Canaccord Financial Inc: 3rd Quarter Results

Canaccord Financial Inc. Reports Third Quarter Fiscal 2013 Results 
Earned net income of $20.5 million during the quarter, excluding significant
items( 1) 
(All dollar amounts are stated in Canadian dollars unless otherwise indicated) 
TORONTO, Feb. 6, 2013 /CNW/ - In the third quarter of fiscal 2013, the quarter
ended December 31, 2012, Canaccord Financial Inc. (Canaccord, the Company, TSX:
CF, LSE: CF.) generated $230.0 million in revenue.   Excluding significant
items(1) (a non-IFRS measure), the Company recorded net income of $20.5
million, or $0.17 per diluted common share.  Including all expense items, on an
IFRS basis, the Company recorded net income of $10.3 million, or $0.08 per
diluted common share. 
"The results of our fiscal third quarter clearly illustrate the benefits of the
acquisitions we've made over the last several years.  With record advisory
revenue, continued growth of our UK wealth management business, and strong
performance in the UK and US, we're pleased with the results we generated this
quarter," stated Paul Reynolds, President and CEO of Canaccord Financial Inc. 
Mr. Reynolds continued, "Over half of Canaccord's revenue is now earned in
markets outside of Canada - underscoring the importance and strength of our
global platform, and the value our clients receive from our comprehensive
service offering." 
Third quarter of fiscal 2013 vs. second quarter of fiscal 2013 
·         Revenue of $230.0 million, up 23% or $43.4 million from $186.6
million 
·         Excluding significant items, expenses of $205.0 million, up 14% or
$25.3 million from $179.7 million(1) 
·         Expenses of $216.9 million, up 6% or $12.0 million from $204.9
million 
·         Excluding significant items, net income of $20.5 million compared to
net income of $5.9 million(1) 
·         Net income of $10.3 million compared to a net loss of $14.8 million 
·         Excluding significant items, diluted earnings per common share (EPS)
of $0.17 compared to diluted EPS of $0.03 in the second quarter of fiscal 2013
(1) 
·         Diluted EPS of $0.08 compared to a loss per common share of $0.19 in
the second quarter of fiscal 2013 
Third quarter of fiscal 2013 vs. third quarter of fiscal 2012 
·         Revenue of $230.0 million, up 56% or $82.1 million from $147.9
million 
·         Excluding significant items, expenses of $205.0 million, up 55% or
$72.9 million from $132.1 million(1) 
·         Expenses of $216.9 million, up 52% or $74.1 million from $142.8
million 
·         Excluding significant items, net income of $20.5 million compared to
net income of $10.6 million(1) 
·         Net income of $10.3 million compared to net income of $2.5 million 
·         Excluding significant items, diluted EPS of $0.17 compared to 
diluted
EPS of $0.11(1) 
·         Diluted EPS of $0.08 compared to diluted EPS of $0.01 
Year-to-date fiscal 2013 vs. year-to-date fiscal 2012
(Nine months ended December 31, 2012 vs. nine months ended December 31, 2011) 
·         Revenue of $579.2 million, up 36% or $152.0 million from $427.2
million 
·         Excluding significant items, expenses of $566.4 million, up 42% or
$168.7 million from $397.7 million(1) 
·         Expenses of $608.8 million, up 47% or $195.5 million from $413.3
million 
·         Excluding significant items, net income of $10.1 million compared to
net income of $23.1 million(1) 
·         Net loss of $25.2 million compared to net income of $10.4 million 
·         Excluding significant items, diluted EPS of $0.02 compared to 
diluted
EPS of $0.23(1) 
·         Loss per common share of $0.35 compared to diluted EPS of $0.09 
Financial condition at end of third quarter fiscal 2013 vs. third quarter
fiscal 2012 
·         Cash and cash equivalents balance of $556.0 million, down $144.9
million from $700.9 million 
·         Working capital of $397.2 million, down $74.7 million from $471.9
million 
·         Total shareholders' equity of $1.1 billion, up $198.9 million from
$852.3 million 
·         Book value per diluted common share for the period end was $7.62,
down 11% or $0.92 from $8.54(1) 
·         On February 6, 2013, the Board of Directors approved a quarterly
dividend of $0.05 per common share payable on March 15, 2013 with a record date
of March 1, 2013 
·         On February 6, 2013, the Board of Directors also approved a cash
dividend of $0.34375 per Series A Preferred Share payable on April 1, 2013 with
a record date of March 15, 2013, and a cash dividend of $0.359375 per Series C
Preferred Share payable on April 1, 2013 to Series C Preferred shareholders of
record as at March 15, 2013 
SUMMARY OF OPERATIONS 
Corporate 
·         On October 1, 2012, Canaccord's acquisition of Eden Financial Ltd.'s
wealth management business closed 
·         On October 1, 2012, Canaccord appointed Philip Evershed Global Head
of Investment Banking 
·         On November 6, 2012 Canaccord appointed Steve Buell Global Head of
Research 
·         On November 7, 2012, Canaccord Financial Inc. welcomed Dipesh Shah 
as
an additional independent director on its Board 
Capital Markets 
·         Canaccord Genuity led or co-led 33 transactions globally, raising
total proceeds of C$888 million(2) during fiscal Q3/13 
·         Canaccord Genuity participated in 123transactions globally, raising
total proceeds of C$9.8 billion(2)  during fiscal Q3/13 
·         During fiscal Q3/13, Canaccord Genuity led or co-led the following
transactions: 
·         Two transactions totalling £105.3 million for HICL Infrastructure
Company Limited on the LSE 
·         £100.0 million for Monitise plc on AIM 
·         £100.0 million for Newlon Housing Trust (Private Placement) 
·         SGD$94.0 million for Geo Energy Resources Ltd. on the SGX 
·         C$89.1 million for Trez Capital Senior Mortgage Investment
Corporation (non-exchange listed) 
·         £80 million for Intermediate Capital Group Plc through a retail 
bond
issue 
·         C$54.6 million for Pure Industrial Real Estate Trust on the TSX 
