4 Cash and investments Roger Thompson Chief Financial Officer INVESTMENT PERFORMANCE Total flows ($ in billions) Q1 2024 Q4 2023 Decrease from Q4 2023 adjusted revenue driven primarily by lower performance fees partially offset by higher average AUM Net flows of $(3.0) billion compared to $(3.1) billion in Q4 2023 Note: Full performance disclosures detailed in the appendix on slides 25 and 26. Intermediary ($ in billions) Net sales / (redemptions) Janus Henderson Thursday, May 2, 2024 INVESTING IN A BRIGHTE ...

For the quarter ended March 2024, Janus Henderson Group plc (JHG) reported revenue of $551.7 million, up 11.3% over the same period last year. EPS came in at $0.71, compared to $0.55 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $549.33 million, representing a surprise of +0.43%. The company delivered an EPS surprise of +12.70%, with the consensus EPS estimate being $0.63.While investors closely watch year-over-year changes in headline numbers -- revenue and earnin ...

Janus Henderson Group plc (JHG) came out with quarterly earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.63 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.70%. A quarter ago, it was expected that this company would post earnings of $0.56 per share when it actually produced earnings of $0.82, delivering a surprise of 46.43%.Over the last four quarters, the ...

Table of Contents 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 March 31, 2024 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 001-38103 N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursua ...

Exhibit 99.1 Janus Henderson Group plc Reports First Quarter 2024 Results LONDON — Janus Henderson Group plc (NYSE: JHG; "JHG," "Janus Henderson," or the "Company") published its first quarter 2024 results for the period ended March 31, 2024. First quarter 2024 operating income was US$119.2 million compared to US$143.7 million in the fourth quarter 2023 and US$100.4 million in the first quarter 2023. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$128.2 mi ...

[PART I](index=3&type=section&id=PART%20I) [Item 1. Business](index=3&type=section&id=Item%201.%20Business) JHG is an independent global asset manager with **$334.9 billion in AUM** as of December 31, 2023, offering diverse investment products globally - JHG is an independent global asset manager specializing in investment management across major asset classes, with approximately **2,200 employees** worldwide[15](index=15&type=chunk)[16](index=16&type=chunk) - The company's strategy is built on three pillars: Protect & Grow, Amplify, and Diversify, aiming for sustained organic and opportunistic inorganic growth[19](index=19&type=chunk)[20](index=20&type=chunk) Key Financial Highlights (GAAP Basis, in millions USD) | Metric | 2023 | 2022 | 2021 | | :------------------------- | :----- | :----- | :----- | | Revenue | $2,101.8 | $2,203.6 | $2,767.0 | | Operating expenses | $1,618.1 | $1,713.8 | $1,946.1 | | Operating income | $483.7 | $489.8 | $820.9 | | Operating margin | 23.0% | 22.2% | 29.7% | | Net income attributable to JHG | $392.0 | $372.4 | $620.0 | | Diluted earnings per share | $2.37 | $2.23 | $3.57 | Assets Under Management (AUM) by Client Type (as of Dec 31, 2023) | Client Type | AUM (billions USD) | % of Total AUM | | :-------------------- | :----------------- | :------------- | | Intermediary Channel | $183.4 | 55% | | Self-Directed Channel | $76.1 | 23% | | Institutional Channel | $75.4 | 22% | | **Total** | **$334.9** | **100%** | Assets Under Management (AUM) by Investment Capability (as of Dec 31, 2023) | Capability | AUM (billions USD) | % of Total AUM | | :--------------- | :----------------- | :------------- | | Equities | $205.1 | 61% | | Fixed Income | $71.5 | 21% | | Multi-Asset | $48.9 | 15% | | Alternatives | $9.4 | 3% | | **Total** | **$334.9** | **100%** | Assets Under Management (AUM) by Client Location (as of Dec 31, 2023) | Client Location | AUM (billions USD) | | :---------------------- | :----------------- | | North America | $198.6 | | EMEA and Latin America | $102.9 | | Asia Pacific | $33.4 | - JHG's global workforce comprises nearly **2,200 employees**, with a focus on diversity, professional development, and employee engagement, achieving an **85% DEI Employee Engagement score** in 2023[36](index=36&type=chunk)[41](index=41&type=chunk)[50](index=50&type=chunk) - The company operates in a highly competitive and extensively regulated investment management industry, facing significant competition and increasing compliance costs from evolving U.S. and international regulations, including new ESG and climate disclosure rules[50](index=50&type=chunk)[52](index=52&type=chunk)[76](index=76&type=chunk) [Item 1A. Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) JHG faces significant risks from market volatility, intense competition, operational challenges, and extensive global regulatory frameworks - JHG's revenue and profitability are highly dependent on the value, composition, and investment performance of its AUM, which are subject to market fluctuations, redemptions, and competitive pressures[81](index=81&type=chunk)[82](index=82&type=chunk)[93](index=93&type=chunk) - The company faces significant operational and technology risks, including cyberattacks, data breaches, and challenges in managing the integration and ethical implications of artificial intelligence (AI) in its workflows[112](index=112&type=chunk)[114](index=114&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - JHG operates in a highly regulated environment, with extensive and complex laws and regulations across the U.S., UK, and other international markets, leading to increased compliance costs and potential enforcement actions[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - The UK's exit from the EU (Brexit) continues to pose risks, including potential disruptions to UK and European economies, legal uncertainties, and increased operational costs due to divergent regulatory frameworks[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - The replacement of benchmark indices like LIBOR with alternative rates introduces legal, financial, pricing, operational, and conduct risks, potentially increasing borrowing costs and impacting business operations[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Item 1B. Unresolved Staff Comments](index=21&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments to report for the period [Item 1C. Cybersecurity](index=21&type=section&id=Item%201C.%20Cybersecurity) JHG's risk-based cybersecurity program, aligned with ISO 27001 and NIST, is overseen by the Board, with no material incidents reported - JHG's cybersecurity risk management program is risk-based, aligning with ISO 27001 and NIST Cybersecurity framework, and is integrated into the overall enterprise risk management[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - The Risk Committee of the Board of Directors oversees the cybersecurity program, receiving regular reports on risks, status updates, and audit findings from the Information Security leadership[162](index=162&type=chunk)[163](index=163&type=chunk) - No cybersecurity threats or incidents have materially affected or are reasonably likely to materially affect JHG's business strategy, results of operations, or financial condition[161](index=161&type=chunk) [Item 2. Properties](index=22&type=section&id=Item%202.%20Properties) JHG operates 23 leased offices globally, including major headquarters in London and Denver, deemed adequate for current operations - JHG has 23 leased offices worldwide, including major operations in London (**116,000 sq ft**) and Denver, Colorado (**161,000 sq ft**)[167](index=167&type=chunk) - The London headquarters lease expires in **2028**, and the Denver office lease expires in **2025**[167](index=167&type=chunk) [Item 3. Legal Proceedings](index=22&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 19 — Commitments and Contingencies: Litigation and Other Regulatory Matters in Part II, Item 8, Financial Statements and Supplementary Data - Legal proceedings information is referenced from Note 19 in the Financial Statements and Supplementary Data[168](index=168&type=chunk) [Item 4. Mine Safety Disclosures](index=22&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Janus Henderson Group plc [PART II](index=23&type=section&id=PART%20II) [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=23&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) JHG's common stock trades on NYSE, delisted from ASX, declared a **$0.39 per share dividend**, and repurchased **$61.9 million** in Q4 2023 - JHG's common stock trades on the NYSE under the symbol JHG. As of February 23, 2024, there were **161,734,074 shares** outstanding[7](index=7&type=chunk)[171](index=171&type=chunk) - JHG delisted from the ASX on December 6, 2023, anticipating savings in compliance and ancillary costs[171](index=171&type=chunk) - A cash dividend of **$0.39 per share** was declared on January 31, 2024, payable on February 28, 2024[172](index=172&type=chunk) Common Stock Repurchases (Q4 2023) | Period | Total shares purchased | Average price paid per share | Approximate U.S. dollar value of shares that may yet be purchased under the programs (end of month, in millions) | | :--------------------------------------- | :--------------------- | :--------------------------- | :----------------------------------------------------------------------------------------------------------------- | | October 1, 2023, through October 31, 2023 | — | — | $150 | | November 1, 2023, through November 30, 2023 | 1,303,582 | $25.37 | $117 | | December 1, 2023, through December 31, 2023 | 1,016,288 | $28.36 | $88 | | **Total** | **2,319,870** | **$26.68** | | [Item 6. [Reserved]](index=24&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) JHG's 2023 revenue decreased by **5%** to **$2,101.8 million**, while net