Onex Reports Fiscal 2022 Results
24 Février 2023 - 1:00PM
Onex Corporation (TSX: ONEX) today announced its financial results
for the fourth quarter and year ended December 31, 2022.
“Onex made good progress in a very challenging
year for the capital markets,” said Gerry Schwartz, Chairman and
Chief Executive Officer of Onex. “We grew investing capital per
share while delivering solid risk-adjusted returns to investors. We
have more work ahead to deliver on our strategic goals, and the
proposal to appoint Bobby Le Blanc as CEO will accelerate these
plans. The team is forging ahead with energy and enthusiasm.”
Financial Results
|
|
|
Three Months Ended |
Year
Ended |
|
($ millions except per share amounts) |
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
Net earnings |
|
$ |
435 |
|
$ |
214 |
|
$ |
235 |
|
$ |
1,405 |
|
|
Net earnings per diluted share |
|
$ |
5.32 |
|
$ |
2.45 |
|
$ |
2.77 |
|
$ |
15.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing segment net earnings |
|
$ |
375 |
|
$ |
291 |
|
$ |
117 |
|
$ |
1,469 |
|
|
Asset management segment net earnings (loss) |
|
|
117 |
|
|
30 |
|
|
(28 |
) |
|
220 |
|
|
Total segment net earnings(1) |
|
$ |
492 |
|
$ |
321 |
|
$ |
89 |
|
$ |
1,689 |
|
|
Total segment net earnings per fully diluted share(2) |
|
$ |
5.94 |
|
$ |
3.55 |
|
$ |
1.03 |
|
$ |
18.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management fee-related earnings (loss)(3) |
|
$ |
(1 |
) |
$ |
(5 |
) |
$ |
(12 |
) |
$ |
8 |
|
|
Total fee-related earnings (loss)(4) |
|
$ |
(4 |
) |
$ |
(14 |
) |
$ |
(44 |
) |
$ |
(28 |
) |
|
Distributable earnings(5) |
|
$ |
67 |
|
$ |
126 |
|
$ |
308 |
|
$ |
708 |
|
______________________
|
(1) |
|
Refer to pages 27 and 28 of Onex’ 2022 Annual MD&A for further
details concerning the composition of segment net earnings. A
reconciliation of total segment net earnings to net earnings is
provided in the supplementary financial schedules in this press
release. |
| (2) |
|
Refer to the glossary in Onex’ 2022 Annual MD&A for details
concerning the composition of fully diluted shares. |
| (3) |
|
Asset management fee-related earnings (loss) excludes Onex’ public
company expenses and other expenses associated with managing Onex’
investing capital and is a component of total fee-related earnings
(loss). |
| (4) |
|
Total fee-related earnings (loss) is a non-GAAP financial measure
that does not have a standardized meaning prescribed under
International Financial Reporting Standards (“IFRS”). Therefore, it
may not be comparable to similar financial measures disclosed by
other companies. The most directly comparable financial measure
under IFRS to fee-related earnings (loss) is Onex’ net earnings.
Refer to the 2022 Results & Activity section of Onex’ 2022
Annual MD&A and the supplementary financial schedules in this
press release for further details concerning fee-related earnings
(loss). |
| (5) |
|
Distributable earnings is a non-GAAP financial measure that does
not have a standardized meaning prescribed under IFRS. Therefore,
it may not be comparable to similar financial measures disclosed by
other companies. The most directly comparable financial measure
under IFRS to distributable earnings is Onex’ net earnings. Refer
to the 2022 Results & Activity section of Onex’ 2022 Annual
MD&A and the supplementary financial schedules in this press
release for further details concerning distributable earnings. |
| |
|
|
Highlights
- Onex’ investing
capital per fully diluted share(6) increased 8% and 7% for the
three months and year ended December 31, 2022, respectively. As of
December 31, 2022, Onex had approximately $7.9 billion of
investing capital, or $96.95 (C$131.31) per fully diluted share.
Investing capital per fully diluted share benefited from share
buybacks during the quarter. In Canadian dollars, investing capital
per fully diluted share increased 6% and 14% over the same periods,
reflecting the appreciation of the U.S. Dollar for the year.
- Onex continues
to produce attractive risk-adjusted returns for investors. The
value of its private equity investments increased 7%(7) in the
quarter (2021: 5%) and 3% for the full year (2021: 32%), comparing
favorably to public market benchmarks such as the S&P 500 and
MSCI World Mid Cap indices, which each declined by approximately
18% during 2022.
- Carried interest
increased by $121 million during the quarter, driving an increase
in unrealized carried interest to $281 million at December 31,
2022.
- Onex raised
approximately $2.6 billion in fee-generating capital across its
Credit and Private Equity platforms in 2022, including
approximately $1.7 billion through its CLO platform. Falcon Fund
VII has reached aggregate commitments of over $500 million. ONCAP V
achieved a preliminary close in December 2022. In January 2023,
Onex priced its twenty-sixth U.S. CLO, raising approximately $400
million.
- Onex received
$68 million in private equity distributions in the fourth quarter
and deployed $137 million.
- As of December
31, 2022, Onex had third-party fee-generating assets under
management (“FG AUM”)(8) of $34.1 billion, increases of 4% and
3% from September 30, 2022 and over the last twelve months,
respectively. Run-rate management fees(8) from this capital are
$258 million.
- Onex had
approximately $1.1 billion of cash and near-cash(9) as of December
31, 2022 (December 31, 2021 – $1.6 billion).
- Onex repurchased
2,379,226 Subordinate Voting Shares (SVS) in the fourth quarter for
$121 million (C$164 million) or an average cost per share of $50.80
(C$68.76), bringing the total number of SVS repurchased in 2022 to
6,039,668.
______________________
|
(6) |
|
Refer to the glossary in Onex’ 2022 Annual MD&A for details
concerning the composition of investing capital per share. The
percentage changes in investing capital per share exclude the
impact of capital deployed in Onex’ asset management segment, where
applicable, and dividends paid by Onex. |
| (7) |
|
The gross return on Onex’ private equity investments is a non-GAAP
ratio calculated using methodologies that are not in accordance
with IFRS. The presentation of this ratio does not have a
standardized meaning prescribed under IFRS and therefore may not be
comparable to similar financial measures presented by other
companies. The net gains (losses) used to calculate the gross
return of Onex’ private equity investments are gross of management
incentive programs. Refer to page 11 of Onex’ 2022 Annual MD&A
for further details concerning the gross performance of Onex’
private equity investments. |
| (8) |
|
Refer to the glossary in Onex’ 2022 Annual MD&A for details
concerning the composition of FG AUM and run-rate management
fees. |
| (9) |
|
Cash and near-cash is a non-GAAP financial measure calculated using
methodologies that are not in accordance with IFRS. The
presentation of these measures does not have standardized meaning
prescribed under IFRS and therefore might not be comparable to
similar financial measures presented by other companies. The most
directly comparable financial measure under IFRS to cash and
near-cash is Onex’ consolidated cash and cash equivalents balance,
which was $111 million at December 31, 2022 (December 31, 2021 -
$547 million). Refer to the 2022 Cash and Near-Cash section of
Onex’ 2022 Annual MD&A and the supplementary financial
schedules in this press release for further details concerning
Onex’ cash and near-cash. |
| |
|
|
Webcast
Onex management will host a webcast to review
Onex’ fourth quarter and fiscal 2022 results on Friday, February
24, 2023 at 11:00 a.m. ET. The webcast will be available in
listen-only mode from the Presentations and Events section of Onex’
website, https://www.onex.com/events-and-presentations. A 90-day
on-line replay will be available shortly following the completion
of the event.
Additional Information
Enclosed are supplementary financial schedules
related to Onex’ consolidated net earnings, investing capital,
fee-related earnings, distributable earnings, and cash and
near-cash changes for the three and 12 months ended December 31,
2022. The financial statements prepared in accordance with
International Financial Reporting Standards (IFRS), including
Management’s Discussion and Analysis of the results, are posted on
Onex’ website, www.onex.com, and are also available on SEDAR at
www.sedar.com. A supplemental information package with additional
information is available on Onex’ website, www.onex.com.
About OnexOnex is an investor
and asset manager that invests capital on behalf of Onex
shareholders and clients across the globe. Formed in 1984, we have
a long track record of creating value for our clients and
shareholders. Onex’ two primary businesses are Private Equity and
Credit. In Private Equity, we raise funds from third-party
investors, or limited partners, and invest them, along with Onex’
own investing capital, through the funds of our private equity
platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise
and invest capital across several private credit, public credit and
public equity strategies. Our investors include a broad range of
global clients, including public and private pension plans,
sovereign wealth funds, insurance companies and family offices. In
addition, through our private wealth platform, we service high net
worth clients in Canada. In total, Onex has $50.8 billion in
assets under management, of which $7.9 billion is Onex’ own
investing capital. With offices in Toronto, New York, New Jersey,
Boston and London, Onex and its experienced management teams are
collectively the largest investors across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange
under the symbol ONEX. For more information on Onex, visit its
website at www.onex.com. Onex’ security filings can also be
accessed at www.sedar.com.
Forward-Looking Statements
This press release may contain, without
limitation, statements concerning possible or assumed future
operations, performance or results preceded by, followed by or that
include words such as “believes”, “expects”, “potential”,
“anticipates”, “estimates”, “intends”, “plans” and words of similar
connotation, which would constitute forward-looking statements.
Forward-looking statements are not guarantees. The reader should
not place undue reliance on forward-looking statements and
information because they involve significant and diverse risks and
uncertainties that may cause actual operations, performance or
results to be materially different from those indicated in these
forward-looking statements. Except as may be required by Canadian
securities law, Onex is under no obligation to update any
forward-looking statements contained herein should material facts
change due to new information, future events or other factors.
These cautionary statements expressly qualify all forward-looking
statements in this press release.
Non-GAAP Financial Measures
This press release contains non-GAAP financial
measures and ratios which have been calculated using methodologies
that are not in accordance with IFRS. The presentation of financial
measures in this manner does not have a standardized meaning
prescribed under IFRS and is therefore unlikely to be comparable to
similar financial measures presented by other companies. Onex
management believes these financial measures and ratios provide
helpful information to investors. Reconciliations of the non-GAAP
financial measures to information contained in the consolidated
financial statements have been presented where practical.
|
For
Further
Information: |
|
|
Jill Homenuk Managing Director – Shareholder Relations and
CommunicationsTel: +1 416.362.7711 |
Zev KormanVice President, Shareholder Relations and
CommunicationsTel: +1 416.362.7711 |
|
Supplementary Financial Schedules |
|
|
|
Summarized Consolidated Net Earnings |
|
|
|
|
Three months ended December 31 |
|
|
2022(i) |
|
2021(i) |
|
|
($ millions except per share amounts) |
|
Investing |
|
Asset Management |
|
|
Total |
|
Total |
|
|
Segment income |
$ |
375 |
$ |
191 |
|
$ |
566 |
|
$ |
408 |
|
|
Segment expenses |
|
- |
|
(74 |
) |
|
(74 |
) |
|
(87 |
) |
|
Segment net earnings |
$ |
375 |
$ |
117 |
|
$ |
492 |
|
$ |
321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
(18 |
) |
|
(78 |
) |
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
|
(24 |
) |
|
(11 |
) |
|
Unrealized carried interest included in segment net earnings –
Credit |
|
(1 |
) |
|
(18 |
) |
|
Unrealized performance fees previously recognized in segment net
earnings |
|
- |
|
|
9 |
|
|
Integration expense |
|
(1 |
) |
|
- |
|
|
Contingent consideration |
|
(14 |
) |
|
(10 |
) |
| Earnings before
income taxes |
|
434 |
|
|
213 |
|
|
Recovery of income taxes |
|
1 |
|
|
1 |
|
|
Net earnings |
|
|
|
|
|
$ |
435 |
|
$ |
214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment net earnings per share(ii) |
$ |
4.54 |
$ |
1.40 |
|
$ |
5.94 |
|
$ |
3.55 |
|
|
Net earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
$ |
5.33 |
|
$ |
2.45 |
|
|
Diluted |
|
|
|
|
|
$ |
5.32 |
|
$ |
2.45 |
|
|
(i) |
|
Refer to pages 26 and 27 of Onex’ 2022 Annual MD&A for further
details concerning the composition of segmented results. |
|
(ii) |
|
Calculated on a fully diluted basis. |
|
|
|
Year ended December 31 |
|
|
|
2022(i) |
2021(i) |
|
| ($
millions except per share amounts) |
|
Investing |
|
Asset Management |
|
|
Total |
|
Total |
|
|
Segment income |
$ |
117 |
$ |
290 |
|
$ |
407 |
|
$ |
2,010 |
|
|
Segment expenses |
|
- |
|
(318 |
) |
|
(318 |
) |
|
(321 |
) |
|
Segment net earnings (loss) |
$ |
117 |
$ |
(28 |
) |
$ |
89 |
|
$ |
1,689 |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation recovery (expense) |
|
|
|
222 |
|
|
(205 |
) |
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
|
(54 |
) |
|
(47 |
) |
|
Unrealized carried interest included in segment net earnings (loss)
– Credit |
|
(2 |
) |
|
(18 |
) |
|
Integration expense |
|
|
|
(6 |
) |
|
(5 |
) |
|
Contingent consideration |
|
(14 |
) |
|
(10 |
) |
|
Other net expenses |
|
(1 |
) |
|
– |
|
|
Earnings before income taxes |
|
234 |
|
|
1,404 |
|
|
Recovery of income taxes |
|
1 |
|
|
1 |
|
|
Net earnings |
|
|
|
|
$ |
235 |
|
$ |
1,405 |
|
|
|
|
|
|
|
|
|
|
|
Segment net earnings (loss) per share(ii) |
$ |
1.37 |
$ |
(0.34 |
) |
$ |
1.03 |
|
$ |
18.42 |
|
|
Net earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
$ |
2.77 |
|
$ |
15.79 |
|
|
Diluted |
|
|
|
|
$ |
2.77 |
|
$ |
15.76 |
|
|
(i) |
|
Refer to pages 26 and 28 of Onex’ 2022 Annual MD&A for further
details concerning the composition of segmented results. |
|
(ii) |
|
Calculated on a fully diluted basis. |
|
Investing Capital(i) |
|
|
|
|
|
|
|
|
|
($ millions except per share amounts) |
December 31, 2022 |
|
December 31, 2021 |
|
|
Private Equity |
|
|
|
|
|
|
|
Onex Partners Funds |
$ |
4,228 |
|
$ |
4,256 |
|
|
ONCAP Funds |
|
718 |
|
|
534 |
|
|
Other Private Equity |
|
853 |
|
|
692 |
|
|
Carried Interest |
|
265 |
|
|
269 |
|
|
|
|
6,064 |
|
|
5,751 |
|
|
Private Credit |
|
|
|
|
|
|
|
Investments |
|
701 |
|
|
805 |
|
|
Carried Interest |
|
16 |
|
|
18 |
|
|
|
|
717 |
|
|
823 |
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
34 |
|
|
52 |
|
|
Cash and Near-Cash |
|
1,053 |
|
|
1,623 |
|
|
Other Net Liabilities |
|
(5 |
) |
|
(37 |
) |
|
Investing Capital |
$ |
7,863 |
|
$ |
8,212 |
|
|
Investing Capital per share (U.S.
dollars)(ii) |
$ |
96.95 |
|
$ |
90.75 |
|
|
Investing Capital per share (Canadian
dollars)(ii) |
$ |
131.31 |
|
$ |
115.05 |
|
|
(i) |
|
Refer to the glossary in Onex’ 2022 Annual MD&A for further
details concerning the composition of investing capital. |
|
(ii) |
|
Calculated on a fully diluted basis using the treasury stock
method. Fully diluted shares for investing capital per share were
81.1 million at December 31, 2022. |
|
Fee-Related Earnings (Loss) and Distributable
Earnings |
|
|
|
($ millions) |
Three Months EndedDecember 31,
2022 |
|
Three Months EndedDecember 31,
2021 |
|
|
Private EquityManagement and advisory fees |
$ |
30 |
|
$ |
30 |
|
|
Total fee-related revenues from Private Equity |
|
30 |
|
|
30 |
|
|
Compensation expense |
|
(19 |
) |
|
(22 |
) |
|
Support and other net expenses |
|
(10 |
) |
|
(16 |
) |
|
Net contribution |
$ |
1 |
|
$ |
(8 |
) |
|
|
|
|
|
|
|
|
|
Credit |
|
|
|
|
|
|
|
Management and advisory fees |
$ |
37 |
|
$ |
38 |
|
|
Performance fees |
|
1 |
|
$ |
4 |
|
|
Other income |
|
2 |
|
|
1 |
|
|
Total fee-related revenues from Credit |
$ |
40 |
|
$ |
43 |
|
|
Compensation expense |
|
(23 |
) |
|
(19 |
) |
|
Support and other net expenses |
|
(19 |
) |
|
(21 |
) |
|
Net contribution |
$ |
(2 |
) |
$ |
3 |
|
|
|
|
|
|
|
|
|
|
Asset management fee-related earnings (loss) |
$ |
(1 |
) |
$ |
(5 |
) |
|
|
|
|
|
|
|
|
|
Public Company and Onex Capital Investing |
|
|
|
|
|
|
|
Compensation expense |
$ |
2 |
|
$ |
(4 |
) |
|
Other net expenses |
|
(5 |
) |
|
(5 |
) |
|
Total expenses |
$ |
(3 |
) |
$ |
(9 |
) |
|
|
|
|
|
|
|
|
|
Total fee-related earnings (loss) |
$ |
(4 |
) |
$ |
(14 |
) |
|
|
|
|
|
|
|
|
|
Realized carried interest |
$ |
8 |
|
$ |
28 |
|
|
Realized net gain on investments |
|
63 |
|
|
112 |
|
|
Distributable earnings |
$ |
67 |
|
$ |
126 |
|
|
($ millions) |
Year EndedDecember 31, 2022 |
|
Year EndedDecember 31, 2021 |
|
|
Private EquityManagement and advisory fees |
$ |
118 |
|
$ |
125 |
|
|
Total fee-related revenues from Private Equity |
|
118 |
|
|
125 |
|
|
Compensation expense |
|
(85 |
) |
|
(78 |
) |
|
Support and other net expenses |
|
(41 |
) |
|
(52 |
) |
|
Net contribution |
$ |
(8 |
) |
$ |
(5 |
) |
|
|
|
|
|
|
|
|
|
Credit |
|
|
|
|
|
|
|
Management and advisory fees |
$ |
152 |
|
$ |
152 |
|
|
Performance fees |
|
1 |
|
|
13 |
|
|
Other income |
|
3 |
|
|
3 |
|
|
Total fee-related revenues from Credit |
$ |
156 |
|
$ |
168 |
|
|
Compensation expense |
|
(88 |
) |
|
(82 |
) |
|
Support and other net expenses |
|
(72 |
) |
|
(73 |
) |
|
Net contribution |
$ |
(4 |
) |
$ |
13 |
|
|
|
|
|
|
|
|
|
|
Asset management fee-related earnings (loss) |
$ |
(12 |
) |
$ |
8 |
|
|
|
|
|
|
|
|
|
|
Public Company and Onex Capital Investing |
|
|
|
|
|
|
|
Compensation expense |
$ |
(12 |
) |
$ |
(17 |
) |
|
Other net expenses |
|
(20 |
) |
|
(19 |
) |
|
Total expenses |
$ |
(32 |
) |
$ |
(36 |
) |
|
|
|
|
|
|
|
|
|
Total fee-related earnings (loss) |
$ |
(44 |
) |
$ |
(28 |
) |
|
|
|
|
|
|
|
|
|
Realized carried interest |
$ |
22 |
|
$ |
48 |
|
|
Realized net gain on investments |
|
330 |
|
|
688 |
|
|
Distributable earnings |
$ |
308 |
|
$ |
708 |
|
| |
|
|
|
|
|
|
Fee-related earnings (loss) and distributable
earnings are non-GAAP financial measures. The tables below provide
reconciliations of Onex’ net earnings to fee-related earnings
(loss) and distributable earnings during the three months and year
ended December 31, 2022 and 2021.
|
($ millions) |
Three Months EndedDecember 31,
2022 |
|
Three Months EndedDecember 31,
2021 |
|
|
Net earnings |
$ |
435 |
|
$ |
214 |
|
|
Recovery of income taxes |
|
(1 |
) |
|
(1 |
) |
|
Earnings before income taxes |
$ |
434 |
|
$ |
213 |
|
|
Stock-based compensation expense |
|
18 |
|
|
78 |
|
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
|
24 |
|
|
11 |
|
|
Unrealized carried interest – Credit |
|
1 |
|
|
18 |
|
| Unrealized performance fee
previously recognized in segment net earnings |
|
– |
|
|
(9 |
) |
|
Integration expense |
|
1 |
|
|
– |
|
|
Contingent consideration |
|
14 |
|
|
10 |
|
|
Total segment net earnings |
|
492 |
|
|
321 |
|
|
Net unrealized increase in carried interest |
|
(113 |
) |
|
(16 |
) |
|
Net unrealized gain on corporate investments |
|
(312 |
) |
|
(179 |
) |
|
Distributable earnings |
|
67 |
|
|
126 |
|
|
Less: Realized carried interest |
|
(8 |
) |
|
(28 |
) |
|
Less: Net realized gain on corporate investments |
|
(63 |
) |
|
(112 |
) |
|
Total fee-related earnings (loss) |
$ |
(4 |
) |
$ |
(14 |
) |
|
|
|
|
|
|
|
|
|
($ millions) |
Year EndedDecember 31, 2022 |
|
Year EndedDecember 31, 2021 |
|
|
Net earnings |
$ |
235 |
|
$ |
1,405 |
|
|
Recovery of income taxes |
|
(1 |
) |
|
(1 |
) |
|
Earnings before income taxes |
$ |
234 |
|
$ |
1,404 |
|
|
Stock-based compensation expense (recovery) |
|
(222 |
) |
|
205 |
|
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
|
54 |
|
|
47 |
|
|
Unrealized carried interest – Credit |
|
2 |
|
|
18 |
|
|
Integration expense |
|
6 |
|
|
5 |
|
|
Contingent consideration |
|
14 |
|
|
10 |
|
|
Other net expenses |
|
1 |
|
|
– |
|
|
Total segment net earnings |
|
89 |
|
|
1,689 |
|
|
Net unrealized decrease (increase) in carried interest |
|
6 |
|
|
(200 |
) |
|
Net unrealized loss (gain) on corporate investments |
|
213 |
|
|
(781 |
) |
|
Distributable earnings |
|
308 |
|
|
708 |
|
|
Less: Realized carried interest |
|
(22 |
) |
|
(48 |
) |
|
Less: Net realized gain on corporate investments |
|
(330 |
) |
|
(688 |
) |
|
Total fee-related earnings (loss) |
$ |
(44 |
) |
$ |
(28 |
) |
| |
|
|
|
|
|
|
Cash and Near-Cash
The table below provides a breakdown of cash and
near-cash at Onex as at December 31, 2022 and December 31,
2021.
|
($ millions) |
December 31, 2022 |
December 31, 2021 |
|
Cash and cash equivalents – Investing segment(i) |
$ |
– |
$ |
357 |
|
Cash and cash equivalents within Investment Holding
Companies(ii) |
|
253 |
|
228 |
|
Treasury investments |
|
– |
|
290 |
|
Treasury investments within Investment Holding Companies |
|
271 |
|
310 |
|
Management fees and recoverable fund expenses receivable(iii) |
|
460 |
|
308 |
|
Subscription financing receivable(iv) |
|
69 |
|
130 |
|
Cash and near-cash |
$ |
1,053 |
$ |
1,623 |
|
(i) |
|
Excludes cash and cash equivalents allocated to the asset
management segment related to accrued incentive compensation ($122
million (December 31, 2021 – $147 million)) and contingent
consideration related to the acquisition of Onex Falcon ($57
million (December 31, 2021 – $43 million)). |
| (ii) |
|
Includes restricted cash and cash equivalents of $2 million
(December 31, 2021 – $21 million) for which the Company can readily
remove the external restriction. Excludes cash and cash equivalents
reserved for payments under the management incentive programs and
Onex’ share of fund expenses payable by the Investment Holding
Companies of $27 million. |
| (iii) |
|
Includes management fees and recoverable fund expenses receivable
from certain Funds which Onex has elected to defer cash receipt
from, less amounts allocated to the asset management segment
related to accrued incentive compensation and contingent
consideration related to the acquisition of Falcon Investment
Advisors. |
| (iv) |
|
Subscription financing receivable attributable to third-party
investors in certain Credit Funds. |
| |
|
|
The table below provides a reconciliation of the
change in cash and near-cash from December 31, 2021 to December 31,
2022.
|
($ millions) |
|
|
|
Cash and near-cash at December 31, 2021 |
$ |
1,623 |
|
|
Private equity realizations |
|
393 |
|
|
Private equity investments |
|
(520 |
) |
|
Net private credit strategies investment activity |
|
64 |
|
|
Onex share repurchases, options exercised, DSUs exercised and
dividends |
|
(404 |
) |
|
Net other, including capital expenditures, operating costs and
changes in working capital |
|
(103 |
) |
|
Cash and near-cash at December 31, 2022 |
$ |
1,053 |
|
Onex (TSX:ONEX)
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De Déc 2024 à Jan 2025
Onex (TSX:ONEX)
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De Jan 2024 à Jan 2025
