Affiliated Managers Group, Inc. (NYSE: AMG) today reported its
financial and operating results for the third quarter and nine
months ended September 30, 2021.
Jay C. Horgen, President and Chief
Executive Officer of AMG, said:“AMG reported growth of 26%
in Adjusted EBITDA relative to the year-ago quarter, driven by
strong Affiliate investment performance and excellent execution in
new investments. Net client cash flows were positive, reflecting
strong demand for both private market and liquid alternative
strategies during the quarter. Looking ahead, we continue to
actively expand our exposure to areas of secular growth, including
illiquid alternatives, specialty fixed income, wealth management,
Asia, and ESG, through additional investments in new Affiliates —
and through supporting the growth of existing Affiliates leveraging
AMG's strategic resources.
“Recently, we announced a partnership with Abacus
Capital Group, an independent real estate investment manager with
an impressive 17-year track record of value-add real estate
investing, further enhancing our participation in private markets.
With the addition of Abacus, we now have six dedicated private
markets Affiliates managing more than $110 billion in aggregate
client assets across more than 30 strategies. Abacus is our fourth
new Affiliate investment this year, demonstrating the appeal of
AMG's partnership solution set and our position as the partner of
choice to high-quality independent firms around the world.
“In addition, we continue to invest in our existing
Affiliates' opportunities, and in strategic support and
distribution capabilities to further augment their growth. With our
strong financial profile and free cash flow generation, and unique
competitive advantages developed over our three-decade track record
as a partner to independent firms, we are confident in our ability
to continue to compound our earnings growth and create meaningful
shareholder value through the consistent execution of our strategy
over time."
FINANCIAL
HIGHLIGHTS |
|
Three Months Ended |
|
Nine Months Ended |
(in millions, except as noted
and per share data) |
|
9/30/2020 |
|
9/30/2021 |
|
9/30/2020 |
|
9/30/2021 |
Operating Performance
Measures |
|
|
|
|
|
|
|
|
AUM (at period end, in billions) |
|
$ |
653.5 |
|
|
$ |
747.8 |
|
|
$ |
653.5 |
|
|
$ |
747.8 |
|
Average AUM (in billions) |
|
657.9 |
|
|
751.8 |
|
|
652.2 |
|
|
745.8 |
|
Net client cash flows (in billions) |
|
(14.0 |
) |
|
3.3 |
|
|
(46.0 |
) |
|
(12.3 |
) |
Aggregate fees |
|
961.7 |
|
|
1,076.2 |
|
|
3,175.7 |
|
|
3,676.2 |
|
Financial Performance
Measures |
|
|
|
|
|
|
|
|
Net income (controlling interest) |
|
$ |
71.3 |
|
|
$ |
128.4 |
|
|
$ |
86.3 |
|
|
$ |
387.3 |
|
Earnings per share (diluted) (1) |
|
1.53 |
|
|
3.00 |
|
|
1.83 |
|
|
8.95 |
|
Supplemental
Performance Measures (2) |
|
|
|
|
|
|
|
|
Adjusted EBITDA (controlling interest) |
|
$ |
181.2 |
|
|
$ |
227.7 |
|
|
$ |
543.6 |
|
|
$ |
701.8 |
|
Economic net income (controlling interest) |
|
152.1 |
|
|
168.5 |
|
|
433.0 |
|
|
524.5 |
|
Economic earnings per share |
|
3.27 |
|
|
4.00 |
|
|
9.17 |
|
|
12.28 |
|
For additional information on our Supplemental
Performance Measures, including reconciliations to GAAP, see the
Financial Tables and Notes.
* Investment in Parnassus Investments closed on
October 1, 2021, and is not included in presentation of third
quarter financial results.
Capital Management During the
third quarter of 2021, the Company repurchased approximately $100
million in common stock bringing total share repurchases to $390
million year-to-date, and announced a third-quarter cash dividend
of $0.01 per share of common stock, payable November 24, 2021 to
stockholders of record as of the close of business on November 10,
2021.
