TMX Group Limited Reports Results for the Second Quarter 2016

  • Record quarterly revenue of $194.6 million in Q2/16 up 9% from $178.7 million in Q2/15
  • Record quarterly diluted earnings per share of $1.07 in Q2/16 compared with earnings per share of 51 cents in Q2/15
  • Record quarterly adjusted diluted earnings per share of $1.23 in Q2/16, up 32% compared with 93 cents per share in Q2/15
  • Adjusted diluted earnings per share of $1.23 in Q2/16 excludes 13 cents per share of amortization of intangibles related to acquisitions and 3 cents per share for strategic re-alignment expenses

 

TORONTO, Aug. 3, 2016 /CNW/ - TMX Group Limited [TSX:X] ("TMX Group") today announced results for the second quarter ended June 30, 2016.

Commenting on the second quarter of 2016 and looking towards the future, Lou Eccleston, Chief Executive Officer of TMX Group, said:

"Our record performance this past quarter reflects increased market demand for our products and services, as well as the significant benefits from the progress we have made in advancing our strategy, particularly in continuing to re-align our cost structure.  We are also making excellent strides in developing new products to diversify our revenue and position the company for future success.  Execution of our plans will continue throughout 2016, as we introduce new solutions and explore more ways to draw on the intrinsic strength of the organization while pushing forward with the integration of systems and organizational structures designed to deliver competitive advantages for our clients and improve profitability for shareholders."

Commenting on operating performance in Q2/16, John McKenzie, Chief Financial Officer of TMX Group, said:

"We were very pleased with our record financial performance in the second quarter.  Continued market volatility drove significant increases in volumes across our markets, translating into solid revenue growth and even stronger earnings growth.  The results this quarter demonstrate the strength and leverage in our business model when revenue growth is combined with maintaining an aggressive approach to cost efficiency.  Our success in managing costs in the second quarter is indicative of the efficiencies we are looking to drive throughout the organization.  As we look to further reduce costs going forward, we expect to incur additional strategic re-alignment expenses for the balance of 2016."

SUMMARY OF FINANCIAL INFORMATION

Non-IFRS Financial Measures

Adjusted earnings per share and adjusted diluted earnings per share provided for the quarters and six months ended June 30, 2016 and June 30, 2015 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 and adjusted diluted earnings per share to indicate ongoing financial performance from period to period, exclusive of a number of adjustments.  These adjustments include amortization of intangible assets related to acquisitions, strategic re-alignment expenses, increase in deferred income tax liabilities resulting from the change in Alberta corporate income tax rate effective July 1, 2015 and non-cash impairment charges.  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. 

Additional IFRS Measures

Income from operations before strategic re-alignment expenses and income from operations are important indicators of TMX Group's ability to generate liquidity through operating cash flow to fund future working capital needs, service outstanding debts and fund future capital expenditures.  The intent of these performance measures is to provide additional useful information to investors and analysts; however, these measure should not be considered in isolation.

THREE MONTHS ENDED JUNE 30, 2016 COMPARED TO THREE MONTHS ENDED JUNE 30, 2015

The information below reflects the financial statements of TMX Group for the quarter ended June 30, 2016 compared with the quarter ended June 30, 2015.







(in millions of dollars, except per share amounts)


Q2/16

Q2/15

$ increase/
(decrease)

% increase/
(decrease)

Revenue1


$194.6

$178.7

$15.9

9%

Operating expenses before strategic re-alignment
expenses


106.9

112.1

(5.2)

(5)%

Income from operations before strategic re-alignment
expenses2


87.7

66.6

21.1

32%

Strategic re-alignment expenses


2.0

3.4

(1.4)

(41)%

Income from operations


85.7

63.2

22.5

36%

Net income attributable to TMX Group shareholders


58.3

27.6

30.7

111%







Earnings per share3,4







Basic


1.07

0.51

0.56

110%


Diluted


1.07

0.51

0.56

110%

Adjusted Earnings per share5,6







Basic


1.23

0.93

0.30

32%


Diluted                                                                         


1.23

0.93

0.30

32%







Cash flows from operating activities


97.8

83.8

14.0

17%

 

