Invesco Ltd 10-Q for FY2022 Q1

Invesco Ltd. (IVZ)

10-Q 2022-04-29 For: 2022-03-31

Added on April 08, 2026

About this 10-Q

Invesco Ltd filed this 10-Q on April 29, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.63B; down 1.8% from $1.66B a year earlier
Net income: $197.7M; down 26.2% from net income of $267.8M a year earlier
Diluted EPS: $0.43; down 25.9% from $0.58 a year earlier

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $.20 par value	IVZ	New York Stock Exchange



			Page
TABLE OF CONTENTS

PART I. Financial Information
Item 1. Financial Statements (unaudited)			3
Condensed Consolidated Balance Sheets			3
Condensed Consolidated Statements of Income			4
Condensed Consolidated Statements of Comprehensive Income			5
Condensed Consolidated Statements of Cash Flows			6
Condensed Consolidated Statements of Changes in Equity			7
Notes to the Condensed Consolidated Financial Statements			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures About Market Risk			53
Item 4. Controls and Procedures			54

PART II. Other Information
Item 1. Legal Proceedings			55
Item 1A. Risk Factors			55
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			55
Item 6. Exhibits			56
Signatures			57


	As of
$ in millions, except per share data	March 31, 2022	December 31, 2021
ASSETS
Cash and cash equivalents	1,309.6	1,896.4

Accounts receivable	756.3	785.0
Investments	966.8	926.3
Assets of consolidated investment products (CIP):
Cash and cash equivalents of CIP	304.5	250.7
Accounts receivable and other assets of CIP	403.6	532.6
Investments of CIP	9,044.6	9,042.5
Assets held for policyholders	1,662.1	1,893.6

Other assets	853.1	729.9
Property, equipment and software, net	499.6	518.1
Intangible assets, net	7,206.2	7,228.0
Goodwill	8,847.4	8,882.5
Total assets	31,853.8	32,685.6
LIABILITIES
Accrued compensation and benefits	495.4	1,062.3
Accounts payable and accrued expenses	1,271.3	1,157.1
Liabilities of CIP:
Debt of CIP	7,084.4	7,336.1
Other liabilities of CIP	763.1	846.3
Policyholder payables	1,662.1	1,893.6

Debt	2,085.7	2,085.1
Deferred tax liabilities, net	1,704.5	1,626.3
Total liabilities	15,066.5	16,006.8
Commitments and contingencies (See Note 11)
TEMPORARY EQUITY
Redeemable noncontrolling interests in consolidated entities	801.1	510.8
PERMANENT EQUITY
Equity attributable to Invesco Ltd.:
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of March 31, 2022 and December 31, 2021)	4,010.5	4,010.5
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of March 31, 2022 and December 31, 2021)	113.2	113.2
Additional paid-in-capital	7,547.0	7,688.0
Treasury shares	(3,105.1)	(3,043.6)
Retained earnings	7,287.9	7,169.2
Accumulated other comprehensive income/(loss), net of tax	(508.5)	(441.5)
Total equity attributable to Invesco Ltd.	15,345.0	15,495.8
Equity attributable to nonredeemable noncontrolling interests in consolidated entities	641.2	672.2
Total permanent equity	15,986.2	16,168.0
Total liabilities, temporary and permanent equity	31,853.8	32,685.6


	Three months ended March 31,
$ in millions, except per common share data	2022	2021
Operating revenues:
Investment management fees	1,180.5	1,206.6
Service and distribution fees	379.0	381.1
Performance fees	1.0	6.7
Other	68.9	65.3
Total operating revenues	1,629.4	1,659.7
Operating expenses:
Third-party distribution, service and advisory	512.6	522.8
Employee compensation	432.9	489.2
Marketing	21.7	15.8
Property, office and technology	132.0	129.3
General and administrative	102.2	96.6
Transaction, integration and restructuring	35.2	45.8
Amortization of intangibles	15.1	15.9
Total operating expenses	1,251.7	1,315.4
Operating income	377.7	344.3
Other income/(expense):
Equity in earnings of unconsolidated affiliates	33.4	27.5
Interest and dividend income	1.2	1.3
Interest expense	(23.2)	(23.8)
Other gains/(losses), net	(45.5)	34.1
Other income/(expense) of CIP, net	(23.3)	94.7
Income before income taxes	320.3	478.1
Income tax provision	(82.8)	(106.5)


