Janus Henderson Group plc (JHG) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.80 per share. This compares to earnings of $0.64 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.75%. A quarter ago, it was expected that this company would post earnings of $0.74 per share when it actually produced earnings of $0.85, delivering a surprise of 14.86%.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 September 30, 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 JANUS HENDERSON GROUP PLC (Exact name of registrant as specified in its charter) 201 Bishopsgate London, United ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Key Financial & Operational Highlights](index=1&type=section&id=Key%20Financial%20%26%20Operational%20Highlights) Janus Henderson Group plc reported solid Q3 2024 results, marked by strong investment performance, consecutive net inflows, and significant AUM growth, while also increasing capital returns to shareholders - Investment performance: **75% of assets under management (AUM) outperformed** relevant benchmarks on a one-year basis as of September 30, 2024[1](index=1&type=chunk) - Net inflows: **US$0.4 billion** in the third quarter 2024, marking consecutive quarters of net inflows[1](index=1&type=chunk) - AUM increased **6% quarter over quarter** and **24% year over year to US$382.3 billion** as of September 30, 2024[1](index=1&type=chunk) - Adjusted diluted EPS of **US$0.91**, an increase of **42% year over year**[1](index=1&type=chunk) - Returned **US$102 million** in capital to shareholders through dividends and share buybacks in third quarter 2024[1](index=1&type=chunk) - Board declared a quarterly dividend of **US$0.39 per share** and approved a **US$50 million increase** to the Company's existing common stock repurchase authorization[1](index=1&type=chunk) [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Ali Dibadj highlighted solid quarterly results driven by market gains, strong investment performance, positive net flows, and effective strategy execution, emphasizing the company's healthy balance sheet and cash flow generation for continued investment and shareholder returns - The results reflect market gains, solid investment performance, a second consecutive quarter of positive net flows, and productivity from all operating and support areas[3](index=3&type=chunk) - Teams have worked together to execute the strategy to Protect & Grow, Amplify, and Diversify the business, delivering growth across channels and regions[3](index=3&type=chunk) - A healthy balance sheet and strong cash flow generation provide flexibility to continue to invest in the business (organically and inorganically) and return cash to shareholders[3](index=3&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) [Summary of GAAP & Adjusted Financial Results](index=2&type=section&id=Summary%20of%20Financial%20Results) The company reported Q3 2024 GAAP revenue of US$624.8 million and operating income of US$164.7 million, with adjusted figures showing revenue of US$488.1 million and operating income of US$170.5 million, and adjusted diluted EPS increasing significantly year-over-year Q3 2024 GAAP and Adjusted Financial Highlights (US$ millions, except per share data) | Metric | 30 Sep 2024 (GAAP) | 30 Sep 2024 (Adjusted) | 30 Jun 2024 (GAAP) | 30 Jun 2024 (Adjusted) | 30 Sep 2023 (GAAP) | 30 Sep 2023 (Adjusted) | |:-----------------------------|:-------------------|:-----------------------|:-------------------|:-----------------------|:-------------------|:-----------------------| | Revenue | 624.8 | 488.1 | 588.4 | 458.3 | 521.0 | 405.0 | | Operating expenses | 460.1 | 317.6 | 424.1 | 293.6 | 399.3 | 279.6 | | Operating income | 164.7 | 170.5 | 164.3 | 164.7 | 121.7 | 125.4 | | Operating margin | 26.4% | 34.9% | 27.9% | 35.9% | 23.4% | 31.0% | | Net income attributable to JHG | 27.3 | 144.7 | 129.7 | 135.2 | 93.5 | 106.7 | | Diluted earnings per share | 0.17 | 0.91 | 0.81 | 0.85 | 0.56 | 0.64 | - Q3 2024 diluted earnings per share of **US$0.17** was impacted by a **US$111.9 million** non-cash, non-operating, accounting expense release of accumulated foreign currency translation adjustments[2](index=2&type=chunk) [Share Repurchase and Dividend](index=2&type=section&id=Share%20Repurchase%20and%20Dividend) The Board declared a quarterly dividend of US$0.39 per share and increased the share repurchase authorization by US$50 million, bringing the total to US$200 million, with the company repurchasing