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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 2, 2024
 
Commission File Number 001-38103
 
jlogo.jpg
 
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
 
 
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)
 
Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
 
Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).
 
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. ☐
 


 






 
Item 2.02         Results of Operations and Financial Condition.
 
On May 2, 2024, Janus Henderson Group plc issued a press release reporting its financial results for the first quarter 2024. A copy of that press release is being furnished as Exhibit 99.1 to this Current Report.
 
Item 9.01         Financial Statements and Exhibits.
 
(d) Exhibits. The following exhibits are being furnished herewith.
 
Exhibit
Number
 
Description
99.1
 
     
104
 
Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
 
2
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Janus Henderson Group plc
   
Date: May 2, 2024
By:
/s/ Roger Thompson
   
Roger Thompson
   
Chief Financial Officer
 
 
3
EX-99.1 2 ex_632278.htm EXHIBIT 99.1 ex_632278.htm

Exhibit 99.1

 jlogosm.jpg

Janus Henderson Group plc Reports First Quarter 2024 Results

 

 

Solid investment performance, with 70%, 60%, 68%, and 85% of assets under management (“AUM”) outperforming relevant benchmarks on a one-, three-, five-, and 10-year basis, respectively, as of March 31, 2024

 

 

AUM increased 5% quarter over quarter and 14% year over year to US$352.6 billion as of March 31, 2024

 

 

First quarter 2024 net outflows of US$(3.0) billion reflect net inflows in Intermediary and outflows in Institutional

 

 

First quarter 2024 diluted EPS of US$0.81, or US$0.71 on an adjusted basis 

 

 

Announced strategic decisions to acquire NBK Capital Partners, the emerging markets private investments team of NBK Wealth, and Tabula Investment Management, a leading independent European ETF provider

 

 

Returned US$145 million in capital to shareholders through dividends and share buybacks in first quarter 2024 

 

 

Board of Directors declared a quarterly dividend of US$0.39 per share and approved a new share repurchase authorization of up to US$150 million of the Company's common shares

 

LONDON — Janus Henderson Group plc (NYSE: JHG; “JHG," "Janus Henderson,” or the “Company”) published its first quarter 2024 results for the period ended March 31, 2024. First quarter 2024 operating income was US$119.2 million compared to US$143.7 million in the fourth quarter 2023 and US$100.4 million in the first quarter 2023. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$128.2 million in the first quarter 2024 compared to US$156.2 million in the fourth quarter 2023 and US$105.6 million in the first quarter 2023.

 

First quarter 2024 diluted earnings per share of US$0.81 compared to US$0.74 in the fourth quarter 2023 and US$0.53 in the first quarter 2023. Adjusted diluted earnings per share of US$0.71 in the first quarter 2024 compared to US$0.82 in the fourth quarter 2023 and compared to US$0.55 in the first quarter 2023.

 

Acquisitions of NBK Capital Partners and Tabula Investment Management

 

Janus Henderson announced today that it has entered into a strategic partnership with NBK Wealth, the wealth management arm of the National Bank of Kuwait Group, whereby NBK Capital Partners ("NBKCP"), NBK Wealth's private investments team, will be acquired by Janus Henderson as the firm’s new emerging markets private capital division. The private investments team from NBK Wealth was established in 2006 and today is a leading alternative investments advisor across private credit and private equity strategies in emerging markets, including the Middle East and North Africa. Janus Henderson has a well-established history of investing in emerging markets, showcasing capabilities in emerging market equity and, more recently, enhancing its offerings with the addition of an emerging markets debt team. As investors look across the global market for differentiated investment opportunities, Janus Henderson believes emerging markets remain underpenetrated for private capital solutions and, therefore, present a key strategic growth area. The Company expects that partnering with NBK Wealth will provide Janus Henderson with the opportunity to tap into this rapidly expanding market, where there is increasing appetite from both sovereigns and corporates.

