Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Investor Day (May 2024)
100 slides from Raymond James Financial's investor day presentation, May 23, 2024
Slide 1: 2024 Analyst & Investor Day
MAY 23, 2024 2024 Analyst & Investor Day
Slide 2: Welcome & Agenda
Welcome & Agenda Kristie Waugh Senior Vice President, Investor Relations and FP&A 2024 ANALYST & INVESTOR DAY
Slide 3: Forward-looking statements
Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipat
Slide 4: Agenda
Agenda 9:00 AM – 10:30 AM Strategic Overview PAUL REILLY Chair & CEO, Raymond James Financial Private Client Group SCOTT CURTIS President, Private Client Group Fixed Income HORACE CARTER President, Fixed Income 10:30 AM Break 10:45 AM – 12:00 PM Bank Segment STEVE RANEY Chair & CEO, Raymond James Ba
Slide 5: Strategic Overview
Strategic Overview Paul Reilly Chair & CEO, Raymond James Financial 2024 ANALYST & INVESTOR DAY
Slide 6: Our firm has been shaped by four core values
Our firm has been shaped by four core values 6
Slide 7: By the numbers
Private Client Group, 68% Capital Markets, 9% Asset Management, 7% Bank Segment, 16% BY THE NUMBERS (as of Mach 31, 2024 unless otherwise stated) Client assets under administration $1.45 trillion Approximately 8,800 advisors in the U.S., Canada, and the U.K. 145 consecutive quarters of profitability
Slide 8: Premier alternative to Wall Street
Premier alternative to Wall Street
Slide 9: Diverse and complementary businesses
BANK SEGMENT ASSET MANAGEMENT CAPITAL MARKETS ~$24B SBLs and Mortgages primarily to Private Client Group clients ~$58B Primary source of deposits Loans to institutional clients Research opinions Referrals Economic and industry research and perspectives Referrals Corporate executive services ~60 anal
Slide 10: Diversification has shown its value over the cycle
Note: Chart above does not include intersegment eliminations or the Other segment. 7,740 7,990 9,760 11,003 11,619 67% 67% 66% 67% 68% 13% 15% 19% 16% 9% 9% 9% 8% 8% 7% 11% 9% 7% 9% 16% FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Private Client Group Capital Markets Asset Management Bank segment CONTRIB
Slide 11: Looking ahead
Looking ahead RAYMOND JAMES
Slide 12: Growth cycle
GROWTH EXPANSION/ G ROWTH ae IMPROVEMENT Services & Solutions CYC L E | INVESTMENT People, Businesses, Technology RAYMOND JAMES
Slide 13: Strategic growth initiatives
Drive organic growth across core businesses 1 Expand investments in technology 2 Maintain focus on strategic M&A and effective integrations 3 Strategic growth initiatives 13
Slide 14: Private Client Group: drive organic growth
Best-in-class experience Leverage entire firm’s resources Strong retention and recruiting Industry- leading technology Drive organic growth across core businesses 1 Private Client Group 14
Slide 15: Financial advisors at the forefront
Service excellence Independence and freedom Operational resources Technology investments Advisor-centric Culture Financial advisors at the forefront Drive organic growth across core businesses 1 15
Slide 16: Capital Markets: drive organic growth
Drive organic growth across core businesses 1 Expand M&A platform New market expansion Attract and develop key professional talent Capital Markets 16
Slide 17: Driving long-term growth through consistent investment in talent
Drive organic growth across core businesses 1 312 379 290 639 709 418 225 128 132 227 332 248 120 68 61 85 133 172 143 110 67 501 596 650 1,143 1,100 648 720 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2024* M&A Advisory Equity Underwriting Debt Underwriting Annualized 360 86 92 98 104 113
Slide 18: Asset Management: drive organic growth
Drive organic growth across core businesses 1 Enhance investment solutions Implement technology for increased productivity Expand Raymond James Investment Management Asset Management 18
Slide 19: Bank Segment: drive organic growth
Drive organic growth across core businesses 1 Grow securities- based loans Selectively grow corporate loans Manage credit risk Bank Segment 19
Slide 20: Expand investments in technology
Expand investments in technology 2 Tech that connects FLEXIBLE INTUITIVE EFFICIENT CUSTOMIZABLE PRODUCTIVE BUSINESS GROWING SERVE CLIENTS ANYWHERE 20
Slide 21: Strategic M&A and effective integrations