_____________________________

1 Previous TMX Group Limited record for quarterly revenue was $185.3 million in Q1/15.

2 See discussion under the heading Additional IFRS Financial Measures.

3 Earnings per share information is based on net income attributable to TMX Group shareholders.

4 Previous TMX Group Limited record for quarterly diluted earnings per share was $0.86 in Q1/14.

5 See discussion under the heading Non-IFRS Financial Measures.

6 Previous TMX Group Limited record for quarterly adjusted diluted earnings per share was $1.05 in Q1/14.

 

Net income attributable to TMX Group shareholders

Net income attributable to TMX Group shareholders in Q2/16 was $58.3 million, or $1.07 per common share on a basic and diluted basis, compared with net income of $27.6 million, or 51 cents per common share on a basic and diluted basis, for Q2/15.  The increase in net income in Q2/16 over Q2/15 reflected higher revenue and lower operating expenses, including lower strategic re-alignment expenses.

During Q2/15, the Alberta corporate income tax rate increased from 10% to 12%, effective July 1, 2015.  As a result of this change, there was a net increase in the value of deferred income tax liabilities and a corresponding non-cash net increase in deferred income tax expense of $7.1 million for Q2/15, which reduced net income by $7.1 million, or 13 cents per common share on a basic and diluted basis.  In Q2/15, we also recognized non-cash impairment charges related to Equicom and ir2020 of $5.9 million, or 10 cents per common share on a basic and diluted basis.

Adjusted Earnings per Share Reconciliation7 for Q2/16 and Q2/15

The following is a reconciliation of earnings per share8 to adjusted earnings per share9:







Q2/16

Q2/15

(unaudited)


Basic

Diluted

Basic

Diluted

Earnings per share10


$1.07

$1.07

$0.51

$0.51

Adjustments related to:







Amortization of intangibles related to acquisitions


0.13

0.13

0.14

0.14


Strategic re-alignment expenses


0.03

0.03

0.05

0.05


Increase in deferred income tax liabilities resulting
from the change in Alberta corporate income tax rate


0.13

0.13


Non-cash impairment charges


0.10

0.10

Adjusted earnings per share11


$1.23

$1.23

$0.93

$0.93

Weighted average number of common shares
outstanding


54,417,173

54,425,043

54,334,302

54,360,059

 

____________________________

7 See discussion under the heading Non-IFRS Financial Measures.

8 Earnings per share information is based on net income attributable to TMX Group shareholders.

9 See discussion under the heading Non-IFRS Financial Measures.

10 Earnings per share information is based on net income attributable to TMX Group shareholders.

11 See discussion under the heading Non-IFRS Financial Measures.

 

Adjusted earnings per share12 increased by 32% from 93 cents in 2015 to $1.23 in 2016.  The increase in adjusted earnings per share13 in Q2/16 over Q2/15 reflected higher revenue and lower operating expenses, before strategic re-alignment expenses, excluding amortization of intangibles related to acquisitions.

Revenue







(in millions of dollars)


Q2/16

Q2/15

$ increase/
(decrease)

% increase/
(decrease)


Market Insights


$52.3

$49.1

$3.2

7%


Capital Formation


51.8

52.9

(1.1)

(2)%


Derivatives


30.4

24.2

6.2

26%


Efficient Markets and Market Solutions


59.3

52.0

7.3

14%


Other


0.8

0.5

0.3

60%



$194.6

$178.7

$15.9

9%

 

Revenue was $194.6 million in Q2/16, up $15.9 million or 9% compared with $178.7 million in Q2/15.  There were increases in Efficient Markets, largely driven by equity and energy trading, Derivatives and Market Insights revenue, which were somewhat offset by a decline in Capital Formation revenue.  There was a favourable impact of approximately $2 million from a weaker Canadian dollar relative to other currencies, including the U.S. dollar, in Q2/16 versus Q2/15.

