07/26/2024 | Press release | Distributed by Public on 07/26/2024 05:04
Three months ended | ||||||||||
(in millions, except per-share data) | 6/30/2024 | 6/30/2023 |
Change(1)
|
3/31/2024 |
Change(1)
|
|||||
U.S. GAAP basis | ||||||||||
Investment advisory fees | $ | 1,585.6 | $ | 1,430.8 | 10.8 | % | $ | 1,554.0 | 2.0 | % |
Capital allocation-based income(2)
|
$ | 0.1 | $ | 38.7 | n/m | $ | 47.1 | n/m | ||
Net revenues | $ | 1,733.3 | $ | 1,610.2 | 7.6 | % | $ | 1,750.2 | (1.0) | % |
Operating expenses | $ | 1,168.6 | $ | 1,076.7 | 8.5 | % | $ | 1,163.6 | 0.4 | % |
Net operating income | $ | 564.7 | $ | 533.5 | 5.8 | % | $ | 586.6 | (3.7) | % |
Non-operating income (loss) | $ | 80.3 | $ | 106.2 | n/m | $ | 188.9 | n/m | ||
Net income attributable to T. Rowe Price | $ | 483.4 | $ | 476.4 | 1.5 | % | $ | 573.8 | (15.8) | % |
Diluted earnings per common share | $ | 2.11 | $ | 2.06 | 2.4 | % | $ | 2.49 | (15.3) | % |
Weighted average common shares outstanding assuming dilution | 223.5 | 225.2 | (0.8) | % | 224.2 | (0.3) | % | |||
Adjusted basis(3)
|
||||||||||
Operating expenses | $ | 1,105.8 | $ | 1,026.2 | 7.8 | % | $ | 1,071.4 | 3.2 | % |
Operating expenses, excluding accrued carried interest related compensation | $ | 1,097.3 | $ | 1,010.5 | 8.6 | % | $ | 1,052.9 | 4.2 | % |
Net operating income | $ | 654.9 | $ | 596.6 | 9.8 | % | $ | 692.4 | (5.4) | % |
Non-operating income (loss) | $ | 34.7 | $ | 31.8 | 9.1 | % | $ | 28.5 | n/m | |
Net income attributable to T. Rowe Price | $ | 519.7 | $ | 466.5 | 11.4 | % | $ | 548.5 | (5.3) | % |
Diluted earnings per common share | $ | 2.26 | $ | 2.02 | 11.9 | % | $ | 2.38 | (5.0) | % |
Assets under management(in billions)
|
||||||||||
Average assets under management | $ | 1,534.0 | $ | 1,357.4 | 13.0 | % | $ | 1,484.4 | 3.3 | % |
Ending assets under management | $ | 1,569.1 | $ | 1,399.4 | 12.1 | % | $ | 1,542.2 | 1.7 | % |
Investment advisory annualized effective fee rate in basis points (bps) | 41.6 | 42.3 | (0.7) | 42.1 | (0.5) |
Three months ended 6/30/2024
|
||||||||||
(in billions) | Equity | Fixed income, including money market |
Multi-asset(1)
|
Alternatives(2)
|
Total | |||||
Assets under management at beginning of period | $ | 802.9 | $ | 170.9 | $ | 520.6 | $ | 47.8 | $ | 1,542.2 |
Net cash flows prior to manager-driven distributions | (14.9) | 7.8 | 1.6 | 2.9 | (2.6) | |||||
Manager-driven distributions | - | - | - | (1.1) | (1.1) | |||||
Net cash flows | (14.9) | 7.8 | 1.6 | 1.8 | (3.7) | |||||
Net market appreciation (depreciation) and income(3)
|
22.3 | 1.2 | 6.9 | 0.2 | 30.6 | |||||
Change during the period | 7.4 | 9.0 | 8.5 | 2.0 | 26.9 | |||||
Assets under management at June 30, 2024
|
$ | 810.3 | $ | 179.9 | $ | 529.1 | $ | 49.8 | $ | 1,569.1 |
Three months ended | ||||||||||
(in millions) | 6/30/2024 | 6/30/2023 | Change | 3/31/2024 | Change | |||||
Investment advisory fees | ||||||||||
Equity | $ | 948.9 | $ | 862.3 | 10.0 | % | $ | 949.6 | (0.1) | % |
Fixed income, including money market | 100.2 | 100.0 | 0.2 | % | 100.6 | (0.4) | % | |||
Multi-asset | 444.8 | 391.3 | 13.7 | % | 429.7 | 3.5 | % | |||
Alternatives | 91.7 | 77.2 | 18.8 | % | 74.1 | 23.8 | % | |||
