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Contact: | Franklin Resources, Inc. |
Investor Relations: Brian Sevilla (650) 312-4091 | |
Media Relations: Matt Walsh (650) 312-2245 | |
investors.franklinresources.com |
Quarter Ended | % Change | Quarter Ended | % Change | Fiscal Year Ended September 30, | % Change | ||||||||||||||||||||||||
30-Sep-18 | 30-Jun-18 | Qtr. vs. Qtr. | 30-Sep-17 | Year vs. Year | 2018 | 2017 | |||||||||||||||||||||||
Financial Results | |||||||||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||||||||
Operating revenues | $ | 1,527.2 | $ | 1,558.6 | (2 | %) | $ | 1,616.9 | (6 | %) | $ | 6,319.1 | $ | 6,392.2 | (1 | %) | |||||||||||||
Operating income | 478.7 | 503.1 | (5 | %) | 557.7 | (14 | %) | 2,118.6 | 2,264.3 | (6 | %) | ||||||||||||||||||
Operating margin | 31.3 | % | 32.3 | % | 34.5 | % | 33.5 | % | 35.4 | % | |||||||||||||||||||
Net income 1 | $ | 502.5 | $ | 402.0 | 25 | % | $ | 425.2 | 18 | % | $ | 764.4 | $ | 1,696.7 | (55 | %) | |||||||||||||
Diluted earnings per share | 0.96 | 0.75 | 28 | % | 0.76 | 26 | % | 1.39 | 3.01 | (54 | %) | ||||||||||||||||||
Assets Under Management | |||||||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Ending | $ | 717.1 | $ | 724.1 | (1 | %) | $ | 753.2 | (5 | %) | $ | 717.1 | $ | 753.2 | (5 | %) | |||||||||||||
Average 3 | 724.3 | 731.7 | (1 | %) | 749.0 | (3 | %) | 740.5 | 736.9 | 0 | % | ||||||||||||||||||
Net flows | (13.6 | ) | (12.1 | ) | (5.9 | ) | (38.0 | ) | (38.6 | ) |
FRANKLIN RESOURCES, INC. PRELIMINARY CONSOLIDATED STATEMENTS OF INCOME Unaudited | ||||||||||||||||||||||
(in millions, except per share data and AUM) | Three Months Ended September 30, | % Change | Twelve Months Ended September 30, | % Change | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||
Investment management fees | $ | 1,058.9 | $ | 1,109.8 | (5 | %) | $ | 4,367.5 | $ | 4,359.2 | 0 | % | ||||||||||
Sales and distribution fees | 380.8 | 421.8 | (10 | %) | 1,599.8 | 1,705.6 | (6 | %) | ||||||||||||||
Shareholder servicing fees | 51.8 | 56.0 | (8 | %) | 221.9 | 225.7 | (2 | %) | ||||||||||||||
Other | 35.7 | 29.3 | 22 | % | 129.9 | 101.7 | 28 | % | ||||||||||||||
Total operating revenues | 1,527.2 | 1,616.9 | (6 | %) | 6,319.1 | 6,392.2 | (1 | %) | ||||||||||||||
Operating Expenses | ||||||||||||||||||||||
Sales, distribution and marketing | 489.7 | 534.9 | (8 | %) | 2,039.7 | 2,130.9 | (4 | %) | ||||||||||||||
Compensation and benefits | 345.1 | 336.1 | 3 | % | 1,390.6 | 1,333.7 | 4 | % | ||||||||||||||
Information systems and technology | 68.3 | 60.0 | 14 | % | 243.9 | 219.8 | 11 | % | ||||||||||||||
Occupancy | 34.6 | 33.0 | 5 | % | 128.6 | 121.3 | 6 | % | ||||||||||||||
General, administrative and other | 110.8 | 95.2 | 16 | % | 397.7 | 322.2 | 23 | % | ||||||||||||||
Total operating expenses | 1,048.5 | 1,059.2 | (1 | %) | 4,200.5 | 4,127.9 | 2 | % | ||||||||||||||
Operating Income | 478.7 | 557.7 | (14 | %) | 2,118.6 | 2,264.3 | (6 | %) | ||||||||||||||
Other Income (Expenses) | ||||||||||||||||||||||
Investment and other income, net | 10.4 | 113.4 | (91 | %) | 145.3 | 336.3 | (57 | %) | ||||||||||||||
Interest expense | (5.8 | ) | (12.7 | ) | (54 | %) | (48.7 | ) | (51.5 | ) | (5 | %) | ||||||||||
Other income, net | 4.6 | 100.7 | (95 | %) | 96.6 | 284.8 | (66 | %) | ||||||||||||||
