Forward-Looking Information
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This website may contain "forward-looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, estimates and projections as of the date of the content is published on this website. Wherever possible, words such as "anticipate", "believe", "expects", "intend" and similar expressions have been used to identify these forward-looking statements. Information on this website has been furnished for your information only, is accurate at the time of posting, and may be superseded by more current information. Except as required by law, we do not undertake any obligation to update the information, whether as a result of new information, future events or otherwise.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of TMX to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Important additional information identifying risks and uncertainties and other factors is contained in the management's discussion and analysis portion of the TMX's most recent annual and quarterly reports under the headings entitled "Caution Regarding Forward-Looking Information" and "Risks and Uncertainties". These documents may be accessed in this Investor Relations section under the heading Regulatory Filings.
Non-GAAP Measures
We use non-GAAP measures and non-GAAP ratios that do not have standardized meanings prescribed by GAAP and are, therefore, unlikely to be comparable to similar measures presented by other companies. Management uses these measures, and excludes certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance, including, in some cases, our ability to generate cash and our ability to repay debt. Management also uses these measures to more effectively measure performance over time, and excluding these items increases comparability across period. The exclusion of certain items does not imply that they are non-recurring or not useful to investors.
Notes
i. Based on December 31, 2024 closing share price and quarterly dividend of $0.20 per common share declared on February 3, 2025.
ii. Recurring revenue streams include substantially all of Global Insights, as well as sustaining listing fees, custody fees, transfer agency fees, and other access / subscription based revenues.
iii. From customers with an address outside Canada, based on 2024 revenue.
iv. Global Insights segment revenue as a percentage of total TMX Group revenue.
Long Term Financial Objectives:
1 Adjusted EPS and adjusted EPS CAGR are non-GAAP ratios that do not have standardized meanings prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by other companies. See discussion under the headings "Non-GAAP Measures" and "Caution Regarding Forward Looking Information - Assumptions related to long term financial objectives" in TMX's 2024 Annual MD&A (which is incorporated by reference and available under our profile on SEDAR www.sedarplus.ca) for information on the composition of adjusted EPS.
2 Dividend payout ratio is a non-GAAP ratio. See discussion under the heading "Non-GAAP Measures" in TMX's 2024 Annual MD&A.
3 Debt/Adjusted EBITDA is a non-GAAP ratio. See discussion under the heading "Non-GAAP Measures" in TMX's 2024 Annual MD&A.
4 Long term growth objectives exclude BOX
5 Revenue including acquisitions and divestitures in comparative period compound annual growth rate (CAGR)
6 High Growth is defined as high-single to double digit revenue CAGR, Strong Growth is defined as 5% plus revenue CAGR, and Market Growth is defined as revenue CAGR in line with the overall market.
Transformational Objectives:
I Recurring revenue streams include substantially all of Global Insights as well as sustaining fees, custody fees, transfer agency fees, and other access/subscription based revenues.
II Revenue based on the country to which customer invoices are addressed.
III Global Insights segment revenue as a percentage of total TMX revenue.