- Diluted EPS of $(0.19), record adjusted diluted
EPS1 of $0.97
- EBITDA of $124.8 million, record adjusted EBITDA
attributable to shareholders1 of $270.5
million
- EBITDA per share of $0.85 and record adjusted EBITDA
attributable to shareholders1 per share of $1.85
- Operating cash flow of $166.3 million, free cash flow1 of
$192.3 million
- Operating cash flow per share of $1.13, record free cash
flow per share of $1.32
- Record total assets of $518.1 billion, up $97.1 billion or
23.1% year over year
- Paid $30.3 million in dividends at $0.20 per share
- Repurchased over 7.1 million shares under substantial issuer
bids completed in July and October
- Corient acquired two U.S. wealth management firms with
combined assets of approximately $8.1 billion
All financial amounts in Canadian dollars as at September 30,
2024, unless stated otherwise.
CI Financial Corp. (“CI”) (TSX: CIX) today released financial
results for the quarter ended September 30, 2024.
“Our momentum continued in the third quarter, with CI producing
record results on key measures,” said Kurt MacAlpine, CI Chief
Executive Officer. “Total assets grew by 6% over the quarter to a
new high of $518.1 billion, while adjusted diluted earnings per
share at $0.97 and adjusted EBITDA attributable to shareholders per
share at $1.85 were also at record levels.1
“Our efforts in controlling expenses resulted in adjusted
selling, general and administrative costs remaining flat relative
to the previous quarter while adjusted net revenues were up 3.2%.1
Our overall results demonstrate the operating leverage inherent in
our business model,” Mr. MacAlpine said.
“Our Canadian retail asset management business had modest
positive net sales this quarter, a marked improvement from the
previous three quarters. The investment team at CI Global Asset
Management continued to deliver, with more than 70% of assets under
management outperforming peer funds over the three and five years
ending September 30, 2024. Our performance was also recognized
through 16 LSEG Lipper Fund Awards for 2024, making this the second
year a row we’ve earned an industry-leading number of Lipper
awards.
“As part of modernizing our asset management, CI GAM continues
to be very active in enhancing its product lineup,” Mr. MacAlpine
said. “During the quarter, we launched a number of ETFs and mutual
funds into areas of strong demand, including covered calls and
fixed income, and made a number of changes to our private markets
funds that will allow for increased investor access to these
leading mandates.
“Our U.S. wealth management business continues to produce strong
results, with quarter-over-quarter growth in adjusted EBITDA1 of
7.9%,” Mr. MacAlpine said. “This performance reflects the success
of the strategy that has made Corient one of the leading fee-only
private wealth firms in the United States. This includes selective
acquisitions of high-quality registered investment advisor firms
and, as previously announced, we completed two acquisitions during
the third quarter, adding approximately US$6 billion in assets.
“Our recent capital allocation activities also included the July
restart of our normal course issuer bid and a substantial issuer
bid completed in October, bringing the total number of shares
repurchased this year to approximately 12.7 million,” Mr. MacAlpine
said. "In addition, we completed open market repurchases of our
2051 notes, retiring $15.8 million of principal at a significant
discount to par."
Operating and financial data highlights
[millions of dollars, except share
amounts]
As of and for the quarters
ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Total AUM and Client Assets:
Asset Management AUM (2)
135,395
130,063
130,132
125,004
119,040
Canada Wealth Management assets
100,128
95,551
93,726
87,991
81,503
Canada custody (3)
31,886
29,350
28,011
25,567
23,421
U.S. Wealth Management assets (4)
250,646
234,062
222,347
206,282
197,016
Total assets
518,054
489,026
474,216
444,844
420,981
Asset Management Net Inflows:
Retail
41
(332
)
(1,320
)
(397
)
(110
)
Institutional
(24
)
(43
)
4
—
(79
)
Australia
213
(24
)
(92
)
230
(105
)
Closed Business
(160
)
(216
)
(212
)
(200
)
(155
)
Total Asset Management Segment
70
(616
)
(1,620
)
(367
)
(449
)
U.S. Asset Management (5)
147
740
78
(67
)
(16
)
IFRS Results
Net income attributable to
shareholders
(27.6
)
176.4
(154.4
)
(63.5
)
(12.4
)
Diluted earnings per share
(0.19
)
1.15
(1.00
)
(0.40
)
(0.08
)
Pretax income
7.3
231.3
(122.6
)
(38.2
)
20.6
Pretax margin
0.9
%
23.5
%
(19.0
)%
(5.3
)%
3.3
%
Operating cash flow before the change in
operating assets and liabilities
166.3
95.9
88.3
185.3
104.7
Adjusted Results (1)
Adjusted net income
141.2
135.5
132.8
128.2
132.8
Adjusted diluted earnings per share
0.97
0.90
0.86
0.81
0.81
Adjusted EBITDA
316.8
293.4
289.5
278.3
276.6
Adjusted EBITDA margin
42.0
%
40.1
%
41.4
%
41.7
%
41.3
%
Adjusted EBITDA attributable to
shareholders
270.5
253.2
246.1
238.7
237.8
Free cash flow
192.3
151.7
156.2
170.9
179.4
Average shares outstanding
144,175,387
149,248,861
153,821,117
158,125,830
161,549,038
Adjusted average diluted shares
outstanding
146,222,481
150,662,154
155,018,911
158,885,217
163,619,462
Ending shares outstanding
143,489,243
149,075,523
153,821,117
153,821,117
158,867,975
Total debt
3,741
3,642
3,608
3,507
3,289
Net debt
3,602
3,510
3,480
3,365
3,113
Net debt to adjusted EBITDA
3.3
3.5
3.5
3.5
3.3
- 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 $36.0 billion, $34.7 billion, $34.4 billion, $33.2
billion and $31.8 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 September 30,
2024, June 30, 2024, March 31, 2024, December 31, 2023 and
September 30, 2023, respectively.