 

The Company also announced today that it has entered into an agreement to acquire Tabula Investment Management ("Tabula"), a leading independent ETF provider in Europe with an existing focus on fixed income and sustainable investment solutions. Established in 2018, Tabula has built an institutional-grade investment management and ETF platform with funds listed across 10 European exchanges, serving clients across 15 countries. The acquisition will build on Janus Henderson’s successful active ETF business in the U.S., where it is the fourth largest global provider of active fixed income ETFs by AUM.1 Janus Henderson believes partnering with Tabula will enable the Company to respond to client demand globally for its exceptional investment strategies to include an ETF wrapper. 

 

Financial terms of the transactions are not disclosed. Both transactions are expected to be completed in the second quarter 2024, subject to customary closing conditions, including regulatory approvals.

 

1

Source: Bloomberg Professional as of March 31, 2024.

 

Page | 1

 

Ali Dibadj, Chief Executive Officer, stated:

 
"We are pleased with the progress made this quarter. We delivered solid investment performance and financial results, reflecting strong markets, alpha generation, effective cost control, and increased productivity leading to a nearly 30% year-over-year increase in our diluted adjusted EPS. Our strong balance sheet provides us the flexibility to invest in the business—both organically and inorganically—as well as return cash to shareholders. The new buyback authorization and announced dividend reflect our strong liquidity position and our continued commitment to capital return.
 
"We continue to execute our strategic objectives, and we are extraordinarily pleased to partner with the talented professionals at both NBKCP and Tabula. These transactions represent strategic steps to amplify existing strengths and diversify where clients give us the right to win. The M&A pipeline remains active, and these bolt-on acquisitions reflect only the beginning of what we believe will be several future partnerships to meet our clients' needs and support the growth of Janus Henderson.
 
"While there is still work to be done, we have several areas of momentum in our business and the progress is tangible. Our focus remains on positioning Janus Henderson to deliver superior outcomes for our clients, employees, shareholders, and other stakeholders."
 
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)

 

The Company presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, JHG management evaluates the profitability of the Company and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See “Reconciliation of non-GAAP financial information” below for additional information.

 

   

Three months ended

 
   

31 Mar

   

31 Dec

   

31 Mar

 
   

2024

   

2023

   

2023

 

GAAP basis:

                       

Revenue

    551.7       568.5       495.8  

Operating expenses

    432.5       424.8       395.4  

Operating income

    119.2       143.7       100.4  

Operating margin

    21.6 %     25.3 %     20.3 %

Net income attributable to JHG

    130.1       121.3       87.4  

Diluted earnings per share

    0.81       0.74       0.53  
                         

Adjusted basis:

                       

Revenue

    426.8       455.2       383.8  

Operating expenses

    298.6       299.0       278.2  

Operating income

    128.2       156.2       105.6  

Operating margin

    30.0 %     34.3 %     27.5 %

Net income attributable to JHG

    114.4       135.2       91.3  

Diluted earnings per share

    0.71       0.82       0.55  

 

SHARE REPURCHASE AND DIVIDEND

 

As part of the US$150 million on-market share repurchase program approved by the Board in October 2023, JHG purchased approximately 2.7 million of its ordinary shares on the New York Stock Exchange (NYSE) in the first quarter, for a total outlay of approximately US$81 million. 

 

On May 1, 2024, the Board declared a first quarter dividend in respect of the three months ended March 31, 2024, of US$0.39 per share. Shareholders on the register on the record date of May 13, 2024, will be paid the dividend on May 29, 2024. Additionally, on May 1, 2024, the Board authorized a new on-market share repurchase program under which JHG may repurchase, from time to time, up to $150 million of the Company’s common shares. This share repurchase program may be suspended, modified, or discontinued at any time, but any repurchases under the program must be made prior to the date of JHG’s 2025 Annual General Meeting of Shareholders.

