3 months ago
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TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) --
All per share figures disclosed below are stated on a diluted basis.
| For the years ended December 31, | 2024 | 2023 | ||||||
| ($ in thousands, except per share amounts) | ||||||||
| Net revenue | $ | 323,403 | $ | 241,182 | ||||
| Operating earnings | 38,824 | 59,849 | ||||||
| Net gains | 77,444 | 57,787 | ||||||
| Net earnings from continuing operations | 101,598 | 102,162 | ||||||
| Net earnings from discontinued operations | -- | 554,933 | ||||||
| Net earnings | 101,598 | 657,095 | ||||||
| EBITDA(1) | $ | 70,874 | $ | 85,424 | ||||
| Adjusted cash flow from operations(1) | 57,536 | 72,763 | ||||||
| Attributable to shareholders: | ||||||||
| Net earnings from continuing operations | $ | 100,099 | $ | 100,250 | ||||
| Net earnings | 100,099 | 562,929 | ||||||
| EBITDA(1) | 68,248 | 82,247 | ||||||
| Adjusted cash flow from operations (1) | 54,884 | 69,581 | ||||||
| Per share, diluted: | ||||||||
| Net earnings from continuing operations | $ | 4.10 | $ | 3.99 | ||||
| Net earnings | 4.10 | 22.12 | ||||||
| EBITDA(1) | 2.82 | 3.29 | ||||||
| Adjusted cash flow from operations (1) | 2.28 | 2.79 | ||||||
| As at December 31, 2024 | 2024 | 2023 | ||||||
| ($ in millions, except per share amounts) | ||||||||
| Total client assets | $ | 168,979 | $ | 58,774 | ||||
| Shareholders' equity | 1,318 | 1,241 | ||||||
| Securities, net (1) | 1,211 | 1,318 | ||||||
| Per share, diluted: | ||||||||
| Shareholders' equity (1) | $ | 53.76 | $ | 49.39 | ||||
| Securities, net (1) | 49.38 | 52.44 | ||||||
The Company is reporting Total Client Assets (which includes assets under management and assets under advisement) of $169.0 billion as at December 31, 2024, an increase of $110.2 billion from $58.8 billion as at December 31, 2023. The current year's Total Client Assets include $104.8 billion associated with Charlotte, North Carolina-based Sterling Capital Management LLC ("Sterling”) and Toronto, Canada-based Galibier Capital Management Ltd ("Galibier”), both of which were acquired during the current year.
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The Operating earnings were $38.8 million for the year ended December 31, 2024, compared to $59.8 million in the prior year. EBITDA(1) was $70.9 million in 2024, compared to $85.4 million in the prior year. Both of these measures were dampened by approximately $14.4 million in expenses related to the above mentioned acquisitions and the associated initial integration expenses ("Transitional expenses”).
Net revenue for the year was $323.4 million, a 34% or $82.2 million increase from $241.2 million in the prior year. The inclusion of Sterling's and Galibier's Net revenue accounted for $75.4 million, or 31% of the increase. The remainder of the increase was driven by the growth in Total Client Assets from the prior year, partially offset by lower interest income earned in the current year. Operating expenses were 57% higher in the current year at $284.6 million, compared to $181.3 million in the prior year. The addition of operating expenses from Sterling and Galibier and the related Transitional expenses accounted for 46% of the increase.
Net gains in 2024 were $77.4 million, compared to Net gains of $57.8 million in 2023, which largely reflect the changes in fair values of the Company's Securities portfolio, and are consistent with performance of the global financial markets.
Net earnings attributable to shareholders from continuing operations were $100.1 million in 2024, compared to $100.3 million in 2023.
Adjusted cash flow from operations(1) in 2024 was $57.5 million, compared to $72.8 million in 2023.
During 2024, the Company returned to shareholders $35.6 million in dividends and $24.9 million in share buybacks.
The Company's Shareholders' equity as at December 31, 2024 was $1,318 million, or $53.76 per share(1), compared to $1,241 million, or $49.39 per share(1) as at December 31, 2023. The Company's Securities, net(1) as at December 31, 2024 had a fair value of $1,211 million, or $49.38 per share(1), compared to $1,318 million, or $52.44 per share(1). The decline in the net holdings of Securities was due to the Company utilizing a portion of the portfolio to fund the acquisitions of Sterling and Galibier, share buybacks and tax liabilities arising from the sale of Worldsource businesses in the prior year, partially offset by market appreciation during the year.
The Board of Directors is pleased to have declared a quarterly eligible dividend of $0.39 per share, an increase of 5%, payable on April 18, 2025, to shareholders of record on April 11, 2025.
The Company's financial results for the past eight quarters are summarized in the following table.
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||
| As at ($ in millions) | ||||||||||||||||||||||||
| Total client assets | $ | 168,979 | $ | 165,061 | $ | 58,628 | $ | 61,316 | $ | 58,774 | $ | 56,215 | $ | 56,527 | $ | 56,326 | ||||||||
| For the three months ended ($ in thousands) | ||||||||||||||||||||||||
| Net revenue | $ | 98,614 | $ | 98,128 | $ | 64,164 | $ | 62,497 | $ | 62,245 | $ | 62,611 | $ | 61,833 | $ | 54,493 | ||||||||
| Operating earnings | 7,385 | 4,790 | 14,333 | 12,318 | 13,097 | 18,474 | 17,038 | 11,240 | ||||||||||||||||
| Net gains (losses) | 64,476 | 39,392 | (39,161 | ) | 12,737 | 60,747 | (17,358 | ) | (3,736 | ) | 18,134 | |||||||||||||
| Net earnings (losses) from continuing operations | 63,231 | 39,658 | (22,730 | ) | 21,441 | 68,048 | (2,270 | ) | 11,532 | 24,852 | ||||||||||||||
| Net earnings from discontinued operations | -- | -- | -- | -- | -- | -- | -- | 554,933 | ||||||||||||||||
| Net earnings (losses) | 63,231 | 39,658 | (22,730 | ) | 21,441 | 68,048 |
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