| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Consolidated Entity Excluding Consolidated Funds | | | | | | 858 |
| UNITED STATES | | | | | | 666 |
| Quant & Solutions | 417 | 488 | 355 | 381 | 389 | 369 |
| Other | 0 | 36 | 145 | 214 | 539 | |
| Total revenues [+] | 417 | 524 | 500 | 595 | 928 | 887 |
| Net investment income | 0 | 8 | 0 | 21 | 53 | 43 |
| Revenue growth [+] | -20.4% | 4.9% | -16.0% | -35.9% | 4.6% | |
| Quant & Solutions | -14.6% | 37.6% | -6.8% | -2.2% | 5.6% | |
| Liquid Alpha | | -87.5% | -38.4% | -43.5% | -6.4% | |
| Cost of goods sold | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 417 | 524 | 500 | 595 | 928 | 887 |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Selling, general and administrative | 249 | 378 | 368 | 372 | 844 | 816 |
| Other operating expenses | | | | | -7 | -7 |
| EBITDA [+] | | | | | 97 | 84 |
| EBITDA growth | 15.2% | 10.7% | -40.7% | 129.1% | 15.2% | |
| EBITDA margin | 40.2% | 27.8% | 26.4% | 37.4% | 10.5% | 9.5% |
| Depreciation | | | | | 7 | 7 |
| EBITA | 168 | 146 | 132 | 222 | 90 | 78 |
| EBITA margin | 40.2% | 27.8% | 26.4% | 37.4% | 9.7% | 8.7% |
| Amortization of intangibles | | | | | 7 | 7 |
| EBIT [+] | 168 | 146 | 132 | 222 | 84 | 71 |
| EBIT growth | 15.2% | 10.7% | -40.7% | 165.2% | 18.0% | |
| EBIT margin | 40.2% | 27.8% | 26.4% | 37.4% | 9.0% | 8.0% |
| Other income (expense), net [+] | -23 | 32 | 213 | -9 | 51 | 71 |
| Gain (loss) on sale of assets | | 49 | | | | |
| Gain (loss) on debt retirement | -3 | | | | | |
| Pre-tax income | 145 | 178 | 345 | 213 | 135 | 142 |
| Income taxes | 44 | 50 | 97 | 11 | 5 | 133 |
| Tax rate | 30.5% | 28.1% | 28.2% | 4.9% | 3.7% | 93.5% |
| Minority interest | | 68 | 29 | 16 | -6 | |
| Earnings from continuing ops | 101 | 60 | 219 | 187 | 136 | 9 |
| Earnings from discontinued ops | | 768 | 68 | 37 | 0 | 0 |
| Net income | 101 | 828 | 287 | 224 | 136 | 9 |
| Net margin | 24.1% | 158.2% | 57.4% | 37.7% | 14.7% | 1.0% |
| |
| Basic EPS [+] | $2.39 | $0.78 | $2.69 | $2.05 | $1.27 | $0.08 |
| Growth | 207.3% | -71.1% | 31.7% | 61.3% | 1426.7% | |
| Diluted EPS [+] | $2.33 | $0.75 | $2.67 | $2.04 | $1.27 | $0.08 |
| Growth | 212.2% | -72.0% | 30.5% | 61.4% | 1433.3% | |
| |
| |
| Shares outstanding (basic) [+] | 42 | 77 | 81 | 91 | 107 | 111 |
| Growth | -45.5% | -5.0% | -10.9% | -15.1% | -3.0% | |
| Shares outstanding (diluted) [+] | 43 | 80 | 82 | 91 | 108 | 111 |
| Growth | -46.4% | -1.9% | -10.1% | -15.2% | -3.4% | |
| |
| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |