Onex Corporation (TSX: ONEX) today announced its financial results
for the third quarter and nine months ended September 30, 2023.
“Onex performed well in the third quarter as we
progressed value creation plans across our portfolios and
benefitted from recent cost reductions,” said Bobby Le Blanc, Chief
Executive Officer. “As outlined at our recent investor day, we are
executing our plan to drive shareholder value. While the market
environment remains challenging, we are focusing on the many
controllable levers across the business to drive sustainable
improvement and growth.”
Financial Results
|
(unaudited)($ millions except per share amounts) |
Three Months Ended Sept. 30 |
Nine Months Ended Sept. 30 |
|
|
2023 |
2022 |
|
2023 |
|
2022 |
|
|
Net earnings (loss) |
$ |
256 |
$ |
(180 |
) |
$ |
156 |
|
$ |
(200 |
) |
|
Net earnings (loss) per diluted share |
$ |
3.23 |
$ |
(2.12 |
) |
$ |
1.94 |
|
$ |
(2.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
Investing segment net earnings (loss) |
$ |
245 |
$ |
(114 |
) |
$ |
489 |
|
$ |
(258 |
) |
|
Asset management segment net earnings (loss) |
|
38 |
|
(65 |
) |
|
(44 |
) |
|
(145 |
) |
|
Total segment net earnings (loss)(1) |
$ |
283 |
$ |
(179 |
) |
$ |
445 |
|
$ |
(403 |
) |
|
Total segment net earnings (loss) per fully diluted share(2) |
$ |
3.58 |
$ |
(2.08 |
) |
$ |
5.51 |
|
$ |
(4.62 |
) |
|
|
|
|
|
|
|
|
|
|
|
Asset management fee-related earnings (loss)(3) |
$ |
13 |
$ |
(6 |
) |
$ |
9 |
|
$ |
(11 |
) |
|
Total fee-related earnings (loss)(4) |
$ |
8 |
$ |
(15 |
) |
$ |
(12 |
) |
$ |
(40 |
) |
|
Distributable earnings(5) |
$ |
223 |
$ |
193 |
|
$ |
658 |
|
$ |
241 |
|
Q3 Highlights
- Onex’ investing capital per fully
diluted share(6) increased 15% during the 12 months ended September
30, 2023 and 4% from the previous quarter ended June 30, 2023. Onex
had approximately $8.1 billion of investing capital, or
$103.19 (C$139.51) per fully diluted share at September 30, 2023.
In Canadian dollars, investing capital per fully diluted share
increased 13% over the last 12 months and 7% from the previous
quarter ended June 30, 2023.
- The value of Onex’ private equity
investments increased 4% in the third quarter of 2023(7) (Q3 2022:
2% decrease). Investments in Credit strategies generated a net gain
of $44 million or a return of 6% in the third quarter of 2023(8)
(Q3 2022: $10 million or a return of 1%).
- In October, Onex Partners V agreed
to acquire Accredited, a specialty insurance company operating in
North America and Europe that provides underwriting capacity to
Managing General Agents (“MGAs”) with support from the global
reinsurance market. The transaction is expected to close in the
first half of 2024, subject to regulatory approvals and other
customary closing conditions, including approval by the seller’s
shareholders.
- In November, Onex Partners IV
agreed to sell its interest in ASM Global for net proceeds to Onex
of approximately $270 million. The transaction is expected to close
in the first quarter of 2024 and is subject to regulatory approvals
and customary closing conditions.
- Onex repurchased 2,090,909
Subordinate Voting Shares (SVS) in the third quarter and an
additional 527,463 SVS in October 2023 for a total of $154 million
(C$208 million) or an average cost per share of $58.95
(C$79.53).
- Onex closed its twenty-eighth U.S.
CLO and seventh Euro CLO adding fee-generating assets of
approximately $440 million and $340 million, respectively.
- As of September
30, 2023, Onex had $34.2 billion of fee-generating assets under
management and run-rate management fees(9) were $235 million.
- Unrealized
carried interest increased $29 million from the prior quarter to
$240 million at September 30, 2023.
- Onex’ cash and
near-cash(10) balance was $1.5 billion or 19% of Onex’ investing
capital as of September 30, 2023 (December 31, 2022 – $1.1
billion or 13% of Onex’ investing capital).
