Onex Corporation (TSX: ONEX) today announced its financial results
for the second quarter and six months ended June 30, 2024.
“We made solid progress in the quarter including
growth in investing capital per share, raising new capital across
our platforms and crystallizing attractive returns through
realization activity,” said Bobby Le Blanc, CEO and President of
Onex. “We remain focused on areas where we have the right to
compete and intend to allocate our capital and resources to
opportunities with the greatest potential to drive long-term
shareholder value.”
|
Financial Results($ millions except per share
amounts) |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
|
2024 |
2023 |
2024 |
2023 |
|
Net earnings (loss) |
$ |
168 |
|
$ |
132 |
|
$ |
178 |
|
$ |
(100 |
) |
|
Net earnings (loss) per diluted share |
$ |
2.19 |
|
$ |
1.63 |
|
$ |
2.31 |
|
$ |
(1.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
Investing segment net earnings |
$ |
140 |
|
$ |
200 |
|
$ |
194 |
|
$ |
244 |
|
|
Asset management segment net earnings (loss) |
|
7 |
|
|
(13 |
) |
|
(19 |
) |
|
(82 |
) |
|
Total segment net earnings (1) |
$ |
147 |
|
$ |
187 |
|
$ |
175 |
|
$ |
162 |
|
|
Total segment net earnings per fully diluted share(2) |
$ |
1.89 |
|
$ |
2.29 |
|
$ |
2.22 |
|
$ |
1.97 |
|
|
Asset management fee-related earnings (loss)(3) |
$ |
(2 |
) |
$ |
4 |
|
$ |
(6 |
) |
$ |
(4 |
) |
|
Total fee-related earnings (loss)(4) |
$ |
(8 |
) |
$ |
(4 |
) |
$ |
(20 |
) |
$ |
(20 |
) |
|
Distributable earnings(5) |
$ |
74 |
|
$ |
367 |
|
$ |
119 |
|
$ |
435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highlights
- Onex’ investing capital per fully
diluted share(6) increased 3% for the three months ended June 30,
2024. Onex had approximately $8.5 billion of investing
capital, or $110.35 (C$151.04) per fully diluted share at June 30,
2024. Onex’ investing capital per fully diluted share has had a
compound annual return of 11% for the 12 months ended June 30,
2024, and 13% over the last five years.
- Onex’ private equity investments
had net gains of $121 million or a return of 2% in the second
quarter of 2024(7) (Q2 2023: net gains of $174 million or a return
of 3%). Investments in Credit strategies generated net gains of $17
million or a return of 1% in the second quarter of 2024(8) (Q2
2023: net gains of $27 million or a return of 4%).
- Onex Partners V completed the
acquisition of Accredited, a specialty insurance company operating
in North America and Europe that provides underwriting capacity to
Managing General Agents with support from the global reinsurance
market.
- Onex Partners IV entered into a
definitive agreement to sell 34.8 million shares of PowerSchool in
connection with a take-private transaction. Onex’ share of net
proceeds is expected to be approximately $255 million when the
transaction closes, which is expected to occur in the second half
of 2024. The previously announced sale of ASM by Onex Partners is
expected to provide Onex with net proceeds of approximately $275
million upon its anticipated closing in the third quarter.
- In June, ONCAP IV
sold its investment in Wyse Meter Solutions to a single-asset
continuation fund managed by ONCAP, with an initial term of five
years. Onex’ share of the net proceeds from this transaction was
$45 million. In July, ONCAP II completed the sale of Englobe
Corporation. Onex’ share of the net proceeds from the transaction
was approximately $100 million.
- Onex raised
approximately $2.2 billion in fee-generating capital across its
Private Equity and Credit platforms in the second quarter. To date,
the Onex Partners Opportunities Fund has raised aggregate
commitments of approximately $820 million, including Onex’
commitment of $400 million. ONCAP V has reached aggregate
commitments of approximately $970 million, including Onex’
commitment of $250 million.
