All per share figures disclosed below are stated
on a diluted basis.
|
For the three months ended March 31, |
2022 |
2021 |
|
($ in thousands, except per share amounts) |
|
|
|
|
|
|
|
Net revenue |
$ |
75,065 |
|
$ |
64,694 |
| Operating earnings |
|
19,366 |
|
|
17,504 |
| Net gains (losses) |
|
(7,982 |
) |
|
41,971 |
| Net earnings |
|
5,815 |
|
|
50,861 |
|
|
|
|
|
|
|
|
| EBITDA(1) |
$ |
26,370 |
|
$ |
23,489 |
| Adjusted cash flow from
operations(1) |
|
19,949 |
|
|
20,523 |
|
|
|
|
|
|
|
|
| Attributable to
shareholders: |
|
|
| Net earnings |
$ |
4,262 |
|
$ |
49,625 |
| EBITDA(1) |
|
23,846 |
|
|
21,211 |
| Adjusted cash flow from
operations (1) |
|
17,755 |
|
|
18,492 |
| Per share, diluted: |
|
|
| Net earnings |
$ |
0.16 |
|
$ |
1.83 |
| EBITDA(1) |
|
0.90 |
|
|
0.78 |
| Adjusted cash flow from
operations (1) |
|
0.67 |
|
|
0.68 |
|
|
|
|
|
As at |
2022 |
2021 |
|
($ in millions, except per share amounts) |
March 31 |
December 31 |
March 31 |
|
|
|
|
|
|
Assets under management |
$ |
53,123 |
$ |
56,341 |
$ |
47,643 |
|
Assets under administration |
|
30,526 |
|
31,508 |
|
28,680 |
|
Total client assets |
|
83,649 |
|
87,849 |
|
76,323 |
| Shareholders' equity |
$ |
828 |
$ |
839 |
$ |
737 |
| Securities |
|
741 |
|
752 |
|
654 |
| |
|
|
|
|
|
|
|
|
| Per share: |
|
|
|
| Shareholders' equity(1) |
$ |
31.27 |
$ |
31.53 |
$ |
27.14 |
| Securities(1) |
|
27.97 |
|
28.27 |
|
24.05 |
|
|
|
|
|
The Company is reporting $83.6 billion in total
client assets as at March 31, 2022, which include assets under
management (“AUM”) and assets under administration (“AUA”). This is
a 5% decrease from $87.8 billion reported as at December 31, 2021,
and a 10% increase from $76.3 billion as at March 31, 2021.
Assets Under Management (“AUM”) were $53.1
billion as at March 31, 2022, a 6% decrease from $56.3 billion as
at December 31, 2021, and a 12% increase from $47.6 billion as at
March 31, 2021. The decrease in the AUM during the current quarter
was driven largely by the negative global financial market
performance, partially offset by net inflow of new assets, while
the increase since March 31, 2021 was due to a combination of the
net inflow of assets throughout 2021, and the net positive
performance in the global equities market. The Company’s Assets
Under Administration (“AUA”) were $30.5 billion as at March 31,
2022, a 3% decrease from $31.5 billion as at December 31, 2021 and
a 6% increase from $28.7 billion as at March 31, 2021.
The Company is reporting Operating earnings of
$19.4 million for the quarter ended March 31, 2022, an increase of
11% or $1.9 million higher than the $17.5 million reported in the
first quarter of 2021. This growth was achieved while continuing to
make investments into the strategically important initiatives to
the buildout of our retail distribution capabilities, to integrate
and enhance the recently acquired businesses and to buildout the
recently launched Guardian Smart Infrastructure Management Inc.,
the private infrastructure business. These initiatives incurred a
combined Operating loss of $2.3 million in the current quarter,
$1.1 million higher than in the first quarter of 2021.
Net revenue for the current quarter grew to
$75.1 million, 16% or $10.4 million higher than the $64.7 million
reported in the same quarter in the prior year. The increase is in
line with our growth in total client assets and reflects our
successful organic growth throughout 2021 and the benefit of net
positive performances in the global financial markets since the
first quarter of 2021.
Expenses in the current quarter were $55.7
million, an $8.5 million increase from $47.2 million in the same
quarter in the prior year. The higher expenses reflect the growth
in our businesses and the strategic investments made into the
initiatives described above.
Net losses in the current quarter were $8.0
million, compared to Net gains of $42.0 million in the same quarter
in the prior year. The largest portion of the Net losses in the
current quarter were due to the declines in fair values of a
portion of our securities holdings exposed to non-Canadian equity
markets. These losses were partially offset by the increase in the
fair value of the BMO shares.