Operating expenses before strategic re-alignment expenses








(in millions of dollars)



Q2/16

Q2/15

$ increase/
(decrease)

% increase/
(decrease)

Compensation and benefits



$49.8

$52.9

$(3.1)

(6)%

Information and trading systems



18.5

19.6

(1.1)

(6)%

Selling, general and administration



23.1

22.2

0.9

4%

Depreciation and amortization



15.5

17.4

(1.9)

(11)%




$106.9

$112.1

$(5.2)

(5)%

 

_____________________________

12 See discussion under the heading Non-IFRS Financial Measures.

13 See discussion under the heading Non-IFRS Financial Measures.

 

Operating expenses before strategic re-alignment expenses in Q2/16 were $106.9 million, down $5.2 million or 5%, from $112.1 million in Q2/15.  During Q2/16, there was a reduction in costs related to Razor Risk of $3.1 million, overall lower headcount and the sale of Equicom (in July 2015).  There was also a decrease in Information and trading systems costs related to infrastructure and projects as well as in Depreciation and amortization.  The decreases in costs were partially offset by higher employee performance incentive costs and increased Selling, general and administration costs in Q2/16 compared with Q2/15.  There was also an unfavourable impact from a weaker Canadian dollar relative to other currencies, including the U.S. dollar, in Q2/16 versus Q2/15.  The impact was approximately $1 million.

Strategic re-alignment expenses14





Q2/16

Q2/15

(in millions of dollars, except per share
amounts)
(unaudited)

Pre-tax Amount

Basic and Diluted
Earnings per
Share Impact

Pre-tax Amount

Basic and Diluted
Earnings per
Share Impact

Severance and related costs

$0.9

$0.01

$2.1

$0.03

Professional and consulting fees and
other charges

1.1

0.02

1.3

0.02

Strategic re-alignment expenses

$2.0

$0.03

$3.4

$0.05

 

The reduction in strategic re-alignment expenses from Q2/15 to Q2/16 reflected lower severance costs and a decrease in amounts paid to consultants.

We are continuing to build an integrated set of client solutions that will create unique and differentiated advantages for clients and drive profitable growth. We will continue to work to reduce costs through re-aligning, simplifying and integrating relevant systems, processes, operations and organizational structures. We expect to incur additional strategic re-alignment expenses, though we anticipate that the majority of our strategic re-alignment costs will have been recorded by the end of 2016.

_______________________________

14 The "Strategic re-alignment expenses" section above contains certain forward-looking statements. Please refer to "Caution Regarding Forward-Looking Information" for a discussion of risks and uncertainties related to such statements.

 

SIX MONTHS ENDED JUNE 30, 2016 COMPARED TO SIX MONTHS ENDED JUNE 30, 2015

The information below reflects the financial statements of TMX Group for the six months ended June 30, 2016 compared with the six months ended June 30, 2015.






(in millions of dollars, except per share amounts)

Six Months ended
June 30, 2016

Six Months ended
June 30, 2015

$ increase/
(decrease)

% increase/
(decrease)

Revenue

$372.3

$364.0

$8.3

2%

Operating expenses before strategic re-alignment
expenses

213.6

223.4

(9.8)

(4)%

Income from operations before strategic re-alignment expenses15

158.7

140.6

18.1

13%

Strategic re-alignment expenses

3.3

10.1

(6.8)

(67)%

Income from operations

155.4

130.5

24.9

19%

Net income attributable to TMX Group shareholders

104.6

70.2

34.4

49%






Earnings per share16






Basic

1.92

1.29

0.63

49%


Diluted

1.92

1.29

0.63

49%

Adjusted Earnings per share17






Basic

2.22

1.92

0.30

16%


Diluted                                                                 

2.22

1.92

0.30

16%






Cash flows from operating activities

153.8

133.5

20.3

15%

 

Net income attributable to TMX Group shareholders

Net income attributable to TMX Group shareholders in 1H/16 was $104.6 million, or $1.92 per common share on a basic and diluted basis, compared with net income of $70.2 million, or $1.29 per common share on a basic and diluted basis, for 1H/15.  The increase in net income in 1H/16 over 1H/15 reflected higher revenue and lower operating expenses, including lower strategic re-alignment expenses.

