- Diluted EPS of ($1.00), adjusted diluted EPS1 of $0.86,
matching a record high
- EBITDA of ($20.7) million, adjusted EBITDA attributable to
shareholders1 of $246.1 million
- EBITDA per share of ($0.13) and record adjusted EBITDA
attributable to shareholders1 per share of $1.64
- Operating cash flow of $119.7 million, free cash flow1 of
$156.2 million
- Operating cash flow per share of $0.57, free cash flow per
share of $1.01
- Record total assets of $474.2 billion, up $74.5 billion or
18.6% year over year
- Paid $31.2 million in dividends at $0.20 per share
- Repurchased 4.9 million shares under $85-million substantial
issuer bid completed in April
All financial amounts in Canadian dollars as at March 31, 2024,
unless stated otherwise.
CI Financial Corp. (“CI”) (TSX: CIX) today released financial
results for the quarter ended March 31, 2024.
“CI’s first quarter was marked by robust growth, with total
assets reaching a new high of $474.2 billion, a gain of $29.4
billion for the period,” said Kurt MacAlpine, CI Chief Executive
Officer. “Adjusted earnings per share1 of $0.86 was up 6.2% from
the previous quarter and up 16.2% from the year-ago quarter.
Meanwhile, adjusted net revenues rose 4.8% and adjusted EBITDA
increased 4.0% over the previous quarter.
"Corient continues to perform well, with our U.S. wealth
management segment reporting a gain in adjusted EBITDA for the
quarter of 7.9%. This reflects the quality of Corient and its
distinct value proposition, along with steps we have taken to
integrate the business and expand our offerings to clients.
“We remain committed to returning capital to shareholders
through share buybacks and in early April we repurchased 4.9
million shares for $85 million through a substantial issuer bid,”
Mr. MacAlpine said. “This follows an earlier successful issuer bid
in December, under which we bought back more than 6.5 million
shares.”
Operating and financial data highlights
[millions of dollars, except share
amounts]
As of and for the quarters
ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Total AUM and Client Assets:
Asset Management AUM (2)
130,132
125,004
119,040
122,377
121,987
Canada Wealth Management assets
93,726
87,991
81,503
82,566
81,592
Canada custody (3)
28,011
25,567
23,421
9,149
8,600
U.S. Wealth Management assets (4)
222,347
206,282
197,016
193,980
187,481
Total assets
474,216
444,844
420,980
408,072
399,659
Asset Management Net Inflows:
Retail
(1,320
)
(397
)
(110
)
7
841
Institutional
4
—
(79
)
(14
)
(177
)
Australia
(92
)
230
(105
)
55
(81
)
Closed Business
(212
)
(200
)
(155
)
(174
)
(195
)
Total Asset Management Segment
(1,620
)
(367
)
(449
)
(126
)
388
U.S. Asset Management (5)
78
(67
)
(16
)
(266
)
(67
)
IFRS Results
Net income attributable to
shareholders
(154.4
)
(63.5
)
(12.4
)
51.0
30.0
Diluted earnings per share
(1.00
)
(0.40
)
(0.08
)
0.28
0.16
Pretax income
(122.6
)
(38.2
)
20.6
112.5
54.8
Pretax margin
(19.0
)%
(5.3
)%
3.3
%
14.5
%
8.6
%
Operating cash flow before the change in
operating assets and liabilities
88.3
185.3
104.7
126.9
145.6
Adjusted Results
Adjusted net income
132.8
128.2
132.8
136.0
136.8
Adjusted diluted earnings per share
0.86
0.81
0.81
0.76
0.74
Adjusted EBITDA
289.5
278.3
276.6
272.3
268.6
Adjusted EBITDA margin
41.4
%
41.7
%
41.3
%
40.6
%
42.0
%
Adjusted EBITDA attributable to
shareholders
246.1
238.7
237.8
245.3
250.1
Free cash flow
156.2
170.9
179.4
143.3
155.1
Average shares outstanding
153,821,117
158,125,830
161,549,038
178,883,346
184,517,832
Adjusted average diluted shares
outstanding
155,018,911
158,885,217
163,619,462
179,640,506
185,136,641
Ending shares outstanding
153,821,117
153,821,117
158,867,975
167,640,863
184,517,832
Total debt
3,608
3,507
3,289
3,132
4,190
Net debt
3,480
3,365
3,113
2,887
4,052
Net debt to adjusted EBITDA
3.5
3.5
3.3
2.9
4.0
- Free cash flow, net debt, adjusted net income, adjusted
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 $34.4 billion, $33.2 billion, $31.8 billion, $32.8
billion, and $33.0 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 March 31, 2024,
December 31, 2023, September 30, 2023, June 30, 2023, and March 31,
2023, respectively.
- Includes $24.5 billion, $21.5 billion, $19.7 billion, $5.4
billion, and $5.0 billion of assets advised by CI and held by
clients of advisors with Assante, CIPC, CI Direct Investing and
Aligned Capital as at March 31, 2024, December 31, 2023, September
30, 2023, June 30, 2023, and March 31, 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 1.3546, 1.3250, 1.3582,
1.3248, and 1.3515 for March 2024, December 2023, September 2023,
June 2023, and March 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
First quarter net loss attributable to shareholders was $154.4
million compared to a net loss of $63.5 million in the fourth
quarter of 2023. Excluding non-operating items, adjusted net income
attributable to shareholders1 was $132.8 million in the first
quarter, up 3.6% from the previous quarter.
