(標記一個) | ||
根據《證券交易法》第13或15(d)條的季度報告。 1934年證券交易所法案 |
基於1934年證券交易所法案第13條或第15(d)條的過渡報告 1934年證券交易所法案 |
(成立的州或其他地區) 成立或組織證明文件) | (IRS雇主身分識別號碼) |
每種類別的名稱 | 交易標的(s) | 每個註冊交易所的名稱 | ||
☒ | 加速文件 | ☐ | 非加速文件 | ☐ | 較小的報告 公司 | 新興增長 公司 |
三個月的時間內 截至9月30日, | 截至2024年7月31日的九個月 截至9月30日, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
合併營業收入 | $ | $ | $ | $ | |||
合併支出: | |||||||
報酬及相關支出 | |||||||
銷售,一般及行政費用 | |||||||
無形資產攤銷和減值 | |||||||
利息費用 | |||||||
折舊及其他攤銷 | |||||||
其他支出(淨額) | |||||||
合併支出總額 | |||||||
股權法收入(淨額) | |||||||
聯屬交易利益(註9) | |||||||
投資和其他收入 | |||||||
稅前收入 | |||||||
所得稅開支 | |||||||
凈利潤 | |||||||
凈利潤(非控股權益) | ( | ( | ( | ( | |||
凈利潤(控股權益) | $ | $ | $ | $ | |||
基本每股已發行股份平均數 | |||||||
平均流通股份(稀釋) | |||||||
每股盈利(基本) | $ | $ | $ | $ | |||
每份股息(稀釋後) | $ | $ | $ | $ |
三個月的時間內 截至9月30日, | 截至2024年7月31日的九個月 截至9月30日, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
凈利潤 | $ | $ | $ | $ | |||
其他綜合損益(稅後淨額): | |||||||
外匯翻譯收益(損失) | ( | ||||||
金融衍生工具的已實現及未實現收益(損失)變動 工具 | ( | ||||||
可供出售債務證券的未實現收益(損失)變動 | |||||||
其他綜合收益(損失)- 稅後 | ( | ||||||
綜合收益 | |||||||
綜合收益(非控制權益) | ( | ( | ( | ( | |||
綜合收益(控制權益) | $ | $ | $ | $ |
12月31日, 2023 | 九月三十日, 2024 | ||
資產 | |||
現金及現金等價物 | $ | $ | |
應收帳款 | |||
有價證券投資 | |||
商譽 | |||
取得客戶關係(淨值) | |||
關聯公司的股權投資(淨) | |||
固定資產(淨) | |||
其他投資 | |||
其他資產 | |||
資產總額 | $ | $ | |
負債及股東權益 | |||
應付款項和應計負債 | $ | $ | |
債務 | |||
递延所得税负债(净额) | |||
其他負債 | |||
總負債 | |||
承諾事項和或附帶條件(注8) | |||
可贖回非控制權益 | |||
股權: | |||
普通股($ 2023 和 2024年9月30日) | |||
資本公積額額外增資 | |||
累積其他全面損失 | ( | ( | |
保留收益 | |||
減:庫藏股,成本( 2024年9月30日分別為) | ( | ( | |
股東權益總額 | |||
非控制股權 | |||
總股本 | |||
負債加股東權益總額 | $ | $ |
Three Months Ended September 30, 2023 | Total Stockholders’ Equity | |||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock at Cost | Non- controlling Interests | Total Equity | ||||||||
June 30, 2023 | $ | $ | $( | $ | $( | $ | $ | |||||||
Net income | — | — | — | — | ||||||||||
Other comprehensive loss, net of tax | — | — | ( | — | — | ( | ( | |||||||
Share-based compensation | — | — | — | — | — | |||||||||
Common stock issued under share-based incentive plans | — | ( | — | — | — | ( | ||||||||
Share repurchases | — | — | — | — | ( | — | ( | |||||||
Dividends ($ | — | — | — | ( | — | — | ( | |||||||
Affiliate equity activity: | ||||||||||||||
Affiliate equity compensation | — | — | — | — | ||||||||||
Issuances | — | ( | — | — | — | |||||||||
Purchases | — | — | — | — | ( | ( | ||||||||
Changes in redemption value of Redeemable non- controlling interests | — | — | — | — | — | |||||||||
Capital contributions and other | — | — | — | — | — | |||||||||
Distributions to non-controlling interests | — | — | — | — | — | ( | ( | |||||||
Effect of deconsolidation of Affiliates | — | — | — | — | ( | ( | ||||||||
September 30, 2023 | $ | $ | $( | $ | $( | $ | $ |
Three Months Ended September 30, 2024 | Total Stockholders’ Equity | |||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock at Cost | Non- controlling Interests | Total Equity | ||||||||
June 30, 2024 | $ | $ | $( | $ | $( | $ | $ | |||||||
Net income | — | — | — | — | ||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||
Share-based compensation | — | — | — | — | — | |||||||||
Common stock issued under share-based incentive plans | — | ( | — | — | ( | — | ( | |||||||
Share repurchases | — | — | — | — | ( | — | ( | |||||||
Dividends ($ | — | — | — | ( | — | — | ( | |||||||
Affiliate equity activity: | ||||||||||||||
Affiliate equity compensation | — | — | — | — | ||||||||||
Issuances | — | — | — | — | — | — | — | |||||||
Purchases | — | ( | — | — | — | ( | ( | |||||||
Changes in redemption value of Redeemable non- controlling interests | — | ( | — | — | — | — | ( | |||||||
Capital contributions and other | — | — | — | — | — | ( | ( | |||||||
Distributions to non-controlling interests | — | — | — | — | — | ( | ( | |||||||
September 30, 2024 | $ | $ | $( | $ | $( | $ | $ |
Nine Months Ended September 30, 2023 | Total Stockholders' Equity | |||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock at Cost | Non- controlling Interests | Total Equity | ||||||||
