Franklin Resources, Inc. (the “Company”) [NYSE: BEN] today
announced net income1 of $251.3 million or $0.50 per diluted share
for the quarter ended December 31, 2023, as compared to $295.5
million or $0.58 per diluted share for the previous quarter, and
$165.6 million or $0.32 per diluted share for the quarter ended
December 31, 2022. Operating income was $206.5 million for the
quarter ended December 31, 2023, as compared to $338.3 million for
the previous quarter and $194.0 million for the prior year.
As supplemental information, the Company is providing certain
adjusted performance measures which are based on methodologies
other than generally accepted accounting principles. Adjusted net
income2 was $328.5 million and adjusted diluted earnings per share2
was $0.65 for the quarter ended December 31, 2023, as compared to
$427.0 million and $0.84 for the previous quarter, and $262.4
million and $0.51 for the quarter ended December 31, 2022. Adjusted
operating income2 was $417.0 million for the quarter ended December
31, 2023, as compared to $511.7 million for the previous quarter
and $395.1 million for the prior year.
“Our first fiscal quarter results reflect ongoing momentum in a
number of significant areas across asset classes, investment
vehicles and geographies to meet the varied needs of our diverse
global client base,” said Jenny Johnson, President and CEO of
Franklin Resources, Inc. “During the quarter, we saw positive net
flows into alternatives, multi-asset, equity, ETFs and SMAs. We
also continued to see aggregate positive net flows in non-U.S.
regions.
“Reflecting client demand, we continue to see robust growth in
our private market strategies. Our three largest alternative
managers, Benefit Street Partners, Clarion Partners and Lexington
Partners, each had net inflows in the quarter with a combined total
of $3.8 billion. Earlier this month, Lexington Partners announced
the closing of its latest flagship global secondary fund with $22.7
billion of total capital commitments and with approximately 20% of
the capital raised in the fund coming from the wealth management
channel. The fund ranks among the largest raised to date in the
secondary market and significantly exceeded Lexington’s prior
secondary fund, which closed with $14 billion raised in 2020. Also
this month, Benefit Street Partners closed its fifth flagship
private credit fund with $4.7 billion of total capital commitments.
Reflecting the strong demand for the asset class, Benefit Street
Partners exceeded its fundraise target.
“We were pleased to close our acquisition of Putnam Investments
from Great-West Lifeco on January 1, 2024. With $148 billion in
assets under management, Putnam adds complementary investment
capabilities and a track record of strong investment performance
with 87% or higher of mutual fund AUM outperforming its peers over
all standard time periods. The transaction also enhances our
presence in the attractive retirement and insurance markets. The
addition of Putnam brings Franklin Templeton’s total AUM to
approximately $1.6 trillion.
“We continue to focus on strong expense discipline and our net
cash and investments position allows us to continue to invest in
growth and innovation for the benefit of all our stakeholders.”
Quarter Ended
% Change
Quarter Ended
% Change
31-Dec-23
30-Sep-23
Qtr. vs. Qtr.
31-Dec-22
Year vs. Year
Financial Results
(in millions, except per share data)
Operating revenues
$
1,991.1
$
1,986.1
0
%
$
1,967.1
1
%
Operating income
206.5
338.3
(39
%)
194.0
6
%
Operating margin
10.4
%
17.0
%
9.9
%
Net income1
$
251.3
$
295.5
(15
%)
$
165.6
52
%
Diluted earnings per share
0.50
0.58
(14
%)
0.32
56
%
As adjusted
(non-GAAP):2
Adjusted operating income
$
417.0
$
511.7
(19
%)
$
395.1
6
%
Adjusted operating margin
27.3
%
32.4
%
27.5
%
Adjusted net income
$
328.5
$
427.0
(23
%)
$
262.4
25
%
Adjusted diluted earnings per share
0.65
0.84
(23
%)
0.51
27
%
Assets Under Management
(in billions)
Ending
$
1,455.5
$
1,374.2
6
%
$
1,387.7
5
%
Average3
1,394.2
1,419.1
(2
%)
1,353.5
3
%
Long-term net flows
(5.0
)
(6.9
)
(10.9
)
Total assets under management (“AUM”) were $1,455.5 billion at
December 31, 2023, up $81.3 billion or 6% during the quarter due to
the positive impact of $81.6 billion of net market change,
distributions, and other, and $4.7 billion of cash management net
inflows, offset in part by $5.0 billion of long-term net
outflows.
