Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Investor Day (May 2023)
81 slides from Raymond James Financial's investor day presentation, May 25, 2023
Slide 1: 2023 Analyst & Investor Day
2023 Analyst & Investor Day May 25, 2023
Slide 2: Welcome & Agenda
Welcome & Agenda Kristie Waugh Senior Vice President, Investor Relations and FP&A 2023 ANALYST & INVESTOR DAY
Slide 3: Forward-looking statements
Forward-looking statements Certain statements made in this presentation and the associated webcast may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business p
Slide 4: Agenda
Agenda PAUL REILLY 2:00 PM Strategic Overview Chair & CEO, Raymond James Financial SCOTT CURTIS 2:30 PM Private Client Group President, Private Client Group PAUL SHOUKRY 3:00 PM Financial Review CFO, Raymond James Financial 3:30 PM RJF PRESENTERS Q&A Panel 4
Slide 5: Strategic Overview
Strategic Overview Paul Reilly Chair & CEO, Raymond James Financial 2023 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: Firm overview
Firm overview BY THE NUMBERS (as of Mar. 31, 2023 unless otherwise stated) Bank Segment Client assets under administration $1.22 trillion Asset 9% Management 8% Approximately 8,700 advisors in U.S., Canada, and U.K. 141 consecutive quarters of profitability Capital Markets $11.0B 16% Net Revenues Mo
Slide 8: Scope and scale of services
Premier alternative to Wall Street Raymond Scope and scale of services Wirehouses James Independents Regionals Custodians Boutiques Culture: Service/client orientation 8
Slide 9: Diverse and complementary businesses
Diverse and complementary businesses PRIVATE CLIENT GROUP ~$22B Loans primarily to PCG clients Product due diligence (mortgages, SBL loans, and selection (AMS) structured lending) Significant distribution ~60 analysts covering capabilities ~1,190 companies* High-quality $52B research Investment opti
Slide 10: Diversification has shown its value over the cycle
Diversification has shown its value over the cycle 16% 18% 17% 29% 32% 39% 36% 37% 35% 35% 40% 23% 19% 17% Bank 15% 16% 14% 17% 17% 19% 11% 14% 16% 18% Asset 26% 16% 12% Management 15% 7% 8% 13% 13% 15% Capital Markets 43% 47% Private Client 40% 40% 41% 40% 36% 33% 36% 34% 37% Group FY 2012 FY 2013
Slide 11: Strength and stability
Strength and stability Since our founding, we have always put clients first and made conservative decisions to position us well over the long term. 11
Slide 12: Percent of total deposits that are FDIC insured
Percent of total deposits that Percent are FDICofinsured total deposits that are FDIC insured We are industry leaders in offering Private Client Group clients as much FDIC coverage as possible. About 95% of all Raymond James Bank deposits are FDIC insured, as are about 88% of total deposits for both
Slide 13: Maintaining strong capital position
Maintaining strong capital position 30% Peer 1 25% RJF Total Capital Ratio* 20% RJF Target Peer 5 Peer 6 Peer 2 15% Peer 4 Peer 3 10% Regulatory Requirements to be Well-Capitalized 5% 4% 5% 6% 7% 8% 9% 10% 11% 12% Tier 1 Leverage Ratio** Note: Sourced from publicly available information as of March
Slide 14: Client cash balances
Tangible common equity to tangible assets Client cash balances TOTAL CLIENTS’ DOMESTIC CASH SWEEP AND ENHANCED SAVINGS PROGRAM* BALANCES $ BILLIONS 76.5 75.8 67.1 17.0 13.7 6.4 60.4 3.1 55.8 52.2 52.0 2.7 8.5 25.5 22.0 18.2 2.4 5.4 25.9 2.0 2.0 9.4 9.4 13.3 36.6 38.7 39.1 37.7 33.6 35.2 32.0 3/31/20
Slide 15: Looking ahead
Looking ahead 15
Slide 16: Growth
GROWTH EXPANSION/ GROWTH IMPROVEMENT Services & Solutions CYC L [= 1 HE INVESTMENT People, Businesses, Technology PROFITS RAYMOND JAMES
Slide 17: Growth initiatives
Growth initiatives 1 Drive organic growth across core businesses 2 Expand investments in technology 3 Maintain focus on strategic M&A and effective integrations 17
Slide 18: Private Client Group
1 Drive organic growth across core businesses Private Client Group Best-in-class Leverage Strong Industry- experience entire firm’s retention and leading resources recruiting technology 18
Slide 19: Raymond James competitive advantage
1 Drive organic growth across core businesses Competitive Advantage: Advisor-centric culture + large firm resources Raymond James Adviso r Wirehouse Boutique Disintermediation Limited Resources advisor client client advisor 19
Slide 20: Capital Markets
1 Drive organic growth across core businesses Capital Markets Attract and develop Expand M&A New market key professional platform expansion talent 20
Slide 21: U.S. investment banking activity has slowed considerably
1 Drive organic growth across core businesses U.S. investment banking activity has slowed considerably $ in billion $20 7,500 $16 6,000 -57% $12 4,500 -37% $8 3,000 $4 1,500 0 0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Mergers & Acquisitions Debt Capital M
Slide 22: RJF investment banking revenues
1 Drive organic growth across core businesses RJF investment banking revenues Driving long-term growth through consistent investment in talent INVESTMENT BANKING REVENUE MIX GEIB INVESTMENT BANKING MANAGING DIRECTORS** $ MILLIONS (annual average) 1,143 1,100 172 143 332 248 113 Annualized 104 650 98
Slide 23: Asset Management
1 Drive organic growth across core businesses Asset Management Enhance Implement Expand Raymond investment technology for James Investment solutions increased productivity Management 23
Slide 24: Bank Segment
1 Drive organic growth across core businesses Bank Segment Grow Selectively grow Manage credit securities- corporate loans risk based loans 24
Slide 25: Tech that connects
2 Expand investments in technology Tech that connects FLEXIBLE INTUITIVE EFFICIENT CUSTOMIZABLE PRODUCTIVE BUSINESS GROWING SERVE CLIENTS ANYWHERE 25
Slide 26: Future of advice
2 Expand investments in technology Future of advice 26
Slide 27: Strong track record and focus on strategic M&A
3 Maintain focus on strategic M&A and effective integrations We have a strong track record and remain focused on strategic M&A Roney & Co. 2009 2012 2016 2019 2021 1999 2011 2015 2017 2020 2022 27
Slide 28: Our approach to corporate responsibility
Our approach to corporate PEOPLE responsibility COMMUNITY GOVERNANCE SUSTAINABILITY 28
Slide 29: Commitment to our communities
Commitment to our communities More than* 230 7,000 83,000 Charitable Volunteer Meals, Packed Organizations Hours and Served Supported 2,800 120,000 Volunteers People across 110 communities assisted Note: For more information, see the 2022 Corporate Responsibility Report available on our Investor Rel
Slide 30: We put clients first
<9 \S, We put clients first. a Pt We act with integrity. We think long term. We value independence. RAYMOND JAMES
Slide 31: Private Client Group
Private Client Group Scott Curtis President, Private Client Group 2023 ANALYST & INVESTOR DAY
Slide 32: Private Client Group
