______________________________________________________________________

(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

Summary of net flows (in billions)

Q3-24

Q2-24

Q3-23

Active

$(0.6)

$2.3

Passive

17.1

14.4

13.5

Net long-term flows

16.5

16.7

2.6

Non-management fee earning AUM

3.5

6.6

3.6

Money market

$(7.3)

4.9

Total net flows

$12.7

28.2

$(9.9)

Annualized long-term organic growth rate ⁽¹⁾

5.2 %

5.6 %

0.9 %

(1)

Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Long-term AUM excludes money market and non-management fee earning AUM.

Financial Results

Q3-24

Q2-24

Q3-24 vs.

Q2-24

Q3-23

U.S. GAAP Financial Measures

Operating revenues

$1,515.4m

$1,483.3m

2.2 %

$1,442.0m

5.1 %

Operating income

    $100.5m

    $206.8m

(51.4) %

    $227.7m

(55.9) %

Operating margin

6.6 %

13.9 %

15.8 %

Net income attributable to Invesco Ltd.

      $55.0m 

    $132.2m

(58.4) %

    $131.4m

(58.1) %

Diluted EPS

$0.12

$0.29

(58.6) %

$0.29

(58.6) %

Adjusted Financial Measures ⁽¹⁾

Net revenues

$1,104.3m

$1,085.8m

1.7 %

$1,098.2m

0.6 %

Adjusted operating income

    $348.8m

    $335.3m

4.0 %

    $309.2m

12.8 %

Adjusted operating margin

31.6 %

30.9 %

28.2 %

Adjusted net income attributable to Invesco Ltd.

    $199.8m

    $196.2m

1.8 %

    $159.2m

25.5 %

Adjusted diluted EPS

$0.44

$0.43

2.3 %

$0.35

25.7 %

Assets Under Management

Ending AUM

$1,795.6bn

$1,715.8bn

4.7 %

$1,487.3bn

20.7 %

Average AUM

$1,742.0bn

$1,669.3bn

4.4 %

$1,528.7bn

14.0 %

Headcount

8,524

8,536

(0.1) %

8,603

(0.9) %

(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

___________________________________________________________________________________

(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

Investor Relations Contacts:

Media Relations Contact:

Greg Ketron

Jennifer Church

Andrea Raphael

404-724-4299

404-439-3428

212-323-4202

Invesco Ltd.

U.S. GAAP Condensed Consolidated Income Statements

(Unaudited, in millions, other than per share amounts)

Q3-24

Q2-24

% Change

Q3-23

% Change

Operating revenues:

Investment management fees

$    1,100.5

$    1,065.8

3.3 %

$    1,041.3

5.7 %

Service and distribution fees

360.3

361.6

(0.4) %

353.5

1.9 %

Performance fees

2.8

8.7

(67.8) %

2.0

40.0 %

Other

51.8

47.2

9.7 %

45.2

14.6 %

Total operating revenues

1,515.4

1,483.3

2.2 %

1,442.0

5.1 %

Operating expenses:

Third-party distribution, service and advisory

499.6

495.4

0.8 %

448.2

11.5 %

Employee compensation

625.4

452.3

38.3 %

478.5

30.7 %

Marketing ⁽¹⁾

18.9

20.6

(8.3) %

19.2

(1.6) %

Property, office and technology ⁽¹⁾

119.0

116.4

2.2 %

111.1

7.1 %

General and administrative ⁽¹⁾

140.8

180.4

(22.0) %

146.0

(3.6) %

Amortization of intangible assets

11.2

11.4

(1.8) %

11.3

(0.9) %

Total operating expenses

1,414.9

1,276.5

10.8 %

1,214.3

16.5 %

Operating income

100.5

206.8

(51.4) %

227.7

(55.9) %

Other income/(expense):

Equity in earnings of unconsolidated affiliates

2.1

13.9

(84.9) %

16.9

(87.6) %

Interest and dividend income

10.9

11.0

(0.9) %

10.8

0.9 %

Interest expense

(13.4)

(16.3)

(17.8) %

(17.3)

(22.5) %

Other gains/(losses), net

28.3

3.6

686.1 %

(23.3)