Cash and cash equivalents and investments were $5.6 billion and,
including the Company’s direct investments in consolidated
investment products (“CIPs”), were $6.7 billion4 at December 31,
2023. Total stockholders’ equity was $12.6 billion and the Company
had 494.7 million shares of common stock outstanding at December
31, 2023. The Company repurchased 2.4 million shares of its common
stock for a total cost of $58.8 million during the quarter ended
December 31, 2023.
Conference Call Information
A written commentary on the results by Jenny Johnson, President
and CEO; Matthew Nicholls, Executive Vice President, CFO and COO;
and Adam Spector, Executive Vice President, Head of Global
Distribution, will be available via investors.franklinresources.com
today at approximately 8:30 a.m. Eastern Time.
Ms. Johnson and Messrs. Nicholls and Spector will also lead a
live teleconference today at 11:00 a.m. Eastern Time to answer
questions. Access to the teleconference will be available via
investors.franklinresources.com or by dialing (+1) (888) 396-8049
in North America or (+1) (416) 764-8646 in other locations using
access code 09627581. A replay of the teleconference can also be
accessed by calling (+1) (877) 674-7070 in North America or (+1)
416-764-8692 in other locations using access code 627581# after
2:00 p.m. Eastern Time on January 29, 2024 through February 5,
2024, or via investors.franklinresources.com.
Analysts and investors are encouraged to review the Company’s
recent filings with the U.S. Securities and Exchange Commission and
to contact Investor Relations at (650) 312-4091 before the live
teleconference for any clarifications or questions related to the
earnings release or written commentary.
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
Unaudited
(in millions, except per share data)
Three Months Ended
December 31,
% Change
2023
2022
Operating Revenues
Investment management fees
$
1,652.2
$
1,631.8
1
%
Sales and distribution fees
296.4
291.9
2
%
Shareholder servicing fees
32.5
33.4
(3
%)
Other
10.0
10.0
0
%
Total operating revenues
1,991.1
1,967.1
1
%
Operating Expenses
Compensation and benefits
968.3
979.2
(1
%)
Sales, distribution and marketing
400.8
388.6
3
%
Information systems and technology
131.0
121.4
8
%
Occupancy
66.7
54.5
22
%
Amortization of intangible assets
85.8
83.2
3
%
General, administrative and other
132.0
146.2
(10
%)
Total operating expenses
1,784.6
1,773.1
1
%
Operating Income
206.5
194.0
6
%
Other Income (Expenses)
Investment and other income, net
173.2
91.1
90
%
Interest expense
(18.8
)
(30.9
)
(39
%)
Investment and other losses of
consolidated investment products, net
(23.8
)
(13.6
)
75
%
Expenses of consolidated investment
products
(5.9
)
(11.5
)
(49
%)
Other income, net
124.7
35.1
255
%
Income before taxes
331.2
229.1
45
%
Taxes on income
74.9
60.3
24
%
Net income
256.3
168.8
52
%
Less: net income (loss) attributable
to
Redeemable noncontrolling interests
9.5
(1.5
)
NM
Nonredeemable noncontrolling interests
(4.5
)
4.7
NM
Net Income Attributable to Franklin
Resources, Inc.