WebcastOnex management will
host a webcast to review Onex’ third quarter 2023 results on
Friday, November 10, 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 (loss), investing
capital, fee-related earnings (loss), distributable earnings, and
cash and near-cash changes for the three and nine months ended
September 30, 2023. 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 Onex
Onex 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 total, Onex has $49.7 billion
in assets under management, of which $8.1 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.sedarplus.ca.
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
|
|
|
Three months ended September 30 |
|
|
|
2023(i) |
2022(i) |
|
(Unaudited)($ millions except per share amounts) |
|
Investing |
|
Asset Management |
|
Total |
Total |
|
Segment income (loss) |
$ |
245 |
$ |
97 |
|
$ |
342 |
|
$ |
(96 |
) |
|
Segment expenses |
|
- |
|
(59 |
) |
|
(59 |
) |
|
(83 |
) |
|
Segment net earnings (loss) |
$ |
245 |
$ |
38 |
|
$ |
283 |
|
$ |
(179 |
) |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation recovery (expense) |
|
|
|
|
|
(14 |
) |
|
11 |
|
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
(5 |
) |
|
(9 |
) |
|
Net impairment reversal of property and equipment |
|
|
|
7 |
|
|
– |
|
|
Restructuring expenses |
|
|
|
(5 |
) |
|
– |
|
|
Unrealized carried interest included in segment net earnings (loss)
– Credit |
|
(5 |
) |
|
1 |
|
|
Integration expenses |
|
(3 |
) |
|
(1 |
) |
|
Other expenses |
|
(2 |
) |
|
(3 |
) |
|
Net earnings (loss) |
|
|
|
|
$ |
256 |
|
$ |
(180 |
) |
|
|
|
|
|
|
|
|
|
|
Segment net earnings (loss) per fully diluted share |
$ |
3.10 |
$ |
0.48 |
|
$ |
3.58 |
|
$ |
(2.08 |
) |
|
Net earnings (loss) per share |
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
$ |
3.24 |
|
$ |
(2.12 |
) |
|
Diluted |
|
|
|
|
$ |
3.23 |
|
$ |
(2.12 |
) |
(i) Refer to
pages 19 and 20 of Onex’ Q3 2023 Interim MD&A for further
details concerning the composition of segmented results.
|
|
|
Nine months ended September 30 |
|
|
|
2023(i) |
2022(i) |
|
(Unaudited)($ millions except per share amounts) |
Investing |
|
Asset Management |
|
Total |
Total |
|
Segment income (loss) |
$ |
489 |
$ |
174 |
|
$ |
663 |
|
$ |
(159 |
) |
|
Segment expenses |
|
- |
|
(218 |
) |
|
(218 |
) |
|
(244 |
) |
|
Segment net earnings (loss) |
$ |
489 |
$ |
(44 |
) |
$ |
445 |
|
$ |
(403 |
) |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation recovery (expense) |
|
(42 |
) |
|
240 |
|
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
(20 |
) |
|
(30 |
) |
|
Net impairment of goodwill, intangible assets and property and
equipment |
|
(164 |
) |
|
– |
|
|
Restructuring expenses |
|
|
|
(40 |
) |
|
– |
|
|
Unrealized carried interest included in segment net earnings (loss)
– Credit |
|
(11 |
) |
|
(1 |
) |
|
Unrealized performance fees included in segment net earnings
(loss) |
|
(5 |
) |
|
– |
|
|
Integration expenses |
|
(3 |
) |
|
(5 |
) |
|
Other expenses |
|
(1 |
) |
|
(1 |
) |
| Earnings (loss)
before income taxes |
|
159 |
|
|
(200 |
) |
| Provision
for income taxes |
|
(3 |
) |
|
– |
|
|
Net earnings (loss) |
|
|
|
|
$ |
156 |
|
$ |
(200 |
) |
|
|
|
|
|
|
|
|
|
|
Segment net earnings (loss) per fully diluted share |
$ |
6.06 |
$ |
(0.55 |
) |
$ |
5.51 |
|
$ |
(4.62 |
) |
|
Net earnings (loss) per share |
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
$ |
1.94 |
|
$ |
(2.33 |
) |
|
Diluted |
|
|
|
|
$ |
1.94 |
|
$ |
(2.33 |
) |
(i) Refer to pages 19 and 21 of Onex’ Q3 2023
Interim MD&A for further details concerning the composition of
segmented results.
