Invesco Announces Fourth Quarter Diluted EPS
of $0.46; Adjusted Diluted
EPS(1) of $0.52
ATLANTA, Jan. 28,
2025 /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today
reported financial results for the three months and year ended
December 31, 2024.
- $25.6 billion of net long-term
inflows for the quarter, primarily driven by ETFs and APAC
Managed
- $65.1 billion of net long-term
inflows for the full year 2024, primarily driven by ETFs, APAC
Managed, Fundamental Fixed Income and Private Markets
- $1.85 trillion in ending AUM, an
increase of 2.8% from the prior quarter and an increase of 16.4%
from the prior year-end
- 19.6% operating margin in Q4 2024; 33.7% adjusted operating
margin(1)
- Continued balance sheet strength - a zero balance on our credit
facility and Cash and cash equivalents of $1
billion
- Repurchased 1.4 million common shares for $25 million during the quarter
Update from Andrew
Schlossberg, President and CEO
"During the fourth quarter and throughout 2024, we continued to
make meaningful progress in executing our strategic priorities and
leveraging our competitive advantages to drive improved business
performance. We generated profitable growth, helping drive higher
operating income compared to the prior quarter and the prior year.
The positive operating leverage we generated in 2024 improved
operating margin to nearly 34% in the fourth
quarter.
We continued to drive strong net long-term inflows, with an
annualized organic growth rate of 8%. Importantly, positive flows
continued across all three of our regions, with significant
quarterly acceleration in EMEA and Asia
Pacific. Client demand and inflows remained strong in
strategically important product lines led by ETFs, SMAs,
Alternative Credit strategies, and our China JV.
Balance sheet strength and enhanced return of capital to
shareholders remains a priority as we continued to operate with
zero net debt(2) while repurchasing another $25 million or 1.4 million shares this
quarter.
As we enter the new year, we believe our global footprint,
leading distribution platform, with particular strength in wealth
management, and diverse set of investment capabilities will
continue to meet client demand and generate profitable growth. We
have the right people and strategic focus to continue to deliver on
the key performance drivers that generate value for our various
constituents including our clients, shareholders and employees. I
would like to thank my colleagues and the Executive Leadership Team
for their efforts in delivering on our strategic priorities in
2024."
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(1)
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Represents non-GAAP
financial measure. See the information on pages 9 through 12 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
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(2)
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Net debt: Debt less
Cash and cash equivalents
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Net Flows:
Net long-term inflows were $25.6
billion for the fourth quarter as compared to $16.5 billion in the third quarter.
Retail net long-term inflows were $28.4
billion while Institutional net long-term outflows were
$2.8 billion. Net long-term flows by
investment capability include net long-term inflows from ETFs and
Index of $29.6 billion, APAC Managed
of $3.5 billion, Private Markets
of $0.8 billion, partially offset
by net long-term outflows from Fundamental Equities of
$6.0 billion, Multi-Asset/Other of
$1.5 billion, and Fundamental Fixed
Income of $0.8 billion. On a
geographic basis, the EMEA, Americas and Asia Pacific regions achieved net long-term
inflows of $9.2 billion, $8.9 billion, and $7.5
billion, respectively.
Net market losses decreased AUM in the fourth quarter by
$2.5 billion and foreign exchange
rate movements decreased AUM by $20.5
billion. We had inflows of $25.1
billion from money market funds during the quarter and
$10.2 billion from non-management fee
earning products. Ending AUM increased 2.8% and average AUM
increased 4.7% during the fourth quarter.
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Summary of net flows
(in billions)
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Q4-24
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|
Q3-24
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|
Q4-23
|
|
2024
|
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2023
|
|
Active
|
|
$
(10.0)
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|
$
(0.6)
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|
$
(7.2)
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$
(15.4)
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$ (29.0)
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Passive
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35.6
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17.1
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13.9
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80.5
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39.2
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Net long-term
flows
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25.6
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16.5
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6.7
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65.1
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10.2
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Non-management fee
earning AUM
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10.2
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3.5
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3.1
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29.8
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6.2
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Money market
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25.1
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(7.3)
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(18.1)
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23.4
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(11.1)
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Total net
flows
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$ 60.9
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$ 12.7
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$
(8.3)
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$
118.3
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$
5.3
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|
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Annualized long-term
organic growth rate (1)
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7.8 %
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5.2 %
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2.4 %
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5.3 %
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0.9 %
|
|
|
|
|
|
|
|
|
|
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(1)
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Annualized long-term
organic growth rate is calculated using net long-term flows
(annualized) divided by average long-term AUM for the period.
Long-term AUM excludes money market and non-management fee earning
AUM.
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Fourth Quarter
Highlights:
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Financial
Results
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Q4-24
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Q3-24
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Q4-24 vs.
Q3-24
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Q4-23
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Q4-24 vs.
Q4-23
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U.S. GAAP Financial
Measures
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Operating
revenues
|
$1,593.0m
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|
$1,515.4m
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5.1 %
|
|
$1,413.4m
|
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12.7 %
|
|
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Operating
income/(loss)
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$311.7m
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$100.5m
|
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210.1 %
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($1,075.8m)
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N/A
|
|
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Operating
margin
|
19.6 %
|
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6.6 %
|
|
|
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(76.1 %)
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|
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Net income/(loss)
attributable to Invesco Ltd.
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$209.3m
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$55.0m
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280.5 %
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($742.3m)
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N/A
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Diluted EPS
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$0.46
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$0.12
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283.3 %
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($1.64)
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N/A
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|
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Adjusted Financial
Measures (1)
|
|
|
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Net revenues
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$1,157.2m
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$1,104.3m
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4.8 %
|
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$1,045.9m
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10.6 %
|
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Adjusted operating
income
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$390.1m
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$348.8m
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11.8 %
|
|
$275.4m
|
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41.6 %
|
|
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Adjusted operating
margin
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33.7 %
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31.6 %
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26.3 %
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Adjusted net income
attributable to Invesco Ltd.
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$237.3m
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$199.8m
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18.8 %
|
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$212.7m
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11.6 %
|
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Adjusted diluted
EPS
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$0.52
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$0.44
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18.2 %
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$0.47
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10.6 %
|
|
|
|
|
|
|
|
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Assets Under
Management
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Ending AUM
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$1,846.0bn
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$1,795.6bn
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2.8 %
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$1,585.3bn
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16.4 %
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Average AUM
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$1,824.4bn
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$1,742.0bn
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4.7 %
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$1,515.6bn
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20.4 %
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Headcount
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8,508
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8,524
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(0.2) %
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8,489
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0.2 %
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2024
Highlights:
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Financial
Results
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2024
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2023
|
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%
Change
|
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U.S. GAAP Financial
Measures
|
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Operating
revenues
|
$6,067.0m
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|
$5,716.4m
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6.1 %
|
|
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Operating
income/(loss)
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$832.1m
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($434.8m)
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N/A
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Operating
margin
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13.7 %
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(7.6 %)
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|
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Net income/(loss)
attributable to Invesco Ltd.
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$538.0m
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($333.7m)
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N/A
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Diluted EPS
|
$1.18
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($0.73)
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N/A
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Adjusted Financial
Measures (1)
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Net revenues
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$4,400.5m
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$4,310.7m
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2.1 %
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Adjusted operating
income
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$1,370.7m
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|
$1,213.5m
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13.0 %
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Adjusted operating
margin
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31.1 %
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28.2 %
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|
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Adjusted net income
attributable to Invesco Ltd.
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$781.7m
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$689.7m
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13.3 %
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Adjusted diluted
EPS
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$1.71
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$1.51
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13.2 %
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Assets Under
Management
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Ending AUM
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$1,846.0bn
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$1,585.3bn
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16.4 %
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Average AUM
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$1,712.2bn
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$1,500.6bn
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14.1 %
|
|
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(1)
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Represents non-GAAP
financial measure. See the information on pages 9 through 12 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
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U.S. GAAP Operating Results:
Fourth Quarter 2024 compared to Third Quarter 2024
Operating revenues and expenses: Operating
revenues increased $77.6 million in
the fourth quarter of 2024 compared to the third quarter.
Investment management fees increased $26.8
million, as a result of higher average AUM partially offset
by the shift in AUM toward lower yield products. Service and
distribution fees increased $20.5
million due to higher average AUM. Performance fees were
$34.1 million and were earned
primarily from multi-asset/other, private markets real estate and
fundamental equities products. Other revenues decreased
$1.0 million. Foreign exchange rate
changes decreased operating revenues by $9.3
million in the fourth quarter.
Operating expenses decreased $133.6
million in the fourth quarter of 2024 compared to the third
quarter. Third party distribution, service and advisory costs
increased $27.0 million primarily due
to an increase in pass-through service and distribution costs.
Employee compensation expense decreased $161.6 million primarily due to a one-time
acceleration of $147.6 million in
expense in the third quarter resulting from changes to the
retirement criteria for vesting of currently outstanding long-term
awards, as well as a $31.7 million decrease in expense related
to the mark-to-market on deferred compensation liabilities in the
fourth quarter which was partially offset by higher variable
compensation costs. General and administrative expenses
decreased $5.8 million primarily due
to insurance reimbursements of $13.1
million received in the fourth quarter which were partially
offset by higher professional fees. Foreign exchange rate changes
decreased operating expenses by $7.4
million in the fourth quarter.
Non-operating income and expenses: Equity in
earnings of unconsolidated affiliates was $20.1 million, earned primarily from gains on our
China joint venture and
private markets investments. Interest and dividend income was
$24.6 million earned from deferred
compensation and seed capital investments as well as cash and
cash equivalents. Other gains and losses were a net loss of
$20.1 million, primarily driven by
market value changes on deferred compensation and seed capital
investments. Other income/(expense) of consolidated investment
products (CIP) was a loss of $6.5
million, primarily driven by market losses on the underlying
investments held by the funds partially offset by net interest
income.