Private Client Group $1.2T 8,726 ~1% $21.5B client assets PCG advisors regrettable net new assets** for under attrition* fiscal second quarter administration 2023 Note: As of March 31, 2023 unless otherwise noted. *Regrettable attrition is annualized and defined as any Financial Advisor with a T12 p
Slide 33: Private Client Group growth
Private Client Group growth ASSETS UNDER ADMINISTRATION ASSETS IN FEE-BASED ACCOUNTS $ BILLIONS $ BILLIONS 1,171 1,039 10% 5-Year 666 CAGR 586 660 15% 5-Year CAGR 295 FY 2017 FY 2022 Mar. 31, 2023 FY 2017 FY 2022 Mar. 31, 2023 Note: Charts not to scale. 5-year CAGR for period FY 2017 – FY 2022. 33
Slide 34: Growth across our multiple affiliation models
Growth across our multiple affiliation models DOMESTIC PCG ASSETS UNDER ADMINISTRATION $ BILLIONS 1,073 10% 5-Year 124 CAGR 27% 5-Year 653 CAGR 452 37 9% 5-Year 300 CAGR 10% 5-Year 497 CAGR 315 Mar. 31, 2018 Mar. 31, 2023 Employee Independent contractor RIA & Custody Services (RCS) Note: Quarter-end
Slide 35: Private Client Group growth
Private Client Group growth TOTAL PCG CLIENT ASSETS UNDER ADMINISTRATION 1-YEAR CHANGE 3-YEAR CHANGE 5-YEAR CHANGE 10-YEAR CHANGE MAR. 31, 2022 – MAR. 31, 2023 MAR. 31, 2020 – MAR. 31, 2023 MAR. 31, 2018 – MAR. 31, 2023 MAR. 31, 2013 – MAR. 31, 2023 Peer Group Raymond James Median 202% -2% -5% 60% 6
Slide 36: Private Client Group growth
Private Client Group growth DOMESTIC NET NEW ASSET* FINANCIAL ADVISORS GROWTH ANNUALIZED % Employees Independent Contractors 3% 5-Year CAGR 9.8% 8,681 8,726 8.6% 8.3% 8.4% 7,346 5.4% 2Q FY22 3Q FY22 4Q FY22 1Q FY23 2Q FY23 FY 2017 FY 2022 Mar. 31, 2023 Note: Charts not to scale. 5-year CAGR for peri
Slide 37: Private Client Group results
Private Client Group results NET REVENUES PRE-TAX INCOME $ MILLIONS $ MILLIONS 12% 7,710 1,030 5-Year CAGR 12% 875 Y/Y 23% 114% Change 5-Year Y/Y CAGR Change 4,422 4,207 3,761 373 408 FY 2017 FY 2022 FYTD 2022 FYTD 2023 FY 2017 FY 2022 FYTD 2022 FYTD 2023 Note: Charts not to scale. 5-year CAGR for p
Slide 38: Private Client Group vision
Private Client Group vision By 2030, exceed $2T in AUA by attracting, enabling, and digitally empowering advisors across multiple affiliation options to leverage the entire firm’s resources and Service 1st culture to help clients live their best lives. 38
Slide 39: Strategic imperatives
Strategic imperatives Digitally Leverage Empower Entire Firm’s Advisors & Resources Clients 39
Slide 40: Market position
Market position Strengths Advisor and Advisor Full-service Balance sheet Succession Integrated Strong cyber client-focused retention & resources & capital planning advisor security culture recruiting structure resources technology Opportunities Advisor West Coast & Advisor Migration to Changing Targ
Slide 41: Strategic Growth Initiatives
Strategic Organic Growth Private Wealth Growth Initiatives Recruiting RIA 41
Slide 42: Advisors as choice
ADVISORS AS cuoice CLIENTS |NTEGRITY Lonc-TERM CLIENT FIRST CONSERVATIVE suPPOoRT FREEDOM INDEPENDENCE C ARING FEEDBACK PARTNERSHIP ®&s°=cT_ INCLUSIVE ACCESSIBILITY VISIBILITY COMMUNITY RAYMOND JAMES
Slide 43: Financial Review
Financial Review Paul Shoukry Chief Financial Officer, Raymond James Financial 2023 ANALYST & INVESTOR DAY
Slide 44: Financial priorities focused on being a source of strength
Financial priorities focused on being a source of strength and providing flexibility in any market environment Consistent capital priorities focused on growth Track record of generating operating leverage Strong balance sheet 44
Slide 45: Consistent capital priorities focused on growth