Total investment advisory fees | 1,585.6 | 1,430.8 | 10.8 | % | 1,554.0 | 2.0 | % | |||
Capital allocation-based income(1)
|
0.1 | 38.7 | n/m | 47.1 | n/m | |||||
Administrative, distribution, and servicing fees | 147.6 | 140.7 | 4.9 | % | 149.1 | (1.0) | % | |||
Net revenues | $ | 1,733.3 | $ | 1,610.2 | 7.6 | % | $ | 1,750.2 | (1.0) | % |
Average AUM (in billions): | ||||||||||
Equity | $ | 790.4 | $ | 703.4 | 12.4 | % | $ | 770.4 | 2.6 | % |
Fixed income, including money market | 174.8 | 170.4 | 2.6 | % | 169.5 | 3.1 | % | |||
Multi-asset | 520.1 | 439.0 | 18.5 | % | 497.0 | 4.6 | % | |||
Alternatives | 48.7 | 44.6 | 9.2 | % | 47.5 | 2.5 | % | |||
Average AUM | $ | 1,534.0 | $ | 1,357.4 | 13.0 | % | $ | 1,484.4 | 3.3 | % |
Investment advisory annualized effective fee rate (bps) | 41.6 | 42.3 | (0.7) | 42.1 | (0.5) | |||||
Three months ended | ||||||||||
(in millions) | 6/30/2024 | 6/30/2023 |
Change (1)
|
3/31/2024 |
Change (1)
|
|||||
Compensation, benefits, and related costs | $ | 635.8 | $ | 591.0 | 7.6 | % | $ | 629.3 | 1.0 | % |
Acquisition-related retention agreements | 13.1 | 13.6 | (3.7) | % | 13.5 | (3.0) | % | |||
Capital allocation-based income compensation(2)
|
(2.4) | 10.6 | n/m | 13.2 | n/m | |||||
Supplemental savings plan | 14.6 | 33.0 | n/m | 53.0 | n/m | |||||
Total compensation and related costs | 661.1 | 648.2 | 2.0 | % | 709.0 | (6.8) | % | |||
Distribution and servicing | 87.7 | 67.8 | 29.4 | % | 81.9 | 7.1 | % | |||
Advertising and promotion | 33.3 | 22.9 | 45.4 | % | 25.3 | 31.6 | % | |||
Product and recordkeeping related costs | 73.0 | 77.7 | (6.0) | % | 75.0 | (2.7) | % | |||
Technology, occupancy, and facility costs | 160.9 | 154.7 | 4.0 | % | 149.9 | 7.3 | % | |||
General, administrative, and other | 108.7 | 100.0 | 8.7 | % | 92.6 | 17.4 | % | |||
Change in fair value of contingent consideration | - | (23.2) | n/m | - | n/m | |||||
Acquisition-related amortization and impairment costs | 43.9 | 28.6 | 53.5 | % | 29.9 | 46.8 | % | |||
Total operating expenses | $ | 1,168.6 | $ | 1,076.7 | 8.5 | % | $ | 1,163.6 | 0.4 | % |
Total adjusted operating expenses(3)
|
$ | 1,105.8 | $ | 1,026.2 | 7.8 | % | $ | 1,071.4 | 3.2 | % |
(in millions) | Three months ended | |||||
6/30/2024 | 6/30/2023 | 3/31/2024 | ||||
Net gains (losses) from non-consolidated T. Rowe Price investment products | ||||||
Cash and discretionary investments | ||||||
Dividend income | $ | 33.6 | $ | 25.5 | $ | 27.8 |
Market-related gains (losses) and equity in earnings (losses) | 0.1 | 6.3 | 0.2 | |||
Total net gains (losses) from cash and discretionary investments | 33.7 | 31.8 | 28.0 | |||
Seed capital investments | ||||||
Dividend income | 0.3 | 0.4 | - | |||
Market-related gains (losses) and equity in earnings (losses) | 15.3 | 14.4 | 23.5 | |||
Investments used to hedge the supplemental savings plan liability | 14.8 | 33.6 | 49.7 | |||
Total net gains (losses) from non-consolidated T. Rowe Price investment products | 64.1 | 80.2 | 101.2 | |||
Other investment income (loss) | 13.9 | 8.9 | 20.3 | |||
Net gains (losses) on investments | 78.0 | 89.1 | 121.5 | |||
Net gains (losses) on consolidated sponsored investment products | 8.5 | 24.4 | 72.3 | |||