- Includes $27.5 billion, $25.6 billion, $24.5 billion, $21.5
billion and $19.7 billion of assets advised by CI and held by
clients of advisors with Assante, CIPC, CI Direct Investing and
Aligned Capital as at September 30, 2024, June 30, 2024, March 31,
2024, December 31, 2023 and September 30, 2023, respectively.
- Month-end USD/CAD exchange rates of 1.3524, 1.3680, 1.3546,
1.3250 and 1.3582 for September 2024, June 2024, March 2024,
December 2023 and September 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
Third quarter net loss attributable to shareholders was $27.6
million compared to a net profit of $176.4 million in the second
quarter of 2024. Excluding non-operating items, adjusted net income
attributable to shareholders1 was $141.2 million in the third
quarter, up 4.2% from the previous quarter.
Third quarter total net revenues were $785.4 million, down from
$986.0 million in the second quarter of 2024. Excluding
non-operating items, adjusted total net revenues1 were $754.9
million, up 3.3% from $731.3 million due to higher revenues from
all three segments. Included in revenues was a $7.0 million
performance fee CI earned in its asset management segment.
Third quarter total expenses increased 3.1% to $778.1 million
from $754.7 million in the second quarter of 2024. Excluding
non-operating items, adjusted total expenses1 were $513.2 million,
up 1.0% from $507.9 million in the previous quarter, primarily due
to higher interest expense as well as increased advisor and dealer
fees.
Capital allocation
In the third quarter of 2024, 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 3.4% on CI’s closing share price of
$23.63 on November 13, 2024. The Board of Directors of CI declared
a quarterly dividend of $0.20 per share, payable on April 15, 2025
to shareholders of record as of March 31, 2025.
Under a substantial issuer bid which expired on July 8, 2024, 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. In August, CI commenced a subsequent substantial
issuer bid, which expired after quarter-end on October 3, 2024.
Under that offer, CI purchased for cancellation 2,157,201 common
shares at a purchase price of $18.25 per share, for an aggregate
price of approximately $39.4 million.
Under its Normal Course Issuer Bid and Automatic Securities
Purchase Plan, which were renewed in July, CI repurchased 680,800
shares during the quarter at a cost of $10.9 million, for an
average cost of $16.05 per share.
In September, CI announced a debenture offering with a principal
amount of $325 million maturing on September 20, 2027.
Third quarter business highlights
- Corient completed the acquisitions of two firms with a focus on
providing comprehensive wealth management services to
ultra-high-net-worth clients and combined assets at the time of
acquisition of approximately $8.1 billion (US$5.9 billion). The
firms were Emerald Multi-Family Office (EMFO, LLC) of Weston,
Florida, and Byron Financial, LLC of Charlotte, North Carolina,
which are now operating under the Corient brand.
- CI GAM product enhancements included changes to its private
markets funds to broaden their appeal, including removing the
lock-up period and allowing eligibility for registered plans.
- CI GAM also introduced new investment solutions in key market
segments, including:
- 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
- Additional options for fixed-income investors: An ETF series of
CI Global Unconstrained Bond Fund (TSX: CUBD) and mutual fund and
ETF series of CI Global Short-Term Bond Fund (Cboe: CGSB)
- An expansion of its popular “Quality Dividend Growth” suite
with the launch of CI Global Quality Dividend Growth ETF (TSX:
CGQD.B) and CI Global Quality Dividend Growth Fund.
Following quarter-end:
- CI GAM investment funds received 16 LSEG Lipper Fund Awards for
Canada for 2024. The awards recognize mutual funds and ETFs that
have provided consistently strong risk-adjusted performance,
relative to peers. This was the second consecutive year that CI GAM
received more individual fund awards than any other company.
- CI GAM also launched a suite of six asset allocation mutual
funds, which invest in units of the respective versions of the CI
Asset Allocation ETFs.
Analysts’ conference call
CI will hold a conference call with analysts today at 9:00 a.m.
EST, 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: 014135):
- Canada (toll-free): 1-833-950-0062
- United States (local): 1-404-975-4839
- United States (toll-free): 1-833-470-1428.