Maintain focus on strategic M&A and effective integrations 3 1999 2009 2011 2012 2015 2016 2017 2019 2020 2021 2022 Roney & Co. 2000 2001 We have a strong track record and remain focused on strategic M&A 21
Slide 22: Regulation
Regulation RAYMOND JAMES
Slide 23: RAYMOND JAMES
RAYMOND JAMES
Slide 24: Planning for the future
Planning for the future Scott Curtis Jim BunnTash Elwyn 24
Slide 25: We put clients first
“o \S, We put clients first. Oo Re er We act with integrity. We think long term. We value independence. RAYMOND JAMES
Slide 26: Private Client Group
Private Client Group Scott Curtis President, Private Client Group 2024 ANALYST & INVESTOR DAY
Slide 27: Private Client Group
Private Client Group $1.4T client assets under administration 8,761 PCG advisors 13% 5-year CAGR* for Assets in fee-based accounts $60B Trailing 12-month Net new assets** Note: As of March 31, 2024 unless otherwise noted. *5-year CAGR for period FY 2018 – FY 2023. **Domestic Private Client Group net
Slide 28: Private Client Group growth
366 683 799 FY 2018 FY 2023 March 31, 2024 756 1,201 1,389 FY 2018 FY 2023 March 31, 2024 Note: Charts not to scale. 5-year CAGR for period FY 2018 – FY 2023. ASSETS UNDER ADMINISTRATION $ BILLIONS ASSETS IN FEE-BASED ACCOUNTS $ BILLIONS 10% 5-Year CAGR 13% 5-Year CAGR Private Client Group growth 28
Slide 29: Private Client Group growth
220% 126% Raymond James Peer Group Median 10-YEAR CHANGE MAR. 31, 2014 – MAR. 31, 2024 35% 27% Raymond James Peer Group Median 3-YEAR CHANGE MAR. 31, 2021 – MAR. 31, 2024 74% Raymond James Peer Group Median 5-YEAR CHANGE MAR. 31, 2019 – MAR. 31, 2024 TOTAL PCG CLIENT ASSETS UNDER ADMINISTRATION Note
Slide 30: Private Client Group growth
FY 2018 FY 2023 March 31, 2024 Employees Independent Contractors FINANCIAL ADVISORS Note: Charts not to scale. 5-year CAGR for period FY 2018 – FY 2023. FYTD 2024 and FYTD 2023 includes the first two quarters of fiscal year 2024 and 2023, respectively. 2% 5-Year CAGR 7,813 8,712 8,761 Private Client
Slide 31: Private Client Group results
576 1,763 875 883 FY 2018 FY 2023 FYTD 2023 FYTD 2024 5,093 8,654 4,207 4,567 FY 2018 FY 2023 FYTD 2023 FYTD 2024 NET REVENUES $ MILLIONS PRE-TAX INCOME $ MILLIONS Note: Charts not to scale. 5-year CAGR for period FY 2018 – FY 2023. FYTD 2024 and FYTD 2023 includes the first two quarters of fiscal y
Slide 32: Strategic Growth Initiatives
Strategic Growth Initiatives Private Wealth Organic GrowthRecruiting RIA & Custody Services (RCS) 32
Slide 33: Multiple affiliation options
Multiple affiliation options Advisors choose the model that best suits their business Employee Independent contractor (includes Bank & Credit Union) RIA & custody services (RCS) 33
Slide 34: Strong asset growth across our multiple affiliation models
342 591 327 526 50 161 718 1,277 Mar. 31, 2019 Mar. 31, 2024 Employee Independent contractor RIA & Custody Services (RCS) DOMESTIC PCG ASSETS UNDER ADMINISTRATION $ BILLIONS 26% 5-Year CAGR 10% 5-Year CAGR 12% 5-Year CAGR 12% 5-Year CAGR Note: Quarter-end balances as of March 31, 2019 and March 31,
Slide 35: Advisor recruiting
Advisor recruiting Continued focus on recruiting efforts encompassing targeted initiatives to boost growth Lead Sources • Internal Advisor Choice Consulting team • Financial advisors • External recruiters • Complex/Branch managers • Inbound marketing Strategies • Created new Head of PCG Recruiting p
Slide 36: Recruiting process
Recruiting process Home Office visit Commitment Affiliation Integration We begin by focusing on high-quality advisors that align with our cultural values and long-term strategic thinking. 36
Slide 37: Enabling advisors and organic growth
Enabling advisors and organic growth Create Capacity and Efficiency • Leverage technology and firm resources to scale Expand Value Proposition • Deepen existing client relationships • Develop new relationships 37
Slide 38: Private Wealth
Since the program's inception in 2022, the private wealth community has grown to over 250 advisors, a mix of graduated and active advisors, across all affiliations. Target between 150 and 200 advisors graduating the program each year. Advisor who have graduated the program have higher utilization of
Slide 39: RCS Asset Growth