December 31, 2022 | $ | $ | $( | $ | $( | $ | $ | |||||||
Net income | — | — | — | — | ||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ( | |||||||||
Share-based compensation | — | — | — | — | — | |||||||||
Common stock issued under share-based incentive plans | — | ( | — | — | — | ( | ||||||||
Share repurchases | — | — | — | ( | — | ( | ||||||||
Dividends ($ | — | — | — | ( | — | — | ( | |||||||
Affiliate equity activity: | ||||||||||||||
Affiliate equity compensation | — | — | — | — | ||||||||||
Issuances | — | ( | — | — | — | |||||||||
Purchases | — | — | — | — | ( | |||||||||
Changes in redemption value of Redeemable non- controlling interests | — | ( | — | — | — | — | ( | |||||||
Transfers to Redeemable non-controlling interests | — | — | — | — | — | ( | ( | |||||||
Capital contributions and other | — | — | — | — | — | |||||||||
Distributions to non-controlling interests | — | — | — | — | — | ( | ( | |||||||
Effect of deconsolidation of Affiliates | — | — | — | — | ( | ( | ||||||||
September 30, 2023 | $ | $ | $( | $ | $( | $ | $ |
Nine Months Ended September 30, 2024 | Total Stockholders' Equity | |||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock at Cost | Non- controlling Interests | Total Equity | ||||||||
December 31, 2023 | $ | $ | $( | $ | $( | $ | $ | |||||||
Net income | — | — | — | — | ||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||
Share-based compensation | — | — | — | — | — | |||||||||
Common stock issued under share-based incentive plans | — | ( | — | — | ( | — | ( | |||||||
Share repurchases | — | — | — | — | ( | — | ( | |||||||
Dividends ($ | — | — | — | ( | — | — | ( | |||||||
Affiliate equity activity: | ||||||||||||||
Affiliate equity compensation | — | — | — | — | ||||||||||
Issuances | — | ( | — | — | — | |||||||||
Purchases | — | — | — | — | ( | ( | ||||||||
Changes in redemption value of Redeemable non- controlling interests | — | ( | — | — | — | — | ( | |||||||
Transfers to Redeemable non-controlling interests | — | — | — | — | — | ( | ( | |||||||
Capital contributions and other | — | — | — | — | — | ( | ( | |||||||
Distributions to non-controlling interests | — | — | — | — | — | ( | ( | |||||||
September 30, 2024 | $ | $ | $( | $ | $( | $ | $ |
For the Nine Months Ended September 30, | |||
2023 | 2024 | ||
Cash flow from (used in) operating activities: | |||
Net income | $ | $ | |
Adjustments to reconcile Net income to cash flow from (used in) operating activities: | |||
Intangible amortization and impairments | |||
Depreciation and other amortization | |||
Deferred income tax expense | |||
Equity method income (net) | ( | ( | |
Affiliate Transaction gain | ( | ||
Distributions received from equity method investments | |||
Share-based compensation and Affiliate equity compensation expense | |||
Net realized and unrealized gains on investment securities | ( | ( | |
Other non-cash items | ( | ( | |
Changes in assets and liabilities: | |||
Purchases of securities by consolidated Affiliate sponsored investment products | ( | ( | |
Sales of securities by consolidated Affiliate sponsored investment products | |||
Increase in receivables | ( | ( | |
Decrease in other assets | |||
Decrease in payables, accrued liabilities, and other liabilities | ( | ( | |
Cash flow from operating activities | |||
Cash flow from (used in) investing activities: | |||
Investments in Affiliates, net of cash acquired | ( | ( | |
Proceeds from Affiliate Transaction | |||
Purchase of fixed assets | ( | ( | |
Purchase of investment securities | ( | ( | |
Maturities and sales of investment securities | |||
Cash flow from investing activities | |||
Cash flow from (used in) financing activities: | |||
Borrowings of senior bank debt, senior notes, and junior subordinated notes | |||
Repayments of senior bank debt and senior notes | ( | ( | |
Repurchases of common stock (net) | ( | ( | |
Dividends paid on common stock | ( | ( | |
Distributions to non-controlling interests | ( | ( | |
