Excluding significant items, first quarter earnings per
common share of $0.19 (1)
(All dollar amounts are stated in Canadian dollars unless
otherwise indicated)
TORONTO, Aug. 1, 2018 /PRNewswire/ -- During the first
quarter of fiscal 2019, the quarter ended June 30, 2018, Canaccord Genuity Group Inc.
(Canaccord Genuity, the Company) (TSX: CF) generated $274.1 million in revenue. Excluding significant
items (1), the Company recorded net
income (3) of $25.0
million or net income of $21.7
million attributable to common
shareholders (2) (earnings per common share of
$0.19). Including all significant
items, on an IFRS basis, the Company recorded net
income (3) of $18.6
million or net income attributable to common
shareholders (2) of $15.3 million (earnings per common share of
$0.14).
"Fiscal 2019 is off to a strong start and we continued to
strengthen our business mix and increase scale in our wealth
management operations, while our capital markets business benefited
from a continued positive backdrop for growth stocks," said
Dan Daviau, President & CEO of
Canaccord Genuity Group Inc. "We are confident in our market
position and we are increasingly demonstrating that our business is
advantageously positioned to navigate changes in the market
environment, while we stay focused on driving stability for our
business and our shareholders."
First Quarter of Fiscal 2019 vs. First Quarter of Fiscal
2018
- Revenue of $274.1 million, an
increase of 37.2% or $74.3 million
from $199.8 million
- Excluding significant items, expenses of $244.8 million, an increase of 24.2% or
$47.8 million from $197.0 million (1)
- Expenses of $252.2 million, an
increase of 25.1% or $50.6 million
from $201.6 million
- Excluding significant items, diluted earnings per common share
(EPS) of $0.19 compared to a loss per
common share of $0.01 (1)
- Excluding significant items, net
income (3) of $25.0
million compared to net income (3) of
$1.6 million (1)
- Net income (3) of $18.6 million compared to a net
loss (3) of $2.6
million
- Diluted EPS of $0.14 compared to
a loss per common share of $0.05
First Quarter of Fiscal 2019 vs Fourth Quarter of Fiscal
2018
- Revenue of $274.1 million, a
decrease of 14.9% or $48.0 million
from $322.1 million
- Excluding significant items, expenses of $244.8 million, a decrease of 9.3% or
$25.1 million from $269.9 million (1)
- Expenses of $252.2 million, a
decrease of 22.2% or $72.2 million
from $324.4 million
- Excluding significant items, diluted EPS of $0.19 compared to diluted EPS of
0.28 (1)
- Excluding significant items, net
income (3) of $25.0
million compared to net income (3) of
$37.3
million (1)
- Net income (3) of $18.6 million compared to a net
loss (3) of $9.7
million
- Diluted EPS of $0.14 compared to
a loss per common share of $0.15
Financial Condition at end of First Quarter Fiscal 2019 vs.
Fourth Quarter Fiscal 2018
- Cash and cash equivalents balance of $739.3 million, a decrease of $123.5 million from $862.8
million
- Working capital of $563.6
million, a decrease of $12.0
million from $575.6
million
- Total shareholders' equity of $819.6
million, a decrease of $21.8
million from $841.4
million
- Book value per diluted common share of $5.52, a decrease of $0.19 from $5.71(4)
- On August 1, 2018, the Board of
Directors approved a cash dividend of $0.01 per common share payable on September 10, 2018 with a record date of
August 31, 2018.
- On August 1, 2018, the Board of
Directors approved a cash dividend of $0.24281 per Series A Preferred Share payable on
October 1, 2018 with a record date of
September 14, 2018, and a cash
dividend of $0.31206 per Series C
Preferred Share payable on October 1,
2018 with a record date of September
14, 2018.
SUMMARY OF OPERATIONS
Corporate
- On June 6, 2018, the Company
announced that it had entered into a non-binding letter of intent
to acquire an additional 30% of the shares in its Australian
capital markets and wealth management business, Canaccord Genuity
(Australia) Limited. The
transaction will increase the company's ownership in Canaccord
Genuity (Australia) from 50% to
80%. The consideration for the purchase will be A$36.0 million comprised of A$15.0 million cash, a A$6.0 million note payable and the issuance of
approximately 2.3 million shares of the Company with a value of
A$15.0 million. The shares will be
subject to a three-year escrow arrangement with annual releases.
