CI Financial Reports Financial Results for the Fourth Quarter of 2023

• Q4 diluted EPS of ($0.40), adjusted EPS¹ of $0.81
• 2023 diluted EPS of $0.03, adjusted EPS¹ of $3.11, up $0.01 from 2022
• Q4 EBITDA of $60.5 million, adjusted EBITDA attributable to shareholders¹ of $238.7 million
• Q4 EBITDA per share of $0.38 and record adjusted EBITDA attributable to shareholders¹ per share of $1.51
• Q4 operating cash flow of $68.6 million, free cash flow¹ of $170.9 million
• 2023 operating cash flow per share of $2.61 and record free cash flow¹ per share of $3.78
• Record total assets of $444.8 billion, up $61.2 billion or 16.0% from a year earlier
• Repurchased over 6.5 million shares under $100-million substantial issuer bid
• Announcing new substantial issuer bid to repurchase up to $85 million in shares
• Announcing Corient received a bond rating of A- (Stable) from KBRA (Kroll)
• Paid $28.6 million in dividends at $0.18 per share in Q4; rate increased to $0.20 per share in January
• Completed acquisitions of Coriel Capital of Montreal and Windsor Wealth Management of Indianapolis in Q4

All financial amounts in Canadian dollars as at December 31, 2023, unless stated otherwise. Financial amounts for the quarters and year ended 2023 are unaudited.

TORONTO--(BUSINESS WIRE)--CI Financial Corp. (“CI”) (TSX: CIX) today released financial results for the quarter and year ended December 31, 2023.

“Strong fourth quarter results capped a successful year for CI, with year-over-year gains in adjusted earnings per share, free cash flow¹ and total assets,” said Kurt MacAlpine, CI Chief Executive Officer. “There were numerous achievements across our business segments, demonstrating continued progress in executing on CI’s strategic priorities.

“In asset management, we had $340 million in Canadian retail net sales for 2023, a notable accomplishment when the Canadian fund industry had its worst year on record for mutual fund net redemptions. We were the most awarded investment manager in Canada by both Lipper and FundGrade, reflecting the strength of our investment performance and the integrated global investment platform we have built. CI continued to be active in product development, enhancing its existing lineup as well as launching innovative new solutions. These included two best-in-class private markets solutions that bring the world’s leading alternatives mangers to Canadian retail investors.

“A key initiative in Canadian wealth management during the year was the rapid scaling of our custody business with the conversion of Aligned Capital assets to the CI Investment Services platform,” Mr. MacAlpine said. “Through a combination of external and internal growth, our custody business has increased to $26 billion in assets from just over $1 billion in 2018. This has helped to transform the economics of the Canadian wealth management segment, which generated $72.2 million in adjusted EBITDA¹ for 2023, a 33% increase over 2022 and up from effectively zero in 2019. We also continued to build on CI Private Wealth’s position as a leading destination for ultra-high-net-worth Canadians with the acquisition of Coriel Capital of Montreal.

“In U.S. wealth management, we continue to integrate the business and realize synergies while greatly expanding the services available to clients. Though the most visible accomplishment was the adoption a new unified brand in Corient, there were many important developments behind the scenes in 2023, including the adoption of a centralized reporting structure and a common technology platform. New services during the year included an alternative investments offering, the launch of Corient Trust company, a wealth transfer practice, and a personal CFO service providing bill payment, accounting and related services. Our integration initiatives allowed us to increase the adjusted EBITDA¹ margin by 440 basis points in 2023.

“We also achieved the full separation of the U.S. business from our Canadian operations, supported by the sale of a minority stake to leading institutional investors and now with the establishment of an independent credit rating for Corient,” Mr. MacAlpine said. “The Kroll debt rating of A- (Stable) reflects the strong cash flow profile and robust EBITDA¹ growth of the Corient business.

“We continue to use our cash flow to repurchase shares due to the disconnect between our share price and the underlying value of the company. Last year, we substantially completed our annual normal course issuer bid and a $100-million substantial issuer bid, and today we are announcing a new substantial issuer bid, under which we will repurchase up to $85 million in shares.

“Over the past four years, CI has transitioned from a highly concentrated business, where most of our assets and virtually all our earnings came from Canadian Asset Management, to a much more diversified business,” Mr. MacAlpine said. “Today, the majority of our assets are in wealth management, our business is well balanced between Canada and the U.S., and wealth management is a very large and rapidly growing contributor to our earnings.

“Given the strategic progress across our business lines and the strength of our capital position, CI is incredibly well positioned for another successful year in 2024.”

Operating and financial data highlights
[millions of dollars, except share amounts]	As of and for the quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Total AUM and Client Assets:
Asset Management AUM ^(2)	125,004		119,040		122,377		121,987		117,753
Canada Wealth Management assets	87,991		81,503		82,566		81,592		77,421
Canada custody ^(3)	25,567		23,421		9,149		8,600		7,922
U.S. Wealth Management assets ^(4)	206,282		197,016		193,980		187,481		180,579
Total assets	444,844		420,981		408,072		399,659		383,675
Asset Management Net Inflows:
Retail	(397	)	(110	)	7		841		1,621
Institutional	—		(79	)	(14	)	(177	)	(195	)
Australia	230		(105	)	55		(81	)	12
Closed Business	(200	)	(155	)	(174	)	(195	)	(169	)
Total Asset Management Segment	(367	)	(449	)	(126	)	388		1,269
U.S. Asset Management ^(5)	(67	)	(16	)	(266	)	(67	)	595
IFRS Results
Net income attributable to shareholders	(63.5	)	(12.4	)	51.0		30.0		(9.5	)
Diluted earnings per share	(0.40	)	(0.08	)	0.28		0.16		(0.05	)
Pretax income	(38.2	)	20.6		112.5		54.8		33.6
Pretax margin	(5.3	) %	3.3	%	14.5	%	8.6	%	5.4	%
Operating cash flow before the change in operating    assets and liabilities	185.3		104.7		126.9		145.6		150.9
Adjusted Results
Adjusted net income	128.2		132.8		136.0		136.8		135.9
Adjusted diluted earnings per share	0.81		0.81		0.76		0.74		0.74
Adjusted EBITDA	278.3		276.6		272.3		268.6		257.7
Adjusted EBITDA margin	41.7	%	41.3	%	40.6	%	42.0	%	42.1	%
Adjusted EBITDA attributable to shareholders	238.7		237.8		245.3		250.1		242.7
Free cash flow	170.9		179.4		143.3		155.1		157.9
Average shares outstanding	158,125,830		161,549,038		178,883,346		184,517,832		183,666,579
Adjusted average diluted shares outstanding	158,885,217		163,619,462		179,640,506		185,136,641		184,631,756
Ending shares outstanding	153,821,117		158,867,975		167,640,863		184,517,832		184,517,832
Total debt	3,507		3,289		3,132		4,190		4,216
Net debt	3,365		3,113		2,887		4,052		4,059
Net debt to adjusted EBITDA	3.5		3.3		2.9		4.0		4.2

1. Free cash flow, net debt, adjusted net income, adjusted earnings per share, adjusted EBITDA, adjusted net revenues and adjusted expenses are not standardized earnings measures prescribed by IFRS. For further information, see “Non-IFRS Measures” note below.
2. Includes $33.2 billion, $31.8 billion, $32.8 billion, $33.0 billion, and $31.9 billion of assets managed by CI and held by clients of advisors with CI Assante Wealth Management, CI Private Counsel (CIPC) and Aligned Capital Partners as at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022, respectively.
3. Includes $21.5 billion, $19.7 billion, $5.4 billion, $5.0 billion, and $4.6 billion of assets advised by CI and held by clients of advisors with Assante, CIPC, CI Direct Investing and Aligned Capital as at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022, respectively. Prior to July 2023, custody assets were historically not included as part of reported assets for Canada wealth management or consolidated total assets.
4. Month-end USD/CAD exchange rates of 1.3250, 1.3582, 1.3248, 1.3515, and 1.3540 for December 2023, September 2023, June 2023, March 2023, and December 2022, respectively.
5. Includes 100% of flows from CI’s minority investments in Columbia Pacific Advisors, OCM Capital Partners, The Cabana Group and GLASfunds Holdings.

