Sign In  |  Register  |  About San Rafael  |  Contact Us

San Rafael, CA
September 01, 2020 1:37pm
7-Day Forecast | Traffic
  • Search Hotels in San Rafael

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

CI Financial Reports Financial Results for the Second Quarter of 2023

  • Diluted EPS of $0.28, adjusted EPS1 of $0.76
  • EBITDA of $206.4 million, adjusted EBITDA1 of $245.3 million
  • Operating cash flow of $126.9 million, free cash flow1 of $143.3 million
  • Total assets of $398.9 billion, up 20% from a year ago
  • U.S. Wealth Segment EBITDA of $12.5 million; adjusted EBITDA1 of $94.2 million increased 42% in first half of the year and 48% in Q2 compared to year-earlier periods
  • Used proceeds from sale of minority stake in U.S. business to pay down $1 billion in debt, reducing leverage ratio to 2.9x
  • Repurchased 17.0 million shares at an average cost per share of $13.51
  • Increased dividend by 11% or $0.02 per share per quarter to $0.80 per year, effective with Q4 payment in January 2024
  • Completed acquisitions of two U.S. wealth management firms – Avalon Advisors and La Ferla – with combined assets of approximately $11.9 billion
  • Subsequent to quarter-end, announced two acquisitions – Coriel, a women-owned ultra-high-net-worth wealth manager based in Montreal, and Intercontinental Wealth Advisors, a San Antonio, Texas-based RIA serving high-net-worth and ultra-high-net-worth clients

All financial amounts in Canadian dollars at June 30, 2023, unless stated otherwise.

CI Financial Corp. (“CI”) (TSX: CIX) today released financial results for the quarter ended June 30, 2023.

“The second quarter was marked by several significant accomplishments across our business lines,” said Kurt MacAlpine, CI Chief Executive Officer.

“Our U.S. wealth management segment reported exceptional results, with year-over-year adjusted EBITDA1 growth of 42% for the first half of the year. Organic growth continued to be strong, with robust net flows. These results reflect the outstanding quality of the business and the progress we have made in integrating our acquired firms and leveraging our size and scale to enhance our capabilities and services.

“We continue to build on that success, acquiring three RIA firms in the past three months, adding approximately $14.2 billion in assets,” Mr. MacAlpine said. “Earlier this month, we rebranded CI Private Wealth as Corient, giving us a unified brand that better reflects our integrated, national platform and our unique vision for growth.

“The U.S. investment and the sale of our minority stake in Congress Wealth Management delivered a total of $1.5 billion in cash to CI. We repaid $1 billion in debt in the quarter, meeting our goal of materially deleveraging the company, and returned another $229 million to shareholders by buying back 17 million shares, at an average cost per share of $13.51.

“Our Canadian wealth management business reached a milestone in July with the successful conversion of Aligned Capital client assets to the CI Investment Services’ custody platform,” Mr. MacAlpine said. “This accomplishment, the culmination of 18 months of work, boosted CI Investment Services’ custody assets to $25 billion and represents an important step in the development of an industry-leading, integrated Canadian wealth management platform. Additionally, our Canadian advisory businesses continue to attract strong flows, a testament to the expertise and value provided by our advisor teams.”

In the Asset Management segment, CI’s Canadian retail business had slightly positive net sales in the second quarter, representing the fourth consecutive quarter of net sales and a contrast to net redemptions of $4.7 billion for the overall Canadian industry, as reported by the Investment Funds Institute of Canada. For the first half of the year, Canadian retail had net sales of $0.8 billion, while the Asset Management segment had net sales of $0.3 million.

Operating and financial data highlights

[millions of dollars, except share amounts]

As of and for the quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Total AUM and Client Assets:

 

 

 

 

 

Asset Management AUM2

122,377

121,987

117,753

114,196

116,065

Canada Wealth Management assets

82,566

81,592

77,421

73,976

74,128

U.S. Wealth Management assets3

193,980

187,481

180,579

149,841

143,520

Total assets

398,923

391,060

375,753

338,014

333,712

 

 

 

 

 

 

Asset Management Net Inflows:

 

 

 

 

 

Retail

7

841

1,621

640

(381)

Institutional

(14)

(177)

(195)

(21)

(3,203)

Australia

55

(81)

12

(377)

(122)

Closed Business

(174)

(195)

(169)

(129)

(160)

Total Asset Management Segment

(126)

388

1,269

113

(3,866)

U.S. Asset Management4

(266)

(67)

595

(38)

(195)

 

 

 

 

 

 

IFRS Results

 

 

 

 

 

Net income attributable to shareholders

51.0

30.0

(9.5)

14.9

156.2

Diluted earnings per share

0.28

0.16

(0.05)

0.08

0.81

Pretax income

112.5

54.8

33.6

37.8

219.0

Pretax margin

14.5%

8.6 %

5.4 %

7.4 %

38.6 %

Operating cash flow before the change in operating

126.9

145.6

150.9

64.8

141.2

assets and liabilities

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

Adjusted net income

136.0

136.8

135.9

135.9

149.1

Adjusted diluted earnings per share

0.76

0.74

0.74

0.73

0.78

Adjusted EBITDA

272.3

268.6

257.7

250.9

260.5

Adjusted EBITDA margin

40.6 %

42.0 %

42.1 %

42.7 %

43.5 %

Adjusted EBITDA attributable to shareholders

245.3

250.1

242.7

237.5

251.0

Free cash flow

143.3

155.1

157.9

151.5

176.4

 

 

 

 

 

 

Average shares outstanding

179,640,506

184,517,832

183,666,579

185,601,752

191,151,896

Ending shares outstanding

167,640,863

184,517,832

184,517,832

183,526,499

189,037,762

 

 

 

 

 

 

Total debt

3,132

4,190

4,216

3,949

3,688

Net debt

2,887

4,052

4,059

3,730

3,538

Net debt to adjusted EBITDA

2.9

4.0

4.2

4.0

3.5

 
1. 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.

