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RJF SHAREHOLDERS MEETING
February 18, 2016
FORWARD LOOKING STATEMENTS
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 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 on 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.
RAYMOND JAMES FINANCIAL
Tom James
Executive Chairman
REPORT OF
SHARES PRESENT
RAYMOND JAMES FINANCIAL
Tom James
Executive Chairman
BOARD OF DIRECTORS
CHARLES G. VON ARENTSCHILDT
SHELLEY G. BROADER
JEFFREY N. EDWARDS
BENJAMIN C. ESTY
FRANCIS S. GODBOLD
THOMAS A. JAMES
GORDON L. JOHNSON
RODERICK C. MCGEARY
PAUL C. REILLY
ROBERT P. SALTZMAN
WICK SIMMONS
SUSAN N. STORY
INDEPENDENT AUDITORS
KPMG LLP
John Rodi, Lead Engagement Partner
John Crish, Engagement Partner
Julie Barba, Senior Manager
THANK YOU
Wick Simmons
PROXY REVIEW
RJF HIGHLIGHTS Twelve Months
Ended
September 2015
Twelve Months
Ended
September 2014
Change*
* Percentage change in this table reflects calculations from actual numbers and cannot be recalculated from the figures shown
due to rounding differences.
As of September 2015 Change* As of September 2014
Total Revenues $5.31 billion $4.97 billion 7%
Net Revenues $5.20 billion $4.86 billion 7%
Net Income $502 million $480 million 5%
Net Income Per Share (diluted) $3.43 $3.32 3%
Equity Attributable to RJF $4.5 billion $4.1 billion 9%
Market Capitalization $7.1 billion $7.6 billion (6)%
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 principal capital and private
equity activities, as well as certain corporate overhead costs of Raymond James Financial including the interest cost on our public debt.
2015
$5,200,210,000
Core Business Net Revenue, Twelve Months Ended September 30*
Private
Client
Group
$3,508m
67%
Capital
Markets
$960m
18%
Asset
Mgmt.
$392m
7%
RJ Bank
$414m
8%
Other
0%
Other
(1)%
Private
Client
Group
$3,280m
67%
Capital
Markets
$953m
19%
Asset
Mgmt.
$370m
8%
RJ Bank
$352m
7%
2014
$4,861,369,000
RAYMOND JAMES FINANCIAL
Private
Client
Group
$342m
43%
Capital
Markets
$107m
13%
Asset
Mgmt.
$135m
17%
RJ Bank
$279m
35% Private
Client
Group
$330m
44%
Capital
Markets
$131m
18%
Asset
Mgmt.
$128m
17%
RJ Bank
$243m
32%
Core Business Pre-Tax Income, 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 Pre-Tax
Income due to "Other" segment not being depicted. Other includes the firm's principal capital and private equity activities, as well as certain
corporate overhead costs of Raymond James Financial including the interest cost on our public debt.
2015
$798,174,000
2014
$748,045,000
RJF HIGHLIGHTS
Three Months
Ended
December 2015
Three Months
Ended
December 2014
Change*
* Percentage change in this table reflects calculations from actual numbers and cannot be recalculated from the figures shown
due to rounding differences.
Total Revenues $1.30 billion $1.28 billion 2%
Net Revenues $1.27 billion $1.25 billion 2%
Net Income $106 million $126 million (16)%
Net Income Per Share (diluted) $0.73 $0.87 (16)%
Equity Attributable to RJF $4.6 billion $4.3 billion 9%
Market Capitalization $8.3 billion $8.1 billion 2%
As of December 2015 Change* As of December 2014
RJF HIGHLIGHTS
Total Assets $26.9 billion
Shares Outstanding 143.7 million
Equity Attributable to RJF $4.6 billion
Book Value Per Share $32.37
Leverage (Assets / RJF Equity) 5.79x
Senior Notes Payable $1.15 billion
Leverage Ex. RJ Bank 3.87x
Balance Sheet Highlights, as of December 31, 2015
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 principal capital and private
equity activities, as well as certain corporate overhead costs of Raymond James Financial including the interest cost on our public debt.
2015
$1,274,517,000
Core Business Net Revenue, Three Months Ended December 31*
Private
Client Group
$872m
67%
Capital
Markets
$227m
18%
Asset
Mgmt.
$100m
8%
RJ Bank
$108m
8%
Other
(1)% Other
(1)%
Capital
Markets
$232m
18%
Asset
Mgmt.