Financial highlights

Fourth quarter net loss attributable to shareholders was $63.5 million compared to a net loss of $12.4 million in the third quarter of 2023. Excluding non-operating items, adjusted net income attributable to shareholders¹ was $128.2 million in the fourth quarter, down 3.5% from the third quarter.

Fourth quarter total net revenues increased 16.1% to $715.6 million in the quarter from $616.5 million in the third quarter of 2023. Excluding non-operating items, adjusted total net revenues¹ declined slightly to $666.7 million from $669.6 million as higher revenues from the Canada Wealth Management segment were offset by lower Asset Management segment revenues.

Fourth quarter total expenses increased 26.5% to $753.7 million in the quarter from $595.9 million in the third quarter of 2023. Excluding non-operating items, adjusted total expenses¹ were up slightly to $448.7 million from $445.8 million as a result of higher costs related to new leased office space, interest expense, and higher advisor and dealer fees due to higher Canada Wealth Management revenues.

Capital allocation

In December 2023, CI completed its substantial issuer bid under which it purchased for cancellation 6,544,502 common shares at a purchase price of $15.28 per share, for an aggregate price of approximately $100 million.

CI paid $28.6 million in dividends at a rate of $0.18 per share. The annual dividend rate of $0.72 per share represented a yield of 4.5% on CI’s closing share price of $15.83 on February 22, 2024. The Board of Directors of CI (the “Board”) declared a quarterly dividend of $0.20 per share, payable on July 15, 2024 to shareholders of record as of June 28, 2024. As announced in August 2023, the Board declared a $0.02 increase to the quarterly dividend to $0.20 per share, which was paid on January 15, 2024 to shareholders of record as of December 29, 2023.

Substantial issuer bid

The Board has approved the commencement of a substantial issuer bid (the “Offer”), pursuant to which CI will offer to purchase up to 4,857,142 of its outstanding common shares from holders for cash, at a purchase price of $17.50 per share.

The Offer will not be conditional upon any minimum number of shares being tendered, but will be subject to other conditions and CI will reserve the right, subject to applicable laws, to withdraw or amend the Offer, if, at any time prior to the payment for deposited shares, certain events occur as will be described in the formal offer to purchase and issuer bid circular and other related documents (the “Offer Documents”).

Details of the Offer, including instructions for tendering shares to the Offer and the factors considered by the Board in making its decision to approve the Offer, will be included in the Offer Documents. The Offer is expected to commence and the Offer Documents are expected to be mailed to shareholders and filed on SEDAR+ at www.sedarplus.com, on or about February 26, 2024. Shareholders should carefully read the Offer Documents prior to making a decision with respect to the Offer.

CI has engaged National Bank Financial Inc. (“NBF”) to act as dealer manager and financial advisor in connection with the Offer. CI has also engaged Computershare Investor Services Inc. to act as depositary for the Offer.

None of CI, its Board, NBF or the depositary makes any recommendation to any shareholder as to whether to deposit or refrain from depositing shares under the Offer. Shareholders are urged to evaluate carefully all information in the Offer, consult their own financial, legal, investment and tax advisors, and make their own decisions as to whether to deposit shares under the Offer, and, if so, how many shares to deposit. The disclosure in this press release regarding the Offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares. The solicitation and the offer to buy shares will only be made pursuant to the Offer Documents.

Fourth quarter business highlights

• CI completed the acquisitions of Coriel Capital Inc., a Montreal-based wealth management firm serving ultra-high-net-worth Canadians, and Windsor Wealth Management Inc., a registered investment advisor based in Indianapolis.
• CI announced that Marc-André Lewis, Chief Investment Officer of CI Global Asset Management (“CI GAM”), will assume the position of co-head of CI GAM in addition to his responsibilities as CIO, effective January 1, 2024. The appointment follows the decision by Darie Urbanky, CI President and Chief Operating Officer and Head of CI GAM, to retire on or before December 31, 2024.
• CI GAM investment funds received 19 LSEG Lipper Fund Awards for Canada for 2023, more than any other fund company. The awards recognize mutual funds and ETFs that have provided consistently strong risk-adjusted performance, relative to peers.
• As part of CI’s strategic priority of modernizing asset management, CI GAM undertook a series of initiatives to streamline and enhance its product lineup, including improvements to selected funds and a proposal to merge 19 mutual funds and ETFs into other mandates. New products launched by CI GAM during the quarter included the First Home Savings Account.

Following quarter-end:

• CI GAM led the industry in receiving 35 FundGrade A+® Awards for 2023. These awards are presented annually by Fundata Canada Inc. to acknowledge Canadian investment funds that have demonstrated consistent, outstanding risk-adjusted performance.
• CI GAM continued to be active in product development, launching products that included mutual fund versions of its popular CI WisdomTree Quality, Dividend Growth ETFs and two ETFs providing targeted exposure to U.S. momentum and value stocks. CI GAM also introduced a commodity-focused alternative fund designed to provide returns that are uncorrelated to traditional asset classes, extending the firm’s broad selection of alternative investment funds.

Analysts’ conference call

CI will hold a conference call with analysts today at 10:00 a.m. EST, led by Mr. MacAlpine and Chief Financial Officer Amit Muni. A live webcast of the call and slide presentation can be accessed here or through the Investor Relations section of CI’s website.

Alternatively, investors may listen to the discussion through the following numbers (access code: 019307):

• Canada toll-free: 1-833-950-0062
• United States toll-free: 1-833-470-1428
• All other locations: 1-929-526-1599.

A recording of the webcast will be archived on CI’s Investor Relations site.

About CI Financial

CI Financial Corp. is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite.

CI operates in three segments:

• Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM Funds Management, which operates in Australia.
• Canadian Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth (Canada), Northwood Family Office, Coriel Capital, CI Direct Investing and CI Investment Services.
• U.S. Wealth Management, which includes Corient Private Wealth, an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.

CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI’s website or LinkedIn page.

Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by LSEG Lipper.

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

This press release contains “forward-looking information” within the meaning of applicable Canadian securities law. Forward looking information may relate to CI’s future outlook and anticipated future events, results, circumstances, performance or expectations and its products and services, including its business operations, strategy and financial performance and condition. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. These statements are not historical facts but instead represent management’s beliefs regarding future events, many of which are by their nature inherently uncertain and beyond management’s control. These statements include, without limitation, statements regarding CI’s intentions and expectations with respect to the Offer, the terms and conditions of the Offer, the number and aggregate dollar amount of Shares to be purchased for cancellation under the Offer, the expected expiration date of the Offer and purchases thereunder and the effects and benefits of purchases under the Offer. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in the forward-looking statements include beliefs that asset levels will remain stable, that the investment fund industry and wealth management industry will remain stable and that interest rates will remain relatively stable. In addition, factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Additional information about the risks and uncertainties of the CI’s business and material risk factors or assumptions on which information contained in forward‐looking statements is based is provided in the CI’s disclosure materials, including CI’s most recently filed annual information form and any subsequently filed interim management’s discussion and analysis, which are available under CI’s profile on SEDAR+ at www.sedarplus.com. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.