RCS Asset Growth RCS AUA represents ~12% of total PCG AUA* 44.9 51.4 59.7 92.7 108.5 133.3 160.8 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2024 RIA & CUSTODY SERVICES (RCS) ASSETS UNDER ADMINISTRATION $ BILLIONS 24% 5-Year CAGR 84% Fee-based AUA 39
Slide 40: RCS model differences
RCS Advisors not included in RJF advisor count, as RIA firm is our client No production revenue recorded No payout expense Revenues include cash sweep, mutual fund trails, networking, omnibus, lending, transaction fees, asset management No upfront transition assistance paid RIA firms responsible for
Slide 41: Private Client Group vision
By 2030, exceed $2T in AUA by attracting, enabling, and digitally empowering advisors across multiple affiliation options to leverage the entire firm’s resources and Service 1st culture to help clients live their best lives. Private Client Group vision 41
Slide 42: ADVISORS AS CHOICE ..<noysive
ADVISORS AS CHOICE ..<noysive CLIENTS |NTEGRITY Lonc-TERM CLIENT FIRST CONSERVATIVE surPorT FREEDOM INDEPENDENCE CARING FEEDBACK PARTNERSHIP ®&sPecT INCLUSIVE ACCESSIBILITY VISIBILITY COMMUNITY SF LEADERS SERVICE 191 RAYMOND JAMES
Slide 43: Fixed Income & Public Finance
2024 ANALYST & INVESTOR DAY Fixed Income & Public Finance Horace Carter President, Fixed Income
Slide 44: Fixed income vision
Our fundamental business is identifying our clients’ challenges and providing the assistance they need to overcome them. Our growth comes from a combination of talent and technology that allows us to provide more efficient solutions to more complex problems. Our goal is to meet each client on their
Slide 45: Operating model
Operating model Distribution Focused Model Diversified Product Platform Risk Discipline Flexible Service Offering 45
Slide 46: Fixed income and public finance division overview
Fixed Income Capital Markets is engaged in the sales and trading of fixed income securities to institutional and individual investors. Public Finance provides financing solutions to state and local governments, airports, utilities, school districts, higher education, and healthcare. SumRidge Partner
Slide 47: Fixed income brokerage and debt underwriting revenues
421 515 448 345 190 133 172 143 110 67 554 687 591 455 514 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2024* NET REVENUES $ MILLIONS Fixed Income Brokerage Debt Underwriting *FYTD 2024 as of March 31, 2024; Annualized amount equal to fiscal year-to-date results multiplied by 2. Fixed income brokerage and d
Slide 48: Fixed income capital markets overview
Slope of the yield curve Liquidity in the financial system Prevailing market sentiment Fixed income capital markets overview CLIENT SEGMENT CONCENTRATION FY 2023 ACTIVITY BY PRODUCT SECTOR FY 2023 Active relationships with 3,000+ institutions in all 50 states and Puerto Rico 170+ experienced institu
Slide 49: SumRidge Partners
Highlights: Key Drivers Interest rate volatility Credit trading volume Bid-ask spread Founded in 2010 and acquired in 2022, SumRidge Partners is a leading electronic market maker focused on investment-grade and high-yield corporate bonds, municipal bonds, institutional preferred, and emerging market
Slide 50: Public finance
Areas of expertise General Obligation Non-Ad Valorem Revenues Pension Obligated Bonds Other Post-Employment Benefits School Districts Special Districts Successor Agencies Taxable Financings Healthcare Higher Education Housing Privatized Student Housing Public Power Transportation and Aviation Utilit
Slide 51: Strategic growth initiatives
SumRidge Integration Service Offering Expansion Public Finance Recruiting Technology Strategic growth initiatives 51
Slide 52: Bank Segment
2024 ANALYST & INVESTOR DAY Bank Segment Steve Raney Chair & CEO, Raymond James Bank
Slide 53: Bank Segment
Note: As of the three months ended March 31, 2024. *5-year CAGR for period FY 2018 – FY 2023. This metric includes the impact of the acquisition of TriState Capital Bank in June 2022. OVERVIEW Total Bank Segment assets of $61 billion Relatively stable, low-cost source of deposits from Private Client
Slide 54: Bank Segment
