Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

CI Financial Reports Financial Results for the First Quarter of 2024

CI Financial Corp. ("CI") (TSX: CIX) today released financial results for the quarter ended March 31, 2024.

"CI's first quarter was marked by robust growth, with total assets reaching a new high of $474.2 billion, a gain of $29.4 billion for the period," said Kurt MacAlpine, CI Chief Executive Officer. "Adjusted earnings per share¹ of $0.86 was up 6.2% from the previous quarter and up 16.2% from the year-ago quarter. Meanwhile, adjusted net revenues rose 4.8% and adjusted EBITDA increased 4.0% over the previous quarter.

"Corient continues to perform well, with our U.S. wealth management segment reporting a gain in adjusted EBITDA for the quarter of 7.9%. This reflects the quality of Corient and its distinct value proposition, along with steps we have taken to integrate the business and expand our offerings to clients.

"We remain committed to returning capital to shareholders through share buybacks and in early April we repurchased 4.9 million shares for $85 million through a substantial issuer bid," Mr. MacAlpine said. "This follows an earlier successful issuer bid in December, under which we bought back more than 6.5 million shares."

Operating and financial data highlights

[millions of dollars, except share amounts]	As of and for the quarters ended
[millions of dollars, except share amounts]	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
*Total AUM and Client Assets:*
Asset Management AUM ⁽²⁾	130,132		125,004		119,040		122,377		121,987
Canada Wealth Management assets	93,726		87,991		81,503		82,566		81,592
Canada custody ⁽³⁾	28,011		25,567		23,421		9,149		8,600
U.S. Wealth Management assets ⁽⁴⁾	222,347		206,282		197,016		193,980		187,481
Total assets	474,216		444,844		420,980		408,072		399,659

*Asset Management Net Inflows:*
Retail	(1,320	)	(397	)	(110	)	7		841
Institutional	4		?		(79	)	(14	)	(177	)
Australia	(92	)	230		(105	)	55		(81	)
Closed Business	(212	)	(200	)	(155	)	(174	)	(195	)
Total Asset Management Segment	(1,620	)	(367	)	(449	)	(126	)	388
U.S. Asset Management ⁽⁵⁾	78		(67	)	(16	)	(266	)	(67	)

*IFRS Results*
Net income attributable to shareholders	(154.4	)	(63.5	)	(12.4	)	51.0		30.0
Diluted earnings per share	(1.00	)	(0.40	)	(0.08	)	0.28		0.16
Pretax income	(122.6	)	(38.2	)	20.6		112.5		54.8
Pretax margin	(19.0	)%	(5.3	)%	3.3	%	14.5	%	8.6	%
Operating cash flow before the change in operating assets and liabilities	88.3		185.3		104.7		126.9		145.6

*Adjusted Results*
Adjusted net income	132.8		128.2		132.8		136.0		136.8
Adjusted diluted earnings per share	0.86		0.81		0.81		0.76		0.74
Adjusted EBITDA	289.5		278.3		276.6		272.3		268.6
Adjusted EBITDA margin	41.4	%	41.7	%	41.3	%	40.6	%	42.0	%
Adjusted EBITDA attributable to shareholders	246.1		238.7		237.8		245.3		250.1
Free cash flow	156.2		170.9		179.4		143.3		155.1

Average shares outstanding	153,821,117		158,125,830		161,549,038		178,883,346		184,517,832
Adjusted average diluted shares outstanding	155,018,911		158,885,217		163,619,462		179,640,506		185,136,641
Ending shares outstanding	153,821,117		153,821,117		158,867,975		167,640,863		184,517,832

Total debt	3,608		3,507		3,289		3,132		4,190
Net debt	3,480		3,365		3,113		2,887		4,052
Net debt to adjusted EBITDA	3.5		3.5		3.3		2.9		4.0

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.
Includes $34.4 billion, $33.2 billion, $31.8 billion, $32.8 billion, and $33.0 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 March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively.
Includes $24.5 billion, $21.5 billion, $19.7 billion, $5.4 billion, and $5.0 billion of assets advised by CI and held by clients of advisors with Assante, CIPC, CI Direct Investing and Aligned Capital as at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively. Prior to July 2023, custody assets were historically not included as part of reported assets for Canada wealth management or consolidated total assets.
Month-end USD/CAD exchange rates of 1.3546, 1.3250, 1.3582, 1.3248, and 1.3515 for March 2024, December 2023, September 2023, June 2023, and March 2023, respectively.
Includes 100% of flows from CI's minority investments in Columbia Pacific Advisors, OCM Capital Partners, The Cabana Group and GLASfunds Holdings.

Financial highlights

First quarter net loss attributable to shareholders was $154.4 million compared to a net loss of $63.5 million in the fourth quarter of 2023. Excluding non-operating items, adjusted net income attributable to shareholders¹ was $132.8 million in the first quarter, up 3.6% from the previous quarter.

First quarter total net revenues were $645.7 million, down 9.8% from $715.6 million in the fourth quarter of 2023. Excluding non-operating items, adjusted total net revenues¹ were $698.6 million, up 4.8% from $666.7 million due to higher revenues from all three segments.

First quarter total expenses increased 1.9% to $768.3 million from $753.7 million in the fourth quarter of 2023. Excluding non-operating items, adjusted total expenses¹ were $470.3 million, up 4.8% from $448.7 million in the previous quarter as a result of seasonally higher payroll taxes, interest expense, and higher advisor and dealer fees due to higher Canada Wealth Management revenues.

