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Franklin Resources Inc (BEN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

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Franklin Resources Inc

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CIK: 38777 Ticker: BEN

EXHIBIT 99.1
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Contact: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

FOR IMMEDIATE RELEASE

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

San Mateo, CA, November 1, 2022
– Franklin Resources, Inc. (the “Company”) [NYSE: BEN] today announced preliminary net income1 of $232.7 million or $0.46 per diluted share for the quarter ended September 30, 2022, as compared to $256.4 million or $0.50 per diluted share for the previous quarter, and $665.7 million or $1.30 per diluted share for the quarter ended September 30, 2021. Preliminary net income1 for the year ended September 30, 2022 was $1,291.9 million or $2.53 per diluted share, as compared to $1,831.2 million or $3.57 per diluted share for the prior year. Preliminary operating income was $348.5 million for the quarter ended September 30, 2022, as compared to $404.7 million for the previous quarter and $531.5 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. Preliminary adjusted net income2 was $394.4 million and adjusted diluted earnings per share2 was $0.78 for the quarter ended September 30, 2022, as compared to $416.0 million and $0.82 for the previous quarter, and $644.6 million and $1.26 for the quarter ended September 30, 2021. Preliminary adjusted net income2 was $1,855.6 million and adjusted diluted earnings per share2 was $3.63 for the year ended September 30, 2022, as compared to $1,915.2 million and $3.74 for the prior year. Preliminary adjusted operating income2 was $494.1 million for the quarter ended September 30, 2022, as compared to $566.9 million for the previous quarter and $647.1 million for the prior year.

“This month, we officially mark Franklin Templeton’s 75th anniversary as a company,” said Jenny Johnson, President and CEO of Franklin Resources, Inc. “Over that time span, we have focused on building a diversified business – across asset classes, client types, regions and investment vehicles – and fiscal year 2022 was no exception.

“Since January, macroeconomic and geopolitical uncertainty have resulted in significant volatility and correlated declines in both global equity and fixed income markets. Our assets under management and flows were impacted by these unprecedented conditions and industry-wide pressures. However, as always, we have been actively engaging with our clients by providing insights and thought leadership to help them navigate the latest conditions, including drawing upon the expanded resources of our various specialist investment managers and the Franklin Templeton Institute. We benefitted from having a diversified mix of assets and generated net inflows in the alternative and multi-asset categories. We also saw an improvement in our non-US regions, with EMEA experiencing positive net flows for the year.

“Our continued expansion of alternative investment capabilities, an increasing area of client demand, led us to the acquisitions of Lexington Partners and Alcentra, which closed today. Pro forma for Alcentra, alternative assets total $260 billion as of September 30, 2022, making Franklin Templeton one of the largest managers of alternative assets with a meaningful presence in the key alternative categories.

“Additionally, we see the importance of technology in providing greater customization solutions to investors. Toward this end, earlier this fiscal year we acquired Canvas, a leading custom indexing solutions platform through O’Shaughnessy Asset Management. Canvas has experienced positive net flows each quarter since the platform launched in September 2019 and AUM has grown by over 50% since we announced the acquisition. We also continued to be actively engaged in making investments
1
The following information was filed by Franklin Resources Inc (BEN) on Tuesday, November 1, 2022 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

Audit Information
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Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
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Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
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)
Acquisition
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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 Contractual Maturities For Debt Of Cips (Details)
Consolidated Investment Products - Schedule Of Debt Of Cips (Details)
Consolidated Investment Products - Schedule Of Financial Instruments Of Cips Not Measured At Fair Value (Details)
Consolidated Investment Products - Schedule Of Investments Measured At Nav (Details)
Consolidated Investment Products - Schedule Of Unpaid Principal Balance And Fair Value Of Investments And Debt Of Clos (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 Measurements
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Fair Value Measurements - Financial Instruments Not Measured At Fair Value (Details)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Schedule Of Changes In Level 3 Liabilities (Details)
Fair Value Measurements - Schedule Of Investments Measured At Nav (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)
Investment And Other Income (Losses), Net
Investment And Other Income (Losses), Net (Tables)
Investment And Other Income (Losses), Net - Narrative (Details)
Investment And Other Income (Losses), Net - Schedule Of Investment And Other Income (Losses), Net (Details)
Investments
Investments (Tables)
Investments - Narratives (Details)
Investments - Summary Of Investments (Details)
Leases
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Leases - Cash Flow Supplemental Disclosure (Details)
Leases - Lease Expenses (Details)
Leases - Lessor Operating Lease Payments (Details)
Leases - Operating Lease Liability Maturities (Details)
Leases - Quantitative Disclosure Of Operating Leases (Details)
Nonconsolidated Variable Interest Entities
Nonconsolidated Variable Interest Entities (Details)
Nonconsolidated Variable Interest Entities (Tables)
Property And Equipment
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Property And Equipment - Narrative (Details)
Property And Equipment - Summary Of Property And Equipment (Details)
Redeemable Noncontrolling Interest (Details)
Redeemable Noncontrolling Interests
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Revenues - Schedule Of Operating Revenues By Geographic Area (Details)
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Significant Accounting Policies
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Significant Accounting Policies - Narrative (Details)
Stock-Based Compensation
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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 Events
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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 - Narrative - Valuation Allowance (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)
Taxes On Income - Schedule Of Transition Tax Payable (Details)
Ticker: BEN
CIK: 38777
Form Type: 10-K Annual Report
Accession Number: 0000038777-22-000198
Submitted to the SEC: Mon Nov 14 2022 5:11:49 PM EST
Accepted by the SEC: Mon Nov 14 2022
Period: Friday, September 30, 2022
Industry: Investment Advice

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