Consistent capital priorities focused on growth CAPITAL PRIORITIZATION FRAMEWORK Organic growth across all our core businesses Acquisitions that represent good cultural and strategic fits Common stock dividend target of 20-30% of earnings Share repurchases to offset share-based compensation dilution
Slide 46: Consistent capital priorities focused on growth
Consistent capital priorities focused on growth DIVIDENDS PAID AND SHARE REPURCHASES ($ MILLIONS) • Since FY 2017, returned ~$3.2 billion to shareholders Share Repurchases* Dividends Paid** through dividends and share repurchases. 943 191 • Quarterly common dividend of $0.42 per share, 24% increase
Slide 47: Track record of strong revenue growth through diverse revenue streams
Track record of strong revenue growth through diverse revenue streams CONSOLIDATED NET REVENUES $ MILLIONS 12% 11,003 5-Year CAGR 9,760 7,740 7,990 4% 7,274 Y/Y Change 6,371 73% 5,454 5,659 74% 72% 73% 69% 80% Asset-Based 69% 71% Revenues*(%) FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2022
Slide 48: Significant portion of growth-driven variable expenses
Significant portion of growth-driven variable expenses CONSOLIDATED NON-INTEREST EXPENSES ~58% of Consolidated NON-COMPENSATION Expenses are PCG Financial EXPENSES Advisor Compensation & Benefits and Incentive PCG Financial Compensation Advisor Compensation & Benefits, 49% Communications & Informati
Slide 49: Track record of generating operating leverage
Track record of generating operating leverage CONSOLIDATED PRE-TAX INCOME CONSOLIDATED ADJUSTED PRE-TAX INCOME* $ MILLIONS $ MILLIONS 14% 2,169 17% 5-Year 1,971 2,022 CAGR 5-Year 18% CAGR 1,791 22% Y/Y Y/Y Change Change 1,409 1,375 1,315 1,311 1,234 1,209 1,119 1,105 1,052 1,043 925 991 FY 2017 FY 2
Slide 50: Pre-tax margin
Pre-tax margin PRE-TAX MARGIN* 21.8% 20.2% 19.7% 21.4% 18.1% 18.2% 17.6% 18.4% 18.4% 18.0% 17.8% 13.8% 14.5% 13.2% FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2023** Pre-Tax Margin (GAAP) Adjusted Pre-Tax Margin (Non-GAAP)*** *Based on net revenues. **Six months ended March 31, 2023. ***Thi
Slide 51: Return on common equity
Return on common equity RETURN ON COMMON EQUITY 20.0% 19.7% 18.2% 19.3% 16.7% 18.4% 16.0% 17.0% 14.5% 16.2% 12.5% 14.4% 12.2% 11.9% FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2023* Return on Common Equity Adjusted Return on Common Equity** *Six months ended March 31, 2023, annualized. **Th
Slide 52: Strong balance sheet
Strong balance sheet $ in millions, except per share amounts 2Q23 Total assets $ 79,180 CREDIT RATINGS RJF corporate cash* $ 1,833 Total common equity attributable to RJF $ 9,875 Fitch A- rating and Stable Outlook Book value per share $ 46.67 Tangible book value per share** $ 38.14 Moody’s Weighted-
Slide 53: Simple and stable funding and capital base
Simple and stable funding and capital base TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY Senior Notes Payable, 3% All Other, Weighted-average remaining 7% maturity of notes outstanding of 21 years Shareholders' Equity, 13% 88% Brokerage Client as of Mar. 31, 2023 FDIC-Insured Payables, 9% (95% at Raymo
Slide 54: Strong capital ratios
Strong capital ratios 30% Peer 1 25% RJF Total Capital Ratio* 20% RJF Target Peer 5 Peer 6 Peer 2 15% Peer 4 Peer 3 10% Regulatory Requirements to be Well-Capitalized 5% 4% 5% 6% 7% 8% 9% 10% 11% 12% Tier 1 Leverage Ratio** Note: Sourced from publicly available information as of March 31, 2023. *Tot
Slide 55: Deposit Funding
