Pennsylvania | 001-14818 | 25-1111467 | ||
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
Emerging growth company | o |
FEDERATED INVESTORS, INC. | ||||
(REGISTRANT) | ||||
Date | July 26, 2018 | By: | /s/ Thomas R. Donahue | |
Thomas R. Donahue | ||||
Chief Financial Officer |
• | Board declares $0.27 per share quarterly dividend |
MEDIA: | MEDIA: | ANALYSTS: |
Ed Costello 412-288-7538 | Meghan McAndrew 412-288-8103 | Ray Hanley 412-288-1920 |
Federated Reports Q2 2018 Earnings | Page 2 of 10 |
Federated Reports Q2 2018 Earnings | Page 3 of 10 |
Federated Reports Q2 2018 Earnings | Page 4 of 10 |
Unaudited Condensed Consolidated Statements of Income | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Quarter Ended | % Change Q2 2017 to Q2 2018 | Quarter Ended | % Change Q1 2018 to Q2 2018 | |||||||||||
June 30, 2018 | June 30, 2017 | March 31, 2018 | ||||||||||||
Revenue | ||||||||||||||
Investment advisory fees, net | $ | 168,127 | $ | 179,322 | (6 | )% | $ | 174,266 | (4) | % | ||||
Administrative service fees, net—affiliates | 48,370 | 45,601 | 6 | 49,023 | (1 | ) | ||||||||
Other service fees, net | 39,496 | 47,873 | (17 | ) | 40,563 | (3 | ) | |||||||
Total Revenue | 255,993 | 272,796 | (6 | ) | 263,852 | (3 | ) | |||||||
Operating Expenses | ||||||||||||||
Compensation and related | 74,147 | 71,370 | 4 | 78,374 | (5 | ) | ||||||||
Distribution | 69,446 | 87,174 | (20 | ) | 72,498 | (4 | ) | |||||||
Professional service fees | 9,278 | 6,116 | 52 | 9,631 | (4 | ) | ||||||||
Systems and communications | 7,751 | 8,041 | (4 | ) | 8,433 | (8 | ) | |||||||
Office and occupancy | 7,365 | 7,161 | 3 | 7,541 | (2 | ) | ||||||||
Travel and related | 3,523 | 2,958 | 19 | 2,821 | 25 | |||||||||
Advertising and promotional | 3,237 | 3,095 | 5 | 3,228 | 0 | |||||||||
Other | 489 | 2,670 | (82 | ) | 1,655 | (70 | ) | |||||||
Total Operating Expenses | 175,236 | 188,585 | (7 | ) | 184,181 | (5 | ) | |||||||
Operating Income | 80,757 | 84,211 | (4 | ) | 79,671 | 1 | ||||||||
Nonoperating (Expenses) Income | ||||||||||||||
Investment income, net | 1,377 | 3,937 | (65 | ) | 718 | 92 | ||||||||
Debt expense | (1,431 | ) | (1,182 | ) | 21 | (1,330 | ) | 8 | ||||||
Other, net | (28,974 | ) | (33 | ) | NM | (143 | ) | NM | ||||||
Total Nonoperating (Expenses) Income, net | (29,028 | ) | 2,722 | NM | (755 | ) | NM | |||||||
Income before income taxes | 51,729 | 86,933 | (40 | ) | 78,916 | (34 | ) | |||||||
Income tax provision1 | 13,062 | 32,274 | (60 | ) | 18,910 | (31 | ) | |||||||
Net income including the noncontrolling interests in subsidiaries | 38,667 | 54,659 | (29 | ) | 60,006 | (36 | ) | |||||||
Less: Net (loss) income attributable to the noncontrolling interests in subsidiaries | (155 | ) | 1,208 | (113 | ) | (325 | ) | 52 | ||||||
Net Income | $ | 38,822 | $ | 53,451 | (27 | )% | $ | 60,331 | (36) | % | ||||
Amounts Attributable to Federated Investors, Inc. | ||||||||||||||
Earnings Per Share2 | ||||||||||||||
Basic and diluted | $ | 0.38 | $ | 0.53 | (28 | )% | $ | 0.60 | (37) | % | ||||
Weighted-average shares outstanding | ||||||||||||||
Basic | 97,193 | 97,581 | 97,187 | |||||||||||
Diluted | 97,194 | 97,582 | 97,189 | |||||||||||