Dividends and share repurchases

CI paid $31.2 million in dividends at a rate of $0.20 per share. The annual dividend rate of $0.80 per share represented a yield of 4.8% on CI's closing share price of $16.75 on May 9, 2024. As announced yesterday, the Board of Directors of CI declared a quarterly dividend of $0.20 per share, payable on October 15, 2024 to shareholders of record as of September 30, 2024.

In February 2024, CI commenced a substantial issuer bid, which expired on April 2, 2024. Under the offer, CI purchased for cancellation 4,857,142 common shares at a purchase price of $17.50 per share, for an aggregate price of $85 million.

First quarter business highlights

CI Global Asset Management ("CI GAM") was the recipient of an industry-leading 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.
As part of CI's strategic priority to modernize asset management, CI GAM was active in enhancing its product lineup. New products included: two ETFs providing targeted exposure to U.S. momentum and value stocks; mutual fund versions of its popular CI WisdomTree Quality, Dividend Growth ETFs; and a commodity-focused liquid alternative fund. CI GAM also reduced the minimum initial investment on the CI Private Pools to $5,000 from $25,000, providing expanded access to these popular solutions.

Following quarter-end:

CI executed amendments to the trust indentures governing its 3.759% Debentures due 2025 and 3.904% Debentures due 2027 following approvals from debenture holders at meetings held April 4, 2024. The amendments remove the covenants preventing any subsidiary of CI from creating, assuming, or otherwise directly incurring certain indebtedness.
CI GAM launched CI Global Artificial Intelligence ETF (TSX: CIAI) to offer investors exposure to investment opportunities created by AI technologies. CI GAM also completed the mergers of 13 mutual funds and six ETFs into other funds, simplifying and streamlining the firm's product lineup.
Northwood Family Office was named the winner of the 2024 Family Wealth Report Award for Best Multi-Family Office in North America (up to and including US$2.5 billion AUM/AUA).

Analysts' conference call

CI will hold a conference call with analysts today at 9:00 a.m. EDT, 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: 155730):

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, which operates in Australia.
Canadian Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth, 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.

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 statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. ("CI") 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 beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management's control. 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 that asset levels will remain stable. 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. 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.

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
For the three-month period ended March 31	2024		2023
[in thousands of Canadian dollars, except per share amounts]	$		$
REVENUE
Canada asset management fees	371,630		377,665
Trailer fees and deferred sales commissions	(113,610	)	(115,896	)
Net asset management fees	258,020		261,769
Canada wealth management fees	159,687		141,533
U.S. wealth management fees	242,083		201,337
Other revenues	35,432		32,320
Foreign exchange losses	(54,586	)	1,754
Other gains (losses)	5,047		(889	)
Total net revenues	645,683		637,824

EXPENSES
Selling, general and administrative	431,998		304,598
Advisor and dealer fees	120,793		107,822
Interest and lease finance	48,286		47,179
Amortization and depreciation	17,233		12,897
Amortization of intangible assets from acquisitions	35,012		31,345
Transaction, integration, restructuring and legal	23,432		14,175
Change in fair value of contingent consideration	32,132		53,506
Change in fair value of Preferred Share Liability	52,286		?
Other	7,120		11,507
Total expenses	768,292		583,029
Income before income taxes	(122,609	)	54,795

Provision for (recovery of) income taxes
Current	37,411		39,069
Deferred	(5,481	)	(14,427	)
	31,930		24,642
Net income (loss) for the period	(154,539	)	30,153
Net income (loss) attributable to non-controlling interests	(103	)	185
Net income (loss) attributable to shareholders	(154,436	)	29,968
Basic earnings per share attributable to shareholders	-$1.00		$0.16
Diluted earnings per share attributable to shareholders	-$1.00		$0.16

Other comprehensive income (loss), net of tax
Exchange differences on translation of foreign operations	31,428		(2,868	)
Total other comprehensive income, net of tax	31,428		(2,868	)
Comprehensive income (loss) for the period	(123,111	)	27,285
Comprehensive income (loss) attributable to non-controlling interests	324		153
Comprehensive income (loss) attributable to shareholders	(123,435	)	27,132

	As at		As at
CONSOLIDATED BALANCE SHEET	March 31, 2024		December 31, 2023
[in thousands of Canadian dollars]	$		$
ASSETS
Current
Cash and cash equivalents	126,149		137,029
Client and trust funds on deposit	1,140,862		1,073,378
Investments	41,732		42,781
Accounts receivable and prepaid expenses	428,885		388,029
Assets held for sale	?		326
Income taxes receivable	33,957		33,911
Total current assets	1,771,585		1,675,454
Capital assets, net	113,430		85,077
Right-of-use assets	243,254		229,763
Intangibles and goodwill	7,624,900		7,575,958
Deferred income taxes	83,907		78,642
Other assets	383,634		336,709
Total assets	10,220,710		9,981,603
LIABILITIES AND EQUITY
Current
Accounts payable and accrued liabilities	370,260		378,374
Current portion of provisions and other financial liabilities	446,940		444,200
Dividends payable	61,528		61,528
Client and trust funds payable	1,140,009		1,068,809
Income taxes payable	15,893		15,252
Redeemable unit liabilities	1,205,521		1,089,996
Preferred Share Liability	1,566,686		1,481,419
Current portion of long-term debt	482,356		437,255
Current portion of lease liabilities	29,682		17,575
Total current liabilities	5,318,875		4,994,408
Long-term debt	3,125,235		3,070,149
Provisions and other financial liabilities	85,202		96,952
Other long-term payable	21,082		15,853
Deferred income taxes	478,363		479,150
Lease liabilities	303,967		285,053
Total liabilities	9,332,724		8,941,565
Equity
Share capital	1,436,686		1,436,686
Contributed surplus	37,940		34,828
Deficit	(640,233	)	(454,435	)
Accumulated other comprehensive income	41,684		10,683
Total equity attributable to the shareholders of the Company	876,077		1,027,762
Non-controlling interests	11,909		12,276
Total equity	887,986		1,040,038
Total liabilities and equity	10,220,710		9,981,603

CONSOLIDATED STATEMENT OF CASH FLOWS
For the three-month period ended March 31	2024		2023
[in thousands of Canadian dollars]	$		$
*OPERATING ACTIVITIES ()**
Net income for the period	(154,539	)	30,153
Add (deduct) items not involving cash
Other (gains) losses	(5,047	)	889
Change in fair value of contingent consideration	32,132		53,506
Change in fair value of Preferred Share Liability	52,286		?
Contingent and deferred consideration recorded as compensation	763		1,703
Amortization of loan guarantees	(574	)	(255	)
Recognition of non-cash vesting of redeemable unit liabilities	109,860		28,968
Equity-based compensation	5,072		3,554
Equity accounted income	188		(4,786	)
Amortization of equity accounted investments	1,410		2,056
Amortization and depreciation	17,233		12,897
Amortization of intangible assets from acquisitions	35,012		31,345
Deferred income taxes	(5,481	)	(14,427	)
Cash provided by operating activities before net change in operating assets and liabilities	88,315		145,603
Net change in operating assets and liabilities	31,393		(2,214	)
Cash provided by operating activities	119,708		143,389

INVESTING ACTIVITIES
Cash paid to settle acquisition liabilities	(51,195	)	(74,976	)
Acquisitions, net of cash acquired	(691	)	(7,108	)
Purchase of investments	(630	)	(642	)
Proceeds on sale of investments	2,711		4
Additions to capital assets	(31,926	)	(9,121	)
Decrease in other assets	(39,364	)	(3,211	)
Additions to intangibles	(711	)	(3,104	)
Cash used in investing activities	(121,806	)	(98,158	)

FINANCING ACTIVITIES
Repayment of long-term debt	(375,000	)	(320,000	)
Issuance of long-term debt	420,000		298,000
Transaction costs - repurchase of share capital	(115	)	?
Payment of lease liabilities	(3,349	)	(6,350	)
Dividends paid to shareholders	(19,071	)	523
Net distributions to non-controlling interest	?		(523	)
Dividends paid to shareholders	(31,248	)	(33,531	)
Cash used in financing activities	(8,783	)	(61,881	)
Net decrease in cash and cash equivalents during the period	(10,881	)	(16,650	)
Cash and cash equivalents, beginning of period	137,030		153,619
Cash and cash equivalents, end of period	126,149		136,969
SUPPLEMENTAL CASH FLOW INFORMATION
(*) Included in operating activities are the following:
Interest paid	17,151		20,285
Income taxes paid	36,378		40,126

ASSETS UNDER MANAGEMENT AND NET FLOWS
	Quarters ended
[billions of dollars]	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
Beginning AUM	125.0		119.0		122.4		122.0		117.8
Gross inflows	6.7		7.3		5.7		6.1		6.9
Gross outflows	(8.3	)	(7.7	)	(6.2	)	(6.2	)	(6.5	)
Net inflows/(outflows)	(1.6	)	(0.4	)	(0.4	)	(0.1	)	0.4
Acquisitions	?		?		?		?		?
Market move and FX	6.7		6.3		(2.9	)	0.5		3.8
Ending AUM	130.1		125.0		119.0		122.4		122.0
Proprietary AUM	34.4		33.2		31.8		32.8		33.0
Non-proprietary AUM	95.7		91.8		87.2		89.6		89.0
Average assets under management	126.8		121.1		122.1		122.1		121.9
Annualized organic growth	(5.2	)%	(1.2	)%	(1.5	)%	(0.4	)%	1.3	%

Gross management fee/average AUM	1.19	%	1.20	%	1.24	%	1.25	%	1.27	%
Net management fee/average AUM	0.81	%	0.81	%	0.84	%	0.85	%	0.86	%

Net Inflows/(Outflows)
Retail	(1.3	)	(0.4	)	(0.1	)	?		0.8
Institutional	?		?		(0.1	)	?		(0.2	)
Closed business	(0.2	)	(0.2	)	(0.2	)	(0.2	)	(0.2	)
Total Canada net inflows/(outflows)	(1.5	)	(0.6	)	(0.3	)	(0.2	)	0.5
Australia	(0.1	)	0.2		(0.1	)	0.1		(0.1	)
Total net inflows/(outflows)	(1.6	)	(0.4	)	(0.4	)	(0.1	)	0.4