During 1H/15, the Alberta corporate income tax rate increased from 10% to 12%, effective July 1, 2015.  As a result of this change, there was a net increase in the value of deferred income tax liabilities and a corresponding non-cash net increase in deferred income tax expense of $7.1 million for Q2/15, which reduced net income by $7.1 million, or 13 cents per common share on a basic and diluted basis.  Also, in 1H/15, we recognized non-cash impairment charges related to Equicom and ir2020 of $5.9 million, or 10 cents per common share on a basic and diluted basis.

_____________________________

15 See discussion under the heading Additional IFRS Financial Measures.

16 Earnings per share information is based on net income attributable to TMX Group shareholders.

17 See discussion under the heading Non-IFRS Financial Measures.

 

Adjusted Earnings per Share18 Reconciliation for the Six Months ended June 30, 2016 and Six Months ended June 30, 2015

The following is a reconciliation of earnings per share19 to adjusted earnings per share20:





Six Months ended June 30, 2016

Six Months ended June 30, 2015

(unaudited)

Basic

Diluted

Basic

Diluted

Earnings per share21

$1.92

$1.92

$1.29

$1.29

Adjustments related to:






Amortization of intangibles related to acquisitions

0.26

0.26

0.27

0.27


Strategic re-alignment expenses

0.04

0.04

0.13

0.13


Increase in deferred income tax liabilities resulting
from the change in Alberta corporate income tax rate

0.13

0.13


Non-cash impairment charges

0.10

0.10

Adjusted earnings per share22

$2.22

$2.22

$1.92

$1.92

Weighted average number of common shares
outstanding

54,404,783

54,420,522

54,328,496

54,379,727

 

Adjusted earnings per share23 increased by 16% from $1.92 in 2015 to $2.22 in 2016.  The increase in adjusted earnings per share in 1H/16 over 1H/15 reflected higher revenue and lower operating expenses, before strategic re-alignment expenses, excluding amortization of intangibles related to acquisitions.

Revenue







(in millions of dollars)


Six Months
ended June 30,
2016

Six Months
ended June 30,
2015

$ increase/
(decrease)

% increase/
(decrease)


Market Insights


$103.6

$102.2

$1.4

1%


Capital Formation


90.4

96.3

(5.9)

(6)%


Derivatives


61.9

51.2

10.7

21%


Efficient Markets and Market Solutions


117.3

108.0

9.3

9%


Other


(0.9)

6.3

(7.2)

(114)%



$372.3

$364.0

$8.3

2%

 

Revenue was $372.3 million in 1H/16, up $8.3 million or 2% compared with $364.0 million in 1H/15.  There were increases in Derivatives, Efficient Markets, largely driven by equity and energy trading, and Market Insights revenue, which were somewhat offset by a decline in Capital Formation and Other revenue.  The overall decline in Other revenue of approximately $7 million was driven by foreign exchange losses on translating net monetary assets in non-Canadian currencies in 1H/16 compared with foreign exchange gains in 1H/15.  There was a favourable impact from a weaker Canadian dollar relative to other currencies, including the U.S. dollar, in 1H/16 versus 1H/15.  The net unfavourable impact of these two foreign exchange items was approximately $2 million.