 

Some JHG executives and employees obtain rights to receive shares of JHG common stock as part of their remuneration arrangements and employee entitlements. In order to satisfy these entitlements in a manner that is not dilutive to shareholders, the Board separately approved the repurchase of up to five million additional shares of common stock for the purpose of making grants to these executives and employees.

 

 

Page | 2

 

AUM AND FLOWS (in US$ billions)

 

FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client switches.

 

Total comparative AUM and flows

 

   

Three months ended

 
   

31 Mar

   

31 Dec

   

31 Mar

 
   

2024

   

2023

   

2023

 

Opening AUM

    334.9       308.3       287.3  

Sales

    15.9       14.4       19.5  

Redemptions

    (18.9 )     (17.5 )     (14.0 )

Net sales / (redemptions)

    (3.0 )     (3.1 )     5.5  

Market / FX

    20.7       29.7       17.7  

Closing AUM

    352.6       334.9       310.5  

 

 

 

 

Quarterly AUM and flows by capability

 

                                         
           

Fixed

                         
   

Equities

   

Income

   

Multi-Asset

   

Alternatives

   

Total

 

AUM 31 Mar 2023

    188.5       65.0       46.8       10.2       310.5  

Sales

    8.6       5.1       1.1       0.4       15.2  

Redemptions

    (8.6 )     (4.1 )     (1.8 )     (1.2 )     (15.7 )

Net sales / (redemptions)

          1.0       (0.7 )     (0.8 )     (0.5 )

Market / FX

    10.6       (0.1 )     1.6             12.1  

Reclassifications

    0.4                   (0.4 )      

AUM 30 Jun 2023

    199.5       65.9       47.7       9.0       322.1  

Sales

    5.7       4.8       1.0       0.3       11.8  

Redemptions

    (8.0 )     (3.9 )     (1.7 )     (0.8 )     (14.4 )

Net sales / (redemptions)

    (2.3 )     0.9       (0.7 )     (0.5 )     (2.6 )

Market / FX

    (8.0 )     (1.7 )     (1.7 )     0.2       (11.2 )

Reclassifications

    (1.3 )           0.6       0.7        

AUM 30 Sep 2023

    187.9       65.1       45.9       9.4       308.3  

Sales

    6.0       6.9       1.0       0.5       14.4  

Redemptions

    (9.2 )     (5.2 )     (2.4 )     (0.7 )     (17.5 )

Net sales / (redemptions)

    (3.2 )     1.7       (1.4 )     (0.2 )     (3.1 )

Market / FX

    20.4       4.7       4.4       0.2       29.7  

AUM 31 Dec 2023

    205.1       71.5       48.9       9.4       334.9  

Sales

    8.1       5.8       1.3       0.7       15.9  

Redemptions

    (9.2 )     (5.7 )     (2.1 )     (1.9 )     (18.9 )

Net sales / (redemptions)

    (1.1 )     0.1       (0.8 )     (1.2 )     (3.0 )

Market / FX

    18.3       (1.0 )     3.0       0.4       20.7  

AUM 31 Mar 2024

    222.3       70.6       51.1       8.6       352.6  

 

Average AUM by capability

 

   

Three months ended

 
   

31 Mar

   

31 Dec

   

31 Mar

 
   

2024

   

2023

   

2023

 

Equities

    212.7       191.9       184.0  

Fixed Income

    70.6       66.8       63.5  

Multi-Asset

    50.0       46.9       46.5  

Alternatives

    8.6       9.3       10.5  

Total

    341.9       314.9       304.5  

 

Page | 3

 

INVESTMENT PERFORMANCE

 

% of AUM outperforming benchmark (as of March 31, 2024)

 

Capability

 

1-year

   

3-year

   

5-year

   

10-year

 

Equities

    60

%

    48

%

    55

%

    80

%

Fixed Income

    84

%

    69

%

    88

%

    92

%

Multi-Asset

    95

%

    95

%

    97

%

    97

%

Alternatives

    79

%

    89

%

    97

%

    100

%

Total

    70

%

    60

%

    68

%

    85

%

 

Outperformance is measured based on composite performance gross of fees versus primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees versus zero for absolute return strategies, (2) fund net of fees versus primary index, or (3) fund net of fees versus Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable.

