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RJF SHAREHOLDERS MEETING...RJF HIGHLIGHTS: FY19 Twelve Months Ended September 2019 Twelve Months...
Transcript of RJF SHAREHOLDERS MEETING...RJF HIGHLIGHTS: FY19 Twelve Months Ended September 2019 Twelve Months...
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RJF SHAREHOLDERS MEETINGFebruary 20, 2020
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Certain statements made in this presentation and the associated webcast 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 and divestitures,
anticipated results of litigation and regulatory developments or 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, are 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, 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.
FORWARD LOOKING STATEMENTS
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PAUL REILLYChairman & CEO
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REPORT OF
SHARES PRESENTJonathan N. Santelli, General Counsel
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PAUL REILLYChairman & CEO
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BOARD OF DIRECTORS
CHARLES G. VON ARENTSCHILDT
SHELLEY G. BROADER
ROBERT M. DUTKOWSKY
JEFFREY N. EDWARDS
BENJAMIN C. ESTY
ANNE GATES
FRANCIS S. GODBOLD
THOMAS A. JAMES
GORDON L. JOHNSON
RODERICK C. MCGEARY
PAUL C. REILLY
RAJ SESHADRI
SUSAN N. STORY
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INDEPENDENT AUDITORS
KPMG LLPJohn Crish, Lead Engagement Partner
Julie Barba, Engagement Partner
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PROXY REVIEW
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PROXY REVIEWElection of Directors
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PROXY REVIEWAdvisory Vote on Executive Compensation
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PROXY REVIEWAmended and Restated 2012 Stock Incentive Plan
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PROXY REVIEWRatify Appointment of Independent Registered Public Accounting Firm
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PAUL REILLYChairman & CEO
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POLLS OPEN
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PAUL REILLYChairman & CEO
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Our business is
PEOPLEand their
financial well-being
BUILDING ON A STRONG FOUNDATION
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INTEGRITY
INDEPENDENCE CONSERVATISM
CLIENT
FIRST
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2010 VISION
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INVESTMENTPeople, Businesses,
Technology
EXPANSION/
IMPROVEMENTServices & Solutions
GROWTH
PROFITS
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RAYMOND JAMES FINANCIAL
Core Business Net Revenues, Twelve Months Ended September 30*
* Charts are intended to show relative contribution of each of the firm's four core business segments. Dollar amounts do not add to total net revenues due to
"Other" segment and intersegment eliminations not being depicted. Other includes the firm's private equity activities, as well as certain corporate overhead costs
of Raymond James Financial including the interest cost on our public debt.
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RAYMOND JAMES FINANCIAL
* Charts are intended to show relative contribution of each of the firm's four core business segments. Dollar amounts do not add to total net revenues due to
"Other" segment and intersegment eliminations not being depicted. Other includes the firm's private equity activities, as well as certain corporate overhead costs
of Raymond James Financial including the interest cost on our public debt.
Core Business Pre-Tax Income, Twelve Months Ended September 30*
2010
$362 million
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2010 – 2019 NET REVENUES
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2010 – 2019 PRE-TAX INCOME
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PREMIER ALTERNATIVE TO WALL STREET
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RJF HIGHLIGHTS: FY19
Twelve Months Ended
September 2019
Twelve Months Ended
September 2018 Change*
Net Revenues $7.74 billion $7.27 billion 6%
Net Income $1,034 million $857 million 21%
Adjusted Net Income** $1,068 million $965 million 11%
* Percentage change in this table reflects calculations from actual numbers and cannot be recalculated from the figures shown due to rounding differences.
** Non-GAAP measure. See the appendix for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures.
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RJF HIGHLIGHTS: FY19
Twelve Months Ended
September 2019
Twelve Months Ended
September 2018 Change*
Earnings Per Common Share (diluted) $7.17 $5.75 25%
Adjusted Earnings Per Common Share (diluted)** $7.40 $6.47 14%
* Percentage change in this table reflects calculations from actual numbers and cannot be recalculated from the figures shown due to rounding differences.
** Non-GAAP measure. See the appendix for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures.
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RJF HIGHLIGHTS: FY19
Total Assets $38.8 billion
Equity Attributable to RJF $6.6 billion
Book Value Per Share $47.76
Market Capitalization $11.4 billion
Balance Sheet Highlights, as of September 30, 2019
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PRIVATE CLIENT GROUP
AN
NU
ALIZ
ED
AN
NU
ALIZ
ED
AN
NU
ALIZ
ED A
NN
.
AN
N.
10.3% CAGR
5-Year 2019
11.9% CAGR
5-Year 2019
Net Revenues
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PRIVATE CLIENT GROUP
5.0% CAGR
5-Year 2019 12.1% CAGR
5-Year 2019
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AN
N.
ANN.
CAPITAL MARKETS
2.6% CAGR
5-Year 2019
(3.4)% CAGR
5-Year 2019
* Certain prior periods have been adjusted for the adoption of accounting guidance related to consolidation of legal entities.
Net Revenues
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AN
NU
ALIZ
ED
AN
NU
ALIZ
ED
AN
N.
AN
N.
ASSET MANAGEMENT GROUP
13.3% CAGR
5-Year 2019
14.6% CAGR
5-Year 2019
Net Revenues
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RAYMOND JAMES BANK
* Includes affiliate deposits
19.2% CAGR
5-Year 2019
16.2% CAGR
5-Year 2019
15.5% CAGR
5-Year 2019
Net Revenues
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RJF HIGHLIGHTS: Q1 FY20
Three Months Ended December 2019
Three Months Ended December 2018 Change*
Net Revenues $2.01 billion $1.93 billion 4%
Net Income $268 million $249 million 8%
Earnings Per Common Share (diluted) $1.89 $1.69 12%
* Percentage change in this table reflects calculations from actual numbers and cannot be recalculated from the figures shown due to rounding differences.