Deposit Funding The Raymond James Bank Deposit Program in PCG provides most of the firm’s funding. The addition of TriState Capital Bank introduced additional deposit gathering mechanisms, and RJ Bank launched an enhanced-yield savings program for additional diversification. Raymond Affiliate Bank J
Slide 56: Deposit Funding
Deposit Funding PCG domestic client cash sweep balances are utilized to fund several corresponding assets – both off and on RJF’s balance sheet – such as assets at both banks and client margin loans at RJ&A. Additionally, TriState maintains separate deposit sources in addition to its PCG client cash
Slide 57: Client Sweep, Money Market, and ESP Balances
Client Sweep, Money Market, and ESP Balances TOTAL CLIENTS’ DOMESTIC CASH SWEEP, PURCHASED MONEY MARKET FUNDS, AND ESP* ENDING BALANCES ($B) $98.8 $92.0 $90.7 $94.9 $87.5 $89.6 $80.4 $79.9 $78.9 $81.6 $77.0 $74.0 $75.2 $56.4 $54.7 $59.1 $54.2 $50.8 $47.8 $47.2 $48.2 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q1
Slide 58: Client Sweep, Money Market, and ESP Balances
Client Sweep, Money Market, and ESP Balances TOTAL CLIENTS’ DOMESTIC CASH SWEEP, PURCHASED MONEY MARKET FUNDS (MMF) AND ESP* AVERAGE BALANCE PER ACCOUNT $30,000 $28,036 $25,000 $20,000 $14,442 $15,000 $13,594 $10,000 $5,000 $- 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q2
Slide 59: Diversified loan portfolio with focus on SBLs and residential mortgage loans
Diversified loan portfolio with focus on SBLs and residential mortgage loans BANK SEGMENT LOAN MIX* Tax-Exempt Loans, 3% Securities-Based Lending (SBL) Portfolio REIT • Flexible, SOFR-based line of credit used for non-purpose lending Loans, 4% • Collateralized by assets in brokerage accounts • Struc
Slide 60: CRE & REIT Exposure
CRE & REIT Exposure BANK SEGMENT LOANS, NET ($B) $43.7 TOTAL CRE & REIT LOANS ($B) $8.8 Office loans ($1.3B) $8.8 $7.5 • 15% of CRE/REIT $1.3 • 3% of total loans (20%) • ~30% of office loans mature in 2023 and 2024 All other Bank loans Total CRE & REIT All other Real Estate Office Note: As of March
Slide 61: Loan growth
Loan growth BANK SEGMENT LOANS* 5-YEAR CAGR (MARCH 31, 2018 – MARCH 31, 2023) Securities-based Loans 40% Residential Mortgage Loans 19% Corporate Loans** 13% Tax-Exempt Loans 7% Note: Quarter-end balances as of March 31, 2018 and March 31, 2023, respectively. *Starting in June 2022, these metrics in
Slide 62: Key credit trends
Key credit trends BANK LOAN PROVISION/(BENEFIT) FOR CREDIT LOSSES CRITICIZED LOANS AS % OF TOTAL LOANS $ MILLIONS HELD FOR INVESTMENT 233 12.59% 169 10.10% 100 7.23% 80 5.83% 55 34 42 3.98% 4.35% 26 24 28 20 22 3 14 13 3.27% 1.84% 2.15% 1.94% 1.54% 1.18%1.36% 1.14% 0.92% (32) FY 08 FY 09 FY 10 FY 11
Slide 63: Duration profile
Duration profile BANK SEGMENT ASSET MIX EFFECTIVE DURATION PROFILE ~66% of assets with no duration* Note: As of March 31, 2023. Percentages shown are as a percent of total Bank segment assets. Total will not equal 100% due to Cash and Other Assets and Loans Held for Sale being excluded from pie char
Slide 64: Historical financial targets
Historical financial targets 2017 2018 2019 2021 2022 Adjusted Compensation Ratio(1) < 67% < 66.5% < 66.5% < 70% < 66% Adjusted Pre-Tax Margin(1) > 17% > 18% > 18% 15%-16% 19%-20%+ Adjusted Return on Common 14%-15% 16%-17% 16%-17% 14%-15%+ 16%-17% Equity Adjusted Return on Tangible n/a n/a n/a 16%-1
Slide 65: Financial targets
