$FHI
FEDERATED HERMES, INC.

2024 Q3 Form 10-Q Financial Statement

#000105628824000025 Filed on October 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $408.5M
YoY Change 1.44%
Cost Of Revenue $19.85M
YoY Change 13.03%
Gross Profit $390.1M
YoY Change 1.36%
Gross Profit Margin 95.5%
Selling, General & Admin $275.0M
YoY Change 2.36%
% of Gross Profit 70.51%
Research & Development $23.66M
YoY Change 11.52%
% of Gross Profit 6.06%
Depreciation & Amortization $5.714M
YoY Change -6.22%
% of Gross Profit 1.46%
Operating Expenses $296.7M
YoY Change -1.5%
Operating Profit $111.7M
YoY Change 10.17%
Interest Expense $9.378M
YoY Change -5584.21%
% of Operating Profit 8.39%
Other Income/Expense, Net $10.86M
YoY Change -2692.12%
Pretax Income $122.6M
YoY Change 21.38%
Income Tax $32.30M
% Of Pretax Income 26.35%
Net Earnings $87.54M
YoY Change 16.68%
Net Earnings / Revenue 21.43%
Basic Earnings Per Share $1.06
Diluted Earnings Per Share $1.06
COMMON SHARES
Basic Shares Outstanding 78.69M shares
Diluted Shares Outstanding 78.71M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $565.0M
YoY Change 1.91%
Cash & Equivalents $375.0M
Short-Term Investments $190.1M
Other Short-Term Assets $6.303M
YoY Change -0.24%
Inventory
Prepaid Expenses $33.63M
Receivables $79.10M
Other Receivables $39.13M
Total Short-Term Assets $723.2M
YoY Change 1.62%
LONG-TERM ASSETS
Property, Plant & Equipment $27.55M
YoY Change -12.28%
Goodwill $813.5M
YoY Change 1.5%
Intangibles $342.6M
YoY Change -14.77%
Long-Term Investments
YoY Change
Other Assets $40.21M
YoY Change 23.39%
Total Long-Term Assets $1.314B
YoY Change -3.97%
TOTAL ASSETS
Total Short-Term Assets $723.2M
Total Long-Term Assets $1.314B
Total Assets $2.038B
YoY Change -2.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $98.11M
YoY Change 23.05%
Accrued Expenses $143.4M
YoY Change 2.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $263.1M
YoY Change 2.95%
LONG-TERM LIABILITIES
Long-Term Debt $348.0M
YoY Change 0.08%
Other Long-Term Liabilities $29.43M
YoY Change -12.41%
Total Long-Term Liabilities $637.5M
YoY Change -2.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $263.1M
Total Long-Term Liabilities $637.5M
Total Liabilities $900.6M
YoY Change -0.99%
SHAREHOLDERS EQUITY
Retained Earnings $1.208B
YoY Change 5.16%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.084B
YoY Change
Total Liabilities & Shareholders Equity $2.038B
YoY Change -2.06%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $87.54M
YoY Change 16.68%
Depreciation, Depletion And Amortization $5.714M
YoY Change -6.22%
Cash From Operating Activities $117.1M
YoY Change 10.9%
INVESTING ACTIVITIES
Capital Expenditures -$3.028M
YoY Change -245.51%
Acquisitions
YoY Change
Other Investing Activities -$11.34M
YoY Change -433.63%
Cash From Investing Activities -$8.312M
YoY Change -730.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -51.55M
YoY Change -24.58%
NET CHANGE
Cash From Operating Activities 117.1M
Cash From Investing Activities -8.312M
Cash From Financing Activities -51.55M
Net Change In Cash 57.29M
YoY Change 48.41%
FREE CASH FLOW
Cash From Operating Activities $117.1M
Capital Expenditures -$3.028M
Free Cash Flow $120.2M
YoY Change 16.05%

