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 ...

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, 2023 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) Jersey, Channel Islands (State ...

Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 % of AUM outperforming benchmark Q3 2022 Q4 2022 Q1 2023 Q2 2023 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | Capability | 1yr | 3yr | 5yr | 10yr | 1yr | 3yr | 5yr | 10yr | 1yr | 3yr | 5yr | 10yr | 1yr | 3yr | 5yr | 10yr | | Equities ...

Janus Henderson Group plc (NYSE:JHG) Q2 2023 Earnings Conference Call August 2, 2023 8:00 AM ET Company Participants Ali Dibadj - Chief Executive Officer Roger Thompson - Chief Financial Officer Conference Call Participants Ken Worthington - JPMorgan Craig Siegenthaler - Bank of America Dan Fannon - Jefferies Nigel Pittaway - Citigroup John Dunn - Evercore ISI Anthony Henning - CLSA Marcus Barnard - Bell Potter Operator Good morning. My name is Sam, and I will be your conference call facilitator today. Than ...

Revenue and Income - Revenue for Q2 2023 was $516.5 million, a decrease of $39.0 million, or 7%, compared to Q2 2022[96] - Total revenue for the three months ended June 30, 2023, was $516.5 million, a decrease of 7% compared to $555.5 million for the same period in 2022[116] - Adjusted revenue for the same period was $401.9 million, down 6% from $427.7 million in 2022[143] - Operating income for Q2 2023 was $117.9 million, a decrease of $26.0 million, or 18%, compared to Q2 2022[97] - Adjusted operating income decreased to $121.5 million, representing a decline of 18.6% from $149.3 million in 2022[143] - Net income attributable to the company for Q2 2023 was $89.8 million, a decrease of $6.4 million, or 7%, compared to Q2 2022[98] - Net income attributable to the company was $89.8 million, a decrease of 6.7% compared to $96.2 million in the prior year[143] Assets Under Management (AUM) - Assets Under Management (AUM) increased to $322.1 billion, up 4% from March 31, 2023, primarily due to market performance and U.S. dollar depreciation[96] - Total Assets Under Management (AUM) as of June 30, 2023, reached $322.1 billion, an increase from $299.7 billion as of June 30, 2022, representing an 7.9% year-over-year growth[109] - AUM increased to $322.1 billion, up 4% from March 31, 2023, mainly due to market performance and U.S. dollar depreciation[96] - AUM as of June 30, 2023, increased by $34.8 billion, or 12%, from December 31, 2022, driven by positive market movements of $27.3 billion and net sales of $5.0 billion[100] - Average AUM for the three months ended June 30, 2023, was $315.8 billion, down 4% compared to $328.5 billion for the same period in 2022[108] - The AUM for Equities decreased from $244.3 billion in December 2021 to $177.0 billion by June 30, 2022, reflecting a decline of 27.5%[102] - Institutional client AUM increased to $73.9 billion as of June 30, 2023, up from $61.0 billion at the end of 2022, marking a 21.3% increase[104] - The AUM for Alternatives decreased significantly by 28% from $13.2 billion in the three months ended June 30, 2022, to $9.5 billion in the same period of 2023[108] - The AUM performance by capability showed that Equities had $199.5 billion, Fixed Income $65.9 billion, Multi-Asset $47.7 billion, and Alternatives $9.0 billion as of June 30, 2023[101] - Approximately 31% of the AUM was non-USD-denominated, with