Closing is subject to finalizing definitive documentation,
customary closing conditions and regulatory approval including the
TSX approval (which has been obtained).
- On June 6, 2018, the Company
completed its previously announced acquisition of Jitneytrade Inc.
and Finlogik Inc. (collectively referred to as "Jitneytrade")
directly and through the purchase of Finlogik Capital Inc.
Jitneytrade Inc. is a direct access broker and an active trader in
futures and equity options in Canada. Finlogik Inc. is in the business of
delivering value-added fintech solutions in the Canadian
market.
- On June 1, 2018, the Company
created a performance share option (''PSO'') plan subject to
shareholder approval at the Annual General Meeting on August 2, 2018. On June
14, 2018, the Company granted 6,220,000 options under the
PSO plan; this grant is subject to shareholder ratification at the
Annual General Meeting. The options have an exercise price of
$6.73 per share, based on the fair
market value of the common shares on the grant date. The PSOs have
a term of five years and will time-vest ratably over four years
(with one third vesting on each of the second, third and fourth
anniversaries of the date of the grant). The PSOs will also be
subject to market (stock price) performance vesting conditions, as
well as have a three times exercise price cap on payout value.
- On June 11, 2018, Canaccord
Genuity Acquisition Corp. (CGAC), a special purpose acquisition
corporation sponsored by a wholly-owned subsidiary of the Company
(the Sponsor) announced its proposed merger with Spark Power Corp.
The merger will constitute CGAC's qualifying transaction and is
subject to the satisfaction of certain conditions, including
regulatory and CGAC shareholder approvals.
Canaccord Genuity (Capital Markets)
- Canaccord Genuity generated revenue of $156.2 million, and after intersegment
allocations and excluding significant items, recorded net income
before taxes of $13.2
million (1)
- Canaccord Genuity participated in 92 investment banking
transactions globally, raising total proceeds of C$11.2 billion (5) during
fiscal Q1/19
- Canaccord Genuity led or co-led 41 transactions globally,
raising total proceeds of C$1.75
billion (5) during fiscal Q1/19
- Significant investment banking transactions for Canaccord
Genuity during fiscal Q1/19 include:
-
- C$143.0 million for MedMen
Enterprises Inc. on CSE
- C$132.3 million initial public
offering for The Green Organic Dutchman on TSX
- US$115.0 million for Sientra Inc.
on Nasdaq
- C$100.4 million for CannTrust
Holdings Inc. on TSX
- C$83.3 million for Green Thumb
Industries on CSE
- US$52.6 million for T2 Biosystems
Inc. on Nasdaq
- US$50.3 million for Asure
Software on Nasdaq
- A$70.0 million initial public
offering for Marley Spoon AG on ASX
- US$46.0 million for Sesen Bio
Inc. on Nasdaq
- £20.4 million for Pacific Industrial & Logistics (now Urban
Logistics REIT) on AIM
- US$29.7 million for ORBCOMM on
Nasdaq
- C$25.0 million for The Green
Organic Dutchman on TSX
- C$34.5 million for Vogogo Inc. on
CSE
- C$34.0 million private placement
for UrtheCast Corp.
- C$30.0 million for Globalive
Technology Partners (on TSXV)
- A$25.0 million Placement for
Alliance Mineral Assets Ltd on SGX
- C$17.3 million for CannaRoyalty
Corp. on TSXV
- A$20.0 million for Tawana
Resources Limited on ASX
- A$15.0 million for Oklo Resources
Limited on ASX
- In Canada, Canaccord Genuity
participated in raising $301.0
million for government and corporate bond issuances during
fiscal Q1/19
- Canaccord Genuity generated advisory revenues of $24.6 million during fiscal Q1/19, an increase of
$5.7 million or 30.4% compared to the
same quarter last year
- During fiscal Q1/19, significant M&A and advisory
transactions included:
-
- CDQP on its acquisition of a leading minority stake in Fives
Group alongside Investissements PSP and Ardian valued at €1.5
billion
- Spinal Kinetics, Inc. on its sale to Orthofix International
N.V.
- DZETA Conseil on its sale of Outilacier to IPH/Brammer
- Reeher LLC on its sale to Blackbaud Inc.
- Ketra Inc. on its acquisition by Lutron Electronics Inc.
