12 slides from Agf Management Limited Class B's earnings presentation, Jun 21, 2023
Slide 1: AGF Management Limited Earnings Conference Call Second Quarter 2023
AGF Management Limited Earnings Conference Call Second Quarter 2023 June 21, 2023
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of June 21, 2023. Certain information presented in these remarks and in this presentation that is not historical factual information may constitute forward-looking information within the meaning of securities
Slide 3: Conference Call Participants
Conference Call Participants Presenting Kevin McCreadie, CFA, MBA Chief Executive Officer & Chief Investment Officer Ken Tsang, CFA, MBA Chief Financial Officer Available for questions Judy G. Goldring, LL.B, LL.D, ICD.D President & Head of Global Distribution Jenny Quinn Chief Accounting Officer 3
Slide 4: Today’s Discussion
Today’s Discussion • Highlights of the 2nd Quarter of Fiscal 2023 • Business Updates • Financial Results • Capital & Liquidity • Focus & Priorities 4
Slide 5: Q2 2023 Highlights
Q2 2023 Highlights Assets1 of $77 million Strong Momentum in $41.2 billion of mutual fund net sales U.S. SMA $266 million Strong Diluted in short- and long-term Capital Position EPS of $0.45 investments (1) Includes AUM and fee-earning assets. 5
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 ($ millions) Q2 2023 Q2 2022 Change AGF Investments Mutual funds 23,631 22,849 3% Institutional, Sub-advisory & ETF 8,276 8,039 3% AGF Private Wealth 7,162 7,279 (2%) AGF Private Capital3 2,135 2,110 1% Total AUM and fee-earning assets 41,204 40,277
Slide 7: Mutual Fund Business Review
Mutual Fund Business Review Industry Sales ($B)1 AGF Retail Mutual Fund Sales ($M)2 Gross Sales Net Sales Gross Sales Net Sales 92 989 982 71 70 818 819 49 45 672 594 18 330 227 (11) (9) 132 (16) 76 77 (20) 51 (28) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 20
Slide 8: Financial Results
Financial Results1 Sequential Year Over Quarter Year ($ millions, except per share amounts) Q2-23 Q1-23 Variance Q2-22 Variance Net management, advisory and admin fees2 75.7 73.0 3.7% 76.2 (0.7%) Other Revenue3 20.1 7.1 183.1% 6.5 209.2% Total Net Revenue 95.8 80.1 19.6% 82.7 15.8% SG&A 53.0 53.0 0.
Slide 9: Financial Results – BPS Detail
Financial Results – BPS Detail1 Sequential Quarter TTM (Average AUM, $ billions) Q2-23 Q1-23 Q3-22 to Q2-23 Average AUM excl. Private Capital ($B)2 39.7 39.4 38.4 Average Mutual Fund 24.0 23.8 23.1 Average Institutional, Sub-Advisory, 15.7 15.6 15.3 ETFs & Private Wealth (bps of average AUM) Q2-23 Q
Slide 10: Capital & Liquidity
Capital & Liquidity1 90 400% 80 84 350% 70 76 300% 70 60 250% 60 59 ($ millions) 50 200% 40 150% 30 100% 43% 44% 37% 35% 20 32% 50% 10 0% - -50% TTM Q2-FY22 TTM Q3-FY22 TTM Q4-FY22 TTM Q1-FY23 TTM Q2-FY23 TTM FCF TTM Dividend to FCF % (1) Free cash flow represents cash available for distribution to
Slide 11: 2023 Focus & Priorities
2023 Focus & Priorities Deliver consistent Maintain sales and repeatable momentum and Build a diversified private markets investment generate net business performance inflows Meet expense guidance Enhance while continuing Corporate to invest in key Sustainability growth areas 11
Slide 12: Thank You!
Thank You! To learn more about AGF’s history visit: www.agf.com/ca/en/about- agf/our-story To learn more visit AGF.com ® The “AGF” logo and “Invested in Discipline” are registered trademarks of AGF Management Limited and used under licence.