Pennsylvania | 001-14818 | 25-1111467 | ||
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
FEDERATED INVESTORS, INC. | ||||
(REGISTRANT) | ||||
Date | July 28, 2016 | By: | /s/ Thomas R. Donahue | |
Thomas R. Donahue | ||||
Chief Financial Officer |
• | Q2 2016 EPS of $0.51 compared to $0.40 in Q2 2015 |
• | Equity assets reach all-time high of $61.9 billion on record net equity Q2 sales of $2.8 billion |
• | Board declares $0.25 per share dividend |
MEDIA: | MEDIA: | ANALYSTS: |
Ed Costello 412-288-7538 | Meghan McAndrew 412-288-8103 | Ray Hanley 412-288-1920 |
Federated Reports Q2 2016 Earnings | Page 2 of 10 |
Federated Reports Q2 2016 Earnings | Page 3 of 10 |
Quarter Ended | Change Q2 2015 to Q2 2016 | Quarter Ended | Change Q1 2016 to Q2 2016 | Six Months Ended | Change YTD 2015 to YTD 2016 | ||||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | March 31, 2016 | June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||||||
Investment advisory fees | $ | (6.2 | ) | $ | (53.4 | ) | $ | 47.2 | $ | (15.0 | ) | $ | 8.8 | $ | (21.2 | ) | $ | (115.7 | ) | $ | 94.5 | ||||||||||
Other service fees | (15.1 | ) | (30.8 | ) | 15.7 | (22.5 | ) | 7.4 | (37.6 | ) | (62.6 | ) | 25.0 | ||||||||||||||||||
Total revenue | (21.3 | ) | (84.2 | ) | 62.9 | (37.5 | ) | 16.2 | (58.8 | ) | (178.3 | ) | 119.5 | ||||||||||||||||||
Less: Reduction in distribution expense | 16.5 | 60.2 | (43.7 | ) | 27.9 | (11.4 | ) | 44.4 | 124.8 | (80.4 | ) | ||||||||||||||||||||
Operating income | (4.8 | ) | (24.0 | ) | 19.2 | (9.6 | ) | 4.8 | (14.4 | ) | (53.5 | ) | 39.1 | ||||||||||||||||||
Less: (Increase)/Reduction in noncontrolling interest | (0.2 | ) | 1.8 | (2.0 | ) | 0.2 | (0.4 | ) | 0.0 | 4.3 | (4.3 | ) | |||||||||||||||||||
Pre-tax impact | $ | (5.0 | ) | $ | (22.2 | ) | $ | 17.2 | $ | (9.4 | ) | $ | 4.4 | $ | (14.4 | ) | $ | (49.2 | ) | $ | 34.8 |
Federated Reports Q2 2016 Earnings | Page 4 of 10 |
Unaudited Condensed Consolidated Statements of Income | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Quarter Ended | % Change Q2 2015 to Q2 2016 | Quarter Ended | % Change Q1 2016 to Q2 2016 | |||||||||||
June 30, 2016 | June 30, 2015 | March 31, 2016 | ||||||||||||
Revenue | ||||||||||||||
Investment advisory fees, net | $ | 192,663 | $ | 154,429 | 25 | % | $ | 181,847 | 6 | % | ||||
Administrative service fees, net—affiliates | 53,131 | 51,605 | 3 | 53,473 | (1 | ) | ||||||||
Other service fees, net | 39,943 | 21,031 | 90 | 35,898 | 11 | |||||||||
Other, net | 1,001 | 1,062 | (6 | ) | 891 | 12 | ||||||||
Total Revenue | 286,738 | 228,127 | 26 | 272,109 | 5 | |||||||||
Operating Expenses | ||||||||||||||
Distribution | 94,741 | 54,058 | 75 | 88,381 | 7 | |||||||||
Compensation and related | 75,225 | 70,940 | 6 | 76,770 | (2 | ) | ||||||||
Systems and communications | 7,767 | 6,979 | 11 | 7,865 | (1 | ) | ||||||||
Office and occupancy | 6,675 | 6,710 | (1 | ) | 6,888 | (3 | ) | |||||||
Advertising and promotional | 3,938 | 3,504 | 12 | 3,442 | 14 | |||||||||
Travel and related | 3,656 | 3,533 | 3 | 2,906 | 26 | |||||||||
Professional service fees | 3,645 | 7,285 | (50 | ) | 8,881 | (59 | ) | |||||||
Other | 3,421 | 5,839 | (41 | ) | 2,421 | 41 | ||||||||
Total Operating Expenses | 199,068 | 158,848 | 25 | 197,554 | 1 | |||||||||
