- Record diluted EPS of $1.15, record adjusted diluted
EPS1 of $0.90
- Record EBITDA of $342.7 million, record adjusted EBITDA
attributable to shareholders1 of $253.2
million
- EBITDA per share of $2.27 and adjusted EBITDA attributable
to shareholders1 per share of $1.68, both at record levels
- Operating cash flow of $176.8 million, free cash flow1 of
$151.7 million
- Operating cash flow per share of $1.17, free cash flow per
share of $1.01
- Record total assets of $489.0 billion, up $81.0 billion or
19.8% year over year
- Paid $30.3 million in dividends at $0.20 per share
- In July, total assets surpassed $500 billion for the first
time
- Repurchased 9.9 million shares under substantial issuer bids
completed in April and July
- Corient acquired two U.S. wealth management firms with
combined assets of approximately $5.6 billion; two additional firms
acquired after quarter-end, adding $8.1 billion
All financial amounts in Canadian dollars as at June 30, 2024,
unless stated otherwise.
CI Financial Corp. (“CI”) (TSX: CIX) today released financial
results for the quarter ended June 30, 2024.
“CI delivered strong results in the second quarter, with record
adjusted diluted earnings per share1 of $0.90, and continued growth
in revenues and adjusted EBITDA1,” said Kurt MacAlpine, CI Chief
Executive Officer. “Total assets reached a new high of $489
billion, a year-over-year increase of 20%, and in July, our assets
exceeded $500 billion for the first time.
“Corient, our U.S. subsidiary, is demonstrating significant
growth in assets and profitability, having generated double-digit
gains in adjusted EBITDA relative to both the previous quarter and
the second quarter of 2023. This reflects the significant progress
we have made in integrating that business and expanding its product
offering.
“In addition to fostering organic growth at Corient, we
continued our highly selective approach to M&A, seeking
exceptional wealth management firms focused on ultra-high-net-worth
individuals and families,” Mr. MacAlpine said. “In the second
quarter, we made our first acquisitions of 2024, adding firms based
in Florida and Ohio with combined assets of approximately $5.6
billion. In July, Corient completed the acquisitions of two other
registered investment advisors – a Florida multi-family office and
a private wealth manager based in Charlotte, North Carolina.
“Our recent capital management activities have also been
productive,” Mr. MacAlpine said. "Through a tender offer and market
transactions, we repurchased over US$578 million of our 2051 notes
and US$52 million of our 2030 notes at significant discounts to
face value, realizing a sizeable gain for CI shareholders.
“We also reduced acquisition-related liabilities by $101 million
during the quarter and continued to return capital to shareholders
by repurchasing a meaningful number of shares. Through two
substantial issuer bids completed in April and July, we have bought
back almost 10 million shares so far this year. Our normal course
issuer bid, which we renewed in July, permits the repurchase of
another 12.6 million shares over the next 12 months.”
Operating and financial data highlights
[millions of dollars, except share
amounts]
As of and for the quarters
ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Total AUM and Client Assets:
Asset Management AUM (2)
130,063
130,132
125,004
119,040
122,377
Canada Wealth Management assets
95,551
93,726
87,991
81,503
82,566
Canada custody (3)
29,350
28,011
25,567
23,421
9,149
U.S. Wealth Management assets (4)
234,062
222,347
206,282
197,016
193,980
Total assets
489,026
474,216
444,844
420,980
408,072
Asset Management Net Inflows:
Retail
(332
)
(1,320
)
(397
)
(110
)
7
Institutional
(43
)
4
—
(79
)
(14
)
Australia
(24
)
(92
)
230
(105
)
55
Closed Business
(216
)
(212
)
(200
)
(155
)
(174
)
Total Asset Management Segment
(616
)
(1,620
)
(367
)
(449
)
(126
)
U.S. Asset Management (5)
740
78
(67
)
(16
)
(266
)
IFRS Results
Net income attributable to
shareholders
176.4
(154.4
)
(63.5
)
(12.4
)
51.0
Diluted earnings per share
1.15
(1.00
)
(0.40
)
(0.08
)
0.28
Pretax income
231.3
(122.6
)
(38.2
)
20.6
112.5
Pretax margin
23.5
%
(19.0
)%
(5.3
)%
3.3
%
14.5
%
Operating cash flow before the change in
operating assets and liabilities
95.9
88.3
185.3
104.7
126.9
Adjusted Results (1)
Adjusted net income
135.5
132.8
128.2
132.8
136.0
Adjusted diluted earnings per share
0.90
0.86
0.81
0.81
0.76
Adjusted EBITDA
293.4
289.5
278.3
276.6
272.3
Adjusted EBITDA margin
40.1
%
41.4
%
41.7
%
41.3
%
41.6
%
Adjusted EBITDA attributable to
shareholders
253.2
246.1
238.7
237.8
245.3
Free cash flow
151.7
156.2
170.9
179.4
143.3
Average shares outstanding
149,248,861
153,821,117
158,125,830
161,549,038
178,883,346
Adjusted average diluted shares
outstanding
150,662,154
155,018,911
158,885,217
163,619,462
179,640,506
Ending shares outstanding
149,075,523
153,821,117
153,821,117
158,867,975
167,640,863
Total debt
3,642
3,608
3,507
3,289
3,132
Net debt
3,510
3,480
3,365
3,113
2,887
Net debt to adjusted EBITDA
3.5
3.5
3.5
3.3
2.9
- Free cash flow, net debt, adjusted net income, adjusted
earnings per share, adjusted diluted earnings per share, adjusted
EBITDA, adjusted net revenues and adjusted expenses are not
standardized earnings measures prescribed by IFRS. For further
information, see “Non-IFRS Measures” note below.
- Includes $34.7 billion, $34.4 billion, $33.2 billion, $31.8
billion, and $32.8 billion of assets managed by CI and held by
clients of advisors with CI Assante Wealth Management, CI Private
Counsel (CIPC) and Aligned Capital Partners as at June 30, 2024,
March 31, 2024, December 31, 2023, September 30, 2023, and June 30,
2023, respectively.
- Includes $25.6 billion, $24.5 billion, $21.5 billion, $19.7
billion, and $5.4 billion of assets advised by CI and held by
clients of advisors with Assante, CIPC, CI Direct Investing and
Aligned Capital as at June 30, 2024, March 31, 2024, December 31,
2023, September 30, 2023, and June 30, 2023, respectively. Prior to
July 2023, custody assets were historically not included as part of
reported assets for Canada wealth management or consolidated total
assets.