US$40 million of common stock in Q3 2024 - A dividend of **US$0.39 per share** for the quarter ended September 30, 2024, was declared on October 30, 2024[6](index=6&type=chunk) - JHG purchased **1.1 million** of its common stock for approximately **US$40 million** in Q3 2024 as part of the **US$150 million** share repurchase program[7](index=7&type=chunk) - The Board approved a **US$50 million increase** to the existing share repurchase program, raising the total authorization to up to **US$200 million**[7](index=7&type=chunk) [Assets Under Management (AUM) and Flows](index=3&type=section&id=AUM%20AND%20FLOWS) [Total AUM and Flows](index=3&type=section&id=Total%20AUM%20and%20Flows) Janus Henderson's AUM grew to US$382.3 billion by September 30, 2024, driven by US$0.4 billion in net sales and US$19.4 billion from market/FX movements, along with US$1.1 billion from acquisitions Total Comparative AUM and Flows (in US$ billions) | Metric | 30 Sep 2024 | 30 Jun 2024 | 30 Sep 2023 | |:--------------------------|:------------|:------------|:------------| | Opening AUM | 361.4 | 352.6 | 322.1 | | Sales | 16.1 | 18.1 | 11.8 | | Redemptions | (15.7) | (16.4) | (14.4) | | Net sales / (redemptions) | 0.4 | 1.7 | (2.6) | | Market / FX | 19.4 | 7.1 | (11.2) | | Acquisitions | 1.1 | — | — | | Closing AUM | 382.3 | 361.4 | 308.3 | - Net sales were positive at **US$0.4 billion** in Q3 2024, following **US$1.7 billion** in Q2 2024, a significant improvement from net redemptions of **US$2.6 billion** in Q3 2023[10](index=10&type=chunk) [AUM and Flows by Capability](index=3&type=section&id=AUM%20and%20Flows%20by%20Capability) Equities remained the largest capability by AUM, while Fixed Income showed positive net sales in Q3 2024, and Alternatives also recorded positive net sales Q3 2024 AUM and Net Flows by Capability (in US$ billions) | Capability | AUM 30 Sep 2024 | Net sales / (redemptions) Q3 2024 | |:-------------|:----------------|:----------------------------------| | Equities | 237.1 | (1.5) | | Fixed Income | 81.3 | 2.2 | | Multi-Asset | 53.5 | (0.4) | | Alternatives | 10.4 | 0.1 | | Total | 382.3 | 0.4 | - Fixed Income had the highest net sales of **US$2.2 billion** in Q3 2024, while Equities experienced net redemptions of **US$1.5 billion**[11](index=11&type=chunk) [Average AUM by Capability](index=3&type=section&id=Average%20AUM%20by%20Capability) Average AUM across all capabilities increased in Q3 2024 compared to the previous quarter and year, with Equities and Fixed Income showing the most significant growth Average AUM by Capability (in US$ billions) | Capability | 30 Sep 2024 | 30 Jun 2024 | 30 Sep 2023 | |:-------------|:------------|:------------|:------------| | Equities | 229.6 | 220.8 | 196.9 | | Fixed Income | 78.5 | 71.7 | 66.1 | | Multi-Asset | 52.1 | 50.7 | 47.7 | | Alternatives | 9.7 | 8.9 | 9.4 | | Total | 369.9 | 352.1 | 320.1 | [Investment Performance](index=4&type=section&id=INVESTMENT%20PERFORMANCE) [AUM Outperformance vs. Benchmarks](index=4&type=section&id=AUM%20Outperformance%20vs.%20Benchmarks) Janus Henderson demonstrated strong investment performance, with a significant majority of AUM outperforming relevant benchmarks across all time horizons as of September 30, 2024 % of AUM Outperforming Benchmark (as of September 30, 2024) | Capability | 1-year | 3-year | 5-year | 10-year | |:-------------|:-------|:-------|:-------|:--------| | Equities | 63% | 61% | 54% | 80% | | Fixed Income | 98% | 81% | 89% | 93% | | Multi-Asset | 97% | 96% | 97% | 97% | | Alternatives | 84% | 94% | 100% | 100% | | Total | 75% | 71% | 67% | 85% | - Fixed Income, Multi-Asset, and Alternatives capabilities showed particularly strong outperformance, with **98%**, **97%**, and **84%** respectively outperforming benchmarks over a 1-year period[13](index=13&type=chunk) [Mutual Fund Performance (Morningstar Quartiles)](index=4&type=section&id=Mutual%20Fund%20Performance%20%28Morningstar%20Quartiles%29) A high percentage of Janus Henderson's mutual fund AUM ranked in the top two Morningstar quartiles across most capabilities and timeframes, indicating strong relative performance % of Mutual Fund AUM in Top 2 Morningstar Quartiles (as of September 30, 2024) | Capability | 1-year | 3-year | 5-year | 10-year | |:-------------|:-------|:-------|:-------|:--------| | Equities | 77% | 73% | 80% | 87% | | Fixed Income | 81% | 57% | 67% | 71% | | Multi-Asset | 96% | 95% | 95% | 96% | | Alternatives | 37% | 87% | 42% | 100% | | Total | 80% | 74% | 81% | 87% | - Overall, **80% of total mutual fund AUM** was in the top 2 Morningstar quartiles for the 1-year period, and **87%** for the 10-year period[15](index=15&type=chunk) [Company Overview & Investor Information](index=4&type=section&id=Company%20Overview%20%26%20Investor%20Information) [Q3 2024 Results Briefing Information](index=4&type=section&id=THIRD%20QUARTER%202024%20RESULTS%20BRIEFING%20INFORMATION) Details for the Q3 2024 results conference call and webcast, scheduled for October 31, 2024, are provided for investors and media - Chief Executive Officer Ali Dibadj and Chief Financial Officer Roger Thompson will present Q3 2024 results on a conference call and webcast[17](index=17&type=chunk) - The briefing is scheduled for **October 31, 2024, at 9:00 a.m. ET**[17](index=17&type=chunk) - Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson's website (ir.janushenderson.com)[17](index=17&type=chunk) [About Janus Henderson](index=5&type=section&id=About%20Janus%20Henderson) Janus Henderson Group is a global active asset manager with approximately US$382 billion in AUM, over 2,000 employees, and a presence in 24 cities worldwide, focused on delivering superior financial outcomes for clients - Janus Henderson Group is a leading global active asset manager[18](index=18&type=chunk) - As of September 30, 2024, Janus Henderson had approximately **US$382 billion** in assets under management[18](index=18&type=chunk) - The firm has more than **2,000 employees** and offices in **24 cities worldwide**[18](index=18&type=chunk) [Investor & Media Contacts](index=5&type=section&id=Investor%20%26%20Media%20Contacts) Contact information for investor relations and media relations is provided for inquiries - Investor enquiries can be directed to Jim Kurtz, Head of Investor Relations, at **+1 303 336 4529** or jim.kurtz@janushenderson.com[19](index=19&type=chunk) - Media enquiries can be directed to Candice Sun, Global Head of Media Relations, at **+1 303 336 5452** or candice.sun@janushenderson.com, or Nicole Mullin, Media Relations Director, UK, EMEA, LatAm & APAC, at **+44 (0)20 7818 2511** or nicole.mullin@janushenderson.com[19](index=19&type=chunk) [Detailed Financial Statements](index=6&type=section&id=FINANCIAL%20DISCLOSURES) [Condensed Consolidated Statements of Comprehensive Income (GAAP)](index=6&type=section&id=Condensed%20consolidated%20statements%20of%20comprehensive%20income%20%28unaudited%29) The GAAP income statement shows total revenue of US$624.8 million and operating income of US$164.7 million for Q3 2024, with net income attributable to JHG at US$27.3 million, leading to a diluted EPS of US$0.17 Q3 2024 GAAP Condensed Consolidated Statements of Comprehensive Income Highlights (US$ millions) | Metric | 30 Sep 2024 | 30 Jun 2024 | 30 Sep 2023 | |:-------------------------------------------|:------------|:------------|:------------| | Total Revenue | 624.8 | 588.4 | 521.0 | | Operating Expenses | 460.1 | 424.1 | 399.3 | | Operating Income | 164.7 | 164.3 | 121.7 | | Net Income Attributable to JHG | 27.3 | 129.7 | 93.5 | | Diluted Earnings Per Share (US$) | 0.17 | 0.81 | 0.56 | - Performance fees significantly improved from a negative **US$15.8 million** in Q3 2023 to **US$8.6 million** in Q3 2024[20](index=20&type=chunk) [Reconciliation of Non-GAAP Financial Information](index=7&type=section&id=Reconciliation%20of%20non-GAAP%20financial%20information) This section provides a detailed reconciliation from GAAP to adjusted financial measures, highlighting specific adjustments made to revenue, operating expenses, net income, and diluted EPS, which management uses to evaluate ongoing operations Reconciliation of GAAP to Adjusted Financial Metrics (US$ millions, except EPS) | Metric | 30 Sep 2024 (GAAP) | Adjustments | 30 Sep 2024 (Adjusted) | |:--------------------------------------------|:-------------------|:------------|:-----------------------| | Revenue | 624.8 | (136.7) | 488.1 | | Operating Expenses | 460.1 | (142.5) | 317.6 | | Operating Income | 164.7 | 5.8 | 170.5 | | Net Income Attributable to JHG | 27.3 | 117.4 | 144.7 | | Diluted Earnings Per Share (US$) | 0.17 | 0.74 | 0.91 | - Adjustments to revenue primarily include the deduction of distribution and servicing fees, reflecting their pass-through nature[23](index=23&type=chunk) - Operating expense adjustments include acquisition-related expenses and accelerated long-term incentive plan expenses, which management believes