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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 10-Q
______________________________________
| | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
OR
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 000-32191
______________________________________
T. ROWE PRICE GROUP, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Maryland | | 52-2264646 |
| (State of incorporation) | | (I.R.S. Employer Identification No.) |
100 East Pratt Street, Baltimore, Maryland 21202
(Address, including Zip Code, of principal executive offices)
(410) 345-2000
(Registrant’s telephone number, including area code)
________________
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $.20 par value per share | TROW | The NASDAQ Stock Market LLC |
______________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
The number of shares outstanding of the issuer’s common stock ($.20 par value), as of the latest practicable date,
October 25, 2022, is 223,464,812.
The exhibit index is at Item 6 on page 44.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
| | | | | | | | | | | | | | |
| | 9/30/2022 | | 12/31/2021 |
| ASSETS | | | | |
| Cash and cash equivalents | | $ | 2,366.3 | | | $ | 1,523.1 | |
| Accounts receivable and accrued revenue | | 741.4 | | | 1,058.3 | |
| Investments | | 2,480.2 | | | 2,975.5 | |
Assets of consolidated T. Rowe Price investment products ($1,234.8 million at September 30, 2022 and $1,761.5 million at December 31, 2021, related to variable interest entities) | | 1,284.3 | | | 1,962.8 | |
| Operating lease assets | | 282.8 | | | 201.2 | |
| Property, equipment and software, net | | 752.8 | | | 736.2 | |
| Intangible assets, net | | 832.0 | | | 913.4 | |
| Goodwill | | 2,652.4 | | | 2,693.2 | |
| Other assets | | 601.0 | | | 445.3 | |
| Total assets | | $ | 11,993.2 | | | $ | 12,509.0 | |
| | | | |
| LIABILITIES | | | | |
| Accounts payable and accrued expenses | | $ | 382.8 | | | $ | 431.0 | |
Liabilities of consolidated T. Rowe Price investment products ($41.6 million at September 30, 2022 and $36.2 million at December 31, 2021, related to variable interest entities) | | 47.5 | | | 51.5 | |
| Operating lease liabilities | | 320.0 | | | 249.2 | |
| Accrued compensation and related costs | | 701.1 | | | 256.8 | |
| | | | |
| Supplemental savings plan liability | | 676.9 | | | 882.6 | |
| Contingent consideration liability | | 131.3 | | | 306.3 | |
| Income taxes payable | | 38.3 | | | 77.9 | |
| Total liabilities | | 2,297.9 | | | 2,255.3 | |
| | | | |
| Commitments and contingent liabilities | | | | |
| | | | |
| Redeemable non-controlling interests | | 580.8 | | | 982.3 | |
| | | | |
| STOCKHOLDERS’ EQUITY | | | | |
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares | | — | | | — | |
Common stock, $.20 par value—authorized 750,000,000; issued 223,920,000 shares at September 30, 2022 and 229,175,000 at December 31, 2021 | | 44.8 | | | 45.8 | |
| Additional capital in excess of par value | | 499.3 | | | 919.8 | |
| Retained earnings | | 8,419.9 | | | 8,083.6 | |
| Accumulated other comprehensive loss | | (56.5) | | | (26.5) | |
| Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | | 8,907.5 | | | 9,022.7 | |
| Non-controlling interests in consolidated entities | | 207.0 | | | 248.7 | |
| Total stockholders’ equity | | 9,114.5 | | | 9,271.4 | |
| Total liabilities, redeemable non-controlling interests, and stockholders’ equity | | $ | 11,993.2 | | | $ | 12,509.0 | |
The accompanying notes are an integral part of these statements.