Other gains (losses), including foreign currency gains (losses) | (6.2) | (7.3) | (4.9) | |||
Non-operating income (loss) | $ | 80.3 | $ | 106.2 | $ | 188.9 |
Six months ended | ||||
6/30/2024 | 6/30/2023 | |||
Statutory U.S. federal income tax rate | 21.0 | % | 21.0 | % |
State income taxes for current year, net of federal income tax benefits(1)
|
2.7 | 2.9 | ||
Net (income) losses attributable to redeemable non-controlling interests(2)
|
(0.4) | (0.3) | ||
Net excess tax losses (benefits) from stock-based compensation plans activity | (0.3) | (0.3) | ||
Valuation allowances | 0.5 | 3.6 | ||
Other items | 0.6 | (0.2) | ||
Effective income tax rate | 24.1 | % | 26.7 | % |
Public Relations | Investor Relations |
Jamaal Mobley | Linsley Carruth |
410-345-3403 | 410-345-3717 |
[email protected] | [email protected] |
Unaudited Consolidated Statements of Income | ||||||||||
(in millions, except per-share amounts) | ||||||||||
Three months ended | Six months ended | |||||||||
Revenues | 6/30/2024 | 6/30/2023 | 3/31/2024 | 6/30/2024 | 6/30/2023 | |||||
Investment advisory fees | $ | 1,585.6 | $ | 1,430.8 | $ | 1,554.0 | $ | 3,139.6 | $ | 2,822.6 |
Capital allocation-based income | 0.1 | 38.7 | 47.1 | 47.2 | 55.6 | |||||
Administrative, distribution, and servicing fees | 147.6 | 140.7 | 149.1 | 296.7 | 269.6 | |||||
Net revenues | 1,733.3 | 1,610.2 | 1,750.2 | 3,483.5 | 3,147.8 | |||||
Operating expenses | ||||||||||
Compensation, benefits, and related costs | 635.8 | 591.0 | 629.3 | 1,265.1 | 1,184.3 | |||||
Acquisition-related retention agreements | 13.1 | 13.6 | 13.5 | 26.6 | 27.8 | |||||
Capital allocation-based income compensation | (2.4) | 10.6 | 13.2 | 10.8 | 14.1 | |||||
Supplemental savings plan | 14.6 | 33.0 | 53.0 | 67.6 | 75.5 | |||||
Total compensation and related costs | 661.1 | 648.2 | 709.0 | 1,370.1 | 1,301.7 | |||||
Distribution and servicing | 87.7 | 67.8 | 81.9 | 169.6 | 139.3 | |||||
Advertising and promotion | 33.3 | 22.9 | 25.3 | 58.6 | 48.7 | |||||
Product and recordkeeping related costs | 73.0 | 77.7 | 75.0 | 148.0 | 149.8 | |||||
Technology, occupancy, and facility costs | 160.9 | 154.7 | 149.9 | 310.8 | 301.3 | |||||
General, administrative, and other | 108.7 | 100.0 | 92.6 | 201.3 | 207.5 | |||||
Change in fair value of contingent consideration | - | (23.2) | - | - | (72.8) | |||||
Acquisition-related amortization and impairment costs | 43.9 | 28.6 | 29.9 | 73.8 | 54.6 | |||||
Total operating expenses | 1,168.6 | 1,076.7 | 1,163.6 | 2,332.2 | 2,130.1 | |||||
Net operating income | 564.7 | 533.5 | 586.6 | 1,151.3 | 1,017.7 | |||||
Non-operating income (loss) | ||||||||||
Net gains (losses) on investments | 78.0 | 89.1 | 121.5 | 199.5 | 183.0 | |||||
Net gains (losses) on consolidated sponsored investment products | 8.5 | 24.4 | 72.3 | 80.8 | 69.8 | |||||
Other gains (losses), including foreign currency gains (losses) | (6.2) | (7.3) | (4.9) | (11.1) | (11.2) | |||||
Total non-operating income (loss) | 80.3 | 106.2 | 188.9 | 269.2 | 241.6 | |||||
Income before income taxes | 645.0 | 639.7 | 775.5 | 1,420.5 | 1,259.3 | |||||
Provision for income taxes | 159.7 | 158.5 | 182.1 | 341.8 | 336.4 | |||||