- Month-end USD/CAD exchange rates of 1.3680, 1.3546, 1.3250,
1.3582, and 1.3248 for June 2024, March 2024, December 2023,
September 2023, and June 2023, respectively.
- Includes 100% of flows from CI’s minority investments in
Columbia Pacific Advisors, OCM Capital Partners, The Cabana Group
and GLASfunds Holdings.
Financial highlights
Second quarter net income attributable to shareholders was
$176.4 million compared to a net loss of $154.4 million in the
first quarter of 2024. Excluding non-operating items, adjusted net
income attributable to shareholders1 was $135.6 million in the
second quarter, up 2.0% from the previous quarter.
Second quarter total net revenues were $986.0 million, up from
$645.7 million in the first quarter of 2024. Excluding
non-operating items, adjusted total net revenues1 were $731.3
million, up 4.7% from $698.6 million due to higher revenues from
all three segments, led by a 7.9% increase in U.S. wealth
management fees.
Second quarter total expenses declined 1.8% to $754.7 million
from $768.3 million in the first quarter of 2024. Excluding
non-operating items, adjusted total expenses1 were $507.9 million,
up 8.0% from $470.3 million in the previous quarter as a result of
higher SG&A, higher advisor and dealer fees due to higher
Canada Wealth Management revenues, and higher interest expense.
Capital allocation
CI paid $30.3 million in dividends at a rate of $0.20 per share.
The annual dividend rate of $0.80 per share represented a yield of
5.0% on CI’s closing share price of $16.00 on August 7, 2024. As
announced yesterday, the Board of Directors of CI declared a
quarterly dividend of $0.20 per share, payable on January 15, 2025
to shareholders of record as of December 31, 2024.
Under a substantial issuer bid that expired on April 2, 2024, CI
purchased for cancellation 4,857,142 common shares at a purchase
price of $17.50 per share, for an aggregate price of $85
million.
On May 31, CI commenced a subsequent substantial issuer bid,
which expired after quarter-end, on July 8, 2024. Under the offer,
CI purchased for cancellation five million common shares at a
purchase price of $15.50 per share, for an aggregate price of
approximately $77.5 million.
As a result of a tender offer announced in May 2024 and
completed in June 2024, CI purchased US$570 million of its
outstanding 4.100% notes due 2051, resulting in a significant gain
for CI. Concurrent with the tender offer, CI issued 7.500% notes
due 2029 with an aggregate principal amount of US$675.0
million.
CI executed amendments to the trust indentures governing its
3.759% Debentures due 2025 and 3.904% Debentures due 2027 following
approvals from debentureholders at meetings held April 4, 2024. The
amendments remove the covenants preventing any subsidiary of CI
from creating, assuming, or otherwise directly incurring certain
indebtedness.
Second quarter business highlights
- Corient completed the acquisitions of two registered investment
advisors with combined assets of approximately $5.6 billion (US$4.1
billion): Paragon Advisors Inc. of Shaker Heights, Ohio, a
multi-family office, and Socius Family Office, LLC of Fort
Lauderdale, Florida, which specializes in wealth management for
professional athletes. Both firms are now operating under the
Corient name.
- As part of CI’s strategy of modernizing asset management, CI
Global Asset Management (“CI GAM”) made several enhancements to its
lineup of investment solutions. These included launching CI Global
Artificial Intelligence ETF (TSX: CIAI), which focuses on
investment opportunities created by AI technologies, and new series
of two existing U.S. equity ETFs. CI GAM also completed the mergers
of 13 mutual funds and six ETFs into other funds, simplifying the
firm’s overall product offering.
- Northwood Family Office was named the winner of the 2024 Family
Wealth Report Award for Best Multi-Family Office in North America
(up to and including US$2.5 billion AUM/AUA).
Following quarter-end:
- Effective July 31, 2024, Corient acquired Emerald Multi-Family
Office (EMFO, LLC) of Weston, Florida, and Byron Financial, LLC of
Charlotte, North Carolina, which provide comprehensive wealth
management services to ultra-high-net-worth clients. The firms have
combined assets of approximately $8.1 billion (US$5.9
billion).
- CI GAM launched new investment solutions to meet investor
demand in two key market segments. These included new fixed-income
solutions available in both mutual funds and ETF series: CI Global
Short-Term Bond Fund (Cboe: CGSB) and CI Global Unconstrained Bond
Fund (TSX: CUBD). Additionally, CI GAM launched three covered call
mandates: CI Multi-Sector Covered Call Fund, CI U.S. Aggregate Bond
Covered Fund and CI U.S. Aggregate Bond Covered ETF.
Analysts’ conference call
CI will hold a conference call with analysts today at 9:00 a.m.
EDT, led by Mr. MacAlpine and Chief Financial Officer Amit Muni. A
live webcast of the call and slide presentation can be accessed
here or through the Investor Relations section of CI’s website.
Alternatively, investors may listen to the discussion through
the following numbers (access code: 921751):
- Canada toll-free: 1-833-950-0062
- United States toll-free: 1-833-470-1428
- All other locations: 1-929-526-1599.
A recording of the webcast will be archived on CI’s Investor
Relations site.
About CI Financial
CI Financial Corp. is a diversified global asset and wealth
management company operating primarily in Canada, the United States
and Australia. Founded in 1965, CI has developed world-class
portfolio management talent, extensive capabilities in all aspects
of wealth planning, and a comprehensive product suite.
CI operates in three segments:
- Asset Management, which includes CI Global Asset Management,
which operates in Canada, and GSFM, which operates in
Australia.
- Canadian Wealth Management, which includes the operations of CI
Assante Wealth Management, Aligned Capital Partners, CI Private
Wealth, Northwood Family Office, Coriel Capital, CI Direct
Investing and CI Investment Services.
- U.S. Wealth Management, which includes Corient Private Wealth,
an integrated wealth management firm providing comprehensive
solutions to ultra-high-net-worth and high-net-worth clients across
the United States.
CI is headquartered in Toronto and listed on the Toronto Stock
Exchange (TSX: CIX). To learn more, visit CI’s website or LinkedIn
page.
