JNS » Topics » 2006 Cash Flows

These excerpts taken from the JNS 10-K filed Feb 24, 2010.

Cash Flows

A summary of cash flow data from continuing operations for the years ended December 31 is as follows (in millions):

 
  2009   2008   2007  

Cash flows provided by (used for):

                   
 

Operating activities

  $ 176.5   $ 238.2   $ 290.8  
 

Investing activities

    (9.6 )   (148.8 )   (103.3 )
 

Financing activities

    (124.8 )   (287.5 )   (213.9 )
               

Net increase (decrease) in cash and cash equivalents

    42.1     (198.1 )   (26.4 )

Balance at beginning of year

    282.6     480.7     507.1  
               

Balance at end of year

  $ 324.7   $ 282.6   $ 480.7  
               

2009 Cash Flows

On an annual basis, JCG's cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements. Fluctuations in operating cash flows are attributable to changes in net income and working capital items, which can vary from period to period based on the amount and timing of cash receipts and payments. The decline in cash flow from operations from the prior year was driven by lower revenues as a result of the decline in average assets under management.

Cash used for investing activities in 2009 primarily represents $9.0 million for the purchase of property and equipment.

Cash used for financing activities in 2009 primarily represents the repurchase of $443.3 million and the repayment of $22.0 million of long-term debt, partially offset by the issuance of $218.1 million and

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$170.0 million of common stock and convertible debt, respectively. Cash used for financing activities in 2009 also includes acquisitions of noncontrolling interests of $28.5 million.

2008 Cash Flows

Operating cash flows in 2008 decreased $52.6 million to $238.2 million due to lower revenues in the second half of 2008 as a result of the deterioration in global market conditions.

Net cash used for investing activities in 2008 primarily represents $67.7 million for the purchase of an additional 3% interest in INTECH and $90.0 million for an additional 50% interest in Perkins.

Cash used for financing activities in 2008 primarily represents stock buybacks of $291.7 million.

2007 Cash Flows

Operating cash flows in 2007 were $290.8 million driven primarily by net income and changes in working capital.

Net cash used for investing activities in 2007 includes $81.0 million for the purchase of an additional 4% interest in INTECH and $108.5 million (including $3.5 million of purchased accrued interest) for the purchase of the Stanfield securities from money market funds advised by Janus, partially offset by $55.2 million of proceeds from the net sale of investments in advised funds.

Cash used for financing activities in 2007 includes $748.4 million of proceeds from the issuance of long-term debt, offset by the repayment of $158.1 million of long-term debt and common stock buybacks of $845.6 million.

2009 Cash Flows

On an annual basis, JCG's cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements. Fluctuations in operating cash flows are attributable to changes in net income and working capital items, which can vary from period to period based on the amount and timing of cash receipts and payments. The decline in cash flow from operations from the prior year was driven by lower revenues as a result of the decline in average assets under management.

Cash used for investing activities in 2009 primarily represents $9.0 million for the purchase of property and equipment.

Cash used for financing activities in 2009 primarily represents the repurchase of $443.3 million and the repayment of $22.0 million of long-term debt, partially offset by the issuance of $218.1 million and

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$170.0 million of common stock and convertible debt, respectively. Cash used for financing activities in 2009 also includes acquisitions of noncontrolling interests of $28.5 million.

2008 Cash Flows

Operating cash flows in 2008 decreased $52.6 million to $238.2 million due to lower revenues in the second half of 2008 as a result of the deterioration in global market conditions.

Net cash used for investing activities in 2008 primarily represents $67.7 million for the purchase of an additional 3% interest in INTECH and $90.0 million for an additional 50% interest in Perkins.

Cash used for financing activities in 2008 primarily represents stock buybacks of $291.7 million.

2007 Cash Flows

Operating cash flows in 2007 were $290.8 million driven primarily by net income and changes in working capital.

Net cash used for investing activities in 2007 includes $81.0 million for the purchase of an additional 4% interest in INTECH and $108.5 million (including $3.5 million of purchased accrued interest) for the purchase of the Stanfield securities from money market funds advised by Janus, partially offset by $55.2 million of proceeds from the net sale of investments in advised funds.

Cash used for financing activities in 2007 includes $748.4 million of proceeds from the issuance of long-term debt, offset by the repayment of $158.1 million of long-term debt and common stock buybacks of $845.6 million.

