FRANKLIN RESOURCES INC
For the period ended Dec 31, 2023. Filed Jan 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Jan 29, 2024
BEN$36.29+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Three Months Ended December 31, | ||
|---|---|---|
| (in millions) | 2023 | 2022 |
| Net Income | $256.3 | $168.8 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Stock-based compensation | 66.8 | 69.5 |
| Amortization of deferred sales commissions | 13.4 | 12.4 |
| Depreciation and other amortization | 25.7 | 25.1 |
| Amortization of intangible assets | 85.8 | 83.2 |
| Net gains on investments | (60.1) | (45.5) |
| Income from investments in equity method investees | (56.9) | (33.2) |
| Net losses on investments of consolidated investment products | 66.0 | 72.3 |
| Net purchase of investments by consolidated investment products | (147.5) | (259.2) |
| Deferred income taxes | (57.7) | (122.5) |
| Other | 31.6 | 17.8 |
| Changes in operating assets and liabilities: | ||
| Decrease (increase) in receivables and other assets | (36.7) | 14.6 |
| Decrease (increase) in investments, net | 0.2 | (13.6) |
| Decrease in accrued compensation and benefits | (508.0) | (481.6) |
| Increase in income taxes payable | 107.9 | 158.8 |
| Increase (decrease) in accounts payable, accrued expenses and other liabilities | (39.7) | 59.8 |
| Increase in accounts payable and accrued expenses of consolidated investment products | 1.0 | 17.0 |
| Net cash used in operating activities | (251.9) | (256.3) |
| Purchase of investments | (267.4) | (234.4) |
| Liquidation of investments | 317.6 | 217.6 |
| Purchase of investments by consolidated collateralized loan obligations | (794.0) | (822.5) |
| Liquidation of investments by consolidated collateralized loan obligations | 697.0 | 328.7 |
| Additions of property and equipment, net | (19.5) | (27.4) |
| Acquisitions, net of cash acquired | — | (493.7) |
| Payments of contingent consideration asset | — | 2.9 |
| Payments of deferred consideration liability | (60.8) | — |
| Net deconsolidation of investment products | (10.5) | (13.8) |
| Net cash used in investing activities | (137.6) | (1,042.6) |
[Table continued on next page]
CONSOLIDATED STATEMENTS OF CASH FLOWS
[Table continued from previous page]
| Three Months Ended December 31, | ||
|---|---|---|
| (in millions) | 2023 | 2022 |
| Dividends paid on common stock | $(155.7) | $(148.4) |
| Repurchase of common stock | (58.8) | (14.2) |
| Proceeds from repurchase agreement | — | 174.8 |
| Proceeds from debt of consolidated investment products | 39.8 | 955.3 |
| Payments on debt of consolidated investment products | (22.0) | (277.9) |
| Payments on contingent consideration liabilities | — | (2.0) |
| Noncontrolling interests | 37.7 | 271.3 |
| Net cash (used in) provided by financing activities | (159.0) | 958.9 |
| Effect of exchange rate changes on cash and cash equivalents | 25.7 | 59.7 |
| Decrease in cash and cash equivalents | (522.8) | (280.3) |
| Cash and cash equivalents, beginning of period | 4,402.4 | 4,782.5 |
| Cash and Cash Equivalents, End of Period | $3,879.6 | $4,502.2 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for income taxes | 26.8 | $13.2 |
| Cash paid for interest | 10.6 | 4.3 |
| Cash paid for interest by consolidated investment products | 161.6 | 50.5 |
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