2. Includes assets managed by CI and held by clients of advisors with Assante, CIPC, Aligned Capital of $32.8 billion, $33.0 billion, $31.9 billion, $30.4 billion, $30.8 billion as at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022, and June 30, 2022, respectively.

3. Quarter-end USD/CAD exchange rates of 1.3248, 1.3515, 1.3540, 1.3813, 1.2872 for Q2-23, Q1-23, Q4-22, Q3-22, and Q2-22, respectively.
4. Includes 100% of inflows from CI’s minority investments in Columbia Pacific Advisors, OCM Capital Partners, The Cabana Group, and GLASfunds Holdings.

Financial highlights

Second quarter net income was $51.0 million compared to $30.0 million in the first quarter of 2023. Excluding non-operating items, adjusted net income1 was $136.0 million in the second quarter, little changed from the first quarter.

Second quarter total net revenues increased 21.7% to $776.1 million in the quarter from $637.8 million in the first quarter of 2023. Excluding non-operating items, adjusted total net revenues1 grew 2.3% to $654.8 million, driven by growth in the U.S. Wealth Management segment due to acquisitions during the quarter, as well as from the Canadian Wealth Management segment due to higher average assets. Asset Management segment revenues were essentially unchanged as higher average AUM was offset by fee rate decline due to asset mix shift.

First quarter total expenses increased 13.8% to $663.6 million in the quarter from $583.0 million in the first quarter of 2023. Excluding non-operating items, adjusted total expenses1 were up 1.9% to $439.9 million, reflecting higher SG&A due to U.S. segment acquisitions during the quarter as well as higher stock-based compensation.

Capital allocation

In the second quarter of 2023, CI repurchased 17.0 million shares at a cost of $228.8 million, for an average cost of $13.51 per share, and paid $32.9 million in dividends at a rate of $0.18 per share.

CI completed tender offers for three series of debentures, repurchasing $234,775,000 of its outstanding 3.215% Debentures due 2024, $370,762,000 of its outstanding 3.759% Debentures due 2025 and $97,531,000 of its outstanding 3.904% Debentures due 2027. CI also completely paid down its credit facility.

Dividend increase

The Board of Directors declared a $0.02 increase to its quarterly dividend to $0.20 per share, payable on January 15, 2024 to shareholders of record on December 29, 2023.

Second quarter business highlights

  • CI completed the sale of a 20% minority investment in its U.S. wealth management business to a diversified group of leading institutional investors, including a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Bain Capital, Flexpoint Ford, Ares Management funds, the State of Wisconsin, and others for proceeds of approximately $1.34 billion (US$1.0 billion).
  • CI completed the acquisitions of two U.S. registered investment advisor (“RIA”) firms with combined assets of approximately $11.9 billion. The firms were Avalon Advisors, LLC of Houston, and La Ferla Group, LLC, which is based in Garden City, New York, and has offices in Bethesda, Maryland, and Macon, Georgia.
  • CI sold its minority stake in Boston-based Congress Wealth Management, LLC (“Congress”) to Audax Private Equity. CI first invested in Congress in the third quarter of 2020.
  • CI’s U.S. subsidiary, now known as Corient, launched a South Dakota trust company, allowing it to offer a variety of corporate trustee services to clients across the country.
  • CI Global Asset Management enhanced its product lineup with the launch of the CI Asset Allocation ETFs, a suite of six low-cost all-in-one portfolio solutions. The ETFs leverage CI GAM’s professional management and deep expertise in asset allocation to provide portfolios meeting a range of investor profiles. CI GAM also continued to expand its alternatives offerings with the introduction of mutual fund series for CI Auspice Broad Commodity Fund, a liquid alternative fund previously available only as an ETF.

Following quarter-end:

  • CI Private Wealth (U.S.) rebranded as Corient, which represents “client oriented” and expresses its commitment to helping clients achieve their financial goals. The new brand better reflects Corient’s capabilities as national integrated wealth management firm and clarifies for clients that they benefit from the expertise of the firm’s entire network. Corient now serves as the brand for all of the company’s offices, as it has discontinued co-branding with its legacy firm names. Corient is the trade name for Corient Private Wealth LLC.
  • CI acquired Intercontinental Wealth Advisors, LLC, in July 2023. The firm, with approximately $2.3 billion in client assets, is based in San Antonio, Texas and has an office in Ft. Lauderdale, Florida. The firm provides comprehensive wealth management services to high-net-worth and ultra-high-net-worth clients and has developed expertise in serving those with international financial interests.
  • CI reached an agreement to acquire Coriel Capital Inc. (“Coriel”), a Montreal-based wealth management firm serving ultra-high-net-worth Canadians. The firm, founded and led by women, operates as a “Chief Investment Officer” for wealthy families, and manages approximately $1.3 billion in client assets.
  • The assets held by clients of Aligned Capital Partners were converted to the CI Investment Services (“CIIS”) custody and clearing platform. As a result, CIIS now administers over $25 billion in client assets.
  • CI GAM implemented a series of changes to simplify and strengthen the competitiveness of its lineup of money market funds, including launching two money market ETFs.

Analysts’ conference call

CI will hold a conference call with analysts today at 9:00 a.m. EDT, led by Chief Executive Officer Kurt 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: 861639):

  • 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 Pty Ltd., which operates in Australia.
  • Canadian Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth (Canada), Northwood Family Office, CI Direct Investing and CI Investment Services.
  • U.S. Wealth Management, which includes Corient Private Wealth, an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.

CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI’s website or LinkedIn page.

Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.

This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and condition. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in the forward-looking statements include that the acquisition of Coriel will be completed and 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 June 30

2023

2022

[in thousands of Canadian dollars, except per share amounts]

$

$

REVENUE

 

 

Canada asset management fees

375,835

404,279

Trailer fees and deferred sales commissions

(114,874)

(123,952)

Net asset management fees

260,961

280,327

Canada wealth management fees

144,092

130,103

U.S. wealth management fees

216,759

168,949

Other revenues

31,326

21,210

Foreign exchange gains (losses)

36,462

(32,864)

Other gains (losses)

86,483

(1,069)

Total net revenues

776,083

566,656

 

 

 

EXPENSES

 

 

Selling, general and administrative

345,904

238,039

Advisor and dealer fees

108,175

99,711

Interest and lease finance

46,137

36,235

Amortization and depreciation

13,330

11,909

Amortization of intangible assets from acquisitions

33,077

27,436

Transaction, integration, restructuring and legal

55,783

4,587

Change in fair value of contingent consideration

15,249

(74,977)

Change in fair value of preferred equity

35,000

Other

10,949

4,712

Total expenses

663,604

347,652

Income before income taxes

112,479

219,004

 

 

 

Provision for (recovery of) income taxes

 

 

Current

65,149

46,835

Deferred

(4,048)

13,901

 

61,101

60,736

Net income for the period

51,378

158,268

Net income attributable to non-controlling interests

425

2,057

Net income attributable to shareholders

50,953

156,211

Basic earnings per share attributable to shareholders

$0.28

$0.82

Diluted earnings per share attributable to shareholders

$0.28

$0.81

 

 

 

Other comprehensive income (loss), net of tax

 

 

Exchange differences on translation of foreign operations

(23,530)

17,662

Total other comprehensive income (loss), net of tax

(23,530)

17,662

Comprehensive income for the period

27,848

175,930

Comprehensive income attributable to non-controlling interests

58

2,996

Comprehensive income attributable to shareholders

27,790

172,934

CONSOLIDATED BALANCE SHEET

As at

As at

 

June 30, 2023

December 31, 2022

[in thousands of Canadian dollars]

$

$

ASSETS

 

 

Current

 

 

Cash and cash equivalents

240,496

153,620

Client and trust funds on deposit

1,067,714

1,306,595

Investments

37,701

40,448

Accounts receivable and prepaid expenses

359,795

298,778

Income taxes receivable

18,536

33,989

Total current assets

1,724,242

1,833,430

Capital assets, net

64,802

55,587

Right-of-use assets

132,643

139,422

Intangibles

7,454,253

7,227,700

Deferred income taxes

70,382

54,415

Other assets

309,840

397,804

Total assets

9,756,162

9,708,358

LIABILITIES AND EQUITY

 

 

Current

 

 

Accounts payable and accrued liabilities

330,027

293,246

Current portion of provisions and other financial liabilities

633,208

502,746

Dividends payable

60,351

66,426

Client and trust funds payable

1,073,918

1,312,640

Income taxes payable

16,064

3,044

CIPW unit liabilities

940,948

765,959

Preferred equity

1,359,750

Current portion of long-term debt

320,000

Current portion of lease liabilities

22,627

23,994

Total current liabilities

4,436,893

3,288,055

Long-term debt

3,131,528

3,896,214

Provisions and other financial liabilities

161,572

270,567

Deferred income taxes

481,669

480,500

Lease liabilities

149,482

149,360

Total liabilities

8,361,144

8,084,696

Equity

 

 

Share capital

1,551,851

1,706,880

Contributed surplus

37,203

30,239

Deficit

(213,059)

(160,572)

Accumulated other comprehensive income

7,226

33,224

Total equity attributable to the shareholders of the Company

1,383,221

1,609,771

Non-controlling interests

11,797

13,891

Total equity

1,395,018

1,623,662

Total liabilities and equity

9,756,162

9,708,358

CONSOLIDATED STATEMENT OF CASH FLOWS

For the three-month period ended June 30

 

2023

2022

[in thousands of Canadian dollars]

$

$

OPERATING ACTIVITIES (*)

 

 

Net income for the period

51,378

158,268

Add (deduct) items not involving cash

 

 

Other gains (losses)

(86,483)

1,069

Change in fair value of contingent consideration

15,249

(74,977)

Change in fair value of preferred equity

35,000

Contingent consideration recorded as compensation

812

670

Amortization of loan guarantees

(1,762)

Recognition of non-cash vesting of CIPW unit liabilities

63,096

(3,420)

Equity-based compensation

6,889

6,325

Equity accounted income

(996)

Amortization of equity accounted investments

1,404

Amortization and depreciation

13,330

11,909

Amortization of intangible assets from acquisitions

33,077

27,436

Deferred income taxes

(4,048)

13,901

Cash provided by operating activities before net change in operating assets and liabilities

126,946

141,181

Net change in operating assets and liabilities

14,979

22,929

Cash provided by operating activities

141,925

164,110

INVESTING ACTIVITIES

 

 

Cash paid to settle acquisition liabilities

(170,508)

(38,626)

Acquisitions, net of cash acquired

(41,557)

(155,828)

Proceeds on sale of equity-accounted investment

130,458

Purchase of investments

(172)

(78)

Proceeds on sale of investments

22

71

Additions to capital assets

(6,910)

(5,553)

Decrease (increase) in other assets

(14,870)

13,287

Additions to intangibles

(4,533)

(2,713)

Cash used in investing activities

(108,070)

(189,440)

 

 

 

FINANCING ACTIVITIES

 

 

Repayment of long-term debt

(298,000)

Issuance of long-term debt

85,000

Repurchase of long-term debt

(694,671)

