Q3 2024 Onex Corp Earnings Call Transcript

Nov 8, 2024 / 04:00 PM GMT

Release Date Price: €74 (+2.07%)

Transcript

Key Points

Positve

Onex Corp (ONEXF) reported a solid third quarter with progress in realizations, investing activity, and fundraising in core areas.
The company announced a substantial issuer bid (SIB) to accelerate share buybacks, leveraging a strong cash position of over $1.8 billion.
Onex Corp's structured credit business has become a market leader, completing 23 transactions and raising $5.6 billion in new fee-generating assets.
The private equity segment showed positive momentum, with Oncap Five securing over $1 billion in total commitments and the Opportunities Fund nearing $1.2 billion.
Year-to-date, Onex Corp has returned over $2.7 billion of capital to limited partners, demonstrating strong portfolio quality and client delivery capabilities.

Negative

The private equity industry continues to face challenges around realizations, impacting Onex Corp's ability to capitalize on certain investments.
Some sectors, such as healthcare and consumer verticals, experienced more challenging results, indicating uneven performance across the portfolio.
The company faces the ongoing challenge of balancing capital allocation between share buybacks and maintaining liquidity for future investment opportunities.
Onex Corp's free-related earnings (FRE) were at break-even for Q3, highlighting the need for improved efficiency and revenue growth in asset management.
There is uncertainty regarding the continuation of strong CLO fundraising levels into 2025, as current demand may not be sustainable.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ONEX.TO - Onex Corp
Q3 2024 Onex Corp Earnings Call
Nov 08, 2024 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by and welcome to Onyx third quarter, 2024 earnings results conference call at this time. All participants are in listen-only mode after the speaker's presentation, there will be a question and answer session to ask a question during this session. You'll need to press star one on your telephone if your question has been answered, and you'd like to remove yourself from the queue. Simply press star 11 again as a reminder, today's program is being recorded and now I'd like to introduce your host for today's program, Bill Hamick, Managing Director of Shareholder relations and Communications at Onyx. Please go ahead.

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Unidentified_2 [2]
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