Facts In Submission

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Federated Hermes, Inc.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
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dei Entity Address City Or Town
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dei Security12b Title
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Basis of Presentation <div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federated Hermes, Inc. and its consolidated subsidiaries (collectively, Federated Hermes) provide investment advisory, administrative, distribution and other services to various investment products, including sponsored investment companies, collective funds and other funds (Federated Hermes Funds) and separate accounts (which include separately managed accounts, institutional accounts, certain sub-advised funds and other managed products, collectively Separate Accounts) in both domestic and international markets. In addition, Federated Hermes markets and provides stewardship and real estate development services to various domestic and international companies. The interim consolidated financial statements of Federated Hermes included herein (Consolidated Financial Statements) have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP). In the opinion of management, the financial statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods presented.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the amounts reported therein and in the accompanying notes. Actual results may differ from those estimates, and such differences may be material to the Consolidated Financial Statements. </span></div>The Consolidated Financial Statements should be read in conjunction with Federated Hermes’ Annual Report on Form 10-K for the year ended December 31, 2023. Certain items reported in previous periods have been reclassified to conform to the current period’s presentation.
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In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the amounts reported therein and in the accompanying notes. Actual results may differ from those estimates, and such differences may be material to the Consolidated Financial Statements.
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Generally, contracts are billed in arrears on a quarterly basis and have a three-year duration, after which the customer can terminate the agreement with notice, generally from three to twelve months.
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WeightedAverageNumberOfSharesOutstandingBasic
83710000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79804000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84499000 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78706000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83710000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79809000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84502000 shares
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.06
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.06
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.86
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.44
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.44
CY2023Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
25845000 usd
CY2024Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
-23000 usd
CY2024Q1 us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
-106000 usd
CY2024Q1 us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
2724000 usd
CY2024Q1 fhi Temporary Equity Consolidation Deconsolidation
TemporaryEquityConsolidationDeconsolidation
48100000 usd
CY2024Q1 fhi Temporary Equity Decreasefrom Distributionsto Noncontrolling Interest Holders
TemporaryEquityDecreasefromDistributionstoNoncontrollingInterestHolders
3410000 usd
CY2024Q1 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
73130000 usd
CY2024Q2 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
-1802000 usd
CY2024Q2 us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
13000 usd
CY2024Q2 us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
16303000 usd
CY2024Q2 fhi Temporary Equity Consolidation Deconsolidation
TemporaryEquityConsolidationDeconsolidation
-52723000 usd
CY2024Q2 fhi Temporary Equity Decreasefrom Distributionsto Noncontrolling Interest Holders
TemporaryEquityDecreasefromDistributionstoNoncontrollingInterestHolders
4430000 usd
CY2024Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
30491000 usd
CY2024Q3 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
2803000 usd
CY2024Q3 us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
554000 usd
CY2024Q3 us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
13503000 usd
CY2024Q3 fhi Temporary Equity Consolidation Deconsolidation
TemporaryEquityConsolidationDeconsolidation
16624000 usd
CY2024Q3 fhi Temporary Equity Decreasefrom Distributionsto Noncontrolling Interest Holders
TemporaryEquityDecreasefromDistributionstoNoncontrollingInterestHolders
10567000 usd
CY2024Q3 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
53408000 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
61821000 usd
CY2023Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
1865000 usd
CY2023Q1 us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
232000 usd
CY2023Q1 us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
12776000 usd
CY2023Q1 fhi Temporary Equity Consolidation Deconsolidation
TemporaryEquityConsolidationDeconsolidation
-33962000 usd
CY2023Q2 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
827000 usd
CY2023Q2 us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
328000 usd
CY2023Q2 us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
19684000 usd
CY2023Q2 fhi Temporary Equity Consolidation Deconsolidation
TemporaryEquityConsolidationDeconsolidation
12119000 usd
CY2023Q2 fhi Temporary Equity Decreasefrom Distributionsto Noncontrolling Interest Holders
TemporaryEquityDecreasefromDistributionstoNoncontrollingInterestHolders
14454000 usd
CY2023Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
58012000 usd
CY2023Q3 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
-760000 usd
CY2023Q3 us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
-454000 usd
CY2023Q3 us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
35323000 usd
CY2023Q3 fhi Temporary Equity Consolidation Deconsolidation
TemporaryEquityConsolidationDeconsolidation
-6601000 usd
CY2023Q3 fhi Temporary Equity Decreasefrom Distributionsto Noncontrolling Interest Holders
TemporaryEquityDecreasefromDistributionstoNoncontrollingInterestHolders
14889000 usd
CY2023Q3 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
70631000 usd
CY2023Q2 fhi Limited Partners Carried Interest At Fair Value
LimitedPartnersCarriedInterestAtFairValue
9800000 usd
CY2023Q4 fhi Increase In Limited Partners Carried Interest At Fair Value
IncreaseInLimitedPartnersCarriedInterestAtFairValue
5100000 usd
CY2024Q2 fhi Increase In Limited Partners Carried Interest At Fair Value
IncreaseInLimitedPartnersCarriedInterestAtFairValue
1900000 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32300000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26700000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.263
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
84700000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
75300000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.315
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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