The Company's Net earnings attributable to
shareholders in the current quarter were $4.3 million, compared to
$49.6 million in the same quarter in 2021. The Net losses, as
described above, compared to the large Net gains in the prior year,
had the most significant impact on the change in Net earnings
attributable to shareholders. This was partially offset by the
growth in Operating earnings over the same period.
EBITDA attributable to shareholders(1) for the
current quarter was $23.8 million, compared to $21.2 million in the
same period in the prior year. Adjusted cash flow from operations
attributable to shareholders(1) for the current quarter was $17.8
million, compared to $18.5 million in the same quarter in the prior
year.
The Company’s Shareholders’ equity as at March
31, 2022 was $828 million, or $31.27 per share(1), compared to $839
million, or $31.53 per share(1) as at December 31, 2021, and $737
million, or $27.14 per share(1) as at March 31, 2021. Since
December 31, 2021, the Company returned to shareholders $4.7
million in dividends and $2.3 million in share
buybacks. The fair value of the Company’s Securities as
at March 31, 2022 was $741 million, or $27.97 per
share(1), compared to $752 million, or $28.27 per share(1) as at
December 31, 2021 and $654 million, or $24.05 per share(1) as at
March 31, 2021.
The Board of Directors has declared a quarterly
eligible dividend of $0.24 per share, payable on July 18, 2022, to
shareholders of record on July 11, 2022.
The Company's financial results for the past eight quarters are
summarized in the following table.
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31, 2022 |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
Sep 30, 2020 |
Jun 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As at ($ in millions) |
|
|
|
|
|
|
|
|
|
Assets under management |
$ |
53,123 |
|
$ |
56,341 |
$ |
53,113 |
|
$ |
51,960 |
$ |
47,945 |
$ |
45,984 |
$ |
32,733 |
$ |
31,200 |
|
Assets under administration |
|
30,526 |
|
|
31,508 |
|
30,015 |
|
|
29,582 |
|
28,376 |
|
22,289 |
|
20,755 |
|
20,010 |
| Total client assets |
|
83,649 |
|
|
87,849 |
|
83,128 |
|
|
81,542 |
|
76,321 |
|
68,273 |
|
53,488 |
|
51,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months
ended ($ in thousands) |
|
|
|
|
|
|
| Net revenue |
$ |
75,065 |
|
$ |
78,049 |
$ |
72,384 |
|
$ |
69,960 |
$ |
64,694 |
$ |
63,724 |
$ |
52,042 |
$ |
50,124 |
| Operating earnings |
|
19,366 |
|
|
22,314 |
|
20,771 |
|
|
21,199 |
|
17,504 |
|
18,493 |
|
12,108 |
|
13,427 |
| Net gains (losses) |
|
(7,982 |
) |
|
52,331 |
|
(8,146 |
) |
|
56,467 |
|
41,971 |
|
80,983 |
|
35,739 |
|
43,254 |
| Net earnings |
|
5,815 |
|
|
64,451 |
|
8,597 |
|
|
66,831 |
|
50,861 |
|
87,083 |
|
42,652 |
|
51,244 |
| Net earnings attributable to
shareholders |
|
4,262 |
|
|
62,421 |
|
7,054 |
|
|
65,138 |
|
49,625 |
|
86,039 |
|
42,201 |
|
50,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in $) |
|
|
|
|
|
|
|
|
| Net earnings
attributable to shareholders: |
|
|
|
|
|
|
| Per Class A and
Common share |
|
|
|
|
|
|
|
| Basic |
$ |
0.17 |
|
$ |
2.52 |
$ |
0.28 |
|
$ |
2.59 |
$ |
1.95 |
$ |
3.38 |
$ |
1.66 |
$ |
1.99 |
| Diluted |
|
0.16 |
|
|
2.35 |
|
0.27 |
|
|
2.42 |
|
1.83 |
|
3.17 |
|
1.56 |
|
1.87 |
| Dividends paid on Class A and
Common shares |
$ |
0.18 |
|
$ |
0.18 |
$ |
0.18 |
|
$ |
0.18 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| As at |
|
|
|
|
|
|
|
|
| Shareholders' equity($ in
thousands) |
$ |
828,404 |
|
$ |
838,520 |
$ |
781,334 |
|
$ |
780,323 |
$ |
737,363 |
$ |
699,610 |
$ |
631,863 |
$ |
596,265 |
|
|
|
|
|
|
|
|
|
|
| Per Class A and
Common share(in $) |
|
|
|
|
|
|
|
| Basic |
$ |
33.67 |
|
$ |
33.89 |
$ |
31.56 |
|
$ |
31.15 |
$ |
29.02 |
$ |
27.43 |
$ |
24.80 |
$ |
23.50 |
| Diluted |
|
31.27 |
|
|
31.53 |
|
29.40 |
|
|
29.09 |
|
27.14 |
|
25.69 |
|
23.25 |
|
22.07 |
|
|
|
|
|
|
|
|
|
|
|
Total Class A and Common shares outstanding(shares in
thousands) |
|
26,892 |
|
|
26,954 |
|
26,968 |
|
|
27,263 |
|
27,691 |
|
27,740 |
|
27,758 |
|
27,758 |
|
|
|
|
|
|
|
|
|
|
Guardian Capital Group Limited is a diversified
financial services company founded in 1962. The Company is
headquartered in Canada and also has offices in the United Kingdom,
the United States and the Caribbean. It provides investment and
wealth management services to clients and services to financial
advisors in its national mutual fund dealer, securities dealer, and
life insurance managing general agency. Its Common and Class A
shares are listed on The Toronto Stock Exchange.