$100m
8%
RJ Bank
$101m
8%
2014
$1,252,460,000
Private
Client Group
$845m
67%
RAYMOND JAMES FINANCIAL
2015
$168,338,000
Core Business Pre-Tax Income, Three Months Ended December 31*
Private
Client
Group
$69m
41%
Capital
Markets
$25m
15%
Asset
Mgmt.
$33m
20%
RJ Bank
$66m
39%
Capital
Markets
$28m
14%
Asset
Mgmt.
$40m
20%
RJ Bank
$64m
32%
2014
$202,908,000
Private
Client
Group
$93m
46%
* Charts are intended to show relative contribution of each of the firm's four core business segments. Dollar amounts do not add to Pre-
Tax Income due to "Other" segment not being depicted. Other includes the firm's principal capital and private equity activities, as well as
certain corporate overhead costs of Raymond James Financial including the interest cost on our public debt.
PRIVATE CLIENT GROUP TRENDS
Pre-Tax Income
$ Millions
13.0% CAGR
5-Year 2015
16.0% CAGR
5-Year 2015
Total Revenue
$ Millions
AN
NU
AL
IZE
D
AN
NU
AL
IZE
D
PRIVATE CLIENT GROUP TRENDS
5.1% CAGR
5-Year 2015
12.7% CAGR
5-Year 2015
Number of Advisors PCG Assets Under Administration
$ Billions
CAPITAL MARKETS TRENDS
Total Revenue
$ Millions
9.4% CAGR
5-Year 2015
Pre-Tax Income
$ Millions
6.3% CAGR
5-Year 2015
AN
NU
AL
IZE
D
AN
NU
AL
IZE
D
ASSET MANAGEMENT GROUP TRENDS
Total Revenue
$ Millions
14.8% CAGR
5-Year 2015
Pre-Tax Income
$ Millions
23.5% CAGR
5-Year 2015
AN
NU
AL
IZE
D
AN
NU
AL
IZE
D
RAYMOND JAMES BANK TRENDS
Pre-Tax Income
$ Millions
Total Revenue
$ Millions
Assets
$ Billions
6.4% CAGR
5-Year 2015
9.0% CAGR
5-Year 2015
20.0% CAGR
5-Year 2015
AN
NU
AL
IZE
D
AN
NU
AL
IZE
D
1 Includes $3.5 billion excess for regulatory reasons.
1
RAYMOND JAMES FINANCIAL
Net Interest Earnings
RAYMOND JAMES FINANCIAL
Percentage of Total Revenues
Transactional vs. Recurring Revenues
Recurring
Transactional
RAYMOND JAMES FINANCIAL
RJF Stock Price vs. Sector, Five-Year Change
Five Years Ended December 31, 2015
RAYMOND JAMES FINANCIAL
Total Return Performance vs. Select Peer Financial Services Competitors As of February 17, 2016
-40%
-30%
-20%
-10%
0%
10%
20%
YTD 1-Year 5-Year
RJF
Peer Group*Average
*Peer Group includes Ameriprise Financial, Evercore Partners, Goldman Sachs, Greenhill & Co, Lazard, LPL, Morgan Stanley,
Piper Jaffray and Stifel.
FINANCIAL SUMMARY
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 CAGR**
Total Revenues* $2,168
$2,646
$3,110
$3,205
$2,603
$2,980
$3,400
$3,898 $4,596 $4,965 $5,308 9.4 %
Net Revenues* 2,050
2,349
2,610
2,813
2,546
2,917
3,334
3,807 4,485 4,861 5,200 9.8 %
Net Income* 151 214 250 235 153 228 278 296 367 480 502 12.8 %
Net Income
per Share: Basic 1.37 1.86 2.10 1.95 1.25 1.83 2.20 2.22 2.64 3.41 3.51 9.9 %
Total Assets* 8,365
11,505
16,229
20,710
18,227 17,883
18,007
21,160 23,186 23,326 26,480 12.2 %
*Figures are in millions
**CAGR are calculated for FY2005 through FY2015
RAYMOND JAMES FINANCIAL
Return on Equity
RAYMOND JAMES FINANCIAL
Long-Term Stock Performance
$374,922 16.26%
Rate of Return,
Including
Reinvested
Dividends
$239,474 14.67%
Rate of Return,
Excluding
Dividends
$74,088 10.60%
S&P 500 Index
Rate of Return,
Including
Reinvested
Dividends *
200 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 1984-2016.
Dividends were reinvested quarterly.