·         £48.5 million for Alpha Plus Holdings Plc through a retail bond 
issue 
·         US$41.4 million for AceIRX Pharmaceuticals Inc. on the NASDAQ 
·         C$34.5 million for SilverCrest Mines Inc. on the TSX-Venture 
·         AUD$36.0 million for Lifestyle Communities Limited on the ASX 
·         AUD$30.0 million for Neon Energy Limited on the ASX 
·         C$30.0 million for Labrador Iron Mines Holdings Limited on the TSX 
·         C$28.8 million for TriOil Resources Ltd. on the TSX 
·         AUD$21.0 million for Orocobre Limited on the ASX 
·         £20.0 million for Secure Trust Bank Plc on AIM 
·         In Canada, Canaccord Genuity raised $238.1 million for government
bond issuances and $25.0 million for corporate bond issuances during fiscal Q3/
13 
·         Canaccord Genuity generated record advisory revenues of $69.3 
million
during fiscal Q3/13, an increase of 80% compared to the previous record of
$38.5 million generated in the same quarter last year 
·         During fiscal Q3/13, Canaccord advised on the following M&A and
advisory transactions: 
·         Viterra Inc. on its acquisition by Glencore International plc 
·         Yellow Media Ltd. on its C$2.8 billion recapitalization 
·         Research In Motion on the sale of NewBay Software to Synchronoss
Technologies, Inc. 
·         Mateco Group (Odewald & Compagnie) on its acquisition by TVH Group 
·         Sprott Power Corp. on its acquisition of Shear Wind Inc. 
·         Automotive Technologies Inc. (Wireless Zone) on its acquisition of
Glentel Inc. 
·         Eco-Products on its acquisition by WNA, Inc. 
·         GT Advanced Technologies on its acquisition of Twin Creek
Technologies 
·         Mears Group on its acquisition of Morrison Facilities Services
Limited 
·         Wildroots and TrueBliss on their acquisition by Continental Mills,
Inc. 
·         Psion on its acquisition by Motorola Solutions, Inc. 
·         Buy As You View Holdings Limited on its acquisition by Rutland
Partners 
·         DHX Media Ltd. on its acquisition of Cookie Jar Entertainment 
·         Score Media Inc. on its acquisition by Rogers Communications Corp. 
·         Zetar on its acquisition by Zertus UK Holding Limited 
·         Unifeeder on its acquisition of Feederlink from Irish Continental
Group 
Canaccord Wealth Management (Global) 
·         Globally, Canaccord Wealth Management generated $60.0 million in
revenue 
·         Assets under administration in Canada, and assets under management 
in
the UK and Europe, and Australia, were $27.0 billion at the end of Q3/13(1) 
Canaccord Wealth Management (North America and Australia) 
·         Canaccord Wealth Management generated $35.2 million in revenue and,
after intersegment allocations, recorded a net loss of $5.6 million before
taxes in Q3/13 
·         Assets under administration in Canada were $11.4 billion as at
December 31, 2012, down 14% from $13.3 billion at the end of the previous
quarter and down 21% from $14.4 billion at the end of fiscal Q3/12(1) 
·         This decrease is due largely to the reduction of branches operating
in Canada, as was announced on September 24, 2012. 
·         Assets under management in Australia were $408 million at the end of
fiscal Q3/13, up 15% from $354 million at the end of the previous quarter(1) 
·         Assets under management in Canada (discretionary) were $791 million
as at December 31, 2012, up 1% from $784 million at the end of the previous
quarter and up 30% from $607 million at the end of fiscal Q3/12(1) 
·         As at December 31, 2012, Canaccord Wealth Management had 184 
Advisory
Teams(3), a decrease of 94 Advisory Teams from December 31, 2011 and a decrease
of 47 from September 30, 2012 
Canaccord Wealth Management (UK and Europe) 
·         Collins Stewart Wealth Management generated $24.8 million in revenue
and, excluding significant items, recorded net income of $2.4 million before
taxes in Q3/13 
·         This division recognized $1.5 million of restructuring and
acquisition-related costs related to the purchase of Eden Financial Ltd.'s
wealth management business and $1.6 million of amortization of intangible
assets acquired in connection with the acquisition of CSHP.  Including these
significant items, Collins Stewart Wealth Management recorded a net loss after
intersegment allocations and before income taxes of $0.7 million during the
quarter ended December 31, 2012 
·         Assets under management (discretionary and non-discretionary) were
$15.2 billion (£9.5 billion) 
Non-IFRS Measures
The non-International Financial Reporting Standards (IFRS) measures presented
include assets under administration, assets under management, book value per
diluted common share and figures that exclude significant items. Significant
items include restructuring costs, amortization of intangible assets, and
acquisition-related expense items, which include costs recognized in relation
to both prospective and completed acquisitions. Management believes that these
non-IFRS measures will allow for a better evaluation of the operating
performance of Canaccord's business and facilitate meaningful comparison of
results in the current period to those in prior periods and future periods.
Figures that exclude significant items provide useful information by excluding
certain items that may not be indicative of Canaccord's core operating results.
A limitation of utilizing these figures that exclude significant items is that
the IFRS accounting effects of these items do in fact reflect the underlying
financial results of Canaccord's business; thus, these effects should not be
ignored in evaluating and analyzing Canaccord's financial results. Therefore,
management believes that Canaccord's IFRS measures of financial performance and
the respective non-IFRS measures should be considered together. 
Selected financial information excluding significant items 
                                                                            
