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Dec 31, 2021
T. Rowe Price Q4 2021 Earnings Report
Reported results for the fourth quarter and full year 2021.
Key Takeaways
T. Rowe Price Group reported strong revenue growth of 13.2% for the quarter and 23.6% for the year, driven by market appreciation boosting average AUM. The firm closed the Oak Hill Advisors, L.P. (OHA) acquisition on December 29, 2021.
Assets under management ended the quarter at $1.69 trillion.
Net client outflows were $22.7 billion for Q4 2021 and $28.5 billion for 2021.
Net revenues were $2.0 billion for Q4 2021 and $7.7 billion for 2021.
Diluted earnings per common share were $3.18 for Q4 2021 and $13.12 for 2021.
Forward Guidance
The firm currently estimates its 2022 non-GAAP operating expenses, including a full-year of OHA's operating expenses, will grow in the range of 12% to 16%. Without consideration for OHA's operating expenses, the firm's 2022 non-GAAP operating expenses are expected to grow in the range of 4% to 8%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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