Income before taxes | 483.3 | 658.4 | (27 | %) | 2,215.2 | 2,549.1 | (13 | %) | ||||||||||||||
Taxes on income 2 | 7.0 | 181.9 | (96 | %) | 1,472.5 | 759.4 | 94 | % | ||||||||||||||
Net income | 476.3 | 476.5 | 0 | % | 742.7 | 1,789.7 | (59 | %) | ||||||||||||||
Less: net income (loss) attributable to | ||||||||||||||||||||||
Nonredeemable noncontrolling interests | (31.7 | ) | 31.4 | NM | (8.9 | ) | 40.0 | NM | ||||||||||||||
Redeemable noncontrolling interests | 5.5 | 19.9 | (72 | %) | (12.8 | ) | 53.0 | NM | ||||||||||||||
Net Income Attributable to Franklin Resources, Inc. | $ | 502.5 | $ | 425.2 | 18 | % | $ | 764.4 | $ | 1,696.7 | (55 | %) | ||||||||||
Earnings per Share | ||||||||||||||||||||||
Basic | $ | 0.96 | $ | 0.76 | 26 | % | $ | 1.39 | $ | 3.01 | (54 | %) | ||||||||||
Diluted | 0.96 | 0.76 | 26 | % | 1.39 | 3.01 | (54 | %) | ||||||||||||||
Dividends Declared per Share | $ | 0.23 | $ | 0.20 | 15 | % | $ | 3.92 | $ | 0.80 | 390 | % | ||||||||||
Average Shares Outstanding | ||||||||||||||||||||||
Basic | 520.9 | 553.6 | (6 | %) | 537.4 | 558.8 | (4 | %) | ||||||||||||||
Diluted | 521.5 | 554.1 | (6 | %) | 538.0 | 559.1 | (4 | %) | ||||||||||||||
Operating Margin | 31.3 | % | 34.5 | % | 33.5 | % | 35.4 | % | ||||||||||||||
AUM (in billions) | ||||||||||||||||||||||
Ending | $ | 717.1 | $ | 753.2 | (5 | %) | $ | 717.1 | $ | 753.2 | (5 | %) | ||||||||||
Average | 724.3 | 749.0 | (3 | %) | 740.5 | 736.9 | 0 | % | ||||||||||||||
Net flows | (13.6 | ) | (5.9 | ) | (38.0 | ) | (38.6 | ) |
FRANKLIN RESOURCES, INC. PRELIMINARY CONSOLIDATED STATEMENTS OF INCOME Unaudited | |||||||||||||||||||||||
(in millions, except per share data and employees) | Three Months Ended | % Change | Three Months Ended | ||||||||||||||||||||
30-Sep-18 | 30-Jun-18 | 31-Mar-18 | 31-Dec-17 | 30-Sep-17 | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Investment management fees | $ | 1,058.9 | $ | 1,077.9 | (2 | %) | $ | 1,117.1 | $ | 1,113.6 | $ | 1,109.8 | |||||||||||
Sales and distribution fees | 380.8 | 391.4 | (3 | %) | 409.8 | 417.8 | 421.8 | ||||||||||||||||
Shareholder servicing fees | 51.8 | 53.9 | (4 | %) | 61.3 | 54.9 | 56.0 | ||||||||||||||||
Other | 35.7 | 35.4 | 1 | % | 29.6 | 29.2 | 29.3 | ||||||||||||||||
Total operating revenues | 1,527.2 | 1,558.6 | (2 | %) | 1,617.8 | 1,615.5 | 1,616.9 | ||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Sales, distribution and marketing | 489.7 | 499.8 | (2 | %) | 521.5 | 528.7 | 534.9 | ||||||||||||||||
Compensation and benefits | 345.1 | 357.5 | (3 | %) | 355.5 | 332.5 | 336.1 | ||||||||||||||||
Information systems and technology | 68.3 | 62.5 | 9 | % | 58.1 | 55.0 | 60.0 | ||||||||||||||||
Occupancy | 34.6 | 30.5 | 13 | % | 34.1 | 29.4 | 33.0 | ||||||||||||||||
General, administrative and other | 110.8 | 105.2 | 5 | % | 92.9 | 88.8 | 95.2 | ||||||||||||||||
Total operating expenses | 1,048.5 | 1,055.5 | (1 | %) | 1,062.1 | 1,034.4 | 1,059.2 | ||||||||||||||||
Operating Income | 478.7 | 503.1 | (5 | %) | 555.7 | 581.1 | 557.7 | ||||||||||||||||
Other Income (Expenses) | |||||||||||||||||||||||
Investment and other income (losses), net | 10.4 | (33.8 | ) | NM | 87.4 | 81.3 | 113.4 | ||||||||||||||||
Interest expense | (5.8 | ) | (22.1 | ) | (74 | %) | (10.0 | ) | (10.8 | ) | (12.7 | ) | |||||||||||