Dividends declared per share | $ | 0.27 | $ | 0.25 | $ | 0.25 |
Federated Reports Q2 2018 Earnings | Page 5 of 10 |
Unaudited Condensed Consolidated Statements of Income | ||||||||
(in thousands, except per share data) | ||||||||
Six Months Ended | ||||||||
June 30, 2018 | June 30, 2017 | % Change | ||||||
Revenue | ||||||||
Investment advisory fees, net | $ | 342,393 | $ | 360,639 | (5 | )% | ||
Administrative service fees, net—affiliates | 97,393 | 92,302 | 6 | |||||
Other service fees, net | 80,059 | 93,356 | (14 | ) | ||||
Total Revenue | 519,845 | 546,297 | (5 | ) | ||||
Operating Expenses | ||||||||
Compensation and related | 152,521 | 144,772 | 5 | |||||
Distribution | 141,945 | 177,533 | (20 | ) | ||||
Professional service fees | 18,908 | 13,194 | 43 | |||||
Systems and communications | 16,184 | 16,266 | (1 | ) | ||||
Office and occupancy | 14,906 | 14,513 | 3 | |||||
Advertising and promotional | 6,465 | 6,051 | 7 | |||||
Travel and related | 6,344 | 5,893 | 8 | |||||
Other | 2,144 | 6,091 | (65 | ) | ||||
Total Operating Expenses | 359,417 | 384,313 | (6 | ) | ||||
Operating Income | 160,428 | 161,984 | (1 | ) | ||||
Nonoperating (Expenses) Income | ||||||||
Investment income, net | 2,095 | 8,151 | (74 | ) | ||||
Debt expense | (2,761 | ) | (2,283 | ) | 21 | |||
Other, net | (29,117 | ) | (34 | ) | NM | |||
Total Nonoperating (Expenses) Income, net | (29,783 | ) | 5,834 | NM | ||||
Income before income taxes | 130,645 | 167,818 | (22 | ) | ||||
Income tax provision1 | 31,972 | 62,132 | (49 | ) | ||||
Net income including the noncontrolling interests in subsidiaries | 98,673 | 105,686 | (7 | ) | ||||
Less: Net (loss) income attributable to the noncontrolling interests in subsidiaries | (480 | ) | 2,594 | (119 | ) | |||
Net Income | $ | 99,153 | $ | 103,092 | (4 | )% | ||
Amounts Attributable to Federated Investors, Inc. | ||||||||
Earnings Per Share2 | ||||||||
Basic and diluted | $ | 0.98 | $ | 1.01 | (3 | )% | ||
Weighted-average shares outstanding | ||||||||
Basic | 97,191 | 97,722 | ||||||
Diluted | 97,192 | 97,723 | ||||||
Dividends declared per share | $ | 0.52 | $ | 0.50 |
2) | Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the “two-class method.” As such, total net income of $3.9 million and $4.1 million available to unvested restricted shareholders for the six months ended June 30, 2018 and June 30, 2017, respectively, was excluded from the computation of earnings per share. |
Federated Reports Q2 2018 Earnings | Page 6 of 10 |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in thousands) | June 30, 2018 | Dec. 31, 2017 | ||||
Assets | ||||||
Cash and other investments | $ | 417,561 | $ | 369,538 | ||
Other current assets | 66,619 | 67,736 | ||||
Intangible assets, net, including goodwill | 736,629 | 736,915 | ||||
Other long-term assets | 55,506 | 57,221 | ||||
Total Assets | $ | 1,276,315 | $ | 1,231,410 | ||
Liabilities, Redeemable Noncontrolling Interests and Equity | ||||||
Current liabilities | $ | 135,060 | $ | 128,849 | ||
Long-term debt | 178,000 | 170,000 | ||||
Other long-term liabilities | 143,146 | 141,183 | ||||
Redeemable noncontrolling interests | 20,984 | 30,163 | ||||
Equity excluding treasury stock | 1,087,402 | 1,039,947 | ||||