Commissions, trailing commissions, management fees and expenses
all may be associated with an investment in mutual funds and
exchange-traded funds (ETFs). Please read the prospectus before
investing. Important information about mutual funds and ETFs is
contained in their respective prospectus. Mutual funds and ETFs are
not guaranteed; their values change frequently, and past
performance may not be repeated. You will usually pay brokerage
fees to your dealer if you purchase or sell units of an ETF on
recognized Canadian exchanges. If the units are purchased or sold
on these Canadian exchanges, investors may pay more than the
current net asset value when buying units of the ETF and may
receive less than the current net asset value when selling
them.
This press release contains forward-looking statements
concerning anticipated future events, results, circumstances,
performance or expectations with respect to CI Financial Corp.
(“CI”) and its products and services, including its business
operations, strategy and financial performance and condition.
Forward-looking statements are typically identified by words such
as “believe”, “expect”, “foresee”, “forecast”, “anticipate”,
“intend”, “estimate”, “goal”, “plan” and “project” and similar
references to future periods, or conditional verbs such as “will”,
“may”, “should”, “could” or “would”. These statements are not
historical facts but instead represent management beliefs regarding
future events, many of which by their nature are inherently
uncertain and beyond management’s control. Although management
believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements
involve risks and uncertainties. The material factors and
assumptions applied in reaching the conclusions contained in the
forward-looking statements include that asset levels will remain
stable. The foregoing list is not exhaustive and the reader is
cautioned to consider these and other factors carefully and not to
place undue reliance on forward-looking statements. Other than as
specifically required by applicable law, CI undertakes no
obligation to update or alter any forward-looking statement after
the date on which it is made, whether to reflect new information,
future events or otherwise.
This communication is provided as a general source of
information and should not be considered personal, legal,
accounting, tax or investment advice, or construed as an
endorsement or recommendation of any entity or security discussed.
Individuals should seek the advice of professionals, as
appropriate, regarding any particular investment. Investors should
consult their professional advisors prior to implementing any
changes to their investment strategies.
CI Global Asset Management is a registered business name of CI
Investments Inc., a wholly owned subsidiary of CI.
CONSOLIDATED STATEMENT OF
INCOME
For the three-month period ended June
30
2024
2023
[in thousands of Canadian dollars, except
per share amounts]
$
$
REVENUE
Canada asset management fees
374,932
375,835
Trailer fees and deferred sales
commissions
(113,936)
(114,874)
Net asset management fees
260,996
260,961
Canada wealth management fees
168,733
144,092
U.S. wealth management fees
261,292
216,759
Other revenues
34,837
31,326
Foreign exchange losses
(22,599)
36,462
Other gains (losses)
282,700
86,483
Total net revenues
985,959
776,083
EXPENSES
Selling, general and administrative
432,226
345,904
Advisor and dealer fees
128,641
108,175
Interest and lease finance
55,166
46,137
Amortization and depreciation
18,403
13,330
Amortization of intangible assets from
acquisitions
36,496
33,077
Transaction, integration, restructuring
and legal
19,466
55,783
Change in fair value of contingent
consideration
12,594
15,249
Change in fair value of Preferred Share
Liability
42,396
35,000
Other
9,321
10,949
Total expenses
754,709
663,604
Income before income taxes
231,250
112,479
Provision for (recovery of) income
taxes
Current
57,398
65,149
Deferred
(3,157)
(4,048)
54,241
61,101
Net income (loss) for the
period
177,009
51,378
Net income (loss) attributable to
non-controlling interests
594
425
Net income (loss) attributable to
shareholders
176,415
50,953
Basic earnings per share attributable
to shareholders
$1.18
$0.28
Diluted earnings per share attributable
to shareholders
$1.15
$0.28
Other comprehensive income (loss), net
of tax
Exchange differences on translation of
foreign operations
16,089
(23,530)
Total other comprehensive income, net of
tax
16,089
(23,530)
Comprehensive income (loss) for the
period
193,098
27,848
Comprehensive income (loss)
attributable to non-controlling interests
367
58
Comprehensive income (loss)
attributable to shareholders
192,731
27,790
As at
As at
CONSOLIDATED BALANCE SHEET
June 30, 2024
December 31, 2023
[in thousands of Canadian dollars]
$
$
ASSETS
Current
Cash and cash equivalents
128,064
137,029
Client and trust funds on deposit
1,230,634
1,073,378
Investments
42,517