$
251.3
$
165.6
52
%
Earnings per Share
Basic
$
0.50
$
0.32
56
%
Diluted
0.50
0.32
56
%
Dividends Declared per Share
$
0.31
$
0.30
3
%
Average Shares Outstanding
Basic
487.0
489.6
(1
%)
Diluted
487.9
490.2
0
%
Operating Margin
10.4
%
9.9
%
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
Unaudited
(in millions, except per share data)
Three Months Ended
% Change
Three Months Ended
31-Dec-23
30-Sep-23
30-Jun-23
31-Mar-23
31-Dec-22
Operating Revenues
Investment management fees
$
1,652.2
$
1,634.4
`
1
%
$
1,613.4
$
1,573.3
$
1,631.8
Sales and distribution fees
296.4
306.4
(3
%)
304.0
301.4
291.9
Shareholder servicing fees
32.5
37.2
(13
%)
38.8
43.3
33.4
Other
10.0
8.1
23
%
12.8
9.2
10.0
Total operating revenues
1,991.1
1,986.1
0
%
1,969.0
1,927.2
1,967.1
Operating Expenses
Compensation and benefits
968.3
826.3
17
%
841.2
847.3
979.2
Sales, distribution and marketing
400.8
411.1
(3
%)
406.8
406.6
388.6
Information systems and technology
131.0
128.3
2
%
127.3
128.0
121.4
Occupancy
66.7
57.8
15
%
56.9
59.7
54.5
Amortization of intangible assets
85.8
86.5
(1
%)
85.4
86.0
83.2
General, administrative and other
132.0
137.8
(4
%)
136.5
144.5
146.2
Total operating expenses
1,784.6
1,647.8
8
%
1,654.1
1,672.1
1,773.1
Operating Income
206.5
338.3
(39
%)
314.9
255.1
194.0
Other Income (Expenses)
Investment and other income, net
173.2
72.1
140
%
51.2
125.6
91.1
Interest expense
(18.8
)
(24.4
)
(23
%)
(34.9
)
(33.5
)
(30.9
)
Investment and other income (losses) of
consolidated investment products, net
(23.8
)
40.5
NM
1.7
87.2
(13.6
)
Expenses of consolidated investment
products
(5.9
)
(3.0
)
97
%
(0.8
)
(3.4
)
(11.5
)
Other income, net
124.7
85.2
46
%
17.2
175.9
35.1
Income before taxes
331.2
423.5
(22
%)
332.1
431.0
229.1
Taxes on income
74.9
75.0
—
%
84.1
92.9
60.3
Net income
256.3
348.5
(26
%)
248.0
338.1
168.8
Less: net income (loss) attributable
to
Redeemable noncontrolling interests
9.5
27.0
(65
%)
26.8
83.2
(1.5
)
Nonredeemable noncontrolling interests
(4.5
)
26.0
NM
(6.3
)
60.7
4.7
Net Income Attributable to Franklin
Resources, Inc.
$
251.3
$
295.5
(15
%)
$
227.5
$
194.2
$
165.6
Earnings per Share
Basic
$
0.50
$
0.58
(14
%)
$
0.44
$
0.38
$
0.32
Diluted
0.50
0.58
(14
%)
0.44
0.38
0.32
Dividends Declared per Share
$
0.31
$
0.30
3
%
$
0.30
$
0.30
$
0.30
Average Shares Outstanding
Basic
487.0
489.2
0
%
490.7
490.7
489.6
Diluted
487.9
490.0
0
%
491.4
491.4
490.2
Operating Margin
10.4
%
17.0
%
16.0
%
13.2
%
9.9
%
AUM AND FLOWS
(in billions)
Three Months Ended
December 31,
% Change
2023
2022
Beginning AUM
$
1,374.2
$
1,297.4
6
%
Long-term inflows
68.9
70.5
(2
%)
Long-term outflows
(73.9
)
(81.4
)
(9
%)
Long-term net flows
(5.0
)
(10.9
)
(54
%)
Cash management net flows
4.7
17.5
(73
%)
Total net flows
(0.3
)
6.6
NM
Acquisitions
—
34.9
(100
%)
Net market change, distributions and
other5
81.6
48.8
67
%
Ending AUM
$
1,455.5
$
1,387.7
5
%
Average AUM
$
1,394.2
$
1,353.5
3
%
AUM BY ASSET CLASS
(in billions)
31-Dec-23
30-Sep-23
% Change
30-Jun-23
31-Mar-23
31-Dec-22
Fixed Income
$
511.7