Undue reliance should not be placed on forward-looking information. The forward-looking information in this press release is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Further, forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, those described in this press release. The belief that the investment fund industry and wealth management industry will remain stable and that interest rates will remain relatively stable are material factors made in preparing the forward-looking information and management’s expectations contained in this press release and that may cause actual results to differ materially from the forward-looking information disclosed in this press release. In addition, factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, the impact of the coronavirus pandemic, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI Financial’s disclosure materials filed with applicable securities regulatory authorities from time to time. Additional information about the risks and uncertainties of CI’s business and material risk factors or assumptions on which information contained in forward‐looking information is based is provided in CI’s disclosure materials, including CI’s most recently filed annual information form and any subsequently filed interim management’s discussion and analysis, which are available under our profile on SEDAR+ at www.sedarplus.com.

There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date of this news release and is subject to change after such date. CI Financial disclaims any intention or obligation or undertaking to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

This communication is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies.

CI Global Asset Management is a registered business name of CI Investments Inc.

CONSOLIDATED STATEMENT OF INCOME
[in thousands of Canadian dollars, except per share amounts]	For the quarters ended				For the years ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022
	(unaudited)				(unaudited)
REVENUES
Asset management fees	361,881		378,163		1,490,938		1,606,800
Trailer fees and deferred sales commissions	(111,250	)	(116,009	)	(456,740	)	(494,480	)
Net asset management fees	250,631		262,154		1,034,198		1,112,320
Canada wealth management fees	150,510		133,144		582,797		530,682
U.S. wealth management fees	226,809		190,109		873,931		687,607
Other revenues	31,609		26,229		136,124		95,733
Foreign exchange gains/(losses)	52,173		15,161		29,950		(80,132	)
Other gains/(losses)	3,840		(6,513	)	89,004		(11,904	)
Total net revenues	715,573		620,283		2,746,004		2,334,307
EXPENSES
Selling, general & administrative	375,938		277,177		1,369,909		1,020,049
Advisor and dealer fees	113,805		101,126		440,090		406,038
Other	(385	)	9,243		38,770		34,647
Interest and lease finance expense	43,892		41,401		176,998		152,087
Depreciation and other amortization	17,259		13,108		56,388		49,368
Amortization of intangible assets from acquisitions	36,068		26,499		135,285		105,744
Transaction, integration, restructuring and legal	39,851		41,267		133,547		62,743
Change in fair value of contingent consideration	26,832		76,849		88,430		27,427
Change in fair value of Preferred Share Liability	100,465		0		156,885		0
Total expenses	753,725		586,670		2,596,302		1,858,103
Pretax income	(38,152	)	33,613		149,702		476,204
Income tax expense	25,064		41,918		143,613		174,375
Net income	(63,216	)	(8,305	)	6,089		301,829
Less: Non-controlling interest	272		1,177		1,071		2,073
Net income attributable to shareholders	(63,489	)	(9,482	)	5,018		299,757
Basic earnings per share	(0.40	)	(0.05	)	0.03		1.59
Diluted earnings per share	(0.40	)	(0.05	)	0.03		1.58
Other comprehensive income (loss), net of tax
Exchange differences on translation of foreign operations	(32,076	)	(12,580	)	(22,954	)	59,219
Total other comprehensive income (loss), net of tax	(32,076	)	(12,580	)	(22,954	)	59,219
Comprehensive income (loss) for the year	(95,293	)	(20,885	)	(16,865	)	361,048
Comprehensive income attributable to non-controlling interests	(221	)	886		658		4,854
Comprehensive income (loss) attributable to shareholders	(95,072	)	(21,771	)	(17,523	)	356,194

CONSOLIDATED BALANCE SHEET	December 31, 2023	December 31, 2022
[in thousands of Canadian dollars]	$	$
	(unaudited)
ASSETS
Current
Cash and cash equivalents	137,029	153,620
Client and trust funds on deposit	1,073,378	1,306,595
Investments	42,781	40,448
Accounts receivable and prepaid expenses	388,029	298,778
Assets held for sale	326	—
Income taxes receivable	33,911	33,989
Total current assets	1,675,454	1,833,430
Capital assets, net	85,077	55,587
Right-of-use assets	229,763	139,422
Intangibles and goodwill	7,575,958	7,227,700
Deferred income taxes	78,642	54,415
Other assets	336,709	397,804
Total assets	9,981,603	9,708,358
LIABILITIES AND EQUITY
Current
Accounts payable and accrued liabilities	394,227	293,246
Current portion of provisions and other financial liabilities	444,200	502,746
Dividends payable	61,528	66,426
Client and trust funds payable	1,068,809	1,312,640
Income taxes payable	15,252	3,044
Redeemable unit liabilities	1,089,996	765,959
Preferred Share Liability	1,481,419	—
Current portion of long-term debt	437,255	320,000
Current portion of lease liabilities	17,575	23,994
Total current liabilities	5,010,261	3,288,055
Long-term debt	3,070,149	3,896,214
Provisions and other financial liabilities	96,952	270,567
Deferred income taxes	479,150	480,500
Lease liabilities	285,053	149,360
Total liabilities	8,941,565	8,084,696
Equity
Share capital	1,436,686	1,706,880
Contributed surplus	34,828	30,239
Deficit	(454,435)	(160,572)
Accumulated other comprehensive income	10,683	33,224
Total equity attributable to the shareholders of the Company	1,027,762	1,609,771
Non-controlling interests	12,276	13,891
Total equity	1,040,038	1,623,662
Total liabilities and equity	9,981,603	9,708,358

CONSOLIDATED STATEMENT OF CASH FLOWS
For the years ended December 31	2023	2022
[in thousands of Canadian dollars]	$	$
	(unaudited)
OPERATING ACTIVITIES (*)
Net income for the year	6,089	301,829
Add (deduct) items not involving cash
Other (gains) losses	(89,004)	11,904
Change in fair value of contingent consideration	88,430	27,427
Change in fair value of Preferred Share Liability	156,885	—
Contingent and deferred consideration recorded as compensation	6,137	24,156
Amortization of loan guarantees	(3,816)	10,819
Recognition of non-cash vesting of redeemable unit liabilities	209,380	13,499
Equity-based compensation	25,780	24,577
Equity accounted income	(8,904)	—
Amortization of equity accounted investments	6,275	—
Amortization and depreciation	56,388	49,368
Amortization of intangible assets from acquisitions	135,285	105,744
Deferred income taxes	(30,130)	(4,777)
Impairment loss on intangibles	3,745	—
Cash provided by operating activities before net change in operating assets and liabilities	562,540	564,546
Net change in operating assets and liabilities	(114,029)	(85,630)
Cash provided by operating activities	448,511	478,916
INVESTING ACTIVITIES
Cash paid to settle acquisition liabilities	(430,367)	(198,207)
Acquisitions, net of cash acquired	(155,140)	(472,461)
Proceeds on sale of equity-accounted investment	130,458	—
Purchase of investments	(4,822)	(3,283)
Proceeds on sale of investments	208	96,508
Additions to capital assets	(39,125)	(17,480)
Decrease (increase) in other assets	(13,471)	97,751
Additions to intangibles	(12,041)	(11,361)
Cash used in investing activities	(524,300)	(508,533)
FINANCING ACTIVITIES
Repayment of long-term debt	(713,000)	(455,509)
Issuance of long-term debt	768,000	718,000
Repurchase of long-term debt	(694,671)	—
Repurchase of share capital	(474,911)	(229,708)
Payment of lease liabilities	(24,686)	(22,965)
Issuance of redeemable unit liabilities, net of redemptions	(24,021)	85,679
Net distributions to non-controlling interest	(2,273)	(5,664)
Dividends paid to shareholders	(125,540)	(137,375)
Issuance of Preferred Share Liability	1,350,300	—
Cash provided by (used in) financing activities	59,198	(47,542)
Net decrease in cash and cash equivalents during the year	(16,591)	(77,159)
Cash and cash equivalents, beginning of year	153,620	230,779
Cash and cash equivalents, end of year	137,029	153,620
SUPPLEMENTAL CASH FLOW INFORMATION
(*) Included in operating activities are the following:
Interest paid	166,873	139,384
Income taxes paid	156,794	224,369