| For further
information, contact: |
|
| |
|
| Donald Yi |
George Mavroudis |
| Chief Financial Officer |
President and Chief Executive Officer |
| (416) 350-3136 |
(416) 364-8341 |
Caution Concerning Forward-Looking
Information
Certain information included in this press
release constitutes forward-looking information within the meaning
of applicable Canadian securities laws. All information other than
statements of historical fact may be forward-looking information.
Forward-looking information is often, but not always, identified by
the use of forward-looking terminology such as “outlook”,
“objective”, “may”, “will”, “would”, “expect”, “intend”,
“estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”,
or similar expressions suggesting future outcomes or events or the
negative thereof. Forward-looking information in this press release
includes, but is not limited to, statements with respect to
management’s beliefs, plans, estimates, and intentions, and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations. Such forward-looking
information reflects management’s beliefs and is based on
information currently available. All forward-looking information in
this press release is qualified by the following cautionary
statements.
Although Guardian believes that the expectations
reflected in such forward-looking information are reasonable, such
information involves known and unknown risks and uncertainties
which may cause Guardian’s actual performance and results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking information. Important factors that could cause
actual results to differ materially include but are not limited to:
general economic and market conditions, including interest rates,
business competition, changes in government regulations or in tax
laws, the duration and severity of the current COVID pandemic, the
ongoing conflict in the Ukraine, as well as those risk factors
discussed or referred to in the disclosure documents filed by
Guardian with the securities regulatory authorities in certain
provinces of Canada and available at www.sedar.com. The reader is
cautioned to consider these factors, uncertainties and potential
events carefully and not to put undue reliance on forward-looking
information, as there can be no assurance that actual results will
be consistent with such forward-looking information.
The forward-looking information included in this
press release is made as of the date of this press release and
should not be relied upon as representing Guardian’s views as of
any date subsequent to the date of this press release.
(1)The Company's management uses EBITDA, EBITDA
attributable to shareholders, including the per share amount,
Adjusted cash flows from operations, Adjusted cash flow from
operations attributable to shareholders, including the per share
amount, Shareholders' equity per share and Securities per share to
evaluate and assess the performance of its business. These measures
do not have standardized measures under International Financial
Reporting Standards ("IFRS"), and are therefore unlikely to be
comparable to similar measures presented by other companies.
However, management believes that most shareholders, creditors,
other stakeholders and investment analysts prefer to include the
use of these measures in analyzing the Company's results. The
Company defines EBITDA as net earnings before interest, income
taxes, amortization, stock-based compensation, net gains or losses
and EBITDA attributable shareholders as EBITDA less the amounts
attributable to non-controlling interests. The Company defines
Adjusted cash flow from operations as net cash from operating
activities, net of changes in non-cash working capital items and
Adjusted cash flow from operations attributable to shareholders as
Adjusted cash flow from operations less the amounts attributable to
non-controlling interests. The most comparable IFRS measures are
Net earnings, which was $5.8 million in 2022 (2021 - $50.9 million)
and Net cash used in operating activities, which was $0.7 million
in 2022 (2021 - Net cash from operations $6.1 million). The per
share amounts for EBITDA attributable to shareholders, Adjusted
cash flow from operations attributable to shareholders,
Shareholders' equity and Securities are calculated by dividing the
amounts by diluted shares, which Is calculated in a manner similar
to net earnings attributable to shareholders per share. More
detailed descriptions of these non-IFRS measures are provided in
the Company's Management's Discussion and Analysis, including a
reconciliation of these measures to their most comparable IFRS
measures.
Guardian Capital (TSX:GCG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Guardian Capital (TSX:GCG)
Historical Stock Chart
From Apr 2023 to Apr 2024