$
483.1
6
%
$
505.1
$
510.1
$
494.8
Equity
467.5
430.4
9
%
458.0
437.1
419.1
Alternative
256.2
254.9
1
%
257.2
258.2
257.4
Multi-Asset
154.6
145.0
7
%
148.3
146.1
141.4
Cash Management
65.5
60.8
8
%
62.9
70.6
75.0
Total AUM
$
1,455.5
$
1,374.2
6
%
$
1,431.5
$
1,422.1
$
1,387.7
Average AUM for the Three-Month
Period
$
1,394.2
$
1,419.1
(2
%)
$
1,419.6
$
1,419.5
$
1,353.5
AUM BY SALES REGION
(in billions)
31-Dec-23
30-Sep-23
% Change
30-Jun-23
31-Mar-23
31-Dec-22
United States
$
1,019.4
$
979.9
4
%
$
1,026.0
$
1,017.1
$
993.1
International
Europe, Middle East and Africa
180.6
165.1
9
%
170.6
167.6
164.3
Asia-Pacific
150.5
117.6
28
%
121.0
120.0
115.5
Americas, excl. U.S.
105.0
111.6
(6
%)
113.9
117.4
114.8
Total international
436.1
394.3
11
%
405.5
405.0
394.6
Total
$
1,455.5
$
1,374.2
6
%
$
1,431.5
$
1,422.1
$
1,387.7
AUM AND FLOWS BY ASSET CLASS
(in billions)
for the three months ended
December 31, 2023
Fixed Income
Equity
Alternative
Multi-Asset
Cash Management
Total
AUM at October 1, 2023
$
483.1
$
430.4
$
254.9
$
145.0
$
60.8
$
1,374.2
Long-term inflows
28.3
27.0
5.9
7.7
—
68.9
Long-term outflows
(36.7
)
(26.8
)
(3.2
)
(7.2
)
—
(73.9
)
Long-term net flows
(8.4
)
0.2
2.7
0.5
—
(5.0
)
Cash management net flows
—
—
—
—
4.7
4.7
Total net flows
(8.4
)
0.2
2.7
0.5
4.7
(0.3
)
Net market change, distributions and
other5
37.0
36.9
(1.4
)
9.1
—
81.6
AUM at December 31, 2023
$
511.7
$
467.5
$
256.2
$
154.6
$
65.5
$
1,455.5
(in billions)
for the three months ended
September 30, 2023
Fixed Income
Equity
Alternative
Multi-Asset
Cash Management
Total
AUM at July 1, 2023
$
505.1
$
458.0
$
257.2
$
148.3
$
62.9
$
1,431.5
Long-term inflows
26.2
17.1
3.9
8.0
—
55.2
Long-term outflows
(27.8
)
(24.8
)
(3.1
)
(6.4
)
—
(62.1
)
Long-term net flows
(1.6
)
(7.7
)
0.8
1.6
—
(6.9
)
Cash management net flows
—
—
—
—
(1.6
)
(1.6
)
Total net flows
(1.6
)
(7.7
)
0.8
1.6
(1.6
)
(8.5
)
Net market change, distributions and
other5
(20.4
)
(19.9
)
(3.1
)
(4.9
)
(0.5
)
(48.8
)
AUM at September 30, 2023
$
483.1
$
430.4
$
254.9
$
145.0
$
60.8
$
1,374.2
(in billions)
for the three months ended
December 31, 2022
Fixed Income
Equity
Alternative
Multi-Asset
Cash Management
Total
AUM at October 1, 2022
$
490.9
$
392.3
$
225.1
$
131.5
$
57.6
$
1,297.4
Long-term inflows
28.5
27.2
6.5
8.3
—
70.5
Long-term outflows
(41.8
)
(26.9
)
(6.8
)
(5.9
)
—
(81.4
)
Long-term net flows
(13.3
)
0.3
(0.3
)
2.4
—
(10.9
)
Cash management net flows
—
—
—
—
17.5
17.5
Total net flows
(13.3
)
0.3
(0.3
)
2.4
17.5
6.6
Acquisition
—
—
34.9
—
—
34.9
Net market change, distributions and
other5
17.2
26.5
(2.3
)
7.5
(0.1
)
48.8
AUM at December 31, 2022
$
494.8
$
419.1
$
257.4
$
141.4
$
75.0
$
1,387.7
Supplemental Non-GAAP Financial Measures
As supplemental information, we are providing performance
measures for “adjusted operating income,” “adjusted operating
margin,” “adjusted net income” and “adjusted diluted earnings per
share,” each of which is based on methodologies other than
generally accepted accounting principles (“non-GAAP measures”).