This excerpt taken from the JNS 8-K filed Jul 14, 2009.

2006 Cash Flows

Operating cash flows in 2006 increased $31.1 million to $298.6 million due to changes in net income and working capital items.

Net cash generated from investing activities in 2006 includes proceeds from the maturity and sale of marketable securities, partially offset by $90.0 million for the purchase of an additional 5% interest in INTECH and capital expenditures.

Cash used for financing activities in 2006 consists primarily of common stock repurchases of $516.4 million and the repayment of $113.1 million of long-term debt, partially offset by the issuance of $275.0 million of debt.

This excerpt taken from the JNS 10-Q filed May 11, 2009.

Cash Flows

 

A summary of cash flow data from continuing operations for the three-month periods ended March 31, 2009 and 2008 is as follows (in millions):

 

 

 

2009

 

2008

 

Cash flows provided by (used for):

 

 

 

 

 

Operating activities

 

$

(27.4

)

$

1.9

 

Investing activities

 

(17.6

)

(76.4

)

Financing activities

 

(5.5

)

(135.9

)

Net change in cash and cash equivalents

 

(50.5

)

(210.4

)

Balance beginning of period

 

282.6

 

480.7

 

Balance end of period

 

$

232.1

 

$

270.3

 

 

On an annual basis, JCG’s cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements.  Fluctuations in operating cash flows are attributable to changes in net income and working capital items, which can vary from period to period based on the on the amount and timing of cash receipts and payments.  The decline in cash flow from operations from the comparable prior year period was driven by lower revenues as a result of the decline in average assets under management.

 

Cash used for investing activities for the three months ended March 31, 2009, primarily represents $12.2 million for the net purchase of investments.  Purchases and sales of investments are related to seed capital as well as hedging and vesting of mutual fund share awards.  Cash used for investing activities for the comparable prior year period includes $60.7 million for the purchase of an additional 3% interest in INTECH and $11.5 million for the net purchase of investments.

 

Cash used for financing activities for the three months ended March 31, 2009, primarily represents $5.0 million of distributions to noncontrolling interests.  Cash used for financing activities for the comparable prior period primarily represents stock buybacks of $142.5 million.  Stock buybacks were suspended in during the third quarter 2008 to preserve liquidity.

 

These excerpts taken from the JNS 10-K filed Feb 26, 2009.

2008 Cash Flows

JCG's cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements. Fluctuations in operating cash flows are attributable to changes in net income and working capital items, which can vary from period to period based on the amount and timing of cash receipts and payments. The decline in cash flow from operations in 2008 was driven by lower revenues in the second half of 2008 as a result of the deterioration in global market conditions.

Net cash used for investing activities in 2008 primarily represents $67.7 million for the purchase of an additional 3% interest in INTECH and $90.0 million for an additional 50% interest in Perkins.

Cash used for financing activities in 2008 primarily represents stock buybacks of $291.7 million.

2007 Cash Flows

Operating cash flows in 2007 decreased $7.8 million to $290.8 million due to changes in net income and working capital items.

Net cash used for investing activities in 2007 includes $81.0 million for the purchase of an additional 4% interest in INTECH and $108.5 million (including $3.5 million of purchased accrued interest) for the purchase of SIV securities from money market funds advised by Janus, partially offset by $55.2 million of proceeds from the net sale of investments in advised funds.

Cash used for financing activities in 2007 includes $748.4 million of proceeds from the issuance of long-term debt, offset by the repayment of $158.1 million of long-term debt and common stock buybacks of $845.6 million.

2006 Cash Flows

Operating cash flows in 2006 increased $31.1 million to $298.6 million due to changes in net income and working capital items.

Net cash generated from investing activities in 2006 includes proceeds from the maturity and sale of marketable securities, partially offset by $90.0 million for the purchase of an additional 5% interest in INTECH and capital expenditures.

Cash used for financing activities in 2006 consists primarily of common stock repurchases of $516.4 million and the repayment of $113.1 million of long-term debt, partially offset by the issuance of $275.0 million of debt.

2008 Cash Flows



JCG's cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements. Fluctuations in
operating cash flows are attributable to changes in net income and working capital items, which can vary from period to period based on the amount and timing of cash receipts and payments. The decline
in cash flow from operations in 2008 was driven by lower revenues in the second half of 2008 as a result of the deterioration in global market conditions.