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, operating as CI Wealth, which
includes CI Assante Wealth Management, Aligned Capital Partners, CI
Assante Private Client, CI Private Wealth, Northwood Family Office,
CI Coriel Capital, CI Direct Investing, CI Direct Trading 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
September 30
2024
2023
[in thousands of Canadian dollars, except
per share amounts]
$
$
REVENUE
Canada asset management fees
383,120
375,557
Trailer fees and deferred sales
commissions
(116,226)
(114,720)
Net asset management fees
266,894
260,837
Canada wealth management fees
172,541
146,663
U.S. wealth management fees
274,874
229,025
Other revenues
38,101
40,870
Foreign exchange losses
24,776
(60,439)
Other gains (losses)
8,254
(430)
Total net revenues
785,440
616,526
EXPENSES
Selling, general and administrative
397,622
343,470
Advisor and dealer fees
131,393
110,288
Interest and lease finance
59,330
39,790
Amortization and depreciation
19,007
12,902
Amortization of intangible assets from
acquisitions
37,697
34,795
Transaction, integration, restructuring
and legal
34,953
23,739
Change in fair value of contingent
consideration
1,927
(7,157)
Change in fair value of Preferred Share
Liability
89,113
21,420
Other
7,069
16,699
Total expenses
778,111
595,946
Income before income taxes
7,329
20,580
Provision for (recovery of) income
taxes
Current
46,487
36,219
Deferred
(12,336)
(3,414)
34,151
32,805
Net income (loss) for the
period
(26,822)
(12,225)
Net income (loss) attributable to
non-controlling interests
785
190
Net income (loss) attributable to
shareholders
(27,607)
(12,415)
Basic earnings per share attributable
to shareholders
(0.19)
(0.08)
Diluted earnings per share attributable
to shareholders
(0.19)
(0.08)
Other comprehensive income (loss), net
of tax
Exchange differences on translation of
foreign operations
(14,060)
35,519
Total other comprehensive income, net of
tax
(14,060)
35,519
Comprehensive income (loss) for the
period
(40,882)
23,294
Comprehensive income (loss)
attributable to non-controlling interests
994
668
Comprehensive income (loss)
attributable to shareholders
(41,876)
22,626
As at
As at
CONSOLIDATED BALANCE SHEET
September 30, 2024
December 31, 2023
[in thousands of Canadian dollars]
$
$
ASSETS
Current
Cash and cash equivalents
144,082
137,029
Client and trust funds on deposit
1,050,831
1,073,378
Investments
32,758
42,781
Accounts receivable and prepaid
expenses
411,702
388,029
Assets held for sale
—
326
Income taxes receivable
15,952
33,911
Total current assets
1,655,325
1,675,454
Capital assets, net
157,449
85,077
Right-of-use assets
237,734
229,763
Intangibles and goodwill
7,794,863
7,575,958
Deferred income taxes
90,283
78,642
Other assets
392,231
336,709
Total assets
10,327,885
9,981,603
LIABILITIES AND EQUITY
Current
Accounts payable and accrued
liabilities
444,773
378,374
Current portion of provisions and other
financial liabilities
292,506
444,200
Dividends payable
57,396
61,528
Client and trust funds payable
1,043,026
1,068,809
Income taxes payable
19,704
15,252
Redeemable unit liabilities
1,306,365
1,089,996
Preferred Share Liability
1,695,283
1,481,419
Current portion of long-term debt
346,653
437,255
Current portion of lease liabilities
28,953
17,575
Total current liabilities
5,234,659
4,994,408
Long-term debt
3,394,364
3,070,149
Provisions and other financial
liabilities
64,471
96,952
Other long-term payable
31,260
15,853
Deferred income taxes
475,040
479,150
Lease liabilities
309,915
285,053
Total liabilities
9,509,709
8,941,565
Equity
Share capital
1,341,188
1,436,686
Contributed surplus
47,743
34,828
Deficit
(627,756)
(454,435)
Accumulated other comprehensive income
43,731
10,683
Total equity attributable to the
shareholders of the Company
804,906
1,027,762
Non-controlling interests
13,270
12,276
Total equity
818,176
1,040,038
Total liabilities and equity
10,327,885
9,981,603
CONSOLIDATED STATEMENT OF CASH
FLOWS
For the three-month period ended
September 30
2024
2023
[in thousands of Canadian dollars]
$
$
OPERATING ACTIVITIES (*)
Net income for the period
(26,822)
(12,225)
