CI Financial (CIX) Q4 2024 earnings summary

Executive summary

• Reported a net loss attributable to shareholders of $411.0 million for 2024, mainly due to non-cash charges and transaction-related expenses, including revaluation of preferred share liability and accelerated equity awards; Q4 net loss was $405.4 million.

• Adjusted net income rose to $563.3 million in 2024 from $533.8 million in 2023, with Q4 adjusted net income of $153.9 million, up 9.0% sequentially.

• Total assets under management and client assets reached $529.4 billion at year-end, up 19% year-over-year, driven by acquisitions and strong U.S. Wealth Management growth.

• Entered into a privatization agreement with Mubadala Capital at $32.00 per share, with shareholder and court approval received in February 2025; closing expected in Q2 2025.

Financial highlights

• Total net revenue increased to $3,094.9 million in 2024 from $2,746.0 million in 2023; Q4 total net revenues were $677.8 million.

• Adjusted EBITDA was $1,240.0 million for 2024, up from $1,095.8 million in 2023; Q4 adjusted EBITDA was $292.7 million, with a margin of 42.6%.

• Free cash flow for 2024 was $680.1 million, up from $648.7 million in 2023; Q4 free cash flow was $179.9 million.

• Net debt at year-end was $3.9 billion, with a net debt to adjusted EBITDA ratio of 3.3x.

• Dividends paid totaled $120.1 million in 2024, with $28.7 million paid in Q4; future dividends suspended post-privatization agreement.

Outlook and guidance

• Anticipates closing the Mubadala privatization in late Q2 2025, with shares to be delisted from TSX.

• Mubadala Capital to provide up to $750 million additional cash at closing to reduce preferred equity.

• No further dividends will be declared under the terms of the privatization agreement.

• No further monthly asset updates or earnings calls are planned due to the pending privatization; forward-looking statements caution on risks related to the transaction, market conditions, and regulatory changes.