Net income	237.5	371.6
Net (income)/loss attributable to noncontrolling interests in consolidated entities	19.4	(44.6)
Dividends declared on preferred shares	(59.2)	(59.2)
Net income attributable to Invesco Ltd.	197.7	267.8

Earnings per common share:
-basic	$0.43	$0.58
-diluted	$0.43	$0.58


	Three months ended March 31,
$ in millions	2022	2021
Net income	237.5	371.6

Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries	(67.2)	0.8
Other comprehensive income/(loss), net of tax	0.2	(4.0)
Other comprehensive income/(loss)	(67.0)	(3.2)

Total comprehensive income/(loss)	170.5	368.4

Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities	19.4	(44.6)
Dividends declared on preferred shares	(59.2)	(59.2)
Comprehensive income/(loss) attributable to Invesco Ltd.	130.7	264.6


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Three months ended March 31, 2022
	Equity Attributable to Invesco Ltd.
$ in millions, except share data	Preferred Shares	Common Shares	Additional Paid-in-Capital	Treasury Shares	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Total Equity Attributable to Invesco Ltd.	Nonredeemable Noncontrolling Interests in Consolidated Entities	Total Permanent Equity	Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity
January 1, 2022	4,010.5	113.2	7,688.0	(3,043.6)	7,169.2	(441.5)	15,495.8	672.2	16,168.0	510.8


Net income	—	—	—	—	256.9	—	256.9	(8.2)	248.7	(11.2)
Other comprehensive income/(loss)	—	—	—	—	—	(67.0)	(67.0)	—	(67.0)	—
Change in noncontrolling interests in consolidated entities, net	—	—	—	—	—	—	—	(22.8)	(22.8)	301.5

Dividends declared - preferred ($14.75 per share)	—	—	—	—	(59.2)	—	(59.2)	—	(59.2)	—
Dividends declared - common ($0.17 per share)	—	—	—	—	(79.0)	—	(79.0)	—	(79.0)	—
Employee common share plans:
Common share-based compensation	—	—	29.5	—	—	—	29.5	—	29.5	—
Vested common shares	—	—	(171.0)	171.0	—	—	—	—	—	—
Other common share awards	—	—	0.5	—	—	—	0.5	—	0.5	—
Purchase of common shares	—	—	—	(232.5)	—	—	(232.5)	—	(232.5)	—
March 31, 2022	4,010.5	113.2	7,547.0	(3,105.1)	7,287.9	(508.5)	15,345.0	641.2	15,986.2	801.1


Three months ended March 31, 2021
	Equity Attributable to Invesco Ltd.
$ in millions, except share data	Preferred Shares	Common Shares	Additional Paid-in-Capital	Treasury Shares	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Total Equity Attributable to Invesco Ltd.	Nonredeemable Noncontrolling Interests in Consolidated Entities	Total Permanent Equity	Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity
January 1, 2021	4,010.5	113.2	7,811.4	(3,253.8)	6,085.0	(404.5)	14,361.8	447.1	14,808.9	211.8


Net income	—	—	—	—	327.0	—	327.0	42.8	369.8	1.8
Other comprehensive income/(loss)	—	—	—	—	—	(3.2)	(3.2)	—	(3.2)	—
Change in noncontrolling interests in consolidated entities, net	—	—	—	—	—	—	—	(8.2)	(8.2)	124.7

Dividends declared - preferred ($14.75 per share)	—	—	—	—	(59.2)	—	(59.2)	—	(59.2)	—
Dividends declared - common ($0.155 per share)	—	—	—	—	(72.9)	—	(72.9)	—	(72.9)	—
Employee common share plans:
Common share-based compensation	—	—	38.6	—	—	—	38.6	—	38.6	—
Vested common shares	—	—	(210.4)	210.4	—	—	—	—	—	—
Other common share awards	—	—	—	0.4	—	—	0.4	—	0.4	—
Purchase of common shares	—	—	—	(44.7)	—	—	(44.7)	—	(44.7)	—
March 31, 2021	4,010.5	113.2	7,639.6	(3,087.7)	6,279.9	(407.7)	14,547.8	481.7	15,029.5	338.3