Page 2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per-share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | | Nine months ended |
| | 9/30/2022 | | 9/30/2021 | | 9/30/2022 | | 9/30/2021 |
| Revenues | | | | | | | |
| Investment advisory fees | $ | 1,442.0 | | | $ | 1,813.4 | | | $ | 4,600.8 | | | $ | 5,288.4 | |
| Capital allocation-based income | 1.1 | | | — | | | (80.8) | | | — | |
| Administrative, distribution, and servicing fees | 145.1 | | | 140.7 | | | 444.2 | | | 421.8 | |
| Net revenues | 1,588.2 | | | 1,954.1 | | | 4,964.2 | | | 5,710.2 | |
| | | | | | | |
| Operating expenses | | | | | | | |
| Compensation and related costs | 588.1 | | | 564.6 | | | 1,633.1 | | | 1,751.9 | |
| Distribution and servicing | 69.9 | | | 96.0 | | | 231.5 | | | 274.3 | |
| Advertising and promotion | 24.3 | | | 22.1 | | | 69.1 | | | 61.4 | |
| Product and recordkeeping related costs | 75.6 | | | 70.3 | | | 232.3 | | | 154.6 | |
| Technology, occupancy, and facility costs | 143.6 | | | 123.1 | | | 411.8 | | | 359.7 | |
| General, administrative, and other | 112.1 | | | 81.8 | | | 265.8 | | | 260.8 | |
| | | | | | | |
| Total operating expenses | 1,013.6 | | | 957.9 | | | 2,843.6 | | | 2,862.7 | |
| | | | | | | |
| Net operating income | 574.6 | | | 996.2 | | | 2,120.6 | | | 2,847.5 | |
| | | | | | | |
| Non-operating income (loss) | | | | | | | |
| Net gains (losses) on investments | (41.5) | | | 8.7 | | | (301.3) | | | 165.0 | |
| Net gains (losses) on consolidated investment products | (41.7) | | | (17.1) | | | (247.7) | | | 75.7 | |
| Other income (loss) | .4 | | | (3.1) | | | (12.2) | | | (6.2) | |
| Total non-operating income (loss) | (82.8) | | | (11.5) | | | (561.2) | | | 234.5 | |
| | | | | | | |
| Income before income taxes | 491.8 | | | 984.7 | | | 1,559.4 | | | 3,082.0 | |
| Provision for income taxes | 134.0 | | | 227.3 | | | 399.4 | | | 717.1 | |
| Net income | 357.8 | | | 757.4 | | | 1,160.0 | | | 2,364.9 | |
Less: net income (loss) attributable to redeemable
non-controlling interests | (26.6) | | | (19.8) | | | (131.9) | | | 22.6 | |
| Net income attributable to T. Rowe Price Group | $ | 384.4 | | | $ | 777.2 | | | $ | 1,291.9 | | | $ | 2,342.3 | |
| | | | | | | |
| Earnings per share on common stock of T. Rowe Price Group | | | | | | |
| Basic | $ | 1.67 | | | $ | 3.34 | | | $ | 5.57 | | | $ | 10.04 | |
| Diluted | $ | 1.66 | | | $ | 3.31 | | | $ | 5.54 | | | $ | 9.94 | |
| | | | | | | |
| | | | | | | |
The accompanying notes are an integral part of these statements.
Page 3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | | Nine months ended |
| | 9/30/2022 | | 9/30/2021 | | 9/30/2022 | | 9/30/2021 |
| Net income | $ | 357.8 | | | $ | 757.4 | | | $ | 1,160.0 | | | $ | 2,364.9 | |
| Other comprehensive income (loss) | | | | | | | |
| Currency translation adjustments | | | | | | | |
| Consolidated T. Rowe Price investment products - variable interest entities | (31.8) | | | (17.2) | | | (73.9) | | | (30.0) | |
| Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products | — | | | — | | | (6.9) | | | (2.6) | |
Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities | (31.8) | | | (17.2) | | | (80.8) | | | (32.6) | |
Equity method investments | .7 | | | 3.5 | | | (1.9) | | | 2.4 | |
| | | | | | | |
| | | | | | | |
| Other comprehensive loss before income taxes | (31.1) | | | (13.7) | | | (82.7) | | | (30.2) | |
| Net deferred tax benefits | 2.9 | | | .8 | | | 8.1 | | | 3.6 | |
| Total other comprehensive loss | (28.2) | | | (12.9) | | | (74.6) | | | (26.6) | |
| | | | | | | |
| Total comprehensive income | 329.6 | | | 744.5 | | | 1,085.4 | | | 2,338.3 | |
| Less: comprehensive income (loss) attributable to redeemable non-controlling interests | (45.7) | | | (32.0) | | | (176.5) | | | 2.4 | |
| Total comprehensive income attributable to T. Rowe Price Group | $ | 375.3 | | | $ | 776.5 | | | $ | 1,261.9 | | | $ | 2,335.9 | |
The accompanying notes are an integral part of these statements.
