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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________ 
FORM 10-Q
______________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 000-32191
______________________________________ 
T. ROWE PRICE GROUP, INC.
(Exact name of registrant as specified in its charter)
Maryland
 
52-2264646
(State of incorporation) (I.R.S. Employer Identification No.)
100 East Pratt Street, Baltimore, Maryland 21202
(Address, including Zip Code, of principal executive offices)
(410) 345-2000
(Registrant’s telephone number, including area code)
________________
Common stock, $.20 par value per share
TROW
The NASDAQ Stock Market LLC
(title of security)(ticker symbol)(Name of exchange on which registered)
______________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer 
Non-accelerated filer (do not check if smaller reporting company)
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No
The number of shares outstanding of the issuer’s common stock ($.20 par value), as of the latest practicable date,
October 25, 2021, is 224,751,344.
The exhibit index is at Item 6 on page 40.



PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
 
9/30/202112/31/2020
ASSETS
Cash and cash equivalents$3,418.5 $2,151.7 
Accounts receivable and accrued revenue941.6 863.1 
Investments3,330.3 3,250.8 
Assets of consolidated T. Rowe Price investment products ($1,837.1 million at September 30, 2021 and $2,497.4 million at December 31, 2020, related to variable interest entities)
2,026.7 2,695.5 
Operating lease assets106.2 117.6 
Property and equipment, net719.1 695.4 
Goodwill665.7 665.7 
Other assets242.6 219.2 
Total assets$11,450.7 $10,659.0 
LIABILITIES
Accounts payable and accrued expenses$309.8 $187.7 
Liabilities of consolidated T. Rowe Price investment products ($62.3 million at September 30, 2021 and $47.7 million at December 31, 2020, related to variable interest entities)
92.1 57.7 
Operating lease liabilities142.1 154.1 
Accrued compensation and related costs697.5 133.6 
Income taxes payable60.7 85.0 
Supplemental savings plan liability799.8 772.2 
Total liabilities2,102.0 1,390.3 
Commitments and contingent liabilities
Redeemable non-controlling interests1,086.6 1,561.7 
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares
  
Common stock, $.20 par value—authorized 750,000,000; issued 226,217,000 shares at September 30, 2021 and 227,965,000 at December 31, 2020
45.2 45.6 
Additional capital in excess of par value654.6 654.6 
Retained earnings7,591.7 7,029.8 
Accumulated other comprehensive loss(29.4)(23.0)
Total permanent stockholders’ equity8,262.1 7,707.0 
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity$11,450.7 $10,659.0 
The accompanying notes are an integral part of these statements.
Page 2


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per-share amounts)
 
 Three months endedNine months ended
 9/30/20219/30/20209/30/20219/30/2020
Revenues
Investment advisory fees$1,813.4 $1,469.3 $5,288.4 $4,090.9 
Administrative, distribution, and servicing fees140.7 126.5 421.8 382.9 
Net revenues1,954.1 1,595.8 5,710.2 4,473.8 
Operating expenses
Compensation and related costs564.6 552.3 1,751.9 1,542.0 
Distribution and servicing96.0 73.5 274.3 201.2 
Advertising and promotion22.1 14.2 61.4 52.5 
Product and recordkeeping related costs70.3 36.8 154.6 118.0 
Technology, occupancy, and facility costs123.1 115.6 359.7 332.3 
General, administrative, and other81.8 74.5 260.8 238.0 
Total operating expenses957.9 866.9 2,862.7 2,484.0 
Net operating income996.2 728.9 2,847.5 1,989.8 
Non-operating income (loss)
Net gains on investments8.7 84.6 165.0 100.6 
Net gains (losses) on consolidated investment products(17.1)101.2 75.7 13.3 
Other income (loss)(3.1)5.8 (6.2)(7.5)
Total non-operating income(11.5)191.6 234.5 106.4 
Income before income taxes984.7 920.5 3,082.0 2,096.2 
Provision for income taxes227.3 221.9 717.1 502.5 
Net income757.4 698.6 2,364.9 1,593.7 
Less: net income (loss) attributable to redeemable
non-controlling interests
(19.8)55.4 22.6 4.4 
Net income attributable to T. Rowe Price$777.2 $643.2 $2,342.3 $1,589.3 
Earnings per share on common stock of T. Rowe Price
Basic$3.34 $2.75 $10.04 $6.73 
Diluted$3.31 $2.73 $9.94 $6.66 