____________________________

18 See discussion under the heading Non-IFRS Financial Measures.

19 Earnings per share information is based on net income attributable to TMX Group shareholders.

20 See discussion under the heading Non-IFRS Financial Measures.

21 Earnings per share information is based on net income attributable to TMX Group shareholders.

22 See discussion under the heading Non-IFRS Financial Measures.

23 See discussion under the heading Non-IFRS Financial Measures.

 

Operating expenses before strategic re-alignment expenses







(in millions of dollars)


Six Months
ended June 30,
2016

Six Months
ended June 30,
2015

$ increase/
(decrease)

% increase/
(decrease)

Compensation and benefits


$102.3

$110.8

$(8.5)

(8)%

Information and trading systems


36.6

36.3

0.3

1%

Selling, general and administration


43.6

41.4

2.2

5%

Depreciation and amortization


31.1

34.9

(3.8)

(11)%



$213.6

$223.4

$(9.8)

(4)%

 

Operating expenses before strategic re-alignment expenses in 1H/16 were $213.6 million, down $9.8 million or 4%, from $223.4 million in 1H/15.  During 1H/16, there was a reduction in costs of $6.0 million related to Razor Risk, a decrease in expenses due to overall lower headcount as well as the sale of Equicom (in July 2015) and lower Depreciation and amortization.  The decreases in costs were partially offset by lower capitalization of labour costs in 1H/16 compared with 1H/15, slightly higher Information and trading systems costs and a non-recurring reduction in costs relating to BOX in Q1/15.  There was also an unfavourable impact from a weaker Canadian dollar relative to other currencies, including the U.S. dollar, in 1H/16 versus 1H/15.  The impact was approximately $2 million.

Strategic re-alignment expenses24







Six Months ended June 30, 2016

Six Months ended June 30, 2015

(in millions of dollars, except per share
amounts)
(unaudited)


Pre-tax Amount

Basic and Diluted
Earnings per
Share Impact

Pre-tax Amount

Basic and Diluted
Earnings per
Share Impact

Severance and related costs


$1.8

$0.02

$7.0

$0.09

Professional and consulting fees and
other charges


1.5

0.02

3.1

0.04

Strategic re-alignment expenses


$3.3

$0.04

$10.1

$0.13

 

The reduction in strategic re-alignment expenses from 1H/15 to 1H/16 reflected lower severance costs and a decrease in amounts paid to consultants.

_____________________________

24 The "Strategic re-alignment expenses" section above contains certain forward-looking statements. Please refer to "Caution Regarding Forward-Looking Information" for a discussion of risks and uncertainties related to such statements.

 

FINANCIAL STATEMENTS GOVERNANCE PRACTICE

The Finance & Audit Committee of the Board of Directors of TMX Group reviewed this press release as well as the Q2/16 financial statements and related Management's Discussion and Analysis (MD&A) and recommended they be approved by the Board of Directors.  Following review by the full Board, the Q2/16 financial statements, MD&A and the contents of this press release were approved.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Our Q2/16 financial statements are prepared in accordance with IFRS as issued by the IASB, are in compliance with IAS 34, Interim Financial Reporting, and are reported in Canadian dollars unless otherwise indicated. Financial measures contained in the MD&A and this press release are based on financial statements prepared in accordance with IFRS, unless otherwise specified and are in Canadian dollars unless otherwise indicated.

ACCESS TO QUARTERLY MATERIALS

TMX Group has filed its Q2/16 financial statements and MD&A with Canadian securities regulators.  These documents may be accessed through www.sedar.com, or on the TMX Group website at www.tmx.com.  We are not incorporating information contained on the website in this press release. In addition, copies of these documents will be available upon request, at no cost, by contacting TMX Group Investor Relations by phone at (416) 947-4277 or by e-mail at TMXshareholder@tmx.com.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This press release of TMX Group contains "forward-looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, assumptions, estimates, projections and other factors that management believes to be relevant as of the date of this press release. Often, but not always, such forward-looking information can be identified by the use of forward-looking words such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "believes", or variations or the negatives of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved or not be taken, occur or be achieved. Forward-looking information, by its nature, requires us to make assumptions and is subject to significant risks and uncertainties which may give rise to the possibility that our expectations or conclusions will not prove to be accurate and that our assumptions may not be correct.