Other income (expenses), net | 4.6 | (55.9 | ) | NM | 77.4 | 70.5 | 100.7 | ||||||||||||||||
Income before taxes | 483.3 | 447.2 | 8 | % | 633.1 | 651.6 | 658.4 | ||||||||||||||||
Taxes on income 2 | 7.0 | 91.8 | (92 | %) | 150.2 | 1,223.5 | 181.9 | ||||||||||||||||
Net income (loss) | 476.3 | 355.4 | 34 | % | 482.9 | (571.9 | ) | 476.5 | |||||||||||||||
Less: net income (loss) attributable to | |||||||||||||||||||||||
Nonredeemable noncontrolling interests | (31.7 | ) | (1.6 | ) | NM | 24.5 | (0.1 | ) | 31.4 | ||||||||||||||
Redeemable noncontrolling interests | 5.5 | (45.0 | ) | NM | 15.2 | 11.5 | 19.9 | ||||||||||||||||
Net Income (Loss) Attributable to Franklin Resources, Inc. | $ | 502.5 | $ | 402.0 | 25 | % | $ | 443.2 | $ | (583.3 | ) | $ | 425.2 | ||||||||||
Earnings (Loss) per Share | |||||||||||||||||||||||
Basic | $ | 0.96 | $ | 0.75 | 28 | % | $ | 0.79 | $ | (1.06 | ) | $ | 0.76 | ||||||||||
Diluted | 0.96 | 0.75 | 28 | % | 0.78 | (1.06 | ) | 0.76 | |||||||||||||||
Dividends Declared per Share | $ | 0.23 | $ | 0.23 | 0% | $ | 3.23 | $ | 0.23 | $ | 0.20 | ||||||||||||
Average Shares Outstanding | |||||||||||||||||||||||
Basic | 520.9 | 533.0 | (2 | %) | 545.0 | 550.7 | 553.6 | ||||||||||||||||
Diluted | 521.5 | 533.5 | (2 | %) | 545.5 | 550.7 | 554.1 | ||||||||||||||||
Operating Margin | 31.3 | % | 32.3 | % | 34.3 | % | 36.0 | % | 34.5 | % | |||||||||||||
Employees | 9,691 | 9,784 | (1 | %) | 9,448 | 9,462 | 9,386 |
(in billions) | Three Months Ended September 30, | % Change | Twelve Months Ended September 30, | % Change | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Beginning AUM | $ | 724.1 | $ | 742.8 | (3 | %) | $ | 753.2 | $ | 733.3 | 3 | % | ||||||||||
Long-term sales | 22.5 | 27.5 | (18 | %) | 105.0 | 112.3 | (7 | %) | ||||||||||||||
Long-term redemptions | (39.2 | ) | (37.4 | ) | 5 | % | (162.1 | ) | (169.7 | ) | (4 | %) | ||||||||||
Long-term net exchanges | (0.1 | ) | — | NM | (0.4 | ) | (0.1 | ) | 300 | % | ||||||||||||
Long-term reinvested distributions | 3.2 | 4.0 | (20 | %) | 19.5 | 18.9 | 3 | % | ||||||||||||||
Net flows | (13.6 | ) | (5.9 | ) | 131 | % | (38.0 | ) | (38.6 | ) | (2 | %) | ||||||||||
Acquisitions | — | — | NM | 9.8 | 0.4 | NM | ||||||||||||||||
Net market change, distributions and other 4 | 6.6 | 16.3 | (60 | %) | (7.9 | ) | 58.1 | NM | ||||||||||||||
Ending AUM | $ | 717.1 | $ | 753.2 | (5 | %) | $ | 717.1 | $ | 753.2 | (5 | %) |
(in billions) | 30-Sep-18 | 30-Jun-18 | % Change | 31-Mar-18 | 31-Dec-17 | 30-Sep-17 | |||||||||||||||||
Equity | |||||||||||||||||||||||
Global/international | $ | 194.4 | $ | 201.0 | (3 | %) | $ | 202.7 | $ | 212.0 | $ | 209.8 | |||||||||||
United States | 115.2 | 109.6 | 5 | % | 106.6 | 109.4 | 107.2 | ||||||||||||||||
Total equity | 309.6 | 310.6 | 0 | % | 309.3 | 321.4 | 317.0 | ||||||||||||||||
Multi-Asset/Balanced | 138.9 | 137.7 | 1 | % | 137.6 | 142.7 | 143.3 | ||||||||||||||||
Fixed Income | |||||||||||||||||||||||
Tax-free | 63.9 | 65.6 | (3 | %) | 67.0 | 69.4 | 71.0 | ||||||||||||||||
Taxable | |||||||||||||||||||||||
Global/international | 150.6 | 154.5 | (3 | %) | 165.0 | 163.7 | 165.0 | ||||||||||||||||
United States | 44.8 | 46.6 | (4 | %) | 48.2 | 50.0 | 50.6 | ||||||||||||||||
Total fixed income | 259.3 | 266.7 | (3 | %) | 280.2 | 283.1 | 286.6 | ||||||||||||||||
Cash Management | 9.3 | 9.1 | 2 | % | 10.4 | 6.6 | 6.3 | ||||||||||||||||