RAYMOND JAMES FINANCIAL
Present Day vs. First Year as a Public Company
2015 vs. 1983 Operating Metrics
Total Revenues $70.6 million
Total Pre-Tax Income $9.2 million
Equity Attributable to RJF $28.3 million
$5.3 billion
$798.2 million
$4.5 billion
Twelve Months Ended
September 1983
Twelve Months Ended
September 2015
As of Sept. 2015 As of Sept. 1983 Increase*
14.5%
15.0%
17.2%
* Increase in this table reflects calculations from actual numbers and cannot be recalculated from the
figures shown due to rounding differences.
160x
87x
75x
Increase*
CAGR 32-year 2015
CAGR 32-year 2015
VOTING CLOSED
RAYMOND JAMES FINANCIAL
Paul Reilly, CEO
CONTINUED PROFITABILITY
112 Consecutive Profitable Quarters
Earn
ing
s P
er
Sh
are
(B
asic
)
Trailing 10 Years
CLIENT-FIRST VALUES BASED CULTURE
INTEGRITY
INDEPENDENCE CONSERVATISM
CLIENT
FIRST
CORPORATE STRATEGY
Succession Planning Advisor Training
and Support
Associate Career
Support
INVESTING IN PEOPLE
Cybersecurity
INVESTING IN TECHNOLOGY
Mobile Capabilities Advisor Desktop
LONG-TERM, CONSERVATIVE VIEW
>2X Regulatory Requirement
$1 Billion
Cash
24%
ADVISOR-CENTRIC CULTURE
SECOND IN J.D. POWER INDEPENDENT
ADVISOR SATISFACTION SURVEY
1 Edward Jones 925
2 Raymond James & Associates 885
3 Charles Schwab 785
4 Wells Fargo Advisors 706
Industry Average 701
5 UBS Financial Services 683
6 Merrill Lynch Wealth Management 645
7 Morgan Stanley 611
1 Commonwealth Financial Network 950
2 Raymond James Financial Services 908
3 Cambridge Investment Research 903
Industry Average 773
4 Ameriprise Financial 763
5 LPL Financial 743
SECOND IN J.D. POWER EMPLOYEE
ADVISOR SATISFACTION SURVEY
2015 J.D. Power Financial Advisor Satisfaction Study Results
ADVISOR-CENTRIC CULTURE
FIRST IN REP. MAGAZINE’S
BROKER REPORT CARD 2015
#1 Raymond James & Associates 9.3
2 Edward Jones 9.2
3 UBS / Industry Average 8.1
4 Wells Fargo Advisors 7.5
5 Morgan Stanley 7.4
6 Merrill Lynch Wealth Management 7.3
REGULATION
2,600 Associates
30 States 5,600 Hours
CULTURE OF SERVICE & GIVING
Public Finance
Expansion
Advisor
Recruiting
Investment Banking
Life Sciences
RECRUITING
CLIENT OF THE FUTURE
CLIENT OF THE FUTURE
Products & Services Technology
CLIENT OF THE FUTURE
Advisor Training Diversity Focus
CLIENT OF THE FUTURE
1995 2000 2005 2010 2015
ECM United States/Europe Net Revenues
$ Millions
ECM
Formalized
Lane
Berry
Acquired
Howe
Barnes
Acquired
Morgan
Keegan
Merger
1996 2009 2011 2012
ACQUISITIONS
All references to "Alex. Brown” are intended for illustrative purposes only and are conditioned
upon the closing of the transaction whereby Raymond James acquires Deutsche Bank's
Private Client Services business.