About AMGAMG is a leading partner
to independent active investment management firms globally. AMG’s
strategy is to generate long‐term value by investing in a diverse
array of high-quality partner-owned investment firms, referred to
as "Affiliates," through a proven partnership approach, and
allocating resources across the Company's unique opportunity set to
the areas of highest growth and return. AMG’s innovative
partnership approach enables each Affiliate’s management team to
own significant equity in their firm while maintaining operational
and investment autonomy. In addition, AMG offers its Affiliates
growth capital, global distribution, and other strategic
value-added capabilities, which enhance the long-term growth of
these independent businesses and enable them to align equity
incentives across generations of principals to build enduring
franchises. As of September 30, 2021, AMG’s aggregate assets
under management were approximately $748 billion across a broad
range of return-oriented strategies. For more information, please
visit the Company’s website at www.amg.com.
Conference Call, Replay and Presentation
InformationA conference call will be held with AMG’s
management at 8:30 a.m. Eastern time today. Parties interested in
listening to the conference call should dial 1-877-407-8291 (U.S.
calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call
begins.
The conference call will also be available for replay beginning
approximately one hour after the conclusion of the call. To hear a
replay of the call, please dial 1-877-660-6853 (U.S. calls) or
1-201-612-7415 (non-U.S. calls) and provide conference ID 13724410.
The live call and replay of the session and a presentation
highlighting the Company's performance can also be accessed via
AMG’s website at https://ir.amg.com/.
Investor Relations:Anjali Aggarwal
Media Relations:
Ann Imes
+1 (617) 747-3300ir@amg.compr@amg.com
Financial Tables Follow
ASSETS UNDER MANAGEMENT - STATEMENT OF CHANGES
(in billions)
BY STRATEGY - QUARTER
TO DATE |
Alternatives |
|
|
Global Equities |
|
|
U.S. Equities |
|
|
Multi-Asset & Fixed
Income |
|
|
Total |
|
AUM, June 30, 2021 |
$ |
223.7 |
|
|
$ |
291.1 |
|
|
$ |
115.5 |
|
|
$ |
125.4 |
|
|
$ |
755.7 |
|
Client cash inflows and commitments |
12.0 |
|
|
10.2 |
|
|
3.6 |
|
|
5.4 |
|
|
31.2 |
|
Client cash outflows |
(3.9 |
) |
|
(13.2 |
) |
|
(5.8 |
) |
|
(5.0 |
) |
|
(27.9 |
) |
Net client cash flows |
8.1 |
|
|
(3.0 |
) |
|
(2.2 |
) |
|
0.4 |
|
|
3.3 |
|
Market changes |
0.9 |
|
|
(6.1 |
) |
|
(0.8 |
) |
|
0.8 |
|
|
(5.2 |
) |
Foreign exchange |
(1.0 |
) |
|
(2.3 |
) |
|
(0.4 |
) |
|
(0.5 |