Total AUM | $ | 717.1 | $ | 724.1 | (1 | %) | $ | 737.5 | $ | 753.8 | $ | 753.2 | |||||||||||
Average AUM for the Three-Month Period | $ | 724.3 | $ | 731.7 | (1 | %) | $ | 751.8 | $ | 752.7 | $ | 749.0 |
As of and for the Three Months Ended | |||||||||||||||||||||
(in billions) | 30-Sep-18 | % of Total | 30-Jun-18 | % of Total | 30-Sep-17 | % of Total | |||||||||||||||
Long-Term Sales | |||||||||||||||||||||
United States | $ | 11.8 | 52 | % | $ | 11.7 | 45 | % | $ | 11.8 | 43 | % | |||||||||
International | 10.7 | 48 | % | 14.1 | 55 | % | 15.7 | 57 | % | ||||||||||||
Total long-term sales | $ | 22.5 | 100 | % | $ | 25.8 | 100 | % | $ | 27.5 | 100 | % | |||||||||
Long-Term Redemptions | |||||||||||||||||||||
United States | $ | (22.9 | ) | 58 | % | $ | (22.5 | ) | 54 | % | $ | (22.6 | ) | 60 | % | ||||||
International | (16.3 | ) | 42 | % | (19.3 | ) | 46 | % | (14.8 | ) | 40 | % | |||||||||
Total long-term redemptions | $ | (39.2 | ) | 100 | % | $ | (41.8 | ) | 100 | % | $ | (37.4 | ) | 100 | % | ||||||
AUM | |||||||||||||||||||||
United States | $ | 482.0 | 67 | % | $ | 482.3 | 67 | % | $ | 501.0 | 67 | % | |||||||||
International | 235.1 | 33 | % | 241.8 | 33 | % | 252.2 | 33 | % | ||||||||||||
Total AUM | $ | 717.1 | 100 | % | $ | 724.1 | 100 | % | $ | 753.2 | 100 | % |
(in billions) | Equity | Multi-Asset/ Balanced | Fixed Income | Cash Management | Total | |||||||||||||||||||||||||||
for the three months ended September 30, 2018 | Global/ International | United States | Tax-Free | Taxable Global/ International | Taxable United States | |||||||||||||||||||||||||||
AUM at July 1, 2018 | $ | 201.0 | $ | 109.6 | $ | 137.7 | $ | 65.6 | $ | 154.5 | $ | 46.6 | $ | 9.1 | $ | 724.1 | ||||||||||||||||
Long-term sales | 4.3 | 4.5 | 3.8 | 1.2 | 7.2 | 1.5 | — | 22.5 | ||||||||||||||||||||||||
Long-term redemptions | (11.5 | ) | (5.9 | ) | (5.4 | ) | (2.7 | ) | (10.0 | ) | (3.7 | ) | — | (39.2 | ) | |||||||||||||||||
Long-term net exchanges | (0.3 | ) | 0.4 | 0.1 | (0.1 | ) | (0.2 | ) | — | — | (0.1 | ) | ||||||||||||||||||||
Long-term reinvested distributions | 0.2 | 0.1 | 1.1 | 0.5 | 1.0 | 0.3 | — | 3.2 | ||||||||||||||||||||||||
Net flows | (7.3 | ) | (0.9 | ) | (0.4 | ) | (1.1 | ) | (2.0 | ) | (1.9 | ) | — | (13.6 | ) | |||||||||||||||||
Net market change, distributions and other 4 | 0.7 | 6.5 | 1.6 | (0.6 | ) | (1.9 | ) | 0.1 | 0.2 | 6.6 | ||||||||||||||||||||||
AUM at September 30, 2018 | $ | 194.4 | $ | 115.2 | $ | 138.9 | $ | 63.9 | $ | 150.6 | $ | 44.8 | $ | 9.3 | $ | 717.1 |
(in billions) | Equity | Multi-Asset/ Balanced | Fixed Income | Cash Management | Total | |||||||||||||||||||||||||||
for the three months ended June 30, 2018 | Global/ International | United States | Tax-Free | Taxable Global/ International | Taxable United States | |||||||||||||||||||||||||||
AUM at April 1, 2018 | $ | 202.7 | $ | 106.6 | $ | 137.6 | $ | 67.0 | $ | 165.0 | $ | 48.2 | $ | 10.4 | $ | 737.5 | ||||||||||||||||
Long-term sales | 6.0 | 4.4 | 4.0 | 1.2 | 8.3 | 1.9 | — | 25.8 | ||||||||||||||||||||||||
Long-term redemptions | (13.3 | ) | (5.5 | ) | (5.7 | ) | (2.9 | ) | (11.0 | ) | (3.4 | ) | — | (41.8 | ) | |||||||||||||||||
Long-term net exchanges | (0.2 | ) | 0.4 | — | (0.1 | ) | (0.2 | ) | — | — | (0.1 | ) | ||||||||||||||||||||
