T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Q1 2024 Earnings Presentation
13 slides from T. Rowe Price's earnings presentation, Apr 26, 2024
Slide 1: T. Rowe Price Group Reports First Quarter 2024 Results
NEWS RELEASE T. ROWE PRICE GROUP REPORTS FIRST QUARTER 2024 RESULTS BALTIMORE (April 26, 2024) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported its results for the first quarter of 2024. ▪ Quarter-end assets under management of $1.54 trillion ▪ Net client outflows of $8.0 billion ▪ Dilut
Slide 2: Assets Under Management
Assets Under Management During Q1 2024, assets under management (AUM) increased $97.7 billion to $1.54 trillion. The components of the change in AUM, by asset class, are shown in the table below. Three months ended 3/31/2024 Fixed income, including money (in billions) Equity market Multi-asset(1) Al
Slide 3: Financial Results Highlights: Net Revenues
Financial Results Highlights Net Revenues Three months ended (in millions) 3/31/2024 3/31/2023 Change 12/31/2023 Change Investment advisory fees Equity $ 949.6 $ 833.9 13.9 % $ 864.3 9.9 % Fixed income, including money market 100.6 102.4 (1.8)% 98.2 2.4 % Multi-asset 429.7 386.0 11.3 % 400.6 7.3 % A
Slide 4: Operating Expenses
A portion of the capital allocation-based income is passed through as compensation and recognized in compensation and related costs with the unpaid amount reported as non-controlling interest on the consolidated balance sheet. For detail of the quarterly change in accrued carried interest, which is
Slide 5: Operating Expenses (continued)
interim bonus accrual. The firm employed 7,878 associates at March 31, 2024, a decrease of 0.4% from the end of 2023, and an increase of 0.5% from March 31, 2023. ▪ Distribution and servicing costs in Q1 2024 of $81.9 million increased $10.4 million from Q1 2023 and $6.2 million from Q4 2023. The in
Slide 6: Non-operating income (loss)
Non-operating income (loss) (in millions) Three months ended 3/31/2024 3/31/2023 12/31/2023 Net gains (losses) from non-consolidated T. Rowe Price investment products Cash and discretionary investments Dividend income $ 27.8 $ 20.2 $ 33.1 Market-related gains (losses) and equity in earnings (losses)
Slide 7: Other Matters
Other Matters The financial results presented in this release are unaudited. The firm expects that it will file its Form 10-Q Quarterly Report for the first quarter of 2024 with the U.S. Securities and Exchange Commission later today. The Form 10-Q will include additional information on the firm's u
Slide 8: Unaudited Consolidated Statements of Income
Unaudited Consolidated Statements of Income (in millions, except per-share amounts) Three months ended Revenues 3/31/2024 3/31/2023 12/31/2023 Investment advisory fees $ 1,554.0 $ 1,391.8 $ 1,461.2 Capital allocation-based income 47.1 16.9 40.2 Administrative, distribution, and servicing fees 149.1
Slide 9: Cash flow attributable to T. Rowe Price
The following table summarizes the cash flows for the three months ended 2024 that are attributable to T. Rowe Price Group, our consolidated sponsored investment products, and the related eliminations required. Three months ended 3/31/2024 Cash flow attributable to Cash flow consolidated attributabl
Slide 10: Investments in affiliated private investment funds and non-controlling interests
The following tables detail changes in our investments in affiliated private investment funds - carried interest and non-controlling interest in consolidated entities. Three months ended Investments in affiliated private investment funds - carried interest 3/31/2024 3/31/2023 12/31/2023 Balance at b
Slide 11: U.S. GAAP to non-GAAP reconciliation, Q1 2024
The following schedules reconcile U.S. GAAP financial measures to non-GAAP financial measures for the three months ended March 31, 2024 and 2023 and December 31, 2023. Three months ended 3/31/2024 Non- Provision Net income Net operating (benefit) for attributable Diluted Operating operating income i
Slide 12: U.S. GAAP to non-GAAP reconciliation, Q4 2023
Three months ended 12/31/2023 Non- Provision Net income Net operating (benefit) for attributable Diluted Operating operating income income to T. Rowe earnings per expenses income (loss) taxes(5) Price share(6) U.S. GAAP Basis (FS line item) $ 1,254.8 $ 387.2 $ 259.7 $ 173.3 $ 437.6 $ 1.90 Non-GAAP a
Slide 13: Adjusted net income allocated to common stockholders
Three months ended 3/31/2024 3/31/2023 12/31/2023 Adjusted net income attributable to T. Rowe Price $ 548.5 $ 389.4 $ 394.7 Less: adjusted net income allocated to outstanding restricted stock and stock unit holders 15.2 9.6 10.6 Adjusted net income allocated to common stockholders $ 533.3 $ 379.8 $