First quarter total net revenues were $645.7 million, down 9.8%
from $715.6 million in the fourth quarter of 2023. Excluding
non-operating items, adjusted total net revenues1 were $698.6
million, up 4.8% from $666.7 million due to higher revenues from
all three segments.
First quarter total expenses increased 1.9% to $768.3 million
from $753.7 million in the fourth quarter of 2023. Excluding
non-operating items, adjusted total expenses1 were $470.3 million,
up 4.8% from $448.7 million in the previous quarter as a result of
seasonally higher payroll taxes, interest expense, and higher
advisor and dealer fees due to higher Canada Wealth Management
revenues.
Dividends and share repurchases
CI paid $31.2 million in dividends at a rate of $0.20 per share.
The annual dividend rate of $0.80 per share represented a yield of
4.8% on CI’s closing share price of $16.75 on May 9, 2024. As
announced yesterday, the Board of Directors of CI declared a
quarterly dividend of $0.20 per share, payable on October 15, 2024
to shareholders of record as of September 30, 2024.
In February 2024, CI commenced a substantial issuer bid, which
expired on April 2, 2024. Under the offer, 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.
First quarter business highlights
- CI Global Asset Management (“CI GAM”) was the recipient of an
industry-leading 35 FundGrade A+® Awards for 2023. These awards are
presented annually by Fundata Canada Inc. to acknowledge Canadian
investment funds that have demonstrated consistent, outstanding
risk-adjusted performance.
- As part of CI’s strategic priority to modernize asset
management, CI GAM was active in enhancing its product lineup. New
products included: two ETFs providing targeted exposure to U.S.
momentum and value stocks; mutual fund versions of its popular CI
WisdomTree Quality, Dividend Growth ETFs; and a commodity-focused
liquid alternative fund. CI GAM also reduced the minimum initial
investment on the CI Private Pools to $5,000 from $25,000,
providing expanded access to these popular solutions.
Following quarter-end:
- CI executed amendments to the trust indentures governing its
3.759% Debentures due 2025 and 3.904% Debentures due 2027 following
approvals from debenture holders 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.
- CI GAM launched CI Global Artificial Intelligence ETF (TSX:
CIAI) to offer investors exposure to investment opportunities
created by AI technologies. CI GAM also completed the mergers of 13
mutual funds and six ETFs into other funds, simplifying and
streamlining the firm’s product lineup.
- 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).
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: 155730):
- 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.
FundGrade A+® is used with permission from Fundata Canada Inc.,
all rights reserved. The annual FundGrade A+® Awards are presented
by Fundata Canada Inc. to recognize the “best of the best” among
Canadian investment funds. The FundGrade A+® calculation is
supplemental to the monthly FundGrade ratings and is calculated at
the end of each calendar year. The FundGrade rating system
evaluates funds based on their risk-adjusted performance, measured
by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score
for each ratio is calculated individually, covering all time
periods from 2 to 10 years. The scores are then weighted equally in
calculating a monthly FundGrade. The top 10% of funds earn an A
Grade; the next 20% of funds earn a B Grade; the next 40% of funds
earn a C Grade; the next 20% of funds receive a D Grade; and the
lowest 10% of funds receive an E Grade. To be eligible, a fund must
have received a FundGrade rating every month in the previous year.
The FundGrade A+® uses a GPA-style calculation, where each monthly
FundGrade from “A” to “E” receives a score from 4 to 0,
respectively. A fund’s average score for the year determines its
GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade
A+® Award. For more information, see www.FundGradeAwards.com.
Although Fundata makes every effort to ensure the accuracy and
reliability of the data contained herein, the accuracy is not
guaranteed by Fundata.
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.
CONSOLIDATED STATEMENT OF
INCOME
For the three-month period ended March
31
2024
2023
[in thousands of Canadian dollars, except
per share amounts]
$
$
REVENUE
Canada asset management fees
371,630
377,665
Trailer fees and deferred sales
commissions
(113,610
)
(115,896
)
Net asset management fees
258,020
261,769
Canada wealth management fees
159,687
141,533
U.S. wealth management fees
242,083
201,337
Other revenues
35,432
32,320
Foreign exchange losses
(54,586
)
1,754
Other gains (losses)
5,047
(889
)
