Balance Sheet Invesco Ltd.

Equities

IVZ

BMG491BT1088

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 16:00:02 2025-01-24 EST			5-day change	1st Jan Change
17.63 ^USD	+0.28%		+2.50%	+0.86%

01-24	Morgan Stanley Adjusts Invesco Price Target to $18 From $19, Maintains Equal Weight Rating	MT
01-23	JPMorgan Trims Price Target on Invesco to $19 From $20, Keeps Neutral Rating	MT

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Published financial data: INVESCO LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	5.88B	5.94B	6.65B	5.83B	5.53B
Other Revenues, Total	232M	210M	246M	217M	189M
Total Revenues	6.12B	6.15B	6.89B	6.05B	5.72B
Cost of Goods Sold, Total	4.09B	4.27B	4.59B	4.15B	4.26B
Gross Profit	2.03B	1.88B	2.31B	1.9B	1.46B
Selling General & Admin Expenses, Total	540M	564M	523M	495M	574M
Amortization of Goodwill and Intangible Assets - (IS)	-	-	62.9M	63.8M	49.9M
Other Operating Expenses, Total	540M	564M	586M	559M	624M
Operating Income	1.49B	1.32B	1.72B	1.34B	836M
Interest Expense, Total	-364M	-324M	-255M	-308M	-70.5M
Interest And Investment Income	374M	323M	305M	399M	274M
Net Interest Expenses	9.7M	-1M	49.5M	90.3M	204M
Income (Loss) On Equity Invest.	56.4M	72.7M	209M	106M	71.3M
Currency Exchange Gains (Loss)	-13.7M	-2.3M	3.3M	-	-
Other Non Operating Income (Expenses)	35M	40.9M	57.4M	-122M	53M
EBT, Excl. Unusual Items	1.57B	1.43B	2.04B	1.41B	1.16B
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-673M	-393M	65.9M	-21.2M	-41.6M
Gain (Loss) On Sale Of Investments	79.9M	20.6M	383M	-145M	-176M
Gain (Loss) On Sale Of Assets	-	-	-	-	45M
Asset Writedown	-	-	-	-	-1.25B
Insurance Settlements	-	-	-	-	20M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-7.8M	15.3M	10.1M	-	-
EBT, Incl. Unusual Items	973M	1.07B	2.5B	1.25B	-238M
Income Tax Expense	235M	262M	531M	322M	-69.7M
Earnings From Continuing Operations	738M	808M	1.97B	926M	-168M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	738M	808M	1.97B	926M	-168M
Minority Interest	-49.5M	-45.9M	-340M	-4.8M	71.3M
Net Income - (IS)	688M	762M	1.63B	921M	-96.9M
Preferred Dividend and Other Adjustments	124M	237M	237M	237M	237M
Net Income to Common Incl Extra Items	565M	525M	1.39B	684M	-334M
Net Income to Common Excl. Extra Items	565M	525M	1.39B	684M	-334M
Per Share Items
Net EPS - Basic	1.29	1.14	3.01	1.49	-0.73
Basic EPS - Continuing Operations	1.29	1.14	3.01	1.49	-0.73
Basic Weighted Average Shares Outstanding	438M	460M	463M	458M	455M
Net EPS - Diluted	1.28	1.13	2.99	1.49	-0.73
Diluted EPS - Continuing Operations	1.28	1.13	2.99	1.49	-0.73
Diluted Weighted Average Shares Outstanding	440M	462M	465M	460M	456M
Normalized Basic EPS	2.13	1.84	2.02	1.92	1.76
Normalized Diluted EPS	2.12	1.83	2.01	1.91	1.75
Dividend Per Share	1.24	0.62	0.68	0.75	0.8
Payout Ratio	94.83	78.02	33.41	62.08	-613.73
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.66B	1.52B	1.93B	1.53B	1.02B
EBITA	1.54B	1.38B	1.79B	1.4B	886M
EBIT	1.49B	1.32B	1.72B	1.34B	836M
EBITDAR	1.76B	1.63B	2.03B	1.63B	1.12B
Total Revenues (As Reported)	6.12B	6.15B	6.89B	6.05B	5.72B
Effective Tax Rate - (Ratio)	24.16	24.47	21.24	25.82	29.3
Current Domestic Taxes	119M	145M	356M	264M	207M
Current Foreign Taxes	94M	35.5M	95.2M	9.6M	32.8M
Total Current Taxes	213M	180M	451M	274M	240M
Deferred Domestic Taxes	20.9M	62.8M	94.9M	34.1M	-279M
Deferred Foreign Taxes	1.2M	18.5M	-15.2M	14.2M	-29.8M
Total Deferred Taxes	22.1M	81.3M	79.7M	48.3M	-309M
Normalized Net Income	934M	846M	936M	879M	799M
Interest on Long-Term Debt	136M	129M	94.7M	85.2M	70.5M
Non-Cash Pension Expense	-5.3M	-2.7M	-900K	-3.7M	3.6M
Supplemental Operating Expense Items
Advertising Expense	35.7M	-	-	-	-
Marketing Expenses	99.9M	83.3M	98.6M	115M	103M
Selling and Marketing Expenses	136M	83.3M	98.6M	115M	103M
General and Administrative Expenses	404M	481M	424M	380M	470M
Research And Development Expense From Footnotes	-	-	-	-	-
Net Rental Expense, Total	96.2M	113M	105M	100M	99M
Imputed Operating Lease Interest Expense	115M	121M	91.31M	114M	28.7M
Imputed Operating Lease Depreciation	-19.29M	-7.78M	13.69M	-13.67M	70.3M
Stock-Based Comp., COGS (Total)	-	188M	140M	106M	115M
Stock-Based Comp., Other (Total)	208M	-	-	-	-
Total Stock-Based Compensation	208M	188M	140M	106M	115M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.05B	1.41B	1.9B	1.23B	1.47B
Short Term Investments	32M	29.9M	30.4M	25.7M	-
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.08B	1.44B	1.93B	1.26B	1.47B
Accounts Receivable, Total	1.02B	850M	878M	802M	702M
Total Receivables	1.02B	850M	878M	802M	702M
Prepaid Expenses	144M	149M	166M	-	-
Other Current Assets, Total	19.47B	15.97B	11.72B	-	-
Total Current Assets	21.71B	18.41B	14.69B	2.06B	2.17B
Gross Property Plant And Equipment	1.83B	1.84B	1.85B	2.04B	1.85B