The accompanying notes are an integral part of these statements.
Page 3


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three months endedNine months ended
 9/30/20219/30/20209/30/20219/30/2020
Net income$757.4 $698.6 $2,364.9 $1,593.7 
Other comprehensive income (loss)
Currency translation adjustments
Consolidated T. Rowe Price investment products - variable interest entities(17.2)33.4 (30.0)24.2 
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products  (2.6)(.1)
Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities
(17.2)33.4 (32.6)24.1 
Equity method investments
3.5 .1 2.4 (9.4)
Other comprehensive income (loss) before income taxes(13.7)33.5 (30.2)14.7 
Net deferred tax (expense) benefits.8 (3.2)3.6 (.5)
Total other comprehensive income (loss)(12.9)30.3 (26.6)14.2 
Total comprehensive income744.5 728.9 2,338.3 1,607.9 
Less: comprehensive income (loss) attributable to redeemable non-controlling interests(32.0)76.2 2.4 18.3 
Total comprehensive income attributable to T. Rowe Price$776.5 $652.7 $2,335.9 $1,589.6 

The accompanying notes are an integral part of these statements.
Page 4


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
 Nine months ended
 9/30/20219/30/2020
Cash flows from operating activities
Net income$2,364.9 $1,593.7 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment
151.1 144.0 
Stock-based compensation expense
166.3 164.5 
Net gains recognized on investments(144.4)(75.3)
Net (investments) redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability28.1 (19.1)
Net change in securities held by consolidated T. Rowe Price investment products
(5.3)(350.8)
Other changes in assets and liabilities
530.0 459.9 
Net cash provided by operating activities3,090.7 1,916.9 
Cash flows from investing activities
Purchases of T. Rowe Price investment products(47.3)(240.3)
Dispositions of T. Rowe Price investment products285.4 381.9 
Net cash of T. Rowe Price investment products on deconsolidation(15.6)(49.1)
Additions to property and equipment(178.7)(155.4)
Other investing activity13.8 9.8 
Net cash provided by (used in) investing activities57.6 (53.1)
Cash flows from financing activities
Repurchases of common stock(493.1)(1,158.5)
Common share issuances under stock-based compensation plans33.3 76.2 
Dividends paid to common stockholders of T. Rowe Price(1,454.0)(635.7)
Net subscriptions received from redeemable non-controlling interest holders22.7 298.7 
Net cash used in financing activities(1,891.1)(1,419.3)
Effect of exchange rate changes on cash and cash equivalents of consolidated
T. Rowe Price investment products
(3.6)3.4 
Net change in cash and cash equivalents during period1,253.6 447.9 
Cash and cash equivalents at beginning of period, including $104.8 million at December 31, 2020, and $76.5 million at December 31, 2019, held by consolidated T. Rowe Price investment products
2,256.5 1,858.3 
Cash and cash equivalents at end of period, including $91.6 million at September 30, 2021, and $78.0 million at September 30, 2020, held by consolidated T. Rowe Price investment products
$3,510.1 $2,306.2 

The accompanying notes are an integral part of these statements.
Page 5


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)
Three months ended 9/30/2021
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total
stockholders’
equity
Redeemable non-controlling interests
Balances at June 30, 2021226,925 $45.4 $673.7 $7,202.6 $(28.7)$7,893.0 $880.4 
Net income— — — 777.2 — 777.2 (19.8)
Other comprehensive income (loss), net of tax— — — — (.7)(.7)(12.2)
Dividends declared ($1.08 per share)
— — — (250.7)— (250.7)— 
Shares issued upon option exercises321 — 9.0 — — 9.0 — 
Net shares issued upon vesting of restricted stock units5 — (.5)— — (.5)— 
Stock-based compensation expense— — 52.3 — — 52.3 — 
Restricted stock units issued as dividend equivalents— — .4 (.2)— .2 — 
Common shares repurchased(1,034)(.2)(80.3)(137.2)— (217.7)— 
Net redemptions from T. Rowe Price investment products— — — — — — (292.8)
Net consolidations of T. Rowe Price investment products— — — — — — 531.0 
Balances at September 30, 2021226,217 $45.2 $654.6 $7,591.7 $(29.4)$8,262.1 $1,086.6 
Three months ended 9/30/2020
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total
stockholders’
equity
Redeemable non-controlling interests
Balances at June 30, 2020226,990 $45.4 $654.6 $6,102.9 $(52.2)$6,750.7 $1,090.1 
Net income— — — 643.2 — 643.2 55.4 
Other comprehensive income (loss), net of tax— — — — 9.5 9.5 20.8 
Dividends declared ($0.90 per share)
— — — (210.2)— (210.2)— 
Shares issued upon option exercises492 .1 25.9 — — 26.0 — 
Net shares issued upon vesting of restricted stock units17 — (1.6)— — (1.6)— 
Stock-based compensation expense— — 52.8 — — 52.8 — 
Restricted stock units issued as dividend equivalents— — .1 (.1)— — — 
Common shares repurchased(1,124)(.2)(77.2)(64.5)— (141.9)— 
Net subscriptions into T. Rowe Price investment products— — — — — — 217.9 
Net deconsolidations of T. Rowe Price investment products— — — — — — (44.0)
Balances at September 30, 2020226,375 $45.3 $654.6 $6,471.3 $(42.7)$7,128.5 $1,340.2 

