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TMX Group Limited Reports Results for Second Quarter of 2021
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Canada NewsWire
TORONTO, Aug. 4, 2021
- Revenue of $245.0 million, up 13% from $217.7 million in Q2/20
- Diluted earnings per share of $1.37, up 15% from $1.19 in Q2/20
- Adjusted diluted earnings per share of $1.90, up 25% over $1.52 in Q2/20
- Cash flows from operating activities of $142.1 million, up 9% from $130.9 million in Q2/20
TORONTO, Aug. 4, 2021 /CNW/ - TMX Group Limited (TSX: X) ("TMX Group") today announced results for the second quarter ended June 30, 2021.
Commenting on the second quarter of 2021, John McKenzie, Chief Executive Officer of TMX Group, said:
"The first half of the year featured strong performances in several growth areas and served to showcase the tremendous efforts of TMX's people to meet the increased demands of a thriving marketplace in serving the needs of our clients. Our results reflect the depth and strength in our business model with overall growth in revenue and earnings per share compared with the first six months of 2020, including increased revenue in each of our operating segments. Looking forward, we remain firmly committed to working with our stakeholders in continuous support of the long-term, sustainable success of our capital markets ecosystem and to further expanding our global client base."
Commenting on TMX Group's performance in the second quarter of 2021, David Arnold, Chief Financial Officer of TMX Group, said:
"We achieved double-digit revenue and earnings per share growth this quarter with our diluted earnings per share up 15% over last year, and adjusted diluted earnings per share up 25% over Q2/20. We delivered revenue growth of 13%, driven by strength in our capital formation, derivatives trading and clearing, and Trayport businesses. While equity trading volumes decreased, we continued to see very strong capital raising activity and an increase in our derivatives trading volumes in Q2/21."
RESULTS OF OPERATIONS
Non-IFRS Financial Measures
Adjusted earnings per share, adjusted diluted earnings per share and adjusted net income are non-IFRS measures and do not have standardized meanings prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other companies. We present adjusted earnings per share, adjusted diluted earnings per share, and adjusted net income to indicate ongoing financial performance from period to period, exclusive of a number of adjustments. These adjustments include amortization of intangibles related to acquisitions, increase in deferred income tax liabilities relating to a change in the future U.K. tax rate, transaction related costs, and net litigation settlement costs. Management uses these measures, and excludes certain items, because it believes doing so results in a more effective analysis of underlying operating and financial performance, including, in some cases, our ability to generate cash. Excluding these items also enables comparability across periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors.
Quarter ended June 30, 2021 (Q2/21) Compared with Quarter ended June 30, 2020 (Q2/20)
The information below reflects the financial statements of TMX Group for Q2/21 compared with Q2/20.
| (in millions of dollars, except per | Q2/21 | Q2/20 | $ increase / | % increase / |
| Revenue | $245.0 | $217.7 | $27.3 | 13% |
| Operating expenses | 112.1 | 119.3 | (7.2) | (6)% |
| Income from operations | 132.9 | 98.4 | 34.5 | 35% |
| Net income | 77.3 | 67.8 | 9.5 | 14% |
| Adjusted net income1 | 107.1 | 86.6 | 20.5 | 24% |
| | | | | |
| Earnings per share | | | | |
| Basic | 1.38 | 1.20 | 0.18 | 15% |
| Diluted | 1.37 | 1.19 | 0.18 | 15% |
| Adjusted Earnings per share2 | | | | |
| Basic | 1.91 | 1.54 | 0.37 | 24% |
| Diluted | 1.90 | 1.52 | 0.38 | 25% |
| | | | | |
| Cash flows from operating activities | 142.1 | 130.9 | 11.2 | 9% |
Net Income and Earnings per Share
Net income in Q2/21 was $77.3 million, or $1.38 per common share on a basic and $1.37 on a diluted basis, compared with a net income of $67.8 million, or $1.20 per common share on a basic and $1.19 on a diluted basis, for Q2/20. The increase in net income and earnings per share from Q2/20 to Q2/21 was largely driven by an increase in revenue and a decrease in operating expenses. In Q2/20, we incurred $12.4 million (16 cents per basic and diluted share) of net litigation settlement costs. In Q2/21, we incurred a $19.8 million (35 cents per basic and diluted share) increase in income tax expenses relating to the previously announced increase in the U.K. corporate income tax rate. There was also an increase in our share of income from BOX. The increase in earnings per share was also partially attributable to a decrease in the number of weighted average common shares outstanding from Q2/20 to Q2/21.
| _______________________________ | |
| 1 See discussion under the heading "Non-IFRS Financial Measures". | |
| 2 See discussion under the heading "Non-IFRS Financial Measures". |
Adjusted Earnings per Share3 Reconciliation for Q2/21 and Q2/20
The following is a reconciliation of earnings per share to adjusted earnings per share:
| | Q2/21 | Q2/20 | ||
| (unaudited) | Basic | Diluted | Basic | Diluted |
| Earnings per share | $1.38 | $1.37 | $1.20 | $1.19 |
| Adjustments related to: | | | | |
| Amortization of intangibles related to acquisitions | 0.17 | 0.17 | 0.18 | 0.17 |
| Transaction related costs4 | 0.01 | 0.01 | — | — |
| Increase in deferred income tax liabilities relating to a change in the future U.K. tax rate Werbung Mehr Nachrichten zur US Steel Corp. Aktie kostenlos abonnieren
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