Affiliate equity purchases (net) | ( | ( | |
Redemptions of consolidated Affiliate sponsored investment products (net) | ( | ( | |
Other financing items | ( | ( | |
Cash flow used in financing activities | ( | ( | |
Effect of foreign currency exchange rate changes on cash and cash equivalents | ( | ||
Net increase in cash and cash equivalents | |||
Cash and cash equivalents at beginning of period | |||
Effect of (deconsolidation) consolidation of Affiliates and Affiliate sponsored investment products | ( | ||
Cash and cash equivalents at end of period | $ | $ |
December 31, 2023 | September 30, 2024 | ||
Cost | $ | $ | |
Unrealized gains | |||
Unrealized losses | ( | ( | |
Fair value | $ | $ |
Available-for-Sale | Trading | ||||||
December 31, 2023 | September 30, 2024 | December 31, 2023 | September 30, 2024 | ||||
Cost | $ | $ | $ | $ | |||
Unrealized gains | |||||||
Unrealized losses | ( | ( | |||||
Fair value | $ | $ | $ | $ |
December 31, 2023 | September 30, 2024 | ||||||
Fair Value | Unfunded Commitments | Fair Value | Unfunded Commitments | ||||
Private equity funds(1) | $ | $ | $ | $ | |||
Investments in other strategies(2) | |||||||
Total(3) | $ | $ | $ | $ |
December 31, 2023 | September 30, 2024 | ||
Cost | $ | $ | |
Cumulative unrealized gains | |||
Carrying amount | $ | $ |
For the Three Months Ended September 30, | ||||||||||||
2023 | 2024 | |||||||||||
Measured at NAV as a Practical Expedient | Without Readily Determinable Fair Values | Total | Measured at NAV as a Practical Expedient | Without Readily Determinable Fair Values | Total | |||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||
Purchases and commitments | ||||||||||||
Sales and distributions | ( | ( | ( | ( | ||||||||
Net realized and unrealized gains | ||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ |
For the Nine Months Ended September 30, | ||||||||||||
2023 | 2024 | |||||||||||
Measured at NAV as a Practical Expedient | Without Readily Determinable Fair Values | Total | Measured at NAV as a Practical Expedient | Without Readily Determinable Fair Values | Total | |||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||
Purchases and commitments | ||||||||||||
Sales and distributions | ( | ( | ( | ( | ||||||||
Net realized and unrealized gains | ||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ |
Fair Value Measurements | |||||||
December 31, 2023 | |||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||
Financial Assets | |||||||
Investments in equity securities(1) | $ | $ | $ | $ | |||
Investments in debt securities(1) | |||||||
Financial Liabilities(2) | |||||||
Contingent payment obligations | $ | $ | $ | $ | |||
Affiliate equity purchase obligations |
Fair Value Measurements | |||||||
September 30, 2024 | |||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||
Financial Assets | |||||||
Investments in equity securities(1) | $ | $ | $ | $ | |||
Investments in debt securities(1) | |||||||
Financial Liabilities(2) | |||||||
Contingent payment obligations | $ | $ | $ | $ | |||
Affiliate equity purchase obligations |
For the Three Months Ended September 30, | ||||||||
2023 | 2024 | |||||||
Contingent Payment Obligations | Affiliate Equity Purchase Obligations | Contingent Payment Obligations | Affiliate Equity Purchase Obligations | |||||
Balance, beginning of period | $ | $ | $ | $ | ||||
Purchases and issuances(1) | ||||||||
Settlements and reductions | ( | ( | ||||||
Net realized and unrealized gains(2) | ( | ( | ( | ( | ||||
Balance, end of period | $ | $ | $ | $ | ||||
Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1) | $( | $( | $( | $( |
For the Nine Months Ended September 30, | ||||||||
2023 | 2024 | |||||||
Contingent Payment Obligations | Affiliate Equity Purchase Obligations | Contingent Payment Obligations | Affiliate Equity Purchase Obligations | |||||
Balance, beginning of period | $ | $ | $ | $ | ||||
Purchases and issuances(1) | ||||||||
Settlements and reductions | ( | ( | ||||||