) |
|
(4.2 |
) |
Realizations and distributions (net) |
(1.1 |
) |
|
— |
|
|
— |
|
|
(0.1 |
) |
|
(1.2 |
) |
Other |
(0.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(0.6 |
) |
AUM, September 30, 2021 |
$ |
230.0 |
|
|
$ |
279.7 |
|
|
$ |
112.1 |
|
|
$ |
126.0 |
|
|
$ |
747.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BY STRATEGY - YEAR TO
DATE |
Alternatives |
|
|
Global Equities |
|
|
U.S. Equities |
|
|
Multi-Asset & Fixed
Income |
|
|
Total |
|
AUM, December 31, 2020 |
$ |
216.5 |
|
|
$ |
278.5 |
|
|
$ |
103.5 |
|
|
$ |
117.7 |
|
|
$ |
716.2 |
|
Client cash inflows and commitments |
29.5 |
|
|
29.7 |
|
|
17.9 |
|
|
18.6 |
|
|
95.7 |
|
Client cash outflows |
(15.2 |
) |
|
(52.0 |
) |
|
(22.7 |
) |
|
(18.1 |
) |
|
(108.0 |
) |
Net client cash flows |
14.3 |
|
|
(22.3 |
) |
|
(4.8 |
) |
|
0.5 |
|
|
(12.3 |
) |
New investments |
2.6 |
|
|
2.9 |
|
|
1.1 |
|
|
— |
|
|
6.6 |
|
Market changes |
9.8 |
|
|
21.7 |
|
|
12.3 |
|
|
8.0 |
|
|
51.8 |
|
Foreign exchange |
(0.6 |
) |
|
(0.9 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
(1.7 |
) |
Realizations and distributions (net) |
(10.6 |
) |
|
(0.1 |
) |
|
— |
|
|
(0.1 |
) |
|
(10.8 |
) |
Other |
(2.0 |
) |
|
(0.1 |
) |
|
0.1 |
|
|
— |
|
|
(2.0 |
) |
AUM, September 30, 2021 |
$ |
230.0 |
|
|
$ |
279.7 |
|
|
$ |
112.1 |
|
|
$ |
126.0 |
|
|
$ |
747.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BY CLIENT TYPE -
QUARTER TO DATE |
Institutional |
|
|
Retail |
|
|
High Net Worth |
|
|
Total |
|
AUM, June 30, 2021 |
$ |
409.6 |
|
|
$ |
207.5 |
|
|
$ |
138.6 |
|
|
$ |
755.7 |
|
Client cash inflows and commitments |
17.1 |
|
|
8.5 |
|
|
5.6 |
|
|
31.2 |
|
Client cash outflows |
(12.6 |
) |
|
(11.4 |
) |
|
(3.9 |
) |
|
(27.9 |
) |
Net client cash
flows |
4.5 |
|
|
(2.9 |
) |
|
1.7 |
|
|
3.3 |
|
Market changes |
(3.7 |
) |
|
(1.8 |
) |
|
0.3 |
|
|
(5.2 |
) |
Foreign exchange |
(2.0 |
) |
|
(1.9 |
) |
|
(0.3 |
) |
|
(4.2 |
) |
Realizations and distributions (net) |
(1.0 |
) |
|
(0.2 |
) |
|
— |
|
|
(1.2 |
) |
Other |
(0.9 |
) |
|
0.1 |
|
|
0.2 |
|
|
(0.6 |
) |
AUM, September 30,
2021 |
$ |
406.5 |
|
|
$ |
200.8 |
|
|
$ |
140.5 |
|
|
$ |
747.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BY CLIENT TYPE - YEAR
TO DATE |
Institutional |
|
|
Retail |
|
|
High Net Worth |
|
|
Total |
|
AUM, December 31, 2020 |
$ |
401.0 |
|
|
$ |
189.3 |
|
|
$ |
125.9 |
|
|
$ |
716.2 |
|
Client cash inflows and commitments |
38.6 |
|
|
38.3 |
|
|
18.8 |
|
|
95.7 |
|
Client cash outflows |
(49.4 |
) |
|
(43.8 |
) |
|
(14.8 |
) |
|
(108.0 |
) |
Net client cash flows |
(10.8 |
) |
|
(5.5 |
) |
|
4.0 |
|
|
(12.3 |
) |
New investments |
4.5 |