ACQUISITION RATIONALE
1 Culture
2 Strategic Benefit
Price 4 3 Ability to Integrate
HERITAGE OF ALEX. BROWN
Alex. Brown Building by Jyothis, licensed under CC BY 3.0 via Commons
https://commons.wikimedia.org/wiki/File:AlexBrownBuilding.JPG#/media/File:AlexBrownBuilding.JPG
HISTORY OF RAYMOND JAMES
SHARED VALUES
SHARED VALUES
INTEGRITY
INDEPENDENCE CONSERVATISM
CLIENT
FIRST
RAYMOND JAMES FINANCIAL – IPO
Drexel Burnham
Dain Bosworth
Bear Stearns
First Boston
AG Becker Paribas
Blyth Eastman Paine Webber
Oppenheimer
Alex Brown & Sons
Kidder Peabody
Lazard Feres
Merrill Lynch
Prudential Bache
L F Rothschild
Shearson
Piper Jaffray
Advest
Banque de Paris
AG Edwards
Ladenburg,Thalmann
Montgomery
Moseley, Hallgarten
Robertson, Colman & Stephens
Thomas McKinnon
Tucker Anthony
Bacon Stifel Nicolaus
Bateman Eicher
Blunt Ellis
Boettcher & Company
Cowen
Whitehead
Eppler, Guerin & Turner
First of Michigan
Gruntal
Herzfeld
Howard, Weil, Labousse
Interstate Securities
Johnson Lane
Johnston Lemon
Josephthal
Legg Mason
Neward Cook
The Ohio Company
Parker/Hunter
Rauscher Pierce
Robinson Humphrey
Boenning & Scattergood
Rotan Mosle
Schneider, Bernet & Hickman
Sutro
Underwood, Neuhaus
Wheat First
Allen & Company
Anderson Strudwick
DH Blair
Burgess & Leith
Carolina Securities
Craig-Hallum
Craigie Inc
JC Bradford
Butcher
Woodman Kirpatrick
& Singer
D A Davidson
Davis Scaggs
R G Dickinson
Evans & Co
First Albany
First Equity
First Mid America
Furman Selz
Gintel
Heaford & Company
Institutional Equity Corp
Edward D Jones
John G Kinnard
Laidlaw Adams
Cyrus Lawrence
Manley, Bennet McDonald
Moore & Schley Capital
Morgan Keegan
Morgan Olmstead, Kennedy
Neuberger & Berman
WH Newbold’s and Son
Rodman & Renshaw
Rooney, Pace
R. Rowland & Co
Scherck, Stein & Franc
Seidler Amdec
Weinrich Zitzmann
Underwriting Companies – 1983
RAYMOND JAMES FINANCIAL – IPO
Piper Jaffray
Oppenheimer
Stifel Nicolaus
Legg Mason
Boenning & Scattergood
Davidson
Edward Jones
Neuberger & Berman
Ladenburg, Thalmann
Underwriting Companies –Today
RAYMOND JAMES FINANCIAL – IPO
Piper Jaffray
Oppenheimer
Stifel Nicolaus
Legg Mason
Boenning & Scattergood
Davidson
Edward Jones
Neuberger & Berman
Ladenburg, Thalmann
Underwriting Companies –Today
Alex. Brown
STRATEGIC BENEFIT: GEOGRAPHIC EXPANSION
STRATEGIC BENEFIT: ULTRA HNW
STRATEGIC BENEFIT: CONTINUED HNW GROWTH
Average
Production
Top 200 Raymond James $ 2.4 million
Alex. Brown $ 1.5 million
Average
Production
Top 800 Raymond James $ 1.5 million
Alex. Brown $ 1.5 million
Raymond James includes domestic employee and independent contractor advisors.
STRATEGIC BENEFIT: ENHANCEMENTS
RATIONALE: ABILITY TO INTEGRATE
MERGER RATIONALE: FINANCIALLY COMPELLING
THE PREMIER ALTERNATIVE TO WALL STREET
CLIENT-FIRST, VALUES-BASED CULTURE
INTEGRITY
INDEPENDENCE CONSERVATISM
CLIENT
FIRST
RAYMOND JAMES BANK
Steve Raney
President & CEO, Raymond James Bank
RAYMOND JAMES BANK
RJ Bank’s vision is to maximize shareholder value through prudent investing, efficient operations and delivery
of selected banking products that enhance client relationships while providing mutually beneficial
opportunities for financial advisors and affiliates.
Conservative Credit
Standards
Prudent Financial /
Capital Management
Strong Internal Controls / Regulatory Compliance
Sustainable, Profitable Growth
Serve Financial Advisors, Retail & Institutional
Clients
Business Model
• Stable, low cost source of
deposits
• Flexible deposit base and
capital base
• Only one branch and two ATMs
(no plans to increase either)
• Synergies with Private Client
Group and Capital Markets
Segments
RAYMOND JAMES BANK
RJ Bank has a targeted lending strategy focused on corporate, commercial real estate and retail loans.