Accumulated Depreciation	-919M	-1B	-1.08B	-1.12B	-936M
Net Property Plant And Equipment	908M	840M	775M	922M	919M
Long-term Investments	605M	594M	669M	825M	722M
Goodwill	8.51B	8.92B	8.88B	8.56B	8.69B
Other Intangibles, Total	7.36B	7.31B	7.23B	7.14B	5.85B
Deferred Tax Assets Long-Term	-	5.9M	19.9M	30M	1.6M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	327M	435M	421M	10.22B	10.58B
Total Assets	39.42B	36.5B	32.69B	29.76B	28.93B
Liabilities
Accounts Payable, Total	415M	349M	389M	59.6M	31.5M
Accrued Expenses, Total	1.43B	1.28B	1.44B	1.47B	1.47B
Current Portion of Long-Term Debt	-	-	-	-	600M
Current Portion of Leases	77.6M	81.2M	-	73.8M	64.6M
Current Income Taxes Payable	118M	67.2M	80.6M	89.1M	110M
Unearned Revenue Current, Total	45.8M	58M	5.5M	-	-
Other Current Liabilities	557M	820M	1.3M	-	-
Total Current Liabilities	2.65B	2.66B	1.92B	1.69B	2.27B
Long-Term Debt	2.08B	2.08B	2.09B	1.49B	890M
Long-Term Leases	287M	238M	212M	406M	369M
Deferred Tax Liability Non Current	1.53B	1.52B	1.63B	1.66B	1.33B
Other Non Current Liabilities	18.17B	14.98B	10.17B	7.67B	8.16B
Total Liabilities	24.72B	21.48B	16.01B	12.91B	13.02B
Preferred Stock Non Redeemable	4.01B	4.01B	4.01B	4.01B	4.01B
Total Preferred Equity	4.01B	4.01B	4.01B	4.01B	4.01B
Common Stock, Total	113M	113M	113M	113M	113M
Additional Paid In Capital	7.86B	7.81B	7.69B	7.55B	7.45B
Retained Earnings	5.92B	6.08B	7.17B	7.52B	6.83B
Treasury Stock	-3.45B	-3.25B	-3.04B	-3.04B	-3B
Comprehensive Income and Other	-587M	-404M	-442M	-942M	-802M
Total Common Equity	9.85B	10.35B	11.49B	11.2B	10.59B
Minority Interest	839M	659M	1.18B	1.63B	1.32B
Total Equity	14.7B	15.02B	16.68B	16.84B	15.92B
Total Liabilities And Equity	39.42B	36.5B	32.69B	29.76B	28.93B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	453M	459M	461M	455M	449M
ECS Total Common Shares Outstanding	453M	459M	461M	455M	450M
Book Value / Share	21.73	22.55	24.9	24.63	23.55
Tangible Book Value	-6.02B	-5.87B	-4.63B	-4.5B	-3.95B
Tangible Book Value Per Share	-13.27	-12.79	-10.03	-9.89	-8.79
Total Debt	2.45B	2.4B	2.3B	1.97B	1.92B
Net Debt	1.36B	964M	371M	707M	454M
Debt Equivalent of Unfunded Proj. Benefit Obligation	27.2M	2.1M	-64.2M	-32.8M	-24.3M
Debt Equivalent Oper. Leases	770M	903M	840M	802M	792M
Minority Interest, Total (Incl. Fin. Div)	839M	659M	1.18B	1.63B	1.32B
Equity Method Investments, Total	351M	426M	550M	621M	632M
Account Code - Inventory Valuation	3	3	-	3	3
Land - (BS)	110M	119M	98.7M	87.8M	87.3M
Machinery, Total	310M	302M	289M	273M	268M
Full Time Employees	8.82K	8.51K	8.51K	8.61K	8.49K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	688M	762M	1.63B	921M	-96.9M
Depreciation & Amortization - CF	125M	141M	142M	132M	133M
Amortization of Goodwill and Intangible Assets - (CF)	52.7M	62.5M	62.9M	63.8M	49.9M
Depreciation & Amortization, Total	178M	204M	205M	195M	183M
(Gain) Loss From Sale Of Asset	-	8.7M	-56.8M	-1.2M	-147M
(Gain) Loss on Sale of Investments - (CF)	-32.4M	-28.5M	-441M	277M	226M
Asset Writedown & Restructuring Costs	-	-	-	-	1.25B
(Income) Loss On Equity Investments - (CF)	-129M	-80.5M	-104M	-31.9M	-1.9M
Stock-Based Compensation (CF)	208M	188M	140M	106M	115M
Other Operating Activities, Total	65.8M	30.4M	327M	-4.9M	-71.3M
Change in Trading Asset Securities	-	-	-	-	-
Change In Accounts Receivable	934M	3.74B	5.58B	913M	449M
Change In Accounts Payable	-749M	-3.81B	-5.88B	-1.28B	-622M
Change in Other Net Operating Assets	-46.4M	215M	-328M	-387M	18.6M
Cash from Operations	1.12B	1.23B	1.08B	703M	1.3B
Capital Expenditure	-124M	-115M	-109M	-193M	-164M
Cash Acquisitions	290M	-	-	-	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-1.62B	-750M	-717M	-166M	-118M
Other Investing Activities, Total	26M	-	-	-	37.9M
Cash from Investing	-1.43B	-865M	-826M	-359M	-244M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-331M	-	-	-600M	-
Total Debt Repaid	-331M	-	-	-600M	-
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-470M	-47.1M	-60.9M	-245M	-188M
Common Dividends Paid	-529M	-357M	-308M	-335M	-358M
Preferred Dividends Paid	-124M	-237M	-237M	-237M	-237M
Common & Preferred Stock Dividends Paid	-653M	-594M	-544M	-572M	-595M
Other Financing Activities, Total	1.65B	355M	723M	449M	197M
Cash from Financing	201M	-286M	117M	-967M	-585M
Foreign Exchange Rate Adjustments	10.7M	53.3M	-39.7M	-73.7M	26.4M
Miscellaneous Cash Flow Adjustments	-7.4M	5.5M	-21.8M	-16.6M	-
Net Change in Cash	-104M	138M	308M	-713M	498M
Supplemental Items
Cash Interest Paid	99.4M	93.1M	85.7M	67.4M	68.2M
Cash Income Tax Paid (Refund)	194M	224M	432M	301M	195M
Levered Free Cash Flow	457M	4.56B	4.7B	514M	706M
Unlevered Free Cash Flow	684M	4.77B	4.86B	707M	750M
Change In Net Working Capital	506M	-3.67B	-3.55B	239M	-94.2M
Net Debt Issued / Repaid	-331M	-	-	-600M	-