Page 4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| | | | | | | | | | | |
| | Nine months ended |
| | 9/30/2022 | | 9/30/2021 |
| Cash flows from operating activities | | | |
| Net income | $ | 1,160.0 | | | $ | 2,364.9 | |
| Adjustments to reconcile net income to net cash provided by operating activities | | | |
| Depreciation and amortization of property, equipment and software | 166.0 | | | 151.1 | |
| Amortization of acquisition-related assets and retention arrangements | 158.4 | | | — | |
| Fair value remeasurement of contingent consideration liability | (125.7) | | | — | |
| | | |
Stock-based compensation expense | 185.7 | | | 166.3 | |
| Net (gains) losses recognized on investments | 384.5 | | | (144.4) | |
| Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | 33.8 | | | 28.1 | |
Net change in securities held by consolidated T. Rowe Price investment products | 291.0 | | | (5.3) | |
| Other changes | 240.9 | | | 530.0 | |
| Net cash provided by operating activities | 2,494.6 | | | 3,090.7 | |
| | | |
| Cash flows from investing activities | | | |
| Purchases of investment products | (47.7) | | | (47.3) | |
| Dispositions of investment products | 160.8 | | | 285.4 | |
| Net cash of T. Rowe Price investment products on deconsolidation | (8.7) | | | (15.6) | |
| Additions to property, equipment and software | (177.2) | | | (178.7) | |
| Other investing activity | 3.3 | | | 13.8 | |
| Net cash provided by (used in) investing activities | (69.5) | | | 57.6 | |
| | | |
| Cash flows from financing activities | | | |
| Repurchases of common stock | (727.9) | | | (493.1) | |
| Common share issuances under stock-based compensation plans | 13.8 | | | 33.3 | |
| Dividends paid to common stockholders of T. Rowe Price | (832.4) | | | (1,454.0) | |
| Net distributions to non-controlling interests in consolidated entities | (8.4) | | | — | |
| Net subscriptions (redemptions) received from redeemable non-controlling interest holders | (61.8) | | | 22.7 | |
| Net cash used in financing activities | (1,616.7) | | | (1,891.1) | |
| | | |
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | 11.8 | | | (3.6) | |
| | | |
| Net change in cash and cash equivalents during period | 820.2 | | | 1,253.6 | |
Cash and cash equivalents at beginning of period, including $101.1 million at December 31, 2021, and $104.8 million at December 31, 2020, held by consolidated T. Rowe Price investment products | 1,624.2 | | | 2,256.5 | |
Cash and cash equivalents at end of period, including $78.1 million at September 30, 2022, and $91.6 million at September 30, 2021, held by consolidated T. Rowe Price investment products | $ | 2,444.4 | | | $ | 3,510.1 | |
The accompanying notes are an integral part of these statements.
Page 5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended 9/30/2022 |
| Common
shares
outstanding | | Common
stock | | Additional
capital in
excess of
par value | | Retained
earnings | | AOCI(1) | | Total
stockholders’
equity attributable to T. Rowe Price Group, Inc. | | Non-controlling interests in consolidated entities | | Total stockholders’ equity | | Redeemable non-controlling interests |
| Balances at June 30, 2022 | 225,715 | | | $ | 45.1 | | | $ | 654.6 | | | $ | 8,311.9 | | | $ | (47.4) | | | $ | 8,964.2 | | | $ | 208.8 | | | $ | 9,173.0 | | | $ | 564.6 | |