|
|
1.0 |
|
|
1.1 |
|
|
6.6 |
|
Market changes |
25.2 |
|
|
16.9 |
|
|
9.7 |
|
|
51.8 |
|
Foreign exchange |
(0.7 |
) |
|
(1.0 |
) |
|
— |
|
|
(1.7 |
) |
Realizations and distributions (net) |
(10.2 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
|
(10.8 |
) |
Other |
(2.5 |
) |
|
0.4 |
|
|
0.1 |
|
|
(2.0 |
) |
AUM, September 30, 2021 |
$ |
406.5 |
|
|
$ |
200.8 |
|
|
$ |
140.5 |
|
|
$ |
747.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
Three Months Ended |
(in millions, except per share
data) |
9/30/2020 |
|
9/30/2021 |
|
|
|
|
Consolidated revenue |
$ |
494.8 |
|
|
$ |
575.2 |
|
|
|
|
|
Consolidated
expenses: |
|
|
|
Compensation and related expenses |
212.5 |
|
|
256.4 |
|
Selling, general and administrative |
74.1 |
|
|
82.9 |
|
Intangible amortization and impairments |
31.9 |
|
|
8.9 |
|
Interest expense |
23.8 |
|
|
28.5 |
|
Depreciation and other amortization |
4.6 |
|
|
4.0 |
|
Other expenses (net) |
12.3 |
|
|
14.6 |
|
Total consolidated
expenses |
359.2 |
|
|
395.3 |
|
|
|
|
|
Equity method income
(net)(3) |
17.0 |
|
|
35.9 |
|
|
|
|
|
Investment and other
income |
12.7 |
|
|
37.5 |
|
Income before income
taxes |
165.3 |
|
|
253.3 |
|
|
|
|
|
Income tax expense |
37.5 |
|
|
44.9 |
|
Net
income |
127.8 |
|
|
208.4 |
|
|
|
|
|
Net income (non-controlling
interests) |
(56.5 |
) |
|
(80.0 |
) |
Net income
(controlling interest) |
$ |
71.3 |
|
|
$ |
128.4 |
|
|
|
|
|
Average shares outstanding
(basic) |
46.3 |
|
|
41.1 |
|
Average shares outstanding
(diluted) |
46.5 |
|
|
44.3 |
|
|
|
|
|
Earnings per share
(basic) |
$ |
1.54 |
|
|
$ |
3.12 |
|
Earnings per share
(diluted)(1) |
$ |
1.53 |
|
|
$ |
3.00 |
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE
MEASURES(2)
|
Three Months Ended |
(in millions, except per share
data) |
9/30/2020 |
|
9/30/2021 |
|
|
|
|
Net income (controlling interest) |
$ |
71.3 |
|
|
$ |
128.4 |
|
Intangible amortization and impairments |
59.1 |
|
|
35.6 |
|
Intangible-related deferred taxes |
27.0 |
|
|
12.0 |
|
Other economic items |
(5.3 |
) |
|
(7.5 |
) |
Economic net income (controlling interest) |
$ |
152.1 |
|
|
$ |
168.5 |
|
|
|
|
|
Average
shares outstanding (adjusted diluted) |
46.5 |
|
|
42.2 |
|
Economic earnings per share |
$ |
3.27 |
|
|
$ |
4.00 |
|
|
|
|
|
Net income
(controlling interest) |
$ |
71.3 |
|
|
$ |
128.4 |
|
Interest expense |
23.8 |
|
|
28.5 |
|
Income taxes |
32.5 |
|
|
42.6 |
|
Intangible amortization and impairments |
59.1 |
|
|
35.6 |
|
Other items |
(5.5 |
) |
|
(7.4 |
) |
Adjusted EBITDA
(controlling interest) |
$ |
181.2 |
|
|
$ |
227.7 |
|
|
|
|
|
|
|
|
|
See Notes for additional information.