Financial targets Adjusted Compensation < 65% Ratio* KEY ASSUMPTIONS: Adjusted 20%+ Pre-Tax Margin* • Current equity markets/ economic conditions • Business volumes comparable to second fiscal quarter Adjusted Return on 17%+ • Assumes Federal Funds target range of 500-525 basis Common Equity points
Slide 66: Key long-term capital and liquidity targets
Key long-term capital and liquidity targets Target Current* Tier 1 leverage ratio for RJF > 10% 11.5% RJF corporate cash** > $1.2 B $1.8 B Total debt to book capitalization ratio*** < 32% 17.8% *As of March 31, 2023. **This amount includes cash on hand at the parent, as well as parent cash loaned to
Slide 67: Q&A
Q&A PAUL REILLY Chair & CEO, Raymond James Financial SCOTT CURTIS President, Private Client Group PAUL SHOUKRY Chief Financial Officer, Raymond James Financial 2023 ANALYST & INVESTOR DAY
Slide 68: Appendix
Appendix 2023 ANALYST & INVESTOR DAY
Slide 69: Presenter Biographies
Presenter Biographies 2023 ANALYST & INVESTOR DAY
Slide 70: Presenter biographies
Presenter biographies Paul Reilly Chair & Chief Executive Officer, Raymond James Financial 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 direc
Slide 71: Presenter biographies
Presenter biographies Scott Curtis President, Private Client Group Scott Curtis is president of Raymond James’ Private Client Group, leading the firm’s domestic wealth management businesses that include more than 8,000 employee and independent financial advisors and generate more than 70% of overall
Slide 72: Presenter biographies
Presenter biographies Paul Shoukry Chief Financial Officer, Raymond James Financial Paul Shoukry is chief financial officer of Raymond James Financial, Inc. (NYSE: RJF). He is responsible for the overall financial management of the company, including balance sheet management, financial reporting, in
Slide 73: Executive Committee
Executive Committee Paul Reilly Bella Loykhter Allaire Chris Aisenbrey Jim Bunn Horace Carter Chair & CEO EVP, Technology & Chief Human Resources President President Raymond James Operations Officer Global Equities & Fixed Income Financial Raymond James Raymond James Investment Financial Financial B
Slide 74: Non-GAAP Reconciliations
Non-GAAP Reconcilations 2023 ANALYST & INVESTOR DAY
Slide 75: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
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 76: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) *Note: The non-GAAP financial measures for the twelve months ended September 30, 2017 through 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. Twelve months ended
Slide 77: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Six months ended Twelve months ended $ in millions, except per share amounts March 31, 2022 March 31, 2023 September 30, 2021 September 30, 2022 Earnings per common share (13): Basic $ 3.71 $ 4.33 $ 6.81 $ 7.16 Dilu
Slide 78: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) *Note: The non-GAAP financial measures for the twelve months ended September 30, 2017 through 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. Twelve months ended
Slide 79: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Book value per share As of $ in millions, except per share amounts March 31, 2022 March 31, 2023 Total common equity attributable to Raymond James Financial, Inc. $ 8,602 $ 9,875 Less non-GAAP adjustments: Goodwill
Slide 80: 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
Slide 81: Footnotes (cont.)
Footnotes (cont.) (14) For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of avera