19,518 43,775 43,683 44,099 FY 2018 FY 2023 Mar. 31, 2023 Mar. 31, 2024 BANK LOANS, NET $ MILLIONS 492 515 196 367 382 371 227 167 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2023 FYTD 2024 PRE-TAX INCOME $ MILLIONS 727 846 765 672 1,084 2,013 1,048 865 FY 2018 FY 2019 FY 2020 FY 2021 FY 20
Slide 55: Net interest margin
3.22% 3.32% 2.63% 1.95% 2.39% 3.28% 2.66% FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 2Q FY24* BANK SEGMENT NET INTEREST MARGIN Net interest margin *For the three months ended March 31, 2024. 55
Slide 56: Bank deposit programs
The Raymond James Bank Deposit Program in PCG provides most of the segment’s funding. TriState Capital Bank's deposit gathering mechanisms and Raymond James Bank’s Enhanced Savings Program provide additional diversification. RJ Sweep Program Client Interest Program (CIP) at Raymond James & Associate
Slide 57: Bank segment loan mix
Note: As of March 31, 2024. *Represents bank loans held for investment by portfolio segment as a percent of total loans held for investment. **Corporate loans include C&I, CRE, and REIT loans. SBL, 33% C&I Loans, 23% Residential Mortgage Loans, 20% CRE Loans, 17% REIT Loans, 4% Tax-Exempt Loans, 3%
Slide 58: Loan growth
37% 18% 11% 2% SBL Residential Mortgage Loans Corporate Loans** Tax-exempt Loans BANK SEGMENT LOANS* 5-YEAR CAGRS (MARCH 31, 2019 – MARCH 31, 2024) 26% 5-Year CAGR Available-for-sale securities portfolio *Quarter-end balances as of March 31, 2019 and March 31, 2024, respectively. Starting in June 20
Slide 59: CRE & REIT exposure remains small
$1.5 $2.4 $1.8 $3.5 All other Bank loans Total CRE & REIT Office Multi-family Industrial warehouse All other CRE/REIT BANK SEGMENT LOANS, NET $ BILLIONS Office loans ($1.5B) • ~3% of total loans • ~40% of office loans mature in calendar years 2024 and 2025 TOTAL CRE & REIT LOANS $ BILLIONS $44.1 $9.
Slide 60: Credit quality metrics
55 169 80 34 26 3 14 24 28 13 20 22 233 (32) 100 132 33 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FYTD 24* BANK LOAN PROVISION/(BENEFIT) FOR CREDIT LOSSES $ MILLIONS 12.59% 10.10% 7.23% 5.83% 3.98% 1.84% 2.15% 1.94% 1.54%1.18% 1.36% 4.35% 3.27% 1
Slide 61: Duration profile
BANK SEGMENT ASSET MIX EFFECTIVE DURATION PROFILE Note: As of March 31, 2024. Percentages shown are as a percent of Bank Segment total assets. Total will not equal 100% due to Cash and Other Assets and Loans Held for Sale being excluded from pie chart. Effective duration is measured as a percent cha
Slide 62: Strategic initiatives
Continue to grow securities-based loans and residential mortgages to PCG clients Continue to selectively grow corporate loan portfolio Maintain conservative underwriting standards and continue managing credit risk Strategic initiatives 62
Slide 63: Financial Review
Financial Review Paul Shoukry President & CFO, Raymond James Financial 2024 ANALYST & INVESTOR DAY
Slide 64: Financial priorities
Consistent capital priorities focused on growth Track record of generating operating leverage Strong balance sheet Financial priorities focused on being a source of strength and providing flexibility in any market environment 64
Slide 65: Consistent capital priorities focused on growth
Organic growth across all our core businesses Acquisitions that represent good cultural and strategic fits Common stock dividend target of 20-30% of earnings Share repurchases to offset share-based compensation dilution and incremental repurchases on opportunistic basis CAPITAL PRIORITIZATION FRAMEW
Slide 66: Dividends paid and share repurchases
36 752 263 118 162 788 357 151 191 205 218 275 348 190 187 943 468 336 437 1,136 547 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2024*** Share Repurchases* Dividends Paid** 602 14,740 5,028 1,474 1,736 8,351 3,103 $60.39 $51.00 $52.33 $80.21 $93.55 $94.30 $114.96 # of Shares Repurchased* (t
Slide 67: Track record of strong revenue growth through diverse revenue streams
7,274 7,740 7,990 9,760 11,003 11,619 5,659 6,131 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2023 FYTD 2024 Asset-Based Revenues*(%) 73% 74% 72% 69% 80% 73% CONSOLIDATED NET REVENUES $ MILLIONS 80% 79% 10% 5-Year CAGR 8% YoY Note: 5-year CAGR for period FY 2018 – FY 2023. FYTD 2024 and FYT
Slide 68: Significant portion of growth-driven variable expenses
