Assets Under Management (AUM) - AUM decreased to $1675 billion from $1750 billion due to negative market performance and net outflows[12,14] - Average AUM decreased by 5% to $1736 billion[12] - Market performance led to a decrease of $41 billion in AUM[17] - Net outflows contributed to a decrease of $30 billion in AUM[17] Sales and Net Flows - Sales amounted to $62 billion, compared to $64 billion in the prior period[12] - Net flows were ($30) billion, attributed to U S retail funds, institutional accounts, and retail separate accounts[12,19] - Institutional sales were $15 billion, compared to $16 billion in the prior period[21] - Institutional net flows were ($12) billion, compared to ($38) billion in the prior period[21] Financial Performance - Operating income, as adjusted, was $546 million, including $100 million of seasonal expenses[12] - Operating margin, as adjusted, was 276%, or 327% excluding seasonal expenses[12] - Earnings per diluted share, as adjusted, were $573, including seasonal expenses of $101 per share, and increased 6% over the prior-year period[12] - Investment management fees, as adjusted, decreased by 7% due to lower average AUM and lower performance fees[25] Capital Activities - The company repurchased 111200 shares for $200 million and net settled 35178 shares for $61 million[12] - Net debt was $1000 million, or 03x EBITDA[12]