(1) Accumulated other comprehensive income.

The accompanying notes are an integral part of these statements.
Page 6


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)
Nine months ended 9/30/2021
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total
stockholders’
equity
Redeemable non-controlling interests
Balances at December 31, 2020227,965 $45.6 $654.6 $7,029.8 $(23.0)$7,707.0 $1,561.7 
Net income— — — 2,342.3 — 2,342.3 22.6 
Other comprehensive income (loss), net of tax— — — — (6.4)(6.4)(20.2)
Dividends declared ($3.24 per share)
— — — (754.8)— (754.8)— 
Special cash dividend declared ($3.00 per share)
— — — (699.5)— (699.5)— 
Shares issued upon option exercises1,083 .2 38.6 — — 38.8 — 
Restricted shares issued, net of shares withheld for taxes4 — — — — — — 
Net shares issued upon vesting of restricted stock units54 — (4.8)— — (4.8)— 
Stock-based compensation expense— — 166.2 — — 166.2 — 
Restricted stock units issued as dividend equivalents— — .6 (.7)— (.1)— 
Common shares repurchased(2,889)(.6)(200.6)(325.4)— (526.6)— 
Net subscriptions into T. Rowe Price investment products— — — — — — 6.1 
Net deconsolidations of T. Rowe Price investment products— — — — — — (483.6)
Balances at September 30, 2021226,217 $45.2 $654.6 $7,591.7 $(29.4)$8,262.1 $1,086.6 
Nine months ended 9/30/2020
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total
stockholders’
equity
Redeemable non-controlling interests
Balances at December 31, 2019235,214 $47.0 $654.6 $6,443.5 $(43.0)$7,102.1 $1,121.0 
Net income— — — 1,589.3 — 1,589.3 4.4 
Other comprehensive income (loss), net of tax— — — — .3 .3 13.9 
Dividends declared ($2.70 per share)
— — — (635.3)— (635.3)— 
Shares issued upon option exercises1,856 .4 82.8 — — 83.2 — 
Restricted shares issued, net of shares withheld for taxes8 — — — — — — 
Net shares issued upon vesting of restricted stock units60 — (4.8)— — (4.8)— 
Forfeiture of restricted awards— — — — — — — 
Stock-based compensation expense— — 164.3 — — 164.3 — 
Restricted stock units issued as dividend equivalents— — .2 (.2)— — — 
Common shares repurchased(10,763)(2.1)(242.5)(926.0)— (1,170.6)— 
Net subscriptions into T. Rowe Price investment products— — — — — — 307.8 
Net deconsolidations of T. Rowe Price investment products— — — — — — (106.9)
Balances at September 30, 2020226,375 $45.3 $654.6 $6,471.3 $(42.7)$7,128.5 $1,340.2 
(1) Accumulated other comprehensive income.

The accompanying notes are an integral part of these statements.
Page 7


NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – THE COMPANY AND BASIS OF PREPARATION.

T. Rowe Price Group Inc. derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds (“U.S. mutual funds”), subadvised funds, separately managed accounts, collective investment trusts, and other
T. Rowe Price products. The other T. Rowe Price products include open-ended investment products offered to investors outside the U.S., and products offered through variable annuity life insurance plans in the U.S. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery and other multi-asset solutions for providers to implement.

Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

BASIS OF PRESENTATION.

These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates.

The unaudited interim financial information contained in these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2020 Annual Report.

NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.

We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.



Page 8


NOTE 2 – INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Revenues earned under agreements with clients include: 
Three months ended 9/30/2021Three months ended 9/30/2020
Administrative, distribution, and servicing fees
Administrative, distribution, and servicing fees
(in millions)
Investment advisory fees
Administrative fees
Distribution and servicing fees
Net revenues
Investment advisory fees
Administrative fees
Distribution and servicing fees
Net revenues
U.S. mutual funds$1,125.5 $82.6 $30.9 $1,239.0 $939.5 $72.4 $28.5 $1,040.4 
Subadvised funds, separate accounts, collective investment trusts, and other investment products687.9   687.9 529.8   529.8 
Other clients(1)
 27.2  27.2  25.6  25.6 
$1,813.4 $109.8 $30.9 $1,954.1 $1,469.3 $98.0 $28.5 $1,595.8 
Nine months ended 9/30/2021Nine months ended 9/30/2020
Administrative, distribution, and servicing fees
Administrative, distribution, and servicing fees
(in millions)
Investment advisory fees
Administrative fees
Distribution and servicing fees
Net revenues
Investment advisory fees
Administrative fees
Distribution and servicing fees
Net revenues
U.S. mutual funds$3,273.2 $243.1 $90.0 $3,606.3 $2,638.8 $219.0 $82.1 $2,939.9 
Subadvised funds, separate accounts, collective investment trusts, and other investment products2,015.2   2,015.2 1,452.1   1,452.1 
Other clients(1)
 88.7  88.7  81.8  81.8 
$5,288.4 $331.8 $90.0 $5,710.2 $4,090.9 $300.8 $82.1 $4,473.8 
(1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to our non-discretionary advisory services.    

Total net revenues earned from our related parties, specifically T. Rowe Price investment products, aggregate $1,599.5 million and $1,302.3 million for the three months ended September 30, 2021 and 2020, respectively. Total net revenues earned from these products during the nine months ended September 30, 2021 and 2020 aggregate $4,653.7 million and $3,652.8 million, respectively. Accounts receivable from these products aggregate to $581.6 million at September 30, 2021 and $523.4 million at December 31, 2020.

The following table details the investment advisory revenues earned from clients by their underlying asset class.
 Three months endedNine months ended
(in millions)9/30/20219/30/20209/30/20219/30/2020
U.S. mutual funds
Equity$813.0 $636.3 $2,310.8 $1,750.6 
Fixed income, including money market64.8 66.6 183.7 205.1 
Multi-asset247.7 236.6 778.7 683.1 
1,125.5 939.5 3,273.2 2,638.8 
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity458.8 339.6 1,329.0 924.7 
Fixed income, including money market41.3 38.4 119.6 110.3 
Multi-asset187.8 151.8 566.6 417.1 
687.9 529.8 2,015.2 1,452.1 
Total$1,813.4 $1,469.3 $5,288.4 $4,090.9 

Page 9



The following table summarizes the assets under management on which we earn investment advisory revenues.
Average during
Three months endedNine months endedAs of
(in billions)9/30/20219/30/20209/30/20219/30/20209/30/202112/31/2020
U.S. mutual funds
Equity$559.8 $433.4 $534.0 $398.9 $546.1 $498.6 
Fixed income, including money market88.4 78.1 85.6 76.0 87.7 79.4 
Multi-asset232.8 197.3 228.5 189.1 227.2 216.6 
881.0 708.8 848.1 664.0 861.0 794.6 
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity445.7 338.8 427.3 303.3 428.6 397.2 
Fixed income, including money market94.3 82.4 92.1 80.3 93.0 89.3 
Multi-asset227.7 162.9 213.8 151.3 229.7 189.4 
767.7 584.1 733.2 534.9 751.3 675.9 
Total$1,648.7 $1,292.9 $1,581.3 $1,198.9 $1,612.3 $1,470.5 

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.8%, 9.0% and 9.3% of our assets under management at September 30, 2021, June 30, 2021 and December 31, 2020, respectively.

NOTE 3 – INVESTMENTS.

The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows:
(in millions)9/30/202112/31/2020