42,781
Accounts receivable and prepaid
expenses
461,831
388,029
Assets held for sale
—
326
Income taxes receivable
22,443
33,911
Total current assets
1,885,489
1,675,454
Capital assets, net
146,992
85,077
Right-of-use assets
244,555
229,763
Intangibles and goodwill
7,773,691
7,575,958
Deferred income taxes
83,991
78,642
Other assets
389,787
336,709
Total assets
10,524,505
9,981,603
LIABILITIES AND EQUITY
Current
Accounts payable and accrued
liabilities
417,529
378,374
Current portion of provisions and other
financial liabilities
351,747
444,200
Dividends payable
59,630
61,528
Client and trust funds payable
1,232,161
1,068,809
Income taxes payable
21,721
15,252
Redeemable unit liabilities
1,268,915
1,089,996
Preferred Share Liability
1,624,696
1,481,419
Current portion of long-term debt
524,996
437,255
Current portion of lease liabilities
30,741
17,575
Total current liabilities
5,532,136
4,994,408
Long-term debt
3,117,179
3,070,149
Provisions and other financial
liabilities
83,479
96,952
Other long-term payable
27,081
15,853
Deferred income taxes
477,740
479,150
Lease liabilities
314,966
285,053
Total liabilities
9,552,581
8,941,565
Equity
Share capital
1,391,147
1,436,686
Contributed surplus
43,117
34,828
Deficit
(532,616)
(454,435)
Accumulated other comprehensive income
58,000
10,683
Total equity attributable to the
shareholders of the Company
959,648
1,027,762
Non-controlling interests
12,276
12,276
Total equity
971,924
1,040,038
Total liabilities and equity
10,524,505
9,981,603
CONSOLIDATED STATEMENT OF CASH
FLOWS
For the three-month period ended June
30
2024
2023
[in thousands of Canadian dollars]
$
$
OPERATING ACTIVITIES (*)
Net income for the period
177,009
51,378
Add (deduct) items not involving cash
Other (gains) losses
(282,700)
(86,483)
Change in fair value of contingent
consideration
12,594
15,249
Change in fair value of Preferred Share
Liability
42,396
35,000
Contingent and deferred consideration
recorded as compensation
651
812
Amortization of loan guarantees
(498)
(1,762)
Recognition of non-cash vesting of
redeemable unit liabilities
82,420
63,096
Equity-based compensation
11,935
6,889
Equity accounted income
(1,088)
(996)
Amortization of equity accounted
investments
1,427
1,404
Amortization and depreciation
18,403
13,330
Amortization of intangible assets from
acquisitions
36,496
33,077
Deferred income taxes
(3,157)
(4,048)
Cash provided by operating activities
before net change in operating assets and liabilities
95,888
126,946
Net change in operating assets and
liabilities
80,871
14,979
Cash provided by operating
activities
176,759
141,925
INVESTING ACTIVITIES
Cash paid to settle acquisition
liabilities
(116,909)
(170,508)
Acquisitions, net of cash acquired
(106,638)
(41,557)
Proceeds on sale of equity-accounted
investment
—
130,458
Purchase of investments
(152)
(172)
Proceeds on sale of investments
139
22
Additions to capital assets
(38,242)
(6,910)
Decrease in other assets
(3,298)
(14,870)
Additions to intangibles
(259)
(4,533)
Cash used in investing
activities
(265,359)
(108,070)
FINANCING ACTIVITIES
Repayment of long-term debt
(420,000)
(298,000)
Issuance of long-term debt
1,290,666
—
Repurchase of long-term debt
(596,386)
(694,671)
Repurchase of share capital
(85,542)
(228,774)
Payment of lease liabilities
(1,998)
(6,352)
Issuance of redeemable unit liabilities,
net of redemptions
(65,933)
(18,187)
Net distributions to non-controlling
interest
—
(1,750)
Dividends paid to shareholders
(30,292)
(32,895)
Issuance of Preferred Share Liability
—
1,350,300
Cash provided by financing activities
90,515
69,671
Net decrease in cash and cash
equivalents during the period
1,915
103,526
Cash and cash equivalents, beginning of
period
126,149
136,970
Cash and cash equivalents, end of
period
128,064
240,496
SUPPLEMENTAL CASH FLOW
INFORMATION
(*) Included in operating activities are
the following:
Interest paid
78,196
73,899
Income taxes paid
44,444
33,909
ASSETS UNDER MANAGEMENT AND NET
FLOWS
[billions of dollars]
Quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Beginning AUM
130.1
125.0
119.0
122.4
122.0
Gross inflows
8.1
6.7
7.3
5.7
6.1
Gross outflows
(8.7
)
(8.3
)
(7.7
)
(6.2
)
(6.2
)
Net inflows/(outflows)
(0.6
)
(1.6
)
(0.4
)
(0.4
)
(0.1
)
Acquisitions
—
—
—
—
—
Market move and FX
0.5
6.7
6.3
(2.9
)
0.5
Ending AUM
130.1
130.1
125.0
119.0
122.4
Proprietary AUM
34.1
34.4
33.2
31.8
32.8
Non-proprietary AUM
95.9
95.7
91.8
87.2
89.6
Average assets under management
129.2
126.8
121.1
122.1
122.1
Annualized organic growth
(1.9
)%
(5.2
)%
(1.2
)%
(1.5
)%
(0.4
)%
Gross management fee/average AUM
1.18
%
1.19
%
1.20
%
1.24
%
1.25
%
Net management fee/average AUM
0.80
%
0.81
%
0.81
%
0.84
%
0.85
%
Net
Inflows/(Outflows)
Retail
(0.3
)
(1.3
)
(0.4
)
(0.1
)
—
Institutional
—
—
—
(0.1
)
—
Closed business
(0.2
)
(0.2
)
(0.2
)
(0.2
)
(0.2
)
Total Canada net inflows/(outflows)
(0.6
)
(1.5
)
(0.6
)
(0.3
)
(0.2
)
Australia
—
(0.1
)
0.2
(0.1
)
0.1