Repurchase of share capital

(228,774)

(59,248)

Payment of lease liabilities

(6,352)

(5,110)

Issuance of CIPW unit liabilities, net of redemptions

(18,187)

Net distributions to non-controlling interest

(1,750)

(1,348)

Dividends paid to shareholders

(32,895)

(34,748)

Issuance of preferred equity

1,350,300

Cash provided by (used in) financing activities

69,671

(15,454)

Net increase (decrease) in cash and cash equivalents during the period

103,526

(40,784)

Cash and cash equivalents, beginning of period

136,970

186,051

Cash and cash equivalents, end of period

240,496

145,267

SUPPLEMENTAL CASH FLOW INFORMATION

 

 

(*) Included in operating activities are the following:

 

 

Interest paid

73,899

55,574

Income taxes paid

33,909

54,951

ASSETS UNDER MANAGEMENT AND NET FLOWS

[billions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Beginning AUM

122.0

117.8

114.2

116.1

136.3

Gross inflows

6.1

6.9

7.3

4.9

4.8

Gross outflows

(6.2)

(6.5)

(6.0)

(4.8)

(8.7)

Net inflows/(outflows)

(0.1)

0.4

1.3

0.1

(3.9)

Acquisitions

Market move and FX

0.5

3.8

2.3

(2.0)

(16.3)

Ending AUM

122.4

122.0

117.8

114.2

116.1

Proprietary AUM

32.8

33.0

31.9

30.4

30.8

Non-proprietary AUM

89.6

89.0

85.9

83.7

85.2

Average assets under management

122.1

121.9

117.7

119.1

125.4

Annualized organic growth

(0.4) %

1.3 %

4.4 %

0.4 %

(11.4) %

 

 

 

 

 

 

Gross management fee/average AUM

1.25 %

1.27 %

1.29 %

1.30 %

1.31 %

Net management fee/average AUM

0.85 %

0.86 %

0.87 %

0.88 %

0.89 %

 

 

 

 

 

 

Net Inflows/(Outflows)

 

 

 

 

 

Retail

0.8

1.6

0.6

(0.4)

Institutional

(0.2)

(0.2)

(3.2)

Closed business

(0.2)

(0.2)

(0.2)

(0.1)

(0.2)

Total Canada net inflows/(outflows)

(0.2)

0.5

1.3

0.5

(3.7)

Australia

0.1

(0.1)

(0.4)

(0.1)

Total net inflows/(outflows)

(0.1)

0.4

1.3

0.1

(3.9)

RETAIL (ex Closed Business)

[billions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Beginning AUM

101.2

97.1

94.0

95.1

108.4

Net Flows

0.0

0.8

1.6

0.6

(0.4)

Market Move / FX

0.5

3.3

1.5

(1.7)

(12.9)

Acquisitions

___

___

___

___

___

Ending AUM

101.7

101.2

97.1

94.0

95.1

Average AUM

101.3

100.9

97.0

97.9

101.4

INSTITUTIONAL

[billions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Beginning AUM

8.5

8.3

8.3

8.4

12.7

Net Flows

(0.0)

(0.2)

(0.2)

0.0

(3.2)

Market Move / FX

0.0

0.4

0.2

(0.1)

(1.1)

Acquisitions

___

___

___

___

___

Ending AUM

8.5

8.5

8.3

8.3

8.4

Average AUM

8.5

8.5

8.4

8.6

10.2

AUSTRALIA

[billions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Beginning AUM

4.9

5.0

4.7

5.1

6.6

Net Flows

0.1

(0.1)

0.0

(0.4)

(0.1)

Market Move / FX

0.0

0.0

0.3

0.0

(1.4)

Acquisitions

___

___

___

___

___

Ending AUM

5.0

4.9

5.0

4.7

5.1

Average AUM

5.0

5.0

4.8

4.9

5.8

CLOSED BUSINESS

[billions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Beginning AUM

7.4

7.3

7.3

7.5

8.6

Net Flows

(0.2)

(0.2)

(0.2)

(0.1)

(0.2)

Market Move / FX

0.0

0..3

0.2

(0.1)

(0.9)

Acquisitions

___

___

___

___

___

Ending AUM

7.2

7.4

7.3

7.3

7.5

Average AUM

7.3

7.5

7.4

7.6

8.0

AUM BY ASSET CLASS

[billions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Balanced

49.8

50.8

50.3

49.8

50.9

Equity

43.0

43.3

41.6

40.2

41.4

Fixed income

11.1

11.3

11.0

11.2

11.7

Alternatives

5.1

4.0

3.6

3.8

3.6

Cash/Other

8.4

7.7

6.2

4.5

3.4

Total Canada asset management

117.4

117.1

112.8

109.5

111.0

Australia

5.0

4.9

5.0

4.7

5.1

Total asset management segment

122.4

122.0

117.8

114.2

116.1

CANADA WEALTH MANAGEMENT CLIENT ASSETS

[billions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Beginning client assets

81.6

77.4

74.0

74.1

79.0

Acquisitions

2.4

Net flows and market move

1.0

4.2

3.4

(0.2)

(7.2)

Ending client assets

82.6

81.6

77.4

74.0

74.1

Average client assets

81.9

80.7

77.3

76.0

77.7

Wealth management fees/average client assets

0.91 %

0.93 %

0.91 %

0.90 %

0.91 %

U.S. WEALTH MANAGEMENT CLIENT ASSETS

[billions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Beginning billable client assets

179.9

174.3

144.9

138.8

141.2

Acquisitions/divestitures

4.0

24.9

7.1

Net flows and market move

1.1

5.6

4.4

6.2

(9.5)

Ending billable client assets

185.0

179.9

174.3

144.9

138.8

Non-billable client assets

9.0

7.6

6.3

4.9

4.8

Total client assets

194.0

187.5

180.6

149.8

143.5

Fees/beginning billable client assets

0.48 %

0.47 %

0.52 %

0.47 %

0.48 %

NON-IFRS MEASURES

In an effort to provide additional information regarding our results as determined by IFRS, we also disclose certain non-IFRS information which we believe provides useful and meaningful information. Our management reviews these non-IFRS financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-IFRS measurements so as to share this perspective of management. Non-IFRS measurements do not have any standardized meaning, do not replace nor are superior to IFRS financial measurements and may not be comparable to similar measures presented by other companies. The non-IFRS financial measurements include:

  • Adjusted net income and adjusted basic and diluted earnings per share
  • Adjusted EBITDA and adjusted EBITDA margin
  • Free cash flow
  • Net debt.