	As of March 31, 2022
$ in millions	Fair Value Measurements	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds (1)	848.1	848.1	—	—
Investments (2):
Equity investments:
Seed money	98.8	98.8	—	—
Investments related to deferred compensation plans	205.8	205.8	—	—
Other equity securities	1.5	1.5	—	—



Assets held for policyholders (3)	1,662.1	1,662.1	—	—

Total	2,816.3	2,816.3	—	—
Liabilities:
Total return swaps related to deferred compensation plans	(27.9)	—	(27.9)	—
Contingent consideration liability	(1.3)	—	—	(1.3)
Total	(29.2)	—	(27.9)	(1.3)


	As of December 31, 2021
$ in millions	Fair Value Measurements	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds (1)	1,270.0	1,270.0	—	—
Investments (2):
Equity investments:
Seed money	109.4	109.4	—	—
Investments related to deferred compensation plans	226.6	226.6	—	—
Other equity securities	1.9	1.9	—	—



Assets held for policyholders (3)	1,893.6	1,893.6	—	—
Total return swaps related to deferred compensation plans	1.6	—	1.6	—
Total	3,503.1	3,501.5	1.6	—
Liabilities:
Contingent consideration liability	(1.3)	—	—	(1.3)
Total	(1.3)	—	—	(1.3)


	As of
in millions	March 31, 2022	December 31, 2021
Preferred shares issued (1)	4.0	4.0

Preferred shares outstanding (1)	4.0	4.0


	For the three months ended March 31, 2022
$ in millions	Foreign currency translation	Employee benefit plans	Equity method investments	Available-for-sale investments	Total
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries	(67.2)	—	—	—	(67.2)
Other comprehensive income, net	—	0.2	—	—	0.2
Other comprehensive income/(loss), net of tax	(67.2)	0.2	—	—	(67.0)

Beginning balance	(352.6)	(89.6)	—	0.7	(441.5)


Other comprehensive income/(loss), net of tax	(67.2)	0.2	—	—	(67.0)
Ending balance	(419.8)	(89.4)	—	0.7	(508.5)


	For the three months ended March 31,
$ in millions	2022	2021
Americas	1,244.8	1,230.4
Asia Pacific	85.2	89.2
EMEA ex UK (Europe, Middle East and Africa)	153.8	176.4
UK	145.6	163.7
Total operating revenues	1,629.4	1,659.7


	For the three months ended March 31, 2022			For the three months ended March 31, 2021
millions of common shares, except fair values	Time- Vested	Performance- Vested	Weighted Average Grant Date Fair Value ($)	Time- Vested	Performance- Vested
Unvested at the beginning of period	13.5	1.9	18.88	18.1	1.6
Granted during the period	3.6	1.0	21.24	3.3	0.6
Forfeited during the period	—	(0.1)	19.44	(0.1)	—
Vested and distributed during the period	(4.8)	(0.4)	20.35	(6.1)	(0.5)
Unvested at the end of the period	12.3	2.4	19.09	15.2	1.7


	March 31, 2022		December 31, 2021
$ in millions	Carrying Value (3)	Fair Value	Carrying Value (3)	Fair Value
$1.5 billion floating rate credit facility expiring April 26, 2026	—	—	—	—
Unsecured Senior Notes (1):
$600 million 3.125% - due November 30, 2022 (2)	599.5	605.7	599.4	613.8
$600 million 4.000% - due January 30, 2024	598.0	614.5	597.8	633.7
$500 million 3.750% - due January 15, 2026	497.5	512.3	497.3	541.2
$400 million 5.375% - due November 30, 2043	390.7	467.9	390.6	536.8
Debt	2,085.7	2,200.4	2,085.1	2,325.5


$ in millions	Employee Compensation	Other Expenses	Total
Balance as of July 1, 2020	—	—	—
Accrued charges	85.0	9.1	94.1
Payments	(40.5)	(9.1)	(49.6)
Balance as of December 31, 2020	44.5	—	44.5
Accrued charges	63.7	14.3	78.0
Payments	(75.2)	(12.5)	(87.7)
Balance as of December 31, 2021	33.0	1.8	34.8
Accrued charges	1.9	1.8	3.7
Payments	(31.5)	(2.1)	(33.6)
Balance as of March 31, 2022	3.4	1.5	4.9
Non-cash charges (1)
Six months ended December 31, 2020	19.5	5.4	24.9
Twelve months ended December 31, 2021	13.7	8.8	22.5
Three months ended March 31, 2022	3.2	15.4	18.6
Total non-cash charges	36.4	29.6	66.0
Cumulative charges incurred through March 31, 2022	187.0	54.8	241.8