- Onex has raised or extended a total
of $7.0 billion of fee-generating assets across its CLO platform so
far in 2024. This includes closing its 32nd and 33rd U.S. CLOs and
9th European CLO for approximately $1.5 billion in fee-generating
assets, and pricing its 34th U.S. CLO and 10th European CLO which
will add approximately $1.2 billion in fee-generating assets upon
their expected closings in Q3 2024.
- Onex agreed to a separation of Onex
Falcon to operate as an independent entity in which Onex will
continue to own a 20% interest and maintain future carried interest
considerations.
- Onex repurchased 879,719
Subordinate Voting Shares (SVS) in the second quarter for a total
cost of $62 million (C$84 million) or an average cost per share of
$70.17 (C$96.02). Onex has repurchased 3,854,509 SVS over the 12
months ended June 2024.
- Onex had $32.9 billion of
fee-generating assets under management (FGAUM) at June 30, 2024, a
decrease of 3% from 2023 year-end. The decline in FGAUM resulted
from the separation of Onex Falcon and was partially offset by new
capital raised across the Credit and Private Equity platforms.
- Run-rate management fees(9) at June
30, 2024 were $179 million.
- Unrealized carried interest from
funds managed by Onex was $258 million at June 30, 2024.
- Onex’ cash and near-cash(10)
balance was $1.4 billion or 16% of Onex’ investing capital as of
June 30, 2024 (December 31, 2023 – $1.5 billion or 17% of
Onex’ investing capital).
Webcast
Onex management will host a webcast to review
Onex’ second quarter 2024 results on Thursday, August 8, 2024 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 six months ended June
30, 2024. The financial statements prepared in accordance with IFRS
Accounting Standards, 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.sedarplus.ca. A
supplemental information package with additional information is
available on Onex’ website, www.onex.com.
About Onex
Onex invests and manages capital on behalf of
its shareholders and clients across the globe. Formed in 1984, we
have a long track record of creating value for our clients and
shareholders. Our investors include a broad range of global
clients, including public and private pension plans, sovereign
wealth funds, insurance companies, family offices and
high-net-worth individuals. In total, Onex has approximately $49
billion in assets under management, of which $8.5 billion is Onex’
own investing capital. With offices in Toronto, New York, New
Jersey 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 Accounting Standards. The
presentation of financial measures in this manner does not have a
standardized meaning prescribed under IFRS Accounting Standards and
is therefore unlikely to be comparable to similar financial
measures presented by other companies. Onex management believes
these financial measures and ratios provide useful 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 June 30 |
|
|
|
2024(i) |
2023(i) |
|
(Unaudited)($ millions except per share amounts) |
|
Investing |
|
Asset Management |
|
Total |
Total |
|
Segment income |
$ |
140 |
$ |
69 |
|
$ |
209 |
|
$ |
259 |
|
|
Segment expenses |
|
– |
|
(62 |
) |
|
(62 |
) |
|
(72 |
) |
|
Segment net earnings |
$ |
140 |
$ |
7 |
|
$ |
147 |
|
$ |
187 |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation recovery (expense) |
|
|
|
|
|
14 |
|
|
(31 |
) |
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
(5 |
) |
|
(5 |
) |
|
Restructuring expenses, net |
|
|
|
(11 |
) |
|
(15 |
) |
|
Carried interest from Falcon funds previously recognized in segment
net earnings |
|
25 |
|
|
– |
|
|
Unrealized decrease in carried interest included in segment net
earnings – Credit |
|
1 |
|
|
– |
|
|
Unrealized performance fees included in segment net earnings |
|
(1 |
) |
|
(2 |
) |
|
Other net expenses |
|
(1 |
) |
|
(1 |
) |
|
Earnings before income taxes |
|
169 |
|
|
133 |
|
|
Provision for income taxes |
|
(1 |
) |
|
(1 |
) |
|
Net earnings |
|
|
|
|
$ |
168 |
|
$ |
132 |
|
|
|
|
|
|
|
|
|
|
|
Segment net earnings per fully diluted share |
$ |
1.79 |
$ |
0.10 |
|
$ |
1.89 |
|
$ |
2.29 |
|
|
Net earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
$ |
2.20 |
|
$ |
1.63 |
|
|
Diluted |
|
|
|
|
$ |
2.19 |
|
$ |
1.63 |
|
(i) Refer to pages 20 and 21 of Onex’ Q2 2024
Interim MD&A for further details concerning the composition of
segmented results.