Net realized and unrealized (gains) losses(2) | ( | ( | ( | |||||
Balance, end of period | $ | $ | $ | $ | ||||
Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1) | $( | $( | $( | $ |
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||
December 31, 2023 | September 30, 2024 | ||||||||||||||
Valuation Techniques | Unobservable Input | Fair Value | Range | Weighted Average(1) | Fair Value | Range | Weighted Average(1) | ||||||||
Contingent payment obligations | Monte Carlo Simulation | Volatility | $ | $ | |||||||||||
Discount rates | |||||||||||||||
Affiliate equity purchase obligations | Discounted cash flow | Growth rates(2) | $ | ( | $ | ( | |||||||||
Discount rates |
December 31, 2023 | September 30, 2024 | ||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | Fair Value Hierarchy | |||||
Senior notes | $ | $ | $ | $ | Level 2 | ||||
Junior subordinated notes | Level 2 | ||||||||
Junior convertible securities | Level 2 |
December 31, 2023 | September 30, 2024 | ||||||
Unconsolidated VIE Net Assets | Carrying Value and Maximum Exposure to Loss | Unconsolidated VIE Net Assets | Carrying Value and Maximum Exposure to Loss | ||||
Affiliates accounted for under the equity method | $ | $ | $ | $ |
December 31, 2023 | September 30, 2024 | ||||||
Unconsolidated VIE Net Assets | Carrying Value and Maximum Exposure to Loss | Unconsolidated VIE Net Assets | Carrying Value and Maximum Exposure to Loss | ||||
Affiliate sponsored investment products | $ | $ | $ | $ |
December 31, 2023 | September 30, 2024 | ||
Senior bank debt | $ | $ | |
Senior notes | |||
Junior subordinated notes | |||
Junior convertible securities | |||
Debt | $ | $ |
2025 Senior Notes | 2030 Senior Notes | 2034 Senior Notes | ||||
Issue date | February 2015 | June 2020 | August 2024 | |||
Maturity date | August 2025 | June 2030 | August 2034 | |||
Par value (in millions) | $ | $ | $ | |||
Stated coupon | ||||||
Coupon frequency | Semi-annually | Semi-annually | Semi-annually | |||
Call price | As defined | As defined | As defined |
2059 Junior Subordinated Notes | 2060 Junior Subordinated Notes | 2061 Junior Subordinated Notes | 2064 Junior Subordinated Notes | |||||
Issue date | March 2019 | September 2020 | July 2021 | March 2024 | ||||
Maturity date | March 2059 | September 2060 | September 2061 | March 2064 | ||||
Par value (in millions) | $ | $ | $ | $ | ||||
Stated coupon | ||||||||
Coupon frequency | Quarterly | Quarterly | Quarterly | Quarterly | ||||
Call price | As defined | As defined | As defined | As defined | ||||
NYSE Symbol | MGR | MGRB | MGRD | MGRE |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||
2023 | 2024 | 2023 | 2024 | |||||
Contractual interest expense | $ | $ | $ | $ | ||||
Amortization of debt issuance costs | ||||||||
Total | $ | $ | $ | $ | ||||
Effective interest rate |
Earliest Payable | ||||||||||
Controlling Interest | Co-Investor | Total | 2024 | 2025 | ||||||
Deferred payment obligations | $ | $ | $ | $ | $ | |||||
Contingent payment obligations(1) |
Goodwill | ||
Balance, as of December 31, 2023 | $ | |
Foreign currency translation | ||
Balance, as of September 30, 2024 | $ |
Acquired Client Relationships (Net) | |||||||||
Definite-lived | Indefinite-lived | Total | |||||||
Gross Book Value | Accumulated Amortization | Net Book Value | Net Book Value | Net Book Value | |||||
Balance, as of December 31, 2023 | $ | $( | $ | $ | $ | ||||
Intangible amortization and impairments | — | ( | ( | — | ( | ||||
Foreign currency translation | ( | ||||||||
Balance, as of September 30, 2024 | $ | $( | $ | $ | $ |
December 31, 2023 | September 30, 2024 | |||
Goodwill | $ | $ | ||
Definite-lived acquired client relationships (net) | ||||
Indefinite-lived acquired client relationships (net) | ||||
Undistributed earnings and tangible capital | ||||
Equity method investments in Affiliates (net) | $ | $ |
Equity Method Investments in Affiliates (Net) | |
Balance, as of December 31, 2023 | $ |
Investments in Affiliates | |
Earnings | |