	Index expressed in currency	Three months ended March 31,
Equity Index		2022		2021
S&P 500	U.S. Dollar	(5.0)	%	5.8	%
FTSE 100	British Pound	1.8	%	3.9	%
FTSE 100	U.S. Dollar	(1.2)	%	5.1	%
Nikkei 225	Japanese Yen	(3.4)	%	6.3	%
Nikkei 225	U.S. Dollar	(8.4)	%	(0.8)	%
MSCI Emerging Markets	U.S. Dollar	(7.3)	%	2.0	%
Bond Index
Barclays U.S. Aggregate Bond	U.S. Dollar	(5.9)	%	(3.4)	%


	Benchmark Comparison								Peer Group Comparison
	% of AUM In Top Half of Benchmark								% of AUM in Top Half of Peer Group
	1yr		3yr		5yr		10yr		1yr		3yr		5yr		10yr
Equities (2)
U.S. Core (4%)	38	%	19	%	14	%	14	%	29	%	18	%	14	%	—	%
U.S. Growth (6%)	10	%	43	%	43	%	43	%	41	%	84	%	28	%	50	%
U.S. Value (7%)	92	%	54	%	54	%	54	%	63	%	55	%	40	%	50	%
Sector (2%)	29	%	1	%	23	%	60	%	63	%	62	%	61	%	61	%
UK (2%)	35	%	39	%	43	%	45	%	100	%	30	%	35	%	42	%
Canadian (<1%)	77	%	77	%	65	%	37	%	65	%	77	%	65	%	37	%
Asian (3%)	48	%	57	%	85	%	90	%	26	%	22	%	64	%	86	%
Continental European (2%)	29	%	16	%	8	%	91	%	49	%	7	%	16	%	83	%
Global (6%)	9	%	17	%	55	%	80	%	10	%	8	%	3	%	32	%
Global Ex U.S. and Emerging Markets (10%)	1	%	28	%	29	%	99	%	10	%	1	%	11	%	12	%
Fixed Income (2)
Money Market (21%)	90	%	96	%	97	%	100	%	78	%	79	%	79	%	98	%
U.S. Fixed Income (11%)	66	%	84	%	96	%	96	%	56	%	87	%	90	%	92	%
Global Fixed Income (7%)	56	%	88	%	89	%	97	%	63	%	76	%	80	%	83	%
Stable Value (5%)	100	%	100	%	100	%	100	%	97	%	97	%	96	%	100	%
Other (2)
Alternatives (7%)	79	%	38	%	40	%	44	%	54	%	40	%	39	%	46	%
Balanced (7%)	39	%	64	%	60	%	62	%	66	%	64	%	87	%	94	%


	For the three months ended March 31,
In millions, except per common share data	2022	2021
Net income attributable to Invesco Ltd.	197.7	267.8

Invesco Ltd:
Weighted average common shares outstanding - basic	459.5	461.6
Dilutive effect of non-participating common share-based awards	2.9	3.1
Weighted average common shares outstanding - diluted	462.4	464.7

Earnings per common share:
-basic	$0.43	$0.58
-diluted	$0.43	$0.58


	For the three months ended March 31, 2022		For the three months ended March 31, 2021
$ in millions (1)	VIEs	VOEs	VIEs	VOEs
Net increase (decrease) in assets of CIP	76.8	(16.2)	(278.6)	105.9
Net increase (decrease) in liabilities of CIP	0.1	—	(17.3)	1.0


$ in millions, other than per common share amounts, operating margins and AUM	Three months ended March 31,
U.S. GAAP Financial Measures Summary	2022		2021
Operating revenues	1,629.4		1,659.7
Operating income	377.7		344.3
Operating margin	23.2	%	20.7	%
Net income attributable to Invesco Ltd.	197.7		267.8
Diluted EPS	0.43		0.58