Quarter-                         YTD- 
                                                        Three months ended   
over-  Nine months ended     over- 
                                                            December 31     
 quarter     December 31          YTD
(C$ thousands, except per share and % amounts)                   2012      2011 
  change      2012      2011   change
Total revenue per IFRS                                       $230,003  $147,889  
55.5%  $579,151  $427,172    35.6%
Total expenses per IFRS                                       216,882  $142,822  
51.9%   608,840  $413,252    47.3%
Significant items recorded in Canaccord Genuity 


                          Restructuring costs                   5,276     1,292 
    n.m.     9,671     1,292     n.m.


                      Acquisition-related costs                --     2,700 
(100.0)%       388     4,143  (90.6)% 
                      Amortization of intangible assets     3,473     1,767  
96.5%    11,282     3,627   211.1%
Significant items recorded in Canaccord Wealth
Management 


                          Restructuring costs                   1,034        -- 
    n.m.    14,601        --     n.m.
                          Acquisition-related costs               431        -- 
    n.m.     1,331        --     n.m.
                          Amortization of intangible assets     1,643        -- 


n.m.     4,255        --     n.m.
Significant items recorded in Corporate and Other 
                      Restructuring costs                      --     5,000 
(100.0)%       900     5,000  (82.0)% 
                      Acquisition-related costs                --        --  
n.m.        --     1,513 (100.0)%
Total significant items                                        11,857    10,759  
10.2%    42,428    15,575   172.4%
Total expenses excluding significant items                    205,025   132,063  
55.2%   566,412   397,677    42.4%
Net income before taxes - adjusted                            $24,978   $15,826  
57.8%   $12,739   $29,495  (56.8)%
Income taxes - adjusted                                         4,525     5,182 
 (12.7)%     2,674     6,391  (58.2)%
Net income - adjusted                                         $20,453   $10,644  
92.2%   $10,065   $23,104  (56.4)%
Earnings per common share - basic, adjusted                     $0.19     $0.12  
58.3%     $0.02     $0.26  (92.3)%
Earnings per common share - diluted, adjusted                   $0.17     $0.11  
54.5%     $0.02     $0.23  (91.3)% 
n.m.: not meaningful 
Fellow shareholders: 
The results of our fiscal third quarter demonstrate the value of our larger,
global platform and the importance of the investments we've made over the last
several years.  Most notably, the successful integration of our acquisition of
Collins Stewart Hawkpoint is evident across our business.  Our UK and US
operations are now operating profitablyi.  We're benefiting from a strong UK
and European wealth management platform, in markets that should provide even
more opportunities to grow client assets.  And we've established Canaccord
Genuity as a leading investment bank in the UK.  In fact, Canaccord Genuity was
the second most active investment bank in the UK for the number of transactions
led or co-led during calendar 2012, and ninth overall for total proceeds raised
for clients, in this highly competitive marketii. 
Our strategy of geographic diversification appears to be well timed.  By
expanding our operations in the UK, US and overseas markets, we are much better
positioned to leverage international market opportunities and withstand
regional fluctuations of capital markets activity. The results of which are
apparent in our performance. Half of Canaccord's revenue is now generated in
markets outside of Canada - underscoring the importance of the expansion
activities we successfully executed over the last several years. 
Quarterly performance 
Record advisory fees drove significant revenue gains during our fiscal third
quarter.  In the three months ended December 31, 2012, Canaccord Financial Inc.
generated revenue of $230.0 million and adjusted net incomei of $20.5 million,
or $0.17 per diluted common share.  During the quarter we implemented a number
of strategies aimed at enhancing the performance of some of our businesses. 
These initiatives resulted in $11.9 million of restructuring costs and other
significant items not related to continuing operating activities.  Including
significant items, on an IFRS basis, the Company generated net income of $10.3
million, or $0.08 per diluted share. 
Annualized return on common shareholders' equity, excluding significant items,
increased to 7.8% during the quarter.  We're pleased with the progress we're
making to enhance ROE.  Just as important, the increased diversification of our
business should allow us to achieve more consistent returns going forward. 
We remain committed to a conservative capital strategy.  Our business continues
to be well capitalized to serve our clients, both in the current market
environment and during periods with much more robust market activity.  At the
end of the fiscal third quarter, Canaccord had $556.0 million in cash and cash
equivalents, $397.2 million in net working capital and $1.1 billion in
shareholders' equity.  I'm also pleased to confirm that our Board of Directors
approved a dividend of $0.05 this quarter. 
Canaccord Genuity 
Our strategy to further integrate our global capital markets platform,
particularly within our investment banking practice, is progressing very well. 