The effective tax rates was 24.8% in the fourth quarter of 2024
as compared to 28.6% in the third quarter. The decrease in the
effective tax rate in the fourth quarter was primarily due to the
release of certain reserves for uncertain tax positions in the
fourth quarter and the increase in non-deductible executive
compensation in the third quarter related to the one-time
acceleration of compensation expense for long-term awards.
Diluted earnings per common share: Diluted earnings
per common share was $0.46 for the
fourth quarter of 2024.
Fourth Quarter 2024 compared to Fourth Quarter 2023
Operating revenues and expenses: Operating
revenues increased $179.6 million in
the fourth quarter of 2024 compared to the fourth quarter of 2023.
Investment management fees increased $124.0
million as a result of higher average AUM partially offset
by the shift in AUM toward lower yield products. Service and
distribution fees increased $36.2
million due to higher average AUM. Performance fees
increased $14.6 million. Other
revenues increased $4.8 million.
Operating expenses increased $41.0
million excluding the $1,248.9
million non-cash intangible asset impairment recorded in the
fourth quarter of 2023. Third-party distribution, service and
advisory costs increased $67.2
million due to higher average AUM. Employee compensation
expenses decreased $5.0 million.
Property, office and technology costs increased $5.5 million.
General and administrative expenses decreased $29.7 million primarily due to insurance
reimbursements received in the fourth quarter of 2024 as well as
lower professional fees and fund expenses related to CIP.
The tax provision was an expense of $78.7
million in the fourth quarter of 2024 as compared to a
benefit of $(266.4) million in the
fourth quarter of 2023, resulting in effective tax rates of 24.8%
and 28.5% in the fourth quarters of 2024 and 2023, respectively.
The higher effective tax rate in the fourth quarter of 2023 was
primarily a result of favorable permanent tax adjustments
increasing the effective tax due to the pre-tax book loss in this
quarter. Additionally, the effective tax rate in the fourth
quarter of 2024 was unfavorably impacted by the net loss
attributable to non-controlling interest in consolidated
entities.
Adjusted(1) Operating Results:
Fourth Quarter 2024 compared to Third Quarter 2024
Net revenue and adjusted operating expenses: Net revenues
in the fourth quarter of 2024 increased $52.9 million compared to the third quarter
primarily due to higher average AUM partially offset by the shift
in AUM toward lower yield products. Foreign exchange rate changes
decreased operating revenues by $6.9
million in the fourth quarter.
Adjusted operating expenses in the fourth quarter 2024 increased
$11.6 million compared to the
third quarter. Employee compensation expenses increased primarily
due to higher variable compensation costs. General and
administrative expenses decreased due to insurance reimbursements
received which were partially offset by higher professional
fees. Foreign exchange rate changes decreased operating
expenses by $4.5 million in the
fourth quarter.
Adjusted operating income increased $41.3 million in the fourth quarter compared to
the third quarter. Adjusted operating margin increased to 33.7%
from 31.6% for the prior quarter.
Non-operating income and expenses: Equity in
earnings of unconsolidated affiliates was a gain of $10.9 million. Interest and dividend income was
$17.0 million.
The effective tax rate on adjusted net income
was 22.2% in the fourth quarter as compared to 21.8% in
the third quarter.
Adjusted diluted earnings per common share was
$0.52 for the fourth quarter of
2024.
Fourth Quarter 2024 compared to Fourth Quarter 2023
Net revenues and adjusted operating expenses: Net revenue
in the fourth quarter of 2024 increased $111.3 million compared to the fourth
quarter of 2023 primarily due to higher average AUM partially
offset by the shift in AUM toward lower yield products.
Adjusted operating expenses decreased $3.4 million compared to the fourth quarter
of 2023.
Adjusted operating income increased $114.7 million in the fourth quarter of 2024
compared to the fourth quarter of 2023. Adjusted operating margin
increased to 33.7% from 26.3% for the fourth quarter of 2023.
The effective tax rate on adjusted net income was 22.2% in the
fourth quarter of 2024 as compared to 9.9% in the fourth
quarter of 2023. The increase in the effective tax rate was
primarily due to the favorable impact of the discrete tax benefits
in the fourth quarter of 2023 related to the resolution of certain
tax matters and the nontaxable gain on the sale of certain
Hong Kong pension sponsorship
rights. The effective tax rate in the fourth quarter of 2024 was
also unfavorably impacted by the change in the mix of income across
tax jurisdictions.
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(1)
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Represents non-GAAP
financial measure. See the information on pages 9 through 12 for a
reconciliation to the most directly comparable U.S. GAAP
measure.
|
Capital Management:
Cash and cash equivalents: $986.5 million at
December 31, 2024 ($1,044.9
million at September 30, 2024).
Debt: $890.6 million at December 31, 2024
($890.3 million at September 30,
2024). The credit facility balance was zero as of December 31,
2024 and September 30, 2024.
Common share repurchases: During the fourth quarter
of 2024, the company repurchased 1.4 million common shares for
$25 million in the open market.
Common shares outstanding (end of period): 448.0
million
Diluted common shares outstanding (end of
period): 453.8 million
Dividends paid: $92.8 million (common); $59.2 million (preferred)
Common dividends declared: The company is announcing
a fourth quarter cash dividend of $0.205 per share to holders of common shares. The
dividend is payable on March 4, 2025, to common shareholders
of record at the close of business on February 14, 2025, with
an ex-dividend date of February 14, 2025.
Preferred dividends declared: The company is announcing a
preferred cash dividend of $14.75 per
share representing the period from December 1, 2024 through
February 28, 2025. The preferred dividend is payable on
March 3, 2025.
About Invesco Ltd.
Invesco is a global independent investment management firm
dedicated to delivering an investment experience that helps people
get more out of life. Our distinctive investment teams deliver a
comprehensive range of active, passive and alternative investment
capabilities. With offices in more than 20 countries, Invesco
managed $1.85 trillion in assets on
behalf of clients worldwide as of December 31, 2024. For more
information, visit invesco.com/corporate.
Members of the investment community and general public are
invited to listen to the conference call today, January 28,
2025, at 9:00 a.m. ET by dialing one
of the following numbers: 1-866-803-2143 for U.S. and Canadian
callers or 1-210-795-1098 for international callers, using the
Passcode: Invesco. An audio replay of the conference call will be
available until Thursday, February13, 2025 by calling
1-800-551-8152 for U.S. and Canadian callers or 1-203-369-3810 for
international callers. A presentation highlighting the company's
performance will be available during a live Webcast and on
Invesco's Website at invesco.com/corporate.
This release, and comments made in the associated conference
call today, may include "forward-looking statements."
Forward-looking statements include information concerning future
results of our operations, expenses, earnings, liquidity, cash
flow, capital expenditures, and assets under management and could
differ materially from events that actually occur in the future due
to known and unknown risks and other important factors, including,
but not limited to, industry or market conditions, geopolitical
events and pandemics or health crises and their respective
potential impact on the company, acquisitions and divestitures,
debt and our ability to obtain additional financing or make
payments, regulatory developments, demand for and pricing of our
products and other aspects of our business or general economic
conditions. In addition, words such as "believes," "expects,"
"anticipates," "intends," "plans," "estimates," "projects,"
"forecasts," and future or conditional verbs such as "will," "may,"
"could," "should," and "would" as well as any other statement that
necessarily depends on future events, are intended to identify
forward-looking statements. None of this information should be
considered in isolation from, or as a substitute for, historical
financial statements.
Forward-looking statements are not guarantees, and they involve
risks, uncertainties and assumptions. Although we make such
statements based on assumptions that we believe to be reasonable,
there can be no assurance that actual results will not differ
materially from our expectations. We caution investors not to rely
unduly on any forward-looking statements and urge you to carefully
consider the risks described in our most recent Form 10-K and
subsequent Forms 10-Q, filed with the Securities and Exchange
Commission. You may obtain these reports from the SEC's website at
www.sec.gov. We expressly disclaim any obligation to update the
information in any public disclosure if any forward-looking
statement later turns out to be inaccurate.
|
Investor Relations
Contacts:
|
Greg Ketron
|
404-724-4299
|
|
Jennifer
Church
|
404-439-3428
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Media Relations
Contact:
|
Andrea
Raphael
|
212-323-4202
|
|
Invesco Ltd.