Retail
[billions of dollars]	Quarters ended
[billions of dollars]	Mar. 31, 2024		Dec. 31, 2023	Sep. 30, 2023	Jun. 30. 2023	Mar. 31, 2023
Beginning AUM	103.7		99.1	101.7	101.2	97.1
Net Flows	(1.3	)	-0.4	-0.1	0.0	0.8
Market Move / FX	12.7		5.0	-2.5	0.5	3.3
Acquisitions	?		?	?	?	?
Ending AUM	115.1		103.7	99.1	101.7	101.2
Average AUM	105.3		100.7	101.5	101.3	100.9

Institutional
[billions of dollars]	Quarters ended
[billions of dollars]	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023		Jun. 30. 2023	Mar. 31, 2023
Beginning AUM	8.8	8.3	8.5		8.5	8.3
Net Flows	0.0	0.0	(0.1	)	0.0	(0.2	)
Market Move / FX	0.3	0.5	(0.1	)	0.0	0.4
Acquisitions	?	?	?		?	?
Ending AUM	9.1	8.8	8.3		8.5	8.5
Average AUM	8.9	8.5	8.5		8.5	8.5

AUSTRALIA
[billions of dollars]	Quarters ended
[billions of dollars]	Mar. 31, 2024		Dec. 31, 2023	Sep. 30, 2023		Jun. 30. 2023	Mar. 31, 2023
Beginning AUM	5.4		4.8	5.0		4.9	5.0
Net Flows	(0.1	)	0.2	(0.1	)	0.1	(0.1	)
Market Move / FX	0.4		0.4	(0.1	)	0.0	0.0
Acquisitions	?		?	?		?	?
Ending AUM	5.7		5.4	4.8		5.0	4.9
Average AUM	5.4		5.0	4.9		5.0	5.0

CLOSED BUSINESS
[billions of dollars]	Quarters ended
[billions of dollars]	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30. 2023		Mar. 31, 2023
Beginning AUM	7.1		6.9		7.2		7.4		7.3
Net Flows	(0.2	)	(0.2	)	(0.2	)	(0.2	)	(0.2	)
Market Move / FX	(6.6	)	0.4		(0.1	)	?		0.3
Acquisitions	?		?		?		?		?
Ending AUM	0.3		7.1		6.9		7.2		7.4
Average AUM	7.2		7.0		7.2		7.3		7.5

AUM BY ASSET CLASS
[billions of dollars]	Quarters ended
[billions of dollars]	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Balanced	52.5	51.4	47.7	49.8	50.8
Equity	42.7	40.1	41.1	43.0	43.3
Fixed income	11.7	11.6	10.5	11.1	11.3
Alternatives	7.7	6.4	5.5	5.1	4.0
Cash/Other	9.8	10.2	9.5	8.4	7.7
Total Canada asset management	124.5	119.6	114.3	117.4	117.1
Australia	5.7	5.4	4.8	5.0	4.9
Total asset management segment	130.1	125.0	119.0	122.4	122.0

CANADA WEALTH MANAGEMENT CLIENT ASSETS
[billions of dollars]	Quarters ended
[billions of dollars]	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
Beginning client assets	88.0		81.5		82.6		81.6		77.4
Acquisitions	?		1.3		?		?		?
Net flows and market move	5.7		5.2		(1.1	)	1.0		4.2
Ending client assets	93.7		88.0		81.5		82.6		81.6
Average client assets	90.9		83.8		83.2		81.9		80.7
Wealth management fees/average client assets	0.89	%	0.91	%	0.90	%	0.91	%	0.93	%

Canada custody	28.0		25.6		23.4		9.1		8.6
Proprietary custody	24.5		21.5		19.7		5.4		5.0
Non-proprietary custody	3.5		4.1		3.8		3.7		3.6

U.S. WEALTH MANAGEMENT CLIENT ASSETS
[billions of dollars]	Quarters ended
[billions of dollars]	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
Beginning billable client assets	196.8		188.2		185.0		179.9		174.3
Acquisitions/divestitures	?		2.2		2.1		4.0		?
Net flows and market move	15.5		6.4		1.1		1.1		5.6
Ending billable client assets	212.4		196.8		188.2		185.0		179.9
Non-billable client assets	10.0		9.4		8.8		9.0		7.6
Total client assets	222.3		206.3		197.0		194.0		187.5
Fees/beginning billable client assets	0.49	%	0.48	%	0.49	%	0.48	%	0.47	%

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 and consideration for strategic recruitment 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 May 10, 2024 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, 2023 amounts)
[millions of dollars, except per share amounts]	Quarters ended
[millions of dollars, except per share amounts]	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
Net Income	(154.5	)	(63.2	)	30.2
Amortization of intangible assets from acquisitions	35.0		36.1		31.3
Amortization of intangible assets for equity accounted investments	1.4		1.4		2.1
Change in fair value of contingent consideration	32.1		26.8		53.5
Change in fair value of preferred equity	52.3		100.5		?
Interest expense on redeemable shares issued in connection with acquisitions	1.5		0.9		?
Contingent consideration recorded as compensation	13.8		2.0		1.7
Non-controlling interest reclassification	1.0		(1.4	)	2.5
Accounting for Corient and CIPW Canada redeemable units	126.7		93.8		43.1
Severance	9.8		9.1		5.5
Amortization of loan guarantees	(0.6	)	(1.3	)	(0.3	)
FX (gains)/losses	54.6		(52.2	)	(1.8	)
Transaction, integration, restructuring and legal	26.4		43.5		14.2
Pass through carried interest revenue	?		4.8		?
Pass through carried interest expense	?		(4.8	)	?
Other (gains)/losses	(3.1	)	(2.9	)	1.9
Total adjustments	350.9		256.2		153.7
Tax effect of adjustments	(26.3	)	(30.5	)	(28.5	)
Less: Non-controlling interest	37.4		34.2		18.5
Adjusted net income	132.8		128.2		136.8
Adjusted earnings per share	0.86		0.81		0.74
Adjusted diluted earnings per share	0.86		0.81		0.74