Total net inflows/(outflows)
(0.6
)
(1.6
)
(0.4
)
(0.4
)
(0.1
)
Retail
[billions of dollars]
Quarters Ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30. 2023
Jun. 30, 2023
Beginning AUM
115.1
103.7
99.1
101.7
101.2
Net Flows
(0.3)
(1.3)
(0.4)
(0.1)
0.0
Market Move / FX
(6.8)
12.7
5.0
(2.5)
0.5
Acquisitions
—
—
—
—
—
Ending AUM
108.0
115.1
103.7
99.1
101.7
Average AUM
111.5
105.3
100.7
101.5
101.3
Institutional
[billions of dollars]
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30. 2023
Jun. 30, 2023
Beginning AUM
9.1
8.8
8.3
8.5
8.5
Net Flows
0.0
0.0
0.0
(0.1)
0.0
Market Move / FX
0.1
0.3
0.5
(0.1)
0.0
Acquisitions
—
—
—
—
—
Ending AUM
9.2
9.1
8.8
8.3
8.5
Average AUM
9.2
8.9
8.5
8.5
8.5
AUSTRALIA
[billions of dollars]
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30. 2023
Jun. 30, 2023
Beginning AUM
5.7
5.4
4.8
5.0
4.9
Net Flows
0.0
(0.1)
0.2
(0.1)
0.1
Market Move / FX
0.1
0.4
0.4
(0.1)
0.0
Acquisitions
—
—
—
—
—
Ending AUM
5.8
5.7
5.4
4.8
5.0
Average AUM
5.8
5.4
5.0
4.9
5.0
CLOSED BUSINESS
[billions of dollars]
Quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30. 2023
Jun. 30, 2023
Beginning AUM
7.3
7.1
6.9
7.2
7.4
Net Flows
(0.2)
(0.2)
(0.2)
(0.2)
(0.2)
Market Move / FX
—
0.4
0.4
(0.1)
—
Acquisitions
—
—
—
—
—
Ending AUM
7.1
7.3
7.1
6.9
7.2
Average AUM
7.2
7.2
7.0
7.2
7.3
AUM BY ASSET CLASS
[billions of dollars]
Quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Balanced
51.8
52.5
51.4
47.7
49.8
Equity
42.4
42.7
40.1
41.1
43.0
Fixed income
12.0
11.7
11.6
10.5
11.1
Alternatives
7.6
7.7
6.4
5.5
5.1
Cash/Other
10.6
9.8
10.2
9.5
8.4
Total Canada asset management
124.3
124.5
119.6
114.3
117.4
Australia
5.8
5.7
5.4
4.8
5.0
Total asset management segment
130.1
130.1
125.0
119.0
122.4
CANADA WEALTH MANAGEMENT CLIENT
ASSETS
[billions of dollars]
Quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Beginning client assets
93.7
88.0
81.5
82.6
81.6
Acquisitions
—
—
1.3
—
—
Net flows and market move
1.8
5.7
5.2
(1.1
)
1.0
Ending client assets
95.6
93.7
88.0
81.5
82.6
Average client assets
94.6
90.9
83.8
83.2
81.9
Wealth management fees/average client
assets
0.90
%
0.89
%
0.91
%
0.90
%
0.91
%
Canada custody
29.4
28.0
25.6
23.4
9.1
Proprietary custody
25.5
24.5
21.5
19.7
5.4
Non-proprietary custody
3.8
3.5
4.1
3.8
3.7
U.S. WEALTH MANAGEMENT CLIENT
ASSETS
[billions of dollars]
Quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Beginning billable client assets
212.4
196.8
188.2
185.0
179.9
Acquisitions/divestitures
5.6
—
2.2
2.1
4.0
Net flows and market move
5.8
15.5
6.4
1.1
1.1
Ending billable client assets
223.7
212.4
196.8
188.2
185.0
Non-billable client assets
10.3
10.0
9.4
8.8
9.0
Total client assets
234.1
222.3
206.3
197.0
194.0
Fees/beginning billable client assets
0.49
%
0.49
%
0.48
%
0.49
%
0.48
%
NON-IFRS MEASURES
In an effort to provide additional information regarding our
results as determined by IFRS, we also disclose certain non-IFRS
information which we believe provides useful and meaningful
information. Our management reviews these non-IFRS financial
measurements when evaluating our financial performance and results
of operations; therefore, we believe it is useful to provide
information with respect to these non-IFRS measurements so as to
share this perspective of management. Non-IFRS measurements do not
have any standardized meaning, do not replace nor are superior to
IFRS financial measurements and may not be comparable to similar
measures presented by other companies. The non-IFRS financial
measurements include:
- Adjusted net income and adjusted basic and diluted earnings per
share
- Adjusted EBITDA and adjusted EBITDA margin
- Free cash flow
- Net debt.
These non-IFRS measurements exclude the following revenues and
expenses which we believe allows investors a consistent way to
analyze our financial performance, allows for better analysis of
core operating income and business trends and permits comparisons
of companies within the industry, normalizing for different
financing methods and levels of taxation:
- gains or losses related to foreign currency fluctuations on our
cash balances
- costs related to our acquisitions including:
- amortization of intangible assets
- change in fair value of contingent consideration
- related advisory fees
- contingent consideration and consideration for strategic
recruitment classified as compensation per IFRS
- restructuring charges
- legal provisions for a class action related to time zone
arbitrage
- certain gains or losses in assets and investments
- costs related to issuing or retiring debt obligations
- expenses associated with Corient and CIPW redeemable
units.
Further explanations of these Non-IFRS measures can be found in
the “Non-IFRS Measures” section of Management’s Discussion and
Analysis dated August 8, 2024 available on SEDAR at www.sedar.com
or at www.cifinancial.com.
ADJUSTED NET INCOME AND ADJUSTED
EARNINGS PER SHARE
[millions of dollars, except per share