Operating Income | 87,670 | 69,279 | 27 | 74,555 | 18 | |||||||||
Nonoperating Income (Expenses) | ||||||||||||||
Investment income, net | 1,105 | 410 | 170 | 2,664 | (59 | ) | ||||||||
Debt expense | (1,020 | ) | (974 | ) | 5 | (1,059 | ) | (4 | ) | |||||
Other, net | (2 | ) | (15 | ) | (87 | ) | (5 | ) | (60 | ) | ||||
Total Nonoperating Income (Expenses), net | 83 | (579 | ) | 114 | 1,600 | (95 | ) | |||||||
Income before income taxes | 87,753 | 68,700 | 28 | 76,155 | 15 | |||||||||
Income tax provision1 | 31,335 | 26,437 | 19 | 27,196 | 15 | |||||||||
Net income including the noncontrolling interests in subsidiaries | 56,418 | 42,263 | 33 | 48,959 | 15 | |||||||||
Less: Net income attributable to the noncontrolling interests in subsidiaries | 3,709 | 504 | NM | 3,516 | NM | |||||||||
Net Income | $ | 52,709 | $ | 41,759 | 26 | % | $ | 45,443 | 16 | % | ||||
Amounts Attributable to Federated Investors, Inc. | ||||||||||||||
Earnings Per Share2 | ||||||||||||||
Basic and diluted | $ | 0.51 | $ | 0.40 | 28 | % | $ | 0.44 | 16 | % | ||||
Weighted-average shares outstanding | ||||||||||||||
Basic | 99,592 | 100,732 | 99,802 | |||||||||||
Diluted | 99,593 | 100,734 | 99,803 | |||||||||||
Dividends declared per share | $ | 0.25 | $ | 0.25 | $ | 0.25 |
Federated Reports Q2 2016 Earnings | Page 5 of 10 |
Unaudited Condensed Consolidated Statements of Income | ||||||||
(in thousands, except per share data) | ||||||||
Six Months Ended | ||||||||
June 30, 2016 | June 30, 2015 | % Change | ||||||
Revenue | ||||||||
Investment advisory fees, net | $ | 374,510 | $ | 300,987 | 24 | % | ||
Administrative service fees, net - affiliates | 106,604 | 104,622 | 2 | |||||
Other service fees, net | 75,841 | 40,817 | 86 | |||||
Other, net | 1,892 | 2,223 | (15 | ) | ||||
Total Revenue | 558,847 | 448,649 | 25 | |||||
Operating Expenses | ||||||||
Distribution | 183,122 | 107,553 | 70 | |||||
Compensation and related | 151,995 | 147,438 | 3 | |||||
Systems and communications | 15,632 | 13,849 | 13 | |||||
Office and occupancy | 13,563 | 13,563 | 0 | |||||
Professional service fees | 12,526 | 15,167 | (17 | ) | ||||
Advertising and promotional | 7,380 | 6,975 | 6 | |||||
Travel and related | 6,562 | 6,291 | 4 | |||||
Other | 5,842 | 9,496 | (38 | ) | ||||
Total Operating Expenses | 396,622 | 320,332 | 24 | |||||
Operating Income | 162,225 | 128,317 | 26 | |||||
Nonoperating Income (Expenses) | ||||||||
Investment income, net | 3,769 | 1,300 | 190 | |||||
Debt expense | (2,079 | ) | (2,347 | ) | (11 | ) | ||
Other, net | (7 | ) | (28 | ) | (75 | ) | ||
Total Nonoperating Income (Expenses), net | 1,683 | (1,075 | ) | 257 | ||||
Income before income taxes | 163,908 | 127,242 | 29 | |||||
Income tax provision | 58,531 | 48,561 | 21 | |||||
Net income including the noncontrolling interests in subsidiaries | 105,377 | 78,681 | 34 | |||||
Less: Net income attributable to the noncontrolling interests in subsidiaries | 7,225 | 615 | NM | |||||
Net Income | $ | 98,152 | $ | 78,066 | 26 | % | ||
Amounts Attributable to Federated Investors, Inc. | ||||||||
Earnings Per Share1 | ||||||||
Basic and diluted | $ | 0.94 | $ | 0.74 | 27 | % | ||
Weighted-average shares outstanding | ||||||||
Basic | 99,697 | 100,686 | ||||||
Diluted | 99,698 | 100,688 | ||||||