Total net revenues
645,683
637,824
EXPENSES
Selling, general and administrative
431,998
304,598
Advisor and dealer fees
120,793
107,822
Interest and lease finance
48,286
47,179
Amortization and depreciation
17,233
12,897
Amortization of intangible assets from
acquisitions
35,012
31,345
Transaction, integration, restructuring
and legal
23,432
14,175
Change in fair value of contingent
consideration
32,132
53,506
Change in fair value of Preferred Share
Liability
52,286
—
Other
7,120
11,507
Total expenses
768,292
583,029
Income before income taxes
(122,609
)
54,795
Provision for (recovery of) income
taxes
Current
37,411
39,069
Deferred
(5,481
)
(14,427
)
31,930
24,642
Net income (loss) for the
period
(154,539
)
30,153
Net income (loss) attributable to
non-controlling interests
(103
)
185
Net income (loss) attributable to
shareholders
(154,436
)
29,968
Basic earnings per share attributable
to shareholders
-$1.00
$0.16
Diluted earnings per share attributable
to shareholders
-$1.00
$0.16
Other comprehensive income (loss), net
of tax
Exchange differences on translation of
foreign operations
31,428
(2,868
)
Total other comprehensive income, net of
tax
31,428
(2,868
)
Comprehensive income (loss) for the
period
(123,111
)
27,285
Comprehensive income (loss)
attributable to non-controlling interests
324
153
Comprehensive income (loss)
attributable to shareholders
(123,435
)
27,132
As at
As at
CONSOLIDATED BALANCE SHEET
March 31, 2024
December 31, 2023
[in thousands of Canadian dollars]
$
$
ASSETS
Current
Cash and cash equivalents
126,149
137,029
Client and trust funds on deposit
1,140,862
1,073,378
Investments
41,732
42,781
Accounts receivable and prepaid
expenses
428,885
388,029
Assets held for sale
—
326
Income taxes receivable
33,957
33,911
Total current assets
1,771,585
1,675,454
Capital assets, net
113,430
85,077
Right-of-use assets
243,254
229,763
Intangibles and goodwill
7,624,900
7,575,958
Deferred income taxes
83,907
78,642
Other assets
383,634
336,709
Total assets
10,220,710
9,981,603
LIABILITIES AND EQUITY
Current
Accounts payable and accrued
liabilities
370,260
378,374
Current portion of provisions and other
financial liabilities
446,940
444,200
Dividends payable
61,528
61,528
Client and trust funds payable
1,140,009
1,068,809
Income taxes payable
15,893
15,252
Redeemable unit liabilities
1,205,521
1,089,996
Preferred Share Liability
1,566,686
1,481,419
Current portion of long-term debt
482,356
437,255
Current portion of lease liabilities
29,682
17,575
Total current liabilities
5,318,875
4,994,408
Long-term debt
3,125,235
3,070,149
Provisions and other financial
liabilities
85,202
96,952
Other long-term payable
21,082
15,853
Deferred income taxes
478,363
479,150
Lease liabilities
303,967
285,053
Total liabilities
9,332,724
8,941,565
Equity
Share capital
1,436,686
1,436,686
Contributed surplus
37,940
34,828
Deficit
(640,233
)
(454,435
)
Accumulated other comprehensive income
41,684
10,683
Total equity attributable to the
shareholders of the Company
876,077
1,027,762
Non-controlling interests
11,909
12,276
Total equity
887,986
1,040,038
Total liabilities and equity
10,220,710
9,981,603
CONSOLIDATED STATEMENT OF CASH
FLOWS
For the three-month period ended March
31
2024
2023
[in thousands of Canadian dollars]
$
$
OPERATING ACTIVITIES (*)
Net income for the period
(154,539
)
30,153
Add (deduct) items not involving cash
Other (gains) losses
(5,047
)
889
Change in fair value of contingent
consideration
32,132
53,506
Change in fair value of Preferred Share
Liability
52,286
—
Contingent and deferred consideration
recorded as compensation
763
1,703
Amortization of loan guarantees
(574
)
(255
)
Recognition of non-cash vesting of
redeemable unit liabilities
109,860
28,968
Equity-based compensation
5,072
3,554
Equity accounted income
188
(4,786
)
Amortization of equity accounted
investments
1,410
2,056
Amortization and depreciation
17,233
12,897
Amortization of intangible assets from
acquisitions
35,012
31,345
Deferred income taxes
(5,481
)
(14,427
)
Cash provided by operating activities
before net change in operating assets and liabilities
88,315
145,603
Net change in operating assets and
liabilities
31,393
(2,214
)
Cash provided by operating
activities
119,708
143,389
INVESTING ACTIVITIES
Cash paid to settle acquisition
liabilities
(51,195
)
(74,976
)
Acquisitions, net of cash acquired
(691
)
(7,108
)
Purchase of investments
(630
)
(642
)
Proceeds on sale of investments
2,711
4
Additions to capital assets
(31,926
)
(9,121
)
Decrease in other assets
(39,364
)
(3,211
)
Additions to intangibles
(711
)
(3,104
)
Cash used in investing
activities
(121,806
)
(98,158
)
FINANCING ACTIVITIES
Repayment of long-term debt
(375,000
)
(320,000
)
Issuance of long-term debt
420,000
298,000