ASSETS UNDER MANAGEMENT AND NET FLOWS
[billions of dollars]	Quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Beginning AUM	119.0		122.4		122.0		117.8		114.2
Gross inflows	7.3		5.7		6.1		6.9		7.3
Gross outflows	(7.7	)	(6.2	)	(6.2	)	(6.5	)	(6.0	)
Net inflows/(outflows)	(0.4	)	(0.4	)	(0.1	)	0.4		1.3
Acquisitions	—		—		—		—		—
Market move and FX	6.3		(2.9	)	0.5		3.8		2.3
Ending AUM	125.0		119.0		122.4		122.0		117.8
Proprietary AUM	33.2		31.8		32.8		33.0		31.9
Non-proprietary AUM	91.8		87.2		89.6		89.0		85.9
Average assets under management	121.1		122.1		122.1		121.9		117.7
Annualized organic growth	(1.2	)%	(1.5	)%	(0.4	)%	1.3	%	4.4	%
Gross management fee/average AUM	1.20	%	1.24	%	1.25	%	1.27	%	1.29	%
Net management fee/average AUM	0.81	%	0.84	%	0.85	%	0.86	%	0.87	%

Net Inflows/(Outflows)
Retail	(0.4	)	(0.1	)	—		0.8		1.6
Institutional	—		(0.1	)	—		(0.2	)	(0.2	)
Closed business	(0.2	)	(0.2	)	(0.2	)	(0.2	)	(0.2	)
Total Canada net inflows/(outflows)	(0.6	)	(0.3	)	(0.2	)	0.5		1.3
Australia	0.2		(0.1	)	0.1		(0.1	)	—
Total net inflows/(outflows)	(0.4	)	(0.4	)	(0.1	)	0.4		1.3

RETAIL (ex Closed Business)
[billions of dollars]	Quarters ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Beginning AUM	99.1	101.7	101.2	97.1	94.0
Net Flows	(0.4)	(0.1)	0.0	0.8	1.6
Market Move / FX	5.1	(2.5)	0.5	3.3	1.5
Acquisitions	___	___	___	___	___
Ending AUM	103.7	99.1	101.7	101.2	97.1
Average AUM	100.7	101.5	101.3	100.9	97.0

INSTITUTIONAL
[billions of dollars]	Quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Beginning AUM	8.3		8.5		8.5		8.3		8.3
Net Flows	(0.0	)	(0.1	)	(0.0	)	(0.2	)	(0.2	)
Market Move / FX	0.5		(0.1	)	0.0		0.4		0.2
Acquisitions	___		___		___		___		___
Ending AUM	8.8		8.3		8.5		8.5		8.3
Average AUM	8.5		8.5		8.5		8.5		8.4

AUSTRALIA
[billions of dollars]	Quarters ended
	Dec. 31, 2023	Sep. 30, 2023		Jun. 30, 2023	Mar. 31, 2023		Dec. 31, 2022
Beginning AUM	4.8	5.0		4.9	5.0		4.7
Net Flows	0.2	(0.1	)	0.1	(0.1	)	0.0
Market Move / FX	0.4	(0.1	)	0.0	0.0		0.3
Acquisitions	___	___		___	___		___
Ending AUM	5.4	4.8		5.0	4.9		5.0
Average AUM	5.0	4.9		5.0	5.0		4.8

CLOSED BUSINESS
[billions of dollars]	Quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Beginning AUM	6.9		7.2		7.4		7.3		7.3
Net Flows	(0.2	)	(0.2	)	(0.2	)	(0.2	)	(0.2	)
Market Move / FX	0.4		(0.1	)	0.0		0..3		0.2
Acquisitions	___		___		___		___		___
Ending AUM	7.1		6.9		7.2		7.4		7.3
Average AUM	7.0		7.2		7.3		7.5		7.4

AUM BY ASSET CLASS
[billions of dollars]	Quarters ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Balanced	51.4	47.7	49.8	50.8	50.3
Equity	40.1	41.1	43.0	43.3	41.6
Fixed income	11.6	10.5	11.1	11.3	11.0
Alternatives	6.4	5.5	5.1	4.0	3.6
Cash/Other	10.2	9.5	8.4	7.7	6.2
Total Canada asset management	119.6	114.3	117.4	117.1	112.8
Australia	5.4	4.8	5.0	4.9	5.0
Total asset management segment	125.0	119.0	122.4	122.0	117.8

CANADA WEALTH MANAGEMENT CLIENT ASSETS
[billions of dollars]	Quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Beginning client assets	81.5		82.6		81.6		77.4		74.0
Acquisitions	1.3		—		—		—		—
Net flows and market move	5.2		(1.1	)	1.0		4.2		3.4
Ending client assets	88.0		81.5		82.6		81.6		77.4
Average client assets	83.8		83.2		81.9		80.7		77.3
Wealth management fees/average client assets	0.91	%	0.90	%	0.91	%	0.93	%	0.91	%
Canada custody	25.6		23.4		9.1		8.6		7.9
Proprietary custody	21.5		19.7		5.4		5.0		4.6
Non-proprietary custody	4.1		3.8		3.7		3.6		3.4

U.S. WEALTH MANAGEMENT CLIENT ASSETS
[billions of dollars]	Quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Beginning billable client assets	188.2		185.0		179.9		174.3		144.9
Acquisitions/divestitures	2.2		2.1		4.0		—		24.9
Net flows and market move	6.4		1.1		1.1		5.6		4.4
Ending billable client assets	196.8		188.2		185.0		179.9		174.3
Non-billable client assets	9.4		8.8		9.0		7.6		6.3
Total client assets	206.3		197.0		194.0		187.5		180.6
Fees/beginning billable client assets	0.48	%	0.49	%	0.48	%	0.47	%	0.52	%

NON-IFRS MEASURES

In an effort to provide additional information regarding our results as determined by IFRS, we also disclose certain non-IFRS information which we believe provides useful and meaningful information. Our management reviews these non-IFRS financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-IFRS measurements so as to share this perspective of management. Non-IFRS measurements do not have any standardized meaning, do not replace nor are superior to IFRS financial measurements and may not be comparable to similar measures presented by other companies. The non-IFRS financial measurements include:

• Adjusted net income and adjusted basic and diluted earnings per share
• Adjusted EBITDA and adjusted EBITDA margin
• Free cash flow
• Net debt.

These non-IFRS measurements exclude the following revenues and expenses which we believe allows investors a consistent way to analyze our financial performance, allows for better analysis of core operating income and business trends and permits comparisons of companies within the industry, normalizing for different financing methods and levels of taxation:

• gains or losses related to foreign currency fluctuations on our cash balances
• costs related to our acquisitions including:
  • amortization of intangible assets
  • change in fair value of contingent consideration
  • related advisory fees
  • contingent consideration classified as compensation per IFRS
• restructuring charges including organizational expenses for the establishment of Corient and CIPW
• legal provisions for a class action related to market timing
• certain gains or losses in assets and investments
• costs related to issuing or retiring debt obligations
• expenses associated with Corient and CIPW redeemable units.