income increased by **5%** to **$392.0 million**, with AUM growing **17%** to **$334.9 billion** - JHG operates as a single-segment investment management business, with strategic and financial decisions determined centrally by the CEO[182](index=182&type=chunk) Financial Summary (GAAP Basis, in millions USD) | Metric | 2023 | 2022 | Change (YoY) | | :------------------------- | :----- | :----- | :----------- | | Revenue | $2,101.8 | $2,203.6 | (5)% | | Operating expenses | $1,618.1 | $1,713.8 | (6)% | | Operating income | $483.7 | $489.8 | (1)% | | Operating margin | 23.0% | 22.2% | +0.8 pp | | Net income attributable to JHG | $392.0 | $372.4 | +5% | | Diluted earnings per share | $2.37 | $2.23 | +6.3% | Investment Performance of AUM (as of Dec 31, 2023) | Percentage of AUM outperforming benchmark | 1 year | 3 years | 5 years | 10 years | | :---------------------------------------- | :----- | :------ | :------ | :------- | | Equities | 42% | 48% | 57% | 60% | | Fixed Income | 79% | 66% | 88% | 91% | | Multi-Asset | 8% | 96% | 97% | 97% | | Alternatives | 57% | 97% | 100% | 100% | | **Total** | **44%** | **60%** | **69%** | **71%** | - AUM increased to **$334.9 billion** as of December 31, 2023, up **17%** from **$287.3 billion** in 2022, primarily driven by positive market movements of **$45.1 billion** and a **$3.2 billion** increase from USD weakening against GBP, EUR, and AUD[190](index=190&type=chunk)[191](index=191&type=chunk) AUM and Flows by Capability (2023, in billions USD) | Capability | Closing AUM Dec 31, 2022 | Sales | Redemptions | Net sales (redemptions) | Markets | FX | Reclassifications and disposals | Closing AUM Dec 31, 2023 | | :--------------- | :----------------------- | :---- | :---------- | :---------------------- | :------ | :-- | :------------------------------ | :----------------------- | | Equities | $171.3 | $31.0 | $(33.2) | $(2.2) | $34.8 | $2.1 | $(0.9) | $205.1 | | Fixed Income | $59.8 | $24.1 | $(16.9) | $7.2 | $3.8 | $0.7 | — | $71.5 | | Multi-Asset | $45.5 | $4.1 | $(7.7) | $(3.6) | $6.2 | $0.2 | $0.6 | $48.9 | | Alternatives | $10.7 | $1.7 | $(3.8) | $(2.1) | $0.3 | $0.2 | $0.3 | $9.4 | | **Total** | **$287.3** | **$60.9** | **$(61.6)** | **$(0.7)** | **$45.1** | **$3.2** | **—** | **$334.9** | Revenue Breakdown (in millions USD) | Revenue Type | 2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | | :-------------------- | :------- | :------- | :------- | :-------------- | :-------------- | | Management fees | $1,700.1 | $1,799.4 | $2,189.4 | (6)% | (18)% | | Performance fees | $5.1 | $(10.7) | $102.7 | n/m* | n/m* | | Shareowner servicing fees | $213.3 | $224.0 | $260.7 | (5)% | (14)% | | Other revenue | $183.3 | $190.9 | $214.2 | (4)% | (11)% | | **Total revenue** | **$2,101.8** | **$2,203.6** | **$2,767.0** | **(5)%** | **(20)%** | *n/m - Not meaningful. - Performance fees increased by **$15.8 million** in 2023 compared to 2022, primarily due to improved performance of absolute return funds, partially offset by declines in segregated mandates[212](index=212&type=chunk) Operating Expenses (in millions USD) | Expense Type | 2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | | :-------------------------------- | :------- | :------- | :------- | :-------------- | :-------------- | | Employee compensation and benefits | $593.3 | $611.5 | $693.3 | (3)% | (12)% | | Long-term incentive plans | $167.4 | $180.7 | $181.0 | (7)% | (0)% | | Distribution expenses | $455.9 | $498.3 | $554.1 | (9)% | (10)% | | Impairment of intangible assets | — | $35.8 | $121.9 | (100)% | (71)% | | Depreciation and amortization | $22.9 | $31.7 | $40.7 | (28)% | (22)% | | **Total operating expenses** | **$1,618.1** | **$1,713.8** | **$1,946.1** | **(6)%** | **(12)%** | - Investment gains (losses), net, moved favorably by **$156.7 million** in 2023, primarily due to market adjustments in seeded investment products and consolidation/deconsolidation of third-party ownership interests[237](index=237&type=chunk) Cash Flow Summary (in millions USD) | Cash Flow Activity | 2023 | 2022 | 2021 | | :---------------------------------- | :------- | :------- | :------- | | Operating activities | $441.6 | $473.3 | $895.4 | | Investing activities | $(328.9) | $58.5 | $(283.3) | | Financing activities | $(151.9) | $(419.1) | $(588.1) | | Effect of exchange rate changes | $30.9 | $(54.9) | $(13.5) | | **Net change in cash and cash equivalents** | **$(8.3)** | **$57.8** | **$10.5** | | Cash balance at end of period | $1,168.1 | $1,176.4 | $1,118.6 | [Business Overview](index=24&type=section&id=Business%20Overview) Janus Henderson Group plc is an independent global asset manager specializing in active investment across Equities, Fixed Income, Multi-Asset, and Alternatives for institutional and retail investors - Janus Henderson Group plc is an independent global asset manager specializing in active investment across Equities, Fixed Income, Multi-Asset, and Alternatives for institutional and