Treasury stock | (288,277 | ) | (278,732 | ) | ||
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ | 1,276,315 | $ | 1,231,410 |
Federated Reports Q2 2018 Earnings | Page 7 of 10 |
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Equity funds | ||||||||||||||||
Beginning assets | $ | 36,421 | $ | 38,101 | $ | 37,159 | $ | 38,101 | $ | 36,231 | ||||||
Sales | 1,778 | 1,849 | 1,411 | 3,627 | 3,114 | |||||||||||
Redemptions | (2,729 | ) | (3,059 | ) | (2,394 | ) | (5,788 | ) | (5,441 | ) | ||||||
Net redemptions | (951 | ) | (1,210 | ) | (983 | ) | (2,161 | ) | (2,327 | ) | ||||||
Net exchanges | 200 | (128 | ) | (74 | ) | 72 | (14 | ) | ||||||||
Acquisition-related | 0 | 0 | 0 | 0 | 287 | |||||||||||
Market gains and losses1 | 792 | (342 | ) | 1,123 | 450 | 3,048 | ||||||||||
Ending assets | $ | 36,462 | $ | 36,421 | $ | 37,225 | $ | 36,462 | $ | 37,225 | ||||||
Equity separate accounts2 | ||||||||||||||||
Beginning assets | $ | 27,546 | $ | 30,038 | $ | 27,611 | $ | 30,038 | $ | 26,150 | ||||||
Sales3 | 1,095 | 1,514 | 1,852 | 2,609 | 3,764 | |||||||||||
Redemptions3 | (2,622 | ) | (2,493 | ) | (1,835 | ) | (5,115 | ) | (3,829 | ) | ||||||
Net (redemptions) sales3 | (1,527 | ) | (979 | ) | 17 | (2,506 | ) | (65 | ) | |||||||
Net exchanges | (2 | ) | 3 | 0 | 1 | 0 | ||||||||||
Market gains and losses1 | 466 | (1,516 | ) | 934 | (1,050 | ) | 2,477 | |||||||||
Ending assets | $ | 26,483 | $ | 27,546 | $ | 28,562 | $ | 26,483 | $ | 28,562 | ||||||
Total equity2 | ||||||||||||||||
Beginning assets | $ | 63,967 | $ | 68,139 | $ | 64,770 | $ | 68,139 | $ | 62,381 | ||||||
Sales3 | 2,873 | 3,363 | 3,263 | 6,236 | 6,878 | |||||||||||
Redemptions3 | (5,351 | ) | (5,552 | ) | (4,229 | ) | (10,903 | ) | (9,270 | ) | ||||||
Net redemptions3 | (2,478 | ) | (2,189 | ) | (966 | ) | (4,667 | ) | (2,392 | ) | ||||||
Net exchanges | 198 | (125 | ) | (74 | ) | 73 | (14 | ) | ||||||||
Acquisition-related | 0 | 0 | 0 | 0 | 287 | |||||||||||
Market gains and losses1 | 1,258 | (1,858 | ) | 2,057 | (600 | ) | 5,525 | |||||||||
Ending assets | $ | 62,945 | $ | 63,967 | $ | 65,787 | $ | 62,945 | $ | 65,787 | ||||||
Fixed-income funds | ||||||||||||||||
Beginning assets | $ | 40,578 | $ | 41,200 | $ | 40,239 | $ | 41,200 | $ | 39,434 | ||||||
Sales | 3,832 | 4,107 | 3,729 | 7,939 | 7,715 | |||||||||||
Redemptions | (4,218 | ) | (4,575 | ) | (3,591 | ) | (8,793 | ) | (7,422 | ) | ||||||
Net (redemptions) sales | (386 | ) | (468 | ) | 138 | (854 | ) | 293 | ||||||||
Net exchanges | (207 | ) | 127 | 10 | (80 | ) | (14 | ) | ||||||||
Acquisition-related | 0 | 0 | 0 | 0 | 148 | |||||||||||
Market gains and losses1 | (58 | ) | (281 | ) | 493 | (339 | ) | 1,019 | ||||||||
Ending assets | $ | 39,927 | $ | 40,578 | $ | 40,880 | $ | 39,927 | $ | 40,880 | ||||||
Fixed-income separate accounts2 | ||||||||||||||||
Beginning assets | $ | 21,676 | $ | 23,017 | $ | 11,541 | $ | 23,017 | $ | 11,880 | ||||||
Sales3 | 923 | 800 | 277 | 1,723 | 491 | |||||||||||
Redemptions3 | (716 | ) | (2,027 | ) | (401 | ) | (2,743 | ) | (1,096 | ) | ||||||
Net sales (redemptions)3 | 207 | (1,227 | ) | (124 | ) | (1,020 | ) | (605 | ) | |||||||
Net exchanges | 0 | 0 | 0 | 0 | (56 | ) | ||||||||||