Transaction costs - repurchase of share
capital
(115
)
—
Payment of lease liabilities
(3,349
)
(6,350
)
Dividends paid to shareholders
(19,071
)
523
Net distributions to non-controlling
interest
—
(523
)
Dividends paid to shareholders
(31,248
)
(33,531
)
Cash used in financing activities
(8,783
)
(61,881
)
Net decrease in cash and cash
equivalents during the period
(10,881
)
(16,650
)
Cash and cash equivalents, beginning of
period
137,030
153,619
Cash and cash equivalents, end of
period
126,149
136,969
SUPPLEMENTAL CASH FLOW
INFORMATION
(*) Included in operating activities are
the following:
Interest paid
17,151
20,285
Income taxes paid
36,378
40,126
ASSETS UNDER MANAGEMENT AND NET
FLOWS
Quarters ended
[billions of dollars]
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Beginning AUM
125.0
119.0
122.4
122.0
117.8
Gross inflows
6.7
7.3
5.7
6.1
6.9
Gross outflows
(8.3
)
(7.7
)
(6.2
)
(6.2
)
(6.5
)
Net inflows/(outflows)
(1.6
)
(0.4
)
(0.4
)
(0.1
)
0.4
Acquisitions
—
—
—
—
—
Market move and FX
6.7
6.3
(2.9
)
0.5
3.8
Ending AUM
130.1
125.0
119.0
122.4
122.0
Proprietary AUM
34.4
33.2
31.8
32.8
33.0
Non-proprietary AUM
95.7
91.8
87.2
89.6
89.0
Average assets under management
126.8
121.1
122.1
122.1
121.9
Annualized organic growth
(5.2
)%
(1.2
)%
(1.5
)%
(0.4
)%
1.3
%
Gross management fee/average AUM
1.19
%
1.20
%
1.24
%
1.25
%
1.27
%
Net management fee/average AUM
0.81
%
0.81
%
0.84
%
0.85
%
0.86
%
Net
Inflows/(Outflows)
Retail
(1.3
)
(0.4
)
(0.1
)
—
0.8
Institutional
—
—
(0.1
)
—
(0.2
)
Closed business
(0.2
)
(0.2
)
(0.2
)
(0.2
)
(0.2
)
Total Canada net inflows/(outflows)
(1.5
)
(0.6
)
(0.3
)
(0.2
)
0.5
Australia
(0.1
)
0.2
(0.1
)
0.1
(0.1
)
Total net inflows/(outflows)
(1.6
)
(0.4
)
(0.4
)
(0.1
)
0.4
Retail
[billions of dollars]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30. 2023
Mar. 31, 2023
Beginning AUM
103.7
99.1
101.7
101.2
97.1
Net Flows
(1.3
)
-0.4
-0.1
0.0
0.8
Market Move / FX
12.7
5.0
-2.5
0.5
3.3
Acquisitions
—
—
—
—
—
Ending AUM
115.1
103.7
99.1
101.7
101.2
Average AUM
105.3
100.7
101.5
101.3
100.9
Institutional
[billions of dollars]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30. 2023
Mar. 31, 2023
Beginning AUM
8.8
8.3
8.5
8.5
8.3
Net Flows
0.0
0.0
(0.1
)
0.0
(0.2
)
Market Move / FX
0.3
0.5
(0.1
)
0.0
0.4
Acquisitions
—
—
—
—
—
Ending AUM
9.1
8.8
8.3
8.5
8.5
Average AUM
8.9
8.5
8.5
8.5
8.5
AUSTRALIA
[billions of dollars]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30. 2023
Mar. 31, 2023
Beginning AUM
5.4
4.8
5.0
4.9
5.0
Net Flows
(0.1
)
0.2
(0.1
)
0.1
(0.1
)
Market Move / FX
0.4
0.4
(0.1
)
0.0
0.0
Acquisitions
—
—
—
—
—
Ending AUM
5.7
5.4
4.8
5.0
4.9
Average AUM
5.4
5.0
4.9
5.0
5.0
CLOSED BUSINESS
[billions of dollars]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30. 2023
Mar. 31, 2023
Beginning AUM
7.1
6.9
7.2
7.4
7.3
Net Flows
(0.2
)
(0.2
)
(0.2
)
(0.2
)
(0.2
)
Market Move / FX
(6.6
)
0.4
(0.1
)
—
0.3
Acquisitions
—
—
—
—
—
Ending AUM
0.3
7.1
6.9
7.2
7.4
Average AUM
7.2
7.0
7.2
7.3
7.5
AUM BY ASSET CLASS
[billions of dollars]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Balanced
52.5
51.4
47.7
49.8
50.8
Equity
42.7
40.1
41.1
43.0
43.3
Fixed income
11.7
11.6
10.5
11.1
11.3
Alternatives
7.7
6.4
5.5
5.1
4.0
Cash/Other
9.8
10.2
9.5
8.4
7.7
Total Canada asset management
124.5
119.6
114.3
117.4
117.1
Australia
5.7
5.4
4.8
5.0
4.9
Total asset management segment
130.1
125.0
119.0
122.4
122.0
CANADA WEALTH MANAGEMENT CLIENT
ASSETS
[billions of dollars]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Beginning client assets
88.0
81.5
82.6
81.6
77.4
Acquisitions
—
1.3
—
—
—
Net flows and market move
5.7
5.2
(1.1
)
1.0
4.2
Ending client assets
93.7
88.0
81.5
82.6
81.6
Average client assets
90.9
83.8
83.2
81.9
80.7
Wealth management fees/average client
assets
0.89
%
0.91
%
0.90
%
0.91
%
0.93
%
Canada custody
28.0
25.6
23.4
9.1
8.6
Proprietary custody
24.5
21.5
19.7
5.4
5.0
Non-proprietary custody
3.5
4.1
3.8
3.7
3.6
U.S. WEALTH MANAGEMENT CLIENT
ASSETS
[billions of dollars]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Beginning billable client assets
196.8
188.2
185.0
179.9
174.3
Acquisitions/divestitures
—
2.2
2.1
4.0
—
Net flows and market move
15.5
6.4
1.1
1.1
5.6
Ending billable client assets
212.4
196.8
188.2
185.0
179.9
Non-billable client assets
10.0
9.4
8.8
9.0
7.6
Total client assets
222.3
206.3
197.0
194.0
187.5
Fees/beginning billable client assets
0.49
%
0.48
%
0.49
%
0.48
%
0.47
%
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 including organizational expenses for the
establishment of Corient and CIPW
- legal provisions for a class action related to market
timing
- 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 May 10, 2024 available on SEDAR at www.sedar.com or
at www.cifinancial.com.