amounts]
Quarters ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Net Income
177.0
(154.5)
51.4
Amortization of intangible assets from
acquisitions
36.5
35.0
33.1
Amortization of intangible assets for
equity accounted investments
1.4
1.4
1.4
Change in fair value of contingent
consideration
12.6
32.1
15.2
Change in fair value of preferred
equity
42.4
52.3
35.0
Interest expense on redeemable shares
issued in connection with acquisitions
3.0
1.5
2.2
Contingent consideration recorded as
compensation
25.8
13.8
0.8
Non-controlling interest
reclassification
1.1
1.0
2.4
Accounting for Corient and CIPW Canada
redeemable units
98.6
126.7
79.6
Severance
7.2
9.8
1.4
Amortization of loan guarantees
(0.5)
(0.6)
(1.8)
FX (gains)/losses
22.6
54.6
(36.5)
Transaction, integration, restructuring
and legal
20.1
26.4
55.8
Other (gains)/losses
2.7
(3.1)
(70.0)
Gain on debt retirement
(281.3)
—
(16.2)
Total adjustments
(7.8)
351.0
102.5
Tax effect of adjustments
(2.7)
(26.3)
6.3
Less: Non-controlling interest
31.0
37.4
24.2
Adjusted net income
135.5
132.8
136.0
Adjusted earnings per share
0.91
0.86
0.76
Adjusted diluted earnings per
share
0.90
0.86
0.76
Average diluted shares outstanding
under IFRS
153.8
153.8
190.4
Weighted average impact of RSU
awards
1.2
—
Shares convertible into common in
connection with an acquisition
(3.1)
—
(10.8)
Adjusted average diluted shares
outstanding
150.7
155.0
179.6
EBITDA, ADJUSTED EBITDA AND ADJUSTED
EBITDA MARGIN
[millions of dollars, except per share
amounts]
Quarters ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Pretax income
231.3
(122.6
)
112.5
Amortization of intangible assets from
acquisitions
36.5
35.0
33.1
Amortization of intangible assets for
equity accounted investments
1.4
1.4
1.4
Depreciation and other amortization
18.4
17.2
13.3
Interest and lease finance expense
55.2
48.3
46.1
EBITDA
342.7
(20.7
)
206.4
Change in fair value of contingent
consideration
12.6
32.1
15.2
Change in fair value of preferred
equity
42.4
52.3
35.0
Contingent consideration recorded as
compensation
25.8
13.8
0.8
Non-controlling interest
reclassification
1.1
1.0
2.4
Accounting for Corient and CIPW Canada
redeemable units
98.6
126.7
79.6
Severance
7.2
9.8
1.4
Amortization of loan guarantees
(0.5
)
(0.6
)
(1.8
)
FX (gains)/losses
22.6
54.6
(36.5
)
Transaction, integration, restructuring
and legal
19.5
23.4
55.8
Other (gains)/losses
2.7
(3.1
)
(70.0
)
Gain on debt retirement
(281.3
)
—
(16.2
)
Total adjustments
(49.4
)
310.1
65.9
Adjusted EBITDA
293.4
289.5
272.3
Less: Non-controlling interest
40.2
43.4
27.0
Adjusted EBITDA attributable to
shareholders
253.2
246.1
245.3
Reported net revenue
986.0
645.7
776.1
Less: FX gains/(losses)
(22.6
)
(54.6
)
36.5
Less: Non-Operating Other
gains/(losses)
(2.7
)
3.1
70.0
Less: Amortization of equity accounted
investments
(1.4
)
(1.4
)
(1.4
)
Less: Gain on debt retirement
281.3
—
16.2
Adjusted net revenue
731.3
698.6
654.8
Adjusted EBITDA margin
40.1
%
41.4
%
41.6
%
FREE CASH FLOW
[millions of dollars]
Quarters ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Cash provided by operating activities
176.8
119.7
141.9
Less: Net change in operating assets and
liabilities
80.9
31.4
15.0
Operating cash flow before the change
in operating assets and liabilities
95.9
88.3
126.9
FX (gains)/losses
22.6
54.6
(36.5)
Transaction, integration, restructuring
and legal
20.1
26.4
55.8
Total adjustments
42.7
80.9
19.3
Tax effect (recovery) of adjustments
14.6
(12.8)
(1.5)
Less: Non-controlling interest
1.4
0.3
1.4
Free cash flow
151.7
156.2
143.3
NET DEBT
Quarters ended
[millions of dollars]
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Current portion of long-term debt
525.0
482.4
437.3
157.2
—
Long-term debt
3,117.2
3,125.2
3,070.1
3,131.9
3,131.5
3,642.2
3,607.6
3,507.4
3,289.1
3,131.5
Less:
Cash and short-term investments
128.1
126.1
137.0
175.7
240.5
Marketable securities
27.8
27.0
28.2
22.4
23.0
Add:
Regulatory capital and non-controlling
interests
24.0
25.4
22.4
22.3
18.6
Net Debt
3,510.4
3,479.9
3,364.6
3,113.3
2,886.6
Adjusted EBITDA
253.2
246.1
238.7
237.8
245.3
Adjusted EBITDA, annualized
1,012.7
984.4
954.9
943.3
983.8
Gross leverage (Gross debt/Annualized
adjusted EBITDA)
3.6
3.7
3.7
3.5
3.2
Net leverage (Net debt/Annualized adjusted
EBITDA)
3.5
3.5
3.5
3.3
2.9
SUMMARY OF QUARTERLY RESULTS
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Revenues
Asset management fees
374.9
371.6
361.9
375.6
375.8
374.9
371.6
361.9
375.6
375.8
Trailer fees and deferred sales
commissions
(113.9)
(113.6)
(111.3)
(114.7)
(114.9)
(113.9)
(113.6)
(111.3)
(114.7)
(114.9)
Net asset management fees
261.0
258.0
250.6
260.8
261.0
261.0
258.0
250.6
260.8
261.0
Canada wealth management fees
168.7
159.7
150.5
146.7
144.1
168.7
159.7
150.5
146.7
144.1
U.S. wealth management fees
261.3
242.1
226.8
229.0
216.8
261.3
242.1
226.8
229.0
216.8
Other revenues
34.8
35.4
31.6
40.9
31.3
36.3
36.8
37.8
33.6
32.7