 

Cash management vehicles, ETF-enhanced beta strategies, Managed CDOs, Private Equity funds, and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Performance across all time periods excludes Intech, the sale of which was completed March 31, 2022. Excluded assets represent 3% of AUM. Capabilities defined by Janus Henderson.

 

% of mutual fund AUM in top 2 Morningstar quartiles (as of March 31, 2024)

 

Capability

 

1-year

   

3-year

   

5-year

   

10-year

 

Equities

    60

%

    73

%

    78

%

    86

%

Fixed Income

    67

%

    55

%

    65

%

    70

%

Multi-Asset

    93

%

    96

%

    93

%

    95

%

Alternatives

    30

%

    80

%

    9

%

    96

%

Total

    66

%

    75

%

    78

%

    86

%

 

Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (U.S. Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs, and Australian Managed Investment Schemes. Performance across all time periods excludes Intech, the sale of which was completed March 31, 2022. The top two Morningstar quartiles represent funds in the top half of their category based on total return. For the 1-, 3-, 5-, and 10-year periods ending March 31, 2024, 53%, 58%, 55%, and 62% of the 188, 172, 163, and 146 total mutual funds, respectively, were in the top 2 Morningstar quartiles.

 

Analysis based on “primary” share class (Class I Shares, Institutional Shares, or share class with longest history for U.S. Trusts; Class A Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

 

Funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2024 Morningstar, Inc. All Rights Reserved.

 

Page | 4

 

 

FIRST QUARTER 2024 RESULTS BRIEFING INFORMATION

 

Chief Executive Officer Ali Dibadj and Chief Financial Officer Roger Thompson will present these results on May 2, 2024, on a conference call and webcast to be held at 9:00 a.m. ET.

 

Those wishing to participate should call:

 

United States

833 470 1428 

United Kingdom

0808 189 6484

All other countries

+1 929 526 1599 

Conference ID

583840

 

Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website (ir.janushenderson.com).

 

About Janus Henderson 

 

Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of March 31, 2024, Janus Henderson had approximately US$353 billion in assets under management, more than 2,000 employees, and offices in 24 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the NYSE.

 

Investor enquiries:

Media enquiries:

Jim Kurtz

Nicole Mullin

Head of Investor Relations

Director of Media Relations

+1 303 336 4529 +44 (0)20 7818 2511

jim.kurtz@janushenderson.com

nicole.mullin@janushenderson.com

   

Or

Candice Sun
  Head of Corporate Communications, North America

Investor Relations

+1 303 336 5452

investor.relations@janushenderson.com

candice.sun@janushenderson.com

 

Page | 5

 

 

FINANCIAL DISCLOSURES

 

Condensed consolidated statements of comprehensive income (unaudited)

 

   

Three months ended

 
   

31 Mar

   

31 Dec

   

31 Mar

 

(in US$ millions, except per share data or as noted)

 

2024

   

2023

   

2023

 

Revenue:

                       

Management fees

    459.4       427.1       414.6  

Performance fees

    (13.1 )     41.7       (14.9 )

Shareowner servicing fees

    57.2       53.6       51.5  

Other revenue

    48.2       46.1       44.6  

Total revenue

    551.7       568.5       495.8  
                         

Operating expenses:

                       

Employee compensation and benefits

    165.8       156.1       140.3  

Long-term incentive plans

    50.4       41.7       55.5  

Distribution expenses

    122.4       113.3       112.0  

Investment administration

    12.2       12.3       11.6  

Marketing

    8.0       8.9       8.8  

General, administrative and occupancy

    68.6       87.6       61.1  

Depreciation and amortization

    5.1       4.9       6.1  

Total operating expenses

    432.5       424.8       395.4  
                         

Operating income

    119.2       143.7       100.4  
                         

Interest expense

    (3.1 )     (3.2 )     (3.1 )