Net
cash used for investing activities in 2008 primarily represents $67.7 million for the purchase of an additional 3% interest in INTECH and $90.0 million for an additional 50% interest
in Perkins.



Cash
used for financing activities in 2008 primarily represents stock buybacks of $291.7 million.



2007 Cash Flows



Operating cash flows in 2007 decreased $7.8 million to $290.8 million due to changes in net income and working capital items.




Net
cash used for investing activities in 2007 includes $81.0 million for the purchase of an additional 4% interest in INTECH and $108.5 million (including $3.5 million of
purchased accrued interest) for the purchase of SIV securities from money market funds advised by Janus, partially offset by $55.2 million of proceeds from the net sale of investments in
advised funds.



Cash
used for financing activities in 2007 includes $748.4 million of proceeds from the issuance of long-term debt, offset by the repayment of $158.1 million of
long-term debt and common stock buybacks of $845.6 million.



2006 Cash Flows



Operating cash flows in 2006 increased $31.1 million to $298.6 million due to changes in net income and working capital items.



Net
cash generated from investing activities in 2006 includes proceeds from the maturity and sale of marketable securities, partially offset by $90.0 million for the purchase of an additional
5% interest in INTECH and capital expenditures.



Cash
used for financing activities in 2006 consists primarily of common stock repurchases of $516.4 million and the repayment of $113.1 million of long-term debt, partially
offset by the issuance of $275.0 million of debt.



This excerpt taken from the JNS 10-Q filed Oct 23, 2008.

Cash Flows

 

A summary of cash flow data from continuing operations for the nine-month periods ended September 30, 2008 and 2007 is as follows (in millions):

 

 

 

2008

 

2007

 

Cash flows provided by (used for):

 

 

 

 

 

Operating activities

 

$ 168.1

 

$ 203.8

 

Investing activities

 

(66.2

)

(36.2

)

Financing activities

 

(285.0

)

(69.3

)

Net change in cash and cash equivalents

 

(183.1

)

98.3

 

Balance beginning of period

 

480.7

 

507.1

 

Balance end of period

 

$ 297.6

 

$ 605.4

 

 

On an annual basis, Janus’ cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements.  Cash provided by operating activities for the nine months ended September 30, 2008, decreased over the comparable prior year period as a result of changes in working capital items, which can vary from period to period based on the timing of cash receipts and payments.

 

Cash used for investing activities for the nine months ended September 30, 2008, primarily represents $67.7 million for the purchase of an additional 3% interest in INTECH.  Cash used for investing activities for the comparable prior year period primarily represents the acquisition of an additional 4% interest in INTECH and $58.4 million of net proceeds from the sale of investments.

 

Cash used for financing activities for the nine months ended September 30, 2008, primarily represents stock buybacks of $289.8 million.  Cash provided by financing activities for the comparable prior period includes $748.4 million of proceeds from the issuance of long-term debt, offset by debt repayment of $158.1 million and stock buybacks of $675.6 million.

 

This excerpt taken from the JNS 10-Q filed Jul 24, 2008.

Cash Flows

 

A summary of cash flow data from continuing operations for the six-month periods ended June 30, 2008 and 2007 is as follows (in millions):

 

 

 

2008

 

2007

 

Cash flows provided by (used for):

 

 

 

 

 

Operating activities

 

$ 80.7

 

$ 110.9

 

Investing activities

 

(69.5

)

(34.0

)

Financing activities

 

(216.2

)

107.5

 

Net change in cash and cash equivalents

 

(205.0

)

184.4

 

Balance beginning of period

 

480.7

 

507.1

 

Balance end of period

 

$ 275.7

 

$ 691.5

 

 

 

On an annual basis, Janus’ cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements.  Cash provided by operating activities for the six months ended June 30, 2008, decreased over the comparable prior year period as a result of changes in working capital items, which can vary from period to period based on the timing of cash receipts and payments.

 

Cash used for investing activities for the six months ended June 30, 2008, primarily represents $67.7 million for the purchase of an additional 3% interest in INTECH.  Cash used for investing activities for the comparable prior year period primarily represents the acquisition of an additional 4% interest in INTECH and $56.8 million of net proceeds from the sale and maturities of investments.

 

Cash used for financing activities for the six months ended June 30, 2008, primarily represents stock buybacks of $217.8 million.  Cash provided by financing activities for the comparable prior period includes $748.4 million of proceeds from the issuance of long-term debt, offset by debt repayment of $158.1 million and stock buybacks of $491.7 million.

