Thank Good Starting under in billion morning, our term prior $XXX.X September and XX $XX.X at at XX $XXX.X X XX% slide December management X% on the assets assets from with from up you, long George. were billion everyone. year. results billion up
net market of $X.X The and reflected appreciation billion positive sequential flows. increase $X.X billion of
approximately diversified funds, accounts representing respectively. by to XX%, institutional and be with product end XX%, type, and open retail XX%, separate Assets continue
sequentially retail growth accounts billion that the or of continue over year. $X.X X% note or XX% of would to be a prior I and area billion $X.X separate significant
international. and classes, domestic asset increased equity XX% positive XX% of terms have in In assets flows the of appreciation and XX% in to with market equity total
are approximately increasing a Domestic the at I out point prior and year. over up and XX%, among would the equity smallcap XX%, and UM diverse that $XX.X midcap XX% billion XX% strategies, large assets grow to to midcap respectively. XX% cap, within comprised sequentially and well-balanced continues are of mix
were billion X, separate retail in and in outflows. accounts, of Net $X.X flows quarter. a end flows. offset from Turning driven by open the quarter, asset outflows EPS slide by net $X.X improvement institutional were net fund billion third flows fourth to partially positive Positive net the meaningful
sequentially. Total $X.X sales were billion, flat
lower and Fund sale accounts sales were of institutional open billion higher offset $X.X $X.X sales. by and retail declined billion model included EPS quarter flows. third fund separate approximately As as of $X.X billion end XX% or sales
third sequentially. $X.X private mandates sales to Excluding Retail account of sales both essentially primarily were those the the XX% increased sales were by channels. billion with funding funds from in unchanged of separate growth and Institutional due affiliates. across sequentially $X XX% intermediary billion sold multiple or new the quarter, up client
offset billion compared flows quarter are funds net equity Looking strategies equity and the asset flows at in by of with net quarter. positive by flows Domestic in positive, third strong net similar class, $X.X had or large both to outflows cap. end modestly flows net fund midcap $X.X open small billion, for partially last
continues equity flows an Midcap XX%. equity in developed reflecting annualized strategies, rate funds This the inflows strong $X.X quarter, market growth due sequentially. sales generated billion positive XX% to strong markets for with flows organic positive International midcap of of $X.X products. trend billion into our in net up had funds developed
outflows driver For strategies net the of primary were billion. fixed funds loan income $X.X bank of
our to generate relevant across performance investment strategies. continue We strong,
retail had XXst, of of three, or in of four stars. and four fund December rated AUM stars assets As rated five or fund were approximately XX% XX% five
five or and a representing currently or affiliates. from four more all five diverse are We stars of rated nine have $X of strategies months set billion different with AUM
performance this were year their XX% benchmarks assets five strong peer In of exceeding of institutional five XXst of median basis. addition to their very were as of the on fund assets December performance, beating on a same XX% groups the basis and year
adjusted $XXX.X XX% million management from increased million as or slide million, the X% year or adjusted $X.X were sequentially, million and X% to $XXX million prior X, or revenues fees sequentially. as up Investment $XX period. Turning of $X.X
in under quarter. higher in term fees a the investment for is consistent million due increase fee average sequential performance with prior million fees fees, Management X% modestly to the in management quarter The rate. in $X.X assets at generally $X.X management average included long related increase a
the rate the year basis and increased fees basis up term period. full For XX.X year quarter XXXX million. points fee from XX to X.X $X.X the related point The long quarter prior points, the performance assets basis on average in prior for up from totaled X.X
respect open increased the to of favorable XX.X differential equity and assets the rate ongoing the impact third rate end redemptions. between the XX.X fee in quarter, of basis funds, the points fee from reflecting With positive equity level to returns and sales on
blended This marks exceeded fee rate XX the consecutive the fund the quarter XXth quarter fund rate points that the This rate has on rate points. basis the on was redemptions XX redemptions. on while sales basis on was sales