Investment gains, net

    22.5       24.8       17.6  

Other non-operating income, net

    34.6       11.9       7.1  

Income before taxes

    173.2       177.2       122.0  

Income tax provision

    (32.6 )     (32.9 )     (26.0 )

Net income

    140.6       144.3       96.0  

Net income attributable to noncontrolling interests

    (10.5 )     (23.0 )     (8.6 )

Net income attributable to JHG

    130.1       121.3       87.4  

Less: allocation of earnings to participating stock-based awards

    (3.0 )     (3.5 )     (2.4 )

Net income attributable to JHG common shareholders

    127.1       117.8       85.0  
                         

Basic weighted-average shares outstanding (in millions)

    157.5       160.1       160.2  

Diluted weighted-average shares outstanding (in millions)

    157.7       160.2       160.4  
                         

Diluted earnings per share (in US$)

    0.81       0.74       0.53  

 

Page | 6

 

 

Reconciliation of non-GAAP financial information

 

In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of GAAP revenue, operating expenses, operating income, net income attributable to JHG, and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG, and adjusted diluted earnings per share.

 

   

Three months ended

 
   

31 Mar

   

31 Dec

   

31 Mar

 

(in US$ millions, except per share data or as noted)

 

2024

   

2023

   

2023

 

Reconciliation of revenue to adjusted revenue

                       

Revenue

    551.7       568.5       495.8  

Management fees1

    (45.5 )     (40.8 )     (40.8 )

Shareowner servicing fees1

    (45.9 )     (42.9 )     (42.3 )

Other revenue1

    (33.5 )     (29.6 )     (28.9 )

Adjusted revenue

    426.8       455.2       383.8  
                         

Reconciliation of operating expenses to adjusted operating expenses

                       

Operating expenses

    432.5       424.8       395.4  

Employee compensation and benefits2

    (8.5 )     (2.2 )     (1.2 )

Long-term incentive plans2

    (1.8 )     (0.5 )     (2.5 )

Distribution expenses1

    (122.4 )     (113.3 )     (112.0 )

General, administration and occupancy2

    (1.1 )     (9.6 )     (1.0 )

Depreciation and amortization3

    (0.1 )     (0.2 )     (0.5 )

Adjusted operating expenses

    298.6       299.0       278.2  
                         

Adjusted operating income

    128.2       156.2       105.6  
                         

Operating margin

    21.6 %     25.3 %     20.3 %

Adjusted operating margin

    30.0 %     34.3 %     27.5 %
                         

Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG

                       

Net income attributable to JHG

    130.1       121.3       87.4  

Employee compensation and benefits2

    6.0       2.2       1.2  

Long-term incentive plans2

    1.8       0.5       2.5  

General, administration and occupancy2

    1.1       9.6       1.0  

Depreciation and amortization3

    0.1       0.2       0.5  

Investment gains, net4

          0.2        

Other non-operating income (expense), net4

    (22.6 )     3.0        

Income tax provision5

    (2.1 )     (1.8 )     (1.3 )

Adjusted net income attributable to JHG

    114.4       135.2       91.3  

Less: allocation of earnings to participating stock-based awards

    (2.6 )     (3.9 )     (2.5 )

Adjusted net income attributable to JHG common shareholders

    111.8       131.3       88.8  
                         

Weighted-average diluted common shares outstanding – diluted (in millions)

    157.7       160.2       160.4  

Diluted earnings per share (in US$)

    0.81       0.74       0.53  

Adjusted diluted earnings per share (in US$)

    0.71       0.82       0.55  

 


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1

JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and servicing fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue. In addition to the adjustments related to distribution and servicing activities, other revenue for the three months ended March 31, 2024, also includes an adjustment related to an employee secondment arrangement with a joint venture. The arrangement is pass-through in nature, and we believe the costs do not represent our ongoing operations. 