ADJUSTED NET INCOME AND ADJUSTED
EARNINGS PER SHARE
(unaudited except for Dec. 31, 2023
amounts)
[millions of dollars, except per share
amounts]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Net Income
(154.5
)
(63.2
)
30.2
Amortization of intangible assets from
acquisitions
35.0
36.1
31.3
Amortization of intangible assets for
equity accounted investments
1.4
1.4
2.1
Change in fair value of contingent
consideration
32.1
26.8
53.5
Change in fair value of preferred
equity
52.3
100.5
—
Interest expense on redeemable shares
issued in connection with acquisitions
1.5
0.9
—
Contingent consideration recorded as
compensation
13.8
2.0
1.7
Non-controlling interest
reclassification
1.0
(1.4
)
2.5
Accounting for Corient and CIPW Canada
redeemable units
126.7
93.8
43.1
Severance
9.8
9.1
5.5
Amortization of loan guarantees
(0.6
)
(1.3
)
(0.3
)
FX (gains)/losses
54.6
(52.2
)
(1.8
)
Transaction, integration, restructuring
and legal
26.4
43.5
14.2
Pass through carried interest revenue
—
4.8
—
Pass through carried interest expense
—
(4.8
)
—
Other (gains)/losses
(3.1
)
(2.9
)
1.9
Total adjustments
350.9
256.2
153.7
Tax effect of adjustments
(26.3
)
(30.5
)
(28.5
)
Less: Non-controlling interest
37.4
34.2
18.5
Adjusted net income
132.8
128.2
136.8
Adjusted earnings per share
0.86
0.81
0.74
Adjusted diluted earnings per
share
0.86
0.81
0.74
Average diluted shares outstanding
under IFRS
153.8
168.3
185.1
Weighted average impact of RSU
awards
1.2
—
—
Shares convertible into common in
connection with an acquisition
—
(9.4
)
—
Adjusted average diluted shares
outstanding
155.0
158.9
185.1
EBITDA, ADJUSTED EBITDA AND ADJUSTED
EBITDA MARGIN
(unaudited except for Dec. 31, 2023
amounts)
[millions of dollars, except per share
amounts]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Pretax income
(122.6
)
(38.2
)
54.8
Amortization of intangible assets from
acquisitions
35.0
36.1
31.3
Amortization of intangible assets for
equity accounted investments
1.4
1.4
2.1
Depreciation and other amortization
17.2
17.3
12.9
Interest and lease finance expense
48.3
43.9
47.2
EBITDA
(20.7
)
60.5
148.3
Change in fair value of contingent
consideration
32.1
26.8
53.5
Change in fair value of preferred
equity
52.3
100.5
—
Contingent consideration recorded as
compensation
13.8
2.0
1.7
Non-controlling interest
reclassification
1.0
(1.4
)
2.5
Accounting for Corient and CIPW Canada
redeemable units
126.7
93.8
43.1
Severance
9.8
9.1
5.5
Amortization of loan guarantees
(0.6
)
(1.3
)
(0.3
)
FX (gains)/losses
54.6
(52.2
)
(1.8
)
Transaction, integration, restructuring
and legal
23.4
43.5
14.2
Pass through carried interest revenue
—
4.8
—
Pass through carried interest expense
—
(4.8
)
—
Other (gains)/losses
(3.1
)
(2.9
)
1.9
Total adjustments
310.0
217.8
120.3
Adjusted EBITDA
289.3
278.3
268.6
Less: Non-controlling interest
43.4
39.6
18.5
Adjusted EBITDA attributable to
shareholders
246.1
238.7
250.1
Reported net revenue
645.7
715.6
637.8
Less: FX gains/(losses)
(54.6
)
52.2
1.8
Less: Pass through carried interest
revenue
—
(4.8
)
—
Less: Non-Operating Other
gains/(losses)
3.1
2.9
(1.9
)
Less: Amortization of equity accounted
investments
(1.4
)
(1.4
)
(2.1
)
Adjusted net revenue
698.6
666.7
640.0
Adjusted EBITDA margin
41.4
%
41.7
%
42.0
%
FREE CASH FLOW (unaudited except for
Dec. 31, 2023 amounts)
[millions of dollars]
Quarters ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Cash provided by operating activities
119.7
69.5
143.4
Less: Net change in operating assets and
liabilities
31.4
(115.8
)
(2.2
)
Operating cash flow before the change
in operating assets and liabilities
88.3
185.3
145.6
FX (gains)/losses
54.6
(52.2
)
(1.8
)
Transaction, integration, restructuring
and legal
26.4
43.5
14.2
Total adjustments
80.9
(8.7
)
12.4
Tax effect (recovery) of adjustments
(12.8
)
(4.9
)
(1.8
)