Non-GAAP Financial Measures Summary
Net revenues (1)	1,252.4		1,251.0
Adjusted operating income (2)	494.6		503.0
Adjusted operating margin (2)	39.5	%	40.2	%
Adjusted net income attributable to Invesco Ltd. (3)	259.3		316.6
Adjusted diluted EPS (3)	0.56		0.68

Assets Under Management
Ending AUM (billions)	1,555.9		1,404.1
Average AUM (billions)	1,545.1		1,395.1


$ in billions	Total	Retail	Institutional
December 31, 2021	1,610.9	1,106.5	504.4
Long-term inflows	106.3	81.1	25.2
Long-term outflows	(89.1)	(70.7)	(18.4)
Net long-term flows	17.2	10.4	6.8
Net flows in non-management fee earning AUM	(1.0)	0.4	(1.4)
Net flows in money market funds	12.8	2.1	10.7
Total net flows	29.0	12.9	16.1
Reinvested distributions	0.8	0.7	0.1

Market gains and losses	(80.9)	(74.3)	(6.6)

Foreign currency translation	(3.9)	(1.1)	(2.8)
March 31, 2022	1,555.9	1,044.7	511.2

December 31, 2020	1,349.9	947.1	402.8
Long-term inflows	120.2	95.0	25.2
Long-term outflows	(95.7)	(73.8)	(21.9)
Net long-term flows	24.5	21.2	3.3
Net flows in non-management fee earning AUM	0.1	(1.4)	1.5
Net flows in money market funds	7.3	5.0	2.3
Total net flows	31.9	24.8	7.1
Reinvested distributions	0.9	0.8	0.1

Market gains and losses	24.6	17.2	7.4

Foreign currency translation	(3.2)	(0.2)	(3.0)
March 31, 2021	1,404.1	989.7	414.4


$ in billions	Total		Equity		Fixed Income		Balanced		Money Market		Alternatives
December 31, 2021	1,610.9		841.6		334.8		88.6		148.8		197.1
Long-term inflows	106.3		50.6		29.4		5.5		—		20.8
Long-term outflows	(89.1)		(45.0)		(24.6)		(6.3)		—		(13.2)
Net long-term flows	17.2		5.6		4.8		(0.8)		—		7.6
Net flows in non-management fee earning AUM	(1.0)		0.4		(1.4)		—		—		—
Net flows in money market funds	12.8		—		—		—		12.8		—
Total net flows	29.0		6.0		3.4		(0.8)		12.8		7.6
Reinvested distributions	0.8		0.2		0.3		0.1		—		0.2
Market gains and losses	(80.9)		(66.5)		(12.7)		(8.3)		0.4		6.2


Foreign currency translation	(3.9)		(1.3)		(1.9)		(0.1)		—		(0.6)
March 31, 2022	1,555.9		780.0		323.9		79.5		162.0		210.5
Average AUM	1,545.1		776.6		327.8		83.6		154.5		202.6
% of total average AUM	100.0	%	50.3	%	21.2	%	5.4	%	10.0	%	13.1	%

December 31, 2020	1,349.9		689.6		296.4		78.9		108.5		176.5
Long-term inflows	120.2		58.0		28.3		21.2		—		12.7
Long-term outflows	(95.7)		(48.2)		(20.7)		(13.9)		—		(12.9)
Net long-term flows	24.5		9.8		7.6		7.3		—		(0.2)
Net flows in non-management fee earning AUM	0.1		(1.3)		1.4		—		—		—
Net flows in money market funds	7.3		—		—		—		7.3		—
Total net flows	31.9		8.5		9.0		7.3		7.3		(0.2)
Reinvested distributions	0.9		0.2		0.4		0.1		—		0.2
Market gains and losses	24.6		27.3		(2.7)		(0.9)		—		0.9


Foreign currency translation	(3.2)		(0.6)		(1.5)		(0.2)		(0.1)		(0.8)
March 31, 2021	1,404.1		725.0		301.6		85.2		115.7		176.6
Average AUM	1,395.1		714.4		300.6		85.5		115.8		178.8
% of total average AUM	100.0	%	51.2	%	21.6	%	6.1	%	8.3	%	12.8	%


			Variance
	Three months ended March 31,		2022 vs 2021
$ in millions	2022	2021	$ Change	% Change
Investment management fees	1,180.5	1,206.6	(26.1)	(2.2)	%
Service and distribution fees	379.0	381.1	(2.1)	(0.6)	%
Performance fees	1.0	6.7	(5.7)	(85.1)	%
Other	68.9	65.3	3.6	5.5	%
Total operating revenues	1,629.4	1,659.7	(30.3)	(1.8)	%