FX gains/(losses)
(22.6)
(54.6)
52.2
(60.4)
36.5
—
—
—
—
—
Other gains/(losses)
282.7
5.0
3.8
(0.4)
86.5
4.1
2.0
0.9
(0.5)
0.3
Total net revenues
986.0
645.7
715.6
616.5
776.1
731.3
698.6
666.7
669.6
654.8
Expenses
Selling, general & administrative
432.2
432.0
375.9
343.5
345.9
301.1
282.3
272.4
275.8
265.9
Advisor and dealer fees
128.6
120.8
113.8
110.3
108.2
128.6
120.8
113.8
110.3
108.2
Other
9.3
7.1
(0.4)
16.7
10.9
8.3
6.1
5.8
6.9
8.5
Interest and lease finance expense
55.2
48.3
43.9
39.8
46.1
51.7
45.1
41.2
39.9
44.0
Depreciation and other amortization
18.4
17.2
17.3
12.9
13.3
18.2
16.0
15.5
12.9
13.3
Amortization of intangible assets from
acquisitions
36.5
35.0
36.1
34.8
33.1
—
—
—
—
—
Transaction, integration, restructuring
and legal
19.5
23.4
39.9
23.7
55.8
—
—
—
—
—
Change in fair value of contingent
consideration
12.6
32.1
26.8
(7.2)
15.2
—
—
—
—
—
Change in fair value of Preferred Share
Liability
42.4
52.3
100.5
21.4
35.0
—
—
—
—
—
Total expenses
754.7
768.3
753.7
595.9
663.6
507.9
470.3
448.7
445.8
439.9
Pretax income
231.3
(122.6)
(38.2)
20.6
112.5
223.5
228.4
218.0
223.9
215.0
Income tax expense
54.2
31.9
25.1
32.8
61.1
57.0
58.2
55.6
57.1
54.8
Net income
177.0
(154.5)
(63.2)
(12.2)
51.4
166.5
170.1
162.4
166.8
160.1
Less: Non-controlling interest
0.6
(0.1)
0.3
0.2
0.4
31.0
37.4
34.2
34.0
24.2
Net income attributable to
shareholders
176.4
(154.4)
(63.5)
(12.4)
51.0
135.5
132.8
128.2
132.8
136.0
Basic earnings per share
1.18
(1.00)
(0.40)
(0.08)
0.28
0.91
0.86
0.81
0.82
0.76
Diluted earnings per share
1.15
(1.00)
(0.40)
(0.08)
0.28
0.90
0.86
0.81
0.81
0.76
RESULTS OF OPERATIONS - ASSET
MANAGEMENT SEGMENT
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Revenues
Asset management fees
379.9
376.3
366.4
380.1
380.2
379.9
376.3
366.4
380.1
380.2
Trailer fees and deferred sales
commissions
(121.4)
(121.0)
(118.7)
(122.2)
(122.5)
(121.4)
(121.0)
(118.7)
(122.2)
(122.5)
Net asset management fees
258.4
255.4
247.7
257.9
257.8
258.4
255.4
247.7
257.9
257.8
Other revenues
6.2
4.4
4.7
4.8
5.1
6.2
4.4
4.7
4.8
5.1
FX gains/(losses)
(22.7)
(58.7)
56.1
(61.9)
37.5
—
—
—
—
—
Other gains/(losses)
281.9
4.4
1.9
(0.4)
16.1
3.5
1.7
1.9
(0.5)
0.3
Total net revenues
523.8
205.5
310.4
200.3
316.5
268.1
261.5
254.3
262.2
263.1
Expenses
Selling, general & administrative
111.9
108.0
108.7
110.9
101.0
106.1
101.2
97.4
105.2
102.6
Other
3.2
0.1
0.3
0.7
—
3.2
0.1
0.3
0.7
—
Interest and lease finance expense
0.5
0.5
0.5
2.5
(1.5)
0.5
0.5
0.5
2.5
(1.5)
Depreciation and other amortization
4.4
4.0
3.9
2.5
5.4
4.4
4.0
3.9
2.5
5.4
Amortization of intangible assets from
acquisitions
0.6
0.6
0.6
0.6
0.6
—
—
—
—
—
Transaction, integration, restructuring
and legal
0.3
1.3
2.0
0.6
34.6
—
—
—
—
—
Change in fair value of contingent
consideration
(0.3)
3.5
8.8
(0.6)
0.7
—
—
—
—
—
Total expenses
120.6
118.0
124.7
117.2
140.8
114.2
105.7
102.0
111.0
106.6
Pretax income
403.2
87.5
185.7
83.1
175.7
153.9
155.7
152.3
151.2
156.5
Non-IFRS adjustments
Pretax income
403.2
87.5
185.7
83.1
175.7
153.9
155.7
152.3
151.2
156.5
Amortization of intangible assets from
acquisitions
0.6
0.6
0.6
0.6
0.6
—
—
—
—
—
Depreciation and other amortization
4.4
4.0
3.9
2.5
5.4
4.4
4.0
3.9
2.5
5.4
Interest and lease finance expense
0.5
0.5
0.5
2.5
(1.5)
0.5
0.5
0.5
2.5
(1.5)
EBITDA
408.7
92.6
190.7
88.7
180.2
158.8
160.2
156.6
156.2
160.5
Change in fair value of contingent
consideration
(0.3)
3.5
8.8
(0.6)
0.7
—
—
—
—
—
FX (gains)/losses
22.7
58.7
(56.1)
61.9
(37.5)
—
—
—
—
—
Severance
5.8
6.9
8.8
6.1
0.1
—
—
—
—
—
Amortization of loan guarantees
—
—
2.5
(0.5)
(1.8)
—
—
—
—
—
Transaction, integration, restructuring
and legal
0.3
1.3
2.0
0.6
34.6
—
—
—
—
—
Other (gains)/losses
2.9
(2.7)
—
—
0.3
—
—
—
—
—
Gain on debt retirement
(281.3)
—
—
—
(16.2)
—
—
—
—
—
Total adjustments
(249.9)
67.7
(34.0)
67.5
(19.8)
—
—
—
—
—
Adjusted EBITDA
158.8
160.2
156.6
156.2
160.5
158.8
160.2
156.6
156.2
160.5
Less: Non-controlling interest
(0.1)
(0.4)
0.1
0.2
0.2
(0.1)
(0.4)
0.1
0.2
0.2
Adjusted EBITDA attributable to
shareholders
158.9
160.6
156.5
156.0
160.3
158.9
160.6
156.5
156.0
160.3
RESULTS OF OPERATIONS - CANADA WEALTH
MANAGEMENT SEGMENT
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Revenues
Canada wealth management fees
211.4
201.0
192.8
189.1
186.8
211.4
201.0
192.8
189.1
186.8
Other revenues
33.3
33.4
31.7
30.7
30.5
33.4
33.4
31.7
30.7
30.6
FX gains/(losses)
—
1.0
(1.8)
1.4
(0.5)
—
—
—
—
—
Total net revenues
244.7
235.4
222.7
221.1
216.8
244.7
234.4
224.6
219.8
217.4
Expenses
Selling, general & administrative
57.1
55.4
50.6
52.2
50.3
56.8
53.9
49.8
49.2
49.3
Advisor and dealer fees
162.9
153.9
147.9
144.4
142.5
162.9
153.9
147.9
144.4
142.5
Other
6.1
6.3
6.2
5.9
9.3
5.0
5.3
5.1
4.8
8.0
Interest and lease finance expense
0.3
0.4
0.3
0.6
—
0.3
0.4
0.3
0.6
—
Depreciation and other amortization
4.8
4.9
5.1
5.2
2.9
4.8
4.9
5.1
5.2
2.9
Amortization of intangible assets from
acquisitions
2.3
2.3
2.3
2.2
2.2
—