retail investors[181](index=181&type=chunk) - The company's strategy is built on three pillars: Protect & Grow, Amplify, and Diversify, focusing on disciplined execution for organic and opportunistic inorganic growth[181](index=181&type=chunk) [Segment Considerations](index=24&type=section&id=Segment%20Considerations) JHG operates as a single-segment investment management business, with the CEO acting as the chief operating decision-maker and determining strategic and financial management decisions centrally - JHG operates as a single-segment investment management business, with the CEO acting as the chief operating decision-maker and determining strategic and financial management decisions centrally[182](index=182&type=chunk) [Revenue](index=24&type=section&id=Revenue) Revenue primarily consists of management fees, generally calculated as a percentage of AUM, and performance fees, which are based on investment performance against benchmarks or absolute returns - Revenue primarily consists of management fees, generally calculated as a percentage of AUM, and performance fees, which are based on investment performance against benchmarks or absolute returns[183](index=183&type=chunk)[184](index=184&type=chunk) - Performance fees are recognized at the end of the contractual period (monthly, quarterly, or annually) if stated performance criteria are achieved and can be negative for underperformance[184](index=184&type=chunk) [2023 SUMMARY](index=25&type=section&id=2023%20SUMMARY) JHG achieved solid long-term investment performance, with **60%**, **69%**, and **71%** of AUM outperforming benchmarks on a three-, five-, and ten-year basis, respectively, as of December 31, 2023 - JHG achieved solid long-term investment performance, with **60%**, **69%**, and **71%** of AUM outperforming benchmarks on a three-, five-, and ten-year basis, respectively, as of December 31, 2023[188](index=188&type=chunk) - AUM increased to **$334.9 billion**, up **17%** from December 31, 2022, primarily due to positive market performance[188](index=188&type=chunk) - Net outflows for 2023 were **$0.7 billion**, a significant improvement from **$30.8 billion** in net outflows (excluding Intech) in 2022[188](index=188&type=chunk) - The company reported strong cash generation with **$441.6 million** of cash provided by operating activities in 2023 and declared dividends of **$1.56 per share**[188](index=188&type=chunk) [Assets Under Management](index=26&type=section&id=Assets%20Under%20Management) AUM increased by **$47.6 billion (17%)** to **$334.9 billion** as of December 31, 2023, primarily due to **$45.1 billion** in positive market movements and a **$3.2 billion** increase from foreign exchange rate changes - AUM increased by **$47.6 billion (17%)** to **$334.9 billion** as of December 31, 2023, primarily due to **$45.1 billion** in positive market movements and a **$3.2 billion** increase from foreign exchange rate changes[190](index=190&type=chunk) Average AUM by Capability (in billions USD) | By capability: | 2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | | :--------------- | :----- | :----- | :----- | :-------------- | :-------------- | | Equities | $191.6 | $193.2 | $236.4 | (1)% | (18)% | | Fixed Income | $65.5 | $67.2 | $80.6 | (3)% | (17)% | | Multi-Asset | $47.1 | $49.2 | $53.2 | (4)% | (8)% | | Alternatives | $9.6 | $11.5 | $10.5 | (17)% | 10% | | Quantitative Equities | — | $7.7 | $41.3 | (100)% | (81)% | | **Total** | **$313.8** | **$328.8** | **$422.0** | **(5)%** | **(22)%** | Closing AUM by Client Location (in billions USD) | By client location: | 2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | | :---------------------- | :----- | :----- | :----- | :-------------- | :-------------- | | North America | $198.6 | $168.6 | $241.0 | 18% | (30)% | | EMEA and Latin America | $102.9 | $85.7 | $132.3 | 20% | (35)% | | Asia Pacific | $33.4 | $33.0 | $59.0 | 1% | (44)% | | **Total** | **$334.9** | **$287.3** | **$432.3** | **17%** | **(34)%** | [Valuation of Assets Under Management](index=28&type=section&id=Valuation%20of%20Assets%20Under%20Management) Fair value of AUM is primarily based on unadjusted quoted market prices for listed securities, with adjustments for non-U.S. equities in U.S. mutual funds - Fair value of AUM is primarily based on unadjusted quoted market prices for listed securities, with adjustments for non-U.S. equities in U.S. mutual funds[200](index=200&type=chunk) - For illiquid investments, fair value is estimated using methodologies like expected cash flows, comparable securities, or revenue multiples, with oversight from Fair Value Pricing Committees[201](index=201&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Management fees decreased by **$99.3 million** in 2023 due to lower average AUM, while performance fees increased by **$15.8 million**, driven by absolute return funds - Management fees decreased by **$99.3 million** in 2023 due to lower average AUM, while