 

This excerpt taken from the JNS 10-Q filed Apr 24, 2008.

Cash Flows

 

A summary of cash flow data from continuing operations for the three-month periods ended March 31, 2008 and 2007 is as follows (in millions):

 

 

 

2008

 

2007

 

Cash flows provided by (used for):

 

 

 

 

 

Operating activities

 

$ 1.9

 

$ (19.3

)

Investing activities

 

(76.4

)

(20.8

)

Financing activities

 

(135.9

)

(208.9

)

Net change in cash and cash equivalents

 

(210.4

)

(249.0

)

Balance beginning of period

 

480.7

 

507.1

 

Balance end of period

 

$ 270.3

 

$ 258.1

 

 

On an annual basis, Janus’ cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements.  Cash provided by operating activities for the three months ended March 31, 2008, increased over the comparable prior year period as a result of changes in working capital items, which can vary from period to period based on the timing of cash receipts and payments.

 

Cash used for investing activities for the three months ended March 31, 2008, includes $60.7 million for the purchase of an additional 3% interest in INTECH and $11.5 million of net proceeds from the sale and purchase of investments.  Cash used for investing activities for the comparable prior year period primarily represents the acquisition of an additional 4% interest in INTECH and $66.1 million of net proceeds from the sale and maturities of investments.

 

Cash used for financing activities for the three months ended March 31, 2008 and 2007, primarily represents stock buybacks of $142.5 million and $214.4 million, respectively.

 

These excerpts taken from the JNS 10-K filed Feb 28, 2008.

2005 Cash Flows

Operating cash flows in 2005 increased from cash used for operations in 2004, which included payments related to the regulatory settlement associated with the Mutual Fund Investigation and income taxes for the sale of DST shares.

Net cash generated from investing activities in 2005 represents proceeds from the maturity and sale of marketable securities, partially offset by capital expenditures.

20


Cash used for financing activities in 2005 consists primarily of common stock repurchases of $310.4 million and distributions to the minority owners of INTECH.

2005 Cash Flows



Operating cash flows in 2005 increased from cash used for operations in 2004, which included payments related to the regulatory settlement associated with the Mutual Fund
Investigation and income taxes for the sale of DST shares.



Net
cash generated from investing activities in 2005 represents proceeds from the maturity and sale of marketable securities, partially offset by capital expenditures.



20









Cash
used for financing activities in 2005 consists primarily of common stock repurchases of $310.4 million and distributions to the minority owners of INTECH.




This excerpt taken from the JNS 10-Q filed Oct 25, 2007.

Cash Flows

 

A summary of consolidated cash flow data from continuing operations for the nine-month periods ended September 30, 2007 and 2006 is as follows (in millions):

 

 

 

2007

 

2006

 

Cash flows provided by (used for):

 

 

 

 

 

Operating activities

 

$

203.8

 

$

197.5

 

Investing activities

 

(36.2

)

(182.2

)

Financing activities

 

(69.3

)

(106.5

)

Net change in cash and cash equivalents

 

98.3

 

(91.2

)

Balance beginning of period

 

507.1

 

501.0

 

Balance end of period

 

$

605.4

 

$

409.8

 

 

Janus’ cash flow from operations historically has been positive and sufficient to fund ordinary operations and capital requirements.  Cash provided by operating activities for the nine months ended September 30, 2007, increased from the cash provided by operating activities for the prior year period as a result of changes in working capital items, which can vary from period to period based on the timing of cash receipts and payments.

 

Cash used for investing activities for the nine months ended September 30, 2007, includes $81.0 million for the purchase of an additional 4% interest in INTECH and $58.4 million of proceeds from the net sale of investments.  Cash provided by investing activities for the comparable prior year period primarily represents an acquisition of a 5% interest in INTECH and $113.1 million of cash escrowed for the repayment of debt.

 

Cash provided by financing activities for the nine months ended September 30, 2007, includes $748.4 million of proceeds from the issuance of long-term debt, offset by repayment of $158.1 million of long-term debt and stock buybacks of $675.6 million.  Cash used for financing activities for the comparable prior year consists primarily of common stock repurchases of $388.4 million, partially offset by $275.0 million of proceeds from the issuance of long-term debt.

 

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