CONSOLIDATED STATEMENTS OF INCOME
|
Nine Months Ended |
(in millions, except per share
data) |
9/30/2020 |
|
9/30/2021 |
|
|
|
|
Consolidated revenue |
$ |
1,473.2 |
|
|
$ |
1,720.6 |
|
|
|
|
|
Consolidated
expenses: |
|
|
|
Compensation and related expenses |
636.9 |
|
|
752.2 |
|
Selling, general and administrative |
237.9 |
|
|
250.3 |
|
Intangible amortization and impairments |
133.4 |
|
|
25.3 |
|
Interest expense |
65.6 |
|
|
82.8 |
|
Depreciation and other amortization |
14.7 |
|
|
12.5 |
|
Other expenses (net) |
34.6 |
|
|
40.6 |
|
Total consolidated
expenses |
1,123.1 |
|
|
1,163.7 |
|
|
|
|
|
Equity method income
(loss) (net)(3) |
(78.8 |
) |
|
125.1 |
|
|
|
|
|
Investment and other
income |
2.9 |
|
|
91.1 |
|
Income before income
taxes |
274.2 |
|
|
773.1 |
|
|
|
|
|
Income tax expense |
43.0 |
|
|
166.4 |
|
Net
income |
231.2 |
|
|
606.7 |
|
|
|
|
|
Net income (non-controlling
interests) |
(144.9 |
) |
|
(219.4 |
) |
Net income
(controlling interest) |
$ |
86.3 |
|
|
$ |
387.3 |
|
|
|
|
|
Average shares outstanding
(basic) |
47.1 |
|
|
41.8 |
|
Average shares outstanding
(diluted) |
47.2 |
|
|
44.8 |
|
|
|
|
|
Earnings per share
(basic) |
$ |
1.83 |
|
|
$ |
9.28 |
|
Earnings per share
(diluted)(1) |
$ |
1.83 |
|
|
$ |
8.95 |
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE
MEASURES(2)
|
Nine Months Ended |
(in millions, except per share
data) |
9/30/2020 |
|
9/30/2021 |
|
|
|
|
Net income (controlling interest) |
$ |
86.3 |
|
|
$ |
387.3 |
|
Intangible amortization and impairments |
341.1 |
|
|
111.7 |
|
Intangible-related deferred taxes |
(7.1 |
) |
|
51.9 |
|
Other economic items |
12.7 |
|
|
(26.4 |
) |
Economic net income
(controlling interest) |
$ |
433.0 |
|
|
$ |
524.5 |
|
|
|
|
|
Average shares outstanding
(adjusted diluted) |
47.2 |
|
|
42.7 |
|
Economic earnings per
share |
$ |
9.17 |
|
|
$ |
12.28 |
|
|
|
|
|
Net income
(controlling interest) |
$ |
86.3 |
|
|
$ |
387.3 |
|
Interest expense |
65.6 |
|
|
82.8 |
|
Income taxes |
33.7 |
|
|
153.2 |
|
Intangible amortization and impairments |
341.1 |
|
|
111.7 |
|
Other items |
16.9 |
|
|
(33.2 |
) |
Adjusted EBITDA
(controlling interest) |
$ |
543.6 |
|
|
$ |
701.8 |
|
|
|
|
|
|
|
|
|
See Notes for additional information
CONSOLIDATED BALANCE SHEET
|
Period Ended |
(in millions) |
12/31/2020 |
|
9/30/2021 |
|
|
|
|
Assets |
|
|
|
Cash and cash equivalents |
$ |
1,039.7 |
|
|
$ |
1,128.0 |
|
Receivables |
421.6 |
|
|
492.5 |
|
Investments in marketable securities |
74.9 |
|
|
75.8 |
|
Goodwill |
2,661.4 |
|
|
2,658.5 |
|
Acquired client relationships (net) |
1,048.8 |
|
|
1,018.2 |
|
Equity method investments in Affiliates (net) |
2,074.8 |
|
|
2,085.2 |
|
Fixed assets (net) |
79.6 |
|
|
74.2 |
|
Other investments |
257.2 |
|
|
357.1 |
|
Other assets |
230.9 |
|
|
218.1 |
|
Total assets |
$ |
7,888.9 |
|
|
$ |
8,107.6 |
|
|
|
|
|
Liabilities and Equity |
|
|
|
Payables and accrued liabilities |
$ |
712.4 |
|
|
$ |
690.2 |
|
Debt |
2,312.1 |
|
|
2,491.8 |
|
Deferred income tax liability (net) |
423.4 |
|
|
513.9 |
|
Other liabilities |
452.2 |
|
|
463.3 |
|
Total liabilities |
3,900.1 |
|
|
4,159.2 |
|
|
|
|
|
Redeemable non-controlling
interests |
671.5 |
|
|
748.9 |
|
Equity: |
|
|
|
Common stock |
0.6 |
|
|
0.6 |
|
Additional paid-in capital |
728.9 |
|
|
556.0 |
|
Accumulated other comprehensive loss |
(98.3 |
) |
|
(83.7 |
) |
Retained earnings |
4,005.5 |
|
|
4,391.5 |
|
|
4,636.7 |
|
|
4,864.4 |
|
Less:
treasury stock, at cost |
(1,857.0 |
) |
|
(2,227.5 |
) |
Total stockholders’ equity |
2,779.7 |
|
|
2,636.9 |
|
Non-controlling interests |
537.6 |
|
|
562.6 |
|
Total equity |
3,317.3 |
|
|
3,199.5 |
|
Total liabilities and equity |
$ |
7,888.9 |
|
|
$ |
8,107.6 |
|
|
|
|
|
|
|
|
|
Notes
(1) |
Earnings per share (diluted) adjusts for the dilutive effect of the
potential issuance of incremental shares of our common stock. We
had junior convertible securities outstanding during the periods
presented and are required to apply the if-converted method to
