Financial Highlights
Total AUM 2017-2021
At a Glance
| Revenues | EBITDA1 | Adjusted EBITDA1 | Net Earnings (loss)2 | Adjusted Net Earnings1,2 | |
|---|---|---|---|---|---|
| 2020 | $695.1M | $137.7M | $209.7M | ($3.4M) | $146.1M |
| 2021 | $749.9M | $198.5M | $247.7M | $73.5M | $184.8M |
Total Revenues (2017 - 2021)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Base management fees | $405.1M | $485.6M | $570.3M | $634.0M | $629.0M |
| Performance fees | $34.6M | $23.1M | $34.6M | $28.8M | $68.9M |
| Other revenues3 | $19.5M | $31.6M | $46.2M | $26.7M | $40.0M |
| Share of earnings in joint ventures and associates4 | — | — | $6.0M | $5.7M | $12.0M |
| Total | $459.1M | $540.3M | $657.2M | $695.1M | $749.9M |
| Compound annual growth rate (CAGR) | 13.0% | ||||
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Adjusted EBITDA1,5 | $116.8M | $137.5M | $193.0M | $209.7M | $247.7M |
| Adjusted EBITDA Margin 1,5 (%) | 25.4% | 25.4% | 29.4% | 30.2% | 33.0% |
1. Earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA and Adjusted EBITDA per share, Adjusted net earnings and Adjusted net earnings per share (Adjusted EPS) as well as non-cash items are not standardized measures prescribed by International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. The definition of Adjusted net earnings was amended and certain comparative figures have been restated to conform with the current presentation. Please refer to the “Non-IFRS Measures” Section of the Company’s MD&A for the period ended December 31, 2021 for the definitions and the reconciliation to IFRS measures, available on SEDAR at sedar.com and on Fiera Capital’s Investor Relations website at ir.fieracapital.com.
2. Attributable to the Company’s shareholders.
3. Other revenues include transaction and commitment fees related to the Company’s Private Markets investment platform as well as brokerage commissions, consulting fees and gains or losses on foreign exchange forward contracts.
4. Following the acquisition of the 80% interest in Palmer Capital (subsequently renamed Fiera Real Estate UK) in 2019, the Company has been recording its share of earnings resulting from underlying joint venture projects within Fiera Real Estate UK.
5. The Company adopted IFRS 16, Leases, on January 1, 2019 using the modified retrospective approach where comparative information presented for 2018 has not been restated and is presented as previously reported and, therefore, may not be comparable. Prior to the adoption of IFRS 16 on January 1, 2019, as a lessee, the Company classified leases as an operating lease or finance lease under IAS 17, based on its assessment of whether the lease transferred substantially the risks and rewards of ownership. Rent expenses related to operating leases were previously recognized in selling, general and administrative expenses. Following the adoption of IFRS 16, lease payments are presented as cash generated (used in) financing activities whereas prior to the adoption of IFRS 16, on January 1, 2019, they were presented as cash generated (used in) operating activities in the statement of cash flows. Refer to Note 2 of the audited consolidated financial statements for the year ended December 31, 2019 for further details on the transition to IFRS 16. The Company’s lease portfolio in 2019 was impacted by the four acquisitions completed over the course of the year, in addition to new leases entered into in 2019 related to the Company’s new headquarters in Montreal, Canada and new office premises in London, United Kingdom. Our lease payments presented in the statement of cash flows for the year ended December 31, 2019 were also impacted by lease inducements and rent-free periods related to these new leases in 2019.
Total Revenues
(2017 - 2021)
Base management fees
Performance fees
Other revenues3
Share of earnings in joint ventures and associates4
Total
Adjusted EBITDA1,5
Adjusted EBITDA Margin 1,5 (%)
1. Earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA and Adjusted EBITDA per share, Adjusted net earnings and Adjusted net earnings per share (Adjusted EPS) as well as non-cash items are not standardized measures prescribed by International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. The definition of Adjusted net earnings was amended and certain comparative figures have been restated to conform with the current presentation. Please refer to the “Non-IFRS Measures” Section of the Company’s MD&A for the period ended December 31, 2021 for the definitions and the reconciliation to IFRS measures, available on SEDAR at sedar.com and on Fiera Capital’s Investor Relations website at ir.fieracapital.com.
2. Attributable to the Company’s shareholders.
3. Other revenues include transaction and commitment fees related to the Company’s Private Markets investment platform as well as brokerage commissions, consulting fees and gains or losses on foreign exchange forward contracts.
4. Following the acquisition of the 80% interest in Palmer Capital (subsequently renamed Fiera Real Estate UK) in 2019, the Company has been recording its share of earnings resulting from underlying joint venture projects within Fiera Real Estate UK.
5. The Company adopted IFRS 16, Leases, on January 1, 2019 using the modified retrospective approach where comparative information presented for 2018 has not been restated and is presented as previously reported and, therefore, may not be comparable. Prior to the adoption of IFRS 16 on January 1, 2019, as a lessee, the Company classified leases as an operating lease or finance lease under IAS 17, based on its assessment of whether the lease transferred substantially the risks and rewards of ownership. Rent expenses related to operating leases were previously recognized in selling, general and administrative expenses. Following the adoption of IFRS 16, lease payments are presented as cash generated (used in) financing activities whereas prior to the adoption of IFRS 16, on January 1, 2019, they were presented as cash generated (used in) operating activities in the statement of cash flows. Refer to Note 2 of the audited consolidated financial statements for the year ended December 31, 2019 for further details on the transition to IFRS 16. The Company’s lease portfolio in 2019 was impacted by the four acquisitions completed over the course of the year, in addition to new leases entered into in 2019 related to the Company’s new headquarters in Montreal, Canada and new office premises in London, United Kingdom. Our lease payments presented in the statement of cash flows for the year ended December 31, 2019 were also impacted by lease inducements and rent-free periods related to these new leases in 2019.