are not representative of ongoing operations[24](index=24&type=chunk) - Adjustments to other non-operating income primarily consist of the release of accumulated foreign currency translation adjustments related to liquidated entities[26](index=26&type=chunk) [Condensed Consolidated Balance Sheets (GAAP)](index=8&type=section&id=Condensed%20consolidated%20balance%20sheets%20%28unaudited%29) The balance sheet shows total assets increased to US$7,263.8 million as of September 30, 2024, from US$6,496.6 million at December 31, 2023, primarily driven by increases in cash and cash equivalents, intangible assets and goodwill, and assets of consolidated variable interest entities Condensed Consolidated Balance Sheet Highlights (US$ millions) | Metric | 30 Sep 2024 | 31 Dec 2023 | |:------------------------------------------|:------------|:------------| | Cash and cash equivalents | 1,483.8 | 1,152.4 | | Investments | 305.0 | 334.2 | | Property, equipment and software, net | 38.8 | 44.2 | | Intangible assets and goodwill, net | 3,799.8 | 3,721.6 | | Assets of consolidated variable interest entities | 749.0 | 405.9 | | Other assets | 887.4 | 838.3 | | Total Assets | 7,263.8 | 6,496.6 | | Long-term debt | 698.6 | 304.6 | | Deferred tax liabilities, net | 576.3 | 570.8 | | Liabilities of consolidated variable interest entities | 7.2 | 3.2 | | Other liabilities | 855.0 | 762.5 | | Redeemable noncontrolling interests | 493.5 | 317.2 | | Total equity | 4,633.2 | 4,538.3 | | Total liabilities, redeemable noncontrolling interests and equity | 7,263.8 | 6,496.6 | - Long-term debt increased significantly from **US$304.6 million** at year-end 2023 to **US$698.6 million** by Q3 2024[29](index=29&type=chunk) [Condensed Consolidated Statements of Cash Flows (GAAP)](index=8&type=section&id=Condensed%20consolidated%20statements%20of%20cash%20flows%20%28unaudited%29) The cash flow statement indicates strong cash provided by operating activities at US$228.5 million for Q3 2024, with investing activities resulting in a net outflow of US$215.0 million, while financing activities provided US$424.6 million Condensed Consolidated Statements of Cash Flows Highlights (US$ millions) | Activity | 30 Sep 2024 | 30 Jun 2024 | 30 Sep 2023 | |:------------------------|:------------|:------------|:------------| | Operating activities | 228.5 | 223.8 | 216.9 | | Investing activities | (215.0) | (60.4) | 16.0 | | Financing activities | 424.6 | (50.9) | (91.5) | | Effect of exchange rate changes | 31.9 | — | (25.5) | | Net change during period | 470.0 | 112.5 | 115.9 | - The net change in cash during Q3 2024 was **US$470.0 million**, significantly higher than previous quarters, largely due to financing activities[30](index=30&type=chunk) [Notes & Disclaimers](index=9&type=section&id=Notes%20%26%20Disclaimers) [Basis of Preparation](index=9&type=section&id=Basis%20of%20preparation) The condensed consolidated financial statements are prepared in accordance with GAAP and SEC rules, with certain information condensed or omitted as permitted, and should be read in conjunction with the annual Form 10-K - The condensed consolidated financial statements are prepared in accordance with GAAP and instructions to Form 10-Q pursuant to SEC rules[32](index=32&type=chunk) - Certain information and footnote disclosures normally included in GAAP financial statements have been condensed or omitted[32](index=32&type=chunk) - The financial statements should be read in conjunction with Janus Henderson's Annual Report on Form 10-K for the year ended December 31, 2023[32](index=32&type=chunk) [Forward-Looking Statements Disclaimer](index=9&type=section&id=FORWARD-LOOKING%20STATEMENTS%20DISCLAIMER) The report contains forward-looking statements subject to known and unknown risks and uncertainties, which could cause actual results to differ materially, and readers are cautioned not to place undue reliance on these statements - Statements not based on historical facts are 'forward-looking statements' subject to known and unknown risks and uncertainties[34](index=34&type=chunk) - Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance[34](index=34&type=chunk) - Various risks, uncertainties, assumptions, and factors that could cause future results to differ materially are discussed in the Annual Report on Form 10-K and other SEC filings[35](index=35&type=chunk)

