8 unchanged sentences
December 1-31, 2022 (3)
+Added: 1,578,513 159.04 1,578,513 159.04 3,906,396
Total 2,008,678 155.56 1,992,664 155.57
1 unchanged sentence
(1) Includes shares surrendered to the Company to satisfy tax withholding and/or option exercise price obligations in connection with stock swap and net settlement option exercise transactions, if any.
−Removed: (2) Our Board of Directors authorized share repurchase programs in January 2022 and January 2021 to repurchase up to 2.0 million and 5.0 million shares of our common stock, respectively, and these authorizations have no expiry.
+Added: (2) Our Board of Directors authorized share repurchase programs in October 2022, January 2022, and January 2021 to repurchase up to 3.0 million, 2.0 million, and 5.0 million shares of our common stock, respectively, and these authorizations have no expiry.
Purchases may be made from time to time, at management’s discretion, in the open market or in privately negotiated transactions, including through the use of trading plans, as well as pursuant to accelerated share repurchase programs or other share repurchase strategies that may include derivative financial instruments.
+Added: As of December 31, 2022, we had repurchased all of the shares of the January 2021 program.
+Added: (3) In December 2022, we entered into an accelerated share repurchase agreement to repurchase shares of our common stock in exchange for an upfront payment of $225.0 million.
+Added: We received an initial share delivery of 1.1 million shares in December 2022, which represents 80% of the upfront payment based on the closing price of our common stock on the agreement date.
+Added: The total number of shares to be repurchased will be based on volume-weighted average prices of our common stock during the term of the agreement less a discount and subject to adjustments pursuant to the terms and conditions of such agreement.
+Added: The final settlement of this transaction is expected to be completed in the second or third quarter of 2023.
For the years ended December 31, 2020, 2021, and 2022, we repurchased 5.0 million, 3.5 million, and 4.5 million shares of our common stock at an average price per share of $86.35, $146.54, and $144.45, respectively.
−Removed: Between January 1, 2022 and February 16, 2022, we repurchased 0.8 million shares of our common stock in the open market for approximately $110 million.
+Added: Tab l e of Contents
Performance Graph
−Removed: Our peer group comprises AllianceBernstein Holding L.P., Ameriprise Financial, Inc., Ares Management Corporation, Artisan Partners Asset Management Inc., The Carlyle Group Inc., Federated Hermes, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, Lazard Ltd., Victory Capital Holdings, Inc.
+Added: Our peer group comprises AllianceBernstein Holding L.P., Ares Management Corporation, Artisan Partners Asset Management Inc., The Carlyle Group Inc., Federated Hermes, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, Lazard Ltd., Victory Capital Holdings, Inc.
and Virtus Investment Partners, Inc.
−Removed: Prior to this year, our peer group also included T.
−Removed: Rowe Price Group, Inc.
−Removed: and did not include Artisan Partners Asset Management Inc., The Carlyle Group Inc., Federated Hermes, Inc., Victory Capital Holdings, Inc., and Virtus Investment Partners, Inc.
−Removed: Our peer group was revised in 2021 to include comparators with market capitalizations and business scope (including alternative-focused asset management businesses) that are more in line with our own, given the ongoing evolution of our business, and to replace peers impacted by industry consolidation.
+Added: Prior to this year, our peer group also included Ameriprise Financial, Inc.
+Added: Our peer group was revised in 2022 to reflect companies with size and market capitalizations that are more in line with our own.
The following graph compares the cumulative stockholder return on our common stock from December 31, 2017 through December 31, 2022, with the cumulative total return, during the same period, on the Standard & Poor’s MidCap 400 Index, our prior peer group, and our current peer group.
The comparison below assumes the investment of $100 on December 31, 2017 in our common stock and each of the comparison indices and, in each case, assumes reinvestment of all dividends.
+Added: Tab l e of Contents
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.