Intangible amortization and impairments | ( |
Distributions of earnings | ( |
Foreign currency translation | |
Balance, as of September 30, 2024 | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Share-based compensation expense | $ | $ | $ | $ | |||
Tax benefit |
Restricted Stock Units | Weighted Average Grant Date Value | ||
Unvested units—December 31, 2023 | $ | ||
Units granted | |||
Units vested | ( | ||
Units forfeited | ( | ||
Performance condition changes | |||
Unvested units—September 30, 2024 |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | |||
Unexercised options outstanding—December 31, 2023 | $ | ||||
Options granted | |||||
Options exercised | ( | ||||
Options forfeited | ( | ||||
Options expired | ( | ||||
Performance condition changes | |||||
Unexercised options outstanding—September 30, 2024 | |||||
Exercisable at September 30, 2024 |
Redeemable Non-controlling Interests | ||
Balance, as of December 31, 2023(1) | $ | |
Increase attributable to consolidated Affiliate sponsored investment products | ||
Transfers to Other liabilities | ( | |
Transfers from Non-controlling interests | ||
Changes in redemption value | ||
Balance, as of September 30, 2024(1) | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Controlling interest | $ | $ | $ | $ | |||
Non-controlling interests | |||||||
Total | $ | $ | $ | $ |
Controlling Interest | Remaining Life | Non-controlling Interests | Remaining Life | ||||
December 31, 2023 | $ | $ | |||||
September 30, 2024 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Net income (controlling interest) | $ | $ | $ | $ | |||
Decrease in controlling interest paid-in capital from Affiliate equity issuances | ( | ( | ( | ||||
Increase (decrease) in controlling interest paid-in capital from Affiliate equity purchases | ( | ( | ( | ||||
Net income (controlling interest) including the net impact of Affiliate equity transactions | $ | $ | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Controlling interest(1) | $ | $ | $ | $ | |||
Non-controlling interests | |||||||
Income tax expense | $ | $ | $ | $ | |||
Income before income taxes (controlling interest) | $ | $ | $ | $ | |||
Effective tax rate (controlling interest)(2) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Numerator | |||||||
Net income (controlling interest) | $ | $ | $ | $ | |||
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes | |||||||
Interest expense on junior convertible securities, net of taxes | |||||||
Net income (controlling interest), as adjusted | $ | $ | $ | $ | |||
Denominator | |||||||
Average shares outstanding (basic) | |||||||
Effect of dilutive instruments: | |||||||
Stock options and restricted stock units | |||||||
Hypothetical issuance of shares to settle Redeemable non-controlling interests | |||||||
Junior convertible securities | |||||||
Average shares outstanding (diluted) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Stock options and restricted stock units | |||||||
Shares issuable to settle Redeemable non-controlling interests |
For the Three Months Ended September 30, | |||||||||||
2023 | 2024 | ||||||||||
Pre-Tax | Tax (Expense) Benefit | Net of Tax | Pre-Tax | Tax Benefit | Net of Tax | ||||||
Foreign currency translation gain (loss) | $( | $( | $( | $ | $ | $ | |||||
Change in net realized and unrealized gain (loss) on derivative financial instruments | ( | ( | |||||||||
Change in net unrealized gain (loss) on available-for-sale debt securities | |||||||||||
Other comprehensive income (loss) | $( | $( | $( | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
2023 | 2024 | ||||||||||
Pre-Tax | Tax (Expense) Benefit | Net of Tax | Pre-Tax | Tax Expense | Net of Tax | ||||||
Foreign currency translation gain | $ | $( | $ | $ | $( | $ | |||||
Change in net realized and unrealized gain (loss) on derivative financial instruments | |||||||||||
Change in net unrealized gain (loss) on available-for-sale debt securities | ( | ||||||||||
Other comprehensive income | $ | $( | $ | $ | $( | $ |