Add (deduct) items not involving cash
Other (gains) losses
(8,254)
430
Change in fair value of contingent
consideration
1,927
(7,157)
Change in fair value of Preferred Share
Liability
89,112
21,420
Contingent and deferred consideration
recorded as compensation
254
4,393
Amortization of loan guarantees
(202)
(459)
Recognition of non-cash vesting of
redeemable unit liabilities
59,784
40,596
Equity-based compensation
6,173
9,576
Equity accounted income
(1,486)
(1,387)
Amortization of equity accounted
investments
1,419
1,401
Amortization and depreciation
19,007
12,902
Amortization of intangible assets from
acquisitions
37,697
34,795
Deferred income taxes
(12,336)
(3,414)
Impairment loss on intangibles
—
3,839
Cash provided by operating activities
before net change in operating assets and liabilities
166,273
104,710
Net change in operating assets and
liabilities
(8,786)
(10,134)
Cash provided by operating
activities
157,487
94,576
INVESTING ACTIVITIES
Cash paid to settle acquisition
liabilities
(107,147)
(17,656)
Acquisitions, net of cash acquired
(56,986)
(53,288)
Purchase of investments
(667)
(15)
Proceeds on sale of investments
11,661
181
Additions to capital assets
(17,470)
(6,504)
Decrease in other assets
716
4,857
Additions to intangibles
(4,587)
(1,582)
Cash used in investing
activities
(174,480)
(74,007)
FINANCING ACTIVITIES
Repayment of long-term debt
(387,000)
—
Issuance of long-term debt
591,872
95,000
Repurchase of long-term debt
(10,479)
—
Repurchase of share capital
(92,771)
(144,943)
Payment of lease liabilities
(4,759)
(4,719)
Issuance of redeemable unit liabilities,
net of redemptions
(34,038)
(176)
Dividends paid to shareholders
(29,815)
(30,517)
Cash provided by financing activities
33,010
(85,355)
Net decrease in cash and cash
equivalents during the period
16,017
(64,786)
Cash and cash equivalents, beginning of
period
128,065
240,495
Cash and cash equivalents, end of
period
144,082
175,709
SUPPLEMENTAL CASH FLOW
INFORMATION
(*) Included in operating activities are
the following:
Interest paid
21,107
6,823
Income taxes paid
41,355
42,493
ASSETS UNDER MANAGEMENT AND NET
FLOWS
[billions of dollars]
Quarters ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Beginning AUM
130.1
130.1
125.0
119.0
122.4
Gross inflows
6.3
8.1
6.7
7.3
5.7
Gross outflows
(6.2
)
(8.7
)
(8.3
)
(7.7
)
(6.2
)
Net inflows/(outflows)
0.1
(0.6
)
(1.6
)
(0.4
)
(0.4
)
Market move and FX
5.3
0.5
6.7
6.3
(2.9
)
Ending AUM
135.4
130.1
130.1
125.0
119.0
Proprietary AUM
36.0
34.1
34.4
33.2
31.8
Non-proprietary AUM
99.4
95.9
95.7
91.8
87.2
Average assets under management
132.5
129.2
126.8
121.1
122.1
Annualized organic growth
0.2
%
(1.9
)%
(5.2
)%
(1.2
)%
(1.5
)%
Gross management fee/average AUM
1.17
%
1.18
%
1.19
%
1.20
%
1.24
%
Net management fee/average AUM
0.79
%
0.80
%
0.81
%
0.81
%
0.84
%
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)
(0.1
)
(0.6
)
(1.5
)
(0.6
)
(0.3
)
Australia
0.2
—
(0.1
)
0.2
(0.1
)
Total net inflows/(outflows)
0.1
(0.6
)
(1.6
)
(0.4
)
(0.4
)
Retail
[billions of dollars]
Quarters Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30. 2023
Beginning AUM
108.0
115.1
103.7
99.1
101.7
Net Flows
0.0
(0.3)
(1.3)
(0.4)
-0.1
Market Move / FX
4.3
(6.8)
12.7
5.0
-2.5
Acquisitions
—
—
—
—
—
Ending AUM
112.3
108.0
115.1
103.7
99.1
Average AUM
110.2
111.5
105.3
100.7
101.5
Institutional
[billions of dollars]
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30. 2023
Beginning AUM
9.2
9.1
8.8
8.3
8.5
Net Flows
—
—
—
—
(0.1)
Market Move / FX
0.4
0.1
0.3
0.5
(0.1)
Acquisitions
—
—
—
—
—
Ending AUM
9.6
9.2
9.1
8.8
8.3
Average AUM
9.4
9.2
8.9
8.5
8.5
AUSTRALIA
[billions of dollars]
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30. 2023
Beginning AUM
5.8
5.7
5.4
4.8
5.0
Net Flows
0.2
0.0
(0.1)
0.2
(0.1)
Market Move / FX
0.2
0.1
0.4
0.4
(0.1)
Acquisitions
—
—
—
—
—
Ending AUM
6.2
5.8
5.7
5.4
4.8
Average AUM
6.0
5.8
5.4
5.0
4.9
CLOSED BUSINESS
[billions of dollars]
Quarters ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30. 2023
Beginning AUM
7.1
7.3
7.1
6.9
7.2
Net Flows
(0.2)
(0.2)
(0.2)
(0.2)
(0.2)
Market Move / FX
0.4
—
0.4
0.4
(0.1)
Acquisitions
—
—
—
—