|
|
|
Six months ended June 30 |
|
|
|
2024(i) |
2023(i) |
|
(Unaudited)($ millions except per share amounts) |
|
Investing |
|
Asset Management |
|
Total |
Total |
|
Segment income |
$ |
194 |
$ |
109 |
|
$ |
303 |
|
$ |
321 |
|
|
Segment expenses |
|
– |
|
(128 |
) |
|
(128 |
) |
|
(159 |
) |
|
Segment net earnings (loss) |
$ |
194 |
$ |
(19 |
) |
$ |
175 |
|
$ |
162 |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation recovery (expense) |
|
|
|
|
|
4 |
|
|
(28 |
) |
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
(10 |
) |
|
(15 |
) |
|
Restructuring expenses, net |
|
|
|
(8 |
) |
|
(35 |
) |
|
Carried interest from Falcon funds previously recognized in segment
net earnings (loss) |
|
25 |
|
|
– |
|
|
Unrealized carried interest included in segment net earnings (loss)
– Credit |
|
(3 |
) |
|
(6 |
) |
|
Unrealized performance fees included in segment net earnings
(loss) |
|
(4 |
) |
|
(5 |
) |
|
Impairment of goodwill, intangible assets and property and
equipment |
|
– |
|
|
(171 |
) |
|
Other net income |
|
– |
|
|
1 |
|
|
Earnings (loss) before income taxes |
|
179 |
|
|
(97 |
) |
|
Provision for income taxes |
|
(1 |
) |
|
(3 |
) |
|
Net earnings (loss) |
|
|
|
|
$ |
178 |
|
$ |
(100 |
) |
|
|
|
|
|
|
|
|
|
|
Segment net earnings (loss) per fully diluted share |
$ |
2.46 |
$ |
(0.24 |
) |
$ |
2.22 |
|
$ |
1.97 |
|
|
Net earnings (loss) per share |
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
$ |
2.32 |
|
$ |
(1.24 |
) |
|
Diluted |
|
|
|
|
$ |
2.31 |
|
$ |
(1.24 |
) |
(ii) Refer to pages 20 and 22 of Onex’ Q2 2024
Interim MD&A for further details concerning the composition of
segmented results.
Investing
Capital(i)
|
(Unaudited)($ millions except per share amounts) |
June 30, 2024 |
December 31, 2023 |
|
Private Equity |
|
|
|
|
|
|
|
Onex Partners Funds |
$ |
4,592 |
|
$ |
4,445 |
|
|
ONCAP Funds |
|
909 |
|
|
929 |
|
|
Other Private Equity |
|
491 |
|
|
407 |
|
|
Carried Interest |
|
243 |
|
|
252 |
|
|
|
|
6,235 |
|
|
6,033 |
|
|
Private Credit |
|
|
|
|
|
Investments |
|
871 |
|
|
907 |
|
|
Carried Interest |
|
15 |
|
|
12 |
|
|
|
|
886 |
|
|
919 |
|
|
|
|
|
|
|
|
Real Estate |
|
– |
|
|
18 |
|
|
Cash and Near-Cash |
|
1,362 |
|
|
1,466 |
|
|
Other Net Liabilities |
|
(3 |
) |
|
(3 |
) |
|
Investing Capital |
$ |
8,480 |
|
$ |
8,433 |
|
|
Investing Capital per fully diluted share (U.S.
dollars)(ii) |
$ |
110.35 |
|
$ |
107.82 |
|
|
Investing Capital per fully diluted share (Canadian
dollars)(ii) |
$ |
151.04 |
|
$ |
142.61 |
|
(i) Refer to the glossary in Onex’ Q2 2024
Interim MD&A for further details concerning the composition of
investing capital.(ii) Fully diluted shares for investing capital
per share were 76.8 million at June 30, 2024.