These non-IFRS measurements exclude the following revenues and expenses which we believe allows investors a consistent way to analyze our financial performance, allows for better analysis of core operating income and business trends and permits comparisons of companies within the industry, normalizing for different financing methods and levels of taxation:

  • gains or losses related to foreign currency fluctuations on our cash balances
  • costs related to our acquisitions including:
    • amortization of intangible assets
    • change in fair value of contingent consideration
    • related advisory fees
    • contingent consideration classified as compensation per IFRS
  • restructuring charges including organizational expenses for the establishment of 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 CIPW redeemable units.

Further explanations of these Non-IFRS measures can be found in the “Non-IFRS Measures” section of Management’s Discussion and Analysis dated August 10, 2023 available on SEDAR at www.sedar.com or at www.cifinancial.com.

ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

[millions of dollars, except per share amounts]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Net Income

51.4

30.2

158.3

Amortization of intangible assets from acquisitions

33.1

31.3

27.4

Amortization of intangible assets for equity accounted investments

1.4

2.1

Change in fair value of contingent consideration

15.2

53.5

(75.0)

Change in fair value of preferred equity

35.0

Interest on redeemable shares issued in connection with acquisitions

2.2

Contingent consideration recorded as compensation

0.8

1.7

0.7

Non-controlling interest reclassification

2.4

2.5

0.9

CIPW adjustments

79.6

43.1

3.1

Severance

1.4

5.5

Amortization of loan guarantees

(1.8)

(0.3)

FX (gains)/losses

(36.5)

(1.8)

32.9

Transaction, integration, restructuring and legal

55.8

14.2

4.6

Other (gains)/losses

(70.0)

1.9

(1.2)

Gain on debt retirement

(16.2)

Total adjustments

102.5

153.7

(6.7)

Tax effect of adjustments

6.3

(28.5)

5.6

Less: Non-controlling interest

24.2

18.5

8.1

Adjusted net income

136.0

136.8

149.1

Adjusted earnings per share

0.76

0.74

0.78

Adjusted diluted earnings per share

0.76

0.74

0.78

 

 

 

 

Average diluted shares outstanding

190.4

185.1

191.8

Shares convertible into common in connection with an acquisition

(10.8)

Adjusted average diluted shares outstanding

179.6

185.1

191.8

EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

[millions of dollars, except per share amounts]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Pretax income

112.5

54.8

219.0

Amortization of intangible assets from acquisitions

33.1

31.3

27.4

Amortization of intangible assets for equity accounted investments

1.4

2.1

Depreciation and other amortization

13.3

12.9

11.9

Interest and lease finance expense

46.1

47.2

36.2

EBITDA

206.4

148.3

294.6

Change in fair value of contingent consideration

15.2

53.5

(75.0)

Change in fair value of preferred equity

35.0

Contingent consideration recorded as compensation

0.8

1.7

0.7

Non-controlling interest reclassification

2.4

2.5

0.9

CIPW adjustments

79.6

43.1

3.1

Severance

1.4

5.5

Amortization of loan guarantees

(1.8)

(0.3)

FX (gains)/losses

(36.5)

(1.8)

32.9

Transaction, integration, restructuring and legal

55.8

14.2

4.6

Other (gains)/losses

(70.0)

1.9

(1.2)

Gain on debt retirement

(16.2)

Total adjustments

65.9

120.3

(34.1)

Adjusted EBITDA

272.3

268.6

260.5

Less: Non-controlling interest

27.0

18.5

9.5

Adjusted EBITDA attributable to shareholders

245.3

250.1

251.0

 

 

 

 

Reported net revenue

776.1

637.8

566.7

Less: FX gains/(losses)

36.5

1.8

(32.9)

Less: Non-Operating Other gains/(losses)

70.0

(1.9)

1.2

Less: Amortization of equity accounted investments

(1.4)

(2.1)

Adjusted net revenue

671.0

640.0

598.3

Adjusted EBITDA margin

40.6 %

42.0 %

43.5 %

FREE CASH FLOW

[millions of dollars]

Quarters ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Cash provided by operating activities

141.9

143.4

164.1

Less: Net change in operating assets and liabilities

15.0

(2.2)

22.9

Operating cash flow before the change in operating assets and liabilities

126.9

145.6

141.2

FX (gains)/losses

(36.5)

(1.8)

32.9

Transaction, integration, restructuring and legal

55.8

14.2

4.6

Total adjustments

19.3

12.4

37.5

Tax effect (recovery) of adjustments

(1.5)

(1.8)

(5.7)

Less: Non-controlling interest

1.4

1.1

(3.4)

Free cash flow

143.3

155.1

176.4

NET DEBT

 

 

 

 

 

 

Quarters ended

[millions of dollars]

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Current portion of long-term debt

298.0

320.0

400.5

314.6

Long-term debt

3,131.5

3,892.2

3,896.2

3,548.2

3,373.5

 