Foreign Currency Translation Adjustment | Realized and Unrealized Gains (Losses) on Derivative Financial Instruments | Unrealized Gains (Losses) on Investment Available-for- Sale Debt Securities | Total | ||||
Balance, as of December 31, 2023 | $( | $( | $( | $( | |||
Other comprehensive income before reclassifications | |||||||
Amounts reclassified | |||||||
Net other comprehensive income | |||||||
Balance, as of September 30, 2024 | $( | $ | $( | $( |
As of and for the Three Months Ended September 30, | As of and for the Nine Months Ended September 30, | |||||||||||
(in billions, except as noted) | 2023 | 2024 | % Change | 2023 | 2024 | % Change | ||||||
Assets under management | $635.8 | $728.4 | 15% | $635.8 | $728.4 | 15% | ||||||
Average assets under management | 663.8 | 711.7 | 7% | 664.4 | 694.9 | 5% | ||||||
Aggregate fees (in millions) | 997.5 | 1,157.1 | 16% | 3,505.7 | 3,726.8 | 6% |
Assets Under Management |
(in billions) | Alternatives | Global Equities | U.S. Equities | Multi-Asset & Fixed Income | Total | |||||
June 30, 2024 | $256.6 | $186.4 | $146.6 | $111.4 | $701.0 | |||||
Client cash inflows and commitments | 14.3 | 3.9 | 4.7 | 4.4 | 27.3 | |||||
Client cash outflows | (6.9) | (10.2) | (8.4) | (4.6) | (30.1) | |||||
Net client cash flows | 7.4 | (6.3) | (3.7) | (0.2) | (2.8) | |||||
New investments(1) | — | — | — | 0.7 | 0.7 | |||||
Market changes | 1.1 | 11.2 | 8.3 | 3.6 | 24.2 | |||||
Foreign exchange(2) | 2.8 | 3.0 | 0.4 | 0.5 | 6.7 | |||||
Realizations and distributions (net) | (1.3) | (0.0) | (0.0) | (0.1) | (1.4) | |||||
Other(3) | (0.1) | 0.0 | 0.0 | 0.1 | — | |||||
September 30, 2024 | $266.5 | $194.3 | $151.6 | $116.0 | $728.4 |
(in billions) | Institutional | Retail | High Net Worth | Total | ||||
June 30, 2024 | $369.7 | $201.4 | $129.9 | $701.0 | ||||
Client cash inflows and commitments | 11.7 | 8.5 | 7.1 | 27.3 | ||||
Client cash outflows | (11.7) | (13.2) | (5.2) | (30.1) | ||||
Net client cash flows | (0.0) | (4.7) | 1.9 | (2.8) | ||||
New investments(1) | — | — | 0.7 | 0.7 | ||||
Market changes | 9.2 | 9.4 | 5.6 | 24.2 | ||||
Foreign exchange(2) | 3.6 | 2.9 | 0.2 | 6.7 | ||||
Realizations and distributions (net) | (1.3) | (0.1) | (0.0) | (1.4) | ||||
Other(3) | (6.1) | (0.4) | 6.5 | — | ||||
September 30, 2024 | $375.1 | $208.5 | $144.8 | $728.4 |
Alternatives | Global Equities | U.S. Equities | Multi-Asset & Fixed Income | Total | ||||||
December 31, 2023 | $238.8 | $186.6 | $142.8 | $104.5 | $672.7 | |||||
Client cash inflows and commitments | 36.7 | 13.6 | 14.3 | 16.8 | 81.4 | |||||
Client cash outflows | (18.4) | (28.4) | (25.9) | (14.3) | (87.0) | |||||
Net client cash flows | 18.3 | (14.8) | (11.6) | 2.5 | (5.6) | |||||
New investments | 0.7 | — | — | 0.7 | 1.4 | |||||
Market changes | 7.7 | 23.8 | 20.1 | 8.3 | 59.9 | |||||
Foreign exchange(2) | 2.4 | 1.8 | (0.1) | 0.2 | 4.3 | |||||
Realizations and distributions (net) | (3.9) | (0.1) | (0.1) | (0.2) | (4.3) | |||||
Other(3) | 2.5 | (3.0) | 0.5 | 0.0 | 0.0 | |||||
September 30, 2024 | $266.5 | $194.3 | $151.6 | $116.0 | $728.4 |
Institutional | Retail | High Net Worth | Total | |||||
December 31, 2023 | $354.9 | $196.0 | $121.8 | $672.7 | ||||
Client cash inflows and commitments | 36.8 | 26.3 | 18.3 | 81.4 | ||||
Client cash outflows | (31.7) | (39.1) | (16.2) | (87.0) | ||||
Net client cash flows | 5.1 | (12.8) | 2.1 | (5.6) | ||||
New investments | 0.5 | — | 0.9 | 1.4 | ||||
Market changes | 26.0 | 23.1 | 10.8 | 59.9 | ||||
Foreign exchange(2) | 2.0 | 2.4 | (0.1) | 4.3 | ||||
Realizations and distributions (net) | (3.9) | (0.3) | (0.1) | (4.3) | ||||
Other(3) | (9.5) | 0.1 | 9.4 | 0.0 | ||||
September 30, 2024 | $375.1 | $208.5 | $144.8 | $728.4 |
AUM Weight | % of AUM Ahead of Benchmark(1) | |||||||
3-year | 5-year | 10-year | ||||||
Liquid alternatives(2) | 18% | 72% | 96% | 85% | ||||
Global equity(2) | 27% | 36% | 54% | 65% | ||||
U.S. equity(2) | 21% | 40% | 51% | 79% | ||||
Multi-asset and fixed income(3) | 16% | N/A | N/A | N/A |