performance fees increased by **$15.8 million**, driven by absolute return funds[207](index=207&type=chunk)[212](index=212&type=chunk) Average Net Management Fee Margins (bps) | By capability: | 2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | | :--------------- | :--- | :--- | :--- | :-------------- | :-------------- | | Equities | 54.4 | 55.2 | 56.1 | (1)% | (2)% | | Fixed Income | 27.8 | 29.6 | 29.1 | (6)% | 2% | | Multi-Asset | 52.9 | 53.1 | 52.9 | (0)% | 0% | | Alternatives | 61.9 | 60.4 | 68.4 | 2% | (12)% | | Quantitative Equities | — | 15.8 | 16.5 | (100)% | (4)% | | **Total average** | **48.9** | **48.9** | **47.0** | **—%** | **4%** | - Employee compensation and benefits decreased by **$18.2 million** in 2023, mainly due to lower variable compensation and reduced fixed compensation costs from lower average headcount, partially offset by base-pay increases[221](index=221&type=chunk) - Impairment charges for intangible assets decreased by **$35.8 million** in 2023, with no new charges recognized, compared to a **$35.8 million** impairment in 2022[230](index=230&type=chunk) - The effective tax rate for 2023 was **19.0%**, down from **26.9%** in 2022, influenced by disallowed noncontrolling interest income and a reduction in the state income tax rate[241](index=241&type=chunk) [Non-GAAP Financial Measures](index=33&type=section&id=Non-GAAP%20Financial%20Measures) JHG uses non-GAAP financial measures, consistent with internal management reporting, to evaluate profitability and ongoing operations, excluding costs or benefits not part of core operations - JHG uses non-GAAP financial measures, consistent with internal management reporting, to evaluate profitability and ongoing operations, excluding costs or benefits not part of core operations[245](index=245&type=chunk) Adjusted Financial Highlights (in millions USD, except per share and margin data) | Metric | 2023 | 2022 | | :------------------------------------------ | :------- | :------- | | Adjusted revenue | $1,645.9 | $1,705.3 | | Adjusted operating expenses | $1,137.2 | $1,128.6 | | Adjusted operating income | $508.7 | $576.7 | | Adjusted operating margin | 30.9% | 33.8% | | Adjusted net income attributable to JHG | $435.2 | $433.8 | | Adjusted diluted earnings per share | $2.63 | $2.60 | - Adjustments to GAAP figures primarily involve deducting distribution and service fees from revenue, and excluding certain employee compensation, long-term incentive plan expenses, and intangible asset impairment charges from operating expenses[247](index=247&type=chunk)[249](index=249&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) JHG's capital structure, cash balances, and cash flows are expected to meet current and future cash needs, including operating expenses, seed capital investments, dividends, and share repurchases - JHG's capital structure, cash balances, and cash flows are expected to meet current and future cash needs, including operating expenses, seed capital investments, dividends, and share repurchases[251](index=251&type=chunk)[254](index=254&type=chunk) Key Balance Sheet Data (in millions USD) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------- | :----------- | :----------- | | Cash and cash equivalents | $1,145.9 | $1,156.5 | | Investments | $399.2 | $359.1 | | Fees and other receivables | $294.0 | $252.9 | | Long-term debt | $304.6 | $307.5 | - A new **$200 million** unsecured, revolving credit facility was established on June 30, 2023, maturing on June 30, 2028, with no outstanding borrowings as of December 31, 2023[262](index=262&type=chunk)[264](index=264&type=chunk) - JHG's FCA-supervised regulatory group has a combined capital requirement of **£136.0 million ($173.4 million)** and holds a surplus of **£322.4 million ($411.0 million)** above this requirement as of December 31, 2023[265](index=265&type=chunk) - Contractual obligations for debt and interest payments totaled **$323.2 million** as of December 31, 2023, with operating and finance lease obligations of **$82.4 million**[266](index=266&type=chunk) [CRITICAL ACCOUNTING POLICIES AND ESTIMATES](index=38&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) Critical accounting policies and estimates include consolidated investment products, valuation of investments, goodwill, retirement benefits, and income taxes, all requiring significant management judgment and assumptions - Critical accounting policies and estimates include consolidated investment products, valuation of investments, goodwill and intangible assets, retirement benefit plans, and income taxes, all requiring significant management judgment and assumptions[278](index=278&type=chunk) - Goodwill and indefinite-lived intangible assets are tested for impairment annually, with the 2023 assessment concluding that fair values exceeded carrying values, requiring no impairment[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) - The defined benefit pension plan had a net asset of **$85.3 