PCG Financial Advisor Compensation & Benefits, 50% Incentive Compensation, 9% All Other Compensation and Benefits, 22% CONSOLIDATED NON-INTEREST EXPENSES FYTD 2024 ~59% of Consolidated Expenses are PCG Financial Advisor Compensation & Benefits and Incentive Compensation NON-COMPENSATION EXPENSES COM
Slide 69: Track record of generating operating leverage
1,311 1,375 1,052 1,791 2,022 2,280 1,209 1,239 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2023 FYTD 2024 12% 5-Year CAGR CONSOLIDATED PRE-TAX INCOME $ MILLIONS 1,315 1,409 1,105 1,971 2,169 2,378 1,234 1,288 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2023 FYTD 2024 13% 5-Year CA
Slide 70: Pre-tax margin
*Based on net revenues. **Six months ended March 31, 2024. ***This is a non-GAAP measure. Beginning in fiscal 2022, this non-GAAP measure was adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of core operating results. Fiscal 2021 through 2024 r
Slide 71: Return on common equity
14.4% 16.2% 11.9% 18.4% 17.0% 17.7% 18.3% 16.0% 16.7% 12.5% 20.0% 18.2% 18.4% 19.0% FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FYTD 2024* RETURN ON COMMON EQUITY Return on Common Equity Adjusted Return on Common Equity** *Six months ended March 31, 2024, annualized. **This is a non-GAAP measure
Slide 72: Strong balance sheet
$ in millions, except per share amounts 2Q24 Total assets $ 81,232 RJF corporate cash* $ 2,030 Total common equity attributable to RJF $ 10,905 Book value per share $ 52.60 Tangible book value per share** $ 44.11 Weighted-average common and common equivalent shares outstanding – diluted 213.4 Tier 1
Slide 73: Simple and stable funding and capital base
Bank Deposits, 68% Brokerage Client Payables, 7% Shareholders' Equity, 14% Senior Notes Payable, 2% All Other, 9% TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY as of March 31, 2024 Weighted-average remaining maturity of notes outstanding of ~20 years 88% FDIC-Insured (96% at Raymond James Bank) Simple
Slide 74: Strong capital ratios
5% 10% 15% 20% 25% 30% 35% 40% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% To ta l C ap ita l R at io * Tier 1 Leverage Ratio** Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 RJF Peer 1 Regulatory Requirements to be Well Capitalized R JF T ar ge t Note: Sourced from publicly available information as of March 31, 2024. *T
Slide 75: Client cash balances
*In March 2023, we introduced our ESP, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. **3/31/2024 ESP balances include $324 million placed with third-party banks, which are not included in our bank deposit liability balance reflected on our Consoli
Slide 76: Client sweep and money market balances
Client Sweep and Money Market Balances $17,741 $11,983 $29,724 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 TOTAL CLIENTS’ DOMESTIC CASH SWEEP AND PURCHASED MONEY MARKET FUNDS (MMF)
Slide 77: Historical financial targets
2018 2019 2021 2022 2023 Adjusted Compensation Ratio* < 66.5% < 66.5% < 70% < 66% < 65% Adjusted Pre-Tax Margin* > 18% > 18% 15%-16% 19%-20%+ 20%+ Adjusted Return on Common Equity 16%-17% 16%-17% 14%-15%+ 16%-17% 17%+ Adjusted Return on Tangible Common Equity** n/a n/a 16%-17%+ 19%-20% 20%+ Target F
Slide 78: Financial targets
< 65% Adjusted Pre-Tax Margin* Adjusted Compensation Ratio* Adjusted Return on Common Equity 20%+ 17%+ KEY ASSUMPTIONS: • Current equity markets/ economic conditions • Business volumes comparable to second fiscal quarter • Assumes Federal Funds target range of 5.25%-5.50% 20%+ Adjusted Return on Tan
Slide 79: Key long-term capital and liquidity targets
Target Current* Tier 1 leverage ratio for RJF > 10% 12.3% RJF corporate cash** > $1.2 B $2.0 B Total debt to book capitalization ratio*** < 32% 17.7% *As of March 31, 2024. **This amount includes cash on hand at the parent, as well as parent cash loaned to RJ&A, which RJ&A has invested on behalf of
Slide 80: We put clients first
<o \S, We put clients first. jm We act with integrity. We think long term. We value independence. RAYMOND JAMES
Slide 81: RAYMOND JAMES
RAYMOND JAMES
Slide 82: Long-term growth in assets, revenues and market capitalization
Note: 13.5 year CAGR for the period FY 2010 - FYTD 2024. *As of March 31, 2024. **Six months ended March 31, 2024, annualized. CLIENT ASSETS UNDER ADMINISTRATION $249B $1.4T FY 2010 FYTD 2024* 14% CAGR NET REVENUES $2.9B $12.3B FY 2010 FYTD 2024** 11% CAGR MARKET CAPITALIZATION $3.2B $26.6B FY 2010