Market gains and losses1 | (325 | ) | (114 | ) | 210 | (439 | ) | 408 | ||||||||
Ending assets | $ | 21,558 | $ | 21,676 | $ | 11,627 | $ | 21,558 | $ | 11,627 | ||||||
Total fixed income2 | ||||||||||||||||
Beginning assets | $ | 62,254 | $ | 64,217 | $ | 51,780 | $ | 64,217 | $ | 51,314 | ||||||
Sales3 | 4,755 | 4,907 | 4,006 | 9,662 | 8,206 | |||||||||||
Redemptions3 | (4,934 | ) | (6,602 | ) | (3,992 | ) | (11,536 | ) | (8,518 | ) | ||||||
Net (redemptions) sales3 | (179 | ) | (1,695 | ) | 14 | (1,874 | ) | (312 | ) | |||||||
Net exchanges | (207 | ) | 127 | 10 | (80 | ) | (70 | ) | ||||||||
Acquisition-related | 0 | 0 | 0 | 0 | 148 | |||||||||||
Market gains and losses1 | (383 | ) | (395 | ) | 703 | (778 | ) | 1,427 | ||||||||
Ending assets | $ | 61,485 | $ | 62,254 | $ | 52,507 | $ | 61,485 | $ | 52,507 |
Federated Reports Q2 2018 Earnings | Page 8 of 10 |
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Funds | ||||||||||||||||
Beginning assets | $ | 76,999 | $ | 79,301 | $ | 77,398 | $ | 79,301 | $ | 75,665 | ||||||
Sales | 5,610 | 5,956 | 5,140 | 11,566 | 10,829 | |||||||||||
Redemptions | (6,947 | ) | (7,634 | ) | (5,985 | ) | (14,581 | ) | (12,863 | ) | ||||||
Net redemptions | (1,337 | ) | (1,678 | ) | (845 | ) | (3,015 | ) | (2,034 | ) | ||||||
Net exchanges | (7 | ) | (1 | ) | (64 | ) | (8 | ) | (28 | ) | ||||||
Acquisition-related | 0 | 0 | 0 | 0 | 435 | |||||||||||
Market gains and losses1 | 734 | (623 | ) | 1,616 | 111 | 4,067 | ||||||||||
Ending assets | $ | 76,389 | $ | 76,999 | $ | 78,105 | $ | 76,389 | $ | 78,105 | ||||||
Separate accounts2 | ||||||||||||||||
Beginning assets | $ | 49,222 | $ | 53,055 | $ | 39,152 | $ | 53,055 | $ | 38,030 | ||||||
Sales3 | 2,018 | 2,314 | 2,129 | 4,332 | 4,255 | |||||||||||
Redemptions3 | (3,338 | ) | (4,520 | ) | (2,236 | ) | (7,858 | ) | (4,925 | ) | ||||||
Net redemptions3 | (1,320 | ) | (2,206 | ) | (107 | ) | (3,526 | ) | (670 | ) | ||||||
Net exchanges | (2 | ) | 3 | 0 | 1 | (56 | ) | |||||||||
Market gains and losses1 | 141 | (1,630 | ) | 1,144 | (1,489 | ) | 2,885 | |||||||||
Ending assets | $ | 48,041 | $ | 49,222 | $ | 40,189 | $ | 48,041 | $ | 40,189 | ||||||
Total assets2 | ||||||||||||||||
Beginning assets | $ | 126,221 | $ | 132,356 | $ | 116,550 | $ | 132,356 | $ | 113,695 | ||||||
Sales3 | 7,628 | 8,270 | 7,269 | 15,898 | 15,084 | |||||||||||
Redemptions3 | (10,285 | ) | (12,154 | ) | (8,221 | ) | (22,439 | ) | (17,788 | ) | ||||||
Net redemptions3 | (2,657 | ) | (3,884 | ) | (952 | ) | (6,541 | ) | (2,704 | ) | ||||||
Net exchanges | (9 | ) | 2 | (64 | ) | (7 | ) | (84 | ) | |||||||
Acquisition-related | 0 | 0 | 0 | 0 | 435 | |||||||||||
Market gains and losses1 | 875 | (2,253 | ) | 2,760 | (1,378 | ) | 6,952 | |||||||||
Ending assets | $ | 124,430 | $ | 126,221 | $ | 118,294 | $ | 124,430 | $ | 118,294 |
Federated Reports Q2 2018 Earnings | Page 9 of 10 |
Unaudited Managed Assets (in millions) | June 30, 2018 | March 31, 2018 | Dec. 31, 2017 | Sept. 30, 2017 | June 30, 2017 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 62,945 | $ | 63,967 | $ | 68,139 | $ | 67,055 | $ | 65,787 | |||||
Fixed-income | 61,485 | 62,254 | 64,217 | 52,772 | 52,507 | ||||||||||
Money market | 255,247 | 265,944 | 265,214 | 243,840 | 242,096 | ||||||||||