Further explanations of these Non-IFRS measures can be found in the “Non-IFRS Measures” section of Management’s Discussion and Analysis dated November 9, 2023 available on SEDAR at www.sedar.com or at www.cifinancial.com.

ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars, except per share amounts]	Quarters ended						Years ended
	Dec. 31, 2023		Sep. 30, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022
Net Income	(63.2	)	(12.2	)	(8.3	)	6.1		301.8
Amortization of intangible assets from acquisitions	36.1		34.8		26.5		135.3		105.7
Amortization of intangible assets for equity accounted investments	1.4		1.4		2.6		6.3		2.6
Change in fair value of contingent consideration	26.8		(7.2	)	76.8		88.4		27.4
Change in fair value of Preferred Share Liability	100.5		21.4		—		156.9		—
Interest expense on redeemable shares issued in    connection with acquisitions	0.9		(0.1	)	—		2.9		—
Contingent consideration recorded as compensation	2.0		4.4		1.5		8.9		24.2
Non-controlling interest reclassification	(1.4	)	1.1		1.2		4.6		4.0
Accounting for Corient and CIPW Canada redeemable    units	93.8		56.5		27.7		273.0		55.5
Severance	9.1		7.2		—		23.2		—
Amortization of loan guarantees	(1.3	)	(0.5	)	—		(3.8	)	—
FX (gains)/losses	(52.2	)	60.4		(15.2	)	(29.9	)	80.1
Transaction, integration, restructuring and legal	43.5		23.7		41.3		137.2		62.7
Pass through carried interest revenue	4.8		(8.7	)	—		(3.9	)	—
Pass through carried interest expense	(4.8	)	8.7		—		3.9		—
Other (gains)/losses	(2.9	)	—		7.1		(71.1	)	5.9
Gain on debt retirement	—		—		—		(16.2	)	—
Trading and bad debt	—		—		—		—		8.0
Total adjustments	256.2		203.3		169.6		715.7		376.1
Tax effect of adjustments	(30.5	)	(24.3	)	(9.9	)	(77.1	)	(43.6	)
Less: Non-controlling interest	34.2		34.0		15.5		110.8		46.7
Adjusted net income	128.2		132.8		135.9		533.8		587.7
Adjusted earnings per share	0.81		0.82		0.74		3.13		3.11
Adjusted diluted earnings per share	0.81		0.81		0.74		3.11		3.10
Average diluted shares outstanding	168.3		177.9		184.6		182.6		189.8
Shares convertible into common in connection with an    acquisition	(9.4	)	(14.3	)	—		(11.1	)	—
Adjusted average diluted shares outstanding	158.9		163.6		184.6		171.5		189.8

EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars, except per share amounts]	Quarters ended						Years ended
	Dec. 31, 2023		Sep. 30, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022
Pretax income	(38.2	)	20.6		33.6		149.7		476.2
Amortization of intangible assets from acquisitions	36.1		34.8		26.5		135.3		105.7
Amortization of intangible assets for equity accounted    investments	1.4		1.4		2.6		6.3		2.6
Depreciation and other amortization	17.3		12.9		13.1		56.4		49.4
Interest and lease finance expense	43.9		39.8		41.4		177.0		152.1
EBITDA	60.5		109.5		117.2		524.6		786.0
Change in fair value of contingent consideration	26.8		(7.2	)	76.8		88.4		27.4
Change in fair value of Preferred Share Liability	100.5		21.4		—		156.9		—
Contingent consideration recorded as compensation	2.0		4.4		1.5		8.9		24.2
Non-controlling interest reclassification	(1.4	)	1.1		1.2		4.6		4.0
Accounting for Corient and CIPW Canada redeemable    units	93.8		56.5		27.7		273.0		55.5
Severance	9.1		7.2		—		23.2		—
Amortization of loan guarantees	(1.3	)	(0.5	)	—		(3.8	)	—
FX (gains)/losses	(52.2	)	60.4		(15.2	)	(29.9	)	80.1
Transaction, integration, restructuring and legal	43.5		23.7		41.3		137.2		62.7
Pass through carried interest revenue	4.8		(8.7	)	—		(3.9	)	—
Pass through carried interest expense	(4.8	)	8.7		—		3.9		—
Other (gains)/losses	(2.9	)	—		7.1		(71.1	)	5.9
Gain on debt retirement	—		—		—		(16.2	)	—
Trading and bad debt	—		—		—		—		8.0
Total adjustments	217.8		167.2		140.5		571.1		267.8
Adjusted EBITDA	278.3		276.6		257.7		1,095.8		1,053.8
Less: Non-controlling interest	39.6		38.9		15.0		124.0		49.8
Adjusted EBITDA attributable to shareholders	238.7		237.8		242.7		971.8		1,004.0
Reported net revenue	715.6		616.5		620.3		2,746.0		2,334.3
Less: FX gains/(losses)	52.2		(60.4	)	15.2		29.9		(80.1	)
Less: Pass through carried interest revenue	(4.8	)	8.7		—		3.9		—
Less: Non-Operating Other gains/(losses)	2.9		0.1		(7.1	)	71.1		(5.9	)
Less: Amortization of equity accounted investments	(1.4	)	(1.4	)	—		(6.3	)	—
Adjusted net revenue	666.7		669.6		612.3		2,647.3		2,420.3
Adjusted EBITDA margin	41.7	%	41.3	%	42.1	%	41.4	%	43.5	%

FREE CASH FLOW (unaudited except for Dec. 31, 2022 amounts)
[millions of dollars]	Quarters ended			Years ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Cash provided by operating activities	68.6	94.6	56.7	448.5	478.9
Less: Net change in operating assets and liabilities	(116.7)	(10.1)	(94.1)	(114.0)	(85.6)
Operating cash flow before the change in operating assets    and liabilities	185.3	104.7	150.9	562.5	564.5
FX (gains)/losses	(52.2)	60.4	(15.2)	(29.9)	80.1
Transaction, integration, restructuring and legal	43.5	23.7	41.3	137.2	62.7
Trading and bad debt	—	—	—	—	8.0
Other (gains)/losses	—	(3.8)	—	(3.8)	—
Total adjustments	(8.7)	80.3	26.1	103.4	150.8
Tax effect (recovery) of adjustments	(4.9)	(4.8)	(18.8)	(13.0)	(37.4)
Less: Non-controlling interest	0.8	0.9	0.3	4.2	(9.4)
Free cash flow	170.9	179.4	157.9	648.7	687.4

NET DEBT (unaudited except for Dec. 31, 2022 amounts)
	Quarters ended
[millions of dollars]	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Current portion of long-term debt	437.3	157.2	—	298.0	320.0
Long-term debt	3,070.1	3,131.9	3,131.5	3,892.2	3,896.2
	3,507.4	3,289.1	3,131.5	4,190.2	4,216.2
Less:
Cash and short-term investments	137.0	175.7	240.5	137.0	153.6
Marketable securities	28.2	22.4	23.0	22.6	20.6
Add:
Regulatory capital and non-controlling interests	22.4	22.3	18.6	21.7	16.8
Net Debt	3,364.6	3,113.3	2,886.6	4,052.2	4,058.8
Adjusted EBITDA	238.7	237.8	245.3	250.1	242.7
Adjusted EBITDA, annualized	954.9	943.3	983.8	1,014.2	962.8
Gross leverage (Gross debt/Annualized adjusted EBITDA)	3.7	3.5	3.2	4.1	4.4
Net leverage (Net debt/Annualized adjusted EBITDA)	3.5	3.3	2.9	4.0	4.2