—
Ending AUM
7.3
7.1
7.3
7.1
6.9
Average AUM
7.2
7.2
7.2
7.0
7.2
AUM BY ASSET CLASS
[billions of dollars]
Quarters ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Balanced
53.5
51.8
52.5
51.4
47.7
Equity
44.6
42.4
42.7
40.1
41.1
Fixed income
12.8
12.0
11.7
11.6
10.5
Alternatives
7.8
7.6
7.7
6.4
5.5
Cash/Other
10.5
10.6
9.8
10.2
9.5
Total Canada asset management
129.1
124.3
124.5
119.6
114.3
Australia
6.2
5.8
5.7
5.4
4.8
Total asset management segment
135.4
130.1
130.1
125.0
119.0
CANADA WEALTH MANAGEMENT CLIENT
ASSETS
[billions of dollars]
Quarters ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Beginning client assets
95.6
93.7
88.0
81.5
82.6
Acquisitions
—
—
—
1.3
—
Net flows and market move
4.6
1.8
5.7
5.2
(1.1
)
Ending client assets
100.1
95.6
93.7
88.0
81.5
Average client assets
97.8
94.6
90.9
83.8
83.2
Wealth management fees/average client
assets
0.88
%
0.90
%
0.89
%
0.91
%
0.90
%
Canada custody
31.9
29.4
28.0
25.6
23.4
Proprietary custody
27.5
25.5
24.5
21.5
19.7
Non-proprietary custody
4.4
3.8
3.5
4.1
3.8
U.S. WEALTH MANAGEMENT CLIENT
ASSETS
[billions of dollars]
Quarters ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Beginning billable client assets
223.7
212.4
196.8
188.2
185.0
Acquisitions/divestitures
8.2
5.6
—
2.2
2.1
Net flows and market move
8.1
5.8
15.5
6.4
1.1
Ending billable client assets
240.0
223.7
212.4
196.8
188.2
Non-billable client assets
10.7
10.3
10.0
9.4
8.8
Total client assets
250.6
234.1
222.3
206.3
197.0
Fees/beginning billable client assets
0.49
%
0.49
%
0.49
%
0.48
%
0.49
%
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 November 14, 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
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Net Income
(26.8)
177.0
(12.2)
Amortization of intangible assets from
acquisitions
37.7
36.5
34.8
Amortization of intangible assets for
equity accounted investments
1.4
1.4
1.4
Change in fair value of contingent
consideration
1.9
12.6
(7.2)
Change in fair value of Preferred Share
Liability
89.1
42.4
21.4
Interest expense
1.0
3.0
(0.1)
Contingent and strategic recruitment
consideration recorded as compensation
11.3
25.8
4.4
Non-controlling interest
reclassification
0.9
1.1
1.1
Accounting for Corient and CIPW Canada
redeemable units
82.4
98.6
56.5
Severance
3.7
7.2
7.2
Amortization of loan guarantees
(0.2)
(0.5)
(0.5)
FX (gains)/losses
(24.8)
22.6
60.4
Transaction, integration, restructuring
and legal
37.2
20.1
23.7
Pass through carried interest revenue
—
—
(8.7)
Pass through carried interest expense
—
—
8.7
Other (gains)/losses
(1.8)
2.7
—
Gain on debt retirement
(5.3)
(281.3)
—
Total adjustments
234.4
(7.8)
203.3
Tax effect of adjustments
(27.5)
(2.7)
(24.3)
Less: Non-controlling interest
38.9
31.0
34.0
Adjusted net income
141.2
135.5
132.8
Adjusted earnings per share
0.98
0.91
0.82
Adjusted diluted earnings per
share
0.97
0.90
0.81
Average diluted shares outstanding
under IFRS
144.2
153.8
177.9
Weighted average impact of RSU
awards
2.0
—
—
Shares convertible into common in
connection with an acquisition
—
(3.1)
(14.3)
Adjusted average diluted shares
outstanding
146.2
150.7
163.6
EBITDA, ADJUSTED EBITDA AND ADJUSTED
EBITDA MARGIN
[millions of dollars, except per share
amounts]
Quarters ended
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Pretax income
7.3
231.3
20.6
Amortization of intangible assets from
acquisitions
37.7
36.5
34.8
Amortization of intangible assets for
equity accounted investments
1.4
1.4
1.4
Depreciation and other amortization
19.0
18.4
12.9
Interest and lease finance expense
59.3
55.2
39.8
EBITDA
124.8
342.7
109.5
Change in fair value of contingent
consideration
1.9
12.6
(7.2
)
Change in fair value of Preferred Share
Liability
89.1
42.4
21.4
Contingent and strategic recruitment
consideration recorded as compensation
11.3
25.8
4.4
Non-controlling interest
reclassification
0.9
1.1
1.1
Accounting for Corient and CIPW Canada
redeemable units
82.4
98.6
56.5
Severance
3.7
7.2
7.2
Amortization of loan guarantees
(0.2
)
(0.5
)
(0.5
)
FX (gains)/losses
(24.8
)
22.6
60.4
Transaction, integration, restructuring
and legal
35.0
19.5
23.7
