Onex Corporation (TSX: ONEX) today announced its financial results
for the third quarter and nine months ended September 30, 2024. In
a separate news release issued today, Onex also announced that it
has commenced a Substantial Issuer Bid.
“We are advancing our strategic plan focused on
value creation, accelerating profitability and the long-term
compounding of our investing capital,” said Bobby Le Blanc, CEO and
President. “The third quarter was marked by continued growth in
investing capital per share and successful investing and
realization activity across our platforms. The launch of a
substantial issuer bid reflects our confidence in the inherent
value in our shares, combined with our strong liquidity
position.”
|
Financial Results($ millions except per share
amounts) |
Three Months Ended Sept. 30 |
|
Nine Months Ended Sept. 30 |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Net earnings |
$ |
127 |
|
$ |
256 |
|
$ |
305 |
|
$ |
156 |
|
|
Net earnings per diluted share |
$ |
1.68 |
|
$ |
3.23 |
|
$ |
3.99 |
|
$ |
1.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing segment net earnings |
$ |
121 |
|
$ |
245 |
|
$ |
315 |
|
$ |
489 |
|
|
Asset management segment net earnings (loss) |
|
22 |
|
|
38 |
|
|
3 |
|
|
(44 |
) |
|
Total segment net earnings (1) |
$ |
143 |
|
$ |
283 |
|
$ |
318 |
|
$ |
445 |
|
|
Total segment net earnings per fully diluted share(2) |
$ |
1.88 |
|
$ |
3.58 |
|
$ |
4.11 |
|
$ |
5.51 |
|
|
Asset management fee-related earnings(3) |
$ |
6 |
|
$ |
13 |
|
$ |
- |
|
$ |
9 |
|
|
Total fee-related earnings (loss)(4) |
$ |
- |
|
$ |
8 |
|
$ |
(20 |
) |
$ |
(12 |
) |
|
Distributable earnings(5) |
$ |
267 |
|
$ |
223 |
|
$ |
386 |
|
$ |
658 |
|
|
|
Substantial Issuer Bid
Onex announced today that it has launched a
substantial issuer bid (the “Offer”) to repurchase up to C$400
million of its Subordinate Voting Shares. The Offer commences today
and expires on December 13, 2024 unless extended or withdrawn.
Further details are available in the separate news release issued
today. Given its strong liquidity position, Onex is confident in
being able to execute on the Offer while continuing to invest in
priority areas.
Highlights
- Onex’ investing capital per fully
diluted share(6) returned 3% for the three months ended September
30, 2024. Onex had approximately $8.5 billion of investing
capital, or $113.37 (C$153.04) per fully diluted share at September
30, 2024. Onex’ investing capital per fully diluted share has had a
compound annual return of 9% for the 12 months ended September 30,
2024, and 14% over the last five years.
- Onex’ private equity investments
had net gains of $96 million or a return of 2% in the third quarter
of 2024(7) (Q3 2023: net gains of $190 million or a return of 4%).
Investments in Credit strategies generated net gains of $29 million
or a return of 3% in the third quarter of 2024(8) (Q3 2023: net
gains of $44 million or a return of 6%).
- Onex raised approximately $2.1
billion in fee-generating capital across its Private Equity and
Credit platforms in the third quarter.
- To date, the
Onex Partners Opportunities Fund has raised aggregate commitments
approaching $1.2 billion, including pending co-investment
commitments and Onex’ commitment of $400 million. The Fund entered
into an agreement to acquire Farsound, which is expected to close
in the fourth quarter. In October, the Fund also acquired a
majority interest in Fischbach.
- ONCAP V has reached
aggregate commitments of more than $1.0 billion, including Onex’
commitment of $250 million, and continues to show positive
fundraising momentum.
- The sales of ASM Global and Englobe
were completed in the third quarter and the partial realization of
PowerSchool closed in October. Collectively, our private equity
teams have returned approximately $2.7 billion of capital to
Limited Partners so far in 2024, including approximately $910
million to Onex.
- Onex has raised or extended a total
of $10.6 billion of fee-generating assets across its CLO platform
so far in 2024. Activity in Q3 includes closing of our 34th and
35th U.S. CLOs and 10th European CLO for approximately $1.5 billion
in new fee-generating assets. In Q3 we also priced our 36th and
37th U.S. CLOs and 11th European CLO which will add approximately
$1.7 billion in fee-generating assets in Q4 2024.