Management believes these non-GAAP measures are useful indicators
of our financial performance and may be helpful to investors in
evaluating our relative performance against industry peers.
“Adjusted operating income,” “adjusted operating margin,”
“adjusted net income” and “adjusted diluted earnings per share” are
defined below, followed by reconciliations of operating income,
operating margin, net income attributable to Franklin Resources,
Inc. and diluted earnings per share on a U.S. GAAP basis to these
non-GAAP measures. Non-GAAP measures should not be considered in
isolation from, or as substitutes for, any financial information
prepared in accordance with U.S. GAAP, and may not be comparable to
other similarly titled measures of other companies. Additional
reconciling items may be added in the future to these non-GAAP
measures if deemed appropriate.
Adjusted Operating Income
We define adjusted operating income as operating income adjusted
to exclude the following:
- Elimination of operating revenues upon consolidation of
investment products.
- Acquisition-related items:
- Acquisition-related retention compensation.
- Other acquisition-related expenses including professional fees,
technology costs and fair value adjustments related to contingent
consideration assets and liabilities.
- Amortization of intangible assets.
- Impairment of intangible assets and goodwill, if any.
- Special termination benefits related to workforce optimization
initiatives related to past acquisitions and certain initiatives
undertaken by the Company.
- Impact on compensation and benefits expense from gains and
losses on investments related to deferred compensation plans, which
is offset in investment and other income (losses), net.
- Impact on compensation and benefits expense related to minority
interests in certain subsidiaries, which is offset in net income
(loss) attributable to redeemable noncontrolling interests.
Adjusted Operating Margin
We calculate adjusted operating margin as adjusted operating
income divided by adjusted operating revenues. We define adjusted
operating revenues as operating revenues adjusted to exclude the
following:
- Elimination of operating revenues upon consolidation of
investment products.
- Acquisition-related performance-based investment management
fees which are passed through as compensation and benefits
expense.
- Sales and distribution fees and a portion of investment
management fees allocated to cover sales, distribution and
marketing expenses paid to the financial advisers and other
intermediaries who sell our funds on our behalf.
Adjusted Net Income and Adjusted Diluted Earnings Per
Share
We define adjusted net income as net income attributable to
Franklin Resources, Inc. adjusted to exclude the following:
- Activities of CIPs.
- Acquisition-related items:
- Acquisition-related retention compensation.
- Other acquisition-related expenses including professional fees,
technology costs and fair value adjustments related to contingent
consideration assets and liabilities.
- Amortization of intangible assets.
- Impairment of intangible assets and goodwill, if any.
- Write off of noncontrolling interests related to the wind down
of an acquired business.
- Interest expense for amortization of Legg Mason debt premium
from acquisition-date fair value adjustment.
- Special termination benefits related to workforce optimization
initiatives related to past acquisitions and certain initiatives
undertaken by the Company.
- Net gains or losses on investments related to deferred
compensation plans which are not offset by compensation and
benefits expense.
- Net compensation and benefits expense related to minority
interests in certain subsidiaries not offset by net income (loss)
attributable to redeemable noncontrolling interests.
- Unrealized investment gains and losses.
- Net income tax expense of the above adjustments based on the
respective blended rates applicable to the adjustments.