Long-term reinvested distributions | 0.2 | 0.5 | 1.5 | 0.5 | 1.0 | 0.3 | — | 4.0 | ||||||||||||||||||||||||
Net flows | (7.3 | ) | (0.2 | ) | (0.2 | ) | (1.3 | ) | (1.9 | ) | (1.2 | ) | — | (12.1 | ) | |||||||||||||||||
Acquisition | 9.8 | — | — | — | — | — | — | 9.8 | ||||||||||||||||||||||||
Net market change, distributions and other 4 | (4.2 | ) | 3.2 | 0.3 | (0.1 | ) | (8.6 | ) | (0.4 | ) | (1.3 | ) | (11.1 | ) | ||||||||||||||||||
AUM at June 30, 2018 | $ | 201.0 | $ | 109.6 | $ | 137.7 | $ | 65.6 | $ | 154.5 | $ | 46.6 | $ | 9.1 | $ | 724.1 |
(in billions) | Equity | Multi-Asset/ Balanced | Fixed Income | Cash Management | Total | |||||||||||||||||||||||||||
for the three months ended September 30, 2017 | Global/ International | United States | Tax-Free | Taxable Global/ International | Taxable United States | |||||||||||||||||||||||||||
AUM at July 1, 2017 | $ | 206.8 | $ | 105.7 | $ | 141.2 | $ | 71.2 | $ | 159.8 | $ | 52.1 | $ | 6.0 | $ | 742.8 | ||||||||||||||||
Long-term sales | 5.4 | 3.1 | 4.0 | 1.6 | 11.9 | 1.5 | — | 27.5 | ||||||||||||||||||||||||
Long-term redemptions | (11.0 | ) | (5.6 | ) | (6.2 | ) | (2.2 | ) | (9.0 | ) | (3.4 | ) | — | (37.4 | ) | |||||||||||||||||
Long-term reinvested distributions | 0.6 | 0.7 | 1.1 | 0.5 | 0.9 | 0.2 | — | 4.0 | ||||||||||||||||||||||||
Net flows | (5.0 | ) | (1.8 | ) | (1.1 | ) | (0.1 | ) | 3.8 | (1.7 | ) | — | (5.9 | ) | ||||||||||||||||||
Net market change, distributions and other 4 | 8.0 | 3.3 | 3.2 | (0.1 | ) | 1.4 | 0.2 | 0.3 | 16.3 | |||||||||||||||||||||||
AUM at September 30, 2017 | $ | 209.8 | $ | 107.2 | $ | 143.3 | $ | 71.0 | $ | 165.0 | $ | 50.6 | $ | 6.3 | $ | 753.2 |
1. | Net income represents net income attributable to Franklin Resources, Inc. |
2. | Taxes on income for the quarter ended December 31, 2017 includes an estimated income tax charge of $1.1 billion resulting from enactment of the Tax Cuts and Jobs Act of 2017, which was based on information available as of December 31, 2017. The estimate decreased by $0.8 million, $9.7 million and $89.6 million during the quarters ended March 31, 2018, June 30, 2018 and September 30, 2018, resulting in a charge of $968.8 million for the fiscal year, and may be further adjusted in the future upon issuance of additional technical guidance, legislative updates from states on tax reform, and the completion of the Company’s tax return filings for fiscal years 2017 and 2018. |
3. | Average AUM represents simple monthly average AUM. |
4. | Net market change, distributions and other includes appreciation (depreciation), distributions to investors that represent return on investments and return of capital, foreign exchange revaluation and net cash management. |
5. | International includes North America-based advisors serving non-resident clients. |
• | Volatility and disruption of the capital and credit markets, and adverse changes in the global economy, may significantly affect our results of operations and may put pressure on our financial results. |
• | The amount and mix of our AUM are subject to significant fluctuations. |
• | We are subject to extensive, complex, overlapping and frequently changing rules, regulations, policies, and legal interpretations. |
