AI English summary of an SEC filing — figures as filed
T. Rowe Price TROWThe company said assets under management at the end of Q1 2024 were $1,542.2 billion, up $97.7 billion from December 31, 2023. It said market appreciation and income, net of distributions not reinvested, of $105.7 billion was offset by net cash outflows of $8.0 billion.
Key points
AI summaryThe company said assets under management at the end of Q1 2024 were $1,542.2 billion, up $97.7 billion from December 31, 2023. It said market appreciation and income, net of distributions not reinvested, of $105.7 billion was offset by net cash outflows of $8.0 billion.
The company said net revenues for Q1 2024 were $1,750.2 million, up 13.8% from $1,537.6 million in Q1 2023. The company cited higher investment advisory fee revenue of 11.7% and a higher accrued carried interest of $30.2 million as factors driving the increase.
Operating expenses on a U.S. GAAP basis rose 10.5% to $1,163.6 million in Q1 2024, and the operating margin was 33.5%, compared with 31.5% in Q1 2023, the company said. Diluted earnings per share were $2.49 for Q1 2023, compared with $1.83, and on a non-GAAP basis were $2.38 (versus $1.69 a year earlier).
The company said it raised its quarterly recurring dividend by 1.6% to $1.24 per common share from $1.22 in February 2024. It also said it used $80.1 million to repurchase 717 thousand shares at an average price of $111.11 in Q1 2024.
Key figures
Quarter ended March 31, 2024
- Revenue
- $1.8B
- Operating income
- $587M
- Net income
- $574M
- EPS
- $2.49
- Operating cash flow
- $637M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Assets under management at $1,542.2 billion, net cash outflows of $8.0 billion
The company said assets under management at the end of Q1 2024 were $1,542.2 billion, up $97.7 billion from December 31, 2023. It said market appreciation and income, net of distributions not reinvested, of $105.7 billion was offset by net cash outflows of $8.0 billion.
Source · Based on the MD&A text of the filing
Q1 net revenues $1,750.2 million, up 13.8%
The company said net revenues for Q1 2024 were $1,750.2 million, up 13.8% from $1,537.6 million in Q1 2023. The company cited higher investment advisory fee revenue of 11.7% and a higher accrued carried interest of $30.2 million as factors driving the increase.
Source · Based on the MD&A text of the filing
U.S. GAAP operating margin 33.5%, diluted EPS $2.49
Operating expenses on a U.S. GAAP basis rose 10.5% to $1,163.6 million in Q1 2024, and the operating margin was 33.5%, compared with 31.5% in Q1 2023, the company said. Diluted earnings per share were $2.49 for Q1 2023, compared with $1.83, and on a non-GAAP basis were $2.38 (versus $1.69 a year earlier).
Source · Based on the MD&A text of the filing
Shareholder returns: quarterly dividend $1.24, share buybacks $80.1 million
The company said it raised its quarterly recurring dividend by 1.6% to $1.24 per common share from $1.22 in February 2024. It also said it used $80.1 million to repurchase 717 thousand shares at an average price of $111.11 in Q1 2024.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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