million** as of December 31, 2023, with actuarial valuations relying on assumptions like discount rates, inflation, and life expectancy[89](index=89&type=chunk)[291](index=291&type=chunk)[294](index=294&type=chunk) - Income tax provisions involve significant judgment in estimating outcomes of tax inquiries and audits, with unrecognized tax benefits totaling **$28.4 million** as of December 31, 2023[296](index=296&type=chunk)[297](index=297&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) JHG is exposed to market risk from AUM fluctuations, volatile performance fees, and investments, with derivatives used to hedge market and foreign currency exposures - Management fee revenues are directly impacted by fluctuations in the market value of AUM, as they are calculated as a percentage of asset balances[300](index=300&type=chunk) - Performance fee revenue is highly volatile, depending on investment performance against established indices or absolute returns, and is often subject to high-water marks[301](index=301&type=chunk) Impact of Hypothetical 10% Market Price Change on Current Investments (as of Dec 31, 2023, in millions USD) | Current investments: | Fair value | Fair value assuming a 10% increase | Fair value assuming a 10% decrease | | :--------------------------------------- | :--------- | :--------------------------------- | :--------------------------------- | | Seeded investment products (including VIEs) | $696.5 | $766.2 | $626.9 | | Investments related to deferred compensation plans | $12.0 | $13.2 | $10.8 | | Other investments | $8.1 | $8.9 | $7.3 | | **Total current investments** | **$716.6** | **$788.3** | **$644.9** | - JHG uses derivative instruments (futures, credit default swaps, total return swaps, foreign currency forward contracts) to economically hedge market exposure of certain seeded investments and foreign currency risks[304](index=304&type=chunk)[306](index=306&type=chunk) - Foreign currency exchange risk arises from non-USD income, expenses, assets, and liabilities of overseas subsidiaries, primarily in GBP, AUD, and EUR, and is managed through monitoring and active hedging[308](index=308&type=chunk)[309](index=309&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=42&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents JHG's audited consolidated financial statements, including balance sheets, income statements, and cash flows, with an unqualified auditor's opinion - PricewaterhouseCoopers LLP issued an unqualified opinion on JHG's consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2023[313](index=313&type=chunk)[314](index=314&type=chunk) - Management affirmed the effectiveness of JHG's internal control over financial reporting as of December 31, 2023, based on the COSO framework[329](index=329&type=chunk) Consolidated Balance Sheets (in millions USD) | ASSETS | Dec 31, 2023 | Dec 31, 2022 | | :------------------------------------------ | :----------- | :----------- | | Cash and cash equivalents | $1,152.4 | $1,162.3 | | Investments | $334.2 | $261.6 | | Fees and other receivables | $294.0 | $252.9 | | Total current assets | $2,455.6 | $2,214.8 | | Property, equipment and software, net | $44.2 | $51.8 | | Intangible assets, net | $2,431.3 | $2,414.7 | | Goodwill | $1,290.3 | $1,253.1 | | Retirement benefit asset, net | $87.6 | $97.9 | | **Total assets** | **$6,496.6** | **$6,237.8** | | LIABILITIES | | | | Accounts payable and accrued liabilities | $231.4 | $232.6 | | Current portion of accrued compensation, benefits and staff costs | $297.9 | $300.8 | | Total current liabilities | $631.0 | $610.5 | | Long-term debt | $304.6 | $307.5 | | Deferred tax liabilities, net | $570.8 | $574.6 | | **Total liabilities** | **$1,641.1** | **$1,641.3** | | REDEEMABLE NONCONTROLLING INTERESTS | $317.2 | $233.9 | | **Total equity** | **$4,538.3** | **$4,362.6** | Consolidated Statements of Comprehensive Income (in millions USD) | Metric | 2023 | 2022 | 2021 | | :------------------------------------------ | :------- | :------- | :------- | | Total revenue | $2,101.8 | $2,203.6 | $2,767.0 | | Total operating expenses | $1,618.1 | $1,713.8 | $1,946.1 | | Operating income | $483.7 | $489.8 | $820.9 | | Net income attributable to JHG | $392.0 | $372.4 | $620.0 | | Diluted earnings per share | $2.37 | $2.23 | $3.57 | | Other comprehensive income (loss) attributable to JHG | $84.1 | $(260.7) | $(72.1) | | Total comprehensive income attributable to JHG | $476.1 | $111.7 | $547.9 | Consolidated Statements of Cash Flows (in millions USD) | Cash Flow Activity | 2023 | 2022 | 2021 | | :------------------------------------------ | :------- | :------- | :------- | | Net operating activities | $441.6 | $473.3 | $895.4 | | Net investing activities | $(328.9) | $58.5 | $(283.3) | | Net financing activities | $(151.9) | $(419.1) | $(588.1) | | Net change in cash and cash equivalents | $(8.3) | $57.8 | $10.5 | | Cash balance at end of period | $1,168.1 | $1,176.4 | $1,118.6 | [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=80&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There have been no changes in or disagreements with accountants on accounting and financial disclosure [Item 9A. Controls and Procedures](index=80&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded JHG's disclosure controls and procedures were effective as of December 31, 2023, with no material changes in internal control - JHG's management concluded that its disclosure controls and procedures were effective as of December 31, 2023[541](index=541&type=chunk) - No material changes in internal control over financial reporting occurred during the fiscal quarter ended December 31, 2023[543](index=543&type=chunk) [Item 9B. Other Information](index=80&type=section&id=Item%209B.%20Other%20Information) This item contains no other information [Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=80&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to Janus Henderson Group plc [PART III](index=80&type=section&id=PART%20III) [Item 10. Directors, Executive Officers and Corporate Governance](index=80&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 Annual General Meeting of Shareholders Proxy Statement - Information on directors, executive officers, and corporate governance is incorporated by reference from the Proxy Statement[547](index=547&type=chunk) [Item 11. Executive Compensation](index=80&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2024 Annual General Meeting of Shareholders Proxy Statement - Executive compensation details are incorporated by reference from the Proxy Statement[548](index=548&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=80&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership of certain beneficial owners and management, and related stockholder matters, is incorporated by reference from the company's 2024 Annual General Meeting of Shareholders Proxy Statement - Security ownership information is incorporated by reference from the Proxy Statement[549](index=549&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=80&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships and related transactions, and director independence, is incorporated by reference from the company's 2024 Annual General Meeting of Shareholders Proxy Statement - Information on related party transactions and director independence is incorporated by reference from the Proxy Statement[550](index=550&type=chunk) [Item 14. Principal Accountant Fees and Services](index=80&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's 2024 Annual General Meeting of Shareholders Proxy Statement - Principal accountant fees and services information is incorporated by reference from the Proxy Statement[551](index=551&type=chunk) [PART IV](index=81&type=section&id=PART%20IV) [Item 15. Exhibits and Financial Statement Schedules](index=81&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed, including financial statements, schedules, and a comprehensive list of exhibits covering corporate and contractual documents - The report includes financial statements and related notes, along with the independent auditor's report[552](index=552&type=chunk) - No financial statement schedules are required as the information is presented in the financial statements or notes[552](index=552&type=chunk) - A detailed list of exhibits is provided, covering corporate governance documents, debt instruments, material contracts, and various certifications[553](index=553&type=chunk)[554](index=554&type=chunk)[556](index=556&type=chunk)[558](index=558&type=chunk)[559](index=559&type=chunk) [Item 16. Form 10-K Summary](index=85&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item indicates that no Form 10-K Summary is provided [Signatures](index=86&type=section&id=Signatures) The report is duly signed on behalf of Janus Henderson Group plc by its Chief Executive Officer, Ali Dibadj, and other principal officers and directors, affirming compliance with the Securities Exchange Act of 1934 - The report is signed by Ali Dibadj, Chief Executive Officer, and other principal officers and directors, confirming compliance with the Securities Exchange Act of 1934[561](index=561&type=chunk)[563](index=563&type=chunk)