| Net income (loss) | — | | | — | | | — | | | 384.4 | | | — | | | 384.4 | | | .1 | | | 384.5 | | | (26.6) | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (9.1) | | | (9.1) | | | — | | | (9.1) | | | (19.1) | |
Dividends declared ($1.20 per share) | — | | | — | | | — | | | (276.4) | | | — | | | (276.4) | | | — | | | (276.4) | | | — | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Shares issued upon option exercises | 135 | | | — | | | 6.4 | | | — | | | — | | | 6.4 | | | — | | | 6.4 | | | — | |
| | | | | | | | | | | | | | | | | |
| Net shares issued upon vesting of restricted stock units | 11 | | | — | | | (.3) | | | — | | | — | | | (.3) | | | — | | | (.3) | | | — | |
| | | | | | | | | | | | | | | | | |
| Stock-based compensation expense | — | | | — | | | 62.8 | | | — | | | — | | | 62.8 | | | — | | | 62.8 | | | — | |
| | | | | | | | | | | | | | | | | |
| Common shares repurchased | (1,941) | | | (.3) | | | (224.2) | | | — | | | — | | | (224.5) | | | — | | | (224.5) | | | — | |
| Net distributions to non-controlling interests in consolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | (1.9) | | | (1.9) | | | — | |
| Net subscriptions from T. Rowe Price investment products | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 19.2 | |
| Net consolidations of T. Rowe Price investment products | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 42.7 | |
| Balances at September 30, 2022 | 223,920 | | | $ | 44.8 | | | $ | 499.3 | | | $ | 8,419.9 | | | $ | (56.5) | | | $ | 8,907.5 | | | $ | 207.0 | | | $ | 9,114.5 | | | $ | 580.8 | |
| | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended 9/30/2021 |
| Common
shares
outstanding | | Common
stock | | Additional
capital in
excess of
par value | | Retained
earnings | | AOCI(1) | | Total
stockholders’
equity | | Redeemable non-controlling interests |
| Balances at June 30, 2021 | 226,925 | | | $ | 45.4 | | | $ | 673.7 | | | $ | 7,202.6 | | | $ | (28.7) | | | $ | 7,893.0 | | | $ | 880.4 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) | — | | | — | | | — | | | 777.2 | | | — | | | 777.2 | | | (19.8) | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (.7) | | | (.7) | | | (12.2) | |
Dividends declared ($1.08 per share) | — | | | — | | | — | | | (250.7) | | | — | | | (250.7) | | | — | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Shares issued upon option exercises | 321 | | | — | | | 9.0 | | | — | | | — | | | 9.0 | | | — | |
| | | | | | | | | | | | | |
| Net shares issued upon vesting of restricted stock units | 5 | | | — | | | (.5) | | | — | | | — | | | (.5) | | | — | |
| | | | | | | | | | | | | |
| Stock-based compensation expense | — | | | — | | | 52.3 | | | — | | | — | | | 52.3 | | | — | |
| Restricted stock units issued as dividend equivalents | — | | | — | | | .4 | | | (.2) | | | — | | | .2 | | | — | |
| Common shares repurchased | (1,034) | | | (.2) | | | (80.3) | | | (137.2) | | | — | | | (217.7) | | | — | |
| Net redemptions from T. Rowe Price investment products | — | | | — | | | — | | | — | | | — | | | — | | | (292.8) | |
| Net consolidations of T. Rowe Price investment products | — | | | — | | | — | | | — | | | — | | | — | | | 531.0 | |
| Balances at September 30, 2021 | 226,217 | | | $ | 45.2 | | | $ | 654.6 | | | $ | 7,591.7 | | | $ | (29.4) | | | $ | 8,262.1 | | | $ | 1,086.6 | |
(1) Accumulated other comprehensive income
The accompanying notes are an integral part of these statements.