Dividends declared per share | $ | 0.50 | $ | 0.50 |
Federated Reports Q2 2016 Earnings | Page 6 of 10 |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in thousands) | June 30, 2016 | Dec. 31, 2015 | ||||
Assets | ||||||
Cash and other investments | $ | 352,451 | $ | 346,815 | ||
Other current assets | 53,988 | 49,013 | ||||
Intangible assets, net and goodwill | 733,554 | 734,492 | ||||
Other long-term assets | 59,844 | 56,883 | ||||
Total Assets | $ | 1,199,837 | $ | 1,187,203 | ||
Liabilities, Redeemable Noncontrolling Interests and Equity | ||||||
Current liabilities | $ | 135,076 | $ | 159,208 | ||
Long-term debt | 178,500 | 191,250 | ||||
Other long-term liabilities | 187,484 | 179,039 | ||||
Redeemable noncontrolling interests | 29,670 | 8,734 | ||||
Equity excluding treasury stock | 888,723 | 840,911 | ||||
Treasury stock | (219,616 | ) | (191,939 | ) | ||
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ | 1,199,837 | $ | 1,187,203 |
Federated Reports Q2 2016 Earnings | Page 7 of 10 |
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, 2016 | March 31, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | ||||||||||||
Equity funds | ||||||||||||||||
Beginning assets | $ | 34,935 | $ | 34,125 | $ | 34,951 | $ | 34,125 | $ | 33,141 | ||||||
Sales | 3,117 | 3,439 | 2,389 | 6,556 | 5,194 | |||||||||||
Redemptions | (2,294 | ) | (2,520 | ) | (1,923 | ) | (4,814 | ) | (3,837 | ) | ||||||
Net sales | 823 | 919 | 466 | 1,742 | 1,357 | |||||||||||
Net exchanges | (16 | ) | (37 | ) | 6 | (53 | ) | 45 | ||||||||
Market gains and losses/reinvestments1 | 1,334 | (72 | ) | 110 | 1,262 | 990 | ||||||||||
Ending assets | $ | 37,076 | $ | 34,935 | $ | 35,533 | $ | 37,076 | $ | 35,533 | ||||||
Equity separate accounts2 | ||||||||||||||||
Beginning assets | $ | 21,550 | $ | 19,431 | $ | 19,086 | $ | 19,431 | $ | 18,285 | ||||||
Sales3 | 3,156 | 2,350 | 1,449 | 5,506 | 3,142 | |||||||||||
Redemptions3 | (1,153 | ) | (1,229 | ) | (1,084 | ) | (2,382 | ) | (2,038 | ) | ||||||
Net sales3 | 2,003 | 1,121 | 365 | 3,124 | 1,104 | |||||||||||
Market gains and losses4 | 1,232 | 998 | (195 | ) | 2,230 | (133 | ) | |||||||||
Ending assets | $ | 24,785 | $ | 21,550 | $ | 19,256 | $ | 24,785 | $ | 19,256 | ||||||
Total equity2 | ||||||||||||||||
Beginning assets | $ | 56,485 | $ | 53,556 | $ | 54,037 | $ | 53,556 | $ | 51,426 | ||||||
Sales3 | 6,273 | 5,789 | 3,838 | 12,062 | 8,336 | |||||||||||
Redemptions3 | (3,447 | ) | (3,749 | ) | (3,007 | ) | (7,196 | ) | (5,875 | ) | ||||||
Net sales3 | 2,826 | 2,040 | 831 | 4,866 | 2,461 | |||||||||||
Net exchanges | (16 | ) | (37 | ) | 6 | (53 | ) | 45 | ||||||||
Market gains and losses/reinvestments1 | 2,566 | 926 | (85 | ) | 3,492 | 857 | ||||||||||
Ending assets | $ | 61,861 | $ | 56,485 | $ | 54,789 | $ | 61,861 | $ | 54,789 | ||||||
Fixed-income funds | ||||||||||||||||
Beginning assets | $ | 37,826 | $ | 37,989 | $ | 41,039 | $ | 37,989 | $ | 40,456 | ||||||
Sales | 3,467 | 3,334 | 3,251 | 6,801 | 7,742 | |||||||||||
Redemptions | (3,364 | ) | (4,080 | ) | (4,004 | ) | (7,444 | ) | (8,197 | ) | ||||||
Net sales (redemptions) | 103 | (746 | ) | (753 | ) | (643 | ) | (455 | ) | |||||||
Net exchanges | 18 | (49 | ) | (22 | ) | (31 | ) | (59 | ) | |||||||
Market gains and losses/reinvestments1 | 664 | 632 | (222 | ) | 1,296 | 100 | ||||||||||