Net income | 485.3 | 481.2 | 593.4 | 1,078.7 | 922.9 | |||||
Less: net income (loss) attributable to redeemable non-controlling interests | 1.9 | 4.8 | 19.6 | 21.5 | 25.0 | |||||
Net income attributable to T. Rowe Price | 483.4 | 476.4 | 573.8 | 1,057.2 | 897.9 | |||||
Less: net income allocated to outstanding restricted stock and stock unit holders | 12.9 | 11.6 | 15.8 | 28.7 | 22.1 | |||||
Net income allocated to T. Rowe Price common stockholders | $ | 470.5 | $ | 464.8 | $ | 558.0 | $ | 1,028.5 | $ | 875.8 |
Earnings per share | ||||||||||
Basic | $ | 2.11 | $ | 2.07 | $ | 2.50 | $ | 4.61 | $ | 3.90 |
Diluted | $ | 2.11 | $ | 2.06 | $ | 2.49 | $ | 4.60 | $ | 3.89 |
Weighted-average common shares | ||||||||||
Outstanding | 223.0 | 224.4 | 223.6 | 223.3 | 224.4 | |||||
Outstanding assuming dilution | 223.5 | 225.2 | 224.2 | 223.8 | 225.2 | |||||
Summary of Adjusted Basis(1)
|
Three months ended | Six months ended | ||||||||
(in millions, except per-share data) | 6/30/2024 | 6/30/2023 | 3/31/2024 | 6/30/2024 | 6/30/2023 | |||||
Operating expenses | $ | 1,105.8 | $ | 1,026.2 | $ | 1,071.4 | $ | 2,177.2 | $ | 2,048.7 |
Operating expenses, excluding accrued carried interest related compensation | $ | 1,097.3 | $ | 1,010.5 | $ | 1,052.9 | $ | 2,150.2 | $ | 2,024.4 |
Net operating income | $ | 654.9 | $ | 596.6 | $ | 692.4 | $ | 1,347.3 | $ | 1,124.6 |
Non-operating income (loss) | $ | 34.7 | $ | 31.8 | $ | 28.5 | $ | 63.2 | $ | 62.6 |
Net income attributable to T. Rowe Price | $ | 519.7 | $ | 466.5 | $ | 548.5 | $ | 1,068.2 | $ | 855.9 |
Diluted earnings per common share | $ | 2.26 | $ | 2.02 | $ | 2.38 | $ | 4.64 | $ | 3.71 |
(1)See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release.
|
Assets Under Management |
Six months ended 6/30/2024
|
|||||||||
(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 | (27.7) | 8.0 | 7.1 | 3.0 | (9.6) | |||||
Manager-driven distributions | - | - | - | (2.1) | (2.1) | |||||
Net cash flows(3)
|
(27.7) | 8.0 | 7.1 | 0.9 | (11.7) | |||||
Net market appreciation and gains(4)
|
94.4 | 1.9 | 39.0 | 1.0 | 136.3 | |||||
Change during the period | 66.7 | 9.9 | 46.1 | 1.9 | 124.6 | |||||
Assets under management at June 30, 2024
|
$ | 810.3 | $ | 179.9 | $ | 529.1 | $ | 49.8 | $ | 1,569.1 |
Net Revenues | Six months ended | |||||
(in millions) | 6/30/2024 | 6/30/2023 | % Change | |||
Investment advisory fees | ||||||
Equity | $ | 1,898.5 | $ | 1,696.2 | 11.9 | % |
Fixed income, including money market | 200.8 | 202.4 | (0.8) | % | ||
Multi-asset | 874.5 | 777.3 | 12.5 | % | ||
Alternatives | 165.8 | 146.7 | 13.0 | % | ||
Total investment advisory fees | $ | 3,139.6 | $ | 2,822.6 | 11.2 | % |
Average AUM (in billions): | ||||||
Equity | $ | 780.4 | $ | 695.2 | 12.3 | % |
Fixed income, including money market | 172.1 | 170.0 | 1.2 | % | ||
Multi-asset | 508.6 | 430.7 | 18.1 | % | ||
Alternatives | 48.1 | 44.3 | 8.6 | % | ||
Average AUM | $ | 1,509.2 | $ | 1,340.2 | 12.6 | % |
Non-Operating Income (Loss) | ||||
(in millions) | Six months ended | |||
6/30/2024 | 6/30/2023 | |||
Net gains (losses) from non-consolidated T. Rowe Price investment products | ||||
Cash and discretionary investments | ||||