U.S. GAAP Condensed
Consolidated Income Statements
(Unaudited, in millions,
other than per share amounts)
|
|
|
Q4-24
|
|
Q3-24
|
|
%
Change
|
|
Q4-23
|
|
%
Change
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
Investment management
fees
|
$
1,127.3
|
|
$
1,100.5
|
|
2.4 %
|
|
$
1,003.3
|
|
12.4 %
|
|
Service and
distribution fees
|
380.8
|
|
360.3
|
|
5.7 %
|
|
344.6
|
|
10.5 %
|
|
Performance
fees
|
34.1
|
|
2.8
|
|
1,117.9 %
|
|
19.5
|
|
74.9 %
|
|
Other
|
50.8
|
|
51.8
|
|
(1.9) %
|
|
46.0
|
|
10.4 %
|
|
Total operating
revenues
|
1,593.0
|
|
1,515.4
|
|
5.1 %
|
|
1,413.4
|
|
12.7 %
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
526.6
|
|
499.6
|
|
5.4 %
|
|
459.4
|
|
14.6 %
|
|
Employee
compensation
|
463.8
|
|
625.4
|
|
(25.8) %
|
|
468.8
|
|
(1.1) %
|
|
Marketing
(1)
|
23.7
|
|
18.9
|
|
25.4 %
|
|
20.2
|
|
17.3 %
|
|
Property, office and
technology (1)
|
121.3
|
|
119.0
|
|
1.9 %
|
|
115.8
|
|
4.7 %
|
|
General and
administrative (1)
|
135.0
|
|
140.8
|
|
(4.1) %
|
|
164.7
|
|
(18.0) %
|
|
Amortization and impairment of intangible assets
|
10.9
|
|
11.2
|
|
(2.7) %
|
|
1,260.3
|
|
(99.1) %
|
|
Total operating
expenses
|
1,281.3
|
|
1,414.9
|
|
(9.4) %
|
|
2,489.2
|
|
(48.5) %
|
|
Operating
income/(loss)
|
311.7
|
|
100.5
|
|
210.1 %
|
|
(1,075.8)
|
|
N/A
|
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
20.1
|
|
2.1
|
|
857.1 %
|
|
9.1
|
|
120.9 %
|
|
Interest and dividend
income
|
24.6
|
|
10.9
|
|
125.7 %
|
|
21.3
|
|
15.5 %
|
|
Interest
expense
|
(12.4)
|
|
(13.4)
|
|
(7.5) %
|
|
(16.8)
|
|
(26.2) %
|
|
Other gains/(losses),
net
|
(20.1)
|
|
28.3
|
|
N/A
|
|
73.0
|
|
N/A
|
|
Other income/(expense)
of CIP, net
|
(6.5)
|
|
16.7
|
|
N/A
|
|
55.7
|
|
N/A
|
|
Income/(loss) before
income taxes
|
317.4
|
|
145.1
|
|
118.7 %
|
|
(933.5)
|
|
N/A
|
|
Income tax
provision
|
(78.7)
|
|
(41.5)
|
|
89.6 %
|
|
266.4
|
|
N/A
|
|
Net
income/(loss)
|
238.7
|
|
103.6
|
|
130.4 %
|
|
(667.1)
|
|
N/A
|
|
Net (income)/loss
attributable to noncontrolling interests in consolidated
entities
|
29.8
|
|
10.6
|
|
181.1 %
|
|
(16.0)
|
|
N/A
|
|
Less: Dividends
declared on preferred shares
|
(59.2)
|
|
(59.2)
|
|
— %
|
|
(59.2)
|
|
— %
|
|
Net income/(loss)
attributable to Invesco Ltd.
|
$
209.3
|
|
$
55.0
|
|
280.5 %
|
|
$ (742.3)
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
---basic
|
$
0.46
|
|
$
0.12
|
|
283.3 %
|
|
$
(1.64)
|
|
N/A
|
|
---diluted
|
$
0.46
|
|
$
0.12
|
|
283.3 %
|
|
$
(1.64)
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
---basic
|
453.3
|
|
454.9
|
|
(0.4) %
|
|
451.7
|
|
0.4 %
|
|
---diluted
|
454.1
|
|
455.6
|
|
(0.3) %
|
|
453.1
|
|
0.2 %
|
|
Invesco Ltd.
U.S. GAAP Condensed
Consolidated Income Statements
(Unaudited, in millions,
other than per share amounts)
|
|
|
For the year
ended
December 31,
|
|
|
|
2024
|
|
2023
|
|
%
Change
|
|
Operating
revenues:
|
|
|
|
|
|
|
Investment management
fees
|
$
4,342.3
|
|
$
4,106.0
|
|
5.8 %
|
|
Service and
distribution fees
|
1,479.7
|
|
1,374.6
|
|
7.6 %
|
|
Performance
fees
|
46.4
|
|
46.7
|
|
(0.6) %
|
|
Other
|
198.6
|
|
189.1
|
|
5.0 %
|
|
Total operating
revenues
|
6,067.0
|
|
5,716.4
|
|
6.1 %
|
|
Operating
expenses:
|
|
|
|
|
|
|
Third-party
distribution, service and advisory
|
2,025.6
|
|
1,825.2
|
|
11.0 %
|
|
Employee
compensation
|
2,014.2
|
|
1,885.8
|
|
6.8 %
|
|
Marketing
(1)
|
81.3
|
|
82.1
|
|
(1.0) %
|
|
Property, office and
technology (1)
|
474.3
|
|
450.1
|
|
5.4 %
|
|
General and
administrative (1)
|
594.7
|
|
567.6
|
|
4.8 %
|
|
Transaction,
integration, and restructuring
|
—
|
|
41.6
|
|
N/A
|
|
Amortization and impairment of intangible assets
|
44.8
|
|
1,298.8
|
|
(96.6) %
|
|
Total operating
expenses
|
5,234.9
|
|
6,151.2
|
|
(14.9) %
|
|
Operating
income/(loss)
|
832.1
|
|
(434.8)
|
|
N/A
|
|
Other
income/(expense):
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
43.0
|
|
71.3
|
|
(39.7) %
|
|
Interest and dividend
income
|
58.9
|
|
47.8
|
|
23.2 %
|
|
Interest
expense
|
(58.0)
|
|
(70.5)
|
|
(17.7) %
|
|
Other gains and
losses, net
|
47.7
|
|
98.0
|
|
(51.3) %
|
|
Other income/(expense)
of CIP, net
|
81.6
|
|
50.3
|
|
62.2 %
|
|
Income/(loss) before
income taxes
|
1,005.3
|
|
(237.9)
|
|
N/A
|
|
Income tax
provision
|
(252.9)
|
|
69.7
|
|
N/A
|
|
Net
income/(loss)
|
752.4
|
|
(168.2)
|
|
N/A
|
|
Net (income)/loss
attributable to noncontrolling interests in consolidated
entities
|
22.4
|
|
71.3
|
|
(68.6) %
|
|
Less: Dividends
declared on preferred shares
|
(236.8)
|
|
(236.8)
|
|
— %
|
|
Net income/(loss)
attributable to Invesco Ltd.
|
$
538.0
|
|
$
(333.7)
|
|
N/A
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
---basic
|
$
1.18
|
|
$
(0.73)
|
|
N/A
|
|
---diluted
|
$
1.18
|
|
$
(0.73)
|
|
N/A
|
|
|
|
|
|
|
|
Average common shares
outstanding:
|
|
|
|
|
|
|
---basic
|
457.0
|
|
454.8
|
|
0.5 %
|
|
---diluted
|
457.7
|
|
456.2
|
|
0.3 %
|
|
|
|
(1)
|
The 2023 comparative
period presented reflects the reclassification of certain operating
expenses to align with current period presentation. The
reclassification had no impact on our reported Operating revenues,
Operating income, Net income, or any internal performance measure
on which management is compensated.
|
Invesco Ltd.
Non-GAAP Information
and Reconciliations
We utilize the following non-GAAP performance measures: Net
revenues (and by calculation, Net revenue yield on AUM), Adjusted
operating income, Adjusted operating margin, Adjusted net income
attributable to Invesco Ltd., and Adjusted diluted EPS. We believe
the adjusted measures provide valuable insight into our ongoing
operational performance and assist in comparisons to our
competitors. These measures also assist management with the
establishment of operational budgets and forecasts. The most
directly comparable U.S. GAAP measures are Operating revenues (and
by calculation, gross revenue yield on AUM), Operating income,
Operating margin, Net income attributable to Invesco Ltd., and
Diluted EPS.
The following are reconciliations of Operating revenues,
Operating income (and by calculation, operating margin), and Net
income attributable to Invesco Ltd. (and by calculation, diluted
EPS) on a U.S. GAAP basis to a non-GAAP basis of Net revenues,
Adjusted operating income (and by calculation, Adjusted operating
margin), and Adjusted net income attributable to Invesco Ltd. (and
by calculation, Adjusted diluted EPS). In addition, a
reconciliation of Adjusted operating expenses is provided below,
together with reconciliations of the U.S. GAAP Operating expense
lines to provide further analysis of the non-GAAP adjustments.
These non-GAAP measures should not be considered as substitutes for
any U.S. GAAP measures and may not be comparable to other similarly
titled measures of other companies. The tax effect of the
reconciling items is based on the tax jurisdiction attributable to
the transactions. These measures are described more fully in the
company's Forms 10-K and 10-Q. Refer to these public filings for
additional information about the company's non-GAAP performance
measures.