these securities in our calculation of Earnings per share
(diluted). Under the if-converted method, shares that are issuable
upon conversion are deemed outstanding, regardless of whether the
securities are contractually convertible into our common stock at
that time. For this calculation, the interest expense (net of tax)
attributable to these dilutive securities is added back to Net
income (controlling interest), reflecting the assumption that the
securities have been converted. Issuable shares for these
securities and related interest expense are excluded from the
calculation if an assumed conversion would be anti-dilutive to
diluted earnings per share.The following table provides a
reconciliation of the numerator and denominator used in the
calculation of basic and diluted earnings per share: |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
(in millions) |
|
9/30/2020 |
|
9/30/2021 |
|
9/30/2020 |
|
9/30/2021 |
|
Numerator |
|
|
|
|
|
|
|
|
|
Net income (controlling interest) |
|
$ |
71.3 |
|
|
$ |
128.4 |
|
|
$ |
86.3 |
|
|
$ |
387.3 |
|
|
Interest
expense on junior convertible securities, net of taxes |
|
— |
|
|
4.6 |
|
|
— |
|
|
13.9 |
|
|
Net
income (controlling interest), as adjusted |
|
$ |
71.3 |
|
|
$ |
133.0 |
|
|
$ |
86.3 |
|
|
$ |
401.2 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Average
shares outstanding (basic) |
|
46.3 |
|
|
41.1 |
|
|
47.1 |
|
|
41.8 |
|
|
Effect
of dilutive instruments: |
|
|
|
|
|
|
|
|
|
Stock options and restricted stock units |
|
0.2 |
|
|
1.1 |
|
|
0.1 |
|
|
0.9 |
|
|
Junior convertible securities |
|
— |
|
|
2.1 |
|
|
— |
|
|
2.1 |
|
|
Average
shares outstanding (diluted) |
|
46.5 |
|
|
44.3 |
|
|
47.2 |
|
|
44.8 |
|
(2) |
As
supplemental information, we provide non-GAAP performance measures
of Adjusted EBITDA (controlling interest), Economic net income
(controlling interest) and Economic earnings per share. Management
utilizes these non-GAAP performance measures to assess our
performance before our share of certain non-cash expenses and to
improve comparability between periods.Adjusted EBITDA (controlling
interest) represents our performance before our share of interest
expense, income taxes, depreciation, amortization, impairments,
certain Affiliate equity expenses, gains and losses on general
partner and seed capital investments, and adjustments to our
contingent payment arrangements. We believe that many investors use
this non-GAAP measure when assessing the financial performance of
companies in the investment management industry.Under our Economic
net income (controlling interest) definition, we add to Net income
(controlling interest) our share of pre-tax intangible amortization
and impairments (including the portion attributable to equity
method investments in Affiliates), deferred taxes related to
intangible assets, and other economic items which include non-cash
imputed interest (principally related to the accounting for
convertible securities and contingent payment arrangements),
certain Affiliate equity expenses, and gains and losses on general
partner and seed capital investments. Economic net income
(controlling interest) is used by management and our Board of
Directors as our principal performance benchmark, including as one
of the measures for aligning executive compensation with
stockholder value.Economic earnings per share represents Economic
net income (controlling interest) divided by the Average shares
outstanding (adjusted diluted). In this calculation, the potential
share issuance in connection with our junior convertible securities
is measured using a “treasury stock” method. Under this method,
only the net number of shares of common stock equal to the value of
the junior convertible securities in excess of par, if any, are
deemed to be outstanding. We believe the inclusion of net shares
under a treasury stock method best reflects the benefit of the
increase in available capital resources (which could be used to
