Third-Quarter 2021 Results All amounts in U.S. dollars unless otherwise stated
TORONTO, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced its financial results for the third quarter and nine-months ended September 30, 2021, and an update on matters following quarter end.
“It was a very active quarter for Onex with strong momentum across all businesses. Investing capital per share grew by 8% and, within our private equity platform, fund performance was strong and capital deployment was focused within our target verticals,” said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. “As we said at our recent Investor Day, we have the people, strategy and culture in place to succeed and feel confident in our ability to accelerate growth and deliver strong results.”
Highlights
- Onex reported total segment net earnings for the three-months ended September 30, 2021 of $607 million ($6.59 per fully diluted share), comprised of net earnings of $493 million from its investing segment and net earnings of $114 million from its asset management segment.
- Onex reported total segment net earnings for the nine-months ended September 30, 2021 of $1.4 billion ($14.74 per fully diluted share), comprised of net earnings of $1.0 billion from its investing segment and net earnings of $317 million from its asset management segment.
- Onex’ investing capital per share grew 8% in the third quarter and 18% since December 31, 2020 to $86.95 (C$110.79), driven primarily by growth in its private equity investments. As of September 30, 2021, Onex had approximately $7.9 billion of investing capital.
- Onex’ private equity investments generated a gross return of 11% in the quarter and 25% year-to-date.
- Onex generated carried interest of $76 million and $204 million in the three- and nine-months ended September 30, 2021, respectively, from its private equity investments. In total, Onex has unrealized carried interest of $271 million and has realized carried interest of $20 million so far this year.
- As of the end of October 2021, Onex’ private equity platforms had deployed approximately $2.7 billion ($750 million from Onex) and received approximately $3.0 billion ($1.2 billion for Onex) of realizations and distributions so far this year, both of which have already outpaced activity for all of 2020.
- Onex ended the quarter with third-party fee-generating assets under management (“FGAUM”) of approximately $32 billion. Run-rate management fees from this capital are $269 million.
- At September 30, 2021, Onex Credit had FGAUM of approximately $21.5 billion, which includes private credit and public strategies.
- Onex had approximately $1.4 billion of cash and near-cash on its balance sheet as of September 30, 2021. Pro forma for activity in October, Onex’ cash and near-cash increased to approximately $1.6 billion.
- Onex repurchased 3,100,809 Subordinate Voting Shares in the first ten months of 2021 for a total cost of $217 million (C$273 million), or at an average cost per share of $70.04 (C$88.16).
https://www.globenewswire.com/news-release/2021/11/12/2333237/0/en/Onex-Reports-Third-Quarter-2021-Results.html