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Franklin Resources Inc (BEN) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2018

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Franklin Resources Inc

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CIK: 38777 Ticker: BEN


EXHIBIT 99.1
benfy141231a01b03.jpg
 
addressblock123114a01a98.gif
Contact:
Franklin Resources, Inc.
 
Investor Relations: Brian Sevilla (650) 312-4091
 
Media Relations: Matt Walsh (650) 312-2245
 
investors.franklinresources.com
FOR IMMEDIATE RELEASE

Franklin Resources, Inc. Announces Preliminary Fourth Quarter and Fiscal Year Results

San Mateo, CA, October 25, 2018 – Franklin Resources, Inc. (the “Company”) [NYSE: BEN] today announced preliminary net income1 of $502.5 million or $0.96 per diluted share for the quarter ended September 30, 2018, which included an $89.6 million or $0.17 per diluted share reduction of the estimated income tax charge2 resulting from enactment of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Net income for the previous quarter was $402.0 million or $0.75 per diluted share, and $425.2 million or $0.76 per diluted share for the quarter ended September 30, 2017. Preliminary net income1 for the year ended September 30, 2018 was $764.4 million or $1.39 per diluted share, which included an estimated income tax charge2 of $968.8 million or $1.80 per diluted share resulting from the Tax Act, as compared to $1,696.7 million or $3.01 per diluted share for the previous year.

“There were a number of noteworthy developments in fiscal year 2018,” said Greg Johnson, Chairman and CEO of Franklin Resources, Inc. “As announced earlier this morning, we have entered into an agreement to acquire Benefit Street Partners, with its $26 billion in assets under management. This acquisition will give us exposure to the private credit asset class, including distressed credit, which will complement our existing capabilities and allow us to expand the strategies we offer to our clients. This transaction will be in addition to the acquisitions of Edinburgh Partners and Random Forest earlier this year.

“We also continue to act on several multi-year strategic focus areas to augment our core business and fuel future growth. In fiscal year 2018, this included building out our multi-asset solutions business, promoting and expanding our ETF platform, and growing our alternatives investment capabilities.”
 
 
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
)
 
 

1
The following information was filed by Franklin Resources Inc (BEN) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Franklin Resources Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Other Comprehensive Income (Loss) By Component (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Lease Payments Under Long-Term Non-Cancelable Operating Leases (Details)
Commitments And Contingencies - Narrative (Details)
Consolidated Investment Products
Consolidated Investment Products (Tables)
Consolidated Investment Products - Narrative (Details)
Consolidated Investment Products - Schedule Of Balances Of Assets And Liabilities Of Cips Measured At Fair Value (Details)
Consolidated Investment Products - Schedule Of Balances Of Cips (Details)
Consolidated Investment Products - Schedule Of Changes In Level 3 Assets Of Cips (Details)
Consolidated Investment Products - Schedule Of Financial Instruments Of Cips Not Measured At Fair Value (Details)
Consolidated Investment Products - Schedule Of Investments Of Cips (Details)
Consolidated Investment Products - Schedule Of Redeemable Noncontrolling Interests Of Cips (Details)
Consolidated Investment Products - Schedule Of Valuation Techniques And Significant Unobservable Inputs Used In Level 3 Fair Value Measurements (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Outstanding Debt (Details)
Defined Contribution Plans
Defined Contribution Plans - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Components Of Basic And Diluted Earnings Per Share (Details)
Earnings Per Share - Narrative (Details)
Fair Value Measurement - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Financial Instruments Not Measured At Fair Value (Details)
Fair Value Measurements - Schedule Of Assets And Liability Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Schedule Of Changes In Level 3 Assets And Liabilities (Details)
Fair Value Measurements - Schedule Of Valuation Techniques And Significant Unobservable Inputs Used In Level 3 Fair Value Measurements (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Value Of Goodwill (Details)
Goodwill And Other Intangible Assets - Schedule Of Definite-Lived Intangible Assets (Details)
Goodwill And Other Intangible Assets - Schedule Of Estimated Remaining Amortization Expense (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Intangible Assets (Details)
Investments
Investments (Tables)
Investments - Narrative (Details)
Investments - Summary Of Gross Unrealized Gains And Losses Relating To Investment Securities, Available-For-Sale (Details)
Investments - Summary Of Gross Unrealized Losses, Afs, Continuous Loss Position (Details)
Investments - Summary Of Investments (Details)
New Accounting Guidance
New Accounting Guidance - Narrative (Details)
Nonconsolidated Variable Interest Entities
Nonconsolidated Variable Interest Entities (Details)
Nonconsolidated Variable Interest Entities (Tables)
Nonconsolidated Variable Interest Entities - Narrative (Details)
Other Income (Expenses)
Other Income (Expenses) (Tables)
Other Income (Expenses) - Narrative (Details)
Other Income (Expenses) - Schedule Of Other Income (Expense) (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Summary Of Property And Equipment (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Narrative (Details)
Segment And Geographic Information - Schedule Of Operating Revenues, Property And Equipment By Geographic Areas (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Summary Of Stock And Stock Unit Award Activity (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expenses (Details)
Subsequent Event
Subsequent Event - Narrative (Details)
Taxes On Income
Taxes On Income (Tables)
Taxes On Income - Components Of Deferred Tax Assets And Liabilities (Details)
Taxes On Income - Components Of Net Deferred Tax Liability As Classified In The Consolidated Balance Sheets (Details)
Taxes On Income - Narrative (Details)
Taxes On Income - Reconciliation Of Gross Unrecognized Tax Benefits (Details)
Taxes On Income - Reconciliation Of The Amount Of Tax Expense At The Federal Statutory Rate And Taxes On Income (Details)
Taxes On Income - Schedule Of Income Before Taxes (Details)
Taxes On Income - Schedule Of Taxes On Income (Details)
Ticker: BEN
CIK: 38777
Form Type: 10-K Annual Report
Accession Number: 0000038777-18-000233
Submitted to the SEC: Fri Nov 09 2018 7:53:07 AM EST
Accepted by the SEC: Fri Nov 09 2018
Period: Sunday, September 30, 2018
Industry: Investment Advice

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