- Aveda Transportation & Energy Services on its C$126.0 million sale to Daseke Inc.
- REACH Health, Inc. on its sale to InTouch Health, Inc.
- Acasta Enterprises Inc. on the sale of JemPak Corporation to
Henkel AG & Co. for C$118
million
- Kratos Defense & Security Solutions on the sale of its
Public Safety and Security division to Securitas
- etc. venues on its partnership with Benchmark
- Acolyte Group on its sale to General LED Holdings
- Tiger Optics LLC on its acquisition by Union Park Capital
LLC
- Tessi on its acquisition and financing of Owliance
- LBO France on the refinancing of FH Ortopedics
- First Cobalt Corp. on its $98
million acquisition of US Cobalt Inc.
Canaccord Genuity Wealth Management (Global)
- Globally, Canaccord Genuity Wealth Management generated
$112.6 million in revenue in
Q1/19
- Assets under administration in Canada and assets under management in the UK
& Europe and Australia were $66.2
billion at the end of Q1/19(4), an increase of
8.0% from $61.3 billion at the end of
Q4/18 and an increase of 68.5% from $39.3
billion at the end of Q1/18
Canaccord Genuity Wealth Management (North America)
- Canaccord Genuity Wealth Management (North America) generated $46.8 million in revenue and, after intersegment
allocations and before taxes, recorded net income of $5.2 million in Q1/19
- Assets under administration in Canada were $18.9
billion as at June 30, 2018 an
increase of 21.5% from $15.6 billion
at the end of the previous quarter and an increase of 49.3% from
$12.7 billion at the end of
Q1/18(4)
- Assets under management in Canada (discretionary) were $3.7 billion as at June
30, 2018, an increase of 32.2% from $2.8 billion at the end of the previous quarter
and an increase of 40.6% from $2.6
billion at the end of Q1/18(4)
- Canaccord Genuity Wealth Management had 148 Advisory
Teams (6) at the end of fiscal Q1/19, an
increase of 6 Advisory Teams from March 31,
2018 and an increase of 13 from June
30, 2017
Canaccord Genuity Wealth Management (UK & Europe)
- Wealth management operations in the UK & Europe generated $65.8
million in revenue and, after intersegment allocations, and
excluding significant items, recorded net income of $13.5 million before taxes in
Q1/19(1)
- Assets under management (discretionary and non-discretionary)
were $46.4 billion (£26.9 billion) as
at June 30, 2018, an increase of 3.5%
from $44.9 billion (£24.8 billion) at
the end of the previous quarter and an increase of 80.3% from
$25.8 billion (£15.3 billion) at
June 30,
2017 (4). In local currency (GBP), assets
under management at June 30, 2018
increased by 8.5% compared to March 31,
2018 and 75.8% compared to June 30,
2017(4).
Non-IFRS Measures
The non-International Financial Reporting Standards (IFRS)
measures presented include assets under administration, assets
under management, book value per diluted common share and figures
that exclude significant items. Significant items include
restructuring costs, amortization of intangible assets acquired in
connection with a business combination, impairment of goodwill and
other assets and acquisition-related expense items, which include
costs recognized in relation to both prospective and completed
acquisitions, gains or losses related to business disposals
including recognition of realized translation gains on the disposal
of foreign operations, certain accounting charges related to the
change in the Company's long-term incentive plan as recorded with
effect on March 31, 2018, certain
incentive-based costs related to the acquisition of Hargreave Hale,
as well as certain expense items, typically included in development
costs, which are considered by management to reflect a singular
charge of a non-operating nature. Book value per diluted common
share is calculated as total common shareholders' equity adjusted
for assumed proceeds from the exercise of options and warrants and
conversion of convertible debentures divided by the number of
diluted common shares outstanding including estimated amounts in
respect of share issuance commitments including options, warrants
and convertible debentures, and, commencing in Q1/14, adjusted for
shares purchased under the Company's normal course issuer bid
(NCIB) and not yet cancelled and estimated forfeitures in respect
of unvested share awards under share-based payment plans.
Management believes that these non-IFRS measures will allow for
a better evaluation of the operating performance of the Company's
business and facilitate meaningful comparison of results in the
current period to those in prior periods and future periods.