a $2.5 billion increase attributed to currency fluctuations during the period[101] Expenses - Total operating expenses for Q2 2023 were $398.6 million, a decrease of $13.0 million, or 3%, compared to Q2 2022[96] - Total operating expenses for the three months ended June 30, 2023, were $398.6 million, a decrease of 3% compared to $411.6 million for the same period in 2022[123] - Management fees decreased by $30.1 million during the three months ended June 30, 2023, primarily due to a decline in average AUM[117] - Performance fees decreased by $2.5 million during the three months ended June 30, 2023, primarily due to a decline in the performance of absolute return funds[120] - Shareowner servicing fees decreased by $3.0 million during the three months ended June 30, 2023, primarily due to a decline in average AUM[121] - Distribution expenses decreased by $13.2 million during the three months ended June 30, 2023, primarily due to a decline in average AUM[128] - Marketing expenses increased by $1.5 million during the three months ended June 30, 2023, primarily due to an increase in advertising campaigns[130] - Employee compensation and benefits increased by $2.7 million during the three months ended June 30, 2023, primarily driven by an increase in variable compensation[124] - General, administrative and occupancy expenses decreased by $12.1 million during the six months ended June 30, 2023, primarily due to a reduction in rent expense[131] Cash Flow and Dividends - Cash flows provided by operating activities for the six months ended June 30, 2023, were $63.2 million, compared to $105.4 million in 2022[161] - Cash balance at the end of the period on June 30, 2023, was $1,024.4 million, compared to $873.7 million at the end of the same period in 2022[161] - The company declared a $0.39 per share dividend for Q2 2023 on August 1, 2023[96] - The company declared a dividend of $0.39 per share for Q2 2023, totaling $64.7 million paid on February 28, 2023, and $64.6 million paid on May 31, 2023[153] - Dividends paid to shareholders decreased slightly to $129.3 million in the first half of 2023 from $129.8 million in 2022[166] Market Performance and Outlook - Net outflows for Q2 2023 were $0.5 billion, compared to net outflows of $7.8 billion in Q2 2022[96] - The company expects net outflows in Q3 2023 to be between $3.5 billion and $5 billion[141] - Full-year 2023 aggregate negative performance fees are anticipated to be at the lower end of the range of negative $35 million to negative $45 million[142] - The company plans to focus on expanding its market presence and enhancing its product offerings to drive future growth[104] - The company anticipates an increase in non-compensation expenses due to investments in marketing and advertising in the U.S. intermediary business[140] Tax and Non-Operating Income - The effective tax rate for the three months ended June 30, 2023, was 22.0%, a decrease from 115.4% in 2022, while the six-month rate was 21.6% compared to 46.1% in 2022[138] - Non-operating income improved significantly, with investment gains (losses), net increasing by $116.3 million for the three months and $166.1 million for the six months ended June 30, 2023, compared to the same periods in 2022[134] - Non-operating income improved by $6.4 million during the three months ended June 30, 2023, primarily due to higher interest rates on cash balances[136]