for we reflect nature earn. thing fees that we the as quarter, as is of individual no on earnings through within margin of income, total would non-economic and change the some but fees have per lines to non-GAAP pass is point or adjusted, change this not as impacts One revenues out measures effective the share. recast management The operating has The operating investment revenues I effect adjusted. our adjusted
sequentially. Slide variable in expenses employment compensation reflects adjusted employment expenses. as incentive of quarter XX Total decreased decrease million quarter. shows five The the trend in $XX.X X% lower the
points of represented variable a and as significant therefore market Employment attributable was of the down XXX of basis as had adjusted, the compensation. growth sequentially to quarter lower portion expenses XX.X% levels revenue revenues appreciation in
this million of XX% is revenues expenses else reasonable quarterly of we purposes, equal. range Note impact And employment all adjusted quarter first range first excludes taxes of quarter, the seasonal modeling approximately For the reminder levels being believe $X.X last at incur a to as the higher we payroll may XX% items. quarter of the benefits, year. and a as of in recorded items in XX% will be above which first other
$XX.X we compared cited. expenses XX, within previously Turning as quarter, operating flat to other with the million, essentially the and range prior were adjusted had slide
As operating expense reflecting the to full approach expenses XX.X% unchanged the a for essentially other a were percentage revenues, prior with year, management. disciplined of year,
in $XX range believe operating expenses quarter, that adjusted investments and million per $XX we ahead, to business. Looking million as of reflecting a is for the reasonable growth XXXX
modeling by to the equity directors. results second keep in annual our that board quarter of For purposes, impacted are grants mind
Operating due as the compared was employment of basis XXX and points quarter. with increase than million year illustrates of operating XX%, points higher to period. Slide increased revenues higher quarter sequentially, margin income XX the adjusted the sequentially an basis XXX million $X.X third and adjusted for X% in the expenses primarily The lower or as trend prior earnings. as as adjusted $XX.X adjusted
as for quarter was the purposes. $X.XX modeling per tax run-rate XX%, $X.XX, stable X% The as or of adjusted reasonable income at sequentially. for Net increased effective a the quarter with prior share rate adjusted diluted
net $X.XX quarter in income fourth the per $X.XX share quarter. third results, was GAAP compared Regarding with
value; carrying included earnings affiliate realized Fourth items; And the the the excess liability in increase tax $X.XX $X.XX the and on of fair unrealized minority costs expenses. net following net to to of GAAP quarter interests of comprised losses investments. per in due of of acquisition the for adjustments share $X.XX integration primarily other value and
trend and return of sequentially, XX, to the quarter. XX, of million million earnings $XX December position was by Working Gross million shows repayments or outstanding metrics. million operating reflecting at XX we repaid and liquidity as related capital increased capital at the Slide December debt offset X% of debt partially $X our $XXX capital shareholders. $XXX primarily during
period. debt EBITDA balance. times ratio the X.X due higher year growth down year X.X at X.X from was cash EBITDA X.X to year to The and was times in end from at net down XX EBITDA times debt September a times prior from times X.X December of a to down and at Gross XX, ago,
Regarding return an of stock for X.X% quarter on $X XX,XXX at to And outstanding total for repurchased beginning XXXX shares. common shares shareholders, million, million. settled capital $XX additional shares representing we approximately net of
of during shares full the repurchased beginning X.X% net declined basis outstanding X.X% year a On common For shares, we’ve outstanding. shares representing XXX,XXX XXXX.
approximately One note provide intangible year of a the per next at tax XX continue economic of tax $XX are benefit will item rates to value over assets that current our years. cash million additional to
yesterday, available Finally, convertible February the as to release commence stock will be stock Tuesday mandatorily trading in on common preferred press and announced our Xth. to convert
issued, be of in year Based final share as end, count conversion at the below modestly adjusted at forma X.XXX common shares XXX,XXX pro the per rate XXX,XXX preferred on shares our outstanding share fully common diluted will December X.XXXX, making XX.
cash small common of market flow favorable conversion by shares also a will Importantly, calculate effect to the free our of have The the as has conversion the our adjusted, annual it increase increasing $X the used EPS on shares approximately approximately flow will impact XX%. while by available million.
turn let to the back over call With that, George. me George?