3,131.5

4,190.2

4,216.2

3,948.7

3,688.1

Less:

 

 

 

 

 

Cash and short-term investments

240.5

137.0

153.6

220.4

154.8

Marketable securities

23.0

22.6

20.6

17.8

18.1

Add:

 

 

 

 

 

Regulatory capital and non-controlling interests

18.6

21.7

16.8

19.9

22.4

Net Debt

2,886.6

4,052.2

4,058.8

3,730.3

3,537.5

 

 

 

 

 

 

Adjusted EBITDA

245.3

250.1

242.7

237.5

251.0

Adjusted EBITDA, annualized

983.8

1,014.2

962.8

942.1

1,006.9

Gross leverage (Gross debt/Annualized adjusted EBITDA)

3.2

4.1

4.4

4.2

3.7

Net leverage (Net debt/Annualized adjusted EBITDA)

2.9

4.0

4.2

4.0

3.5

SUMMARY OF QUARTERLY RESULTS

[millions of dollars, except per share amounts]

IFRS Results

 

Adjusted Results

For the quarters ended

 

For the quarters ended

Jun.

30,

2023

Mar.

31,

2023

Dec.

31,

2022

Sep.

30,

2022

Jun.

30,

2022

 

Jun.

30,

2023

Mar.

31,

2023

Dec.

31,

2022

Sep.

30,

2022

Jun.

30,

2022

Revenues

 

 

 

 

 

 

 

 

 

 

 

Asset management fees

375.8

377.7

378.2

386.7

404.3

 

375.8

377.7

378.2

386.7

404.3

Trailer fees and deferred sales commissions

(114.9)

(115.9)

(116.0)

(119.2)

(124.0)

 

(114.9)

(115.9)

(116.0)

(119.2)

(124.0)

Net asset management fees

261.0

261.8

262.2

267.5

280.3

 

261.0

261.8

262.2

267.5

280.3

Canada wealth management fees

144.1

141.5

133.1

129.2

130.1

 

144.1

141.5

133.1

129.2

130.1

U.S. wealth management fees

216.8

201.3

190.1

164.1

168.9

 

216.8

201.3

190.1

164.1

168.9

Other revenues

31.3

32.3

26.2

26.6

21.2

 

32.7

34.4

28.8

26.6

21.2

FX gains/(losses)

36.5

1.8

15.2

(73.9)

(32.9)

 

Other gains/(losses)

86.5

(0.9)

(6.5)

0.1

(1.1)

 

0.3

1.0

0.6

0.1

(2.3)

Total net revenues

776.1

637.8

620.3

513.6

566.7

 

654.8

640.0

614.9

587.5

598.3

Expenses

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative

345.9

304.6

277.2

245.6

238.0

 

265.9

254.6

248.0

230.3

234.2

Advisor and dealer fees

108.2

107.8

101.1

98.3

99.7

 

108.2

107.8

101.1

98.3

99.7

Other

10.9

11.5

9.2

17.1

4.7

 

8.5

9.0

8.1

8.1

3.8

Interest and lease finance expense

46.1

47.2

41.4

38.6

36.2

 

44.0

47.2

41.4

38.6

36.2

Depreciation and other amortization

13.3

12.9

13.1

13.0

11.9

 

13.3

12.9

13.1

13.0

11.9

Amortization of intangible assets from acquisitions

33.1

31.3

26.5

27.7

27.4

 

Transaction, integration, restructuring and legal

55.8

14.2

41.3

13.1

4.6

 

Change in fair value of contingent consideration

15.2

53.5

76.8

22.5

(75.0)

 

Change in fair value of preferred equity

35.0

 

Total expenses

663.6

583.0

586.7

475.8

347.7

 

439.9

431.5

411.7

388.2

386.0

Pretax income

112.5

54.8

33.6

37.8

219.0

 

215.0

208.5

203.2

199.3

212.3

Income tax expense

61.1

24.6

41.9

23.5

60.7

 

54.8

53.2

51.8

51.3

55.1

Net income

51.4

30.2

(8.3)

14.4

158.3

 

160.1

155.3

151.4

148.1

157.2

Less: Non-controlling interest

0.4

0.2

1.2

(0.5)

2.1

 

24.2

18.5

15.5

12.1

8.1

Net income attributable to shareholders

51.0

30.0

(9.5)

14.9

156.2

 

136.0

136.8

135.9

135.9

149.1

Basic earnings per share

0.28

0.16

(0.05)

0.08

0.82

 

0.76

0.74

0.74

0.73

0.78

Diluted earnings per share

0.28

0.16

(0.05)

0.08

0.81

 

0.76

0.74

0.74

0.73

0.78

RESULTS OF OPERATIONS - ASSET MANAGEMENT SEGMENT

[millions of dollars, except per share amounts]

IFRS Results

 

Adjusted Results

For the quarters ended

 

For the quarters ended

Jun.

30,

2023

Mar.

31,

2023

Dec.

31,

2022

Sep.

30,

2022

Jun.

30,

2022

 

Jun.

30,

2023

Mar.

31,

2023

Dec.

31,

2022

Sep.

30,

2022

Jun.