Page 6
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended 9/30/2022 |
| Common
shares
outstanding | | Common
stock | | Additional
capital in
excess of
par value | | Retained
earnings | | AOCI(1) | | Total
stockholders’
equity attributable to T. Rowe Price Group, Inc. | | Non-controlling interests in consolidated entities | | Total stockholders’ equity | | Redeemable non-controlling interests |
| Balances at December 31, 2021 | 229,175 | | | $ | 45.8 | | | $ | 919.8 | | | $ | 8,083.6 | | | $ | (26.5) | | | $ | 9,022.7 | | | $ | 248.7 | | | $ | 9,271.4 | | | $ | 982.3 | |
| Net income (loss) | — | | | — | | | — | | | 1,291.9 | | | — | | | 1,291.9 | | | (33.3) | | | 1,258.6 | | | (131.9) | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (30.0) | | | (30.0) | | | — | | | (30.0) | | | (44.6) | |
Dividends declared ($3.60 per share) | — | | | — | | | — | | | (832.7) | | | — | | | (832.7) | | | — | | | (832.7) | | | — | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Shares issued upon option exercises | 372 | | | .1 | | | 17.7 | | | — | | | — | | | 17.8 | | | — | | | 17.8 | | | — | |
| | | | | | | | | | | | | | | | | |
| Net shares issued upon vesting of restricted stock units | 72 | | | — | | | (3.9) | | | — | | | — | | | (3.9) | | | — | | | (3.9) | | | — | |
| | | | | | | | | | | | | | | | | |
| Stock-based compensation expense | — | | | — | | | 185.7 | | | — | | | — | | | 185.7 | | | — | | | 185.7 | | | — | |
| Restricted stock units issued as dividend equivalents | 9 | | | — | | | .2 | | | (.2) | | | — | | | — | | | — | | | — | | | — | |
| Common shares repurchased | (5,708) | | | (1.1) | | | (620.2) | | | (122.7) | | | — | | | (744.0) | | | — | | | (744.0) | | | — | |
| Net distributions to non-controlling interests in consolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | (8.4) | | | (8.4) | | | — | |
| Net redemptions from T. Rowe Price investment products | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (49.6) | |
| Net deconsolidations of T. Rowe Price investment products | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (175.4) | |
| Balances at September 30, 2022 | 223,920 | | | $ | 44.8 | | | $ | 499.3 | | | $ | 8,419.9 | | | $ | (56.5) | | | $ | 8,907.5 | | | $ | 207.0 | | | $ | 9,114.5 | | $ | — | | $ | 580.8 | |
| | | | | | | | | | | | | | | | | |
| | | | | Nine months ended 9/30/2021 |
| | Common
shares
outstanding | | Common
stock | | Additional
capital in
excess of
par value | | Retained
earnings | | AOCI(1) | | Total stockholders’ equity | | Redeemable non-controlling interests |
| Balances at December 31, 2020 | | 227,965 | | | $ | 45.6 | | | $ | 654.6 | | | $ | 7,029.8 | | | $ | (23.0) | | | $ | 7,707.0 | | | $ | 1,561.7 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net income | | — | | | — | | | — | | | 2,342.3 | | | — | | | 2,342.3 | | | 22.6 | |
| Other comprehensive loss, net of tax | | — | | | — | | | — | | | — | | | (6.4) | | | (6.4) | | | (20.2) | |
Dividends declared ($3.24 per share) | | — | | | — | | | — | | | (754.8) | | | — | | | (754.8) | | | — | |
Special cash dividend declared ($3.00 per share) | | — | | | — | | | — | | | (699.5) | | | — | | | (699.5) | | | — | |
| | | | | | | | | | | | | | | | | |
| Shares issued upon option exercises | | 1,083 | | | .2 | | | 38.6 | | | — | | | — | | | 38.8 | | | — | |
| Restricted shares issued, net of shares withheld for taxes | | 4 | | | — | | | — | | | — | | | — | | | — | | | — | |
| Net shares issued upon vesting of restricted stock units | | 54 | | | — | | | (4.8) | | | — | | | — | | | (4.8) | | | — | |
| | | | | | | | | | | | | | | | | |
| Stock-based compensation expense | | — | | | — | | | 166.2 | | | — | | | — | | | 166.2 | | | — | |
| Restricted stock units issued as dividend equivalents | | — | | | — | | | .6 | | | (.7) | | | — | | | (.1) | | | — | |
| Common shares repurchased | | (2,889) | | | (.6) | | | (200.6) | | | (325.4) | | | — | | | (526.6) | | | — | |
| Net subscriptions into T. Rowe Price investment products | | — | | | — | | | — | | | — | | | — | | | — | | | 6.1 | |
| Net deconsolidations of T. Rowe Price investment products | | — | | | — | | | — | | | — | | | — | | | — | | | (483.6) | |
| Balances at September 30, 2021 | | 226,217 | | | $ | 45.2 | | | $ | 654.6 | | | $ | 7,591.7 | | | $ | (29.4) | | | $ | 8,262.1 | | | $ | 1,086.6 | |
(1) Accumulated other comprehensive income
The accompanying notes are an integral part of these statements.
Page 7
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – THE COMPANY AND BASIS OF PREPARATION.