Average diluted shares outstanding under IFRS	153.8		168.3		185.1
Weighted average impact of RSU awards	1.2		?		?
Shares convertible into common in connection with an acquisition	?		(9.4	)	?
Adjusted average diluted shares outstanding	155.0		158.9		185.1

EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
(unaudited except for Dec. 31, 2023 amounts)
[millions of dollars, except per share amounts]	Quarters ended
[millions of dollars, except per share amounts]	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
Pretax income	(122.6	)	(38.2	)	54.8
Amortization of intangible assets from acquisitions	35.0		36.1		31.3
Amortization of intangible assets for equity accounted investments	1.4		1.4		2.1
Depreciation and other amortization	17.2		17.3		12.9
Interest and lease finance expense	48.3		43.9		47.2
EBITDA	(20.7	)	60.5		148.3
Change in fair value of contingent consideration	32.1		26.8		53.5
Change in fair value of preferred equity	52.3		100.5		?
Contingent consideration recorded as compensation	13.8		2.0		1.7
Non-controlling interest reclassification	1.0		(1.4	)	2.5
Accounting for Corient and CIPW Canada redeemable units	126.7		93.8		43.1
Severance	9.8		9.1		5.5
Amortization of loan guarantees	(0.6	)	(1.3	)	(0.3	)
FX (gains)/losses	54.6		(52.2	)	(1.8	)
Transaction, integration, restructuring and legal	23.4		43.5		14.2
Pass through carried interest revenue	?		4.8		?
Pass through carried interest expense	?		(4.8	)	?
Other (gains)/losses	(3.1	)	(2.9	)	1.9
Total adjustments	310.0		217.8		120.3
Adjusted EBITDA	289.3		278.3		268.6
Less: Non-controlling interest	43.4		39.6		18.5
Adjusted EBITDA attributable to shareholders	246.1		238.7		250.1

Reported net revenue	645.7		715.6		637.8
Less: FX gains/(losses)	(54.6	)	52.2		1.8
Less: Pass through carried interest revenue	?		(4.8	)	?
Less: Non-Operating Other gains/(losses)	3.1		2.9		(1.9	)
Less: Amortization of equity accounted investments	(1.4	)	(1.4	)	(2.1	)
Adjusted net revenue	698.6		666.7		640.0
Adjusted EBITDA margin	41.4	%	41.7	%	42.0	%

FREE CASH FLOW (unaudited except for Dec. 31, 2023 amounts)
[millions of dollars]	Quarters ended
[millions of dollars]	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
Cash provided by operating activities	119.7		69.5		143.4
Less: Net change in operating assets and liabilities	31.4		(115.8	)	(2.2	)
Operating cash flow before the change in operating assets and liabilities	88.3		185.3		145.6
FX (gains)/losses	54.6		(52.2	)	(1.8	)
Transaction, integration, restructuring and legal	26.4		43.5		14.2
Total adjustments	80.9		(8.7	)	12.4
Tax effect (recovery) of adjustments	(12.8	)	(4.9	)	(1.8	)
Less: Non-controlling interest	0.3		0.8		1.1
Free cash flow	156.2		170.9		155.1

NET DEBT (unaudited except for Dec. 31, 2023 amounts)
	Quarters ended
[millions of dollars]	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Current portion of long-term debt	482.4	437.3	157.2	?	298.0
Long-term debt	3,125.2	3,070.1	3,131.9	3,131.5	3,892.2
	3,607.6	3,507.4	3,289.1	3,131.5	4,190.2
Less:
Cash and short-term investments	126.1	137.0	175.7	240.5	137.0
Marketable securities	27.0	28.2	22.4	23.0	22.6
Add:
Regulatory capital and non-controlling interests	25.4	22.4	22.3	18.6	21.7
Net Debt	3,479.9	3,364.6	3,113.3	2,886.6	4,052.2

Adjusted EBITDA	246.1	238.7	237.8	245.3	250.1
Adjusted EBITDA, annualized	984.4	954.9	943.3	983.8	1,014.2
Gross leverage (Gross debt/Annualized adjusted EBITDA)	3.7	3.7	3.5	3.2	4.1
Net leverage (Net debt/Annualized adjusted EBITDA)	3.5	3.5	3.3	2.9	4.0