Financial Data and Key Metrics Changes - In 2023, net outflows improved significantly to $700 million from $31 billion in 2022, driven by lower redemptions and strategic wins in global institutional and North American intermediary businesses [8] - Total Assets Under Management (AUM) increased by 17% in 2023, ending at $334.9 billion, which is 7% higher than the average AUM for the year [10] - Adjusted earnings per share (EPS) rose by 28% to $0.82 in Q4 compared to the prior quarter, benefiting from stable management fees and strong performance fees [13][36] Business Line Data and Key Metrics Changes - Net outflows for the equity segment were negative $3.2 billion in Q4, while fixed income saw net inflows of $1.7 billion, contributing to a total of $7.2 billion in positive net flows for 2023 [23][24] - The U.S. intermediary channel achieved break-even flows for the first time in seven years, with a 1% organic growth rate [45] - Institutional net outflows were $2 billion in Q4, compared to $400 million in Q3, indicating challenges in this segment [21] Market Data and Key Metrics Changes - The U.S. intermediary market showed strong performance, with significant inflows in specific strategies such as AAA CLO ETF and mortgage-backed security ETF [20] - EMEA and LATAM markets faced outflows, but the U.S. intermediary region experienced positive flows, indicating a regional disparity in performance [19] Company Strategy and Development Direction - The company is focused on three strategic pillars: protecting and growing core businesses, amplifying strengths, and diversifying where clients provide opportunities [7][42] - A significant emphasis is placed on the U.S. intermediary business, with investments in branding and talent to enhance client engagement [44] - The company is actively pursuing M&A opportunities to diversify its offerings, with a disciplined approach to cultural fit and strategic alignment [52] Management's Comments on Operating Environment and Future Outlook - Management noted that while 2023 saw a rebound in global markets, headwinds remain due to the consequences of historic rate hikes [6] - The company is optimistic about the potential for inflows in fixed income as clients seek diversification and yield, indicating a favorable outlook for this segment [72][75] - Management emphasized the importance of a strong culture and strategic execution to drive organic growth and deliver results for stakeholders [55][62] Other Important Information - The company returned $321 million to shareholders in 2023 through dividends and share buybacks, reflecting a strong cash flow generation and stable balance sheet [9][31] - The adjusted non-compensation operating expenses increased by 8% compared to the prior quarter, primarily due to higher general and administrative expenses [28] Q&A Session Summary Question: Can you expand upon the fixed income or active ETF strategy? - The active ETF franchise has crossed $12 billion in AUM, focusing on democratizing institutional investment strategies for retail channels [66] Question: What has been the biggest hold up in M&A transactions? - The company remains active in evaluating M&A opportunities, ensuring cultural fit and alignment with client needs as key considerations [68][69] Question: What is the outlook for inflows in the fixed income business? - The company is well-positioned to capture inflows in fixed income due to attractive performance and product breadth, with clients increasingly recognizing the value of fixed income [72][75] Question: How broad-based is the progress in the U.S. intermediary? - The success in the U.S. intermediary is broad-based, with improvements across various products and strategies, not limited to just a few ETFs [81] Question: How are you thinking about the EMEA business positioning? - The company aims to leverage successful strategies from the U.S. to improve performance in the EMEA market, which has faced significant headwinds [92][95] Question: What are the opportunities for active equity ETFs? - The company is focused on democratizing institutional investment strategies across various vehicles, including active equity ETFs, while remaining vehicle-agnostic [100]

Q4 AND FULL-YEAR 2023 RESULTS 2023: A YEAR OF PROGRESS Achieved cost efficiencies of over $50 million by the end of 2023, higher and sooner than the original range of $40-$45 million by the end of 2024 1 Net outflows exclude Intech, the sale of which was completed March 31, 2022. 3 Net flows of $(0.7) billion in 2023 compared to $(30.8) billion in 20222 Returned $321 million to shareholders in 2023 in the form of dividends and buybacks | --- | --- | --- | |----------------------------------------------|---- ...

Wednesday, November 1, 2023 Q3 2023 RESULTS Investment performance remains solid 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 20. 2 See adjusted financial measures reconciliation on slides 26 and 27 for additional information. THIRD QUARTER 2023 RESULTS Roger Thompson Chief Financial Officer U.S. GAAP diluted EPS of $0.56 and adjusted diluted EPS of $0.64 Net flows of $(2.6) billion compared to $(0.5) billion in Q2 2023 a ...

Janus Henderson Group plc (NYSE:JHG) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET Company Participants Ali Dibadj - CEO Roger Thompson - CFO Conference Call Participants Craig Siegenthaler - Bank of America Dan Fannon - Jefferies Nigel Pittaway - Citigroup Ken Worthington - JPMorgan John Dunn - Evercore ISI Operator Good morning. My name is Lauren and I'll be your conference facilitator today. Thank you for standing by and welcome to the Janus Henderson Group Third Quarter 2023 Results Brief ...