30,

2022

Revenues

 

 

 

 

 

 

 

 

 

 

 

Asset management fees

380.2

382.0

382.3

390.9

408.9

 

380.2

382.0

382.3

390.9

408.9

Trailer fees and deferred sales commissions

(122.5)

(123.4)

(123.8)

(126.8)

(131.9)

 

(122.5)

(123.4)

(123.8)

(126.8)

(131.9)

Net asset management fees

257.8

258.6

258.5

264.1

277.0

 

257.8

258.6

258.5

264.1

277.0

Other revenues

5.1

4.0

3.6

6.6

5.6

 

5.1

4.0

3.6

6.6

5.6

FX gains/(losses)

37.5

2.0

15.5

(74.4)

(32.8)

 

Other gains/(losses)

16.1

(0.9)

(6.5)

0.1

(1.1)

 

0.3

1.0

0.6

0.1

(2.3)

Total net revenues

316.5

263.6

271.2

196.4

248.7

 

263.1

263.5

262.8

270.7

280.2

Expenses

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative

101.0

98.9

94.3

98.7

97.3

 

102.6

98.6

94.3

98.7

97.3

Other

7.2

 

Interest and lease finance expense

(1.5)

0.6

0.9

1.0

1.0

 

(1.5)

0.6

0.9

1.0

1.0

Depreciation and other amortization

5.4

3.8

4.7

5.0

5.0

 

5.4

3.8

4.7

5.0

5.0

Amortization of intangible assets from acquisitions

0.6

0.6

0.6

0.6

0.6

 

Transaction, integration, restructuring and legal

34.6

1.7

11.0

2.6

2.3

 

Change in fair value of contingent consideration

0.7

(2.2)

1.6

3.2

(3.9)

 

Total expenses

140.8

103.5

113.1

118.2

102.3

 

106.6

103.0

99.9

104.6

103.3

Pretax income

175.7

160.1

158.0

78.2

146.4

 

156.5

160.5

162.8

166.1

176.9

 

 

 

 

 

 

 

 

 

 

 

 

Non-IFRS adjustments

 

 

 

 

 

 

 

 

 

 

 

Pretax income

175.7

160.1

158.0

78.2

146.4

 

156.5

160.5

162.8

166.1

176.9

Amortization of intangible assets from acquisitions

0.6

0.6

0.6

0.6

0.6

 

Depreciation and other amortization

5.4

3.8

4.7

5.0

5.0

 

5.4

3.8

4.7

5.0

5.0

Interest and lease finance expense

(1.5)

0.6

0.9

1.0

1.0

 

(1.5)

0.6

0.9

1.0

1.0

EBITDA

180.2

165.1

164.2

84.7

153.0

 

160.5

164.9

168.4

172.1

183.0

Change in fair value of contingent consideration

0.7

(2.2)

1.6

3.2

(3.9)

 

CIPW adjustments

 

FX (gains)/losses

(37.5)

(2.0)

(15.5)

74.4

32.8

 

Severance

0.1

0.5

 

Amortization of loan guarantees

(1.8)

(0.3)

 

Transaction, integration, restructuring and legal

34.6

1.7

11.0

2.6

2.3

 

Other (gains)/losses

0.3

1.9

7.1

(1.2)

 

Gain on debt retirement

(16.2)

 

Trading and bad debt

7.1

 

Total adjustments

(19.8)

(0.2)

4.2

87.3

30.0

 

Adjusted EBITDA

160.5

164.9

168.4

172.1

183.0

 

160.5

164.9

168.4

172.1

183.0

Less: Non-controlling interest

0.2

0.2

0.1

0.1

0.3

 

0.2

0.2

0.1

0.1

0.3

Adjusted EBITDA attributable to shareholders

160.3

164.7

168.3

172.0

182.7

 

160.3

164.7

168.3

172.0

182.7

RESULTS OF OPERATIONS - CANADA WEALTH MANAGEMENT SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[millions of dollars, except per share amounts]

IFRS Results

 

Adjusted Results

 

For the quarters ended

 

For the quarters ended

 

Jun.

30,

2023

Mar.

31,

2023

Dec.

31,

2022

Sep.

30,

2022

Jun.

30,

2022

 

Jun.

30,

2023

Mar.

31,

2023

Dec.

31,

2022

Sep.

30,

2022

Jun.

30,

2022

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Canada wealth management fees

186.8

184.3

176.8

171.7

175.6

 

186.8

184.3

176.8

171.7

175.6

 

Other revenues

30.5

31.8

29.1

25.5

21.3

 

30.6

31.8

29.2

25.5

21.3

 

FX gains/(losses)

(0.5)

(0.2)

(0.4)

0.5

 

 

Other gains/(losses)

 

 

Total net revenues

216.8

215.9

205.5

197.7

196.9

 

217.4

216.2

206.0

197.2

196.9

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative

50.3

48.2

46.2

43.8

44.0

 

49.3

47.7

45.9

43.6

43.9

 

Advisor and dealer fees

142.5

141.7

136.2

132.4

135.9

 

142.5

141.7

136.2

132.4

135.9

 

Other

9.3

9.8

9.3

8.2

4.0

 

8.0

8.8

8.1

6.3

3.2

 

Interest and lease finance expense

0.3

(0.1)

 

0.3

(0.1)

 

Depreciation and other amortization

2.9

4.1

3.2

3.2

2.8

 

2.9

4.1

3.2

3.2

2.8

 

Amortization of intangible assets from acquisitions

2.2

2.1

2.1

2.1

2.1

 

 

Transaction, integration, restructuring and legal

0.1

0.3

0.2

0.3

0.4

 

 

Change in fair value of contingent consideration

1.0

5.3

1.9

(0.7)

(0.6)

 

 

Total expenses

208.4

211.8

199.1

189.3

188.5

 

202.7

202.5

193.4

185.6

185.6

 

Pretax income

8.5

4.1

6.4

8.4

8.4

 

14.7

13.7

12.5

11.6

11.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-IFRS adjustments

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income

8.5

4.1

6.4

8.4

8.4

 

14.7

13.7

12.5

11.6

11.4

 

Amortization of intangible assets from acquisitions

2.2

2.1

2.1

2.1

2.1

 

 

 

Amortization of intangible assets for equity accounted investments

0.1

0.1

0.1

 

 

Depreciation and other amortization

2.9

4.1

3.2

3.2

2.8

 