Reconciliation of Operating revenues to Net revenues:
|
Quarter
|
|
Year
|
|
|
(in
millions)
|
Q4-24
|
|
Q3-24
|
|
Q4-23
|
|
2024
|
|
2023
|
|
|
Operating revenues,
U.S. GAAP basis
|
$
1,593.0
|
|
$
1,515.4
|
|
$
1,413.4
|
|
$
6,067.0
|
|
$
5,716.4
|
|
|
Revenue Adjustments
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Investment
management fees
|
(213.5)
|
|
(207.0)
|
|
(187.5)
|
|
(816.6)
|
|
(766.4)
|
|
|
Service and
distribution fees
|
(271.5)
|
|
(252.0)
|
|
(236.3)
|
|
(1,048.8)
|
|
(911.7)
|
|
|
Other
|
(41.6)
|
|
(40.6)
|
|
(35.6)
|
|
(160.2)
|
|
(147.1)
|
|
|
Total Revenue
Adjustments
|
(526.6)
|
|
(499.6)
|
|
(459.4)
|
|
(2,025.6)
|
|
(1,825.2)
|
|
|
Invesco Great Wall
(2)
|
80.4
|
|
76.9
|
|
79.5
|
|
318.1
|
|
368.3
|
|
|
CIP
(3)
|
10.4
|
|
11.6
|
|
12.4
|
|
41.0
|
|
51.2
|
|
|
Net revenues
|
$
1,157.2
|
|
$
1,104.3
|
|
$
1,045.9
|
|
$
4,400.5
|
|
$
4,310.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating income/(loss) to Adjusted
operating income:
|
Quarter
|
|
Year
|
|
(in
millions)
|
Q4-24
|
|
Q3-24
|
|
Q4-23
|
|
2024
|
|
2023
|
|
Operating
income/(loss), U.S. GAAP basis
|
$
311.7
|
|
$
100.5
|
|
$
(1,075.8)
|
|
$
832.1
|
|
$ (434.8)
|
|
Invesco Great Wall
(2)
|
43.1
|
|
37.6
|
|
41.6
|
|
163.3
|
|
201.9
|
|
CIP
(3)
|
17.0
|
|
15.3
|
|
23.7
|
|
60.2
|
|
84.8
|
|
Transaction,
integration, and restructuring (4)
|
—
|
|
—
|
|
—
|
|
—
|
|
41.6
|
|
Amortization and
impairment of intangible assets (5)
|
10.9
|
|
11.2
|
|
1,260.3
|
|
44.8
|
|
1,298.8
|
|
Compensation expense
related to market valuation changes in deferred compensation plans
(6)
|
4.9
|
|
36.6
|
|
25.6
|
|
70.2
|
|
41.2
|
|
One-time acceleration
of compensation expense for currently outstanding long-term awards
(7)
|
—
|
|
147.6
|
|
—
|
|
147.6
|
|
—
|
|
General and
administrative (8)
|
2.5
|
|
—
|
|
—
|
|
52.5
|
|
(20.0)
|
|
Adjusted operating
income
|
$
390.1
|
|
$
348.8
|
|
$
275.4
|
|
$
1,370.7
|
|
$
1,213.5
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
(9)
|
19.6 %
|
|
6.6 %
|
|
(76.1) %
|
|
13.7 %
|
|
(7.6) %
|
|
Adjusted operating
margin (10)
|
33.7 %
|
|
31.6 %
|
|
26.3 %
|
|
31.1 %
|
|
28.2 %
|
Reconciliation of Net income attributable to Invesco Ltd. to
Adjusted net income attributable to Invesco Ltd.
|
Quarter
|
|
Year
|
|
|
(in
millions)
|
Q4-24
|
|
Q3-24
|
|
Q4-23
|
|
2024
|
|
2023
|
|
|
Net income/(loss)
attributable to Invesco Ltd., U.S. GAAP basis
|
$ 209.3
|
|
$
55.0
|
|
$
(742.3)
|
|
$ 538.0
|
|
$
(333.7)
|
|
|
Adjustments (excluding
tax):
|
|
|
|
|
|
|
|
|
|
|
|
Transaction,
integration, and restructuring (4)
|
—
|
|
—
|
|
—
|
|
—
|
|
41.6
|
|
|
Amortization and
impairment of intangible assets (5)
|
10.9
|
|
11.2
|
|
1,260.3
|
|
44.8
|
|
1,298.8
|
|
|
Deferred compensation
net market valuation changes (6)
|
13.6
|
|
10.2
|
|
(18.0)
|
|
17.6
|
|
(18.6)
|
|
|
One-time acceleration
of compensation expense for currently outstanding long-term awards
(7)
|
—
|
|
147.6
|
|
—
|
|
147.6
|
|
—
|
|
|
General and
administrative (8)
|
2.5
|
|
—
|
|
—
|
|
52.5
|
|
(20.0)
|
|
|
Total adjustments
excluding tax
|
$
27.0
|
|
$ 169.0
|
|
$
1,242.3
|
|
$ 262.5
|
|
$
1,301.8
|
|
|
Tax adjustment for
amortization of intangible assets and goodwill
(11)
|
4.3
|
|
4.5
|
|
4.5
|
|
17.6
|
|
16.7
|
|
|
Tax adjustment for
impairment of intangible assets
|
—
|
|
—
|
|
(296.1)
|
|
—
|
|
(296.1)
|
|
|
Other tax effects of
adjustments above
|
(3.3)
|
|
(28.7)
|
|
4.3
|
|
(36.4)
|
|
1.0
|
|
|
Adjusted net income
attributable to Invesco Ltd
|
$ 237.3
|
|
$ 199.8
|
|
$ 212.7
|
|
$ 781.7
|
|
$ 689.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - diluted
|
454.1
|
|
455.6
|
|
453.1
|
|
457.7
|
|
456.2
|
|
|
Diluted EPS
|
$
0.46
|
|
$
0.12
|
|
$
(1.64)
|
|
$
1.18
|
|
$
(0.73)
|
|
|
Adjusted diluted EPS
(12)
|
$
0.52
|
|
$
0.44
|
|
$
0.47
|
|
$
1.71
|
|
$
1.51
|
|
Reconciliation of Operating expenses to Adjusted operating
expenses:
|
Quarter
|
|
Year
|
|
|
(in
millions)
|
Q4-24
|
|
Q3-24
|
|
Q4-23
|
|
2024
|
|
2023
|
|
|
Operating expenses,
U.S. GAAP basis
|
$
1,281.3
|
|
$
1,414.9
|
|
$
2,489.2
|
|
$ 5,234.9
|
|
$ 6,151.2
|
|
|
Invesco Great Wall
(2)
|
37.3
|
|
39.3
|
|
37.9
|
|
154.8
|
|
166.4
|
|
|
Third party
distribution, service, and advisory expenses
|
(526.6)
|
|
(499.6)
|
|
(459.4)
|
|
(2,025.6)
|
|
(1,825.2)
|
|
|
CIP
(3)
|
(6.6)
|
|
(3.7)
|
|
(11.3)
|
|
(19.2)
|
|
(33.6)
|
|
|
Transaction,
integration, and restructuring (4)
|
—
|
|
—
|
|
—
|
|
—
|
|
(41.6)
|
|
|
Amortization and
impairment of intangible assets (5)
|
(10.9)
|
|
(11.2)
|
|
(1,260.3)
|
|
(44.8)
|
|
(1,298.8)
|
|
|
Compensation expense
related to market valuation changes in deferred compensation plans
(6)
|
(4.9)
|
|
(36.6)
|
|
(25.6)
|
|
(70.2)
|
|
(41.2)
|
|
|
One-time acceleration
of compensation expense for currently outstanding long-term awards
(7)
|
—
|
|
(147.6)
|
|
—
|
|
(147.6)
|
|
—
|
|
|
General and
administrative (8)
|
(2.5)
|
|
—
|
|
—
|
|
(52.5)
|
|
20.0
|
|
|
Adjusted operating
expenses
|
$ 767.1
|
|
$
755.5
|
|
$ 770.5
|
|
$ 3,029.8
|
|
$ 3,097.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation,
U.S. GAAP basis
|
$ 463.8
|
|
$
625.4
|
|
$ 468.8
|
|
$ 2,014.2
|
|
$ 1,885.8
|
|
|
Invesco Great Wall
(2)
|
26.2
|
|
28.7
|
|
27.6
|
|
111.4
|
|
126.2
|
|
|
Compensation expense
related to market valuation changes in deferred compensation plans
(6)
|
(4.9)
|
|
(36.6)
|
|
(25.6)
|
|
(70.2)
|
|
(41.2)
|
|
|
One-time acceleration
of compensation expense for currently outstanding long-term awards
(7)
|
—
|
|
(147.6)
|
|
—
|
|
(147.6)
|
|
—
|
|
|
Adjusted employee
compensation
|
$ 485.1
|
|
$
469.9
|
|
$ 470.8
|
|
$ 1,907.8
|
|
$ 1,970.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, U.S. GAAP
basis(13)
|
$
23.7
|
|
$
18.9
|
|
$
20.2
|
|
$
81.3
|
|
$
82.1
|
|
|
Invesco Great Wall
(2)(13)
|
2.3
|
|
2.0
|
|
0.9
|
|
8.6
|
|
7.2
|
|
|
Adjusted
marketing(13)
|
$
26.0
|
|
$
20.9
|
|
$
21.1
|
|
$
89.9
|
|
$
89.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, office and
technology, U.S. GAAP basis(13)
|
$ 121.3
|
|
$
119.0
|
|
$ 115.8
|
|
$
474.3
|
|
$
450.1
|
|
|
Invesco Great Wall
(2)(13)
|
4.3
|
|
4.3
|
|
4.6
|
|
17.6
|
|
17.0
|
|
|
Adjusted property,
office and technology(13)
|
$ 125.6
|
|
$
123.3
|
|
$ 120.4
|
|
$
491.9
|
|
$
467.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative, U.S. GAAP basis(13)
|
$ 135.0
|
|
$
140.8
|
|
$ 164.7
|
|
$
594.7
|
|
$
567.6
|
|
|
Invesco Great Wall
(2)(13)
|
4.5
|
|
4.3
|
|
4.8
|
|
17.2
|
|
16.0
|
|
|
CIP
(3)
|
(6.6)
|
|
(3.7)
|
|
(11.3)
|
|
(19.2)
|
|
(33.6)
|
|
|
Recoveries of
previously disclosed losses (8)
|
—
|
|
—
|
|
—
|
|
—
|
|
20.0
|
|
|
Regulatory matters
(8)
|
(2.5)
|
|
—
|
—
|
—
|
|
(52.5)
|
|
—
|
|
|
Adjusted general and
administrative(13)
|
$ 130.4
|
|
$
141.4
|
|
$ 158.2
|
|
$
540.2
|
|
$
570.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction,
integration, and restructuring, U.S. GAAP basis
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
41.6
|
|
|
Transaction,
integration, and restructuring(4)
|
—
|
|
—
|
|
—
|
|
—
|
|
(41.6)
|
|
|
Adjusted transaction,
integration, and restructuring
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and
impairment of intangible assets, U.S. GAAP basis
|
$
10.9
|
|
$
11.2
|
|
$
1,260.3
|
|
$
44.8
|
|
$ 1,298.8
|
|
|
Amortization and
impairment of intangible assets (5)
|
(10.9)
|
|
(11.2)
|
|
(1,260.3)
|
|
(44.8)
|
|
(1,298.8)
|
|
|
Adjusted amortization
and impairment of intangible assets
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Revenue adjustments:
The company calculates Net revenues by reducing Operating revenues
to exclude fees that are passed through to external parties who
perform functions on behalf of, and distribute, the company's
managed funds. The Net revenue presentation assists in identifying
the revenue contribution generated by the company, removing
distortions caused by the differing distribution channel fees and
allowing for a fair comparison with U.S. peer investment managers
and within Invesco's own investment units. Additionally, management
evaluates Net revenue yield on AUM, which is equal to Net revenues
divided by Average AUM during the reporting period, as an indicator
of the basis point Net revenues we receive for each dollar of AUM
we manage.