SUMMARY OF QUARTERLY RESULTS
(unaudited except for Dec. 31, 2023 amounts)
[millions of dollars, except per share amounts]	IFRS Results										Adjusted Results
	For the quarters ended										For the quarters ended
	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
Revenues
Asset management fees	371.6		361.9		375.6		375.8		377.7		371.6		361.9		375.6		375.8		377.7
Trailer fees and deferred sales commissions	(113.6	)	(111.3	)	(114.7	)	(114.9	)	(115.9	)	(113.6	)	(111.3	)	(114.7	)	(114.9	)	(115.9	)
Net asset management fees	258.0		250.6		260.8		261.0		261.8		258.0		250.6		260.8		261.0		261.8
Canada wealth management fees	159.7		150.5		146.7		144.1		141.5		159.7		150.5		146.7		144.1		141.5
U.S. wealth management fees	242.1		226.8		229.0		216.8		201.3		242.1		226.8		229.0		216.8		201.3
Other revenues	35.4		31.6		40.9		31.3		32.3		36.8		37.8		33.6		32.7		34.4
FX gains/(losses)	(54.6	)	52.2		(60.4	)	36.5		1.8		?		?		?		?		?
Other gains/(losses)	5.0		3.8		(0.4	)	86.5		(0.9	)	2.0		0.9		(0.5	)	0.3		1.0
Total net revenues	645.7		715.6		616.5		776.1		637.8		698.6		666.7		669.6		654.8		640.0
Expenses
Selling, general & administrative	432.0		375.9		343.5		345.9		304.6		282.3		272.4		275.8		265.9		254.6
Advisor and dealer fees	120.8		113.8		110.3		108.2		107.8		120.8		113.8		110.3		108.2		107.8
Other	7.1		(0.4	)	16.7		10.9		11.5		6.1		5.8		6.9		8.5		9.0
Interest and lease finance expense	48.3		43.9		39.8		46.1		47.2		45.1		41.2		39.9		44.0		47.2
Depreciation and other amortization	17.2		17.3		12.9		13.3		12.9		16.0		15.5		12.9		13.3		12.9
Amortization of intangible assets from acquisitions	35.0		36.1		34.8		33.1		31.3		?		?		?		?		?
Transaction, integration, restructuring and legal	23.4		39.9		23.7		55.8		14.2		?		?		?		?		?
Change in fair value of contingent consideration	32.1		26.8		(7.2	)	15.2		53.5		?		?		?		?		?
Change in fair value of Preferred Share Liability	52.3		100.5		21.4		35.0		?		?		?		?		?		?
Total expenses	768.3		753.7		595.9		663.6		583.0		470.3		448.7		445.8		439.9		431.5
Pretax income	(122.6	)	(38.2	)	20.6		112.5		54.8		228.4		218.0		223.9		215.0		208.5
Income tax expense	31.9		25.1		32.8		61.1		24.6		58.2		55.6		57.1		54.8		53.2
Net income	(154.5	)	(63.2	)	(12.2	)	51.4		30.2		170.1		162.4		166.8		160.1		155.3
Less: Non-controlling interest	(0.1	)	0.3		0.2		0.4		0.2		37.4		34.2		34.0		24.2		18.5
Net income attributable to shareholders	(154.4	)	(63.5	)	(12.4	)	51.0		30.0		132.8		128.2		132.8		136.0		136.8
Basic earnings per share	(1.00	)	(0.40	)	(0.08	)	0.28		0.16		0.86		0.81		0.82		0.76		0.74
Diluted earnings per share	(1.00	)	(0.40	)	(0.08	)	0.28		0.16		0.86		0.81		0.81		0.76		0.74

RESULTS OF OPERATIONS - ASSET MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2023 amounts)
[millions of dollars, except per share amounts]	IFRS Results										Adjusted Results
	For the quarters ended										For the quarters ended
	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
Revenues
Asset management fees	376.3		366.4		380.1		380.2		382.0		376.3		366.4		380.1		380.2		382.0
Trailer fees and deferred sales commissions	(121.0	)	(118.7	)	(122.2	)	(122.5	)	(123.4	)	(121.0	)	(118.7	)	(122.2	)	(122.5	)	(123.4	)
Net asset management fees	255.4		247.7		257.9		257.8		258.6		255.4		247.7		257.9		257.8		258.6
Other revenues	4.4		4.7		4.8		5.1		4.0		4.4		4.7		4.8		5.1		4.0
FX gains/(losses)	(58.7	)	56.1		(61.9	)	37.5		2.0		?		?		?		?		?
Other gains/(losses)	4.4		1.9		(0.4	)	16.1		(0.9	)	1.7		1.9		(0.5	)	0.3		1.0
Total net revenues	205.5		310.4		200.3		316.5		263.6		261.5		254.3		262.2		263.1		263.5
Expenses
Selling, general & administrative	108.0		108.7		110.9		101.0		98.9		101.2		97.4		105.2		102.6		98.6
Other	0.1		0.3		0.7		?		?		0.1		0.3		0.7		?		?
Interest and lease finance expense	0.5		0.5		2.5		(1.5	)	0.6		0.5		0.5		2.5		(1.5	)	0.6
Depreciation and other amortization	4.0		3.9		2.5		5.4		3.8		4.0		3.9		2.5		5.4		3.8
Amortization of intangible assets from acquisitions	0.6		0.6		0.6		0.6		0.6		?		?		?		?		?
Transaction, integration, restructuring and legal	1.3		2.0		0.6		34.6		1.7		?		?		?		?		?
Change in fair value of contingent consideration	3.5		8.8		(0.6	)	0.7		(2.2	)	?		?		?		?		?
Total expenses	118.0		124.7		117.2		140.8		103.5		105.7		102.0		111.0		106.6		103.0
Pretax income	87.5		185.7		83.1		175.7		160.1		155.7		152.3		151.2		156.5		160.5