Janus Henderson Group plc (NYSE:JHG) Q1 2023 Earnings Conference Call May 3, 2023 8:00 AM ET Company Participants Ali Dibadj – Chief Executive Officer Roger Thompson – Chief Financial Officer Conference Call Participants Mike Brown – KBW Patrick Davitt – Autonomous Research Daniel Fannon – Jefferies Craig Siegenthaler – Bank of America Merrill Lynch Nigel Pittaway – Citigroup Andrei Stadnik – Morgan Stanley Alex Blostein – Goldman Sachs Ken Worthington – JPMorgan Brian Bedell – Deutsche Bank Ed Henning – CL ...

Change Q1 2023 vs Q4 2022 Q1 2022 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------|-------|--------|-------|----------| | Revenue \nManagement fees | 414.6 | 405.6 | 2% | 514.0 | (19%) | | Performance fees | (14.9) | 14.3 | nm | (8.4) | (77%) | | Shareowner servicing fees | 51.5 | 51.3 | 0% | 62.4 | (17%) | | Other revenue | 44.6 | 44.0 | 1% | 52.0 | (14%) | | Total revenue | 495.8 | 515.2 | (4%) | 620.0 | (20%) | | Operating expenses | | | | | | | Employee comp ...

Revenue Performance - Revenue for Q1 2023 was $495.8 million, a decrease of $124.2 million, or 20%, compared to Q1 2022[87]. - Total revenue for Q1 2023 was $495.8 million, a decrease of 20% compared to $620.0 million in Q1 2022, primarily driven by a decline in management fees[108]. - Adjusted revenue for Q1 2023 was $383.8 million, compared to $478.2 million in Q1 2022, reflecting a decline of 19.8%[131]. Assets Under Management (AUM) - Average Assets Under Management (AUM) increased to $310.5 billion, up 8.1% from December 31, 2022, driven by market performance and net inflows[91]. - Total Assets Under Management (AUM) increased from $287.3 billion as of March 31, 2022, to $310.5 billion as of March 31, 2023, representing an increase of 8%[101]. - Average AUM decreased by 23% from $396.7 billion in Q1 2022 to $304.5 billion in Q1 2023, with equities down 17%, fixed income down 18%, and multi-asset down 15%[100]. - Approximately 31.4% of AUM was non-USD-denominated, with a $1.3 billion increase in AUM due to currency fluctuations during Q1 2023[92]. Net Inflows and Investment Performance - Net inflows for Q1 2023 were $5.5 billion, reflecting mandate wins from institutional clients across various investment strategies[87]. - The total percentage of AUM outperforming benchmarks over 1 year was 67%, with alternatives showing a 69% outperformance[90]. - AUM performance by capability showed 94% of Multi-Asset AUM outperformed benchmarks over three years[90]. - Investment performance showed that 94% of Multi-Asset AUM outperformed benchmarks over 3 years[90]. Operating Income and Expenses - Operating income for Q1 2023 was $100.4 million, a decrease of $57.0 million, or 36%, compared to Q1 2022, with an operating margin of 20.3%[89]. - Total operating expenses for Q1 2023 were $395.4 million, a decrease of $67.2 million, or 15%, compared to Q1 2022[87]. - Operating expenses decreased by 15% from $462.6 million in Q1 2022 to $395.4 million in Q1 2023, with significant reductions in employee compensation and distribution expenses[114]. - Employee compensation and benefits decreased by $24.3 million, primarily due to a reduction in variable compensation and lower headcount[115]. Earnings and Dividends - Diluted earnings per share for Q1 2023 were $0.53, or $0.55 on an adjusted basis[87]. - The Board of Directors declared a $0.39 per share dividend for Q1 2023, to be paid on May 31, 2023[141]. - Adjusted diluted earnings per share decreased from $0.75 in Q1 2022 to $0.55 in Q1 2023[131]. - Net income attributable to JHG for Q1 2023 was $87.4 million, a decrease of $16.2 million, or 16%, compared to Q1 2022[90]. Cash Flow and Financial Position - Cash and cash equivalents decreased from $1,156.5 million as of December 31, 2022, to $829.4 million as of March 31, 2023[135]. - Cash flows from operating activities for Q1 2023 were $(108.2) million, compared to $(57.5) million in Q1 2022[148]. - Cash used for investing activities in Q1 2023 was $(235.1) million, compared to $(16.9) million in Q1 2022[150]. - The company has a $200 million Credit Facility with an option to increase borrowing capacity by an additional $50 million, maturing on February 16, 2024[146]. Tax and Regulatory Compliance - The effective tax rate decreased from 26.8% in Q1 2022 to 21.3% in Q1 2023[125]. - The combined capital requirement for the FCA-supervised regulatory group is £204.2 million ($252.5 million), with £211.9 million ($262.0 million) of capital above the requirement as of March 31, 2023[138]. Other Financial Metrics - Performance fees fell from $8.4 million in Q1 2022 to a loss of $14.9 million in Q1 2023, a decrease of 77%[110]. - Shareowner servicing fees decreased by 17% to $51.5 million, driven by a decline in average AUM[112]. - Investment gains (losses), net improved by $49.8 million, moving from a loss of $32.2 million in Q1 2022 to a gain of $17.6 million in Q1 2023[122]. - The company anticipates achieving approximately $40 million to $45 million in gross-cost efficiencies while investing in business growth initiatives[128].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 001-38103 JANUS HENDERSON GROUP PLC (Exact name of registrant as specified in its charter) Jersey, Channel Islands (State or other ...

Janus Henderson Group plc (NYSE:JHG) Q4 2022 Results Conference Call February 2, 2023 8:00 AM ET Company Participants Ali Dibadj - CEO Roger Thompson - CFO Conference Call Participants Craig Siegenthaler - Bank of America Patrick Davitt - Autonomous Research Ed Henning - CLSA Ken Worthington - JPMorgan Alex Blostein - Goldman Sachs Elizabeth Miliatis - Jarden Bill Katz - Credit Suisse Nigel Pittaway - Citi Operator Good morning. My name is Emily, and I will be your conference facilitator today. Thank you fo ...