Group 1 - Janus Henderson Group plc (JHG) has returned 36% year-to-date, outperforming the Finance sector average return of 20.2% [4] - The Zacks Rank for Janus Henderson Group plc is 2 (Buy), indicating a positive earnings outlook with a 5.8% increase in the consensus estimate for full-year earnings over the past quarter [3] - The Financial - Investment Management industry, which includes Janus Henderson Group plc, has gained an average of 30.7% year-to-date, further highlighting JHG's strong performance [5] Group 2 - The Finance sector consists of 871 individual stocks and currently holds a Zacks Sector Rank of 1, reflecting the strength of this sector [2] - American Assets Trust (AAT), another stock in the Finance sector, has also outperformed with a year-to-date return of 21.5% and a Zacks Rank of 1 (Strong Buy) [4][5] - The REIT and Equity Trust - Retail industry, to which American Assets Trust belongs, is ranked 38 and has returned +7.8% year-to-date, indicating a weaker performance compared to the Finance sector [6]

Wall Street expects a year-over-year increase in earnings on higher revenues when Janus Henderson Group plc (JHG) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 31, 2024, might help the stock move higher if these key numbers ar ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Eve ...

Have you been paying attention to shares of Janus Henderson Group plc (JHG) ? Shares have been on the move with the stock up 11.3% over the past month. The stock hit a new 52-week high of $39.36 in the previous session. Janus Henderson Group plc has gained 29.9% since the start of the year compared to the 17.9% move for the Zacks Finance sector and the 26.3% return for the Zacks Financial - Investment Management industry. What's Driving the Outperformance? The stock has a great record of positive earnings s ...

Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. Has Janus Henderson Group plc (JHG) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Finance peers, we might be able to answer that question. Janus Henderson Group plc is a member of the Finance sector. This group includes 859 individual stocks and currently holds a Zacks Sector Rank of #4. The Zacks Sector Rank considers 16 diff ...

Company Overview - Janus Henderson Group plc (JHG) currently holds a Momentum Style Score of B, indicating a positive outlook based on momentum investing principles [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Price Performance - JHG shares have increased by 5.5% over the past week, outperforming the Zacks Financial - Investment Management industry, which rose by 1.63% during the same period [5] - Over the last quarter, JHG shares have risen by 10.15%, and they have experienced a significant increase of 50.1% over the past year, compared to the S&P 500's gains of 4.97% and 33.47%, respectively [6] Trading Volume - The average 20-day trading volume for JHG is 842,636 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, five earnings estimates for JHG have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $3.10 to $3.23 [9] - For the next fiscal year, five estimates have also moved higher, indicating a positive trend in earnings expectations [9]

Core Viewpoint - Janus Henderson Group plc (JHG) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which are a significant factor influencing stock prices [1][4][6]. Earnings Estimates and Ratings - The Zacks rating system focuses on changes in earnings estimates, tracking EPS estimates from sell-side analysts to create a consensus measure known as the Zacks Consensus Estimate [2]. - The recent upgrade reflects an improvement in Janus Henderson Group's earnings outlook, which is expected to lead to increased buying pressure and a rise in stock price [4][6]. Impact of Institutional Investors - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, largely due to institutional investors who adjust their valuations based on these estimates [5]. - An increase in earnings estimates typically results in a higher fair value for the stock, prompting institutional investors to buy, which drives the stock price up [5]. Earnings Estimate Revisions - Janus Henderson Group is projected to earn $3.23 per share for the fiscal year ending December 2024, reflecting a year-over-year increase of 22.8% [9]. - Over the past three months, the Zacks Consensus Estimate for the company has risen by 8.5%, indicating a positive trend in earnings estimates [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade of Janus Henderson Group to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [11].