We believe these efforts will further enhance the value of the services we
offer and increase our relevance to clients.  We also expect additional
synergies will be achieved through further cross-border collaboration -
benefiting both our business and our clients. 
Canaccord Genuity generated $165.4 million of revenue globally, an increase of
39% from last quarter and 77% from the same period last year.  While revenue
grew substantially, operating expenses only increased 16% from the previous
quarter, which lowered expense ratios in this division meaningfully.  Canaccord
Genuity contributed $29.3 million of adjusted net income before taxi to the
Company during the fiscal quarter, an increase of 116% compared to the same
period last year. 
This quarter set a new company record for M&A and advisory revenue.  At $69.3
million, more revenue was generated through our global advisory practice than
in the past two quarters combined.  In addition, in the first nine months of
fiscal 2013 we have generated 15% more advisory revenue than all of last year. 
This performance was helped by two substantial and high-profile advisory
mandates completed in Canada, as well as increased advisory activity in the UK
and Europe.  It is a strong representation of the value being generated from
our acquisitions of Genuity Capital Markets in 2010 and Collins Stewart
Hawkpoint last year.  We are particularly pleased with the performance of our
advisory practice, and continue to have a very healthy pipeline of advisory
mandates. 
In the last several months we have taken steps to better integrate the advisory
business of Canaccord Genuity Hawkpoint into our broader global investment
banking group.  We expect our UK and European clients will benefit greatly from
this integrated approach, through our ability to meet multiple corporate needs
with one dedicated team.  When this initiative completes on March 1, this
business will operate under the Canaccord Genuity brand. 
Capital raising activity also benefited from the expanded reach of our
operations this quarter, with contributions from all the markets we service. 
On a global basis, Canaccord Genuity led or co-led 33 transactions over $1.5
million during the quarter, raising over C$887 million for clients.  
Investment banking activities generated $34.2 million of revenue for the
division, a 10% increase from last quarter, and a 45% increase from the same
period last year. 
Wealth Management 
Much of our focus this quarter was dedicated to enhancing our global wealth
management platform.  In the UK, we were very pleased to welcome our new
colleagues from Eden Financial on October 1.  Approximately 35 wealth
management professionals joined our firm, as did 2,500 client accounts and 
£835
million of new client assets.  This team is now working side-by-side with
colleagues from Collins Stewart Wealth Management and will ultimately work from
the same support platform. 
In Canada, we continued with our strategy of strengthening our platform by
focusing our operations in core Canadian centres.  Canaccord Wealth Management
now has 16 branches across the country.  At the end of the quarter, our
Canadian wealth management division had 184 Investment Advisory teams and $11.4
billion of assets under administration. 
Combined, Canaccord's wealth management operations generated $60.0 million of
revenue, an increase of 4% compared to last quarter and 35% compared to the
same period last year. 
Today, our global wealth management platform operates in Canada, the UK,
Switzerland, the Channel Islands, the Isle of Man and Australia.  We oversee
$27.0 billion of client assetsiii.  And we offer clients tailored services
through our team of over 800 wealth management employees. 
To better reflect the scope of this division, I'm pleased to announce that our
global wealth management operations will soon be unified under one universal
brand: Canaccord Genuity Wealth Management.  We believe this change will more
accurately communicate the span of our wealth management businesses to our
clients and stakeholders, and will allow us to more easily share resources
amongst the markets we operate in.  We expect this branding change will be
implemented during the second calendar quarter. 
Looking forward 
While the market environment has been less than optimal for several quarters,
we are beginning to see promising signs of capital markets activity.  We're
optimistic that equity markets and financing transactions will rebound in the
coming months, as we are already seeing positive inflows to equities from fixed
income products.  As appetite for risk returns, particularly in the US and the
UK, we expect our well-established transactional capabilities will benefit
alongside our already robust M&A pipeline. 
Our focus continues to be on further integrating our business within our
investment banking practice and across our wealth management platform, in order
to capture the full value of our operating scale.  We also remain committed to
evaluating ways to enhance the earnings capabilities of our firm, whether they
involve activities aimed at lowering our expense ratios or growing our
relevance to clients.  All of our efforts have been, and will continue to be,
aimed at expanding our client relationships and increasing the value of our
business for our shareholders. 
Kind regards, 
Paul Reynolds
President & CEO
Canaccord Financial Inc. 
_________________________________ 
i   Excluding restructuring and acquisition-related items referred to as        