Pass through carried interest revenue
—
—
(8.7
)
Pass through carried interest expense
—
—
8.7
Other (gains)/losses
(1.8
)
2.7
—
Gain on debt retirement
(5.3
)
(281.3
)
—
Total adjustments
192.1
(49.4
)
167.2
Adjusted EBITDA
316.8
293.4
276.6
Less: Non-controlling interest
46.4
40.2
38.9
Adjusted EBITDA attributable to
shareholders
270.5
253.2
237.8
Reported net revenue
785.4
986.0
616.5
Less: FX gains/(losses)
24.8
(22.6
)
(60.4
)
Less: Pass through carried interest
revenue
—
—
8.7
Less: Non-Operating Other
gains/(losses)
1.8
(2.7
)
0.1
Less: Amortization of equity accounted
investments
(1.4
)
(1.4
)
(1.4
)
Less: Gain on debt retirement
5.3
281.3
—
Adjusted net revenue
754.9
731.3
669.6
Adjusted EBITDA margin
42.0
%
40.1
%
41.3
%
FREE CASH FLOW
[millions of dollars]
Quarters ended
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Cash provided by operating activities
157.5
176.8
94.6
Less: Net change in operating assets and
liabilities
(8.8)
80.9
(10.1)
Operating cash flow before the change
in operating assets and liabilities
166.3
95.9
104.7
FX (gains)/losses
(24.8)
22.6
60.4
Transaction, integration, restructuring
and legal
37.2
20.1
23.7
Other (gains)/loses
—
—
(3.8)
Total adjustments
12.4
42.7
80.3
Tax effect (recovery) of adjustments
15.4
14.6
(4.8)
Less: Non-controlling interest
1.8
1.4
0.9
Free cash flow
192.3
151.7
179.4
NET DEBT
Quarters ended
[millions of dollars]
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Current portion of long-term debt
346.7
525.0
482.4
437.3
157.2
Long-term debt
3,394.4
3,117.2
3,125.2
3,070.1
3,131.9
3,741.0
3,642.2
3,607.6
3,507.4
3,289.1
Less:
Cash and short-term investments
144.1
128.1
126.1
137.0
175.7
Marketable securities
18.1
27.8
27.0
28.2
22.4
Add:
Regulatory capital and non-controlling
interests
23.6
24.0
25.4
22.4
22.3
Net Debt
3,602.4
3,510.4
3,479.9
3,364.6
3,113.3
Adjusted EBITDA
270.5
253.2
246.1
238.7
237.8
Adjusted EBITDA, annualized
1,081.9
1,012.7
984.4
954.9
943.3
Gross leverage (Gross debt/Annualized
adjusted EBITDA)
3.5
3.6
3.7
3.7
3.5
Net leverage (Net debt/Annualized adjusted
EBITDA)
3.3
3.5
3.5
3.5
3.3
SUMMARY OF QUARTERLY RESULTS
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Revenues
Asset management fees
383.1
374.9
371.6
361.9
375.6
383.1
374.9
371.6
361.9
375.6
Trailer fees and deferred sales
commissions
(116.2)
(113.9)
(113.6)
(111.3)
(114.7)
(116.2)
(113.9)
(113.6)
(111.3)
(114.7)
Net asset management fees
266.9
261.0
258.0
250.6
260.8
266.9
261.0
258.0
250.6
260.8
Canada wealth management fees
172.5
168.7
159.7
150.5
146.7
172.5
168.7
159.7
150.5
146.7
U.S. wealth management fees
274.9
261.3
242.1
226.8
229.0
274.9
261.3
242.1
226.8
229.0
Other revenues
38.1
34.8
35.4
31.6
40.9
39.5
36.3
36.8
37.8
33.6
FX gains/(losses)
24.8
(22.6)
(54.6)
52.2
(60.4)
—
—
—
—
—
Other gains/(losses)
8.3
282.7
5.0
3.8
(0.4)
1.1
4.1
2.0
0.9
(0.5)
Total net revenues
785.4
986.0
645.7
715.6
616.5
754.9
731.3
698.6
666.7
669.6
Expenses
Selling, general & administrative
397.6
432.2
432.0
375.9
343.5
300.5
301.1
282.3
272.4
275.8
Advisor and dealer fees
131.4
128.6
120.8
113.8
110.3
131.4
128.6
120.8
113.8
110.3
Other
7.1
9.3
7.1
(0.4)
16.7
6.2
8.3
6.1
5.8
6.9
Interest and lease finance expense
59.3
55.2
48.3
43.9
39.8
57.8
51.7
45.1
41.2
39.9
Depreciation and other amortization
19.0
18.4
17.2
17.3
12.9
17.4
18.2
16.0
15.5
12.9
Amortization of intangible assets from
acquisitions
37.7
36.5
35.0
36.1
34.8
—
—
—
—
—
Transaction, integration, restructuring
and legal
35.0
19.5
23.4
39.9
23.7
—
—
—
—
—
Change in fair value of contingent
consideration
1.9
12.6
32.1
26.8
(7.2)
—
—
—
—
—
Change in fair value of Preferred Share
Liability
89.1
42.4
52.3
100.5
21.4
—
—
—
—
—
Total expenses
778.1
754.7
768.3
753.7
595.9
513.2
507.9
470.3
448.7
445.8
Pretax income
7.3
231.3
(122.6)
(38.2)
20.6
241.7
223.5
228.4
218.0
223.9
Income tax expense
34.2
54.2
31.9
25.1
32.8
61.6
57.0
58.2
55.6
57.1
Net income
(26.8)
177.0
(154.5)
(63.2)
(12.2)
180.1
166.5
170.1
162.4
166.8
Less: Non-controlling interest
0.8
0.6
(0.1)
0.3
0.2
38.9
31.0
37.4
34.2
34.0
Net income attributable to
shareholders
(27.6)
176.4
(154.4)
(63.5)
(12.4)