 

2

Adjustments for the three months ended March 31, 2024 and 2023, primarily relate to redundancy expenses and the acceleration of long-term incentive plan expense related to the departure of certain employees. Adjustments for the three months ended March 31, 2023, also include rent expense on subleased office space. Adjustments for the three months ended December 31, 2023, include a US$9.3 million charge related to a separately managed account trade error. JHG management believes these costs are not representative of our ongoing operations. Additionally, within the reconciliation of operating expenses to adjusted operating expenses for the three months ended March 31, 2024, employee compensation and benefits also includes an adjustment related to an employee secondment arrangement with a joint venture. The arrangement is pass-through in nature, and we believe the costs do not represent our ongoing operations. 

 

3

Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognized at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortized on a straight-line basis over the expected life of the contracts. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations.

 

4

Adjustments consist primarily of the release of accumulated foreign currency translation adjustments related to JHG liquidated entities. JHG management believes these costs are not representative of our ongoing operations.

 

5

The tax impact of the adjustments is calculated based on the applicable U.S. or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible.

 

Condensed consolidated balance sheets (unaudited)

 

   

31 Mar

   

31 Dec

 

(in US$ millions)

 

2024

   

2023

 

Assets:

               

Cash and cash equivalents

    904.7       1,152.4  

Investments

    240.7       334.2  

Property, equipment and software, net

    41.7       44.2  

Intangible assets and goodwill, net

    3,708.9       3,721.6  

Assets of consolidated variable interest entities

    512.3       405.9  

Other assets

    861.8       838.3  

Total assets

    6,270.1       6,496.6  
                 

Liabilities, redeemable noncontrolling interests and equity:

               

Long-term debt

    303.9       304.6  

Deferred tax liabilities, net

    569.2       570.8  

Liabilities of consolidated variable interest entities

    4.7       3.2  

Other liabilities

    690.2       762.5  

Redeemable noncontrolling interests

    274.7       317.2  

Total equity

    4,427.4       4,538.3  

Total liabilities, redeemable noncontrolling interests and equity

    6,270.1       6,496.6  

 

Condensed consolidated statements of cash flows (unaudited)

 

   

Three months ended

 
   

31 Mar

   

31 Dec

   

31 Mar

 

(in US$ millions)

 

2024

   

2023

   

2023

 

Cash provided by (used for):

                       

Operating activities

    (5.0 )     161.5       (108.2 )

Investing activities

    (54.3 )     (86.8 )     (235.1 )

Financing activities

    (179.2 )     (76.1 )     13.8  

Effect of exchange rate changes

    (7.3 )     29.2       15.4  

Net change during period

    (245.8 )     27.8       (314.1 )

 

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Basis of preparation

 

In the opinion of management of Janus Henderson Group plc, the condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly present the financial position, results of operations, and cash flows of JHG in accordance with GAAP. Such financial statements have been prepared in accordance with the instructions to Form 10‑Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in Janus Henderson’s Annual Report on Form 10‑K for the year ended December 31, 2023, filed with the SEC (Commission File No. 001‑38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements.

 

FORWARD-LOOKING STATEMENTS DISCLAIMER

 

Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.

 

Certain statements in this press release not based on historical facts are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Such forward-looking statements involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events, including with respect to the timing and anticipated benefits of pending transactions and expectations regarding acquisition opportunities. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance onforward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.

 

Various risks, uncertainties, assumptions, and factors that could cause our future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks, uncertainties, assumptions, and factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, and in other filings or furnishings made by the Company with the SEC from time to time.

 

Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

 

The information, statements, and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

 

Not all products or services are available in all jurisdictions.

 

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.

© Janus Henderson Group plc.

 

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