- Onex repurchased 2,179,882
Subordinate Voting Shares (SVS) in the third quarter for a total
cost of $144 million (C$197 million) or an average cost per share
of $66.13 (C$90.25). Onex has repurchased 3,943,482 SVS over the 12
months ended September 30, 2024.
- Onex had $34.1 billion of
fee-generating assets under management at September 30, 2024, a 4%
increase from the prior quarter.
- Run-rate management fees(9)
increased to $187 million at September 30, 2024.
- Unrealized carried interest from
funds managed by Onex was $270 million at September 30, 2024.
- Onex’ cash and near-cash(10)
balance was $1.6 billion or 19% of Onex’ investing capital as of
September 30, 2024 (December 31, 2023 – $1.5 billion or 17% of
Onex’ investing capital).
Webcast
Onex management will host a webcast to review
Onex’ third quarter 2024 results on Friday, November 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, investing capital,
fee-related earnings (loss), distributable earnings, and cash and
near-cash changes for the three and nine months ended September 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 $50
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 September 30 |
|
|
|
2024(i) |
2023(i) |
|
|
(Unaudited)($ millions except per share amounts) |
|
Investing |
|
|
Asset Management |
|
|
Total |
|
Total |
|
|
Segment income |
$ |
121 |
|
$ |
73 |
|
$ |
194 |
|
$ |
342 |
|
|
Segment expenses |
|
– |
|
|
(51 |
) |
|
(51 |
) |
|
(59 |
) |
|
Segment net earnings |
$ |
121 |
|
$ |
22 |
|
$ |
143 |
|
$ |
283 |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
(7 |
) |
|
(14 |
) |
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
(2 |
) |
|
(5 |
) |
|
Restructuring expenses, net |
|
|
|
(3 |
) |
|
(5 |
) |
|
Unrealized carried interest included in segment net earnings –
Credit |
|
(2 |
) |
|
(5 |
) |
|
Unrealized performance fees included in segment net earnings |
|
(1 |
) |
|
– |
|
|
Integration expenses |
|
– |
|
|
(3 |
) |
|
Net impairment reversal of property and equipment |
|
– |
|
|
7 |
|
|
Other net expenses |
|
(1 |
) |
|
(2 |
) |
|
Net earnings |
|
|
|
|
|
$ |
127 |
|
$ |
256 |
|
|
|
|
|
|
|
|
|
|
|
|
Segment net earnings per fully diluted share |
$ |
1.58 |
|
$ |
0.30 |
|
$ |
1.88 |
|
$ |
3.58 |
|
|
Net earnings per share |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
$ |
1.68 |
|
$ |
3.24 |
|
|
Diluted |
|
|
|
|
|
$ |
1.68 |
|
$ |
3.23 |
|
(i) Refer to pages 20 and 21 of Onex’ Q3 2024
Interim MD&A for further details concerning the composition of
segmented results.
|
|
|
Nine months ended September 30 |
|
|
|
2024(i) |
2023(i) |
|
|
(Unaudited)($ millions except per share amounts) |
|
Investing |
|
|
Asset Management |
|
|
Total |
|
Total |
|
|
Segment income |
$ |
315 |
|
$ |
182 |
|
$ |
497 |
|
$ |
663 |
|
|
Segment expenses |
|
– |
|
|
(179 |
) |
|
(179 |
) |
|
(218 |
) |
|
Segment net earnings |
$ |
315 |
|
$ |
3 |
|
$ |
318 |
|
$ |
445 |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
(3 |
) |
|
(42 |
) |
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
(12 |
) |
|
(20 |
) |
|
Restructuring expenses, net |
|
|
|
(11 |
) |
|
(40 |
) |
|
Carried interest from Falcon Funds previously recognized in segment
net earnings |
|
25 |
|
|
– |
|
|
Unrealized carried interest included in segment net earnings –
Credit |
|
(5 |
) |
|
(11 |
) |
|
Unrealized performance fees included in segment net earnings |
|
(5 |
) |
|
(5 |
) |
|
Integration expenses |
|
– |
|
|
(3 |
) |
|
Net impairment of goodwill, intangible assets and property and
equipment |
|
– |
|
|
(164 |
) |
|
Other net expenses |
|
(1 |
) |
|
(1 |
) |
|
Earnings before income taxes |
|
306 |
|
|
159 |
|
|
Provision for income taxes |
|
(1 |
) |
|
(3 |
) |
|
Net earnings |
|
|
|
|
|
$ |
305 |
|
$ |
156 |
|
|
|
|
|
|
|
|
|
|
|
|
Segment net earnings per fully diluted share |
$ |
4.05 |
|
$ |
0.06 |
|
$ |
4.11 |
|
$ |
5.51 |
|
|
Net earnings per share |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
$ |
3.99 |
|
$ |
1.94 |
|
|
Diluted |
|
|
|
|
|
$ |
3.99 |
|
$ |
1.94 |
|
(i) Refer to pages 20 and 22 of Onex’ Q3 2024
Interim MD&A for further details concerning the composition of
segmented results.