Figures that exclude significant items provide useful information
by excluding certain items that may not be indicative of the
Company's core operating results. A limitation of utilizing these
figures that exclude significant items is that the IFRS accounting
effects of these items do in fact reflect the underlying financial
results of the Company's business; thus, these effects should not
be ignored in evaluating and analyzing the Company's financial
results. Therefore, management believes that the Company's IFRS
measures of financial performance and the respective non-IFRS
measures should be considered together.
|
|
|
Selected financial
information excluding significant
items (1)
|
|
|
|
|
Three months ended
June 30
|
Quarter-over-
quarter
change
|
(C$ thousands, except
per share and % amounts)
|
2018
|
2017
|
Total revenue per
IFRS
|
$274,123
|
$199,808
|
37.2%
|
Total expenses per
IFRS
|
252,241
|
201,580
|
25.1%
|
Revenue
|
|
|
|
Significant items
recorded in Canaccord Genuity
|
—
|
—
|
—
|
Total revenue
excluding significant items
|
274,123
|
199,808
|
37.2%
|
Expenses
Significant items
recorded in Canaccord Genuity
|
|
|
|
|
Amortization of
intangible assets
|
579
|
580
|
(0.2) %
|
|
Restructuring
costs (2)
|
1,316
|
448
|
193.8%
|
|
Acquisition- related
costs
|
1,173
|
—
|
n.m.
|
Significant items
recorded in Canaccord Genuity Wealth Management
|
|
|
|
|
Amortization of
intangible assets
|
2,856
|
1,324
|
115.7%
|
|
Acquisition-related
costs
|
—
|
2,184
|
(100.0) %
|
|
Incentive-based costs
related to
acquisition (3)
|
1,543
|
—
|
n.m
|
Total significant
items
|
7,467
|
4,536
|
64.6%
|
Total revenue
excluding significant items
|
274,123
|
199,808
|
37.2%
|
Total expenses
excluding significant items
|
244,774
|
197,044
|
24.2%
|
Net income before
taxes – adjusted
|
29,349
|
$2,764
|
n.m.
|
Income taxes –
adjusted
|
4,314
|
1,149
|
275.5%
|
Net income -
adjusted
|
$25,035
|
$1,615
|
n.m.
|
Net income (loss)
attributable to common shareholders, adjusted
|
21,651
|
(627)
|
n.m.
|
Earnings (loss) per
common share – basic, adjusted
|
$0.23
|
$(0.01)
|
n.m.
|
Earnings (loss) per
common share – diluted, adjusted
|
$0.19
|
$(0.01)
|
n.m.
|
(1)
|
Figures excluding
significant items are non-IFRS measures. See Non-IFRS Measures on
page 4.
|
(2)
|
Restructuring costs
for the three months ended June 30, 2018 were incurred in
connection with our UK capital markets operations.
|
(3)
|
Incentive-based costs
related to the acquisition of Hargreave Hale determined with
reference to financial targets and other performance
criteria.
|
|
n.m.: not
meaningful
|
Business segment
results for the three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
significant items (A)
|
IFRS
|
(C$ thousands, except
per share amounts)
|
Canaccord
Genuity
|
Canaccord
Genuity Wealth
Management
|
Corporate
and
Other
|
Total
|
Total
|
Revenue
|
$156,172
|
$112,576
|
$5,375
|
$274,123
|
$274,123
|
Expenses
|
(141,771)
|
(94,923)
|
(15,547)
|
(252,241)
|
(252,241)
|
Inter-segment
allocations
|
(4,305)
|
(3,347)
|
7,652
|
—
|
—
|
Income (loss) before
income taxes and significant items
|
$10,096
|
$14,306
|
$(2,520)
|
$21,882
|
$21,882
|
Significant
items (A)
|
|
|
|
|
|
|
Amortization of
intangible assets
|
579
|
2,856
|
—
|
3,435
|
—
|
|
Restructuring
costs
|
1,316
|
—
|
—
|
1,316
|
—
|
|
Acquisition-related
costs
|
1,173
|
—
|
—
|
1,173
|
—
|
|
Incentive-based costs
related to
acquisition
|
—
|
1,543
|
—
|
1,543
|
—
|
Total significant
items
|
3,068
|
4,399
|
|
7,467
|
—
|
|
Income (loss) before
income taxes
|
$13,164
|
$18,705
|
$(2,520)
|
$29,349
|
$21,882
|
|
Income (taxes)
recovery (B)
|
(2,337)
|
(2,805)
|
828
|
(4,314)
|
(3,233)
|
|
Non-controlling
interests
|
(1,033)
|
—
|
—
|
(1,033)
|
(1,033)
|
|
Preferred share
dividends (C)
|
(1,366)
|
(985)
|
—
|
(2,351)
|
(2,351)
|
|
Corporate and
other (C)
|
(983)
|
(709)
|
1,692
|
|
|
Net income
attributable to common shareholders
|
7,445
|
14,206
|
—
|
21,651
|
15,265
|
Dilutive EPS
factors
|
|
|
|
|
|
|
Interest on
convertible
debentures, net of tax (C)
|
490
|
354
|
—
|
844
|
844
|
|
7,936
|
14,559
|
—
|
22,495
|
16,109
|
Average diluted
number of shares (D)
|
117,541
|
117,541
|
|
117,541
|
117,541
|
Diluted earnings per
share, excluding significant
items (A)
|
$0.07
|
$0.12
|
—
|
$0.19
|
—
|
Diluted earnings per
share on an IFRS basis
|
—
|
—
|
—
|
—
|
$0.14
|
(A)
|
Figures
excluding significant items are non-IFRS measures. See Non-IFRS
Measures on page 4.