AUM Weight | % of AUM Ahead of Benchmark(1) | |||||
IRR Latest Vintage | IRR Last Three Vintages | |||||
Private markets(4) | 18% | 82% | 80% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
(in millions) | 2023 | 2024 | % Change | 2023 | 2024 | % Change | ||||||
Net income (controlling interest) | $217.0 | $123.6 | (43)% | $476.8 | $349.5 | (27)% | ||||||
Adjusted EBITDA (controlling interest)(1) | 208.4 | 214.1 | 3% | 639.6 | 691.4 | 8% | ||||||
Economic net income (controlling interest)(1) | 149.5 | 153.2 | 2% | 474.9 | 495.8 | 4% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
(in millions, except as noted) | 2023 | 2024 | % Change | 2023 | 2024 | % Change | |||||
Consolidated Affiliate average assets under management (in billions) | $397.7 | $404.0 | 2% | $399.7 | $397.4 | (1)% | |||||
Consolidated revenue | $525.2 | $516.4 | (2)% | $1,555.2 | $1,516.6 | (2)% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
% Change | % Change | ||||||||||
(in millions) | 2023 | 2024 | 2023 | 2024 | |||||||
Compensation and related expenses | $211.8 | $220.8 | 4% | $663.0 | $676.5 | 2% | |||||
Selling, general and administrative | 91.1 | 97.0 | 6% | 273.4 | 278.1 | 2% | |||||
Intangible amortization and impairments | 12.5 | 7.3 | (42)% | 37.5 | 21.8 | (42)% | |||||
Interest expense | 31.1 | 34.7 | 12% | 92.4 | 98.1 | 6% | |||||
Depreciation and other amortization | 3.0 | 3.3 | 10% | 10.0 | 9.4 | (6)% | |||||
Other expenses (net) | 7.9 | 11.6 | 47% | 36.2 | 31.5 | (13)% | |||||
Total consolidated expenses | $357.4 | $374.7 | 5% | $1,112.5 | $1,115.4 | 0% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
(in millions, except as noted) | 2023 | 2024 | % Change | 2023 | 2024 | % Change | |||||
Operating Performance Measures | |||||||||||
Equity method Affiliate average assets under management (in billions) | $266.1 | $307.7 | 16% | $264.7 | $297.5 | 12% | |||||
Equity method revenue | $472.3 | $640.7 | 36% | $1,950.5 | $2,210.2 | 13% | |||||
Financial Performance Measures | |||||||||||
Equity method earnings | $61.0 | $75.3 | 23% | $217.3 | $292.6 | 35% | |||||
Equity method intangible amortization | (21.2) | (22.7) | 7% | (63.0) | (64.4) | 2% | |||||
Equity method intangible impairments | — | — | —% | — | (39.9) | N.M.(1) | |||||
Equity method income (net) | $39.8 | $52.6 | 32% | $154.3 | $188.3 | 22% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
(in millions) | 2023 | 2024 | % Change | 2023 | 2024 | % Change | |||||
Investment and other income | $23.0 | $22.8 | (1)% | $87.2 | $60.0 | (31)% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
(in millions) | 2023 | 2024 | % Change | 2023 | 2024 | % Change | |||||
Income tax expense | $77.7 | $31.3 | (60)% | $155.4 | $130.0 | (16)% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
(in millions) | 2023 | 2024 | % Change | 2023 | 2024 | % Change | |||||
Net income | $286.0 | $185.8 | (35)% | $661.9 | $519.5 | (22)% | |||||
Net income (non-controlling interests) | 69.0 | 62.2 | (10)% | 185.1 | 170.0 | (8)% | |||||
Net income (controlling interest) | 217.0 | 123.6 | (43)% | 476.8 | 349.5 | (27)% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
(in millions) | 2023 | 2024 | 2023 | 2024 | |||
Net income (controlling interest) | $217.0 | $123.6 | $476.8 | $349.5 | |||
Interest expense | 31.1 | 34.7 | 92.4 | 98.1 | |||
Income taxes | 76.6 | 33.3 | 150.7 | 133.0 | |||
Intangible amortization and impairments(1) | 29.8 | 27.5 | 88.6 | 118.7 | |||
Affiliate Transactions(2) | (139.6) | — | (162.7) | — | |||
Other items(3) | (6.5) | (5.0) | (6.2) | (7.9) | |||
Adjusted EBITDA (controlling interest) | $208.4 | $214.1 | $639.6 | $691.4 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
(in millions) | 2023 | 2024 | 2023 | 2024 | |||
Consolidated intangible amortization and impairments | $12.5 | $7.3 | $37.5 | $21.8 | |||
Consolidated intangible amortization and impairments (non-controlling interests) | (3.9) | (2.5) | (11.9) | (7.4) | |||
Equity method intangible amortization and impairments | 21.2 | 22.7 | 63.0 | 104.3 | |||