Ending assets | $ | 38,611 | $ | 37,826 | $ | 40,042 | $ | 38,611 | $ | 40,042 | ||||||
Fixed-income separate accounts2 | ||||||||||||||||
Beginning assets | $ | 13,352 | $ | 13,130 | $ | 12,523 | $ | 13,130 | $ | 12,251 | ||||||
Sales3 | 147 | 197 | 754 | 344 | 993 | |||||||||||
Redemptions3 | (2,105 | ) | (328 | ) | (277 | ) | (2,433 | ) | (481 | ) | ||||||
Net (redemptions) sales3 | (1,958 | ) | (131 | ) | 477 | (2,089 | ) | 512 | ||||||||
Market gains and losses4 | 320 | 353 | (138 | ) | 673 | 99 | ||||||||||
Ending assets | $ | 11,714 | $ | 13,352 | $ | 12,862 | $ | 11,714 | $ | 12,862 | ||||||
Total fixed income2 | ||||||||||||||||
Beginning assets | $ | 51,178 | $ | 51,119 | $ | 53,562 | $ | 51,119 | $ | 52,707 | ||||||
Sales3 | 3,614 | 3,531 | 4,005 | 7,145 | 8,735 | |||||||||||
Redemptions3 | (5,469 | ) | (4,408 | ) | (4,281 | ) | (9,877 | ) | (8,678 | ) | ||||||
Net (redemptions) sales3 | (1,855 | ) | (877 | ) | (276 | ) | (2,732 | ) | 57 | |||||||
Net exchanges | 18 | (49 | ) | (22 | ) | (31 | ) | (59 | ) | |||||||
Market gains and losses/reinvestments1 | 984 | 985 | (360 | ) | 1,969 | 199 | ||||||||||
Ending assets | $ | 50,325 | $ | 51,178 | $ | 52,904 | $ | 50,325 | $ | 52,904 |
Federated Reports Q2 2016 Earnings | Page 8 of 10 |
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, 2016 | March 31, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | ||||||||||||
Funds | ||||||||||||||||
Beginning assets | $ | 72,761 | $ | 72,114 | $ | 75,990 | $ | 72,114 | $ | 73,597 | ||||||
Sales | 6,584 | 6,773 | 5,640 | 13,357 | 12,936 | |||||||||||
Redemptions | (5,658 | ) | (6,600 | ) | (5,927 | ) | (12,258 | ) | (12,034 | ) | ||||||
Net sales (redemptions) | 926 | 173 | (287 | ) | 1,099 | 902 | ||||||||||
Net exchanges | 2 | (86 | ) | (16 | ) | (84 | ) | (14 | ) | |||||||
Market gains and losses/reinvestments1 | 1,998 | 560 | (112 | ) | 2,558 | 1,090 | ||||||||||
Ending assets | $ | 75,687 | $ | 72,761 | $ | 75,575 | $ | 75,687 | $ | 75,575 | ||||||
Separate accounts2 | ||||||||||||||||
Beginning assets | $ | 34,902 | $ | 32,561 | $ | 31,609 | $ | 32,561 | $ | 30,536 | ||||||
Sales3 | 3,303 | 2,547 | 2,203 | 5,850 | 4,135 | |||||||||||
Redemptions3 | (3,258 | ) | (1,557 | ) | (1,361 | ) | (4,815 | ) | (2,519 | ) | ||||||
Net sales3 | 45 | 990 | 842 | 1,035 | 1,616 | |||||||||||
Market gains and losses4 | 1,552 | 1,351 | (333 | ) | 2,903 | (34 | ) | |||||||||
Ending assets | $ | 36,499 | $ | 34,902 | $ | 32,118 | $ | 36,499 | $ | 32,118 | ||||||
Total assets 2 | ||||||||||||||||
Beginning assets | $ | 107,663 | $ | 104,675 | $ | 107,599 | $ | 104,675 | $ | 104,133 | ||||||
Sales3 | 9,887 | 9,320 | 7,843 | 19,207 | 17,071 | |||||||||||
Redemptions3 | (8,916 | ) | (8,157 | ) | (7,288 | ) | (17,073 | ) | (14,553 | ) | ||||||
Net sales3 | 971 | 1,163 | 555 | 2,134 | 2,518 | |||||||||||
Net exchanges | 2 | (86 | ) | (16 | ) | (84 | ) | (14 | ) | |||||||
Market gains and losses/reinvestments1 | 3,550 | 1,911 | (445 | ) | 5,461 | 1,056 | ||||||||||
Ending assets | $ | 112,186 | $ | 107,663 | $ | 107,693 | $ | 112,186 | $ | 107,693 |
Federated Reports Q2 2016 Earnings | Page 9 of 10 |
(unaudited) | |||||||||||||||
MANAGED ASSETS (in millions) | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 61,861 | $ | 56,485 | $ | 53,556 | $ | 51,956 | $ | 54,789 | |||||