N/A

Other income/(expense) of CIP, net

16.7

40.9

(59.2) %

15.2

9.9 %

Income before income taxes

145.1

259.9

(44.2) %

230.0

(36.9) %

Income tax provision

(41.5)

(64.0)

(35.2) %

(61.3)

(32.3) %

Net income

103.6

195.9

(47.1) %

168.7

(38.6) %

Net (income)/loss attributable to noncontrolling interests in consolidated entities

10.6

(4.5)

N/A

21.9

(51.6) %

Less: Dividends declared on preferred shares

(59.2)

(59.2)

— %

(59.2)

— %

Net income attributable to Invesco Ltd.

$          55.0

$        132.2

(58.4) %

$        131.4

(58.1) %

Earnings per common share:

---basic

$0.12

$0.29

(58.6) %

$0.29

(58.6) %

---diluted

$0.12

$0.29

(58.6) %

$0.29

(58.6) %

Average common shares outstanding:

---basic

454.9

455.5

(0.1) %

451.7

0.7 %

---diluted

455.6

456.1

(0.1) %

453.1

0.6 %

(1)

The 2023 comparative period presented reflects the reclassification of certain operating expenses to align with current period presentation. The reclassification had no impact on our reported Operating revenues, Operating income, Net income, or any internal performance measure on which management is compensated.

(in millions)

Q3-24

Q2-24

Q3-23

Operating revenues, U.S. GAAP basis

$      1,515.4

$      1,483.3

$      1,442.0

Revenue Adjustments ⁽¹⁾

Investment management fees

(207.0)

(203.8)

(193.7)

Service and distribution fees

(252.0)

(253.5)

(219.2)

Other

(40.6)

(38.1)

(35.3)

Total Revenue Adjustments

$       (499.6)

$       (495.4)

$       (448.2)

Invesco Great Wall ⁽²⁾

76.9

86.1

90.7

CIP ⁽³⁾

11.6

11.8

13.7

Net revenues

$      1,104.3

$      1,085.8

$      1,098.2

(in millions)

Q3-24

Q2-24

Q3-23

Operating income, U.S. GAAP basis

$     100.5

$     206.8

$     227.7

Invesco Great Wall ⁽²⁾

37.6

44.3

52.1

CIP ⁽³⁾

15.3

15.7

24.7

Amortization of intangible assets ⁽⁴⁾

11.2

11.4

11.3

Compensation expense related to market valuation changes in deferred compensation plans ⁽⁵⁾

36.6

7.1

(6.6)

One-time acceleration of compensation expense for currently outstanding long-term awards ⁽⁶⁾

147.6

—

—

General and administrative ⁽⁷⁾

—

50.0

—

Adjusted operating income

$     348.8

$     335.3

$     309.2

Operating margin ⁽⁸⁾

6.6 %

13.9 %

15.8 %

Adjusted operating margin ⁽⁹⁾

31.6 %

30.9 %

28.2 %

(in millions)

Q3-24

Q2-24

Q3-23

Net income attributable to Invesco Ltd., U.S. GAAP basis

$           55.0

132.2

$         131.4

Adjustments (excluding tax):

Amortization of intangible assets ⁽⁴⁾

11.2

11.4

11.3

Deferred compensation net market valuation changes ⁽⁵⁾

10.2

5.3

15.9

One-time acceleration of compensation expense for currently outstanding long-term awards ⁽⁶⁾

147.6

—

—

General and administrative ⁽⁷⁾

—

50.0

—

Total adjustments excluding tax

$         169.0

$           66.7

$           27.2

Tax adjustment for amortization of intangible assets and goodwill ⁽¹⁰⁾

4.5

4.4

4.4

Other tax effects of adjustments above

(28.7)

(7.1)

(3.8)

Adjusted net income attributable to Invesco Ltd.