141.2
135.5
132.8
128.2
132.8
Basic earnings per share
(0.19)
1.18
(1.00)
(0.40)
(0.08)
0.98
0.91
0.86
0.81
0.82
Diluted earnings per share
(0.19)
1.15
(1.00)
(0.40)
(0.08)
0.97
0.90
0.86
0.81
0.81
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
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Revenues
Asset management fees
388.1
379.9
376.3
366.4
380.1
388.1
379.9
376.3
366.4
380.1
Trailer fees and deferred sales
commissions
(123.9)
(121.4)
(121.0)
(118.7)
(122.2)
(123.9)
(121.4)
(121.0)
(118.7)
(122.2)
Net asset management fees
264.3
258.4
255.4
247.7
257.9
264.3
258.4
255.4
247.7
257.9
Other revenues
10.7
6.2
4.4
4.7
4.8
10.7
6.2
4.4
4.7
4.8
FX gains/(losses)
25.7
(22.7)
(58.7)
56.1
(61.9)
—
—
—
—
—
Other gains/(losses)
7.3
281.9
4.4
1.9
(0.4)
1.7
3.5
1.7
1.9
(0.5)
Total net revenues
308.0
523.8
205.5
310.4
200.3
276.7
268.1
261.5
254.3
262.2
Expenses
Selling, general & administrative
105.9
111.9
108.0
108.7
110.9
104.1
106.1
101.2
97.4
105.2
Other
0.3
3.2
0.1
0.3
0.7
0.3
3.2
0.1
0.3
0.7
Interest and lease finance expense
0.6
0.5
0.5
0.5
2.5
0.6
0.5
0.5
0.5
2.5
Depreciation and other amortization
4.3
4.4
4.0
3.9
2.5
4.3
4.4
4.0
3.9
2.5
Amortization of intangible assets from
acquisitions
0.6
0.6
0.6
0.6
0.6
—
—
—
—
—
Transaction, integration, restructuring
and legal
10.4
0.3
1.3
2.0
0.6
—
—
—
—
—
Change in fair value of contingent
consideration
3.3
(0.3)
3.5
8.8
(0.6)
—
—
—
—
—
Total expenses
125.5
120.6
118.0
124.7
117.2
109.3
114.2
105.7
102.0
111.0
Pretax income
182.5
403.2
87.5
185.7
83.1
167.4
153.9
155.7
152.3
151.2
Non-IFRS adjustments
Pretax income
182.5
403.2
87.5
185.7
83.1
167.4
153.9
155.7
152.3
151.2
Amortization of intangible assets from
acquisitions
0.6
0.6
0.6
0.6
0.6
—
—
—
—
—
Depreciation and other amortization
4.3
4.4
4.0
3.9
2.5
4.3
4.4
4.0
3.9
2.5
Interest and lease finance expense
0.6
0.5
0.5
0.5
2.5
0.6
0.5
0.5
0.5
2.5
EBITDA
188.1
408.7
92.6
190.7
88.7
172.4
158.8
160.2
156.6
156.2
Change in fair value of contingent
consideration
3.3
(0.3)
3.5
8.8
(0.6)
—
—
—
—
—
FX (gains)/losses
(25.7)
22.7
58.7
(56.1)
61.9
—
—
—
—
—
Severance
1.8
5.8
6.9
8.8
6.1
—
—
—
—
—
Amortization of loan guarantees
—
—
—
2.5
(0.5)
—
—
—
—
—
Transaction, integration, restructuring
and legal
10.4
0.3
1.3
2.0
0.6
—
—
—
—
—
Other (gains)/losses
(0.2)
2.9
(2.7)
—
—
—
—
—
—
—
Gain on debt retirement
(5.3)
(281.3)
—
—
—
—
—
—
—
—
Total adjustments
(15.7)
(249.9)
67.7
(34.0)
67.5
—
—
—
—
—
Adjusted EBITDA
172.4
158.8
160.2
156.6
156.2
172.4
158.8
160.2
156.6
156.2
Less: Non-controlling interest
0.1
(0.1)
(0.4)
0.1
0.2
0.1
(0.1)
(0.4)
0.1
0.2
Adjusted EBITDA attributable to
shareholders
172.3
158.9
160.6
156.5
156.0
172.3
158.9
160.6
156.5
156.0
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
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Revenues
Canada wealth management fees
215.9
211.4
201.0
192.8
189.1
215.9
211.4
201.0
192.8
189.1
Other revenues
32.6
33.3
33.4
31.7
30.7
32.7
33.4
33.4
31.7
30.7
FX gains/(losses)
(0.8)
—
1.0
(1.8)
1.4
—
—
—
—
—
Total net revenues
247.8
244.7
235.4
222.7
221.1
248.6
244.7
234.4
224.6
219.8
Expenses
Selling, general & administrative
58.4
57.1
55.4
50.6
52.2
57.0
56.8
53.9
49.8
49.2
Advisor and dealer fees
166.2
162.9
153.9
147.9
144.4
166.2
162.9
153.9
147.9
144.4
Other
5.4
6.1
6.3
6.2
5.9
4.5
5.0
5.3
5.1
4.8
Interest and lease finance expense
0.3
0.3
0.4
0.3
0.6
0.3
0.3
0.4
0.3
0.6
Depreciation and other amortization
5.0
4.8
4.9
5.1
5.2
5.0
4.8
4.9
5.1
5.2
Amortization of intangible assets from
acquisitions
2.3
2.3
2.3
2.3
2.2
—
—
—
—
—
Transaction, integration, restructuring
and legal
—
—
—
5.4
0.4
—
—
—
—
—
Change in fair value of contingent
consideration
0.2
0.3
1.6
3.5
(0.4)
—
—
—
—
—
Total expenses
237.9
233.9
224.8
221.3
210.5
233.1
229.9
218.4
208.3
204.2
Pretax income
9.9
10.8
10.6
1.4
10.7
15.5
14.8
16.0
16.3
15.6
Non-IFRS adjustments
Pretax income
9.9
10.8
10.6
1.4
10.7
15.5
14.8
16.0
16.3
15.6
Amortization of intangible assets from
acquisitions
2.3
2.3
2.3
2.3
2.2
—
—
—
—
—
Amortization of intangible assets for
equity accounted investments
0.1
0.1
0.1
0.1
0.1
—
—
—
—
—
Depreciation and other amortization