Non-IFRS adjustments
Pretax income	87.5		185.7		83.1		175.7		160.1		155.7		152.3		151.2		156.5		160.5
Amortization of intangible assets from acquisitions	0.6		0.6		0.6		0.6		0.6		?		?		?		?		?
Depreciation and other amortization	4.0		3.9		2.5		5.4		3.8		4.0		3.9		2.5		5.4		3.8
Interest and lease finance expense	0.5		0.5		2.5		(1.5	)	0.6		0.5		0.5		2.5		(1.5	)	0.6
EBITDA	92.6		190.7		88.7		180.2		165.1		160.2		156.6		156.2		160.5		164.9
Change in fair value of contingent consideration	3.5		8.8		(0.6	)	0.7		(2.2	)	?		?		?		?		?
FX (gains)/losses	58.7		(56.1	)	61.9		(37.5	)	(2.0	)	?		?		?		?		?
Severance	6.9		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	1.3		2.0		0.6		34.6		1.7		?		?		?		?		?
Other (gains)/losses	(2.7	)	?		?		0.3		1.9		?		?		?		?		?
Gain on debt retirement	?		?		?		(16.2	)	?		?		?		?		?		?
Total adjustments	67.7		(34.0	)	67.5		(19.8	)	(0.2	)	?		?		?		?		?
Adjusted EBITDA	160.2		156.6		156.2		160.5		164.9		160.2		156.6		156.2		160.5		164.9
Less: Non-controlling interest	(0.4	)	0.1		0.2		0.2		0.2		(0.4	)	0.1		0.2		0.2		0.2
Adjusted EBITDA attributable to shareholders	160.6		156.5		156.0		160.3		164.7		160.6		156.5		156.0		160.3		164.7

RESULTS OF OPERATIONS - CANADA WEALTH MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2023 amounts)
[millions of dollars, except per share amounts]	IFRS Results										Adjusted Results
	For the quarters ended										For the quarters ended
	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Revenues
Canada wealth management fees	201.0		192.8		189.1		186.8		184.3		201.0	192.8	189.1	186.8	184.3
Other revenues	33.4		31.7		30.7		30.5		31.8		33.4	31.7	30.7	30.6	31.8
FX gains/(losses)	1.0		(1.8	)	1.4		(0.5	)	(0.2	)	?	?	?	?	?
Other gains/(losses)	?		?		?		?		?		?	?	?	?	?
Total net revenues	235.4		222.7		221.1		216.8		215.9		234.4	224.6	219.8	217.4	216.2
Expenses
Selling, general & administrative	55.4		50.6		52.2		50.3		48.2		53.9	49.8	49.2	49.3	47.7
Advisor and dealer fees	153.9		147.9		144.4		142.5		141.7		153.9	147.9	144.4	142.5	141.7
Other	6.3		6.2		5.9		9.3		9.8		5.3	5.1	4.8	8.0	8.8
Interest and lease finance expense	0.4		0.3		0.6		?		0.3		0.4	0.3	0.6	?	0.3
Depreciation and other amortization	4.9		5.1		5.2		2.9		4.1		4.9	5.1	5.2	2.9	4.1
Amortization of intangible assets from acquisitions	2.3		2.3		2.2		2.2		2.1		?	?	?	?	?
Transaction, integration, restructuring and legal	?		5.4		0.4		0.1		0.3		?	?	?	?	?
Change in fair value of contingent consideration	1.6		3.5		(0.4	)	1.0		5.3		?	?	?	?	?
Total expenses	224.8		221.3		210.5		208.4		211.8		218.4	208.3	204.2	202.7	202.5
Pretax income	10.6		1.4		10.7		8.5		4.1		16.0	16.3	15.6	14.7	13.7

Non-IFRS adjustments
Pretax income	10.6		1.4		10.7		8.5		4.1		16.0	16.3	15.6	14.7	13.7
Amortization of intangible assets from acquisitions	2.3		2.3		2.2		2.2		2.1		?	?	?	?	?
Amortization of intangible assets for equity accounted investments	0.1		0.1		0.1		0.1		0.1		?	?	?	?	?
Depreciation and other amortization	4.9		5.1		5.2		2.9		4.1		4.9	5.1	5.2	2.9	4.1
Interest and lease finance expense	0.4		0.3		0.6		?		0.3		0.4	0.3	0.6	?	0.3
EBITDA	18.3		9.1		18.7		13.6		10.7		21.3	21.7	21.4	17.6	18.0
Change in fair value of contingent consideration	1.6		3.5		(0.4	)	1.0		5.3		?	?	?	?	?
Contingent consideration recorded as compensation (included in SG&A)	0.1		0.1		0.1		0.2		0.2		?	?	?	?	?
Accounting for CIPW Canada redeemable units (included in SG&A)	0.7		0.7		2.0		0.2		0.2		?	?	?	?	?
FX (gains)/losses	(1.0	)	1.8		(1.4	)	0.5		0.2		?	?	?	?	?
Severance	0.7		?		0.9		0.7		0.1		?	?	?	?	?
Transaction, integration, restructuring and legal	?		5.4		0.4		0.1		0.3		?	?	?	?	?
Non-controlling interest reclassification (included in Other)	1.0		1.1		1.1		1.3		1.1		?	?	?	?	?
Total adjustments	3.1		12.6		2.7		4.0		7.3		?	?	?	?	?
Adjusted EBITDA	21.3		21.7		21.4		17.6		18.0		21.3	21.7	21.4	17.6	18.0
Less: Non-controlling interest	1.8		2.0		1.2		1.4		1.9		1.8	2.0	1.2	1.4	1.9
Adjusted EBITDA attributable to shareholders	19.5		19.7		20.1		16.2		16.2		19.5	19.7	20.1	16.2	16.2