Investing
Capital(i)
|
(Unaudited)($ millions except per share amounts) |
September 30, 2023 |
December 31, 2022 |
|
Private EquityOnex Partners FundsONCAP FundsOther Private
EquityCarried Interest |
$ |
4,208926422217 |
|
$ |
4,228718853265 |
|
|
|
|
5,773 |
|
|
6,064 |
|
|
Private Credit |
|
|
|
|
|
Investments |
|
754 |
|
|
701 |
|
|
Carried Interest |
|
23 |
|
|
16 |
|
|
|
|
777 |
|
|
717 |
|
|
|
|
|
|
|
|
Real Estate |
|
30 |
|
|
34 |
|
|
Cash and Near-Cash |
|
1,517 |
|
|
1,053 |
|
|
Other Net Liabilities |
|
(23 |
) |
|
(5 |
) |
|
Investing Capital |
$ |
8,074 |
|
$ |
7,863 |
|
|
Investing Capital per fully diluted share (U.S.
dollars)(ii) |
$ |
103.19 |
|
$ |
96.95 |
|
|
Investing Capital per fully diluted share (Canadian
dollars)(ii) |
$ |
139.51 |
|
$ |
131.31 |
|
(i) Refer to the glossary in Onex’ Q3 2023
Interim MD&A for further details concerning the composition of
investing capital.
(ii) Fully diluted shares for investing capital
per share were 78.2 million at September 30, 2023.
Fee-Related Earnings and Distributable
Earnings
|
(Unaudited)($ millions) |
Three Months EndedSeptember 30,
2023 |
Three Months EndedSeptember 30,
2022 |
|
Private Equity |
|
|
|
|
|
|
|
Management and advisory fees |
$ |
31 |
|
$ |
29 |
|
|
Total fee-related revenues from Private Equity |
|
31 |
|
|
29 |
|
|
Compensation expense |
|
(18 |
) |
|
(26 |
) |
|
Support and other net expenses |
|
(7 |
) |
|
(11 |
) |
|
Net contribution |
$ |
6 |
|
$ |
(8 |
) |
|
|
|
|
|
|
|
Credit |
|
|
|
|
|
|
|
Management and advisory fees |
$ |
34 |
|
$ |
38 |
|
|
Performance fees |
|
1 |
|
|
– |
|
|
Other income |
|
1 |
|
|
1 |
|
|
Total fee-related revenues from Credit |
$ |
36 |
|
$ |
39 |
|
|
Compensation expense |
|
(16 |
) |
|
(19 |
) |
|
Support and other net expenses |
|
(13 |
) |
|
(18 |
) |
|
Net contribution |
$ |
7 |
|
$ |
2 |
|
|
|
|
|
|
|
|
Asset management fee-related earnings (loss) |
$ |
13 |
|
$ |
(6 |
) |
|
|
|
|
|
|
|
Public Company and Onex Capital Investing |
|
|
|
|
|
Compensation expense |
$ |
(3 |
) |
$ |
(4 |
) |
|
Other net expenses |
|
(2 |
) |
|
(5 |
) |
|
Total expenses |
$ |
(5 |
) |
$ |
(9 |
) |
|
|
|
|
|
|
|
Total fee-related earnings (loss) |
$ |
8 |
|
$ |
(15 |
) |
|
|
|
|
|
|
|
Realized carried interest |
$ |
1 |
|
$ |
13 |
|
|
Realized net gain on investments |
|
214 |
|
|
195 |
|
|
Distributable earnings |
$ |
223 |
|
$ |
193 |
|
|
(Unaudited)($ millions) |
Nine Months EndedSeptember 30,
2023 |
Nine Months EndedSeptember 30,
2022 |
|
Private Equity |
|
|
|
|
|
|
|
Management and advisory fees |
$ |
86 |
|
$ |
88 |
|
|
Total fee-related revenues from Private Equity |
|
86 |
|
|
88 |
|
|
Compensation expense |
|
(61 |
) |
|
(66 |
) |
|
Support and other net expenses |
|
(29 |
) |
|
(31 |
) |
|
Net contribution |
$ |
(4 |
) |
$ |
(9 |
) |
|
|
|
|
|
|
|
Credit |
|
|
|
|
|
|
|
Management and advisory fees |
$ |
109 |
|
$ |
115 |
|
|
Performance fees |
|
9 |
|
|
– |
|
|
Other income |
|
2 |
|
|
1 |
|
|
Total fee-related revenues from Credit |
$ |
120 |
|
$ |
116 |
|
|
Compensation expense |
|
(56 |
) |
|
(65 |
) |
|
Support and other net expenses |
|
(51 |
) |
|
(53 |
) |
|
Net contribution |
$ |
13 |
|
$ |
(2 |
) |
|
|
|
|
|
|
|
Asset management fee-related earnings (loss) |
$ |
9 |
|
$ |
(11 |
) |
|
|
|
|
|
|
|
Public Company and Onex Capital Investing |
