All amounts in U.S. dollars unless otherwise stated TORONTO, May 10, 2024 (GLOBE NEWSWIRE) -- Onex Corporation (TSX:ONEX) today announced its financial results for the first quarter ended March 31, 2024. "Onex is making progress in its plans to drive growth in shareholder value, and we were pleased to see fundraising start to gain momentum in the quarter," said Bobby Le Blanc, Chief Executive Officer. "We continue to focus our capital deployment and resource allocation on areas where we have a proven track record and the right to compete." Financial Results (unaudited, $ millions except per share amounts) Three Months Ended March 31     2024   2023   Net earnings (loss) $ 10   $ (232 ) Net earnings (loss) per diluted share $ 0.13   $ (2.87 )           Investing segment net earnings $ 54   $ 44   Asset management segment net loss   (26 )   (69 ) Total segment net earnings (loss) (1) $ 28   $ (25 ) Total segment net earnings (loss) per fully diluted share(2) $ 0.33   $ (0.32 ) Asset management fee-related earnings (loss)(3) $ (4 ) $ (8 ) Total fee-related earnings (loss)(4) $ (12 ) $ (16 ) Distributable earnings(5) $ 45   $ 68   Highlights Onex' investing capital per fully diluted share(6) was essentially unchanged for the three months ended March 31, 2024. Onex had approximately $8.4 billion of investing capital, or $107.44 (C$145.58) per fully diluted share at March 31, 2024. Over the twelve months ended March 31, 2024, Onex' investing capital per fully diluted share had a compound annual return of 11%. Onex' private equity investments had net gains of $30 million or a return of 1% in the first quarter of 2024(7) (Q1 2023: net gains of $6 million or a return of less than 1%). Investments in Credit strategies generated net gains of $13 million or a return of 2% in the first quarter of 2024(8) (Q1 2023: net gains of $28 million or a return of 4%). Onex raised approximately $1.8 billion in fee-generating capital across its Private Equity and Credit platforms in the first quarter. To date, the Onex Partners Opportunities Fund has raised an aggregate $735 million, including Onex' commitment of $400 million. ONCAP V has reached aggregate commitments of $795 million, including Onex' commitment of $250 million. Onex has raised or extended a total of $3.5 billion of fee-generating assets across its CLO platform so far in 2024. This includes closing its 30th and 31st U.S. CLOs for approximately $900 million in fee-generating assets and pricing its 32nd U.S. CLO and 9th European CLO which will add approximately $900 million in fee-generating assets upon their expected closings in Q2 2024. Onex repurchased 598,708 Subordinate Voting Shares (SVS) in the first four months of 2024 for a total cost of $44 million (C$59 million) or an average cost per share of $73.13 (C$99.29). In April, Onex renewed its normal course issuer bid permitting Onex to purchase for cancellation up to 10% of the public float in its Subordinate Voting Shares. Onex had $35.1 billion of fee-generating assets under management (FGAUM) at March 31, 2024, an increase of 4% from 2023 year-end. Run-rate management fees(9) were $197 million, an increase of 3% from 2023 year-end. Private client FGAUM was stable quarter-over-quarter at $3.2 billion. Unrealized carried interest was $264 million at March 31, 2024. Onex' cash and near-cash(10) balance was $1.4 billion or 17% of Onex' investing capital as of March 31, 2024 (December 31, 2023 – $1.5 billion or 17% of Onex' investing capital). Webcast Onex management will host a webcast to review Onex' first quarter 2024 results on Friday, May 10, 2024 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex' website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event. Additional Information Enclosed are supplementary financial schedules related to Onex' consolidated net earnings (loss), investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the three months ended March 31, 2024. The financial statements prepared in accordance with IFRS Accounting Standards, including Management's Discussion and Analysis of the results, are posted on Onex' website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex' website, www.onex.com. About Onex Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex' two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex' own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies, family offices and high-net-worth individuals. In total, Onex has $50.9 billion in assets under management, of which $8.4 billion is Onex' own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex' platforms. Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex' security filings can also be accessed at www.sedarplus.ca. Forward-Looking Statements This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as "believes", "expects", "potential", "anticipates", "estimates", "intends", "plans" and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release. Non-GAAP Financial Measures This press release contains non-GAAP financial measures and ratios which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures and ratios provide helpful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical. For Further Information: Jill Homenuk Managing Director – Shareholder Relations and CommunicationsTel: +1 416.362.7711 Zev KormanVice President, Shareholder Relations and CommunicationsTel: +1 416.362.7711     Supplementary Financial Schedules     Three months ended March 31     2024(i) 2023(i)   (Unaudited)($ millions except per share amounts)   Investing     Asset Management     Total   Total   Segment income $ 54   $ 40   $ 94   $         62   Segment expenses   -     (66 )   (66 )           (87 ) Segment net earnings (loss) $ 54   $ (26 ) $ 28   $         (25 )                        Stock-based compensation recovery (expense)             (10 )   3       Amortization of property, equipment and intangible assets, excluding right-of-use assets               (5 )   (10 )      Impairment of goodwill, intangible assets and property and equipment               –     (171 ) Restructuring recovery (expenses)             3     (20 ) Unrealized carried interest included in segment net earnings (loss) – Credit               (4 )   (6 ) Unrealized performance fees included in segment net earnings (loss)               (3 )