Fixed-income | 50,325 | 51,178 | 51,119 | 52,065 | 52,904 | ||||||||||
Money market | 254,992 | 262,030 | 256,437 | 246,937 | 241,982 | ||||||||||
Total Managed Assets | $ | 367,178 | $ | 369,693 | $ | 361,112 | $ | 350,958 | $ | 349,675 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 37,076 | $ | 34,935 | $ | 34,125 | $ | 33,273 | $ | 35,533 | |||||
Fixed-income | 38,611 | 37,826 | 37,989 | 38,982 | 40,042 | ||||||||||
Money market | 218,107 | 224,681 | 221,615 | 216,252 | 208,786 | ||||||||||
Total Fund Assets | $ | 293,794 | $ | 297,442 | $ | 293,729 | $ | 288,507 | $ | 284,361 | |||||
Separate accounts: | |||||||||||||||
Equity | $ | 24,785 | $ | 21,550 | $ | 19,431 | $ | 18,683 | $ | 19,256 | |||||
Fixed-income | 11,714 | 13,352 | 13,130 | 13,083 | 12,862 | ||||||||||
Money market | 36,885 | 37,349 | 34,822 | 30,685 | 33,196 | ||||||||||
Total Separate Accounts | $ | 73,384 | $ | 72,251 | $ | 67,383 | $ | 62,451 | $ | 65,314 | |||||
Total Managed Assets | $ | 367,178 | $ | 369,693 | $ | 361,112 | $ | 350,958 | $ | 349,675 | |||||
AVERAGE MANAGED ASSETS | Quarter Ended | ||||||||||||||
(in millions) | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 58,680 | $ | 52,786 | $ | 54,097 | $ | 54,238 | $ | 55,476 | |||||
Fixed-income | 50,793 | 50,880 | 51,922 | 52,577 | 53,319 | ||||||||||
Money market | 254,693 | 260,203 | 247,986 | 245,133 | 239,774 | ||||||||||
Total Avg. Assets | $ | 364,166 | $ | 363,869 | $ | 354,005 | $ | 351,948 | $ | 348,569 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 35,891 | $ | 32,921 | $ | 34,726 | $ | 35,181 | $ | 35,998 | |||||
Fixed-income | 38,214 | 37,776 | 38,779 | 39,526 | 40,574 | ||||||||||
Money market | 217,226 | 221,848 | 217,031 | 213,633 | 205,943 | ||||||||||
Total Avg. Fund Assets | $ | 291,331 | $ | 292,545 | $ | 290,536 | $ | 288,340 | $ | 282,515 | |||||
Separate accounts: | |||||||||||||||
Equity | $ | 22,789 | $ | 19,865 | $ | 19,371 | $ | 19,057 | $ | 19,478 | |||||
Fixed-income | 12,579 | 13,104 | 13,143 | 13,051 | 12,745 | ||||||||||
Money market | 37,467 | 38,355 | 30,955 | 31,500 | 33,831 | ||||||||||
Total Avg. Separate Accounts | $ | 72,835 | $ | 71,324 | $ | 63,469 | $ | 63,608 | $ | 66,054 | |||||
Total Avg. Managed Assets | $ | 364,166 | $ | 363,869 | $ | 354,005 | $ | 351,948 | $ | 348,569 |
Federated Reports Q2 2016 Earnings | Page 10 of 10 |
(unaudited) | ||||||||
AVERAGE MANAGED ASSETS | Six Months Ended | |||||||
(in millions) | June 30, 2016 | June 30, 2015 | ||||||
By Asset Class | ||||||||
Equity | $ | 55,733 | $ | 54,130 | ||||
Fixed-income | 50,836 | 53,362 | ||||||
Money market | 257,448 | 246,518 | ||||||
Total Avg. Assets | $ | 364,017 | $ | 354,010 | ||||
By Product Type | ||||||||
Funds: | ||||||||
Equity | $ | 34,406 | $ | 35,080 | ||||
Fixed-income | 37,995 | 40,793 | ||||||
Money market | 219,537 | 212,056 | ||||||
Total Avg. Fund Assets | $ | 291,938 | $ | 287,929 | ||||
Separate accounts: | ||||||||
Equity | $ | 21,327 | $ | 19,050 | ||||
Fixed-income | 12,841 | 12,569 | ||||||
Money market | 37,911 | 34,462 | ||||||
Total Avg. Separate Accounts | $ | 72,079 | $ | 66,081 | ||||
Total Avg. Managed Assets | $ | 364,017 | $ | 354,010 |
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