Total Managed Assets | $ | 379,677 | $ | 392,165 | $ | 397,570 | $ | 363,667 | $ | 360,390 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 36,462 | $ | 36,421 | $ | 38,101 | $ | 37,741 | $ | 37,225 | |||||
Fixed-income | 39,927 | 40,578 | 41,200 | 41,214 | 40,880 | ||||||||||
Money market | 172,671 | 182,437 | 185,536 | 177,865 | 173,338 | ||||||||||
Total Fund Assets | $ | 249,060 | $ | 259,436 | $ | 264,837 | $ | 256,820 | $ | 251,443 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 26,483 | $ | 27,546 | $ | 30,038 | $ | 29,314 | $ | 28,562 | |||||
Fixed-income | 21,558 | 21,676 | 23,017 | 11,558 | 11,627 | ||||||||||
Money market | 82,576 | 83,507 | 79,678 | 65,975 | 68,758 | ||||||||||
Total Separate Account Assets | $ | 130,617 | $ | 132,729 | $ | 132,733 | $ | 106,847 | $ | 108,947 | |||||
Total Managed Assets | $ | 379,677 | $ | 392,165 | $ | 397,570 | $ | 363,667 | $ | 360,390 | |||||
Unaudited Average Managed Assets | Quarter Ended | ||||||||||||||
(in millions) | June 30, 2018 | March 31, 2018 | Dec. 31, 2017 | Sept. 30, 2017 | June 30, 2017 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 63,911 | $ | 66,833 | $ | 67,466 | $ | 66,127 | $ | 65,399 | |||||
Fixed-income | 61,698 | 63,594 | 64,351 | 52,631 | 52,291 | ||||||||||
Money market | 260,371 | 267,546 | 250,197 | 241,749 | 242,298 | ||||||||||
Total Avg. Managed Assets | $ | 385,980 | $ | 397,973 | $ | 382,014 | $ | 360,507 | $ | 359,988 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 36,784 | $ | 37,728 | $ | 37,926 | $ | 37,301 | $ | 37,325 | |||||
Fixed-income | 40,249 | 41,078 | 41,240 | 40,967 | 40,670 | ||||||||||
Money market | 175,885 | 181,856 | 176,918 | 174,358 | 172,626 | ||||||||||
Total Avg. Fund Assets | $ | 252,918 | $ | 260,662 | $ | 256,084 | $ | 252,626 | $ | 250,621 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 27,127 | $ | 29,105 | $ | 29,540 | $ | 28,826 | $ | 28,074 | |||||
Fixed-income | 21,449 | 22,516 | 23,111 | 11,664 | 11,621 | ||||||||||
Money market | 84,486 | 85,690 | 73,279 | 67,391 | 69,672 | ||||||||||
Total Avg. Separate Account Assets | $ | 133,062 | $ | 137,311 | $ | 125,930 | $ | 107,881 | $ | 109,367 | |||||
Total Avg. Managed Assets | $ | 385,980 | $ | 397,973 | $ | 382,014 | $ | 360,507 | $ | 359,988 |
Federated Reports Q2 2018 Earnings | Page 10 of 10 |
Unaudited Average Managed Assets | Six Months Ended | |||||||
(in millions) | June 30, 2018 | June 30, 2017 | ||||||
By Asset Class | ||||||||
Equity | $ | 65,372 | $ | 64,590 | ||||
Fixed-income | 62,646 | 52,047 | ||||||
Money market | 263,958 | 244,944 | ||||||
Total Avg. Managed Assets | $ | 391,976 | $ | 361,581 | ||||
By Product Type | ||||||||
Funds: | ||||||||
Equity | $ | 37,256 | $ | 37,141 | ||||
Fixed-income | 40,664 | 40,378 | ||||||
Money market | 178,870 | 177,522 | ||||||
Total Avg. Fund Assets | $ | 256,790 | $ | 255,041 | ||||
Separate Accounts: | ||||||||
Equity | $ | 28,116 | $ | 27,449 | ||||
Fixed-income | 21,982 | 11,669 | ||||||
Money market | 85,088 | 67,422 | ||||||
Total Avg. Separate Account Assets | $ | 135,186 | $ | 106,540 | ||||
Total Avg. Managed Assets | $ | 391,976 | $ | 361,581 |
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