Investing
Capital(i)
|
(Unaudited)($ millions except per share amounts) |
September 30, 2024 |
December 31, 2023 |
|
Private Equity |
|
|
|
|
|
Onex Partners Funds |
$ |
4,314 |
$ |
4,445 |
|
ONCAP Funds |
|
818 |
|
929 |
|
Other Private Equity |
|
555 |
|
407 |
|
Carried Interest |
|
253 |
|
252 |
|
|
|
5,940 |
|
6,033 |
|
Private Credit |
|
|
|
|
|
Investments |
|
888 |
|
904 |
|
Carried Interest |
|
17 |
|
12 |
|
|
|
905 |
|
916 |
|
|
|
|
|
|
|
Real Estate |
|
– |
|
18 |
|
Cash and Near-Cash |
|
1,599 |
|
1,466 |
|
Other Net Assets |
|
29 |
|
– |
|
Investing Capital |
$ |
8,473 |
$ |
8,433 |
|
Investing Capital per fully diluted share (U.S.
dollars)(ii) |
$ |
113.37 |
$ |
107.82 |
|
Investing Capital per fully diluted share (Canadian
dollars)(ii) |
$ |
153.04 |
$ |
142.61 |
(i) Refer to the glossary in Onex’ Q3 2024
Interim MD&A for further details concerning the composition of
investing capital.(ii) Fully diluted shares for investing capital
per share were 74.7 million at September 30, 2024.
Fee-Related Earnings (Loss) and
Distributable Earnings
|
(Unaudited)($ millions) |
Three months endedSeptember 30, 2024 |
|
Three Months EndedSeptember 30,
2023 |
|
|
Private EquityManagement and advisory fees |
$ |
24 |
|
$ |
31 |
|
|
Total fee-related revenues from Private Equity |
|
24 |
|
|
31 |
|
|
Compensation expense |
|
(16 |
) |
|
(18 |
) |
|
Support and other net expenses |
|
(10 |
) |
|
(7 |
) |
|
Net contribution |
$ |
(2 |
) |
$ |
6 |
|
|
CreditManagement and advisory feesPerformance
fees |
$ |
251 |
|
$ |
341 |
|
|
Other income |
|
1 |
|
|
1 |
|
|
Total fee-related revenues from Credit |
$ |
27 |
|
$ |
36 |
|
|
Compensation expense |
|
(10 |
) |
|
(16 |
) |
|
Support and other net expenses |
|
(9 |
) |
|
(13 |
) |
|
Net contribution |
$ |
8 |
|
$ |
7 |
|
|
|
|
|
|
|
|
Asset management fee-related earnings |
$ |
6 |
|
$ |
13 |
|
|
|
|
|
|
|
|
Public Company and Onex Capital Investing |
|
|
|
|
|
Compensation expense |
$ |
(4 |
) |
$ |
(3 |
) |
|
Other net expenses |
|
(2 |
) |
|
(2 |
) |
|
Total expenses |
$ |
(6 |
) |
$ |
(5 |
) |
|
|
|
|
|
|
|
Total fee-related earnings (loss) |
$ |
– |
|
$ |
8 |
|
|
|
|
|
|
|
|
Realized carried interest(i) |
$ |
10 |
|
$ |
1 |
|
|
Net realized gain on corporate investments |
|
257 |
|
|
214 |
|
|
Distributable earnings |
$ |
267 |
|
$ |
223 |
|
(i) Includes realized carried interest from the
Falcon Funds, when applicable.