5.0
4.8
4.9
5.1
5.2
5.0
4.8
4.9
5.1
5.2
Interest and lease finance expense
0.3
0.3
0.4
0.3
0.6
0.3
0.3
0.4
0.3
0.6
EBITDA
17.6
18.3
18.3
9.1
18.7
20.8
19.9
21.3
21.7
21.4
Change in fair value of contingent
consideration
0.2
0.3
1.6
3.5
(0.4)
—
—
—
—
—
Contingent consideration recorded as
compensation (included in SG&A)
0.1
0.1
0.1
0.1
0.1
—
—
—
—
—
Accounting for CIPW Canada redeemable
units (included in SG&A)
1.6
(0.3)
0.7
0.7
2.0
—
—
—
—
—
FX (gains)/losses
0.8
—
(1.0)
1.8
(1.4)
—
—
—
—
—
Severance
(0.3)
0.5
0.7
—
0.9
—
—
—
—
—
Transaction, integration, restructuring
and legal
—
—
—
5.4
0.4
—
—
—
—
—
Non-controlling interest reclassification
(included in Other)
0.9
1.1
1.0
1.1
1.1
—
—
—
—
—
Total adjustments
3.2
1.7
3.1
12.6
2.7
—
—
—
—
—
Adjusted EBITDA
20.8
19.9
21.3
21.7
21.4
20.8
19.9
21.3
21.7
21.4
Less: Non-controlling interest
1.8
1.9
1.8
2.0
1.2
1.8
1.9
1.8
2.0
1.2
Adjusted EBITDA attributable to
shareholders
19.0
18.0
19.5
19.7
20.1
19.0
18.0
19.5
19.7
20.1
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
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Revenues
U.S. wealth management fees
274.9
261.3
242.1
226.8
229.0
274.9
261.3
242.1
226.8
229.0
Other revenues
5.1
5.7
7.4
4.5
14.9
6.5
7.0
8.8
10.6
7.6
FX gains/(losses)
(0.2)
0.1
3.1
(2.1)
0.1
—
—
—
—
—
Other gains/(losses)
1.0
0.8
0.6
1.9
—
(0.6)
0.6
0.3
(1.0)
—
Total net revenues
280.8
267.8
253.2
231.1
244.0
280.8
268.9
251.1
236.4
236.6
Expenses
Selling, general & administrative
249.5
278.9
283.7
231.1
195.2
155.5
153.9
142.4
139.7
136.0
Other
1.6
0.4
0.8
(6.9)
10.1
1.6
0.4
0.8
0.4
1.4
Interest and lease finance expense
3.9
5.1
5.2
4.0
0.8
3.5
4.7
3.5
2.1
0.8
Depreciation and other amortization
9.7
9.2
8.3
8.3
5.2
9.4
8.9
7.0
6.5
5.2
Amortization of intangible assets from
acquisitions
34.7
33.6
32.1
33.2
32.0
—
—
—
—
—
Transaction, integration, restructuring
and legal
24.5
19.1
22.1
32.5
22.7
—
—
—
—
—
Change in fair value of contingent
consideration
(1.5)
12.6
27.1
14.5
(6.1)
—
—
—
—
—
Change in fair value of Preferred Share
Liability
89.1
42.4
52.3
100.5
21.4
—
—
—
—
—
Total expenses
411.4
401.3
431.7
417.2
281.3
170.0
167.9
153.8
148.8
143.4
Pretax income
(130.6)
(133.5)
(178.4)
(186.1)
(37.3)
110.7
101.0
97.4
87.7
93.2
Non-IFRS adjustments
Pretax income
(130.6)
(133.5)
(178.4)
(186.1)
(37.3)
110.7
101.0
97.4
87.7
93.2
Amortization of intangible assets from
acquisitions
34.7
33.6
32.1
33.2
32.0
—
—
—
Amortization of intangible assets for
equity accounted investments
1.3
1.4
1.3
1.3
1.3
—
—
—
—
—
Depreciation and other amortization
9.7
9.2
8.3
8.3
5.2
9.4
8.9
8.3
6.5
5.2
Interest and lease finance expense
3.9
5.1
5.2
4.0
0.8
3.5
4.7
5.2
2.1
0.8
EBITDA
(81.0)
(84.2)
(131.5)
(139.3)
2.1
123.7
114.6
100.0
96.3
99.3
Change in fair value of contingent
consideration
(1.5)
12.6
27.1
14.5
(6.1)
—
—
—
—
—
Change in fair value of Preferred Share
Liability
89.1
42.4
52.3
100.5
21.4
—
—
—
—
—
Contingent and strategic recruitment
consideration recorded as compensation (included in SG&A)
11.2
25.7
13.7
1.9
4.3
—
—
—
—
—
Non-controlling interest reclassification
(included in Other)
—
—
—
(2.5)
—
—
—
—
—
—
Accounting for redeemable units (included
in SG&A)
80.8
99.0
126.0
93.2
54.7
—
—
—
—
—
FX (gains)/losses
0.2
(0.1)
(3.1)
2.1
(0.1)
—
—
—
—
—
Severance
2.1
0.9
2.2
0.2
0.2
—
—
—
—
—
Amortization of loan guarantees
(0.2)
(0.5)
(0.6)
(3.8)
—
—
—
—
—
—
Transaction, integration, restructuring
and legal
24.5
19.1
22.1
36.1
22.7
—
—
—
—
—
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
(1.6)
(0.2)
(0.4)
(2.9)
—
—
—
—
—
—
Total adjustments
204.6
198.9
239.4
239.3
97.2
—
—
—
—
—
Adjusted EBITDA
123.7
114.6
107.9
100.0
99.3
123.7
114.6
107.9
100.0
99.3
Less: Non-controlling interest
44.5
38.3
41.9
37.4
37.6
44.5
38.3
41.9
37.4
37.6
Adjusted EBITDA attributable to
shareholders
79.2
76.3
66.0
62.5
61.6
79.2
76.3
66.0
62.5
61.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241114760691/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
Grafico Azioni CompX (AMEX:CIX)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni CompX (AMEX:CIX)
Storico
Da Dic 2023 a Dic 2024