Fee-Related Earnings (Loss) and
Distributable Earnings
|
(Unaudited)($ millions) |
Three months endedJune 30,
2024 |
Three Months EndedJune 30,
2023 |
|
Private EquityManagement and advisory fees |
$ |
22 |
|
$ |
28 |
|
|
Total fee-related revenues from Private Equity |
|
22 |
|
|
28 |
|
|
Compensation expense |
|
(21 |
) |
|
(20 |
) |
|
Support and other net expenses |
|
(10 |
) |
|
(11 |
) |
|
Net contribution |
$ |
(9 |
) |
$ |
(3 |
) |
|
|
|
|
|
|
|
CreditManagement and advisory fees |
$ |
29 |
|
$ |
37 |
|
|
Performance fees |
|
2 |
|
|
3 |
|
|
Other income |
|
1 |
|
|
– |
|
|
Total fee-related revenues from Credit |
$ |
32 |
|
$ |
40 |
|
|
Compensation expense |
|
(11 |
) |
|
(17 |
) |
|
Support and other net expenses |
|
(14 |
) |
|
(16 |
) |
|
Net contribution |
$ |
7 |
|
$ |
7 |
|
|
|
|
|
|
|
|
Asset management fee-related earnings (loss) |
$ |
(2 |
) |
$ |
4 |
|
|
|
|
|
|
|
|
Public Company and Onex Capital Investing |
|
|
|
|
|
Compensation expense |
$ |
(2 |
) |
$ |
(3 |
) |
|
Other net expenses |
|
(4 |
) |
|
(5 |
) |
|
Total expenses |
$ |
(6 |
) |
$ |
(8 |
) |
|
|
|
|
|
|
|
Total fee-related earnings (loss) |
$ |
(8 |
) |
$ |
(4 |
) |
|
|
|
|
|
|
|
Realized carried interest(i) |
$ |
4 |
|
$ |
– |
|
|
Net realized gain on corporate investments |
|
78 |
|
|
371 |
|
|
Distributable earnings |
$ |
74 |
|
$ |
367 |
|
(i) Includes realized carried interest from the
Falcon Funds, when applicable.
|
(Unaudited)($ millions) |
Six months endedJune 30,
2024 |
Six Months EndedJune 30,
2023 |
|
Private EquityManagement and advisory fees |
$ |
44 |
|
$ |
55 |
|
|
Total fee-related revenues from Private Equity |
|
44 |
|
|
55 |
|
|
Compensation expense |
|
(43 |
) |
|
(43 |
) |
|
Support and other net expenses |
|
(20 |
) |
|
(22 |
) |
|
Net contribution |
$ |
(19 |
) |
$ |
(10 |
) |
|
|
|
|
|
|
|
CreditManagement and advisory fees |
$ |
57 |
|
$ |
75 |
|
|
Performance fees |
|
6 |
|
|
8 |
|
|
Other income |
|
1 |
|
|
1 |
|
|
Total fee-related revenues from Credit |
$ |
64 |
|
$ |
84 |
|
|
Compensation expense |
|
(25 |
) |
|
(40 |
) |
|
Support and other net expenses |
|
(26 |
) |
|
(38 |
) |
|
Net contribution |
$ |
13 |
|
$ |
6 |
|
|
|
|
|
|
|
|
Asset management fee-related earnings (loss) |
$ |
(6 |
) |
$ |
(4 |
) |
|
|
|
|
|
|
|
Public Company and Onex Capital Investing |
|
|
|
|
|
Compensation expense |
$ |
(6 |
) |
$ |
(7 |
) |
|
Other net expenses |
|
(8 |
) |
|
(9 |
) |
|
Total expenses |
$ |
(14 |
) |
$ |
(16 |
) |
|
|
|
|
|
|
|
Total fee-related earnings (loss) |
$ |
(20 |
) |
$ |
(20 |
) |
|
|
|
|
|
|
|
Realized carried interest(i) |
$ |
7 |
|
$ |
8 |
|
|
Net realized gain on corporate investments |
|
132 |
|
|
447 |
|
|
Distributable earnings |
$ |
119 |
|
$ |
435 |
|
(i) Includes realized carried interest from the
Falcon Funds, when applicable.