$         199.8

$         196.2

$         159.2

Average common shares outstanding - diluted

455.6

456.1

453.1

Diluted EPS

$0.12

$0.29

$0.29

Adjusted diluted EPS ⁽¹¹⁾

$0.44

$0.43

$0.35

(in millions)

Q3-24

Q2-24

Q3-23

Operating expenses, U.S. GAAP basis

$      1,414.9

$      1,276.5

$     1,214.3

Invesco Great Wall ⁽²⁾

39.3

41.8

38.6

Third-party distribution, service and advisory expenses

(499.6)

(495.4)

(448.2)

CIP ⁽³⁾

(3.7)

(3.9)

(11.0)

Amortization of intangible assets ⁽⁴⁾

(11.2)

(11.4)

(11.3)

Compensation expense related to market valuation changes in deferred compensation plans ⁽⁵⁾

(36.6)

(7.1)

6.6

One-time acceleration of compensation expense for currently outstanding long-term awards ⁽⁶⁾

(147.6)

—

—

General and administrative ⁽⁷⁾

—

(50.0)

—

Adjusted operating expenses

$         755.5

$         750.5

$         789.0

Employee compensation, U.S. GAAP basis

$         625.4

$         452.3

$         478.5

Invesco Great Wall ⁽²⁾

28.7

30.8

28.8

Compensation expense related to market valuation changes in deferred compensation plans ⁽⁵⁾

(36.6)

(7.1)

6.6

One-time acceleration of compensation expense for currently outstanding long-term awards ⁽⁶⁾

$       (147.6)

$               —

$               —

Adjusted employee compensation

$         469.9

$         476.0

$         513.9

Marketing, U.S. GAAP basis ⁽¹²⁾

$           18.9

$           20.6

$           19.2

Invesco Great Wall ^(2)(12)

2.0

2.2

1.9

Adjusted marketing ⁽¹²⁾

$           20.9

$           22.8

$           21.1

Property, office and technology, U.S. GAAP basis ⁽¹²⁾

$         119.0

$         116.4

$         111.1

Invesco Great Wall ^(2)(12)

4.3

4.5

4.0

Adjusted property, office and technology ⁽¹²⁾

$         123.3

$         120.9

$         115.1

General and administrative, U.S. GAAP basis ⁽¹²⁾

$         140.8

$         180.4

$         146.0

Invesco Great Wall ^(2)(12)

4.3

4.3

3.9

CIP ⁽³⁾

(3.7)

(3.9)

(11.0)

Regulatory matters ⁽⁷⁾

—

(50.0)

—

Adjusted general and administrative ⁽¹²⁾

$         141.4

$         130.8

$         138.9

Amortization of intangible assets, U.S. GAAP basis

$           11.2

$           11.4

$           11.3

Amortization of intangible assets ⁽⁴⁾

(11.2)

(11.4)

(11.3)

Adjusted amortization of intangible assets

$               —

$               —

$               —

(1)

Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company's managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco's own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the basis point Net revenues we receive for each dollar of AUM we manage.

Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.

(2)

Invesco Great Wall: The company reflects 100% of Invesco Great Wall in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company's non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the 51% noncontrolling interests.

(3)

CIP: The company believes that the CIP may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).

(4)

Amortization of intangible assets: The company removes amortization related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.

(5)

Market movement on deferred compensation plan liabilities: Certain deferred compensation plan awards involve a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements for these investments. Since these plans are economically hedged, the company believes it is useful to reflect the offset ultimately achieved from hedging the market exposure in the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.

(6)

One-time acceleration of compensation expense for currently outstanding long-term awards: In the third quarter of 2024, the company recorded a one-time non-cash acceleration of $147.6 million in expense resulting from changes to the retirement criteria for vesting of currently outstanding long-term awards. Due to the non-recurring nature of this item, the company removed this expense in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS as this will aid comparability of our results period to period.

(7)

General and administrative: The company recorded a $50.0 million liability in the second quarter of 2024 related to regulatory matters. Due to the non-recurring nature of these items, the company removed the expense in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS as this will aid comparability of our results period to period.

(8)

Operating margin is equal to Operating income divided by Operating revenues.

(9)

Adjusted operating margin is equal to Adjusted operating income divided by Net revenues.

(10)

Tax adjustment for amortization of intangible assets and goodwill: The company reflects the tax benefit realized on the tax amortization of goodwill and intangibles in Adjusted net income. The company believes it is useful to include this tax benefit in arriving at the Adjusted diluted EPS measure.