|
|
|
|
Investment management
fees are adjusted by renewal commissions and certain administrative
fees. Service and distribution fees are primarily adjusted by
distribution fees passed through to broker dealers for certain
share classes and pass through fund-related costs. Other revenues
are primarily adjusted by transaction fees passed through to third
parties.
|
|
|
|
(2)
|
Invesco Great Wall: The
company reflects 100% of Invesco Great Wall in its Net revenues and
Adjusted operating income (and by calculation, Adjusted operating
margin). The company's non-GAAP operating results reflect the
economics of these holdings on a basis consistent with the
underlying AUM and flows. Adjusted net income is reduced by the
amount of earnings attributable to the noncontrolling
interests.
|
|
|
|
(3)
|
CIP: The company
believes that the CIP may impact a reader's analysis of our
underlying results of operations and could result in investor
confusion or the production of information about the company by
analysts or external credit rating agencies that is not reflective
of the underlying results of operations and financial condition of
the company. Accordingly, the company believes that it is
appropriate to adjust Operating revenues and Operating income for
the impact of CIP in calculating the respective Net revenues and
Adjusted operating income (and by calculation, Adjusted operating
margin).
|
|
|
|
(4)
|
Transaction,
integration and restructuring: The company believes it is useful to
adjust for the transaction, integration and restructuring charges
in arriving at adjusted operating income, adjusted operating
margin, adjusted net income, and adjusted diluted EPS, as this will
aid comparability of our results period to period, and aid
comparability with peer companies that may not have similar
acquisition and restructuring related charges. Transaction,
integration and restructuring charges were restructuring costs
relating to our strategic evaluation which we completed in the
first quarter of 2023.
|
|
|
|
(5)
|
Amortization and
impairment of intangible assets: The company removes amortization
related to acquired assets in arriving at Adjusted operating
income, Adjusted operating margin and Adjusted diluted EPS, as this
will aid comparability of our results period to period, and aid
comparability with peer companies that may not have similar
acquisition-related charges.
|
|
|
|
(6)
|
Market movement on
deferred compensation plan liabilities: Certain deferred
compensation plan awards involve a return to the employee linked to
the appreciation (depreciation) of specified investments. The
company economically hedges the exposure to market movements for
these investments. Since these plans are economically hedged, the
company believes it is useful to reflect the offset ultimately
achieved from hedging the market exposure in the calculation of
Adjusted operating income (and by calculation, Adjusted operating
margin) and Adjusted net income (and by calculation, Adjusted
diluted EPS) to produce results that will be more comparable period
to period.
|
|
|
|
(7)
|
One-time acceleration
of compensation expense for currently outstanding long-term awards:
In the third quarter of 2024, the company recorded a one-time
non-cash acceleration of $147.6 million in expense resulting from
changes to the retirement criteria for vesting of currently
outstanding long-term awards. Due to the non-recurring nature of
this item, the company removed this expense in arriving at Adjusted
operating income, Adjusted operating margin and Adjusted diluted
EPS as this will aid comparability of our results period to
period.
|
|
|
|
(8)
|
General and
administrative: In 2024, the company removed the expense related to
the settlement of regulatory matters. In 2023, the company removed
insurance recoveries related to fund-related losses incurred in
prior periods. Due to the non-recurring nature of these items, the
company removed the expenses in arriving at Adjusted operating
income, Adjusted operating margin and Adjusted diluted EPS as this
will aid comparability of our results period to period.
|
|
|
|
(9)
|
Operating margin is
equal to Operating income divided by Operating revenues.
|
|
|
|
(10)
|
Adjusted operating
margin is equal to Adjusted operating income divided by Net
revenues.
|
|
|
|
(11)
|
Tax adjustment for
amortization of intangible assets and goodwill: The company
reflects the tax benefit realized on the tax amortization of
goodwill and intangibles in Adjusted net income. The company
believes it is useful to include this tax benefit in arriving at
the Adjusted diluted EPS measure.
|
|
|
|
(12)
|
Adjusted diluted EPS is
equal to Adjusted net income attributable to Invesco Ltd. divided
by the weighted average number of common and restricted common
shares outstanding.
|
|
|
|
(13)
|
The 2023 comparative
periods presented reflect the reclassification of certain operating
expenses to align with current period presentation. The
reclassification had no impact on our reported Net revenues,
Adjusted Operating income, Adjusted Net income, or any internal
performance measure on which management is compensated.
|
|
Invesco Ltd.
Assets Under
Management
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
(in
billions)
|
December 31,
2024
|
|
September 30,
2024
|
|
%
Change
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
%
Change
|
|
Beginning
Assets
|
$1,795.6
|
|
$1,715.8
|
|
4.7 %
|
|
$1,487.3
|
|
$1,585.3
|
|
$1,409.2
|
|
12.5 %
|
|
Long-term
inflows
|
133.7
|
|
107.2
|
|
24.7 %
|
|
81.0
|
|
419.0
|
|
299.1
|
|
40.1 %
|
|
Long-term
outflows
|
(108.1)
|
|
(90.7)
|
|
19.2 %
|
|
(74.3)
|
|
(353.9)
|
|
(288.9)
|
|
22.5 %
|
|
Net long-term
flows
|
25.6
|
|
16.5
|
|
55.2 %
|
|
6.7
|
|
65.1
|
|
10.2
|
|
538.2 %
|
|
Net flows in
non-management fee earning AUM (a)
|
10.2
|
|
3.5
|
|
191.4 %
|
|
3.1
|
|
29.8
|
|
6.2
|
|
380.6 %
|
|
Net flows in money
market funds
|
25.1
|
|
(7.3)
|
|
N/A
|
|
(18.1)
|
|
23.4
|
|
(11.1)
|
|
N/A
|
|
Total net
flows
|
60.9
|
|
12.7
|
|
379.5 %
|
|
(8.3)
|
|
118.3
|
|
5.3
|
|
2132.1 %
|
|
Reinvested
distributions
|
12.5
|
|
1.0
|
|
1,150.0 %
|
|
8.4
|
|
16.0
|
|
11.5
|
|
39.1 %
|
|
Market gains and
losses
|
(2.5)
|
|
49.8
|
|
N/A
|
|
86.9
|
|
142.7
|
|
161.1
|
|
(11.4) %
|
|
Dispositions
|
—
|
|
—
|
|
N/A
|
|
—
|
|
—
|
|
(1.4)
|
|
N/A
|
|
Foreign currency
translation
|
(20.5)
|
|
16.3
|
|
N/A
|
|
11.0
|
|
(16.3)
|
|
(0.4)
|
|
3975.0 %
|
|
Ending
Assets
|
$1,846.0
|
|
$1,795.6
|
|
2.8 %
|
|
$1,585.3
|
|
$1,846.0
|
|
$1,585.3
|
|
16.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending long-term
AUM
|
$1,301.1
|
|
$1,298.5
|
|
0.2 %
|
|
$1,153.7
|
|
$1,301.1
|
|
$1,153.7
|
|
12.8 %
|
|
Average long-term
AUM
|
$1,310.1
|
|
$1,257.2
|
|
4.2 %
|
|
$1,095.0
|
|
$1,233.0
|
|
$1,091.3
|
|
13.0 %
|
|
Average AUM
|
$1,824.4
|
|
$1,742.0
|
|
4.7 %
|
|
$1,515.6
|
|
$1,712.2
|
|
$1,500.6
|
|
14.1 %
|
|
Average QQQ
AUM
|
$305.1
|
|
$288.1
|
|
5.9 %
|
|
$209.6
|
|
$275.8
|
|
$187.5
|
|
47.1 %
|
|
Three Months Ended
December 31, 2024
|
Twelve months ended
December 31, 2024
|
|
By investment
approach (in billions)
|
Active(k)
|
|
Passive(k)
|
|
Active(k)
|
|
Passive(k)
|
|
Beginning
Assets
|
$1,032.3
|
|
$763.3
|
|
$985.3
|
|
$600.0
|
|
Long-term
inflows
|
52.6
|
|
81.1
|
|
194.0
|
|
225.0
|
|
Long-term
outflows
|
(62.6)
|
|
(45.5)
|
|
(209.4)
|
|
(144.5)
|
|
Net long-term
flows
|
(10.0)
|
|
35.6
|
|
(15.4)
|
|
80.5
|
|
Net flows in
non-management fee earning AUM (a)
|
—
|
|
10.2
|
|
—
|
|
29.8
|
|
Net flows in money
market funds
|
25.1
|
|
—
|
|
23.4
|
|
—
|
|
Total net
flows
|
15.1
|
|
45.8
|
|
8.0
|
|
110.3
|
|
Reinvested
distributions
|
12.5
|
|
—
|
|
16.0
|
|
—
|
|
Market gains and
losses
|
(17.0)
|
|
14.5
|
|
30.0
|
|
112.7
|
|
Foreign currency
translation
|
(16.4)
|
|
(4.1)
|
|
(12.8)
|
|
(3.5)
|
|
Ending
Assets
|
$1,026.5
|
|
$819.5
|
|
$1,026.5
|
|
$819.5
|
|
|
|
|
|
|
|
|
|
Average AUM
|
$1,024.4
|
|
$800.0
|
|
$1,001.9
|
|
$710.3
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
Twelve months ended
December 31, 2024
|
|
By channel: (in
billions)
|
Retail
|
|
Institutional
|
|
Retail
|
|
Institutional
|
|
Beginning
Assets
|
$1,227.2
|
|
$568.4
|
|
$1,042.0
|
|
$543.3
|
|
Long-term
inflows
|
103.5
|
|
30.2
|
|
319.6
|
|
99.4
|
|
Long-term
outflows
|
(75.1)
|
|
(33.0)
|
|
(259.6)
|
|
(94.3)
|
|
Net long-term
flows
|
28.4
|
|
(2.8)
|
|
60.0
|
|
5.1
|
|
Net flows in
non-management fee earning AUM (a)
|
10.3
|
|
(0.1)
|
|
28.7
|
|
1.1
|
|
Net flows in money
market funds
|
0.8
|
|
24.3
|
|
1.5
|
|
21.9
|
|
Total net
flows
|
39.5
|
|
21.4
|
|
90.2
|
|
28.1
|
|
Reinvested
distributions
|
12.3
|
|
0.2
|
|
15.8
|
|
0.2
|
|
Market gains and
losses
|
(5.7)
|
|
3.2
|
|
123.4
|
|
19.3
|
|
Foreign currency
translation
|
(7.7)
|
|
(12.8)
|
|
(5.8)
|
|
(10.5)
|
|
Ending
Assets
|
$1,265.6
|
|
$580.4
|
|
$1,265.6
|
|
$580.4
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
Invesco Ltd.