Slide 83: Scott Curtis Jim BunnTash Elwyn
Scott Curtis Jim BunnTash Elwyn 83
Slide 84: RAYMOND JAMES
RAYMOND JAMES
Slide 85: Appendix
Appendix 2024 ANALYST & INVESTOR DAY
Slide 86: Presenter Biographies
Presenter Biographies 2024 ANALYST & INVESTOR DAY
Slide 87: Paul Reilly
Paul Reilly Paul Reilly became chief executive officer of Raymond James Financial in May 2010 after joining the firm’s management team as president and CEO‐designate in May 2009. He has served on the firm’s board of directors since 2006 and was named chair in 2017. From July 2001 to April 2009, he w
Slide 88: Scott Curtis
Scott Curtis Scott Curtis is president of Raymond James’ Private Client Group, leading the firm’s domestic wealth management businesses that include more than 7,900 employee and independent financial advisors and generate more than 60% of overall firm net revenues. Prior to his current role, he serv
Slide 89: Horace Carter
Horace Carter Horace Carter joined Raymond James in April 2012 as head of Fixed Income Trading when Morgan Keegan & Co., Inc. was acquired by Raymond James. He currently serves as President of Fixed Income and is a member of the firm's Executive Committee. After graduating, he began his career with
Slide 90: Steve Raney
Steve Raney Steve Raney is the chair and CEO of Raymond James Bank, a wholly owned subsidiary of Raymond James Financial. Steve also serves as chair of Raymond James Trust, and is one of the 13 members of Raymond James Financial’s Executive Committee. Steve joined Raymond James Bank in 2006 as CEO f
Slide 91: Paul Shoukry
Paul Shoukry Paul Shoukry is chief financial officer of Raymond James Financial, Inc. He is responsible for the overall financial management of the company, including balance sheet management, financial reporting, investor relations, corporate development, corporate tax, cash management, regulatory
Slide 92: Executive Committee
Jeff Dowdle Chief Operating Officer Raymond James Financial President Asset Management Group Executive Committee Paul Reilly Chair & CEO Raymond James Financial Bella Loykhter Allaire EVP, Technology & Operations Raymond James Financial Chris Aisenbrey Chief Human Resources Officer Raymond James Fin
Slide 93: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2024 ANALYST & INVESTOR DAY
Slide 94: Reconciliation of non-GAAP financial measures to GAAP
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately i
Slide 95: Reconciliation of non-GAAP financial measures to GAAP
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) $ in millions March 31, 2023 March 31, 2024 September 30, 2021 September 30, 2022 September 30, 2023 Net Income available to common shareholders (1) 932$ 971$ 1,403$ 1,505$ 1,733$ Non-GAAP adjustments: Expenses dire
Slide 96: Reconciliation of non-GAAP financial measures to GAAP
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) *Note: The non-GAAP financial measures for the twelve months ended September 30, 2018 through 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. $ in millions Septem
Slide 97: Reconciliation of non-GAAP financial measures to GAAP
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) $ in millions, except per share amounts March 31, 2023 March 31, 2024 September 30, 2021 September 30, 2022 September 30, 2023 Average common equity (12) 9,650 10,584 7,635 8,836 9,791 Adjusted average common equity
Slide 98: Reconciliation of non-GAAP financial measures to GAAP
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) *Note: The non-GAAP financial measures for the twelve months ended September 30, 2018 through 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. $ in millions, excep
Slide 99: Reconciliation: book value per share
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Book value per share $ in millions, except per share amounts March 31, 2023 March 31, 2024 Total common equity attributable to Raymond James Financial, Inc. 9,875$ 10,905$ Less non-GAAP adjustments: Goodwill and ide
Slide 100: Footnotes
Footnotes (1) Excludes non-controlling interests. (2) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post- closing continuation of s