Corporate
(C&I) Residential Mortgages
Typically target:
• Institutional / Capital Markets
clients
• Relatively mature industries
• Near investment grade ratings
• EBITDA greater than $25 -
$50 million
• No mezzanine lending
• Mostly floating rate facilities
• Target debt service coverage
of at least 1.25x
Tax-Exempt Lending:
• Public Finance clients
• Investment grade ratings
• Generally secured by pledge
of revenues or taxes
Typically target:
• Private Client Group
clients
• High credit quality / strong
payment histories
• Well collateralized loans
• No Alt. A / subprime /
negative amortizing
mortgages
Commercial Real Estate
(CRE)
Typically target:
• Institutional / Capital
Markets clients
• REITs and stabilized
properties – limited
exposure to construction /
development
• Project finance loans are
well collateralized and
provided to experienced
borrowers with good
repayment histories
Securities Based Lending
Typically target:
• High Net Worth Private
Client Group clients
• Flexible, LIBOR-based
line of credit used for
non-purpose lending
• Collateralized by assets
in brokerage accounts
RAYMOND JAMES BANK
112
173
240 268
243 279
66
FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FYTD16
263* 258 269
336 347 352
414
108
FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FYTD16
3.31% 3.43% 3.50% 3.25%
2.98% 3.07%
2.90%
Net Revenues
($ millions) Pre-Tax Income
($ millions)
RJ Bank has consistently grown revenues and pre-tax income, although
compression of net interest margins has resulted in headwinds since FY 2012.
20% 5-YR
CAGR 434*
Net
Interest
Margin
Net
Revenues
* First quarter of fiscal 2016, annualized.
Notes: Charts not to scale; FYTD 16 includes first quarter of fiscal year 2016.
RAYMOND JAMES BANK
6,095 6,548
7,992 8,821
10,964
12,988 13,733
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Q1 FY 16
RAYMOND JAMES BANK
NET LOAN GROWTH
($ millions)
RJ Bank has grown its loan portfolio nearly 16% annually since FY 2010.
16%
5 -YR
CAGR
Commercial and
Industrial, 45.9%
Commercial Real Estate,
18.4%
Residential Mortgages,
35.7%
RAYMOND JAMES BANK
RJ Bank maintains a well-diversified loan portfolio, particularly in terms of type of loans.
Commercial and
Industrial 51.2%
Commercial Real Estate
16.8%
Residential Mortgages
14.8%
Securities Based Loans
11.7%
Tax Exempt Loans 4.2%
Loans Held for Sale
1.3%
LOAN COMPOSITION
(% of total loans, Q1 FY 2016)
LOAN COMPOSITION
(% of total loans, FYE 2009)
RAYMOND JAMES BANK
, 96.8%
Energy Portfolio,
3.2%
Energy Portfolio Statistics
(Q1 FY 2016)
Total Loan Portfolio
(Q1 FY 2016)
Subsector
# of
Loans
Total
($ millions)
Midstream Products and
Services 24 $323.2
Oilfield Services 4 $58.5
Mining and Minerals 3 $52.1
Exploration and
Production 1 $10.3
$13.7 billion
32 Loans for $444.1 million,
representing 3.2% of Total Loans
Energy Reserves of $18.7 million
• 10.1% of Total Reserves
• 4.2% of Energy Outstandings
• 23.1% of Energy Criticized Outstandings
The Energy industry, particularly the Exploration and Production subsector, represents only a modest portion of
the overall loan portfolio, and RJ Bank continuously monitors its Energy reserves.
80,413
33,655 25,894
2,565 13,565 23,570
13,910
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FYTD 16
2.48%
1.64% 1.18%
0.99% 0.69%
0.39% 0.34%
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FYTD 16
2.36% 2.18% 1.81%
1.52% 1.33% 1.32% 1.35%
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FYTD 16
RAYMOND JAMES BANK
PROVISION EXPENSE
($ thousands)
NET CHARGE OFFS
($ thousands)
NONPERFORMING ASSETS
(% of total assets)
ALLOWANCE FOR LOAN LOSSES
(% of loans)
83,601
34,995 24,214 13,309 1,747 (2,757) 323
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FYTD 16
Notes: Charts not to scale; FYTD 16 includes first quarter of fiscal year 2016.
KEY CREDIT TRENDS
RAYMOND JAMES BANK
Expand Lending and Cash Management Solutions to Private
Client Group including Aligning High Net Worth Offering as part
of the Alex. Brown Integration*
Lending to Capital Markets Clients
GROWTH INITIATIVES
RJ Bank’s growth initiatives continue to be focused on strengthening relationships with clients in the Private
Client Group and Capital Markets segments.
*References to “Alex. Brown” are intended for illustrative purposes only and are conditioned upon the
closing of the transition where by Raymond James acquires Deutsche Bank’s PCS division.
RAYMOND JAMES BANK
Higher levels of bank loan loss provision expense
commensurate with loan growth
More resilient net interest margins; poised for rising
rates given limited fixed-rate exposure
OUTLOOK
Continued growth in loan portfolio with focus on
expanding synergies with PCG and Capital Markets
Intensifying regulatory environment
RAYMOND JAMES FINANCIAL
Tom James
Executive Chairman
REPORT OF VOTE
THANK YOU