repurchase shares of common stock) that occurs when these
securities are converted and we are relieved of our debt
obligation.The following table provides a reconciliation of Average
shares outstanding (adjusted diluted): |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
(in millions) |
|
9/30/2020 |
|
9/30/2021 |
|
9/30/2020 |
|
9/30/2021 |
|
Average shares outstanding (diluted) |
|
46.5 |
|
|
44.3 |
|
|
47.2 |
|
|
44.8 |
|
|
Junior convertible securities |
|
— |
|
|
(2.1 |
) |
|
— |
|
|
(2.1 |
) |
|
Average
shares outstanding (adjusted diluted) |
|
46.5 |
|
|
42.2 |
|
|
47.2 |
|
|
42.7 |
|
|
These non-GAAP performance measures are provided in addition to,
but not as a substitute for, Net income (controlling interest),
Earnings per share or other GAAP performance measures. For
additional information on our non-GAAP measures, see our Annual and
Quarterly Reports on Form 10-K and 10-Q, respectively, which are
accessible on the SEC’s website at www.sec.gov. |
|
|
(3) |
The following table presents
equity method earnings and equity method intangible amortization
and impairments, which in aggregate form Equity method income
(loss) (net): |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
(in millions) |
|
9/30/2020 |
|
9/30/2021 |
|
9/30/2020 |
|
9/30/2021 |
|
Equity method earnings |
|
$ |
51.3 |
|
|
$ |
65.2 |
|
|
$ |
171.7 |
|
|
$ |
218.9 |
|
|
Equity
method intangible amortization and impairments |
|
(34.3 |
) |
|
(29.3 |
) |
|
(250.5 |
) |
|
(93.8 |
) |
|
Equity method income (loss) (net) |
|
$ |
17.0 |
|
|
$ |
35.9 |
|
|
$ |
(78.8 |
) |
|
$ |
125.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Looking Statements and Other
Matters
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws. These statements include, but are not limited to,
statements related to our expectations regarding the performance of
our business, our financial results, our liquidity and capital
resources and other non-historical statements. You can identify
these forward-looking statements by the use of words such as
“outlook,” “guidance,” “believes,” “expects,” “potential,”
"preliminary," “continues,” “may,” “will,” “should,” “seeks,”
“approximately,” “predicts,” “projects,” “positioned,” “prospects,”
“intends,” “plans,” “estimates,” “pending investments,”
“anticipates” or the negative version of these words or other
comparable words. Actual results and the timing of certain events
could differ materially from those projected in or contemplated by
the forward-looking statements due to a number of factors,
including changes in the securities or financial markets or in
general economic conditions, pandemics (including COVID-19) and
related changes in the global economy, capital markets and the
asset management industry, the availability of equity and debt
financing, competition for acquisitions of interests in investment
management firms, the ability to close pending investments, the
investment performance and growth rates of our Affiliates and their
ability to effectively market their investment strategies, the mix
of Affiliate contributions to our earnings and other risks,
uncertainties and assumptions, including those described under the
section entitled “Risk Factors” in our most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be
updated from time to time in our periodic filings with the SEC.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in this release and in our filings with the SEC. We
undertake no obligation to publicly update or review any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as required by applicable
law.
From time to time, AMG may use its website as a distribution
channel of material Company information. AMG routinely posts
financial and other important information regarding the Company in
the Investor Relations section of its website at www.amg.com and
encourages investors to consult that section regularly.
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