T. Rowe Price Group, Inc. (“T. Rowe Price”, “us”, or “we”) derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds (“U.S. mutual funds”), subadvised funds, separately managed accounts, collective investment trusts, and other
affiliated products. The other affiliated products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, and collateralized loan obligations. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. Additionally, we also derive revenue from our interests in general partners of certain affiliated private investment funds that are entitled to a disproportionate allocation of income through capital allocation-based arrangements.
Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.
On December 29, 2021, we completed our acquisition of Oak Hill Advisors, L.P., a leading alternative credit manager, and other entities that had common ownership (collectively, OHA). We acquired 100% of the equity interests of Oak Hill Advisors, L.P., 100% of the equity interests in entities that make co-investments in certain affiliated private investment funds (the "co-investment entities") and a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income (the "carried interest entities"). As of September 30, 2022, OHA had $56 billion of capital under management (which includes net asset value, portfolio value and/or unfunded capital).
BASIS OF PRESENTATION.
These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates.
The unaudited interim financial information contained in these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2021 Annual Report.
U.S. INFLATION REDUCTION LEGISLATION.
On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 ("IRA"). The IRA establishes new tax provisions and various incentives and tax credits. Among other things, the IRA created a 15% minimum tax on adjusted book income effective for taxable years beginning after December 31, 2022 as well as an excise tax of 1% on stock repurchases, net of stock issuances, for publicly traded companies effective for net stock repurchases made after December 31, 2022. We are currently assessing what impact, if any, the IRA’s provisions will have on our financial position and results of operations, but we do not believe the impact will be material.
NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.
We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.
NOTE 2 – INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.
Revenues earned under agreements with clients include:
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| Three months ended 9/30/2022 | | Three months ended 9/30/2021 |
| | | Administrative, distribution, and servicing fees | | | | | | | | Administrative, distribution, and servicing fees | | |
(in millions) | Investment advisory fees | | Administrative fees | | Distribution and servicing fees | | Capital allocation-based income | | Net revenues | | Investment advisory fees | | Administrative fees | | Distribution and servicing fees | | Net revenues |
| U.S. mutual funds | $ | 841.7 | | | $ | 86.5 | | | $ | 22.0 | | | $ | — | | | $ | 950.2 | | | $ | 1,125.5 | | | $ | 82.6 | | | $ | 30.9 | | | $ | 1,239.0 | |
| Subadvised funds, separate accounts, collective investment trusts, and other investment products | 600.3 | | | 5.0 | | | — | | | 1.1 | | | 606.4 | | | 687.9 | | | — | | | — | | | 687.9 | |
Other clients(1) | — | | | 31.6 | | | — | | | — | | | 31.6 | | | — | | | 27.2 | | | — | | | 27.2 | |
| $ | 1,442.0 | | | $ | 123.1 | | | $ | 22.0 | | | $ | 1.1 | | | $ | 1,588.2 | | | $ | 1,813.4 | | | $ | 109.8 | | | $ | 30.9 | | | $ | 1,954.1 | |
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| Nine months ended 9/30/2022 | | Nine months ended 9/30/2021 |
| | | Administrative, distribution, and servicing fees | | | | | | | | Administrative, distribution, and servicing fees | | |
| (in millions) | Investment advisory fees | | Administrative fees | | Distribution and servicing fees | | Capital allocation-based income | | Net revenues | | Investment advisory fees | | Administrative fees | | Distribution and servicing fees | | Net revenues |
| U.S. mutual funds | $ | 2,694.4 | | | $ | 265.1 | | | $ | 71.5 | | | $ | — | | | $ | 3,031.0 | | | $ | 3,273.2 | | | $ | 243.1 | | | $ | 90.0 | | | $ | 3,606.3 | |
| Subadvised funds, separate accounts, collective investment trusts, and other investment products | 1,906.4 | | | 12.5 | | | — | | | (80.8) | | | 1,838.1 | | | 2,015.2 | | | — | | | — | | | 2,015.2 | |
Other clients(1) | — | | | 95.1 | | | — | | | — | | | 95.1 | | | — | | | 88.7 | | | — | | | 88.7 | |
| $ | 4,600.8 | | | $ | 372.7 | | | $ | 71.5 | | | $ | (80.8) | | | $ | 4,964.2 | | | $ | 5,288.4 | | | $ | 331.8 |