Fiscal 2021 Annual Report
Shareholder Information

Financial Overview

Selected financial information (1)(2)(8)
For the years ended March 31
(C$ thousands, except per share and % amounts, and number of employees) 2021 2020 2019 2021/2020 change
Canaccord Genuity Group Inc. (CGGI)
Revenue
Commissions and fees 735,239 586,884 556,475 148,355 25.3%
Investment banking 761,551 236,962 294,241 524,589 221.4%
Advisory fees 197,092 206,507 142,228 (9,415) (4.6)%
Principal trading 246,801 108,834 125,830 137,967 126.8%
Interest 26,288 63,690 51,008 (37,402) (58.7)%
Other 40,717 20,990 20,785 19,727 94.0%
Total revenue 2,007,688 1,223,867 1,190,567 783,821 64.0%
Expenses
Compensation expense 1,227,895 738,313 716,625 489,582 66.3%
Other overhead expenses(3) 398,693 383,527 356,240 15,166 4.0%
Restructuring costs(4) — 1,921 13,070 (1,921) (100.0)%
Acquisition-related costs 5,922 (124) 3,064 6,046 n.m.
Loss and other costs in connection with extinguishment of convertible debentures(5) 4,354 — 8,608 4,354 n.m.
Acceleration of long-term incentive plan expense — — — — —
Share of loss of an associate(6) 922 207 304 715 n.m.
Total expenses 1,637,786 1,123,844 1,097,911 513,942 45.7%
Income before income taxes 369,902 100,023 92,656 269,879 269.8%
Net income 269,802 86,554 71,582 183,248 211.7%
Net income attributable to CGGI shareholders 263,786 86,490 70,530 177,296 205.0%
Non-controlling interests 6,016 64 1,052 5,952 n.m.
Earnings per common share – basic 2.30 0.78 0.58 1.52 194.9%
Earnings per common share – diluted 2.04 0.65 0.48 1.39 213.8%
Dividends per common share 0.25 0.20 0.20 0.05 25.0%
Dividends per Series A Preferred Share 0.9712 0.9712 0.9712 — —
Dividends per Series C Preferred Share 1.2482 1.2482 1.2482 — —
Excluding significant items(7)
Total revenue 1,993,488 1,223,867 1,190,567 769,621 62.9%
Total expenses 1,607,398 1,100,810 1,054,981 506,588 46.0%
Income before income taxes 386,090 123,057 135,586 263,033 213.7%
Net income 285,887 106,323 107,355 179,564 168.9%
Net income attributable to CGGI shareholders 279,871 105,895 106,303 173,976 164.3%
Net income attributable to non-controlling interests 6,016 428 1,052 5,588 n.m.
Earnings per common share – diluted 2.48 0.81 0.80 1.67 206.2%
Balance sheet data
Total assets 7,631,801 5,956,195 4,749,294 1,675,606 28.1%
Total liabilities 6,516,517 5,027,421 3,870,934 1,489,096 29.6%
Non-controlling interests 8,190 156 1,997 8,034 n.m.
Total shareholders’ equity 1,107,094 928,618 876,363 178,476 19.2%
Number of employees 2,356 2,308 2,112 48 2.1%
  • (1) Data is in accordance with IFRS except for figures excluding significant items and number of employees. See Non-IFRS Measures and a reconciliation of net income under IFRS to net income excluding significant items in our annual MD&A.
  • (2) The operating results of the Australian operations have been fully consolidated and a non-controlling interest of 15% has been recognized for the year ended March 31, 2021 [March 31, 2020 – 15%].
  • (3) Consists of trading costs, premises and equipment, communication and technology, interest, general and administrative, amortization of tangible and intangible assets, and development costs.
  • (4) Restructuring costs for the year ended March 31, 2020 were incurred in connection with our UK & Europe wealth management operations, as well as real estate and other integration costs related to the acquisition of Patersons in Australia. Restructuring costs for the year ended March 31, 2019 were incurred in connection with our UK & Europe capital markets operations.
  • (5) On March 18, 2021, the Company announced its intention to redeem the entire $132.7 million principal amount of its 6.25% convertible unsecured senior subordinated debentures. The redemption was completed on April 9, 2021. The Company recorded $4.4 million of loss and other costs in connection with extinguishment of the convertible debentures.
  • (6) Represents the Company’s equity portion of the net loss of its investment in Canaccord Genuity Growth II Corp. for the year ended March 31, 2021 and 2020, the Company’s equity portion of the net loss of its investments in Canaccord Genuity Growth Corp. and Canaccord Genuity Acquisition Corp. for the year ended March 31, 2019.
  • (7) Net income and earnings per common share excluding significant items reflect tax-effected adjustments related to such items. See the Selected Financial Information Excluding Significant Items table on page 21 of our MD&A.
  • (8) Data includes the operating results of Hargreave Hale since September 18, 2017, Jitneytrade since June 6, 2018, McCarthy Taylor since January 29, 2019, Petsky Prunier since February 13, 2019, Thomas Miller since May 1, 2019, and Patersons since October 21, 2019.
  • n.m.: not meaningful (percentages over 300% are indicated as n.m.)