Dividend income | $ | 61.4 | $ | 45.7 |
Market-related gains (losses) and equity in earnings (losses) | 0.3 | 16.9 | ||
Total net gains (losses) from cash and discretionary investments | 61.7 | 62.6 | ||
Seed capital investments | ||||
Dividend income | 0.3 | 0.9 | ||
Market-related gains (losses) and equity in earnings (losses) | 38.8 | 29.5 | ||
Investments used to hedge the supplemental savings plan liability | 64.5 | 78.3 | ||
Total net gains (losses) from non-consolidated T. Rowe Price investment products | 165.3 | 171.3 | ||
Other investment income (loss) | 34.2 | 11.7 | ||
Net gains (losses) on investments | 199.5 | 183.0 | ||
Net gains (losses) on consolidated sponsored investment portfolios | 80.8 | 69.8 | ||
Other gains (losses), including foreign currency gains (losses) | (11.1) | (11.2) | ||
Non-operating income (loss) | $ | 269.2 | $ | 241.6 |
Six months ended | ||||||||
6/30/2024 | ||||||||
(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) | $ | 1,057.2 | $ | 75.9 | $ | (54.4) | $ | 1,078.7 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||
Depreciation, amortization and impairments of property, equipment and software | 126.3 | - | - | 126.3 | ||||
Amortization and impairment of acquisition-related assets and retention agreements | 124.1 | - | - | 124.1 | ||||
Stock-based compensation expense | 112.6 | - | - | 112.6 | ||||
Net (gains) losses recognized on investments | (267.8) | - | 54.4 | (213.4) | ||||
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 | - | (218.0) | - | (218.0) | ||||
Other changes | 302.9 | (1.5) | (11.8) | 289.6 | ||||
Net cash provided by (used in) operating activities | 1,470.4 | (143.6) | (11.8) | 1,315.0 | ||||
Net cash provided by (used in) investing activities | (75.7) | (13.1) | (4.6) | (93.4) | ||||
Net cash provided by (used in) financing activities | (746.4) | 154.5 | 16.4 | (575.5) | ||||
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | - | (1.1) | - | (1.1) | ||||
Net change in cash and cash equivalents during period | 648.3 | (3.3) | - | 645.0 | ||||
Cash and cash equivalents at beginning of year | 2,066.6 | 77.2 | - | 2,143.8 | ||||
Cash and cash equivalents at end of period | $ | 2,714.9 | $ | 73.9 | $ | - | $ | 2,788.8 |
Unaudited Condensed Consolidated Balance Sheet Information (in millions) | As of | |||
6/30/2024 | 12/31/2023 | |||
Cash and cash equivalents | $ | 2,714.9 | $ | 2,066.6 |
Accounts receivable and accrued revenue | 846.9 | 807.9 | ||
Investments | 2,758.9 | 2,554.7 | ||
Assets of consolidated sponsored investment products | 1,929.6 | 1,959.3 | ||
Operating lease assets | 229.4 | 241.1 | ||
Property, equipment and software, net | 884.5 | 806.6 | ||
Goodwill and intangible assets | 3,085.1 | 3,150.1 | ||
Other assets | 640.5 | 692.5 | ||
Total assets | 13,089.8 | 12,278.8 | ||
Supplemental savings plan liability | 941.7 | 895.0 | ||
Total other liabilities, includes $65.1 at June 30, 2024, and $54.2 at December 31, 2023, from consolidated sponsored investment products
|
1,325.1 | 1,092.6 | ||
Non-controlling interests* | 894.3 | 786.1 | ||
Stockholders' equity attributable to T. Rowe Price Group, Inc., 222.6 common shares outstanding at