Less: Non-controlling interest
0.3
0.8
1.1
Free cash flow
156.2
170.9
155.1
NET DEBT (unaudited except for Dec. 31,
2023 amounts)
Quarters ended
[millions of dollars]
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Current portion of long-term debt
482.4
437.3
157.2
—
298.0
Long-term debt
3,125.2
3,070.1
3,131.9
3,131.5
3,892.2
3,607.6
3,507.4
3,289.1
3,131.5
4,190.2
Less:
Cash and short-term investments
126.1
137.0
175.7
240.5
137.0
Marketable securities
27.0
28.2
22.4
23.0
22.6
Add:
Regulatory capital and non-controlling
interests
25.4
22.4
22.3
18.6
21.7
Net Debt
3,479.9
3,364.6
3,113.3
2,886.6
4,052.2
Adjusted EBITDA
246.1
238.7
237.8
245.3
250.1
Adjusted EBITDA, annualized
984.4
954.9
943.3
983.8
1,014.2
Gross leverage (Gross debt/Annualized
adjusted EBITDA)
3.7
3.7
3.5
3.2
4.1
Net leverage (Net debt/Annualized adjusted
EBITDA)
3.5
3.5
3.3
2.9
4.0
SUMMARY OF QUARTERLY RESULTS
(unaudited except for Dec. 31, 2023
amounts)
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Revenues
Asset management fees
371.6
361.9
375.6
375.8
377.7
371.6
361.9
375.6
375.8
377.7
Trailer fees and deferred sales
commissions
(113.6
)
(111.3
)
(114.7
)
(114.9
)
(115.9
)
(113.6
)
(111.3
)
(114.7
)
(114.9
)
(115.9
)
Net asset management fees
258.0
250.6
260.8
261.0
261.8
258.0
250.6
260.8
261.0
261.8
Canada wealth management fees
159.7
150.5
146.7
144.1
141.5
159.7
150.5
146.7
144.1
141.5
U.S. wealth management fees
242.1
226.8
229.0
216.8
201.3
242.1
226.8
229.0
216.8
201.3
Other revenues
35.4
31.6
40.9
31.3
32.3
36.8
37.8
33.6
32.7
34.4
FX gains/(losses)
(54.6
)
52.2
(60.4
)
36.5
1.8
—
—
—
—
—
Other gains/(losses)
5.0
3.8
(0.4
)
86.5
(0.9
)
2.0
0.9
(0.5
)
0.3
1.0
Total net revenues
645.7
715.6
616.5
776.1
637.8
698.6
666.7
669.6
654.8
640.0
Expenses
Selling, general & administrative
432.0
375.9
343.5
345.9
304.6
282.3
272.4
275.8
265.9
254.6
Advisor and dealer fees
120.8
113.8
110.3
108.2
107.8
120.8
113.8
110.3
108.2
107.8
Other
7.1
(0.4
)
16.7
10.9
11.5
6.1
5.8
6.9
8.5
9.0
Interest and lease finance expense
48.3
43.9
39.8
46.1
47.2
45.1
41.2
39.9
44.0
47.2
Depreciation and other amortization
17.2
17.3
12.9
13.3
12.9
16.0
15.5
12.9
13.3
12.9
Amortization of intangible assets from
acquisitions
35.0
36.1
34.8
33.1
31.3
—
—
—
—
—
Transaction, integration, restructuring
and legal
23.4
39.9
23.7
55.8
14.2
—
—
—
—
—
Change in fair value of contingent
consideration
32.1
26.8
(7.2
)
15.2
53.5
—
—
—
—
—
Change in fair value of Preferred Share
Liability
52.3
100.5
21.4
35.0
—
—
—
—
—
—
Total expenses
768.3
753.7
595.9
663.6
583.0
470.3
448.7
445.8
439.9
431.5
Pretax income
(122.6
)
(38.2
)
20.6
112.5
54.8
228.4
218.0
223.9
215.0
208.5
Income tax expense
31.9
25.1
32.8
61.1
24.6
58.2
55.6
57.1
54.8
53.2
Net income
(154.5
)
(63.2
)
(12.2
)
51.4
30.2
170.1
162.4
166.8
160.1
155.3
Less: Non-controlling interest
(0.1
)
0.3
0.2
0.4
0.2
37.4
34.2
34.0
24.2
18.5
Net income attributable to
shareholders
(154.4
)
(63.5
)
(12.4
)
51.0
30.0
132.8
128.2
132.8
136.0
136.8
Basic earnings per share
(1.00
)
(0.40
)
(0.08
)
0.28
0.16
0.86
0.81
0.82
0.76
0.74
Diluted earnings per share
(1.00
)
(0.40
)
(0.08
)
0.28
0.16
0.86
0.81
0.81
0.76
0.74
RESULTS OF OPERATIONS - ASSET
MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2023
amounts)
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Revenues
Asset management fees
376.3
366.4
380.1
380.2
382.0
376.3
366.4
380.1
380.2
382.0
Trailer fees and deferred sales
commissions
(121.0
)
(118.7
)
(122.2
)
(122.5
)
(123.4
)
(121.0
)
(118.7
)
(122.2
)
(122.5
)
(123.4
)
Net asset management fees
255.4
247.7
257.9
257.8
258.6
255.4
247.7
257.9
257.8
258.6
Other revenues
4.4
4.7
4.8
5.1
4.0
4.4
4.7
4.8
5.1
4.0
FX gains/(losses)
(58.7
)
56.1
(61.9
)
37.5
2.0
—
—
—
—
—
Other gains/(losses)
4.4
1.9
(0.4
)
16.1
(0.9
)
1.7
1.9
(0.5
)
0.3
1.0
