All amounts in U.S. dollars unless otherwise stated
TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and year ended December 31, 2024.
"Our focus, every day, is growing long-term shareholder value,” said Bobby Le Blanc, CEO and President. "In private equity, we are investing in strategies and verticals that have the strongest potential for future risk-adjusted returns. Overall, the PE teams raised over $1.5 billion in 2024. Our Structured Credit platform had another active quarter and an outstanding year, having raised or extended more than $13 billion of fee-generating assets during 2024 while growing fee related earnings. Shareholders continue to benefit from our strong balance sheet and liquidity position, and most recently through our substantial issuer bid.”
| Financial Results ($ millions except per share amounts) |
Quarter Ended Dec. 31 |
Year Ended Dec. 31 | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net earnings (loss) | $ | (2 | ) | $ | 373 | $ | 303 | $ | 529 | |||
| Net earnings (loss) per diluted share | $ | (0.02 | ) | $ | 4.81 | $ | 4.00 | $ | 6.65 | |||
| Investing segment net earnings | $ | 29 | $ | 326 | $ | 344 | $ | 815 | ||||
| Asset management segment net earnings | 18 | 46 | 21 | 2 | ||||||||
| Total segment net earnings (1) | $ | 47 | $ | 372 | $ | 365 | $ | 817 | ||||
| Total segment net earnings per fully diluted share(2) | $ | 0.62 | $ | 4.80 | $ | 4.74 | $ | 10.23 | ||||
| Asset management fee-related earnings(3) | $ | 6 | $ | 3 | $ | 6 | $ | 12 | ||||
| Total fee-related earnings (loss)(4) | $ | (1 | ) | $ | (2 | ) | $ | (21 | ) | $ | (14 | ) |
| Distributable earnings(5) | $ | 231 | $ | 139 | $ | 617 | $ | 797 | ||||
Highlights
- Onex had approximately $8.3 billion of investing capital, or $113.70 (C$163.54) per fully diluted share(6) at December 31, 2024. Onex' investing capital per fully diluted share returned 6% for the year ended December 31, 2024 or 15% in Canadian dollars. Over the last five years, investing capital per fully diluted share has had a compound annual return of 13%.
- Onex' private equity investments had net gains of $11 million in the fourth quarter of 2024 (Q4 2023: net gains of $250 million). Investments in Credit strategies generated net gains of $16 million in the fourth quarter of 2024 (Q4 2023: net gains of $66 million).
- Onex raised approximately $2.8 billion in fee-generating capital across its Private Equity and Credit platforms in the fourth quarter and $8.8 billion in fiscal 2024.
- The Onex Partners Opportunities Fund has raised aggregate commitments of approximately $1.2 billion, including affiliated vehicles and Onex' commitment of $400 million. The Fund completed its second acquisition in December.
- ONCAP V has reached aggregate commitments of approximately $1.1 billion, including Onex' commitment of $250 million, with a final close expected at the end of Q1 2025. In December, ONCAP II and ONCAP III completed the sale of PURE Canadian Gaming.
- Collectively, our private equity teams returned approximately $3.0 billion of capital to Limited Partners in 2024, including approximately $1.0 billion to Onex.
- Onex Credit raised or extended a total of $13.0 billion of fee-generating assets across its CLO platform in 2024. Fee-generating assets under management (FGAUM) within the Structured Credit platform increased 34% in 2024. Activity in Q4 includes closing of five new CLOs for approximately $2.6 billion in new fee-generating assets. The Credit platform contributed $27 million of fee-related earnings (FRE) in 2024, with year-end run-rate FRE of $40 million.
- Onex repurchased 2,277,722 Subordinate Voting Shares (SVS) in the fourth quarter for a total cost of $185 million (C$266 million) or an average cost per share of $81.18 (C$116.82). Onex repurchased 5,693,741 SVS in 2024, capturing approximately $215 million of value for remaining shareholders.
- Onex had $35.2 billion of FGAUM at December 31, 2024, a 17%(7) increase over the last 12 months. Run-rate management fees(8) increased to $195 million at December 31, 2024.
- Unrealized carried interest from funds managed by Onex was $286 million at December 31, 2024.
- Onex' cash and near-cash(9) balance was $1.6 billion or 19% of Onex' investing capital as of December 31, 2024 (December 31, 2023 - $1.5 billion or 17%).
The Board of Directors has declared a first quarter dividend of C$0.10 per Subordinate Voting Share payable on April 30, 2025, to shareholders of record on April 10, 2025.
Webcast
Onex management will host a webcast to review Onex' fourth quarter 2024 results on Friday, February 21, 2025 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex' website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event.
Additional Information
Enclosed are supplementary financial schedules related to Onex' consolidated net earnings, investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the three and 12 months ended December 31, 2024. The financial statements prepared in accordance with IFRS Accounting Standards, including Management's Discussion and Analysis of the results, are posted on Onex' website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex' website, www.onex.com.
About Onex
Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $51.1 billion in assets under management, of which $8.3 billion is Onex' own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex' platforms.
Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex' security filings can also be accessed at www.sedarplus.ca.
Forward-Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as "believes”, "expects”, "potential”, "anticipates”, "estimates”, "intends”, "plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.
For Further Information:
| Jill Homenuk Managing Director - Shareholder Relations and Communications Tel: +1 416.362.7711 | Zev Korman Vice President, Shareholder Relations and Communications Tel: +1 416.362.7711 |
Supplementary Financial Schedules
| Quarter ended December 31 | ||||||||||||
| 2024(i) | 2023(i) | |||||||||||
| ($ millions except per share amounts) | Investing | Asset Management | Total | Total | ||||||||
| Segment income | $ | 29 | $ | 70 | $ | 99 | $ | 435 | ||||
| Segment expenses | - | (52 | ) | (52 | ) | (63 | ) | |||||
| Segment net earnings | $ | 29 | $ | 18 | $ | 47 | $ | 372 | ||||
| Stock-based compensation expense | (33 | ) | (33 | ) | ||||||||
| Amortization of property, equipment and intangible assets, excluding right-of-use assets | (3 | ) | (4 | ) | ||||||||
| Restructuring expenses, net | (10 | ) | (6 | ) | ||||||||
| Unrealized carried interest included in segment net earnings - Credit | (5 | ) | (6 | ) | ||||||||
| Realized performance fees previously recognized in segment net earnings | 2 | 5 | ||||||||||
| Contingent consideration recovery | - | 42 | ||||||||||
| Impairment reversal of property and equipment | - | 2 | ||||||||||
| Integration expenses | - | (1 | ) | |||||||||
| Other | 1 | 2 | ||||||||||
| Earnings (loss) before income taxes | (1 | ) | 373 | |||||||||
| Provision for income taxes | (1 | ) | - | |||||||||
| Net earnings (loss) | $ | (2 | ) | $ | 373 | |||||||
| Segment net earnings per fully diluted share | $ | 0.38 | $ | 0.24 | $ | 0.62 | $ | 4.80 | ||||
| Net earnings (loss) per share | ||||||||||||
| Basic | $ | (0.02 | ) | $ | 4.82 | |||||||
| Diluted | $ | (0.02 | ) | ()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")});
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