Assets Under
Management (continued)
|
|
|
|
Three Months Ended
December 31, 2024
|
|
Twelve months ended
December 31, 2024
|
|
By client domicile:
(in billions)
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Beginning
Assets
|
|
$1,275.3
|
|
$266.6
|
|
$253.7
|
|
$1,133.9
|
|
$235.5
|
|
$215.9
|
|
Long-term
inflows
|
|
62.5
|
|
43.9
|
|
27.3
|
|
212.5
|
|
121.0
|
|
85.5
|
|
Long-term
outflows
|
|
(53.6)
|
|
(36.4)
|
|
(18.1)
|
|
(190.7)
|
|
(94.9)
|
|
(68.3)
|
|
Net long-term
flows
|
|
8.9
|
|
7.5
|
|
9.2
|
|
21.8
|
|
26.1
|
|
17.2
|
|
Net flows in
non-management fee earning AUM (a)
|
|
5.7
|
|
0.4
|
|
4.1
|
|
23.8
|
|
0.1
|
|
5.9
|
|
Net flows in money
market funds
|
|
25.5
|
|
(0.2)
|
|
(0.2)
|
|
24.0
|
|
—
|
|
(0.6)
|
|
Total net
flows
|
|
40.1
|
|
7.7
|
|
13.1
|
|
69.6
|
|
26.2
|
|
22.5
|
|
Reinvested
distributions
|
|
12.4
|
|
—
|
|
0.1
|
|
15.8
|
|
—
|
|
0.2
|
|
Market gains and
losses
|
|
(7.3)
|
|
5.0
|
|
(0.2)
|
|
101.5
|
|
16.3
|
|
24.9
|
|
Transfer
|
|
(3.4)
|
|
3.6
|
|
(0.2)
|
|
(3.4)
|
|
3.6
|
|
(0.2)
|
|
Foreign currency
translation
|
|
(1.6)
|
|
(12.7)
|
|
(6.2)
|
|
(1.9)
|
|
(11.4)
|
|
(3.0)
|
|
Ending
Assets
|
|
$1,315.5
|
|
$270.2
|
|
$260.3
|
|
$1,315.5
|
|
$270.2
|
|
$260.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
|
By investment
capability (b): (in
billions)
|
|
ETFs and Index
(c)
|
|
Fundamental Fixed
Income (d)
|
|
Fundamental Equities
(e)
|
|
Private Markets
(f)
|
|
APAC Managed
(g)
|
|
Multi-Asset/Other
(h)
|
|
Global Liquidity
(i)
|
|
QQQ (j)
|
|
Beginning
Assets
|
|
$457.6
|
|
$290.5
|
|
$278.5
|
|
$129.8
|
|
$117.2
|
|
$63.1
|
|
$164.1
|
|
$294.8
|
|
Long-term
inflows
|
|
63.1
|
|
16.8
|
|
9.8
|
|
8.1
|
|
33.1
|
|
2.8
|
|
—
|
|
—
|
|
Long-term
outflows
|
|
(33.5)
|
|
(17.6)
|
|
(15.8)
|
|
(7.3)
|
|
(29.6)
|
|
(4.3)
|
|
—
|
|
—
|
|
Net long-term
flows
|
|
29.6
|
|
(0.8)
|
|
(6.0)
|
|
0.8
|
|
3.5
|
|
(1.5)
|
|
—
|
|
—
|
|
Net flows in
non-management fee earning AUM (a)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.1)
|
|
—
|
|
10.3
|
|
Net flows in money
market funds
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.2)
|
|
—
|
|
25.3
|
|
—
|
|
Total net
flows
|
|
29.6
|
|
(0.8)
|
|
(6.0)
|
|
0.8
|
|
3.3
|
|
(1.6)
|
|
25.3
|
|
10.3
|
|
Reinvested
distributions
|
|
0.5
|
|
0.6
|
|
10.6
|
|
0.2
|
|
—
|
|
0.5
|
|
0.1
|
|
—
|
|
Market gains and
losses
|
|
—
|
|
(4.0)
|
|
(12.8)
|
|
(0.6)
|
|
2.5
|
|
(1.5)
|
|
0.1
|
|
13.8
|
|
Foreign currency
translation
|
|
(3.7)
|
|
(5.2)
|
|
(3.8)
|
|
(1.7)
|
|
(4.2)
|
|
(1.7)
|
|
(0.2)
|
|
—
|
|
Ending
Assets
|
|
$484.0
|
|
$281.1
|
|
$266.5
|
|
$128.5
|
|
$118.8
|
|
$58.8
|
|
$189.4
|
|
$318.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
|
$480.2
|
|
$284.6
|
|
$275.0
|
|
$129.9
|
|
$118.0
|
|
$60.2
|
|
$171.4
|
|
$305.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended
December 31, 2024
|
|
By investment
capability (b): (in
billions)
|
|
ETFs and Index
(c)
|
|
Fundamental Fixed
Income (d)
|
|
Fundamental
Equities (e)
|
|
Private Markets
(f)
|
|
APAC Managed
(g)
|
|
Multi-Asset/Other
(h)
|
|
Global Liquidity
(i)
|
|
QQQ (j)
|
|
Beginning
Assets
|
|
$362.1
|
|
$272.6
|
|
$260.5
|
|
$129.7
|
|
$108.0
|
|
$57.4
|
|
$165.0
|
|
$230.0
|
|
Long-term
inflows
|
|
192.7
|
|
68.5
|
|
35.7
|
|
25.0
|
|
86.7
|
|
10.4
|
|
—
|
|
—
|
|
Long-term
outflows
|
|
(121.4)
|
|
(60.7)
|
|
(59.9)
|
|
(20.9)
|
|
(78.1)
|
|
(12.9)
|
|
—
|
|
—
|
|
Net long-term
flows
|
|
71.3
|
|
7.8
|
|
(24.2)
|
|
4.1
|
|
8.6
|
|
(2.5)
|
|
—
|
|
—
|
|
Net flows in
non-management fee earning AUM (a)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
0.7
|
|
—
|
|
29.1
|
|
Net flows in money
market funds
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.2)
|
|
—
|
|
23.6
|
|
—
|
|
Total net
flows
|
|
71.3
|
|
7.8
|
|
(24.2)
|
|
4.1
|
|
8.4
|
|
(1.8)
|
|
23.6
|
|
29.1
|
|
Reinvested
distributions
|
|
0.5
|
|
2.1
|
|
11.6
|
|
0.8
|
|
—
|
|
0.6
|
|
0.4
|
|
—
|
|
Market gains and
losses
|
|
53.2
|
|
3.2
|
|
21.2
|
|
(4.6)
|
|
5.6
|
|
3.8
|
|
0.5
|
|
59.8
|
|
Foreign currency
translation
|
|
(3.1)
|
|
(4.6)
|
|
(2.6)
|
|
(1.5)
|
|
(3.2)
|
|
(1.2)
|
|
(0.1)
|
|
—
|
|
Ending
Assets
|
|
$484.0
|
|
$281.1
|
|
$266.5
|
|
$128.5
|
|
$118.8
|
|
$58.8
|
|
$189.4
|
|
$318.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM
|
|
$423.8
|
|
$276.9
|
|
$269.4
|
|
$128.5
|
|
$112.1
|
|
$59.8
|
|
$165.9
|
|
$275.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
Invesco Ltd.
