CI Financial Corp.

CIK:0001829948|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Management fees	$ 1,792,103	$ 1,635,773
Administration fees	862,635	364,408
Redemption fees	4,507	8,230
Realized and unrealized gain on investments	19,212	6,949
Other income [note 5]	48,560	37,424
Total revenue	2,727,017	2,052,784
EXPENSES
Selling, general and administrative	702,276	449,439
Trailer fees	551,700	509,444
Advisor and dealer fees	424,505	253,376
Deferred sales commissions	5,714	7,492
Amortization and depreciation [note 18]	96,821	43,514
Interest and lease finance [notes 6 and 8]	109,670	65,440
Other [notes 5 and 7]	250,165	81,332
Total expenses	2,140,851	1,410,037
Income before income taxes	586,166	642,747
Provision for (recovery of) income taxes [note 11]
Current	216,211	168,923
Deferred	(42,419)	(1,722)
Income tax expense reported in the consolidated statements of income	173,792	167,201
Net income for the year	412,374	475,546
Net income (loss) attributable to non-controlling interests	3,046	(432)
Net income attributable to shareholders	$ 409,328	$ 475,978
Basic earnings per share attributable to shareholders (in CAD per share)	$ 2.03	$ 2.22
Diluted earnings per share attributable to shareholders (in CAD per share)	$ 2.02	$ 2.21
Other comprehensive loss, net of tax
Exchange differences on translation of foreign operations	$ (2,675)	$ (24,350)
Total other comprehensive loss, net of tax	(2,675)	(24,350)
Comprehensive income for the year	409,699	451,196
Comprehensive income (loss) attributable to non-controlling interests	2,914	(3,781)
Comprehensive income attributable to shareholders	$ 406,785	$ 454,977

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net income for the year	$ 412,374	$ 475,546
Add (deduct) items not involving cash
Realized and unrealized gain	(20,584)	(6,949)
Fair value change - acquisition liabilities [note 7]	149,904	0
Contingent consideration recorded as compensation [note 7]	7,198	0
Equity-based compensation	22,005	10,657
Amortization and depreciation	96,821	43,514
Deferred income taxes	(42,419)	(1,722)
Loss on repurchases of long-term debt [note 6]	24,920	2,328
Cash provided by operating activities before net change in operating assets and liabilities	650,219	523,374
Net change in operating assets and liabilities	15,741	18,595
Cash provided by operating activities	665,960	541,969
INVESTING ACTIVITIES
Purchase of investments	(5,101)	(17,648)
Proceeds on sale of investments	15,412	23,599
Additions to capital assets	(7,798)	(11,990)
Increase in other assets	(167,378)	(47,645)
Additions to intangibles	(12,420)	(17,132)
Cash paid to settle acquisition liabilities [note 7]	(290,002)	0
Acquisitions, net of cash acquired [note 2]	(934,589)	(527,298)
Cash used in investing activities	(1,401,876)	(598,114)
FINANCING ACTIVITIES
Repayment of long-term debt	(640,419)	(569,015)
Issuance of long-term debt	1,704,795	1,471,022
Repurchase of long-term debt	(50,732)	(55,985)
Repurchase of share capital	(364,319)	(257,939)
Payment of lease liabilities	(16,667)	(12,168)
Net contributions from (distributions to) non-controlling interests	(3,114)	781
Dividends paid to shareholders [note 10]	(146,447)	(155,313)
Cash provided by financing activities	483,097	421,383
Net increase (decrease) in cash and cash equivalents during the year	(252,819)	365,238
Cash and cash equivalents at beginning of period	483,598	118,360
Cash and cash equivalents, end of year	230,779	483,598
Interest paid	115,563	62,997
Income taxes paid	$ 193,900	$ 147,804

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current
Cash and cash equivalents [note 2]	$ 230,779	$ 483,598
Client and trust funds on deposit	1,199,904	973,143
Investments [note 12]	131,772	133,375
Accounts receivable and prepaid expenses [note 2]	272,962	240,849
Income taxes receivable	3,607	7,687
Total current assets	1,839,024	1,838,652
Capital assets, net [notes 2 and 3]	52,596	46,978
Right-of-use assets [notes 2 and 8]	142,606	50,620
Intangibles [notes 2 and 4]	6,185,237	4,290,998
Deferred income taxes [note 11]	56,901	7,846
Other assets [notes 2 and 5]	383,187	124,742
Total assets	8,659,551	6,359,836
Current
Accounts payable and accrued liabilities [note 2]	369,081	315,884
Current portion of provisions and other financial liabilities [notes 2 and 7]	572,432	275,710
Dividends payable	71,072	75,297
Client and trust funds payable	1,202,079	961,080
Income taxes payable	19,035	3,209
Current portion of long-term debt [note 6]	444,486	203,805
Current portion of lease liabilities [notes 2 and 8]	20,216	14,926
Total current liabilities	2,698,401	1,849,911
Long-term debt [note 6]	3,331,552	2,252,311
Provisions and other financial liabilities [notes 2 and 7]	379,641	107,842
Deferred income taxes [note 11]	480,777	470,735
Lease liabilities [notes 2 and 8]	153,540	61,307
Total liabilities	7,043,911	4,742,106
Equity
Share capital	1,810,153	1,867,997
Contributed surplus	28,368	22,817
Deficit	(226,715)	(287,621)
Accumulated other comprehensive loss	(23,289)	(20,746)
Total equity attributable to the shareholders of the Company	1,588,517	1,582,447
Non-controlling interests [note 2]	27,123	35,283
Total equity	1,615,640	1,617,730
Total liabilities and equity	$ 8,659,551	$ 6,359,836