|
(B)
|
Allocation of
consolidated tax provision based on management estimates by region
and by business unit
|
(C)
|
Allocation to
capital markets and wealth management segments based on
revenue
|
(D)
|
This is the
diluted share number used to calculate diluted
EPS.
|
Fellow Shareholders:
Our results for the first quarter of fiscal 2019 reflect the
stability in the fundamentals for our business, both on the income
and the expense side. For the three-month period, Canaccord Genuity
Group Inc. earned record first quarter revenue of $274.1 million, an improvement of 37.2% from the
same period a year ago.
The impact of political uncertainties and trade tensions during
the period was offset by healthy earnings growth in most of our key
markets, fueled by strength in the U.S. economy, tight labor
markets in North America and
stronger commodity prices – all factors which contributed to
increased activity and client participation during a traditionally
slow quarter. The revenue growth we achieved over the three-month
period was relatively broad based across our capital markets and
wealth management businesses, which earned revenues of $156.2 million and $112.6
million respectively.
Excluding significant items(1) we incurred
higher expenses compared to the first quarter of last year, to
support stronger activity levels in our capital markets operations
and business growth in our UK and Canadian wealth management
operations. Despite this increase, our firmwide expense ratio
decreased by 9.3 percentage points year-over-year, a testament to
our continued focus on cost containment across our businesses.
Net income excluding significant items(1) for
the three-month period amounted to $25.0
million, a significant improvement from $1.6 million a year ago. This translated into
diluted earnings per common share excluding significant
items (1) of $0.19 for the three-month period, and we estimate
that 63% - or $0.12 - of this amount
was contributed by our expanded global wealth management
operations.
Expanded wealth management operations delivering growing
contributions to our profitability
At the end of the three-month period, total client assets
increased to $66.2 billion, a marked
improvement of 68.5% compared to a year ago.
With the addition of Hargreave Hale in September 2017, our expanded UK &
Europe wealth management operation
achieved year-over-year revenue growth of 73.0% for the three-month
period. When measured in local currency, client assets in this
business increased by 75.8% over the year and by 8.5% sequentially,
to £26.9 billion. We continue to make steady progress with our
integration of Hargreave Hale and we anticipate further organic
growth and margin improvement in this business as our teams in the
region leverage their complementary strengths with a collective
focus on delivering strong investment performance, an enhanced
client experience and employee commitment and dedication.
Total client assets in our Canadian wealth management business
increased by 49.3% year-over-year and by 21.5% sequentially, to
$18.9 billion. Revenue in this
segment increased by 26.7% compared to the first quarter of last
year, to $46.8 million. During
the quarter we welcomed additional new advisory teams and
additional client assets in Vancouver, Winnipeg, Edmonton and Toronto and the revenue and net income
contributions from these additions will be more wholly reflected in
future reporting periods.
Recruiting activity in Canada
continues to be robust as established Investment Advisors
increasingly embrace the advantages and opportunities that an
independent platform with broad global expertise and opportunities
can provide for their business and their clients. The average book
size per Investment Advisory team in this business has increased by
over 80% in just two years.