|
|
|
|
|
Compensation expense |
$ |
(10 |
) |
$ |
(14 |
) |
|
Other net expenses |
|
(11 |
) |
|
(15 |
) |
|
Total expenses |
$ |
(21 |
) |
$ |
(29 |
) |
|
|
|
|
|
|
|
Total fee-related earnings (loss) |
$ |
(12 |
) |
$ |
(40 |
) |
|
|
|
|
|
|
|
Realized carried interest |
$ |
9 |
|
$ |
14 |
|
|
Realized net gain on investments |
|
661 |
|
|
267 |
|
|
Distributable earnings |
$ |
658 |
|
$ |
241 |
|
Fee-related earnings (loss) and distributable
earnings are non-GAAP financial measures. The tables below provide
reconciliations of Onex’ net earnings (loss) to fee-related
earnings (loss) and distributable earnings during the three months
and nine months ended September 30, 2023 and 2022.
|
(Unaudited)($ millions) |
Three Months EndedSeptember 30,
2023 |
Three Months EndedSeptember 30,
2022 |
|
Net earnings (loss) |
$ |
256 |
|
$ |
(180 |
) |
|
Stock-based compensation expense (recovery) |
|
14 |
|
|
(11 |
) |
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
5 |
|
|
9 |
|
|
Net impairment reversal of property and equipment |
|
(7 |
) |
|
– |
|
|
Restructuring expenses |
|
5 |
|
|
– |
|
| Unrealized carried
interest included in segment net earnings (loss) – Credit |
5 |
|
|
(1 |
) |
|
Integration expenses |
|
3 |
|
|
1 |
|
|
Other expenses |
|
2 |
|
|
3 |
|
|
Total segment net earnings (loss) |
|
283 |
|
|
(179 |
) |
|
Net unrealized decrease (increase) in carried interest |
|
(29 |
) |
|
63 |
|
|
Net unrealized loss (gain) on corporate investments |
|
(25 |
) |
|
310 |
|
|
Interest and net treasury investment income |
|
(6 |
) |
|
(1 |
) |
|
Distributable earnings |
|
223 |
|
|
193 |
|
|
Less: Realized carried interest |
|
(1 |
) |
|
(13 |
) |
|
Less: Net realized gain on corporate investments |
|
(214 |
) |
|
(195 |
) |
|
Total fee-related earnings (loss) |
$ |
8 |
|
$ |
(15 |
) |
|
|
|
|
|
|
(Unaudited)($ millions) |
Nine Months EndedSeptember 30,
2023 |
Nine Months EndedSeptember 30,
2022 |
|
Net Earnings (loss) |
$ |
156 |
|
$ |
(200 |
) |
|
Provision for income taxes |
|
3 |
|
|
– |
|
|
Earnings (loss) before income taxes |
$ |
159 |
|
$ |
(200 |
) |
|
Stock-based compensation expense (recovery) |
|
42 |
|
|
(240 |
) |
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
20 |
|
|
30 |
|
| Net impairment of
goodwill, intangible assets and property and equipment |
164 |
|
|
– |
|
|
Restructuring expenses |
|
40 |
|
|
– |
|
| Unrealized carried
interest included in segment net earnings (loss) – Credit |
11 |
|
|
1 |
|
| Unrealized
performance fees included in segment net earnings (loss) |
5 |
|
|
– |
|
|
Integration expenses |
|
3 |
|
|
5 |
|
|
Other expenses |
|
1 |
|
|
1 |
|
|
Total segment net earnings (loss) |
|
445 |
|
|
(403 |
) |
|
Net unrealized decrease in carried interest |
|
41 |
|
|
119 |
|
|
Net unrealized loss on corporate investments |
|
181 |
|
|
525 |
|
|
Interest and net treasury investment income |
|
(9 |
) |
|
– |
|
|
Distributable earnings |
|
658 |
|
|
241 |
|
|
Less: Realized carried interest |
|
(9 |
) |
|
(14 |
) |
|
Less: Net realized gain on corporate investments |
|
(661 |
) |
|
(267 |
) |
|
Total fee-related earnings (loss) |
$ |
(12 |
) |
$ |
(40 |
) |
Cash and Near-Cash
The table below provides a breakdown of cash and
near-cash at Onex as at September 30, 2023 and December 31,
2022.
