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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CI Financial Corporation | NYSE:CIXX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.42 | 0 | 01:00:00 |
All financial amounts in Canadian dollars as at September 30, 2021, unless stated otherwise.
CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) today released record financial results for the quarter ended September 30, 2021.
“It was another record financial quarter for CI and included a new all-time high for asset levels and the best net flows in our asset management business in over six years – reflecting the successful ongoing transformation of our company,” said Kurt MacAlpine, CI Chief Executive Officer. “CI is $126 billion larger, much more diversified by business line, geography, and product category and more competitive than it was just one year ago.
“In U.S. wealth management, we are seeing many of the country’s largest and most successful registered investment advisors choosing to join CI, attracted by the exceptional businesses we have in place and our vision for a national platform. These include firms dedicated to serving high-net-worth and ultra-high-net-worth individuals and families across the U.S. Including all recently announced transactions, our U.S. wealth business will exceed US$98 billion, up from zero at the start of 2020.
“In asset management, our flows continue to strengthen, with net sales of $821 million representing a major turnaround from a year earlier,” Mr. MacAlpine said. “We believe this success stems from the execution of our strategy to modernize this business, which has included integrating our boutique portfolio management teams into a single global investment platform, hiring our first-ever head of investment management, Marc-André Lewis, to lead that team, and the reorganization of our sales and marketing function supported by the adoption of advanced analytics.
“Additionally, we have launched a series of timely new products that have resonated with advisors and investors and attracted considerable assets. In the third quarter, we were very active in product development, building out our lineup with new ETFs, liquid alternative funds, and ESG mandates.”
Financial highlights
As at and for the quarters ended
[millions of dollars, except share amounts]
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Core assets under management (Canada and Australia)2
139,380
138,187
132,626
129,591
123,605
U.S. assets under management
7,203
6,564
5,916
5,461
4,707
Total assets under management
146,583
144,751
138,541
135,052
128,312
Core average assets under management (Canada and Australia)
141,095
135,921
131,569
126,233
124,626
Total average assets under management
148,012
141,880
137,142
131,246
129,021
Canadian wealth management
76,859
75,521
71,066
67,257
51,189
U.S. wealth management
96,974
83,764
31,013
29,230
14,937
Total wealth management assets
173,833
159,284
102,078
96,487
66,127
Total assets
320,416
304,036
240,620
231,539
194,438
Total asset management net flows
821
356
(883)
(2,140)
(2,010)
Net income attributable to shareholders
43.8
117.6
124.2
105.0
130.6
Adjusted net income1
159.2
153.0
151.6
148.7
133.3
Basic earnings per share
0.22
0.58
0.60
0.50
0.62
Diluted earnings per share
0.22
0.57
0.59
0.50
0.61
Adjusted earnings per share1
0.80
0.75
0.73
0.71
0.63
Adjusted EBITDA1
258.1
242.3
236.3
226.0
204.3
Adjusted EBITDA per share1
$1.30
$1.19
$1.14
$1.08
$0.97
Free cash flow1
180.9
164.1
155.6
145.6
144.3
Share repurchases
99.1
132.0
112.7
29.8
77.7
Dividends paid per share
0.18
0.18
0.18
0.18
0.18
Average basic shares outstanding
199,321,002
203,039,536
207,476,125
209,347,760
211,347,613
Average diluted shares outstanding
202,279,662
205,495,538
209,345,181
211,105,613
212,996,056
Long term debt (including current portion)
3,408
3,350
2,201
2,456
1,962
Net debt1
2,655
2,461
1,856
1,872
1,669
Net debt to adjusted EBITDA1
2.59
2.53
1.94
2.08
2.05
Financial results
Net Income, Adjusted Net Income
For the quarters ended
[millions of dollars, except per share amounts]
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Management Fees
460.9
441.1
425.1
415.9
410.4
Administration Fees
243.0
193.7
167.5
125.6
86.8
Other Revenues
(42.6)
27.6
47.8
26.8
12.3
Total Revenues
661.3
662.4
640.4
568.3
509.5
SG&A
192.5
165.6
140.2
116.7
108.8
Trailer Fees
142.0
136.4
130.8
129.4
128.0
Advisor & Dealer Fees
110.9
99.3
101.5
87.0
60.3
Deferred Sales Commissions
1.4
1.3
1.9
1.4
1.4
Interest and Lease Finance
31.6
24.2
21.3
17.8
17.3
Amortization and Depreciation
26.8
21.4
19.6
13.9
11.0
Other Expenses
73.7
47.6
62.9
59.9
6.4
Total Expenses
578.9
495.9
478.3
426.1
333.2
Income Before Income Taxes
82.4
166.6
162.1
142.2
176.3
Income Taxes
37.0
48.2
37.4
36.6
46.1
Non-Controlling Interest
1.6
0.8
0.6
0.6
(0.4)
Net Income Attributable to Shareholders
43.8
117.6
124.2
105.0
130.6
Adjusted Net Income:
Reported Net Income
45.4
118.4
124.8
105.7
130.2
Amortization of Acquisition Related Intangibles
16.8
12.0
9.9
5.2
3.3
FX (Gains) and Losses
50.3
(8.2)
(20.2)
(2.2)
(0.4)
Change in Fair Value of Acquisition Liabilities
61.4
22.4
22.2
--
--
Legal and Restructuring Charges
3.9
17.5
0.8
52.1
--
Write-down in Assets
--
--
7.1
1.8
--
Bond Redemption Costs
--
0.2
24.7
1.9
--
Gain on Equity Investment
--
(1.4)
--
--
--
Contingent consideration recorded as compensation
4.2
0.9
--
--
--
Total Adjustments (pre-tax)
136.6
43.6
44.5
58.8
2.9
Tax Effect (recovery)
(21.2)
(8.2)
(17.0)
(14.9)
(0.3)
Non-Controlling Interest
1.6
0.8
0.7
0.8
(0.5)
Adjusted Net Income
159.2
153.0
151.6
148.7
133.3
Adjusted Net Income Per Share
0.80
0.75
0.73
0.71
0.63
Capital allocation
In the third quarter of 2021, CI repurchased 4.1 million shares at a cost of $99.7 million, for an average cost of $24.29 per share, and paid $36.2 million in dividends at a rate of $0.18 a share.