We define adjusted diluted earnings per share as diluted
earnings per share adjusted to exclude the per share impacts of the
adjustments applied to net income in calculating adjusted net
income.
In calculating our non-GAAP measures, we adjust for the impact
of CIPs because it is not considered reflective of our underlying
results of operations. Acquisition-related items and special
termination benefits are excluded to facilitate comparability to
other asset management firms. We adjust for compensation and
benefits expense related to funded deferred compensation plans
because it is partially offset in other income (expense), net. We
adjust for compensation and benefits expense and net income (loss)
attributable to redeemable noncontrolling interests to reflect the
economics of certain profits interest arrangements. Sales and
distribution fees and a portion of investment management fees
generally cover sales, distribution and marketing expenses and,
therefore, are excluded from adjusted operating revenues. In
addition, when calculating adjusted net income and adjusted diluted
earnings per share we exclude unrealized investment gains and
losses included in investment and other income (losses) because the
related investments are generally expected to be held long
term.
The calculations of adjusted operating income, adjusted
operating margin, adjusted net income and adjusted diluted earnings
per share are as follows:
(in millions)
Three Months Ended
31-Dec-23
30-Sep-23
31-Dec-22
Operating income
$
206.5
$
338.3
$
194.0
Add (subtract):
Elimination of operating revenues upon
consolidation of investment products*
11.4
11.2
5.1
Acquisition-related retention
69.1
56.8
63.6
Compensation and benefits expense from
gains (losses) on deferred compensation, net
19.0
(6.0
)
5.6
Other acquisition-related expenses
6.8
4.9
22.6
Amortization of intangible assets
85.8
86.5
83.2
Special termination benefits
6.7
8.3
10.9
Compensation and benefits expense related
to minority interests in certain subsidiaries
11.7
11.7
10.1
Adjusted operating income
$
417.0
$
511.7
$
395.1
Total operating revenues
$
1,991.1
$
1,986.1
$
1,967.1
Add (subtract):
Acquisition-related pass through
performance fees
(72.6
)
(5.6
)
(144.5
)
Sales and distribution fees
(296.4
)
(306.4
)
(291.9
)
Allocation of investment management fees
for sales, distribution and marketing expenses
(104.4
)
(104.7
)
(96.7
)
Elimination of operating revenues upon
consolidation of investment products*
11.4
11.2
5.1
Adjusted operating revenues
$
1,529.1
$
1,580.6
$
1,439.1
Operating margin
10.4
%
17.0
%
9.9
%
Adjusted operating margin
27.3
%
32.4
%
27.5
%
(in millions, except per share data)
Three Months Ended
31-Dec-23
30-Sep-23
31-Dec-22
Net income attributable to Franklin
Resources, Inc.
$
251.3
$
295.5
$
165.6
Add (subtract):
Net (income) loss of consolidated
investment products*
(2.2
)
1.6
(3.6
)
Acquisition-related retention
69.1
56.8
63.6
Other acquisition-related expenses
10.8
8.9
28.7
Amortization of intangible assets
85.8
86.5
83.2
Special termination benefits
6.7
8.3
10.9
Net gains on deferred compensation plan
investments not offset by compensation and benefits expense
(6.0
)
(1.4
)
(7.6
)
Unrealized investment (gains) losses
(49.0
)
20.6
(30.7
)
Interest expense for amortization of debt
premium
(6.4
)
(6.4
)
(6.3
)
Net compensation and benefits expense
related to minority interests in certain subsidiaries not offset by
net income (loss) attributable to redeemable noncontrolling
interests
(2.0
)
1.0
0.4
Net income tax expense of adjustments
(29.6
)
(44.4
)
(41.8
)
Adjusted net income
$
328.5
$
427.0
$
262.4
Diluted earnings per share
$
0.50
$
0.58
$
0.32
Adjusted diluted earnings per
share
0.65
0.84
0.51
__________________
* The impact of CIPs is summarized as follows:
(in millions)
Three Months Ended
31-Dec-23
30-Sep-23
31-Dec-22
Elimination of operating revenues upon
consolidation
$
(11.4
)
$
(11.2
)
$
(5.1
)
Other income (expenses), net
(8.6
)
21.4
(2.8
)
Less: income (loss) attributable to
noncontrolling interests
(22.2
)
11.8
(11.5
)
Net income (loss)
$
2.2
$
(1.6
)
$
3.6
Notes
- Net income represents net income attributable to Franklin
Resources, Inc.