SUMMARY OF QUARTERLY RESULTS
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars, except per share amounts]	IFRS Results										Adjusted Results
	For the quarters ended										For the quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Revenues
Asset management fees	361.9		375.6		375.8		377.7		378.2		361.9		375.6		375.8		377.7		378.2
Trailer fees and deferred sales commissions	(111.3	)	(114.7	)	(114.9	)	(115.9	)	(116.0	)	(111.3	)	(114.7	)	(114.9	)	(115.9	)	(116.0	)
Net asset management fees	250.6		260.8		261.0		261.8		262.2		250.6		260.8		261.0		261.8		262.2
Canada wealth management fees	150.5		146.7		144.1		141.5		133.1		150.5		146.7		144.1		141.5		133.1
U.S. wealth management fees	226.8		229.0		216.8		201.3		190.1		226.8		229.0		216.8		201.3		190.1
Other revenues	31.6		40.9		31.3		32.3		26.2		37.8		33.6		32.7		34.4		28.8
FX gains/(losses)	52.2		(60.4	)	36.5		1.8		15.2		—		—		—		—		—
Other gains/(losses)	3.8		(0.4	)	86.5		(0.9	)	(6.5	)	0.9		(0.5	)	0.3		1.0		0.6
Total net revenues	715.6		616.5		776.1		637.8		620.3		666.7		669.6		654.8		640.0		614.9
Expenses
Selling, general & administrative	375.9		343.5		345.9		304.6		277.2		272.4		275.8		265.9		254.6		248.0
Advisor and dealer fees	113.8		110.3		108.2		107.8		101.1		113.8		110.3		108.2		107.8		101.1
Other	(0.4	)	16.7		10.9		11.5		9.2		5.8		6.9		8.5		9.0		8.1
Interest and lease finance expense	43.9		39.8		46.1		47.2		41.4		41.2		39.9		44.0		47.2		41.4
Depreciation and other amortization	17.3		12.9		13.3		12.9		13.1		15.5		12.9		13.3		12.9		13.1
Amortization of intangible assets from acquisitions	36.1		34.8		33.1		31.3		26.5		—		—		—		—		—
Transaction, integration, restructuring and legal	39.9		23.7		55.8		14.2		41.3		—		—		—		—		—
Change in fair value of contingent consideration	26.8		(7.2	)	15.2		53.5		76.8		—		—		—		—		—
Change in fair value of Preferred Share Liability	100.5		21.4		35.0		—		—		—		—		—		—		—
Total expenses	753.7		595.9		663.6		583.0		586.7		448.7		445.8		439.9		431.5		411.7
Pretax income	(38.2	)	20.6		112.5		54.8		33.6		218.0		223.9		215.0		208.5		203.2
Income tax expense	25.1		32.8		61.1		24.6		41.9		55.6		57.1		54.8		53.2		51.8
Net income	(63.2	)	(12.2	)	51.4		30.2		(8.3	)	162.4		166.8		160.1		155.3		151.4
Less: Non-controlling interest	0.3		0.2		0.4		0.2		1.2		34.2		34.0		24.2		18.5		15.5
Net income attributable to shareholders	(63.5	)	(12.4	)	51.0		30.0		(9.5	)	128.2		132.8		136.0		136.8		135.9
Basic earnings per share	(0.40	)	(0.08	)	0.28		0.16		(0.05	)	0.81		0.82		0.76		0.74		0.74
Diluted earnings per share	(0.40	)	(0.08	)	0.28		0.16		(0.05	)	0.81		0.81		0.76		0.74		0.74

RESULTS OF OPERATIONS - ASSET MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars, except per share amounts]	IFRS Results										Adjusted Results
	For the quarters ended										For the quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Revenues
Asset management fees	366.4		380.1		380.2		382.0		382.3		366.4		380.1		380.2		382.0		382.3
Trailer fees and deferred sales commissions	(118.7	)	(122.2	)	(122.5	)	(123.4	)	(123.8	)	(118.7	)	(122.2	)	(122.5	)	(123.4	)	(123.8	)
Net asset management fees	247.7		257.9		257.8		258.6		258.5		247.7		257.9		257.8		258.6		258.5
Other revenues	4.7		4.8		5.1		4.0		3.6		4.7		4.8		5.1		4.0		3.6
FX gains/(losses)	56.1		(61.9	)	37.5		2.0		15.5		—		—		—		—		—
Other gains/(losses)	1.9		(0.4	)	16.1		(0.9	)	(6.5	)	1.9		(0.5	)	0.3		1.0		0.6
Total net revenues	310.4		200.3		316.5		263.6		271.2		254.3		262.2		263.1		263.5		262.8
Expenses
Selling, general & administrative	108.7		110.9		101.0		98.9		94.3		97.4		105.2		102.6		98.6		94.3
Other	0.3		0.7		—		—		—		0.3		0.7		—		—		—
Interest and lease finance expense	0.5		2.5		(1.5	)	0.6		0.9		0.5		2.5		(1.5	)	0.6		0.9
Depreciation and other amortization	3.9		2.5		5.4		3.8		4.7		3.9		2.5		5.4		3.8		4.7
Amortization of intangible assets from acquisitions	0.6		0.6		0.6		0.6		0.6		—		—		—		—		—
Transaction, integration, restructuring and legal	2.0		0.6		34.6		1.7		11.0		—		—		—		—		—
Change in fair value of contingent consideration	8.8		(0.6	)	0.7		(2.2	)	1.6		—		—		—		—		—
Total expenses	124.7		117.2		140.8		103.5		113.1		102.0		111.0		106.6		103.0		99.9
Pretax income	185.7		83.1		175.7		160.1		158.0		152.3		151.2		156.5		160.5		162.8
Non-IFRS adjustments
Pretax income	185.7		83.1		175.7		160.1		158.0		152.3		151.2		156.5		160.5		162.8
Amortization of intangible assets from acquisitions	0.6		0.6		0.6		0.6		0.6		—		—		—		—		—
Depreciation and other amortization	3.9		2.5		5.4		3.8		4.7		3.9		2.5		5.4		3.8		4.7
Interest and lease finance expense	0.5		2.5		(1.5	)	0.6		0.9		0.5		2.5		(1.5	)	0.6		0.9
EBITDA	190.7		88.7		180.2		165.1		164.2		156.6		156.2		160.5		164.9		168.4
Change in fair value of contingent consideration	8.8		(0.6	)	0.7		(2.2	)	1.6		—		—		—		—		—
FX (gains)/losses	(56.1	)	61.9		(37.5	)	(2.0	)	(15.5	)	—		—		—		—		—
Severance	8.8		6.1		0.1		0.5		—		—		—		—		—		—
Amortization of loan guarantees	2.5		(0.5	)	(1.8	)	(0.3	)	—		—		—		—		—		—
Transaction, integration, restructuring and legal	2.0		0.6		34.6		1.7		11.0		—		—		—		—		—
Other (gains)/losses	—		—		0.3		1.9		7.1		—		—		—		—		—
Gain on debt retirement	—		—		(16.2	)	—		—		—		—		—		—		—
Trading and bad debt	—		—		—		—		—		—		—		—		—		—
Total adjustments	(34.0	)	67.5		(19.8	)	(0.2	)	4.2		—		—		—		—		—
Adjusted EBITDA	156.6		156.2		160.5		164.9		168.4		156.6		156.2		160.5		164.9		168.4
Less: Non-controlling interest	0.1		0.2		0.2		0.2		0.1		0.1		0.2		0.2		0.2		0.1
Adjusted EBITDA attributable to shareholders	156.5		156.0		160.3		164.7		168.3		156.5		156.0		160.3		164.7		168.3

