# EDGAR Filing Document

**Accession Number:** 0000914208
**File Stem:** 0000000000-23-002943
**Filing Date:** 2023-3
**Character Count:** 10729
**Document Hash:** f20575ab51064c7362f4d56fb87feb5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002943.hdr.sgml**: 20230511

**ACCESSION NUMBER**: 0000000000-23-002943

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230323

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Ltd.
- **CENTRAL INDEX KEY:** 0000914208
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **IRS NUMBER:** 980557567
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 1331 SPRING STREET NW
- **STREET 2:** SUITE 2500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30309
- **BUSINESS PHONE:** 404-892-0896

**MAIL ADDRESS:**
- **STREET 1:** 1331 SPRING STREET NW
- **STREET 2:** SUITE 2500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Invesco Asset Management Deutschland GMBH
- **DATE OF NAME CHANGE:** 20211102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Invesco Ltd.
- **DATE OF NAME CHANGE:** 20080520

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Invesco Ltd
- **DATE OF NAME CHANGE:** 20080508
**PUBLIC REFERENCE ACCESSION NUMBER**: 0000914208-23-000297

## Text-Extract

```

United States securities and exchange commission logo

                               March 23, 2023

       L. Allison Dukes
       Senior Managing Director and Chief Financial Officer
       Invesco Ltd.
       1555 Peachtree Street, N.E., Suite 1800
       Atlanta, GA 30309

                                                        Re: Invesco Ltd.
                                                            Form 10-K for the
Fiscal Year Ended December 31, 2022
                                                            Filed February 23,
2023
                                                            File No. 001-13908

       Dear L. Allison Dukes:

              We have limited our review of your filing to the financial
statements and related
       disclosures and have the following comments. In some of our comments, we
may ask you to
       provide us with information so we may better understand your disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Form 10-K for the Fiscal Year Ended December 31, 2022

       Management's Discussion and Analysis of Financial Condition and Results
of Operations
       Schedule of Non-GAAP Information
       Reconciliation of Net income attributable to Invesco to Adjusted net
income attributable to
       Invesco, page 49

   1.                                                   In your reconciliation
to adjusted net income, we note that each of the adjustments are
                                                        presented "net of tax."
In future filings, please revise your presentation and disclosure to
                                                        comply with Question
102.11 of the Division's Compliance & Disclosure Interpretations
                                                        ("C&DI") on Non-GAAP
Financial Measures.
       Debt, page 55

   2.                                                   We note that EBITDA is
defined on page i as earnings before income tax, depreciation
                                                        and amortization.
However, it appears your reconciliation and adjustments, on page 56, to
                                                        arrive at EBITDA
include more items, such as interest, share-based compensation
  L. Allison Dukes
Invesco Ltd.
March 23, 2023
Page 2
         expense, unrealized (gains)/losses and acquisition-related matter
recoveries. Please revise
         your disclosure on page i to include a more complete and accurate
definition. In addition,
         as the measure "EBITDA" includes adjustments for items other than
interest, taxes,
         depreciation and amortization, revise the caption to more
appropriately describe the
         measure (e.g., Adjusted EBITDA).
Critical Accounting Policies and Estimates
Goodwill, page 57

3.       In future filings, please disclose whether you believe the estimated
fair values of your
         reporting units substantially exceed their carrying values. For any
reporting units that have
         estimated fair values that do not substantially exceed their carrying
values, revise your
         disclosure to provide useful and meaningful information that would
allow investors to
         better assess the probability of a future goodwill impairment,
including the following:
             Identify the reporting unit and quantify the amount of goodwill
allocated to the
              reporting unit.
             Disclose the percentage by which the estimated fair value exceeded
carrying value as
              of the date of the most recent impairment test.
             Disclose quantitative details about the specific critical
assumptions used in your fair
              value determination and how much each estimate and/or assumption
has changed
              over a relevant period.
             Disclose a sensitivity analysis of the reported amount to the
methods, assumptions
              and estimates underlying its calculation.
             Address the degree of uncertainty associated with your key
assumptions and disclose
              how changes in key assumptions could impact your fair value
determination.
             Describe potential events and/or changes in circumstances that
could reasonably be
              expected to negatively affect your key assumptions.

       In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.

       You may contact Lory Empie at 202-551-3714 or Robert Klein at
202-551-3847 with any
questions.

FirstName LastName L. Allison Dukes                            Sincerely,
Comapany NameInvesco Ltd.
                                                               Division of
Corporation Finance
March 23, 2023 Page 2                                          Office of
Finance
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

March 23, 2023

L. Allison Dukes  
Senior Managing Director and Chief Financial Officer  
Invesco Ltd.  
1555 Peachtree Street, N.E., Suite 1800  
Atlanta, GA 30309

**Re: Invesco Ltd.**

**Form 10-K for the Fiscal Year Ended December 31, 2022**

**Filed February 23, 2023**

**File No. 001-13908**

Dear L. Allison Dukes:

We have limited our review of your filing to the financial statements and related disclosures and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments.

Form 10-K for the Fiscal Year Ended December 31, 2022

Management's Discussion and Analysis of Financial Condition and Results of Operations Schedule of Non-GAAP Information

Reconciliation of Net income attributable to Invesco to Adjusted net income attributable to Invesco, page 49

1. In your reconciliation to adjusted net income, we note that each of the adjustments are presented 'net of tax.' In future filings, please revise your presentation and disclosure to comply with Question 102.11 of the Division's Compliance & Disclosure Interpretations ('C&DI') on Non-GAAP Financial Measures.

Debt, page 55

2. We note that EBITDA is defined on page i as earnings before income tax, depreciation and amortization. However, it appears your reconciliation and adjustments, on page 56, to arrive at EBITDA include more items, such as interest, share-based compensation

L. Allison Dukes
Invesco Ltd.
March 23, 2023
Page 2

expense, unrealized (gains)/losses and acquisition-related matter recoveries. Please revise your disclosure on page i to include a more complete and accurate definition. In addition, as the measure "EBITDA" includes adjustments for items other than interest, taxes, depreciation and amortization, revise the caption to more appropriately describe the measure (e.g., Adjusted EBITDA).

Critical Accounting Policies and Estimates

Goodwill, page 57

3. In future filings, please disclose whether you believe the estimated fair values of your reporting units substantially exceed their carrying values. For any reporting units that have estimated fair values that do not substantially exceed their carrying values, revise your disclosure to provide useful and meaningful information that would allow investors to better assess the probability of a future goodwill impairment, including the following:
- Identify the reporting unit and quantify the amount of goodwill allocated to the reporting unit.
- Disclose the percentage by which the estimated fair value exceeded carrying value as of the date of the most recent impairment test.
- Disclose quantitative details about the specific critical assumptions used in your fair value determination and how much each estimate and/or assumption has changed over a relevant period.
- Disclose a sensitivity analysis of the reported amount to the methods, assumptions and estimates underlying its calculation.
- Address the degree of uncertainty associated with your key assumptions and disclose how changes in key assumptions could impact your fair value determination.
- Describe potential events and/or changes in circumstances that could reasonably be expected to negatively affect your key assumptions.

In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

You may contact Lory Empie at 202-551-3714 or Robert Klein at 202-551-3847 with any questions.

Sincerely,

Division of Corporation Finance
Office of Finance