June 30, 2024 and 223.9 common shares outstanding at December 31, 2023
|
$ | 9,928.7 | $ | 9,505.1 |
Three months ended | Six months ended | |||||||||
Investments in affiliated private investment funds - carried interest | 6/30/2024 | 6/30/2023 | 3/31/2024 | 6/30/2024 | 6/30/2023 | |||||
Balance at beginning of period | $ | 514.3 | $ | 483.8 | $ | 519.9 | $ | 519.9 | $ | 467.8 |
Capital allocation-based income: | ||||||||||
Change in accrued carried interest | 27.0 | 51.0 | 59.5 | 86.5 | 80.2 | |||||
Acquisition-related amortization and impairments | (26.9) | (12.3) | (12.4) | (39.3) | (24.6) | |||||
Net distributions | (17.1) | (8.3) | (52.7) | (69.8) | (9.2) | |||||
Balance at end of period
|
$ | 497.3 | $ | 514.2 | $ | 514.3 | $ | 497.3 | $ | 514.2 |
Three months ended | Six months ended | |||||||||
Non-controlling interests (NCI) in consolidated entities | 6/30/2024 | 6/30/2023 | 3/31/2024 | 6/30/2024 | 6/30/2023 | |||||
Balance at beginning of period | $ | 205.4 | $ | 194.4 | $ | 192.0 | $ | 192.0 | $ | 190.7 |
Capital allocation-based income compensation: | ||||||||||
Change in accrued carried interest compensation | 8.5 | 15.7 | 18.5 | 27.0 | 24.3 | |||||
Acquisition-related amortization and impairments | (10.9) | (5.1) | (5.3) | (16.2) | (10.2) | |||||
Net contributions (distributions) | 2.3 | (2.9) | 0.2 | 2.5 | (2.7) | |||||
Balance at end of period
|
$ | 205.3 | $ | 202.1 | $ | 205.4 | $ | 205.3 | $ | 202.1 |
Three months ended 6/30/2024
|
||||||||||||
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) | $ | 1,168.6 | $ | 564.7 | $ | 80.3 | $ | 159.7 | $ | 483.4 | $ | 2.11 |
Non-GAAP adjustments: | ||||||||||||
Acquisition-related: | ||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs)
|
10.9 | 16.0 | - | 3.5 | 12.5 | 0.05 | ||||||
Acquisition-related retention arrangements(1) (Compensation and related costs)
|
(13.1) | 13.1 | - | 2.9 | 10.2 | 0.04 | ||||||
Intangible assets amortization and impairments(1)
|
(43.9) | 43.9 | - | 9.6 | 34.3 | 0.15 | ||||||
Total acquisition-related | (46.1) | 73.0 | - | 16.0 | 57.0 | 0.24 | ||||||
Supplemental savings plan liability(2) (Compensation and related costs)
|
(14.6) | 14.6 | (14.8) | - | (0.2) | - | ||||||
Consolidated T. Rowe Price investment products(3)
|
(2.1) | 2.6 | (8.5) | (0.9) | (3.1) | (0.01) | ||||||
Other non-operating income(4)
|
- | - | (22.3) | (4.9) | (17.4) | (0.08) | ||||||
Adjusted Non-GAAP Basis | $ | 1,105.8 | $ | 654.9 | $ | 34.7 | $ | 169.9 | $ | 519.7 | $ | 2.26 |
Three months ended 6/30/2023
|
||||||||||||
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) | $ | 1,076.7 | $ | 533.5 | $ | 106.2 | $ | 158.5 | $ | 476.4 | $ | 2.06 |
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 | - | 0.1 | 7.1 | 0.03 | ||||||
Acquisition-related retention arrangements(1) (Compensation and related costs)
|
(13.6) | 13.6 | - | (0.1) | 13.7 | 0.06 | ||||||
Contingent consideration(1)
|
23.2 | (23.2) | - | 2.5 | (25.7) | (0.11) | ||||||
Intangible assets amortization and impairments(1)
|
(28.6) | 28.6 | - | 0.4 | 28.2 | 0.12 | ||||||
Total acquisition-related | (13.9) | 26.2 | - | 2.9 | 23.3 | 0.10 | ||||||
Supplemental savings plan liability(2) (Compensation and related costs)
