||||||||||||
Non-controlling interests (NCI) in consolidated entities | 3/31/2024 | 3/31/2023 | 12/31/2023 | ||||||||||||||
Balance at beginning of period | $ | 192.0 | $ | 190.7 | $ | 221.5 | |||||||||||
Capital allocation-based income compensation: | |||||||||||||||||
Change in accrued carried interest compensation | 18.5 | 8.6 | 15.2 | ||||||||||||||
Acquisition-related amortization and impairments | (5.3) | (5.1) | (4.6) | ||||||||||||||
Net contributions (distributions) | 0.2 | 0.2 | (40.1) | ||||||||||||||
Balance at end of period |
$ | 205.4 | $ | 194.4 | $ | 192.0 |
Three months ended 3/31/2024 |
|||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(5) |
Net income attributable to T. Rowe Price | Diluted earnings per share(6) |
||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | $ | 1,163.6 | $ | 586.6 | $ | 188.9 | $ | 182.1 | $ | 573.8 | $ | 2.49 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Acquisition-related: | |||||||||||||||||||||||||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs) |
5.3 | 7.1 | — | 2.0 | 5.1 | 0.02 | |||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) |
(13.5) | 13.5 | — | 3.8 | 9.7 | 0.04 | |||||||||||||||||||||||||||||
Intangible assets amortization and impairments(1) |
(29.9) | 29.9 | — | 8.3 | 21.6 | 0.10 | |||||||||||||||||||||||||||||
Total acquisition-related | (38.1) | 50.5 | — | 14.1 | 36.4 | 0.16 | |||||||||||||||||||||||||||||
Supplemental savings plan liability(2) (Compensation and related costs) |
(53.0) | 53.0 | (49.7) | 0.9 | 2.4 | 0.01 | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(3) |
(1.1) | 2.3 | (72.3) | (14.0) | (36.4) | (0.16) | |||||||||||||||||||||||||||||
Other non-operating income(4) |
— | — | (38.4) | (10.7) | (27.7) | (0.12) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 1,071.4 | $ | 692.4 | $ | 28.5 | $ | 172.4 | $ | 548.5 | $ | 2.38 |
Three months ended 3/31/2023 |
|||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(5) |
Net income attributable to T. Rowe Price | Diluted earnings per share(6) |
||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | $ | 1,053.4 | $ | 484.2 | $ | 135.4 | $ | 177.9 | $ | 421.5 | $ | 1.83 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Acquisition-related: | |||||||||||||||||||||||||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs) |
5.1 | 7.2 | — | 1.5 | 5.7 | 0.02 | |||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) |
(14.2) | 14.2 | — | 3.1 | 11.1 | 0.05 | |||||||||||||||||||||||||||||
Contingent consideration(1) |
49.6 | (49.6) | — | (10.5) | (39.1) | (0.17) | |||||||||||||||||||||||||||||
Intangible assets amortization and impairments(1) |
(26.0) | 26.0 | — | 5.6 | 20.4 | 0.09 | |||||||||||||||||||||||||||||
Total acquisition-related | 14.5 | (2.2) | — | (0.3) | (1.9) | (0.01) | |||||||||||||||||||||||||||||
Supplemental savings plan liability(2) (Compensation and related costs) |
(42.5) | 42.5 | (44.7) | (0.5) | (1.7) | (0.01) | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(3) |
(2.9) | 3.5 | (45.4) | (4.6) | (17.1) | (0.07) | |||||||||||||||||||||||||||||
Other non-operating income(4) |
— | — | (14.5) | (3.1) | (11.4) | (0.05) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 1,022.5 | $ | 528.0 | $ | 30.8 | $ | 169.4 | $ | 389.4 | $ | 1.69 |
Three months ended 12/31/2023 |
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Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(5) |
Net income attributable to T. Rowe Price | Diluted earnings per share(6) |
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U.S. GAAP Basis (FS line item) | $ | 1,254.8 | $ | 387.2 | $ | 259.7 | $ | 173.3 | $ | 437.6 | $ | 1.90 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Acquisition-related: | |||||||||||||||||||||||||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs) |
4.6 | 6.3 | — | 1.7 | 4.6 | 0.02 | |||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) |
(13.5) | 13.5 | — | 3.6 | 9.9 | 0.04 | |||||||||||||||||||||||||||||
Contingent consideration(1) |
9.6 | (9.6) | — | (2.6) | (7.0) | (0.03) | |||||||||||||||||||||||||||||
Intangible assets amortization and impairments(1) |
(41.1) | 41.1 | — | 11.1 | 30.0 | 0.14 | |||||||||||||||||||||||||||||
Total acquisition-related | (40.4) | 51.3 | — | 13.8 | 37.5 | 0.17 | |||||||||||||||||||||||||||||
Supplemental savings plan liability(2) (Compensation and related costs) |
(61.9) | 61.9 | (65.0) | (0.8) | (2.3) | (0.01) | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(3) |
(1.8) | 2.3 | (119.2) | (21.8) | (59.1) | (0.26) | |||||||||||||||||||||||||||||
Other non-operating income(4) |
— | — | (26.0) | (7.0) | (19.0) | (0.08) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 1,150.7 | $ | 502.7 | $ | 49.5 | $ | 157.5 | $ | 394.7 | $ | 1.72 |
Three months ended | |||||||||||||||||
3/31/2024 | 3/31/2023 | 12/31/2023 | |||||||||||||||
Adjusted net income attributable to T. Rowe Price | $ | 548.5 | $ | 389.4 | $ | 394.7 | |||||||||||
Less: adjusted net income allocated to outstanding restricted stock and stock unit holders | 15.2 | 9.6 | 10.6 | ||||||||||||||
Adjusted net income allocated to common stockholders | $ | 533.3 | $ | 379.8 | $ | 384.1 |