Invesco Great Wall	124.1	104.0	20.1	19.3	%
Revenue Adjustments:
Investment management fees	(205.9)	(203.2)	(2.7)	1.3	%
Service and distribution fees	(257.7)	(261.5)	3.8	(1.5)	%
Other	(49.0)	(58.1)	9.1	(15.7)	%
Total Revenue Adjustments (1)	(512.6)	(522.8)	10.2	(2.0)	%
CIP	11.5	10.1	1.4	13.9	%
Net revenues (2)	1,252.4	1,251.0	1.4	0.1	%


$ in millions	Three months ended March 31, 2022	% of Total Operating Expenses		% of Operating Revenues		Three months ended March 31, 2021	% of Total Operating Expenses		% of Operating Revenues
Third-party distribution, service and advisory	512.6	41.0	%	31.5	%	522.8	39.8	%	31.5	%
Employee compensation	432.9	34.6	%	26.6	%	489.2	37.2	%	29.5	%
Marketing	21.7	1.7	%	1.3	%	15.8	1.2	%	1.0	%
Property, office and technology	132.0	10.5	%	8.1	%	129.3	9.8	%	7.8	%
General and administrative	102.2	8.2	%	6.3	%	96.6	7.3	%	5.8	%
Transaction, integration and restructuring	35.2	2.8	%	2.2	%	45.8	3.5	%	2.8	%
Amortization of intangibles	15.1	1.2	%	0.8	%	15.9	1.2	%	1.0	%
Total operating expenses	1,251.7	100.0	%	76.8	%	1,315.4	100.0	%	79.4	%


	As of March 31, 2022				As of December 31, 2021
Balance sheet information $ in millions	U.S. GAAP	Impact of CIP	Impact of Policyholders	As Adjusted	U.S. GAAP	Impact of CIP	Impact of Policyholders	As Adjusted
ASSETS
Cash and cash equivalents	1,309.6	—	—	1,309.6	1,896.4	—	—	1,896.4

Investments	966.8	(456.6)	—	1,423.4	926.3	(454.8)	—	1,381.1
Assets of CIP:
Investments and other assets of CIP	9,448.2	9,448.2	—	—	9,575.1	9,575.1	—	—
Cash and cash equivalents of CIP	304.5	304.5	—	—	250.7	250.7	—	—
Assets held for policyholders	1,662.1	—	1,662.1	—	1,893.6	—	1,893.6	—
Goodwill and intangible assets, net	16,053.6	—	—	16,053.6	16,110.5	—	—	16,110.5
Other assets (2)	2,109.0	(7.0)	—	2,116.0	2,033.0	(6.4)	—	2,039.4
Total assets	31,853.8	9,289.1	1,662.1	20,902.6	32,685.6	9,364.6	1,893.6	21,427.4
LIABILITIES
Liabilities of CIP:
Debt of CIP	7,084.4	7,084.4	—	—	7,336.1	7,336.1	—	—
Other liabilities of CIP	763.1	763.1	—	—	846.3	846.3	—	—
Policyholder payables	1,662.1	—	1,662.1	—	1,893.6	—	1,893.6	—

Debt	2,085.7	—	—	2,085.7	2,085.1	—	—	2,085.1
Other liabilities (3)	3,471.2	—	—	3,471.2	3,845.7	—	—	3,845.7
Total liabilities	15,066.5	7,847.5	1,662.1	5,556.9	16,006.8	8,182.4	1,893.6	5,930.8
EQUITY
Total equity attributable to Invesco Ltd.	15,345.0	(0.1)	—	15,345.1	15,495.8	(0.1)	—	15,495.9
Noncontrolling interests (4)	1,442.3	1,441.7	—	0.6	1,183.0	1,182.3	—	0.7
Total equity	16,787.3	1,441.6	—	15,345.7	16,678.8	1,182.2	—	15,496.6
Total liabilities and equity	31,853.8	9,289.1	1,662.1	20,902.6	32,685.6	9,364.6	1,893.6	21,427.4