RESULTS OF OPERATIONS - U.S. WEALTH MANAGEMENT SEGMENT
(unaudited except for Dec. 31, 2023 amounts)
[millions of dollars, except per share amounts]	IFRS Results										Adjusted Results
	For the quarters ended										For the quarters ended
	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Mar. 31, 2024	Dec. 31, 2023		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Revenues
U.S. wealth management fees	242.1		226.8		229.0		216.8		201.3		242.1	226.8		229.0	216.8	201.3
Other revenues	7.4		4.5		14.9		5.4		6.3		8.8	10.6		7.6	6.7	8.3
FX gains/(losses)	3.1		(2.1	)	0.1		(0.6	)	?		?	?		?	?	?
Other gains/(losses)	0.6		1.9		?		70.4		?		0.3	(1.0	)	?	?	?
Total net revenues	253.2		231.1		244.0		291.9		207.7		251.1	236.4		236.6	223.5	209.6
Expenses
Selling, general & administrative	283.7		231.1		195.2		209.5		173.0		142.4	139.7		136.0	128.8	123.8
Other	0.8		(6.9	)	10.1		1.6		1.7		0.8	0.4		1.4	0.5	0.2
Interest and lease finance expense	5.2		4.0		0.8		3.2		0.8		3.5	2.1		0.8	3.2	0.8
Depreciation and other amortization	8.3		8.3		5.2		5.0		5.1		7.0	6.5		5.2	5.0	5.1
Amortization of intangible assets from acquisitions	32.1		33.2		32.0		30.3		28.6		?	?		?	?	?
Transaction, integration, restructuring and legal	22.1		32.5		22.7		21.1		12.2		?	?		?	?	?
Change in fair value of contingent consideration	27.1		14.5		(6.1	)	13.5		50.4		?	?		?	?	?
Change in fair value of preferred equity	52.3		100.5		21.4		35.0		?		?	?		?	?	?
Total expenses	431.7		417.2		281.3		319.3		271.7		153.8	148.8		143.4	137.6	129.9
Pretax income	(178.4	)	(186.1	)	(37.3	)	(27.3	)	(64.0	)	97.4	87.7		93.2	85.9	79.7

Non-IFRS adjustments
Pretax income	(178.4	)	(186.1	)	(37.3	)	(27.3	)	(64.0	)	97.4	87.7		93.2	85.9	79.7
Amortization of intangible assets from acquisitions	32.1		33.2		32.0		30.3		28.6		?	?		?
Amortization of intangible assets for equity accounted investments	1.3		1.3		1.3		1.3		2.0		?	?		?	?	?
Depreciation and other amortization	8.3		8.3		5.2		5.0		5.1		7.0	8.3		5.2	5.0	5.1
Interest and lease finance expense	5.2		4.0		0.8		3.2		0.8		3.5	4.0		0.8	3.2	0.8
EBITDA	(131.5	)	(139.3	)	2.1		12.5		(27.5	)	107.9	100.0		99.3	94.2	85.6
Change in fair value of contingent consideration	27.1		14.5		(6.1	)	13.5		50.4		?	?		?	?	?
Change in fair value of Preferred Share Liability	52.3		100.5		21.4		35.0		?		?	?		?	?	?
Contingent and strategic recruitment consideration recorded as compensation (included in SG&A)	13.7		1.9		4.3		0.6		1.5		?	?		?	?	?
Non-controlling interest reclassification (included in Other)	?		(2.5	)	?		1.2		1.4		?	?		?	?	?
Accounting for redeemable units (included in SG&A)	126.0		93.2		54.7		79.4		42.9		?	?		?	?	?
FX (gains)/losses	(3.1	)	2.1		(0.1	)	0.6		?		?	?		?	?	?
Severance	2.2		0.2		0.2		0.7		4.8		?	?		?	?	?
Amortization of loan guarantees	(0.6	)	(3.8	)	?		?		?		?	?		?	?	?
Transaction, integration, restructuring and legal	22.1		36.1		22.7		21.1		12.2		?	?		?	?	?
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	(0.4	)	(2.9	)	?		(70.3	)	?		?	?		?	?	?
Total adjustments	239.4		239.3		97.2		81.7		113.1		?	?		?	?	?
Adjusted EBITDA	107.9		100.0		99.3		94.2		85.6		107.9	100.0		99.3	94.2	85.6
Less: Non-controlling interest	41.9		37.4		37.6		25.4		16.5		41.9	37.4		37.6	25.4	16.5
Adjusted EBITDA attributable to shareholders	66.0		62.5		61.6		68.8		69.1		66.0	62.5		61.6	68.8	69.1

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CI Financial Reports Financial Results for the First Quarter of 2024

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