Fiscal 1Q23 Results
January 25, 2023
Forward-looking statements
Certain statements made in this presentation and the associated conference call may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions, divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, is intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the "SEC") from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC's website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
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Overview of Results
Paul Reilly
Chair & CEO, Raymond James Financial
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Fiscal 1Q23 highlights
$ in millions, except per share amounts | 1Q23 | ||
As reported: | |||
Net revenues | $ | 2,786 | |
Net income available to common shareholders | RECORD | $ | 507 |
Earnings per common share - diluted | RECORD | $ | 2.30 |
Return on common equity | 21.3% |
Non-GAAP measures*: | |||
Adjusted net income available to common shareholders | RECORD | $ | 505 |
Adjusted earnings per common share - diluted | RECORD | $ | 2.29 |
Adjusted return on common equity | 21.2% | ||
Adjusted return on tangible common equity | 26.1% |
vs. | vs. |
1Q22 | 4Q22 |
-% | (2)% |
14% | 16% |
10% | 16% |
1Q22 | 4Q22 |
21.2% | 18.7% |
vs. | vs. |
1Q22 | 4Q22 |
9% | 10% |
6% | 10% |
1Q22 | 4Q22 |
21.9% | 19.6% |
24.3% | 24.1% |
*These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not
- indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation.
Fiscal 1Q23 key metrics
$ in billions | 1Q23 | |
Client assets under administration | $ | 1,169.7 |
Private Client Group (PCG) assets under administration | $ | 1,114.3 |
PCG assets in fee-based accounts | $ | 633.1 |
Financial assets under management | $ | 185.9 |
Domestic PCG net new assets* | $ | 23.2 |
Total clients' domestic cash sweep balances | $ | 60.4 |
PCG financial advisors | 8,699 | |
Bank loans, net: | ||
Raymond James Bank | RECORD $ | 31.7 |
TriState Capital Bank** | RECORD $ | 12.4 |
Total bank loans, net | RECORD $ | 44.1 |
vs. vs.
1Q22 4Q22
(7)% 7%
(7)% 7%
(7)% 8%
(9)% 7%
NM NM
(18)% (10)%
3% -%
21% 2%
NM 2%
69% 2%
*Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private | |
5 | Client Group client outflows, including commissions, advisory fees and other fees. |
**Acquired on June 1, 2022. | |
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Raymond James Financial Inc. published this content on 25 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2023 21:11:05 UTC.