Cash flows information (1)	Three months ended March 31, 2022			Three months ended March 31, 2021
$ in millions	U.S. GAAP	Impact of CIP	Excluding CIP	U.S. GAAP	Impact of CIP	Excluding CIP
Cash, cash equivalents and restricted cash, beginning of the period (2)	2,147.1	250.7	1,896.4	1,839.3	301.7	1,537.6
Cash flows from operating activities (1)	(375.4)	(256.0)	(119.4)	(26.9)	(101.6)	74.7
Cash flows from investing activities	(79.1)	(1.6)	(77.5)	(139.9)	(124.6)	(15.3)
Cash flows from financing activities	(55.3)	314.2	(369.5)	137.8	359.9	(222.1)
Increase/(decrease) in cash and cash equivalents	(509.8)	56.6	(566.4)	(29.0)	133.7	(162.7)
Foreign exchange movement on cash and cash equivalents	(23.2)	(2.8)	(20.4)	(14.4)	(5.8)	(8.6)
Cash, cash equivalents and restricted cash, end of the period (2)	1,614.1	304.5	1,309.6	1,795.9	429.6	1,366.3

Cash and cash equivalents	1,309.6	—	1,309.6	1,158.3	—	1,158.3
Restricted cash (2)	—	—	—	208.0	—	208.0
Cash and cash equivalents of CIP	304.5	304.5	—	429.6	429.6	—
Total cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows (2)	1,614.1	304.5	1,309.6	1,795.9	429.6	1,366.3


$ in millions	Total	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Net income attributable to Invesco Ltd.	1,322.9	197.7	426.8	330.1	368.3
Dividends on preferred shares	236.8	59.2	59.2	59.2	59.2

Tax expense	507.4	82.8	130.7	139.7	154.2
Amortization/depreciation	203.7	49.5	50.4	51.0	52.8
Interest expense	94.1	23.2	23.2	23.1	24.6
Common share-based compensation expense	131.0	29.5	34.1	33.2	34.2
Unrealized (gains)/losses from investments, net (1)	45.6	26.4	5.2	41.4	(27.4)
OppenheimerFunds acquisition-related matter (2)	(231.1)	—	(100.0)	(45.7)	(85.4)

EBITDA (3)	2,310.4	468.3	629.6	632.0	580.5
Adjusted debt (3)	$1,888.6
Leverage ratio (Adjusted debt/EBITDA - maximum 3.25:1.00)	0.82
Interest coverage (EBITDA/Interest expense - minimum 4.00:1.00)	24.55


Month	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number at end of period (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (millions)
January 1-31, 2022	458,477	$	21.75	425,000	$723.0
February 1-28, 2022	9,148,855	$	22.43	7,624,915	$550.2
March 1-31, 2022	857,809	$	21.45	834,572	$532.2
Total	10,465,141			8,884,487


3.1			Memorandum of Association of Invesco Ltd., incorporating amendments up to and including December 4, 2007, incorporated by reference to exhibit 3.1 to Invesco’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 12, 2007
3.2			Third Amended and Restated Bye-Laws of Invesco Ltd., incorporating amendments up to and including May 11, 2017, incorporated by reference to exhibit 3.2 to Invesco’s Quarterly Report on Form 10-Q for the period ended June 30, 2017, filed with the Securities and Exchange Commission on July 27, 2017
3.3			Certificate of Designation for the 5.900% fixed rate non-cumulative perpetual series A preference shares, par value $0.20 per share, of Invesco Ltd. incorporated by reference to Exhibit 3.1 to Invesco’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 24, 2019
22			Subsidiary Guarantors and Issuers of Guaranteed Securities, incorporated by reference to Exhibit 22 to Invesco’s Quarterly Report on Form 10-Q for the period ended March 31, 2021, filed with the Securities and Exchange Commission on April 30, 2021
31.1			Certification of Martin L. Flanagan pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Certification of L. Allison Dukes pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1			Certification of Martin L. Flanagan pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2			Certification of L. Allison Dukes pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101			The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows, (v) Condensed Consolidated Statements of Changes in Equity, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL


			INVESCO LTD.
April 29, 2022			/s/ MARTIN L. FLANAGAN
			Martin L. Flanagan
			President and Chief Executive Officer

April 29, 2022			/s/ L. ALLISON DUKES
			L. Allison Dukes
			Senior Managing Director and Chief Financial Officer