|
(33.0) | 33.0 | (33.6) | 0.2 | (0.8) | - | ||||||
Consolidated T. Rowe Price investment products(3)
|
(3.6) | 3.9 | (24.4) | 0.5 | (16.2) | (0.07) | ||||||
Other non-operating income(4)
|
- | - | (16.4) | (0.2) | (16.2) | (0.07) | ||||||
Adjusted Non-GAAP Basis | $ | 1,026.2 | $ | 596.6 | $ | 31.8 | $ | 161.9 | $ | 466.5 | $ | 2.02 |
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 |
Six months ended 6/30/2024
|
||||||||||||
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) | $ | 2,332.2 | $ | 1,151.3 | $ | 269.2 | $ | 341.8 | $ | 1,057.2 | $ | 4.60 |
Non-GAAP adjustments: | ||||||||||||
Acquisition-related: | ||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs)
|
16.2 | 23.1 | - | 5.5 | 17.6 | 0.08 | ||||||
Acquisition-related retention arrangements(1) (Compensation and related costs)
|
(26.6) | 26.6 | - | 6.6 | 20.0 | 0.08 | ||||||
Intangible assets amortization and impairments(1)
|
(73.8) | 73.8 | - | 18.0 | 55.8 | 0.24 | ||||||
Total acquisition-related | (84.2) | 123.5 | - | 30.1 | 93.4 | 0.40 | ||||||
Supplemental savings plan liability(2) (Compensation and related costs)
|
(67.6) | 67.6 | (64.5) | 0.8 | 2.3 | 0.01 | ||||||
Consolidated T. Rowe Price investment products(3)
|
(3.2) | 4.9 | (80.8) | (14.8) | (39.6) | (0.17) | ||||||
Other non-operating income(4)
|
- | - | (60.7) | (15.6) | (45.1) | (0.20) | ||||||
Adjusted Non-GAAP Basis | $ | 2,177.2 | $ | 1,347.3 | $ | 63.2 | $ | 342.3 | $ | 1,068.2 | $ | 4.64 |
Six months ended 6/30/2023 | ||||||||||||
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) | $ | 2,130.1 | $ | 1,017.7 | $ | 241.6 | $ | 336.4 | $ | 897.9 | $ | 3.89 |
Non-GAAP adjustments: | ||||||||||||
Acquisition-related: | ||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs)
|
10.2 | 14.4 | - | 1.6 | 12.8 | 0.06 | ||||||
Acquisition-related retention arrangements(1) (Compensation and related costs)
|
(27.8) | 27.8 | - | 3.0 | 24.8 | 0.11 | ||||||
Contingent consideration(1)
|
72.8 | (72.8) | - | (8.0) | (64.8) | (0.28) | ||||||
Intangible assets amortization and impairments(1)
|
(54.6) | 54.6 | - | 6.0 | 48.6 | 0.21 | ||||||
Transaction costs(2) (General, admin and other)
|
- | - | - | - | - | - | ||||||
Total acquisition-related | 0.6 | 24.0 | - | 2.6 | 21.4 | 0.10 | ||||||
Supplemental savings plan liability(2) (Compensation and related costs)
|
(75.5) | 75.5 | (78.3) | (0.3) | (2.5) | (0.01) | ||||||
Consolidated T. Rowe Price investment products(3)
|
(6.5) | 7.4 | (69.8) | (4.1) | (33.3) | (0.14) | ||||||
Other non-operating income(4)
|
- | - | (30.9) | (3.3) | (27.6) | (0.13) | ||||||
Adjusted Non-GAAP Basis | $ | 2,048.7 | $ | 1,124.6 | $ | 62.6 | $ | 331.3 | $ | 855.9 | $ | 3.71 |
Three months ended | Six months ended | |||||||||
6/30/2024 | 6/30/2023 | 3/31/2024 | 6/30/2024 | 6/30/2023 | ||||||
Adjusted net income attributable to T. Rowe Price | $ | 519.7 | $ | 466.5 | $ | 548.5 | $ | 1,068.2 | $ | 855.9 |
Less: adjusted net income allocated to outstanding restricted stock and stock unit holders | 13.9 | 11.4 | 15.2 | 29.1 | 21.0 | |||||
Adjusted net income allocated to common stockholders | $ | 505.8 | $ | 455.1 | $ | 533.3 | $ | 1,039.1 | $ | 834.9 |