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.64	2.17	3.11	2.68	1.78
Return on Total Capital	6.43	4.76	5.91	4.42	2.85
Return On Equity %	6.14	5.43	12.43	5.52	-1.03
Return on Common Equity	6.13	5.2	12.76	6.03	-3.06
Margin Analysis
Gross Profit Margin %	33.12	30.6	33.47	31.37	25.53
SG&A Margin	8.82	9.18	7.58	8.18	10.04
EBITDA Margin %	27.2	24.73	27.96	25.36	17.82
EBITA Margin %	25.16	22.43	25.89	23.19	15.49
EBIT Margin %	24.3	21.42	24.98	22.13	14.62
Income From Continuing Operations Margin %	12.06	13.14	28.56	15.3	-2.94
Net Income Margin %	11.25	12.39	23.64	15.22	-1.7
Net Avail. For Common Margin %	9.23	8.54	20.2	11.31	-5.84
Normalized Net Income Margin	15.27	13.76	13.58	14.53	13.97
Levered Free Cash Flow Margin	7.46	74.27	68.16	8.5	12.34
Unlevered Free Cash Flow Margin	11.18	77.56	70.48	11.68	13.11
Asset Turnover
Asset Turnover	0.17	0.16	0.2	0.19	0.19
Fixed Assets Turnover	8.88	8.64	10.3	8.4	7.73
Receivables Turnover (Average Receivables)	6.49	6.35	7.69	7.35	7.35
Short Term Liquidity
Current Ratio	8.2	6.93	7.67	1.22	0.95
Quick Ratio	0.79	0.86	1.46	1.22	0.95
Operating Cash Flow to Current Liabilities	0.42	0.46	0.56	0.42	0.57
Days Sales Outstanding (Average Receivables)	56.24	57.62	47.44	49.65	49.64
Average Days Payable Outstanding	31.18	32.76	28.61	4.34	3.91
Long Term Solvency
Total Debt/Equity	16.63	15.99	13.77	11.68	12.08
Total Debt / Total Capital	14.26	13.79	12.11	10.46	10.78
LT Debt/Equity	16.1	15.45	13.77	11.25	7.91
Long-Term Debt / Total Capital