In all our wealth management businesses, we have continued to
invest in strengthening our back-office expertise and the
implementation of technological solutions to enhance our process
efficiencies, so that we can seamlessly integrate new investment
professionals and clients as we increase scale and asset growth for
this segment.
(1)
|
Figures
excluding significant items are non-IFRS measures. See Non-IFRS
Measures on page 4.
|
Delivering stronger outcomes for capital markets clients and
improving our competitive position.
Canaccord Genuity participated in 92 transactions to raise
$11.2 billion for global growth
companies in the first quarter of fiscal 2019.
Revenue earned by our global capital markets business increased
by 28.3% year-over-year to $156.2
million, primarily attributable to higher banking and
advisory activity levels in our US, Canadian and Australian
businesses during a typically slow quarter.
For the three-month period, revenue earned through advisory and
underwriting activities grew by 30.4% and 75.8% respectively
compared to a year ago. We continue to experience a general trend
of larger deal size across our advisory business, reflective of
growing demand for independent advice that is free from conflict.
Principal trading revenue for the period increased by 19.4%
year-over-year, primarily attributable to higher market activity in
our US and UK operations.
The strongest contribution to our quarterly result was from our
US operation, which earned record quarterly revenue of $76.2 million. Revenue generated through
investment banking and advisory activities during the three-month
period increased by 262.9% and 29.0% respectively on a
year-over-year basis and our institutional equities group delivered
another strong performance during the quarter. Excluding
significant items, this business delivered a pre-tax profit margin
of 10.0%, a significant improvement from a loss of 4.1% in the same
period last year.
Our Canadian capital markets division also delivered a solid
quarterly result. This business maintained its lead as the
dominant independent investment bank in Canada during the three-month period, having
raised close to 70% more capital than our closest independent
competitor. Trading volumes in this business were lower due to
reduced volatility and seasonality but Canaccord Genuity and
Jitneytrade remained the top two independents for block trading
volumes in Canada for the
three-month period. Following the closing of our Jitneytrade
acquisition late in the fiscal quarter, we expect the increased
contributions from this business to be reflected in future
reporting periods.
Our Australian capital markets business has experienced strong
momentum across all sectors and has maintained its position as a
leading investment bank for small cap equities in the region.
This business is an increasingly stronger contributor to our global
platform and its contribution to our total global capital markets
revenue improved by 123% year-over-year.
The first quarter result for our UK, Europe & Dubai operations was influenced
by the timing of transaction closings in the region. With a strong
advisory component, timing of revenue in this business can be
uneven on a quarter-to-quarter basis. During the period we also
took additional steps to adjust our staffing mix in this region, to
further improve alignment with the global platform.
We have continued in our efforts to create a unified global
network of investment banking, sales, trading and research
professionals, an important differentiator for our firm in all the
regions where we operate. For the three-month period, revenue
per employee in our global capital markets business increased by
25.3% compared to a year ago, and we continue to focus on capturing
greater efficiencies and strengthening our execution
capabilities.
Steadfast execution on our strategy to drive stronger
long-term success
As we enter our second fiscal quarter, market fundamentals
remain broadly favorable and the elements that drive a healthy
market environment for growth stocks are still in place and
supportive of strategic M&A and capital raising activities.
While our industry is facing several uncertainties that have the
potential to impact investor sentiment, we are increasingly
demonstrating that our business is advantageously positioned to
navigate periodic bouts of volatility while we stay focused on
achieving our medium and longer-term targets.
With signs that the economic backdrop could become more
challenging for growth stocks, we anticipate that rising commodity
prices will drive increased activities in the natural resource
sectors, a historic area of strength for our firm. We also
anticipate growing interest in non-traditional sectors where
Canaccord Genuity has established a strong market position, such as
cannabis and digital assets.
I am confident that the increased contributions from our wealth
management business will allow us to better manage through periods
of lower new issue and advisory activity and that our capital
markets business is appropriately scaled to deliver consistent
service levels for clients in all our markets. Additionally, our
expanded trading platform in Canada will allow us to capture a greater
share of trading activity during periods of increased volumes.
Our Company continues to be well capitalized for investment in
our strategic priorities with $563.6
million in working capital.