Assets Under
Management - Active(k)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
(in
billions)
|
December 31,
2024
|
|
September 30,
2024
|
|
%
Change
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
%
Change
|
|
Beginning
Assets
|
$1,032.3
|
|
$1,003.3
|
|
2.9 %
|
|
$966.1
|
|
$985.3
|
|
$976.2
|
|
0.9 %
|
|
Long-term
inflows
|
52.6
|
|
49.3
|
|
6.7 %
|
|
41.3
|
|
194.0
|
|
164.3
|
|
18.1 %
|
|
Long-term
outflows
|
(62.6)
|
|
(49.9)
|
|
25.5 %
|
|
(48.5)
|
|
(209.4)
|
|
(193.3)
|
|
8.3 %
|
|
Net long-term
flows
|
(10.0)
|
|
(0.6)
|
|
1,566.7 %
|
|
(7.2)
|
|
(15.4)
|
|
(29.0)
|
|
(46.9) %
|
|
Net flows in money
market funds
|
25.1
|
|
(7.3)
|
|
N/A
|
|
(18.1)
|
|
23.4
|
|
(11.1)
|
|
N/A
|
|
Total net
flows
|
15.1
|
|
(7.9)
|
|
N/A
|
|
(25.3)
|
|
8.0
|
|
(40.1)
|
|
N/A
|
|
Reinvested
distributions
|
12.5
|
|
1.0
|
|
1,150.0 %
|
|
8.4
|
|
16.0
|
|
11.5
|
|
39.1 %
|
|
Market gains and
losses
|
(17.0)
|
|
21.6
|
|
N/A
|
|
26.9
|
|
30.0
|
|
40.0
|
|
(25.0) %
|
|
Dispositions
|
—
|
|
—
|
|
N/A
|
|
—
|
|
—
|
|
(1.4)
|
|
N/A
|
|
Foreign currency
translation
|
(16.4)
|
|
14.3
|
|
N/A
|
|
$9.2
|
|
(12.8)
|
|
(0.9)
|
|
1,322.2 %
|
|
Ending
Assets
|
$1,026.5
|
|
$1,032.3
|
|
(0.6) %
|
|
$985.3
|
|
$1,026.5
|
|
$985.3
|
|
4.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$825.2
|
|
$820.4
|
|
0.6 %
|
|
$764.5
|
|
$808.1
|
|
$780.4
|
|
3.5 %
|
|
Average AUM
|
$1,024.4
|
|
$1,007.4
|
|
1.7 %
|
|
$966.5
|
|
$1,001.9
|
|
$992.3
|
|
1.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
|
Twelve months ended
December 31, 2024
|
|
By channel: (in
billions)
|
|
Retail
|
|
Institutional
|
|
|
Retail
|
|
Institutional
|
|
Beginning
Assets
|
|
$533.9
|
|
$498.4
|
|
|
$501.5
|
|
$483.8
|
|
Long-term
inflows
|
|
29.3
|
|
23.3
|
|
|
109.6
|
|
84.4
|
|
Long-term
outflows
|
|
(34.8)
|
|
(27.8)
|
|
|
(128.8)
|
|
(80.6)
|
|
Net long-term
flows
|
|
(5.5)
|
|
(4.5)
|
|
|
(19.2)
|
|
3.8
|
|
Net flows in money
market funds
|
|
0.8
|
|
24.3
|
|
|
1.5
|
|
21.9
|
|
Total net
flows
|
|
(4.7)
|
|
19.8
|
|
|
(17.7)
|
|
25.7
|
|
Reinvested
distributions
|
|
12.3
|
|
0.2
|
|
|
15.8
|
|
0.2
|
|
Market gains and
losses
|
|
(17.7)
|
|
0.7
|
|
|
22.4
|
|
7.6
|
|
Foreign currency
translation
|
|
(6.3)
|
|
(10.1)
|
|
|
(4.5)
|
|
(8.3)
|
|
Ending
Assets
|
|
$517.5
|
|
$509.0
|
|
|
$517.5
|
|
$509.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
|
Twelve months ended
December 31, 2024
|
|
By client domicile:
(in billions)
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Beginning
Assets
|
|
$691.5
|
|
$212.2
|
|
$128.6
|
|
$671.4
|
|
$192.0
|
|
$121.9
|
|
Long-term
inflows
|
|
21.8
|
|
23.8
|
|
7.0
|
|
84.1
|
|
84.7
|
|
25.2
|
|
Long-term
outflows
|
|
(31.6)
|
|
(24.3)
|
|
(6.7)
|
|
(111.8)
|
|
(70.2)
|
|
(27.4)
|
|
Net long-term
flows
|
|
(9.8)
|
|
(0.5)
|
|
0.3
|
|
(27.7)
|
|
14.5
|
|
(2.2)
|
|
Net flows in money
market funds
|
|
25.5
|
|
(0.2)
|
|
(0.2)
|
|
24.0
|
|
—
|
|
(0.6)
|
|
Total net
flows
|
|
15.7
|
|
(0.7)
|
|
0.1
|
|
(3.7)
|
|
14.5
|
|
(2.8)
|
|
Reinvested
distributions
|
|
12.4
|
|
—
|
|
0.1
|
|
15.8
|
|
—
|
|
0.2
|
|
Market gains and
losses
|
|
(16.6)
|
|
2.0
|
|
(2.4)
|
|
19.7
|
|
6.2
|
|
4.1
|
|
Transfer
|
|
(3.4)
|
|
3.6
|
|
(0.2)
|
|
(3.4)
|
|
3.6
|
|
(0.2)
|
|
Foreign currency
translation
|
|
(1.4)
|
|
(9.7)
|
|
(5.3)
|
|
(1.6)
|
|
(8.9)
|
|
(2.3)
|
|
Ending
Assets
|
|
$698.2
|
|
$207.4
|
|
$120.9
|
|
$698.2
|
|
$207.4
|
|
$120.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
|
Invesco Ltd.
Assets Under
Management - Passive(k)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
in
billions
|
December 31,
2024
|
|
September 30,
2024
|
|
%
Change
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
%
Change
|
|
Beginning
Assets
|
$763.3
|
|
$712.5
|
|
7.1 %
|
|
$521.2
|
|
$600.0
|
|
$433.0
|
|
38.6 %
|
|
Long-term
inflows
|
81.1
|
|
57.9
|
|
40.1 %
|
|
39.7
|
|
225.0
|
|
134.8
|
|
66.9 %
|
|
Long-term
outflows
|
(45.5)
|
|
(40.8)
|
|
11.5 %
|
|
(25.8)
|
|
(144.5)
|
|
(95.6)
|
|
51.2 %
|
|
Net long-term
flows
|
35.6
|
|
17.1
|
|
108.2 %
|
|
13.9
|
|
80.5
|
|
39.2
|
|
105.4 %
|
|
Net flows in
non-management fee earning AUM (a)
|
10.2
|
|
3.5
|
|
191.4 %
|
|
3.1
|
|
29.8
|
|
6.2
|
|
380.6 %
|
|
Total net
flows
|
45.8
|
|
20.6
|
|
122.3 %
|
|
17.0
|
|
110.3
|
|
45.4
|
|
143.0 %
|
|
Market gains and
losses
|
14.5
|
|
28.2
|
|
(48.6) %
|
|
60.0
|
|
112.7
|
|
121.1
|
|
(6.9) %
|
|
Foreign currency
translation
|
(4.1)
|
|
2.0
|
|
N/A
|
|
1.8
|
|
(3.5)
|
|
0.5
|
|
N/A
|
|
Ending
Assets
|
$819.5
|
|
$763.3
|
|
7.4 %
|
|
$600.0
|
|
$819.5
|
|
$600.0
|
|
36.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average long-term
AUM
|
$484.9
|
|
$436.8
|
|
11.0 %
|
|
$330.5
|
|
$424.9
|
|
$310.9
|
|
36.7 %
|
|
Average AUM
|
$800.0
|
|
$734.6
|
|
8.9 %
|
|
$549.1
|
|
$710.3
|
|
$508.3
|
|
39.7 %
|
|
Average QQQ
AUM
|
$305.1
|
|
$288.1
|
|
5.9 %
|
|
$209.6
|
|
$275.8
|
|
$187.5
|
|
47.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
|
Twelve months ended
December 31, 2024
|
|
By channel: (in
billions)
|
|
Retail
|
|
Institutional
|
|
|
Retail
|
|
Institutional
|
|
Beginning
Assets
|
|
$693.3
|
|
$70.0
|
|
|
$540.5
|
|
$59.5
|
|
Long-term
inflows
|
|
74.2
|
|
6.9
|
|
|
210.0
|
|
15.0
|
|
Long-term
outflows
|
|
(40.3)
|
|
(5.2)
|
|
|
(130.8)
|
|
(13.7)
|
|
Net long-term
flows
|
|
33.9
|
|
1.7
|
|
|
79.2
|
|
1.3
|
|
Net flows in
non-management fee earning AUM (a)
|
|
10.3
|
|
(0.1)
|
|
|
28.7
|
|
1.1
|
|
Total net
flows
|
|
44.2
|
|
1.6
|
|
|
107.9
|
|
2.4
|
|
Market gains and
losses
|
|
12.0
|
|
2.5
|
|
|
101.0
|
|
11.7
|
|
Foreign currency
translation
|
|
(1.4)
|
|
(2.7)
|
|
|
(1.3)
|
|
(2.2)
|
|
Ending
Assets
|
|
$748.1
|
|
$71.4
|
|
|
$748.1
|
|
$71.4
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
Twelve months ended
December 31, 2024
|
|
By client domicile:
(in billions)
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Americas
|
|
Asia
Pacific
|
|
EMEA
|
|
Beginning
Assets
|
$583.8
|
|
$54.4
|
|
$125.1
|
|
$462.5
|
|
$43.5
|
|
$94.0
|
|
Long-term
inflows
|
40.7
|
|
20.1
|
|
20.3
|
|
128.4
|
|
36.3
|
|
60.3
|
|
Long-term
outflows
|
(22.0)
|
|
(12.1)
|
|
(11.4)
|
|
(78.9)
|
|
(24.7)
|
|
(40.9)
|
|
Net long-term
flows
|
18.7
|
|
8.0
|
|
8.9
|
|
49.5
|
|
11.6
|
|
19.4
|
|
Net flows in
non-management fee earning AUM (a)
|
5.7
|
|
0.4
|
|
4.1
|
|
23.8
|
|
0.1
|
|
5.9
|
|
Total net
flows
|
24.4
|
|
8.4
|
|
13.0
|
|
73.3
|
|
11.7
|
|
25.3
|
|
Market gains and
losses
|
9.3
|
|
3.0
|
|
2.2
|
|
81.8
|
|
10.1
|
|
20.8
|
|
Foreign currency
translation
|
(0.2)
|
|
(3.0)
|
|
(0.9)
|
|
(0.3)
|
|
(2.5)
|
|
(0.7)
|
|
Ending
Assets
|
$617.3
|
|
$62.8
|
|
$139.4
|
|
$617.3
|
|
$62.8
|
|
$139.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See the footnotes
immediately following these tables.
|
Invesco Ltd.