- “Adjusted net income,” “adjusted diluted earnings per share,”
“adjusted operating income” and “adjusted operating margin” are
based on methodologies other than generally accepted accounting
principles. See “Supplemental Non-GAAP Financial Measures” for
definitions and reconciliations of these measures.
- Average AUM represents monthly average AUM.
- Includes our direct investments in CIPs of $1.0 billion,
approximately $300 million of employee-owned and other third-party
investments made through partnerships, and approximately $370
million of investments that are subject to long-term repurchase
agreements and other financing arrangements. Excludes $800 million
undrawn revolving credit facility.
- Net market change, distributions and other includes
appreciation (depreciation), distributions to investors that
represent return on investments and return of capital, and foreign
exchange revaluation.
Franklin Resources, Inc. (NYSE: BEN) is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 150 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the Company offers specialization on a global scale, bringing
extensive capabilities in fixed income, equity, alternatives and
multi-asset solutions. With more than 1,300 investment
professionals, and offices in major financial markets around the
world, the California-based company has over 75 years of investment
experience and approximately $1.5 trillion in AUM as of December
31, 2023. The Company posts information that may be significant for
investors in the Investor Relations and News Center sections of its
website, and encourages investors to consult those sections
regularly. For more information, please visit
investors.franklinresources.com.
Forward-Looking Statements
Some of the statements herein may include forward-looking
statements that reflect our current views with respect to future
events, financial performance and market conditions. Such
statements are provided under the “safe harbor” protection of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that do not relate solely to
historical or current facts and generally can be identified by
words or phrases written in the future tense and/or preceded by
words such as “anticipate,” “believe,” “could,” “depends,”
“estimate,” “expect,” “intend,” “likely,” “may,” “plan,”
“potential,” “seek,” “should,” “will,” “would,” or other similar
words or variations thereof, or the negative thereof, but these
terms are not the exclusive means of identifying such
statements.
Forward-looking statements involve a number of known and unknown
risks, uncertainties and other important factors that may cause
actual results and outcomes to differ materially from any future
results or outcomes expressed or implied by such forward-looking
statements, including market and volatility risks, investment
performance and reputational risks, global operational risks,
competition and distribution risks, third-party risks, technology
and security risks, human capital risks, cash management risks, and
legal and regulatory risks. While forward-looking statements are
our best prediction at the time that they are made, you should not
rely on them and are cautioned against doing so. Forward-looking
statements are based on our current expectations and assumptions
regarding our business, the economy and other possible future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. They are
neither statements of historical fact nor guarantees or assurances
of future performance. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them.
These and other risks, uncertainties and other important factors
are described in more detail in our recent filings with the U.S.
Securities and Exchange Commission, including, without limitation,
in Risk Factors and Management’s Discussion and Analysis of
Financial Condition and Results of Operations in our Annual Report
on Form 10-K for the fiscal year ended September 30, 2023 and our
subsequent Quarterly Reports on Form 10-Q. If a circumstance occurs
after the date of this press release that causes any of our
forward-looking statements to be inaccurate, whether as a result of
new information, future developments or otherwise, we undertake no
obligation to announce publicly the change to our expectations, or
to make any revision to our forward-looking statements, to reflect
any change in assumptions, beliefs or expectations, or any change
in events, conditions or circumstances upon which any
forward-looking statement is based, unless required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240128070960/en/
Franklin Resources, Inc. Investor Relations: Selene Oh (650)
312-4091, selene.oh@franklintempleton.com Media Relations: Matt
Walsh (650) 312-2245, matthew.walsh@franklintempleton.com
investors.franklinresources.com
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