Regardless of the market backdrop, we will continue to execute
on our strategy of increasing long-term stability and delivering
more predictable returns for our shareholders. We have a talented
group of professionals who are committed to providing
differentiated opportunities and exceptional services for clients
and a diversified revenue mix that positions us to be opportunistic
in any market environment
Kind regards,
Dan Daviau
President & CEO
Canaccord Genuity Group Inc.
ACCESS TO QUARTERLY RESULTS INFORMATION
Interested investors, the media and others may review this
quarterly earnings release and supplementary financial information
at http://www.canaccordgenuitygroup.com/EN/IR/FinReports/Pages/default.aspx
CONFERENCE CALL AND WEBCAST PRESENTATION
Interested parties are invited to listen to Canaccord Genuity's
first quarter results conference call via live webcast or a
toll-free number. The conference call is scheduled for Thursday, August 2, 2018 at 5:00 a.m. Pacific time, 8:00 a.m. Eastern time, 1:00 p.m. UK time, 8:00
p.m. China Standard Time, and 10:00
p.m. Australia EST. During the call, senior executives will
comment on the results and respond to questions from analysts and
institutional investors.
The conference call may be accessed live and archived on a
listen-only basis
at: http://www.canaccordgenuitygroup.com/EN/NewsEvents/Pages/Events.aspx
Analysts and institutional investors can call in via telephone
at:
- 647-427-7450 (within Toronto)
- 1-888-231-8191 (toll free outside Toronto)
- 0-800-051-7107 (toll free from the United Kingdom)
- 0-800-91-7449 (toll free from France)
- 10-800-714-1191 (toll free from Northern China)
- 10-800-140-1195 (toll free from Southern China)
- 1-800-287-011 (toll free from Australia)
- 800-017-8071 (toll free from United
Arab Emirates)
Please ask to participate in the Canaccord Genuity Group Inc.
Q1/19 results call. If a passcode is requested, please use
5096969.
A replay of the conference call will be made available from
approximately two hours after the live call on August 2, 2018 until October 4, 2018 at 416-849-0833 or 1-855-859-2056
by entering passcode 5096969 followed by the (#) key.
ABOUT CANACCORD GENUITY GROUP INC.:
Through its
principal subsidiaries, Canaccord Genuity Group Inc. (the
"Company") is a leading independent, full-service financial
services firm, with operations in two principal segments of the
securities industry: wealth management and capital markets.
Since its establishment in 1950, the Company has been driven by an
unwavering commitment to building lasting client relationships. We
achieve this by generating value for our individual, institutional
and corporate clients through comprehensive investment solutions,
brokerage services and investment banking services. The
Company has Wealth Management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Canaccord
Genuity, the international capital markets division, operates in
North America, UK &
Europe, Asia, Australia and the Middle East. To us
there are no foreign markets.TM
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX. Canaccord Genuity Series A Preferred Shares are
listed on the TSX under the symbol CF.PR.A. Canaccord Genuity
Series C Preferred Shares are listed on the TSX under the symbol
CF.PR.C.
___________________
|
1
|
Figures excluding
significant items are non-IFRS measures. See Non-IFRS
measures on pages 4.
|
2
|
Net income (loss)
attributable to common shareholders is calculated as the net income
(loss) adjusted for non-controlling interests and preferred share
dividends.
|
3
|
Before
non-controlling interests and preferred share dividends.
|
4
|
See Non-IFRS Measures
on page 4
|
5
|
Transactions over
$1.5 million. Internally sourced information
|
6
|
Advisory Teams are
normally comprised of one or more Investment Advisors (IAs) and
their assistants and associates, who together manage a shared set
of client accounts. Advisory Teams that are led by, or only
include, an IA who has been licensed for less than three years are
not included in our Advisory Team count, as it typically takes a
new IA approximately three years to build an average-sized book of
business.
|
None of the
information on the Company's websites
at www.canaccordgenuity.com, www.canaccordgenuitygroup.com,
and www.canaccordgenuity.com/cm should be considered
incorporated herein by reference.
|
Investor and media relations inquiries:
Christina Marinoff, Vice
President
Investor Relations and Communications
Phone: 416-687-5507
Email: christina.marinoff@canaccord.com
www.canaccordgenuitygroup.com
Investor and media relations inquiries: Christina Marinoff, Vice President, Investor
Relations and Communications, Phone: 416-687-5507, Email:
christina.marinoff@canaccord.com; www.canaccordgenuitygroup.com