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RJF HIGHLIGHTS: Q1 FY20
Total Assets $40.2 billion
Equity Attributable to RJF $6.8 billion
Book Value Per Share $49.26
Market Capitalization $12.4 billion
Balance Sheet Highlights, as of December 31, 2019
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CONTINUED PROFITABILITY
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RAYMOND JAMES FINANCIAL
RJF Stock Price vs. Sector, Five-Year Change P
erc
en
t C
han
ge
Five Years Ended February 18, 2020
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39
$611,37115.90%
Rate of Return,
Including
Reinvested
Dividends
$369,55914.31%
Rate of Return,
Excluding
Dividends
$128,29611.05%
S&P 500 Index
Rate of Return,
Including
Reinvested
Dividends *
Long-Term Stock Performance as of December 31200 Shares of RJF Stock Purchased at Initial Offering
* Performance of the S&P 500 was calculated by investing the equivalent amount needed to purchase 200 shares of RJF stock on the IPO date of 7/1/1983, and then multiplying that amount by the close of
the S&P 500 at the date of each fiscal year end between 1984-2019. Dividends were reinvested quarterly.
RAYMOND JAMES FINANCIAL
Q1
2020
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40
* Annualized
RAYMOND JAMES FINANCIAL
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INVESTING IN OUR BUSINESS
Technology /
OperationsInfrastructure Risk Management
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43
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PCG VISION FOR THE FUTURE
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LONG-TERM CONSERVATIVE FOCUS
>2XRegulatory Requirement
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RAYMOND JAMES BOARD OF DIRECTORS
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RAYMOND JAMES EXECUTIVE COMMITTEE
Bella Loykhter Allaire
EVP, Technology & Operations
Raymond James Financial
Jeffrey P. Julien
EVP, Finance
Raymond James Financial
Paul D. Allison
Chairman, President & CEO
Raymond James Limited
Steven M. Raney
President & CEO
Raymond James Bank
John C. Carson Jr.
President
Raymond James Financial
Jonathan N. Santelli
EVP and General Counsel
Raymond James Financial
James E. Bunn
President
Global Equities &
Investment Banking
Jeffrey A. Dowdle
Chief Operating Officer
Raymond James Financial
Jodi Perry
President
Independent Contractors Division
Raymond James Financial Services
Paul Reilly
Chairman & CEO
Raymond James Financial
Scott A. Curtis
President
Private Client Group
Tash Elwyn
President & CEO
Raymond James &
Associates
Paul Shoukry
Chief Financial Officer
Raymond James Financial
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RAYMOND JAMES OPERATING COMMITTEE
Amanda
StevensAndy
ZolperChris
Aisenbrey
Chris
Majeski
Emma
Bredin
Erik
Fruland
Haig
Ariyan
Greg
Rust
Heather
Knable
Jennifer
Ackart
Kim
Jenson
Jim
SicklingRobert
Miller
Scott
ZebraTarek
Helal
Tracey
Bustamante
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PAUL REILLYChairman & CEO
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VOTING CLOSED
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SUSAN N. STORY AND
THOMAS A. JAMES
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SHELLEY G. BROADERFormer Director, President and CEO,
Chico’s FAS, Inc.
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THOMAS A. JAMESChairman Emeritus
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PAUL REILLYChairman & CEO
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REPORT OF
FINAL VOTE TOTALJonathan N. Santelli, General Counsel
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PAUL REILLYChairman & CEO
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THANK YOU!
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APPENDIX
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Twelve months ended
$ in millions, except per share amounts September 30, 2019 September 30, 2018
Net income: $ 1,034 $ 857
Non-GAAP adjustments:
Acquisition and disposition-related expenses (1) 15 4
Other expenses: goodwill Impairment (2) 19
Tax effect on non-GAAP adjustments — (1)
Impact of the Tax Act (3) — 105
Total non-GAAP adjustments, net of tax 34 108
Adjusted net income 1,068 965
Weighted-average common and common equivalent shares outstanding – diluted 144.0 148.8
GAAP earnings per common share:
Diluted - GAAP $ 7.17 $ 5.75
Non-GAAP earnings per common share:
Adjusted diluted $ 7.40 $ 6.47
Reconciliation of the GAAP measures to the non-GAAP measures (unaudited)
We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These
non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provides useful information to
management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in
assessing the financial performance of the business, as they facilitate a more meaningful comparison of current- and prior-period results. In the following table, the tax
effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to,
and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable
to similarly titled non-GAAP financial measures of other companies. The following table provides a reconciliation of GAAP measures to non-GAAP financial measures for
those periods which include non-GAAP adjustments.
Note: Please refer to the footnotes in the following slide for additional information.
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1. Fiscal year 2019 includes a loss in our Capital Markets segment on the sale of our operations related to
research, sales and trading of European equities and the fiscal year 2018 includes expenses associated with
our November 2017 acquisition of Scout Investments and its Reams Asset Management division.
2. The year ended September 30, 2019 includes a $19 million impairment charge associated with our Canadian
Capital Markets business.
3. The impact of the Tax Act includes the remeasurement of U.S. deferred tax assets at the lower enacted
corporate tax rate and, to a lesser extent, a one-time transition tax on deemed repatriated earnings of foreign
subsidiaries.
Footnotes