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 six months ended June 30, 2024 and 2023.
|
(Unaudited)($ millions) |
Three months endedJune 30,
2024 |
Three months endedJune 30,
2023 |
|
Net earnings |
$ |
168 |
|
$ |
132 |
|
|
Provision for income taxes |
|
1 |
|
|
1 |
|
|
Earnings before income taxes |
|
169 |
|
|
133 |
|
|
Stock-based compensation expense (recovery) |
|
(14 |
) |
|
31 |
|
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
5 |
|
|
5 |
|
|
Restructuring expenses, net |
|
11 |
|
|
15 |
|
| Carried interest from
Falcon funds previously recognized in segment net earnings |
(25 |
) |
|
– |
|
| Unrealized decrease
in carried interest included in segment net earnings – Credit |
(1 |
) |
|
– |
|
| Unrealized
performance fees included in segment net earnings |
1 |
|
|
2 |
|
|
Other net expenses |
|
1 |
|
|
1 |
|
|
Total segment net earnings |
|
147 |
|
|
187 |
|
|
Net unrealized decrease (increase) in carried interest(i) |
|
(17 |
) |
|
9 |
|
|
Net unrealized loss (gain) on corporate investments |
|
(56 |
) |
|
171 |
|
|
Distributable earnings |
|
74 |
|
|
367 |
|
|
Less: Realized carried interest(i) |
|
(4 |
) |
|
– |
|
|
Less: Net realized gain on corporate investments |
|
(78 |
) |
|
(371 |
) |
|
Total fee-related earnings (loss) |
$ |
(8 |
) |
$ |
(4 |
) |
|
(i) Includes carried interest Onex is entitled to from the Falcon
Funds, when applicable. |
|
|
|
(Unaudited)($ millions) |
Six months endedJune 30,
2024 |
Six months endedJune 30,
2023 |
|
Net earnings (loss) |
$ |
178 |
|
$ |
(100 |
) |
|
Provision for income taxes |
|
1 |
|
|
3 |
|
|
Earnings (loss) before income taxes |
|
179 |
|
|
(97 |
) |
|
Stock-based compensation expense (recovery) |
|
(4 |
) |
|
28 |
|
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
10 |
|
|
15 |
|
|
Restructuring expenses, net |
|
8 |
|
|
35 |
|
| Carried interest from
Falcon funds previously recognized in segment net earnings |
(25 |
) |
|
– |
|
| Unrealized carried
interest included in segment net earnings – Credit |
3 |
|
|
6 |
|
| Unrealized
performance fees included in segment net earnings |
4 |
|
|
5 |
|
| Impairment of
goodwill, intangible assets and property and equipment |
– |
|
|
171 |
|
|
Other net income |
|
– |
|
|
(1 |
) |
|
Total segment net earnings |
|
175 |
|
|
162 |
|
|
Net unrealized decrease in carried interest(i) |
|
– |
|
|
70 |
|
|
Net unrealized loss (gain) on corporate investments |
|
(56 |
) |
|
203 |
|
|
Distributable earnings |
|
119 |
|
|
435 |
|
|
Less: Realized carried interest(i) |
|
(7 |
) |
|
(8 |
) |
|
Less: Net realized gain on corporate investments |
|
(132 |
) |
|
(447 |
) |
|
Total fee-related earnings (loss) |
$ |
(20 |
) |
$ |
(20 |
) |
|
(i) Includes carried interest Onex is entitled to from the Falcon
Funds, when applicable. |
Cash and Near-Cash
The table below provides a breakdown of cash and
near-cash at Onex as at June 30, 2024 and December 31, 2023.
|
(Unaudited)($ millions) |
June 30, 2024 |
December 31, 2023 |
|
Management fees and recoverable fund expenses receivable(i) |
$ |
610 |
$ |
615 |
|
Cash and cash equivalents within Investment Holding
Companies(ii) |
|
431 |
|
398 |
|
Treasury investments within Investment Holding Companies |
|
131 |
|
197 |
|
Cash and cash equivalents – Investing segment(iii) |
|
118 |
|
142 |
|
Subscription financing and short-term loan receivable(iv) |
|
72 |
|
114 |
|
Cash and near-cash |
$ |
1,362 |
$ |
1,466 |
(i) Includes management fees and recoverable fund expenses
receivable from certain funds which Onex has elected to defer cash
receipt from.