RESULTS OF OPERATIONS - CANADA WEALTH MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars, except per share amounts]	IFRS Results										Adjusted Results
	For the quarters ended										For the quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Revenues
Canada wealth management fees	192.8		189.1		186.8		184.3		176.8		192.8	189.1	186.8	184.3	176.8
Other revenues	31.7		30.7		30.5		31.8		29.1		31.7	30.7	30.6	31.8	29.2
FX gains/(losses)	(1.8	)	1.4		(0.5	)	(0.2	)	(0.4	)	—	—	—	—	—
Other gains/(losses)	—		—		—		—		—		—	—	—	—	—
Total net revenues	222.7		221.1		216.8		215.9		205.5		224.6	219.8	217.4	216.2	206.0
Expenses
Selling, general & administrative	50.6		52.2		50.3		48.2		46.2		49.8	49.2	49.3	47.7	45.9
Advisor and dealer fees	147.9		144.4		142.5		141.7		136.2		147.9	144.4	142.5	141.7	136.2
Other	6.2		5.9		9.3		9.8		9.3		5.1	4.8	8.0	8.8	8.1
Interest and lease finance expense	0.3		0.6		—		0.3		—		0.3	0.6	—	0.3	—
Depreciation and other amortization	5.1		5.2		2.9		4.1		3.2		5.1	5.2	2.9	4.1	3.2
Amortization of intangible assets from acquisitions	2.3		2.2		2.2		2.1		2.1		—	—	—	—	—
Transaction, integration, restructuring and legal	5.4		0.4		0.1		0.3		0.2		—	—	—	—	—
Change in fair value of contingent consideration	3.5		(0.4	)	1.0		5.3		1.9		—	—	—	—	—
Total expenses	221.3		210.5		208.4		211.8		199.1		208.3	204.2	202.7	202.5	193.4
Pretax income	1.4		10.7		8.5		4.1		6.4		16.3	15.6	14.7	13.7	12.5
Non-IFRS adjustments
Pretax income	1.4		10.7		8.5		4.1		6.4		16.3	15.6	14.7	13.7	12.5
Amortization of intangible assets from acquisitions	2.3		2.2		2.2		2.1		2.1		—	—	—	—	—
Amortization of intangible assets for equity    accounted investments	0.1		0.1		0.1		0.1		0.1		—	—	—	—	—
Depreciation and other amortization	5.1		5.2		2.9		4.1		3.2		5.1	5.2	2.9	4.1	3.2
Interest and lease finance expense	0.3		0.6		—		0.3		—		0.3	0.6	—	0.3	—
EBITDA	9.1		18.7		13.6		10.7		11.8		21.7	21.4	17.6	18.0	15.8
Change in fair value of contingent consideration	3.5		(0.4	)	1.0		5.3		1.9		—	—	—	—	—
Contingent consideration recorded as compensation    (included in SG&A)	0.1		0.1		0.2		0.2		0.2		—	—	—	—	—
Accounting for CIPW Canada redeemable units    (included in SG&A)	0.7		2.0		0.2		0.2		0.1		—	—	—	—	—
FX (gains)/losses	1.8		(1.4	)	0.5		0.2		0.4		—	—	—	—	—
Severance	—		0.9		0.7		0.1		—		—	—	—	—	—
Transaction, integration, restructuring and legal	5.4		0.4		0.2		0.3		0.2		—	—	—	—	—
Non-controlling interest reclassification (included in    Other)	1.1		1.1		1.3		1.1		1.2		—	—	—	—	—
Trading and bad debt	—		—		—		—		—		—	—	—	—	—
Total adjustments	12.6		2.7		4.0		7.3		4.0		—	—	—	—	—
Adjusted EBITDA	21.7		21.4		17.6		18.0		15.8		21.7	21.4	17.6	18.0	15.8
Less: Non-controlling interest	2.0		1.2		1.4		1.9		1.3		2.0	1.2	1.4	1.9	1.3
Adjusted EBITDA attributable to shareholders	19.7		20.1		16.2		16.2		14.5		19.7	20.1	16.2	16.2	14.5

RESULTS OF OPERATIONS - U.S. WEALTH MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars, except per share amounts]	IFRS Results										Adjusted Results
	For the quarters ended										For the quarters ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Revenues
U.S. wealth management fees	226.8		229.0		216.8		201.3		190.1		226.8		229.0	216.8	201.3	190.1
Other revenues	4.5		14.9		5.4		6.3		2.9		10.6		7.6	6.7	8.3	5.5
FX gains/(losses)	(2.1	)	0.1		(0.6	)	—		—		—		—	—	—	—
Other gains/(losses)	1.9		—		70.4		—		—		(1.0	)	—	—	—	—
Total net revenues	231.1		244.0		291.9		207.7		193.1		236.4		236.6	223.5	209.6	195.6
Expenses
Selling, general & administrative	231.1		195.2		209.5		173.0		151.1		139.7		136.0	128.8	123.8	122.2
Other	(6.9	)	10.1		1.6		1.7		(0.1	)	0.4		1.4	0.5	0.2	(0.1	)
Interest and lease finance expense	4.0		0.8		3.2		0.8		0.8		2.1		0.8	3.2	0.8	0.8
Depreciation and other amortization	8.3		5.2		5.0		5.1		5.2		6.5		5.2	5.0	5.1	5.2
Amortization of intangible assets from acquisitions	33.2		32.0		30.3		28.6		23.8		—		—	—	—	—
Transaction, integration, restructuring and legal	32.5		22.7		21.1		12.2		30.0		— —		—	—	—	—
Change in fair value of contingent consideration	14.5		(6.1	)	13.5		50.4		73.3		—		—	—	—	—
Change in fair value of Preferred Share Liability	100.5		21.4		35.0		—		—		—		—	—	—	—
Total expenses	417.2		281.3		319.3		271.7		284.2		148.8		143.4	137.6	129.9	128.1
Pretax income	(186.1	)	(37.3	)	(27.3	)	(64.0	)	(91.1	)	87.7		93.2	85.9	79.7	67.4
Non-IFRS adjustments
Pretax income	(186.1	)	(37.3	)	(27.3	)	(64.0	)	(91.1	)	87.7		93.2	85.9	79.7	67.4
Amortization of intangible assets from acquisitions	33.2		32.0		30.3		28.6		23.8		—		—	—
Amortization of intangible assets for equity accounted investments	1.3		1.3		1.3		2.0		2.5		—		—	—	—	—
Depreciation and other amortization	8.3		5.2		5.0		5.1		5.2		8.3		5.2	5.0	5.1	5.2
Interest and lease finance expense	4.0		0.8		3.2		0.8		0.8		4.0		0.8	3.2	0.8	0.8
EBITDA	(139.3	)	2.1		12.5		(27.5	)	(58.8	)	100.0		99.3	94.2	85.6	73.5
Change in fair value of contingent consideration	14.5		(6.1	)	13.5		50.4		73.3		—		—	—	—	—
Change in fair value of Preferred Share Liability	100.5		21.4		35.0		—		—		—		—	—	—	—
Contingent consideration recorded as compensation    (included in SG&A)	1.9		4.3		0.6		1.5		1.3		—		—	—	—	—
Non-controlling interest reclassification (included in    Other)	(2.5	)	—		1.2		1.4		—		—		—	—	—	—
Corient adjustments (included in SG&A)	93.2		54.7		79.4		42.9		27.6		—		—	—	—	—
FX (gains)/losses	2.1		(0.1	)	0.6		—		—		—		—	—	—	—
Severance	0.2		0.2		0.7		4.8		—		—		—	—	—	—
Transaction, integration, restructuring and legal	36.1		22.7		21.1		12.2		30.0		—		—	—	—	—
Pass through carried interest revenue (included in    Other revenues)	4.8		(8.7	)	—		—		—		—		—	—	—	—
Pass through carried interest expense (included in    Other)	(4.8	)	8.7		—		—		—		—		—	—	—	—
Other (gains)/losses	(2.9	)	—		(70.3	)	—		—		—		—	—	—	—
Total adjustments	239.3		97.2		81.7		113.1		132.2		—		—	—	—	—
Adjusted EBITDA	100.0		99.3		94.2		85.6		73.5		100.0		99.3	94.2	85.6	73.5
Less: Non-controlling interest	37.4		37.6		25.4		16.5		13.6		37.4		37.6	25.4	16.5	13.6
Adjusted EBITDA attributable to shareholders	62.5		61.6		68.8		69.1		59.9		62.5		61.6	68.8	69.1	59.9