Total net revenues
205.5
310.4
200.3
316.5
263.6
261.5
254.3
262.2
263.1
263.5
Expenses
Selling, general & administrative
108.0
108.7
110.9
101.0
98.9
101.2
97.4
105.2
102.6
98.6
Other
0.1
0.3
0.7
—
—
0.1
0.3
0.7
—
—
Interest and lease finance expense
0.5
0.5
2.5
(1.5
)
0.6
0.5
0.5
2.5
(1.5
)
0.6
Depreciation and other amortization
4.0
3.9
2.5
5.4
3.8
4.0
3.9
2.5
5.4
3.8
Amortization of intangible assets from
acquisitions
0.6
0.6
0.6
0.6
0.6
—
—
—
—
—
Transaction, integration, restructuring
and legal
1.3
2.0
0.6
34.6
1.7
—
—
—
—
—
Change in fair value of contingent
consideration
3.5
8.8
(0.6
)
0.7
(2.2
)
—
—
—
—
—
Total expenses
118.0
124.7
117.2
140.8
103.5
105.7
102.0
111.0
106.6
103.0
Pretax income
87.5
185.7
83.1
175.7
160.1
155.7
152.3
151.2
156.5
160.5
Non-IFRS adjustments
Pretax income
87.5
185.7
83.1
175.7
160.1
155.7
152.3
151.2
156.5
160.5
Amortization of intangible assets from
acquisitions
0.6
0.6
0.6
0.6
0.6
—
—
—
—
—
Depreciation and other amortization
4.0
3.9
2.5
5.4
3.8
4.0
3.9
2.5
5.4
3.8
Interest and lease finance expense
0.5
0.5
2.5
(1.5
)
0.6
0.5
0.5
2.5
(1.5
)
0.6
EBITDA
92.6
190.7
88.7
180.2
165.1
160.2
156.6
156.2
160.5
164.9
Change in fair value of contingent
consideration
3.5
8.8
(0.6
)
0.7
(2.2
)
—
—
—
—
—
FX (gains)/losses
58.7
(56.1
)
61.9
(37.5
)
(2.0
)
—
—
—
—
—
Severance
6.9
8.8
6.1
0.1
0.5
—
—
—
—
—
Amortization of loan guarantees
—
2.5
(0.5
)
(1.8
)
(0.3
)
—
—
—
—
—
Transaction, integration, restructuring
and legal
1.3
2.0
0.6
34.6
1.7
—
—
—
—
—
Other (gains)/losses
(2.7
)
—
—
0.3
1.9
—
—
—
—
—
Gain on debt retirement
—
—
—
(16.2
)
—
—
—
—
—
—
Total adjustments
67.7
(34.0
)
67.5
(19.8
)
(0.2
)
—
—
—
—
—
Adjusted EBITDA
160.2
156.6
156.2
160.5
164.9
160.2
156.6
156.2
160.5
164.9
Less: Non-controlling interest
(0.4
)
0.1
0.2
0.2
0.2
(0.4
)
0.1
0.2
0.2
0.2
Adjusted EBITDA attributable to
shareholders
160.6
156.5
156.0
160.3
164.7
160.6
156.5
156.0
160.3
164.7
RESULTS OF OPERATIONS - CANADA WEALTH
MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2023
amounts)
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Revenues
Canada wealth management fees
201.0
192.8
189.1
186.8
184.3
201.0
192.8
189.1
186.8
184.3
Other revenues
33.4
31.7
30.7
30.5
31.8
33.4
31.7
30.7
30.6
31.8
FX gains/(losses)
1.0
(1.8
)
1.4
(0.5
)
(0.2
)
—
—
—
—
—
Other gains/(losses)
—
—
—
—
—
—
—
—
—
—
Total net revenues
235.4
222.7
221.1
216.8
215.9
234.4
224.6
219.8
217.4
216.2
Expenses
Selling, general & administrative
55.4
50.6
52.2
50.3
48.2
53.9
49.8
49.2
49.3
47.7
Advisor and dealer fees
153.9
147.9
144.4
142.5
141.7
153.9
147.9
144.4
142.5
141.7
Other
6.3
6.2
5.9
9.3
9.8
5.3
5.1
4.8
8.0
8.8
Interest and lease finance expense
0.4
0.3
0.6
—
0.3
0.4
0.3
0.6
—
0.3
Depreciation and other amortization
4.9
5.1
5.2
2.9
4.1
4.9
5.1
5.2
2.9
4.1
Amortization of intangible assets from
acquisitions
2.3
2.3
2.2
2.2
2.1
—
—
—
—
—
Transaction, integration, restructuring
and legal
—
5.4
0.4
0.1
0.3
—
—
—
—
—
Change in fair value of contingent
consideration
1.6
3.5
(0.4
)
1.0
5.3
—
—
—
—
—
Total expenses
224.8
221.3
210.5
208.4
211.8
218.4
208.3
204.2
202.7
202.5
Pretax income
10.6
1.4
10.7
8.5
4.1
16.0
16.3
15.6
14.7
13.7
Non-IFRS adjustments
Pretax income
10.6
1.4
10.7
8.5
4.1
16.0
16.3
15.6
14.7
13.7
Amortization of intangible assets from
acquisitions
2.3
2.3
2.2
2.2
2.1
—
—
—
—
—
Amortization of intangible assets for
equity accounted investments
0.1
0.1
0.1
0.1
0.1
—
—
—
—
—
Depreciation and other amortization
4.9
5.1
5.2
2.9
4.1
4.9
5.1
5.2
2.9
4.1
Interest and lease finance expense
0.4
0.3
0.6
—
0.3
0.4
0.3
0.6
—
0.3
EBITDA
18.3
9.1
18.7
13.6
10.7
21.3
21.7
21.4
17.6
18.0
Change in fair value of contingent
consideration
1.6
3.5
(0.4
)
1.0
5.3
—
—
—
—
—
Contingent consideration recorded as
compensation (included in SG&A)
0.1
0.1
0.1
0.2
0.2
—
—
—
—
—