|
(Unaudited)($ millions) |
September 30, 2023 |
December 31, 2022 |
|
Management fees and recoverable fund expenses receivable(i) |
$ |
580 |
$ |
460 |
|
Cash and cash equivalents – Investing segment(ii) |
|
317 |
|
– |
|
Cash and cash equivalents within Investment Holding
Companies(iii) |
|
217 |
|
253 |
|
Treasury investments within Investment Holding Companies |
|
205 |
|
271 |
|
Receivable from Ryan realization(iv) |
|
118 |
|
– |
|
Subscription financing receivable(v) |
|
80 |
|
69 |
|
Cash and near-cash |
$ |
1,517 |
$ |
1,053 |
(i) Includes management fees and recoverable fund expenses
receivable from certain funds which Onex has elected to defer cash
receipt from. At December 31, 2022, the amount presented is net of
amounts allocated to the asset management segment related to
accrued incentive compensation and contingent consideration related
to the acquisition of Falcon Investment Advisors.
(ii) Excludes cash and cash equivalents allocated to the asset
management segment related to accrued incentive compensation ($81
million (December 31, 2022 – $122 million)) and contingent
consideration related to the acquisition of Onex Falcon ($57
million (December 31, 2022 – $57 million)).
(iii) Includes restricted cash and cash equivalents of $85
million (December 31, 2022 – $2 million) for which the Company can
readily remove the external restriction or for which the
restriction will be removed in the near term. Excludes cash and
cash equivalents for Onex’ share of uncalled expenses payable by
the Investment Holding Companies of $34 million (December 31, 2022
- $27 million).
(iv) Refer to page 8 of Onex’ Q3 2023 Interim MD&A for
further details concerning proceeds to be received from the sale of
Ryan, LLC.
(v) Subscription financing receivable, including interest
receivable, attributable to third-party investors in certain Credit
Funds and ONCAP V.
The table below provides a reconciliation of the
change in cash and near-cash from December 31, 2022 to September
30, 2023.
|
(Unaudited)($ millions) |
|
|
|
Cash and near-cash at December 31, 2022 |
$ |
1,053 |
|
|
Private equity realizations |
|
900 |
|
|
Private equity investments |
|
(282 |
) |
|
Net private credit strategies investment activity |
|
46 |
|
|
Share repurchases, dividends, options exercised, Director DSUs
exercised and investment in RSU hedges |
(207 |
) |
|
Net other, including cash flows from asset management activities,
capital expenditures, operating costs and changes in working
capital |
|
7 |
|
|
Cash and near-cash at September 30, 2023 |
$ |
1,517 |
|
(1) Refer to pages 19, 20 and 21 of Onex’ Q3
2023 Interim MD&A for further details concerning the
composition of segment net earnings (loss). A reconciliation of
total segment net earnings (loss) to net earnings (loss) is
provided in the supplementary financial schedules in this press
release.(2) Refer to the glossary in Onex’ Q3 2023 Interim 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 (loss). Refer to the 2023 Year-To-Date Results
& Activity section of Onex’ Q3 2023 Interim 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 (loss). Refer
to the 2023 Year-To-Date Results & Activity section of Onex’ Q3
2023 Interim MD&A and the supplementary financial schedules in
this press release for further details concerning distributable
earnings.(6) Refer to the glossary in Onex’ Q3 2023 Interim
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 10 of Onex’
Q3 2023 Interim MD&A for further details concerning the gross
performance of Onex’ private equity investments.(8) The percentage
returns on Credit investments have been adjusted for capital
deployed, realizations and distributions(9) Refer to the glossary
in Onex’ Q3 2023 Interim MD&A for details concerning the
composition of run-rate management fees.(10) 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 $455
million at September 30, 2023 (December 31, 2022 - $111 million).
Refer to the Cash and Near-Cash section of Onex’ Q3 2023 Interim
MD&A and the supplementary financial schedules in this press
release for further details concerning Onex’ cash and
near-cash.
Onex (TSX:ONEX)
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