Footnotes to the Assets
Under Management Tables
|
(a)
|
Non-management fee
earning AUM includes non-management fee earning ETFs, UIT and
product leverage.
|
|
|
|
(b)
|
Investment capabilities
are descriptive groupings of AUM by investment strategy.
|
|
|
|
(c)
|
ETFs and Index includes
ETFs and Indexed Strategies; excludes Invesco QQQ Trust.
|
|
|
|
(d)
|
Fundamental Fixed
Income includes Fixed Income products, including certain ETFs
managed within this capability.
|
|
|
|
(e)
|
Fundamental Equities
includes Equity products.
|
|
|
|
(f)
|
Private Markets
includes Private Credit and Real Estate investments comprised
primarily of Real Estate, CLOs, Private Credit and listed real
assets, including certain ETFs managed within this
capability.
|
|
|
|
(g)
|
APAC Managed includes
all products managed in the APAC region, including Invesco Great
Wall, APAC managed short term, money market, passive, and
ETFs.
|
|
|
|
(h)
|
Multi-Asset/Other
includes Global Asset Allocation, Invesco Quantitative Strategies,
Global Targeted Returns, Solutions, Intelliflo, and UITs, including
certain ETFs managed within this capability.
|
|
|
|
(i)
|
Global Liquidity is
comprised mainly of Money Market funds excluding APAC Money Market
funds.
|
|
|
|
(j)
|
QQQ includes Invesco
QQQ Trust.
|
|
|
|
(k)
|
Passive AUM includes
index-based ETFs, unit investment trusts (UITs), non-fee earning
leverage and other passive mandates. Active AUM is total AUM less
Passive AUM.
|
|
Invesco Ltd.
Supplemental
Information(1)
|
|
|
For the three months
ended
December 31,
2024
|
|
For the three months
ended
December 31,
2023
|
|
Cash flow
information
(in
millions)
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
Invesco and CIP cash
and cash equivalents, beginning of period
|
$ 1,639.4
|
|
$ (594.5)
|
|
$
1,044.9
|
|
$ 1,555.1
|
|
$ (313.6)
|
|
$
1,241.5
|
|
Cash flows from
operating activities
|
316.9
|
|
(5.8)
|
|
311.1
|
|
714.3
|
|
(364.4)
|
|
349.9
|
|
Cash flows from
investing activities
|
(16.9)
|
|
(127.5)
|
|
(144.4)
|
|
(261.6)
|
|
261.9
|
|
0.3
|
|
Cash flows from
financing activities
|
(392.5)
|
|
214.5
|
|
(178.0)
|
|
(110.3)
|
|
(43.5)
|
|
(153.8)
|
|
Increase/(decrease) in
cash and cash equivalents
|
(92.5)
|
|
81.2
|
|
(11.3)
|
|
342.4
|
|
(146.0)
|
|
196.4
|
|
Foreign exchange
movement on cash and cash equivalents
|
(50.9)
|
|
3.8
|
|
(47.1)
|
|
34.1
|
|
(2.8)
|
|
31.3
|
|
Cash and cash
equivalents, end of the period
|
$ 1,496.0
|
|
$ (509.5)
|
|
$
986.5
|
|
$ 1,931.6
|
|
$ (462.4)
|
|
$
1,469.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
December 31,
2024
|
|
For the year
ended
December 31,
2023
|
|
Cash flow
information
(in
millions)
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
Invesco and CIP cash
and cash equivalents, beginning of period
|
$ 1,931.6
|
|
$ (462.4)
|
|
$
1,469.2
|
|
$ 1,434.1
|
|
$ (199.4)
|
|
$
1,234.7
|
|
Cash flows from
operating activities
|
1,190.0
|
|
(114.8)
|
|
1,075.2
|
|
1,300.8
|
|
(136.6)
|
|
1,164.2
|
|
Cash flows from
investing activities
|
68.4
|
|
(308.4)
|
|
(240.0)
|
|
(244.3)
|
|
72.8
|
|
(171.5)
|
|
Cash flows from
financing activities
|
(1,661.6)
|
|
374.0
|
|
(1,287.6)
|
|
(585.4)
|
|
(196.8)
|
|
(782.2)
|
|
Increase/(decrease) in
cash and cash equivalents
|
(403.2)
|
|
(49.2)
|
|
(452.4)
|
|
471.1
|
|
(260.6)
|
|
210.5
|
|
Foreign exchange
movement on cash and cash equivalents
|
(32.4)
|
|
2.1
|
|
(30.3)
|
|
26.4
|
|
(2.4)
|
|
24.0
|
|
Cash and cash
equivalents, end of the period
|
$ 1,496.0
|
|
$ (509.5)
|
|
$
986.5
|
|
$ 1,931.6
|
|
$ (462.4)
|
|
$
1,469.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
These tables include
non-GAAP presentations. Cash held by CIP is not available for use
by Invesco. Additionally, there is no recourse to Invesco for CIP
debt. The cash flows of CIP do not form part of the company's cash
flow management processes, nor do they form part of the company's
significant liquidity evaluations and decisions. Policyholder
assets and liabilities are equal and offsetting and have no impact
on Invesco's shareholder's equity. The impact of cash
inflows/outflows from policyholder assets and liabilities are
reflected within cash flows from operating activities as changes in
receivable and/or payables, as applicable.
|
|
Invesco Ltd.
Supplemental
Information(1)
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Balance Sheet
information
(in
millions)
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
U.S.
GAAP
|
|
Impact of
CIP
|
|
Excluding
CIP
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 986.5
|
|
$
—
|
|
$ 986.5
|
|
$
1,469.2
|
|
—
|
|
$
1,469.2
|
|
Investments
|
1,240.0
|
|
401.4
|
|
1,641.4
|
|
919.1
|
|
527.4
|
|
1,446.5
|
|
Investments and other
assets of CIP (2)
|
8,374.5
|
|
(8,374.5)
|
|
—
|
|
9,478.4
|
|
(9,478.4)
|
|
—
|
|
Goodwill and intangible
assets, net
|
14,067.4
|
|
—
|
|
14,067.4
|
|
14,539.6
|
|
—
|
|
14,539.6
|
|
Other assets
(3)(5)
|
2,340.5
|
|
11.1
|
|
2,351.6
|
|
2,527.5
|
|
18.8
|
|
2,546.3
|
|
Total assets
|
$ 27,008.9
|
|
$ (7,962.0)
|
|
$ 19,046.9
|
|
$ 28,933.8
|
|
$ (8,932.2)
|
|
$
20,001.6
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt and other
liabilities of CIP
|
$
6,853.1
|
|
$ (6,853.1)
|
|
$
—
|
|
$
7,613.9
|
|
$ (7,613.9)
|
|
$
—
|
|
Debt
|
890.6
|
|
—
|
|
890.6
|
|
1,489.5
|
|
—
|
|
1,489.5
|
|
Other liabilities
(4)(5)
|
3,596.4
|
|
—
|
|
3,596.4
|
|
3,914.4
|
|
—
|
|
3,914.4
|
|
Total
liabilities
|
$ 11,340.1
|
|
$ (6,853.1)
|
|
$
4,487.0
|
|
$ 13,017.8
|
|
$ (7,613.9)
|
|
$
5,403.9
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
attributable to Invesco Ltd.
|
$ 14,559.9
|
|
$
—
|
|
$ 14,559.9
|
|
$ 14,597.6
|
|
$
0.1
|
|
$
14,597.7
|
|
Noncontrolling
interests (6)
|
1,108.9
|
|
(1,108.9)
|
|
—
|
|
1,318.4
|
|
(1,318.4)
|
|
—
|
|
Total equity
|
15,668.8
|
|
(1,108.9)
|
|
14,559.9
|
|
15,916.0
|
|
(1,318.3)
|
|
14,597.7
|
|
Total liabilities and
equity
|
$ 27,008.9
|
|
$ (7,962.0)
|
|
$ 19,046.9
|
|
$ 28,933.8
|
|
$ (8,932.2)
|
|
$
20,001.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This table includes
non-GAAP presentations. Assets of CIP are not available for use by
Invesco. Additionally, there is no recourse to Invesco for CIP
debt. Policyholder assets and liabilities are equal and
offsetting and have no impact on Invesco's shareholders'
equity.
|
|
(2)
|
Amounts include Cash
and cash equivalents of CIP.
|
|
(3)
|
Amounts include
Accounts receivable, Property, equipment and software, and Other
assets.
|
|
(4)
|
Amounts include Accrued
compensation and benefits, Accounts payable and accrued expenses,
and Deferred tax liabilities.
|
|
(5)
|
December 31, 2023
included assets held for policyholder and policyholder payables.
All policyholder assets were distributed to customers in January
2024.
|
|
(6)
|
Amounts include
Redeemable noncontrolling interests in consolidated entities and
Equity attributable to nonredeemable noncontrolling interests in
consolidated entities.
|
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SOURCE Invesco Ltd.