Additional examples of forward-looking information in this press release include, but are not limited to, factors relating to stock, derivatives and energy exchanges and clearing houses and the business, strategic goals and priorities, market condition, pricing, proposed technology and other initiatives, financial results and financial condition, operations and prospects of TMX Group which are subject to significant risks and uncertainties. These risks include: competition from other exchanges or marketplaces, including alternative trading systems and new technologies, on a national and international basis; dependence on the economy of Canada; adverse effects on our results caused by global economic uncertainties including changes in business cycles that impact our sector; failure to retain and attract qualified personnel; geopolitical and other factors which could cause business interruption; dependence on information technology; vulnerability of our networks and third party service providers to security risks; failure to implement our strategies; regulatory constraints; constraints imposed by our level of indebtedness; risks of litigation or other proceedings; dependence on adequate numbers of customers; failure to develop, market or gain acceptance of new products; currency risk; adverse effect of new business activities; not being able to meet cash requirements because of our holding company structure and restrictions on paying  dividends; dependence on third party suppliers and service providers; dependence of trading operations on a small number of clients; risks associated with our clearing operations; challenges related to international expansion; restrictions on ownership of TMX Group common shares; inability to protect our intellectual property; adverse effect of a systemic market event on certain of our businesses; risks associated with the credit of customers; cost structures being largely fixed; dependence on market activity that cannot be controlled; the regulatory constraints that apply to the business of TMX Group and its regulated subsidiaries, costs of on exchange clearing and depository services, trading volumes (which could be higher or lower than estimated) and revenues; future levels of revenues being lower than expected or costs being higher than expected.

Forward-looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions in connection with the ability of TMX Group to successfully compete against global and regional marketplaces; business and economic conditions generally; exchange rates (including estimates of the U.S. dollar - Canadian dollar exchange rate), commodities prices, the level of trading and activity on markets, and particularly the level of trading in TMX Group's key products; business development and marketing and sales activity; the continued availability of financing on appropriate terms for future projects; productivity at TMX Group, as well as that of TMX Group's competitors; market competition; research & development activities; the successful introduction and client acceptance of new products; successful introduction of various technology assets and capabilities; the impact on TMX Group and its customers of various regulations; TMX Group's ongoing relations with its employees; and the extent of any labour, equipment or other disruptions at any of its operations of any significance other than any planned maintenance or similar shutdowns.

While we anticipate that subsequent events and developments may cause our views to change, we have no intention to update this forward-looking information, except as required by applicable securities law. This forward-looking information should not be relied upon as representing our views as of any date subsequent to the date of this press release.  We have attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward-looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are not intended to represent a complete list of the factors that could affect us. A description of the above-mentioned items is contained under the heading Risks and Uncertainties in the 2015 Annual MD&A.

About TMX Group (TSX:X)

TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, AgriClear and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing, Singapore and Sydney. For more information about TMX Group, visit our website at http://www.tmx.com. Follow TMX Group on Twitter: @TMXGroup.

Teleconference / Audio Webcast

TMX Group will host a teleconference / audio webcast to discuss the financial results for Q2/16.

Time: 8:00 a.m. - 9:00 a.m. EDT on Thursday August 4, 2016.

To teleconference participants: Please call the following number at least 15 minutes prior to the start of the event.

The audio webcast of the conference call will also be available on TMX Group's website at www.tmx.com, under Investor Relations.

Teleconference Number: 647-427-7450 or 1-888-231-8191

Audio Replay: 416-849-0833 or 1-855-859-2056

The passcode for the replay is 37936411.

SOURCE TMX Group Limited

For further information: Catherine Kee, Manager, Corporate Communications, TMX Group, 416-814-8834, catherine.kee@tmx.com; Kristine Cheng, Manager, Investor Relations, TMX Group, 416-947-4315, kristine.cheng@tmx.com


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