Total | $29.8 | $27.5 | $88.6 | $118.7 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
(in millions, except per share data) | 2023 | 2024 | 2023 | 2024 | |||
Net income (controlling interest) | $217.0 | $123.6 | $476.8 | $349.5 | |||
Intangible amortization and impairments(1) | 29.8 | 27.5 | 88.6 | 118.7 | |||
Intangible-related deferred taxes(2) | 14.7 | 15.6 | 44.6 | 46.6 | |||
Affiliate Transactions(3) | (104.7) | — | (122.1) | — | |||
Other economic items(4) | (7.3) | (13.5) | (13.0) | (19.0) | |||
Economic net income (controlling interest) | $149.5 | $153.2 | $474.9 | $495.8 | |||
Average shares outstanding (diluted) | 43.4 | 35.0 | 42.9 | 35.2 | |||
Hypothetical issuance of shares to settle Redeemable non-controlling interests | (5.1) | (1.5) | (3.9) | (0.2) | |||
Assumed issuance of junior convertible securities shares | (1.7) | (1.7) | (1.7) | (1.7) | |||
Average shares outstanding (adjusted diluted) | 36.6 | 31.8 | 37.3 | 33.3 | |||
Economic earnings per share | $4.08 | $4.82 | $12.72 | $14.90 |
For the Nine Months Ended September 30, | |||
(in millions) | 2023 | 2024 | |
Operating cash flow | $619.4 | $719.6 | |
Investing cash flow | 477.9 | 370.6 | |
Financing cash flow | (524.0) | (904.1) |
(in millions) | December 31, 2023 | September 30, 2024 | |
Senior bank debt | $350.0 | $— | |
Senior notes | 1,099.4 | 1,097.3 | |
Junior subordinated notes | 765.9 | 1,216.0 | |
Junior convertible securities | 341.7 | 341.7 |
2025 Senior Notes | 2030 Senior Notes | 2034 Senior Notes | ||||
Issue date | February 2015 | June 2020 | August 2024 | |||
Maturity date | August 2025 | June 2030 | August 2034 | |||
Par value (in millions) | $350.0 | $350.0 | $400.0 | |||
Stated coupon | 3.50% | 3.30% | 5.50% | |||
Coupon frequency | Semi-annually | Semi-annually | Semi-annually |
2059 Junior Subordinated Notes | 2060 Junior Subordinated Notes | 2061 Junior Subordinated Notes | 2064 Junior Subordinated Notes | |||||
Issue date | March 2019 | September 2020 | July 2021 | March 2024 | ||||
Maturity date | March 2059 | September 2060 | September 2061 | March 2064 | ||||
Par value (in millions) | $300.0 | $275.0 | $200.0 | $450.0 | ||||
Stated coupon | 5.875% | 4.75% | 4.20% | 6.75% | ||||
Coupon frequency | Quarterly | Quarterly | Quarterly | Quarterly | ||||
NYSE Symbol | MGR | MGRB | MGRD | MGRE |
Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid Per Share | Maximum Number of Shares that May Yet Be Purchased Under Outstanding Plans or Programs(2) | |||||
July 1-31, 2024 | 572,663 | $163.19 | 572,663 | $163.19 | 5,998,041 | |||||
August 1-31, 2024 | 60,182 | 163.56 | 60,182 | 163.56 | 5,937,859 | |||||
September 1-30, 2024 | — | — | — | — | 5,937,859 | |||||
Total | 632,845 | 163.23 | 632,845 | 163.23 |
Exhibit No. | Description | |
4.1 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | The following financial statements from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 are filed herewith, formatted in XBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Income for the three- and nine-month periods ended September 30, 2024 and 2023, (ii) the Consolidated Statements of Comprehensive Income for the three- and nine-month periods ended September 30, 2024 and 2023, (iii) the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023, (iv) the Consolidated Statements of Changes in Equity for the three- and nine-month periods ended September 30, 2024 and 2023, (v) the Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2024 and 2023, and (vi) the Notes to the Consolidated Financial Statements | |
104 | The cover page from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in XBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101 |
AFFILIATED MANAGERS GROUP, INC. (Registrant) | |
November 7, 2024 | /s/ DAVA E. RITCHEA |
Dava E. Ritchea on behalf of the Registrant as Chief Financial Officer (and also as Principal Financial and Principal Accounting Officer) |
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