The Board of Directors declared a quarterly dividend of $0.18 per share, payable on April 14, 2022 to shareholders of record on March 31, 2022. The annual dividend rate of $0.72 per share represented a yield of 2.4% on CI’s closing share price of $29.93 on November 10, 2021.
Third quarter business highlights
Following quarter-end:
Analysts’ conference call
CI will hold a conference call with analysts today at 10:00 a.m. Eastern Time, led by Mr. MacAlpine and Chief Financial Officer Amit Muni. A live webcast of the call and slide presentation can be accessed here, or through the Investor Relations section of CI’s website. Alternatively, investors may listen to the discussion through the following numbers (passcode: 676295):
About CI Financial
CI Financial Corp. is an independent company offering global asset management and wealth management advisory services. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian wealth management through Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), and CI Investment Services Inc.
CI’s U.S. wealth management businesses consist of Barrett Asset Management, LLC, BDF LLC, Budros, Ruhlin & Roe, Inc., Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, Portola Partners Group LLC, Radnor Financial Advisors, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC, and Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. Further information is available at www.cifinancial.com.
Non-IFRS Measures
CI reports certain financial information using non-IFRS measures as CI believes these financial measures provide information that is useful to investors in understanding CI’s performance and facilitate a comparison of quarterly and full-year results from period to period. Reconciliations to the nearest IFRS measures, where necessary, are included in the “Non-IFRS Measures” section of Management’s Discussion and Analysis dated November 11, 2021 available on SEDAR at www.sedar.com or at www.cifinancial.com.
EBITDA, Adjusted EBITDA
For the quarters ended,
[millions of dollars, except per share amounts]
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Net Income
45.4
118.4
124.8
105.7
130.2
Add:
Interest & lease finance
31.6
24.2
21.3
17.8
17.3
Provision for income taxes
37.0
48.2
37.4
36.6
46.1
Amortization and depreciation
27.3
21.8
20.0
14.2
11.5
EBITDA
141.3
212.6
203.5
174.2
205.1
EBITDA per share
0.71
1.05
0.98
0.83
0.97
Adjustments:
FX (gains) and losses
50.3
(8.2)
(20.2)
(2.2)
(0.4)
Change in fair value of acquisition liabilities
61.4
22.4
22.2
--
--
Legal & restructuring provision
3.9
17.5
0.8
52.1
--
Write-downs (gains) in assets and investments
--
(1.4)
7.1
1.8
--
Bond redemption costs
--
0.2
24.7
1.9
--
Contingent consideration recorded as compensation
4.2
0.9
--
--
--
Less: Non-controlling interest
3.0
1.9
1.8
1.8
0.3
Adjusted EBITDA
258.1
242.3
236.3
226.0
204.3
Adjusted EBTIDA per share
1.30
1.19
1.14
1.08
0.97
Free Cash Flow
For the quarters ended,
[millions of dollars, except per share amounts]
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Cash provided by operating activities
182.5
130.1
189.7
77.3
140.1
Net change in operating assets and liabilities
(47.3)
28.0
(11.9)
31.7
4.2
Operating Cash Flow
135.2
158.1
177.8
108.9
144.4
Adjustments:
FX (gains) and losses
50.3
(8.2)
(20.2)
(2.2)
(0.4)
Legal & restructuring charges
3.9
17.5
0.8
52.1
--
Write-down (gain) in assets and investments
--
--
7.1
1.8
--
Sub-total
54.2
9.4
(12.3)
51.7
(0.4)
Tax effect (recovery) of adjustments
(5.9)
(1.4)
(8.3)
(13.5)
0.6
Less: Non-controlling interest
2.6
1.9
1.7
1.6
0.2
Free Cash Flow
180.9
164.1
155.6
145.6
144.3
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 these forward-looking statements include that the acquisitions of McCutchen Group, R.H. Bluestein, Gofen and Glossberg, and GLAS Funds will be completed and their asset levels will remain stable, that the investment fund industry will remain stable and that interest rates will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. 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.
CI Global Asset Management is a registered business name of CI Investments Inc.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211111005535/en/
Investor Relations Jason Weyeneth, CFA Vice-President, Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Canada Murray Oxby Vice-President, Communications 416-681-3254 moxby@ci.com
United States Trevor Davis, Gregory FCA for CI Financial 443-248-0359 cifinancial@gregoryfca.com
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