(ii) Includes restricted cash and cash equivalents of $20
million (December 31, 2023 – $22 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 $32 million (December 31, 2023
- $35 million) and $3 million payable by the Investment Holding
Companies for Onex’ management incentive programs related to a
private equity realization (December 31, 2023 – less than $1
million).
(iii) Excludes cash and cash equivalents allocated to the asset
management segment related to accrued incentive compensation ($58
million (December 31, 2023 – $108 million)). The December 31, 2023
balance also excludes $15 million of cash and cash equivalents
allocated to the asset management segment concerning the contingent
consideration related to the 2020 acquisition of Onex Falcon.
(iv) Includes $72 million of subscription financing receivable,
including interest receivable, attributable to third-party
investors in certain Credit Funds, Onex Partners V and ONCAP V
(December 31, 2023 - $77 million). The December 31, 2023 balance
also includes $37 million related to a short-term loan receivable
from an Onex Partners operating company, which was repaid during
the six months ended June 30, 2024.
The table below provides a reconciliation of the
change in cash and near-cash from June 30, 2024 to December 31,
2023.
|
(Unaudited)($ millions) |
|
|
|
Cash and near-cash at December 31, 2023 |
$ |
1,466 |
|
|
Private equity realizations and distributions |
|
107 |
|
|
Private equity investments |
|
(163 |
) |
|
Net private credit strategies investment activity |
|
66 |
|
|
Share repurchases, dividends and net cash paid for stock-based
compensation |
(118 |
) |
|
Reversal of Onex Falcon contingent consideration |
15 |
|
|
Net other, including cash flows from asset management activities,
operating costs and changes in working capital |
|
(11 |
) |
|
Cash and near-cash at June 30, 2024 |
$ |
1,362 |
|
(1) Refer to pages 20, 21 and 22 of Onex’ Q2
2024 Interim MD&A for further details concerning the
composition of segment net earnings (loss). A reconciliation of
total segment net earnings to net earnings (loss) is provided in
the supplementary financial schedules in this press release.(2)
Refer to the glossary in Onex’ Q2 2024 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 as
issued by the International Accounting Standards Board (“IFRS
Accounting Standards”). Therefore, it may not be comparable to
similar financial measures disclosed by other companies. The most
directly comparable financial measure under IFRS Accounting
Standards to fee-related earnings (loss) is Onex’ net earnings
(loss). Refer to the 2024 Year-To-Date Results & Activity
section of Onex’ Q2 2024 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 Accounting Standards. Therefore, it
may not be comparable to similar financial measures disclosed by
other companies. The most directly comparable financial measure
under IFRS Accounting Standards to distributable earnings is Onex’
net earnings (loss). Refer to the 2024 Year-To-Date Results &
Activity section of Onex’ Q2 2024 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’ Q2 2024 Interim MD&A for details concerning the
composition of investing capital per fully diluted 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 Accounting
Standards. The presentation of these ratios does not have a
standardized meaning prescribed under IFRS Accounting Standards 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 9 of Onex’ Q2
2024 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’ Q2 2024 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 Accounting Standards. The
presentation of these measures does not have standardized meaning
prescribed under IFRS Accounting Standards and therefore might not
be comparable to similar financial measures presented by other
companies. The most directly comparable financial measure under
IFRS Accounting Standards to cash and near-cash is Onex’
consolidated cash and cash equivalents balance, which was $176
million at June 30, 2024 (December 31, 2023 - $265 million). Refer
to the Cash and Near-Cash section of Onex’ Q2 2024 Interim MD&A
and the supplementary financial schedules in this press release for
further details concerning Onex’ cash and near-cash.
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