• | Global regulatory and legislative actions and reforms have made the regulatory environment in which we operate more costly and future actions and reforms could adversely impact our financial condition and results of operations. |
• | Failure to comply with the laws, rules or regulations in any of the jurisdictions in which we operate could result in substantial harm to our reputation and results of operations. |
• | Changes in tax laws or exposure to additional income tax liabilities could have a material impact on our financial condition, results of operations and liquidity. |
• | Any significant limitation, failure or security breach of our information and cyber security infrastructure, software applications, technology or other systems that are critical to our operations could disrupt our business and harm our operations and reputation. |
• | Our business operations are complex and a failure to properly perform operational tasks or the misrepresentation of our products and services, or the termination of investment management agreements representing a significant portion of our AUM, could have an adverse effect on our revenues and income. |
• | We face risks, and corresponding potential costs and expenses, associated with conducting operations and growing our business in numerous countries. |
• | We depend on key personnel and our financial performance could be negatively affected by the loss of their services. |
• | Strong competition from numerous and sometimes larger companies with competing offerings and products could limit or reduce sales of our products, potentially resulting in a decline in our market share, revenues and income. |
• | Changes in the third-party distribution and sales channels on which we depend could reduce our income and hinder our growth. |
• | Our increasing focus on international markets as a source of investments and sales of our products subjects us to increased exchange rate and market-specific political, economic or other risks that may adversely impact our revenues and income generated overseas. |
• | Harm to our reputation or poor investment performance of our products could reduce the level of our AUM or affect our sales, and negatively impact our revenues and income. |
• | Our future results are dependent upon maintaining an appropriate level of expenses, which is subject to fluctuation. |
• | Our ability to successfully manage and grow our business can be impeded by systems and other technological limitations. |
• | Our inability to successfully recover should we experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational harm, or legal liability. |
• | Regulatory and governmental examinations and/or investigations, litigation and the legal risks associated with our business, could adversely impact our AUM, increase costs and negatively impact our profitability and/or our future financial results. |
• | Our ability to meet cash needs depends upon certain factors, including the market value of our assets, operating cash flows and our perceived creditworthiness. |
• | We are dependent on the earnings of our subsidiaries. |
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Ticker: BENEvents:
CIK: 38777
Form Type: 8-K Corporate News
Accession Number: 0000038777-18-000227
Submitted to the SEC: Thu Oct 25 2018 8:32:02 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Thursday, October 25, 2018
Industry: Investment Advice