|
(Unaudited)($ millions) |
Nine months endedSeptember 30, 2024 |
|
Nine Months EndedSeptember 30,
2023 |
|
|
Private EquityManagement and advisory fees |
$ |
68 |
|
$ |
86 |
|
|
Total fee-related revenues from Private Equity |
|
68 |
|
|
86 |
|
|
Compensation expense |
|
(59 |
) |
|
(61 |
) |
|
Support and other net expenses |
|
(30 |
) |
|
(29 |
) |
|
Net contribution |
$ |
(21 |
) |
$ |
(4 |
) |
|
CreditManagement and advisory feesPerformance
fees |
$ |
827 |
|
$ |
1099 |
|
|
Other income |
|
2 |
|
|
2 |
|
|
Total fee-related revenues from Credit |
$ |
91 |
|
$ |
120 |
|
|
Compensation expense |
|
(35 |
) |
|
(56 |
) |
|
Support and other net expenses |
|
(35 |
) |
|
(51 |
) |
|
Net contribution |
$ |
21 |
|
$ |
13 |
|
|
|
|
|
|
|
|
Asset management fee-related earnings |
$ |
– |
|
$ |
9 |
|
|
|
|
|
|
|
|
Public Company and Onex Capital Investing |
|
|
|
|
|
Compensation expense |
$ |
(10 |
) |
$ |
(10 |
) |
|
Other net expenses |
|
(10 |
) |
|
(11 |
) |
|
Total expenses |
$ |
(20 |
) |
$ |
(21 |
) |
|
|
|
|
|
|
|
Total fee-related earnings (loss) |
$ |
(20 |
) |
$ |
(12 |
) |
|
|
|
|
|
|
|
Realized carried interest(i) |
$ |
17 |
|
$ |
9 |
|
|
Net realized gain on corporate investments |
|
389 |
|
|
661 |
|
|
Distributable earnings |
$ |
386 |
|
$ |
658 |
|
(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 to fee-related
earnings (loss) and distributable earnings during the three months
and nine months ended September 30, 2024 and 2023.
|
(Unaudited)($ millions) |
Three months endedSeptember 30, 2024 |
|
Three months endedSeptember 30,
2023 |
|
|
Net earnings |
$ |
127 |
|
$ |
256 |
|
|
Stock-based compensation expense |
|
7 |
|
|
14 |
|
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
|
2 |
|
|
5 |
|
|
Restructuring expenses, net |
|
3 |
|
|
5 |
|
| Unrealized carried interest
included in segment net earnings – Credit |
|
2 |
|
|
5 |
|
| Unrealized performance fees
included in segment net earnings |
|
1 |
|
|
– |
|
| Integration expenses |
|
– |
|
|
3 |
|
| Net impairment reversal of
property and equipment |
|
– |
|
|
(7 |
) |
|
Other net expenses |
|
1 |
|
|
2 |
|
|
Total segment net earnings |
|
143 |
|
|
283 |
|
|
Net unrealized increase in carried interest(i) |
|
(12 |
) |
|
(29 |
) |
|
Net unrealized loss (gain) on corporate investments |
|
136 |
|
|
(31 |
) |
|
Distributable earnings |
|
267 |
|
|
223 |
|
|
Less: Realized carried interest(i) |
|
(10 |
) |
|
(1 |
) |
|
Less: Net realized gain on corporate investments |
|
(257 |
) |
|
(214 |
) |
|
Total fee-related earnings |
$ |
– |
|
$ |
8 |
|
|
(i) Includes carried interest Onex is entitled to
from the Falcon Funds. |
|
(Unaudited)($ millions) |
Nine months endedSeptember 30,
2024 |
|
Nine months endedSeptember 30,
2023 |
|
|
Net earnings |
$ |
305 |
|
$ |
156 |
|
|
Provision for income taxes |
|
1 |
|
|
3 |
|
|
Earnings before income taxes |
|
306 |
|
|
159 |
|
|
Stock-based compensation expense |
|
3 |
|
|
42 |
|
|
Amortization of property, equipment and intangible assets,
excluding right-of-use assets |
|
12 |
|
|
20 |
|
|
Restructuring expenses, net |
|
11 |
|
|
40 |
|
| Carried interest from Falcon
funds previously recognized in segment net earnings |
|
(25 |
) |
|
– |
|
| Unrealized carried interest
included in segment net earnings – Credit |
|
5 |
|
|
11 |
|
| Unrealized performance fees
included in segment net earnings |
|
5 |
|
|
5 |
|
| Integration expenses |
|
– |
|
|
3 |
|
| Net impairment of goodwill,
intangible assets and property and equipment |
|
– |
|
|
164 |
|
|
Other net expenses |
|
1 |
|
|
1 |
|
|
Total segment net earnings |
|
318 |
|
|
445 |
|
|
Net unrealized decrease (increase) in carried interest(i) |
|
(12 |
) |
|
41 |
|
|
Net unrealized loss on corporate investments |
|
80 |
|
|
172 |
|
|
Distributable earnings |
|
386 |
|
|
658 |
|
|
Less: Realized carried interest(i) |
|
(17 |
) |
|
(9 |
) |
|
Less: Net realized gain on corporate investments |
|
(389 |
) |
|
(661 |
) |
|
Total fee-related earnings (loss) |
$ |
(20 |
) |
$ |
(12 |
) |
|
(i) Includes carried interest Onex is entitled to
from the Falcon Funds. |
Cash and Near-Cash
The table below provides a breakdown of cash and
near-cash at Onex as at September 30, 2024 and December 31,
2023.