2.9

4.1

3.2

3.2

2.8

 

Interest and lease finance expense

0.3

(0.1)

 

0.3

(0.1)

 

EBITDA

13.6

10.7

11.8

13.7

13.1

 

17.6

18.0

15.8

14.9

14.0

 

Change in fair value of contingent consideration

1.0

5.3

1.9

(0.7)

(0.6)

 

 

Contingent consideration recorded as compensation

(included in SG&A)

0.2

0.2

0.2

0.1

0.1

 

 

CIPW adjustments (included in SG&A)

0.2

0.2

0.1

0.1

0.1

 

 

FX (gains)/losses

0.5

0.2

0.4

(0.5)

 

 

Severance

0.7

0.1

 

 

Transaction, integration, restructuring and legal

0.2

0.3

0.2

0.3

0.4

 

 

Non-controlling interest reclassification (included in

Other)

1.3

1.1

1.2

1.0

0.9

 

 

Trading and bad debt

0.8

 

 

Total adjustments

4.0

7.3

4.0

1.2

0.8

 

 

Adjusted EBITDA

17.6

18.0

15.8

14.9

14.0

 

17.6

18.0

15.8

14.9

14.0

 

Less: Non-controlling interest

1.4

1.9

1.3

1.2

1.0

 

1.4

1.9

1.3

1.2

1.0

 

Adjusted EBITDA attributable to shareholders

16.2

16.2

14.5

13.7

13.0

 

16.2

16.2

14.5

13.7

13.0

 

RESULTS OF OPERATIONS - U.S. WEALTH MANAGEMENT SEGMENT

[millions of dollars, except per share amounts]

IFRS Results

 

Adjusted Results

For the quarters ended

 

For the quarters ended

Jun.

30,

2023

Mar.

31,

2023

Dec.

31,

2022

Sep.

30,

2022

Jun.

30,

2022

 

Jun.

30,

2023

Mar.

31,

2023

Dec.

31,

2022

Sep.

30,

2022

Jun.

30,

2022

Revenues

 

 

 

 

 

 

 

 

 

 

 

U.S. wealth management fees

216.8

201.3

190.1

164.1

168.9

 

216.8

201.3

190.1

164.1

168.9

Other revenues

5.4

6.3

2.9

4.2

4.5

 

6.7

8.3

5.5

4.2

4.5

FX gains/(losses)

(0.6)

 

Other gains/(losses)

70.4

 

Total net revenues

291.9

207.7

193.1

168.2

173.4

 

223.5

209.6

195.6

168.3

173.5

Expenses

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative

209.5

173.0

151.1

117.7

112.8

 

128.8

123.8

122.2

102.6

109.2

Other

1.6

1.7

(0.1)

1.8

0.7

 

0.5

0.2

(0.1)

1.8

0.7

Interest and lease finance expense

3.2

0.8

0.8

0.7

0.6

 

3.2

0.8

0.8

0.7

0.6

Depreciation and other amortization

5.0

5.1

5.2

4.8

4.1

 

5.0

5.1

5.2

4.8

4.1

Amortization of intangible assets from acquisitions

30.3

28.6

23.8

25.0

24.7

 

Transaction, integration, restructuring and legal

21.1

12.2

30.0

10.2

2.0

 

Change in fair value of contingent consideration

13.5

50.4

73.3

20.0

(70.5)

 

Change in fair value of preferred equity

35.0

 

Total expenses

319.3

271.7

284.2

180.1

74.4

 

137.6

129.9

128.1

109.8

114.6

Pretax income

(27.3)

(64.0)

(91.1)

(11.9)

99.0

 

85.9

79.7

67.4

58.4

58.9

 

 

 

 

 

 

 

 

 

 

 

 

Non-IFRS adjustments

 

 

 

 

 

 

 

 

 

 

 

Pretax income

(27.3)

(64.0)

(91.1)

(11.9)

99.0

 

85.9

79.7

67.4

58.4

58.9

Amortization of intangible assets from acquisitions

30.3

28.6

23.8

25.0

24.7

 

 

 

Amortization of intangible assets for equity accounted investments

1.3

2.0

2.5

 

Depreciation and other amortization

5.0

5.1

5.2

4.8

4.1

 

5.0

5.1

5.2

4.8

4.1

Interest and lease finance expense

3.2

0.8

0.8

0.7

0.6

 

3.2

0.8

0.8

0.7

0.6

EBITDA

12.5

(27.5)

(58.8)

18.6

128.4

 

94.2

85.6

73.5

63.9

63.5

Change in fair value of contingent consideration

13.5

50.4

73.3

20.0

(70.5)

 

Change in fair value of preferred equity

35.0

 

Contingent consideration recorded as compensation (included in SG&A)

0.6

1.5

1.3

3.7

0.6

 

NCI reclassification (included in SG&A)

1.2

1.4

 

CIPW adjustments (included in SG&A)

79.4

42.9

27.6

11.4

3.0

 

FX (gains)/losses

0.6

 

Severance

0.7

4.8

 

Transaction, integration, restructuring and legal

21.1

12.2

30.0

10.2

2.0

 

Other (gains)/losses

(70.3)

 

Total adjustments

81.7

113.1

132.2

45.3

(64.9)

 

Adjusted EBITDA

94.2

85.6

73.5

63.9

63.5

 

94.2

85.6

73.5

63.9

63.5

Less: Non-controlling interest

25.4

16.5

13.6

12.1

8.2

 

25.4

16.5

13.6

12.1

8.2

Adjusted EBITDA attributable to shareholders

68.8

69.1

59.9

51.8

55.4

 

68.8

69.1

59.9

51.8

55.4

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanRafael.com & California Media Partners, LLC. All rights reserved.