Accounting for CIPW Canada redeemable
units (included in SG&A)
0.7
0.7
2.0
0.2
0.2
—
—
—
—
—
FX (gains)/losses
(1.0
)
1.8
(1.4
)
0.5
0.2
—
—
—
—
—
Severance
0.7
—
0.9
0.7
0.1
—
—
—
—
—
Transaction, integration, restructuring
and legal
—
5.4
0.4
0.1
0.3
—
—
—
—
—
Non-controlling interest reclassification
(included in Other)
1.0
1.1
1.1
1.3
1.1
—
—
—
—
—
Total adjustments
3.1
12.6
2.7
4.0
7.3
—
—
—
—
—
Adjusted EBITDA
21.3
21.7
21.4
17.6
18.0
21.3
21.7
21.4
17.6
18.0
Less: Non-controlling interest
1.8
2.0
1.2
1.4
1.9
1.8
2.0
1.2
1.4
1.9
Adjusted EBITDA attributable to
shareholders
19.5
19.7
20.1
16.2
16.2
19.5
19.7
20.1
16.2
16.2
RESULTS OF OPERATIONS - U.S. WEALTH
MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2023
amounts)
[millions of dollars, except per share
amounts]
IFRS Results
Adjusted Results
For the quarters ended
For the quarters ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Revenues
U.S. wealth management fees
242.1
226.8
229.0
216.8
201.3
242.1
226.8
229.0
216.8
201.3
Other revenues
7.4
4.5
14.9
5.4
6.3
8.8
10.6
7.6
6.7
8.3
FX gains/(losses)
3.1
(2.1
)
0.1
(0.6
)
—
—
—
—
—
—
Other gains/(losses)
0.6
1.9
—
70.4
—
0.3
(1.0
)
—
—
—
Total net revenues
253.2
231.1
244.0
291.9
207.7
251.1
236.4
236.6
223.5
209.6
Expenses
Selling, general & administrative
283.7
231.1
195.2
209.5
173.0
142.4
139.7
136.0
128.8
123.8
Other
0.8
(6.9
)
10.1
1.6
1.7
0.8
0.4
1.4
0.5
0.2
Interest and lease finance expense
5.2
4.0
0.8
3.2
0.8
3.5
2.1
0.8
3.2
0.8
Depreciation and other amortization
8.3
8.3
5.2
5.0
5.1
7.0
6.5
5.2
5.0
5.1
Amortization of intangible assets from
acquisitions
32.1
33.2
32.0
30.3
28.6
—
—
—
—
—
Transaction, integration, restructuring
and legal
22.1
32.5
22.7
21.1
12.2
—
—
—
—
—
Change in fair value of contingent
consideration
27.1
14.5
(6.1
)
13.5
50.4
—
—
—
—
—
Change in fair value of preferred
equity
52.3
100.5
21.4
35.0
—
—
—
—
—
—
Total expenses
431.7
417.2
281.3
319.3
271.7
153.8
148.8
143.4
137.6
129.9
Pretax income
(178.4
)
(186.1
)
(37.3
)
(27.3
)
(64.0
)
97.4
87.7
93.2
85.9
79.7
Non-IFRS adjustments
Pretax income
(178.4
)
(186.1
)
(37.3
)
(27.3
)
(64.0
)
97.4
87.7
93.2
85.9
79.7
Amortization of intangible assets from
acquisitions
32.1
33.2
32.0
30.3
28.6
—
—
—
Amortization of intangible assets for
equity accounted investments
1.3
1.3
1.3
1.3
2.0
—
—
—
—
—
Depreciation and other amortization
8.3
8.3
5.2
5.0
5.1
7.0
8.3
5.2
5.0
5.1
Interest and lease finance expense
5.2
4.0
0.8
3.2
0.8
3.5
4.0
0.8
3.2
0.8
EBITDA
(131.5
)
(139.3
)
2.1
12.5
(27.5
)
107.9
100.0
99.3
94.2
85.6
Change in fair value of contingent
consideration
27.1
14.5
(6.1
)
13.5
50.4
—
—
—
—
—
Change in fair value of Preferred Share
Liability
52.3
100.5
21.4
35.0
—
—
—
—
—
—
Contingent and strategic recruitment
consideration recorded as compensation (included in SG&A)
13.7
1.9
4.3
0.6
1.5
—
—
—
—
—
Non-controlling interest reclassification
(included in Other)
—
(2.5
)
—
1.2
1.4
—
—
—
—
—
Accounting for redeemable units (included
in SG&A)
126.0
93.2
54.7
79.4
42.9
—
—
—
—
—
FX (gains)/losses
(3.1
)
2.1
(0.1
)
0.6
—
—
—
—
—
—
Severance
2.2
0.2
0.2
0.7
4.8
—
—
—
—
—
Amortization of loan guarantees
(0.6
)
(3.8
)
—
—
—
—
—
—
—
—
Transaction, integration, restructuring
and legal
22.1
36.1
22.7
21.1
12.2
—
—
—
—
—
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
(0.4
)
(2.9
)
—
(70.3
)
—
—
—
—
—
—
Total adjustments
239.4
239.3
97.2
81.7
113.1
—
—
—
—
—
Adjusted EBITDA
107.9
100.0
99.3
94.2
85.6
107.9
100.0
99.3
94.2
85.6
Less: Non-controlling interest
41.9
37.4
37.6
25.4
16.5
41.9
37.4
37.6
25.4
16.5
Adjusted EBITDA attributable to
shareholders
66.0
62.5
61.6
68.8
69.1
66.0
62.5
61.6
68.8
69.1
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240510770564/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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