ASSET MANAGEMENT ADJUSTED EBITDA
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars]	Quarters ended						Years ended
	Dec. 31, 2023		Sep. 30, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022
Pretax income	185.7		83.1		158.0		604.6		591.8
Amortization of intangible assets from acquisitions	0.6		0.6		0.6		2.4		2.4
Depreciation and other amortization	3.9		2.5		4.7		15.5		19.6
Interest and lease finance expense	0.5		2.5		0.9		2.2		4.0
EBITDA	190.7		88.7		164.2		624.7		617.8
Change in fair value of contingent consideration	8.8		(0.6	)	1.6		6.8		4.9
FX (gains)/losses	(56.1	)	61.9		(15.5	)	(33.7	)	80.2
Severance	8.8		6.1		—		15.6		—
Amortization of loan guarantees	2.5		(0.5	)	—		—		—
Transaction, integration, restructuring and legal	2.0		0.6		11.0		38.9		15.0
Other (gains)/losses	—		—		7.1		2.2		5.9
Gain on debt retirement	—		—		—		(16.2	)	—
Trading and bad debt	—		—		—		—		7.1
Total adjustments	(34.0	)	67.5		4.2		13.5		113.2
Adjusted EBITDA	156.6		156.2		168.4		638.2		731.1
Less: Non-controlling interest	0.1		0.2		0.1		0.8		1.0
Adjusted EBITDA attributable to shareholders	156.5		156.0		168.3		637.5		730.1
Reported net revenue	310.4		200.3		271.2		1,090.8		1,032.0
Less: FX gains/(losses)	56.1		(61.9	)	15.5		33.7		(80.2	)
Less: Non-Operating Other gains/(losses)	—		0.1		(7.1	)	(2.2	)	(5.9	)
Adjusted net revenue	254.3		262.1		262.8		1,059.3		1,118.1
Adjusted EBITDA margin	61.6	%	59.6	%	64.1	%	60.3	%	65.4	%

CANADA WEALTH MANAGEMENT ADJUSTED EBITDA
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars]	Quarters ended						Years ended
	Dec. 31, 2023		Sep. 30, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022
Pretax income	1.4		10.7		6.4		24.6		31.1
Amortization of intangible assets from acquisitions	2.3		2.2		2.1		8.8		7.8
Amortization of intangible assets for equity accounted    investments	0.1		0.1		0.1		0.3		0.1
Depreciation and other amortization	5.1		5.2		3.2		17.2		11.7
Interest and lease finance expense	0.3		0.6		—		1.3		0.1
EBITDA	9.1		18.7		11.8		52.1		50.8
Change in fair value of contingent consideration	3.5		(0.4	)	1.9		9.4		0.7
Contingent consideration recorded as compensation	0.1		0.1		0.2		0.6		0.3
Accounting for CIPW Canada redeemable units	0.7		2.0		0.1		3.0		0.4
FX (gains)/losses	1.8		(1.4	)	0.4		1.1		(0.1	)
Severance	—		0.9		—		1.8		—
Transaction, integration, restructuring and legal	5.4		0.4		0.2		6.2		1.7
Non-controlling interest reclassification	1.1		1.1		1.2		4.6		4.0
Trading and bad debt	—		—		—		—		0.8
Total adjustments	12.6		2.7		4.0		26.6		7.6
Adjusted EBITDA	21.7		21.4		15.8		78.8		58.4
Less: Non-controlling interest	2.0		1.2		1.3		6.6		4.3
Adjusted EBITDA attributable to shareholders	19.7		20.1		14.5		72.2		54.1
Reported net revenue	222.7		221.1		205.5		876.5		803.0
Less: FX gains/(losses)	(1.8	)	1.4		(0.4	)	(1.1	)	0.1
Less: Amortization of equity accounted investments	(0.1	)	(0.1	)	—		(0.3	)	—
Adjusted net revenue	224.6		219.8		205.9		877.9		802.9
Adjusted EBITDA margin	9.7	%	9.7	%	7.7	%	9.0	%	7.3	%

U.S. WEALTH MANAGEMENT ADJUSTED EBITDA
(unaudited except for Dec. 31, 2022 amounts)
[millions of dollars]	Quarters ended						Years ended
	Dec. 31, 2023		Sep. 30, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022
Pretax income	(186.1	)	(37.3	)	(91.1	)	(314.8	)	(1.3	)
Amortization of intangible assets from acquisitions	33.2		32.0		23.8		124.1		95.5
Amortization of intangible assets for equity accounted    investments	1.3		1.3		2.5		6.0		2.5
Depreciation and other amortization	8.3		5.2		5.2		23.7		18.1
Interest and lease finance expense	4.0		0.8		0.8		8.8		2.5
EBITDA	(139.3	)	2.1		(58.8	)	(152.2	)	117.4
Change in fair value of contingent consideration	14.5		(6.1	)	73.3		72.3		21.9
Change in fair value of Preferred Share Liability	100.5		21.4		—		156.9		—
Contingent consideration recorded as compensation	1.9		4.3		1.3		8.3		23.9
NCI reclassification	(2.5	)	—		—		—		—
Corient adjustments	93.2		54.7		27.6		270.3		55.1
FX (gains)/losses	2.1		(0.1	)	—		2.7		—
Severance	0.2		0.2		—		5.9		—
Amortization of loan guarantees	(3.8	)	—		—		(3.8	)	—
Transaction, integration, restructuring and legal	36.1		22.7		30.0		92.1		46.1
Pass through carried interest revenue	4.8		(8.7	)	—		(3.9	)	—
Pass through carried interest expense	(4.8	)	8.7		—		3.9		—
Other (gains)/losses	(2.9	)	—		—		(73.3	)	—
Total adjustments	239.3		97.2		132.2		531.2		147.0
Adjusted EBITDA	100.0		99.3		73.5		379.0		264.3
Less: Non-controlling interest	37.4		37.6		13.6		116.9		44.8
Adjusted EBITDA attributable to shareholders	62.5		61.6		59.9		262.1		219.6
Reported net revenue	231.1		244.0		193.1		974.7		704.0
Less: FX gains/(losses)	(2.1	)	0.1		—		(2.7	)	—
Less: Pass through carried interest revenue	(4.8	)	8.7		—		3.9		—
Less: Non-Operating Other gains/(losses)	2.9		—		—		73.3		—
Less: Amortization of equity accounted investments	(1.3	)	(1.3	)	—		(6.0	)	—
Adjusted net revenue	236.4		236.6		193.1		906.2		704.0
Adjusted EBITDA margin	42.3	%	42.0	%	38.0	%	41.8	%	37.5	%