—
—
—
—
Transaction, integration, restructuring
and legal
—
—
5.4
0.4
0.1
—
—
—
—
—
Change in fair value of contingent
consideration
0.3
1.6
3.5
(0.4)
1.0
—
—
—
—
—
Total expenses
233.9
224.8
221.3
210.5
208.4
229.9
218.4
208.3
204.2
202.7
Pretax income
10.8
10.6
1.4
10.7
8.5
14.8
16.0
16.3
15.6
14.7
Non-IFRS adjustments
Pretax income
10.8
10.6
1.4
10.7
8.5
14.8
16.0
16.3
15.6
14.7
Amortization of intangible assets from
acquisitions
2.3
2.3
2.3
2.2
2.2
—
—
—
—
—
Amortization of intangible assets for
equity accounted investments
0.1
0.1
0.1
0.1
0.1
—
—
—
—
—
Depreciation and other amortization
4.8
4.9
5.1
5.2
2.9
4.8
4.9
5.1
5.2
2.9
Interest and lease finance expense
0.3
0.4
0.3
0.6
—
0.3
0.4
0.3
0.6
—
EBITDA
18.3
18.3
9.1
18.7
13.6
19.9
21.3
21.7
21.4
17.6
Change in fair value of contingent
consideration
0.3
1.6
3.5
(0.4)
1.0
—
—
—
—
—
Contingent consideration recorded as
compensation (included in SG&A)
0.1
0.1
0.1
0.1
0.2
—
—
—
—
—
Accounting for CIPW Canada redeemable
units (included in SG&A)
(0.3)
0.7
0.7
2.0
0.2
—
—
—
—
—
FX (gains)/losses
—
(1.0)
1.8
(1.4)
0.5
—
—
—
—
—
Severance
0.5
0.7
—
0.9
0.7
—
—
—
—
—
Transaction, integration, restructuring
and legal
—
—
5.4
0.4
0.1
—
—
—
—
—
Non-controlling interest reclassification
(included in Other)
1.1
1.0
1.1
1.1
1.3
—
—
—
—
—
Total adjustments
1.7
3.1
12.6
2.7
4.0
—
—
—
—
—
Adjusted EBITDA
19.9
21.3
21.7
21.4
17.6
19.9
21.3
21.7
21.4
17.6
Less: Non-controlling interest
1.9
1.8
2.0
1.2
1.4
1.9
1.8
2.0
1.2
1.4
Adjusted EBITDA attributable to
shareholders
18.0
19.5
19.7
20.1
16.2
18.0
19.5
19.7
20.1
16.2
RESULTS OF OPERATIONS - U.S. WEALTH
MANAGEMENT SEGMENT
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Revenues
U.S. wealth management fees
261.3
242.1
226.8
229.0
216.8
261.3
242.1
226.8
229.0
216.8
Other revenues
5.7
7.4
4.5
14.9
5.4
7.0
8.8
10.6
7.6
6.7
FX gains/(losses)
0.1
3.1
(2.1)
0.1
(0.6)
—
—
—
—
—
Other gains/(losses)
0.8
0.6
1.9
—
70.4
0.6
0.3
(1.0)
—
—
Total net revenues
267.8
253.2
231.1
244.0
291.9
268.9
251.1
236.4
236.6
223.5
Expenses
Selling, general & administrative
278.9
283.7
231.1
195.2
209.5
153.9
142.4
139.7
136.0
128.8
Other
0.4
0.8
(6.9)
10.1
1.6
0.4
0.8
0.4
1.4
0.5
Interest and lease finance expense
5.1
5.2
4.0
0.8
3.2
4.7
3.5
2.1
0.8
3.2
Depreciation and other amortization
9.2
8.3
8.3
5.2
5.0
8.9
7.0
6.5
5.2
5.0
Amortization of intangible assets from
acquisitions
33.6
32.1
33.2
32.0
30.3
—
—
—
—
—
Transaction, integration, restructuring
and legal
19.1
22.1
32.5
22.7
21.1
—
—
—
—
—
Change in fair value of contingent
consideration
12.6
27.1
14.5
(6.1)
13.5
—
—
—
—
—
Change in fair value of preferred
equity
42.4
52.3
100.5
21.4
35.0
—
—
—
—
—
Total expenses
401.3
431.7
417.2
281.3
319.3
167.9
153.8
148.8
143.4
137.6
Pretax income
(133.5)
(178.4)
(186.1)
(37.3)
(27.3)
101.0
97.4
87.7
93.2
85.9
Non-IFRS adjustments
Pretax income
(133.5)
(178.4)
(186.1)
(37.3)
(27.3)
101.0
97.4
87.7
93.2
85.9
Amortization of intangible assets from
acquisitions
33.6
32.1
33.2
32.0
30.3
—
—
—
Amortization of intangible assets for
equity accounted investments
1.4
1.3
1.3
1.3
1.3
—
—
—
—
—
Depreciation and other amortization
9.2
8.3
8.3
5.2
5.0
8.9
7.0
8.3
5.2
5.0
Interest and lease finance expense
5.1
5.2
4.0
0.8
3.2
4.7
3.5
4.0
0.8
3.2
EBITDA
(84.2)
(131.5)
(139.3)
2.1
12.5
114.6
107.9
100.0
99.3
94.2
Change in fair value of contingent
consideration
12.6
27.1
14.5
(6.1)
13.5
—
—
—
—
—
Change in fair value of Preferred Share
Liability
42.4
52.3
100.5
21.4
35.0
—
—
—
—
—
Contingent and strategic recruitment
consideration recorded as compensation (included in SG&A)
25.7
13.7
1.9
4.3
0.6
—
—
—
—
—
Non-controlling interest reclassification
(included in Other)
—
—
(2.5)
—
1.2
—
—
—
—
—
Accounting for redeemable units (included
in SG&A)
99.0
126.0
93.2
54.7
79.4
—
—
—
—
—
FX (gains)/losses
(0.1)
(3.1)
2.1
(0.1)
0.6
—
—
—
—
—
Severance
0.9
2.2
0.2
0.2
0.7
—
—
—
—
—
Amortization of loan guarantees
(0.5)
(0.6)
(3.8)
—
—
—
—
—
—
—
Transaction, integration, restructuring
and legal
19.1
22.1
36.1
22.7
21.1
—
—
—
—
—
Pass through carried interest revenue
(included in Other revenues)
—
—
4.8
(8.7)
—
—
—
—
—
—
Pass through carried interest expense
(included in Other)
—
—
(4.8)
8.7
—
—
—
—
—
—
Other (gains)/losses
(0.2)
(0.4)
(2.9)
—
(70.3)
—
—
—
—
—
Total adjustments
198.9
239.4
239.3
97.2
81.7
—
—
—
—
—
Adjusted EBITDA
114.6
107.9
100.0
99.3
94.2
114.6
107.9
100.0
99.3
94.2
Less: Non-controlling interest
38.3
41.9
37.4
37.6
25.4
38.3
41.9
37.4
37.6
25.4
Adjusted EBITDA attributable to
shareholders
76.3
66.0
62.5
61.6
68.8
76.3
66.0
62.5
61.6
68.8
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240808003245/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Canada Murray Oxby Vice-President, Communications
416-681-3254 moxby@ci.com United States Jimmy Moock Managing
Partner, StreetCred 610-304-4570 jimmy@streetcredpr.com
ci@streetcredpr.com
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