(11)

Adjusted diluted EPS is equal to Adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding.

(12)

The 2023 comparative period presented reflects the reclassification of certain operating expenses to align with current period presentation. The reclassification had no impact on our reported Net revenues, Adjusted Operating income, Adjusted Net income, or any internal performance measure on which management is compensated.

Invesco Ltd.

Assets Under Management

Three Months Ended

Nine Months Ended

(in billions)

September

30, 2024

June 30,

2024

%

Change

September

30, 2023

September

30, 2024

September

30, 2023

%

Change

Beginning Assets

$1,715.8

$1,662.7

3.2 %

$1,538.2

$1,585.3

$1,409.2

12.5 %

Long-term inflows

107.2

97.8

9.6 %

67.4

285.3

218.1

30.8 %

Long-term outflows

(90.7)

(81.1)

11.8 %

(64.8)

(245.8)

(214.6)

14.5 %

Net long-term flows

16.5

16.7

(1.2) %

2.6

39.5

3.5

1,028.6 %

Net flows in non-management fee earning AUM ^(a)

3.5

6.6

(47.0) %

3.6

19.6

3.1

532.3 %

Net flows in money market funds

(7.3)

4.9

N/A

(16.1)

(1.7)

7.0

N/A

Total net flows

12.7

28.2

(55.0) %

(9.9)

57.4

13.6

322.1 %

Reinvested distributions

1.0

1.4

(28.6) %

1.1

3.5

3.1

12.9 %

Market gains and losses

49.8

27.4

81.8 %

(34.2)

145.2

74.2

95.7 %

Dispositions

—

—

N/A

(1.4)

—

(1.4)

N/A

Foreign currency translation

16.3

(3.9)

N/A

(6.5)

4.2

(11.4)

N/A

Ending Assets

$1,795.6

$1,715.8

4.7 %

$1,487.3

$1,795.6

$1,487.3

20.7 %

Ending long-term AUM

$1,298.5

$1,221.7

6.3 %

$1,070.5

$1,298.5

$1,070.5

21.3 %

Average long-term AUM

$1,257.2

$1,200.5

4.7 %

$1,101.0

$1,207.3

$1,090.0

10.8 %

Average AUM

$1,742.0

$1,669.3

4.4 %

$1,528.7

$1,674.8

$1,495.5

12.0 %

Average QQQ AUM

$288.1

$263.8

9.2 %

$203.4

$266.0

$180.1

47.7 %

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

By investment approach: (in billions)

Active^(c)

Passive^(c)

Active^(c)

Passive^(c)

Beginning Assets

$1,003.3

$712.5

$985.3

$600.0

Long-term inflows 

49.3

57.9

141.4

143.9

Long-term outflows

(49.9)

(40.8)

(146.8)

(99.0)

Net long-term flows

(0.6)

17.1

(5.4)

44.9

Net flows in non-management fee earning AUM ^(a)

—

3.5

—

19.6

Net flows in money market funds

(7.3)

—

(1.7)

—

Total net flows

(7.9)

20.6

(7.1)

64.5

Reinvested distributions

1.0

—

3.5

—

Market gains and losses

21.6

28.2

$                       47.0

$                       98.2

Foreign currency translation

14.3

2.0

$                         3.6

$                         0.6

Ending Assets

$1,032.3

$763.3

$1,032.3

$763.3

Average AUM

$1,007.4

$734.6

$994.3

$680.5

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

By channel: (in billions)

Retail

Institutional

Retail

Institutional

Beginning Assets

$1,161.5

$554.3

$1,042.0

$543.3

Long-term inflows

82.4

24.8

216.1

69.2

Long-term outflows

(69.5)

(21.2)

(184.5)

(61.3)

Net long-term flows

12.9

3.6

31.6

7.9

Net flows in non-management fee earning AUM ^(a)

2.7

0.8

18.4

1.2

Net flows in money market funds

0.1

(7.4)

0.7

(2.4)

Total net flows

15.7

(3.0)

50.7

6.7

Reinvested distributions

1.0

—

3.5

—

Market gains and losses

43.1

6.7

129.1

16.1

Foreign currency translation

5.9

10.4

1.9

2.3

Ending Assets

$1,227.2

$568.4

$1,227.2

$568.4

See the footnotes immediately following these tables.