|
(Unaudited)($ millions) |
September 30, 2024 |
|
December 31, 2023 |
|
|
Cash and cash equivalents within Investment Holding
Companies(i) |
$ |
687 |
|
$ |
398 |
|
|
Management fees and recoverable fund expenses receivable(ii) |
|
542 |
|
|
615 |
|
|
Cash and cash equivalents – Investing segment(iii) |
|
205 |
|
|
142 |
|
|
Treasury investments within Investment Holding Companies |
|
118 |
|
|
197 |
|
|
Subscription financing and short-term loan receivable(iv) |
|
47 |
|
|
114 |
|
|
Cash and near-cash |
$ |
1,599 |
|
$ |
1,466 |
|
(i) Excludes cash and cash equivalents for Onex’
share of uncalled expenses payable by the Investment Holding
Companies of $34 million (December 31, 2023 - $35 million) and $2
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). The
December 31, 2023 balance also includes $22 million of restricted
cash and cash equivalents for which the Company can readily remove
the external restriction or for which the restriction will be
removed in the near term.
(ii) Includes management fees and recoverable
fund expenses receivable from certain funds which Onex has elected
to defer cash receipt from.
(iii) Excludes cash and cash equivalents allocated to the asset
management segment related to accrued incentive compensation ($70
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 $47 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 $37 million related to a short-term loan receivable
from an Onex Partners operating company, which was repaid during
the nine months ended September 30, 2024.
The table below provides a reconciliation of the
change in cash and near-cash from December 31, 2023 to September
30, 2024.
|
(Unaudited)($ millions) |
|
|
|
Cash and near-cash at December 31, 2023 |
$ |
1,466 |
|
|
Private equity realizations and distributions |
|
578 |
|
|
Private equity investments |
|
(223 |
) |
|
Net private credit strategies investment activity |
|
76 |
|
|
Share repurchases, dividends
and net cash paid for stock-based compensation |
(270 |
) |
| Reversal of Onex
Falcon contingent consideration |
15 |
|
|
Net other, including cash flows from asset management activities,
operating costs and changes in
working capital |
|
(43 |
) |
|
Cash and near-cash at September 30, 2024 |
$ |
1,599 |
|
(1) Refer to pages 20, 21 and 22 of Onex’ Q3
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 is provided in the
supplementary financial schedules in this press release.(2) Refer
to the glossary in Onex’ Q3 2024 Interim MD&A for details
concerning the composition of fully diluted shares. (3) Asset
management fee-related earnings 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.
Refer to the 2024 Year-To-Date Results & Activity section of
Onex’ Q3 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. Refer to the 2024 Year-To-Date Results & Activity
section of Onex’ Q3 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’ Q3 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 10 of Onex’
Q3 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’ Q3 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 $275
million at September 30, 2024 (December 31, 2023 - $265 million).
Refer to the Cash and Near-Cash section of Onex’ Q3 2024 Interim
MD&A and the supplementary financial schedules in this press
release for further details concerning Onex’ cash and
near-cash.
Onex (TSX:ONEX)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Onex (TSX:ONEX)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
