CI Financial (CIX) Q4 2024 earnings summary

Executive summary

• Q4 2024 IFRS results reflect significant charges from the take-private transaction, including revaluation of preferred share liability, accelerated equity awards, and deal-related costs, resulting in a net loss attributable to shareholders of $405.4 million.

• Adjusted net income attributable to shareholders was $153.9 million, up 9.0% sequentially, and adjusted diluted EPS was $1.06.

• Total assets reached $529.4 billion, up 19.0% year-over-year, with strong growth in U.S. Wealth Management and positive net inflows in Asset Management.

• Shareholders approved the Mubadala Capital take-private transaction post quarter-end.

Financial highlights

• Q4 total net revenues were $677.8 million, down from $785.4 million in Q3; adjusted net revenues were $799.5 million, up 5.9% sequentially.

• Q4 total expenses rose to $1,046.7 million from $778.1 million in Q3; adjusted expenses were $534.0 million, up 4.1% due to higher SG&A and advisor/dealer fees.

• Adjusted EBITDA attributable to shareholders was $292.7 million, with an adjusted EBITDA margin of 42.6%.

• Operating cash flow was $107.1 million; free cash flow was $179.9 million.

• Paid $28.7 million in dividends at $0.20 per share and repurchased 3.37 million shares for $64.4 million.

Outlook and guidance

• 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.