Invesco Ltd. 

Assets Under Management (continued) 

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

By client domicile: (in billions)

Americas

Asia Pacific

EMEA

Americas

Asia Pacific

EMEA

Beginning Assets

$1,235.8

$245.4

$234.6

$1,133.9

$235.5

$215.9

Long-term inflows

60.2

26.0

21.0

150.0

77.1

58.2

Long-term outflows

(51.9)

(20.9)

(17.9)

(137.1)

(58.5)

(50.2)

Net long-term flows

8.3

5.1

3.1

12.9

18.6

8.0

Net flows in non-management fee earning AUM ^(a)

2.1

0.5

0.9

18.1

(0.3)

1.8

Net flows in money market funds

(7.8)

0.7

(0.2)

(1.5)

0.2

(0.4)

Total net flows

2.6

6.3

3.8

29.5

18.5

9.4

Reinvested distributions

1.0

—

—

3.4

—

0.1

Market gains and losses

35.4

3.7

10.7

108.8

11.3

25.1

Foreign currency translation

0.5

11.2

4.6

(0.3)

1.3

3.2

Ending Assets

$1,275.3

$266.6

$253.7

$1,275.3

$266.6

$253.7

Three Months Ended September 30, 2024

By investment capability ^(b): (in billions)

ETFs and

Index ^(c)

Fundamental

Fixed Income ^(d)

Fundamental

Equities ^(e)

Private

Markets ^(f)

APAC

Managed ^(g)

Multi-

Asset/Other ^(h)

Global

Liquidity ⁽ⁱ⁾

QQQ ^(j)

Beginning Assets

$415.1

$272.6

$268.8

$129.1

$112.4

$59.6

$171.6

$286.6

Long-term inflows

53.2

19.5

8.5

6.5

16.6

2.9

—

—

Long-term outflows

(35.5)

(13.6)

(14.8)

(6.8)

(17.4)

(2.6)

—

—

Net long-term flows

17.7

5.9

(6.3)

(0.3)

(0.8)

0.3

—

—

Net flows in non-management fee earning AUM ^(a)

—

—

—

—

—

0.6

—

2.9

Net flows in money market funds

—

—

—

—

0.6

—

(7.9)

—

Total net flows

17.7

5.9

(6.3)

(0.3)

(0.2)

0.9

(7.9)

2.9

Reinvested distributions

—

0.5

0.2

0.2

—

—

0.1

—

Market gains and losses

23.2

5.9

12.8

(0.3)

1.5

1.3

0.1

5.3

Foreign currency translation

1.6

5.6

3.0

1.1

3.5

1.3

0.2

—

Ending Assets

$457.6

$290.5

$278.5

$129.8

$117.2

$63.1

$164.1

$294.8

Average AUM

$436.1

$282.5

$271.0

$129.4

$113.4

$61.7

$159.8

$288.1

Nine Months Ended September 30, 2024

By investment capability ^(b): (in billions)

ETFs and

Index ^(c)

Fundamental

Fixed Income ^(d)

Fundamental

Equities ^(e)

Private

Markets ^(f)

APAC

Managed ^(g)

Multi-

Asset/Other ^(h)

Global

Liquidity ⁽ⁱ⁾

QQQ ^(j)

Beginning Assets

$362.1

$272.6

$260.5

$129.7

$108.0

$57.4

$165.0

$230.0

Long-term inflows

129.6

51.7

25.9

16.9

53.6

7.6

—

—

Long-term outflows

(87.9)

(43.1)

(44.1)

(13.6)

(48.5)

(8.6)

—

—

Net long-term flows

41.7

8.6

(18.2)

3.3

5.1

(1.0)

—

—

Net flows in non-management fee earning AUM ^(a)

—

—

—

—

—

0.8

—

18.8

Net flows in money market funds

—

—

—

—

—

—

(1.7)

—

Total net flows

41.7

8.6

(18.2)

3.3

5.1

(0.2)

(1.7)

18.8

Reinvested distributions

—

1.5

1.0

0.6

—

0.1

0.3

—

Market gains and losses