as of and for the fiscal years ended September 30,
2020****1
2019
2018
2017
2016
Summary of Operations****2(in millions)
Operating revenues
$
5,566.5
$
5,669.4
$
6,204.5
$
6,305.0
$
6,534.6
Operating income
1,048.9
1,466.9
2,028.2
2,199.6
2,295.1
Operating margin
18.8
%
25.9
%
32.7
%
34.9
%
35.1
%
Net income attributable to Franklin Resources, Inc.
798.9
3
1,195.7
4
764.4
5
1,696.7
1,726.7
Financial Data(in millions)
Total assets
$
20,220.9
$
14,532.2
$
14,383.5
$
17,534.0
$
16,098.8
Debt
3,017.1
696.9
695.9
1,044.2
1,401.2
Debt of consolidated investment products
1,333.4
50.8
32.6
53.4
682.2
Franklin Resources, Inc. stockholders’ equity
10,114.5
9,906.5
9,899.2
12,620.0
11,935.8
Operating cash flows
1,021.4
201.6
2,229.7
1,135.4
1,727.7
Investing cash flows
(3,243.1
)
(1,077.1
)
(290.4
)
52.0
192.2
Financing cash flows
194.2
(40.5
)
(3,761.7
)
(956.0
)
(1,800.7
)
Assets Under Management(in billions)
Ending
$
1,418.9
$
692.6
$
717.1
$
753.2
$
733.3
Average6
832.9
697.0
740.5
736.9
749.3
Per Common Share
Earnings
Basic
$
1.59
$
2.35
$
1.39
$
3.01
$
2.94
Diluted
1.59
2.35
1.39
3.01
2.94
Cash dividends declared
1.08
1.04
3.92
0.80
0.72
Book value
20.43
19.84
19.07
22.74
20.93
1
Includes the impact of the Company’s acquisition of Legg Mason, Inc. which was effective July 31, 2020. See Note 3 – Acquisitions in the notes to consolidated financial statements in Item 8 of Part II of this Annual Report on Form 10‑K for more information.
2
In fiscal year 2020, the Company changed the presentation of its consolidated statements of income to include dividend and interest income and other expenses from consolidated investment products in non-operating income. Amounts for the comparative prior fiscal years have been reclassified to conform to the current presentation. These reclassifications had no impact on previously reported net income attributable to Franklin Resources, Inc.
3
Includes an income tax benefit of $27.0 million, net of valuation allowance, from capital losses subsequent to the change in corporate tax structure of a foreign holding company to a U.S. branch.
4
Includes an income tax charge of $86.0 million due to a revision to the estimated income tax charge that was recognized in fiscal year 2018 resulting from enactment of the Tax Cuts and Jobs Act of 2017 (“the Tax Act”).
5
Includes an estimated income tax charge of $968.8 million resulting from enactment of the Tax Act.
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