    "significant items" elsewhere in this report.  Adjusted net income before  
    tax is net income before tax excluding significant items.                  


                                                                           
ii  Thomson Reuters information                                                 
                                                                           
iii As at December 31, 2012                                                     


                                                                               
                                                                               
                                                                               

ACCESS TO QUARTERLY RESULTS INFORMATION
Interested investors, the media and others may review this quarterly earnings
release and supplementary financial information at http://
www.canaccordfinancial.com/EN/IR/Pages/default.aspx .

CONFERENCE CALL AND WEBCAST PRESENTATION
Interested parties are invited to listen to Canaccord's third quarter fiscal
2013 results conference call with analysts and institutional investors, via a
live webcast or a toll free number. The conference call is scheduled for
Wednesday, February 6, 2013 at 2:00 p.m. (Pacific Time), 5:00 p.m. (Eastern
Time), 10:00 p.m. (UK Time), and at 6:00 a.m. (China Standard Time), and 9:00
a.m. (Australia EDT Time) on Thursday, February 7, 2013. At that time, senior
executives will comment on the results for the third quarter of the fiscal 2013
year and respond to questions from analysts and institutional investors.

The conference call may be accessed live and archived on a listen-only basis
via the Internet at: www.canaccordfinancial.com/EN/NewsEvents/Pages/Events.aspx

Analysts and institutional investors can call in via telephone at:

·         647-427-7450 (within Toronto)

·         1-888-231-8191 (toll free North America)

·         0-800-051-7107 (toll free from the UK)

·         1-800-760-620 (toll free from Ireland)

·         0-800-917-449 (toll free from France)

·         0-800-183-0171 (toll free from Germany)

·         10-800-714-1191 (toll free from Northern China)

·         10-800-140-1195 (toll free from Southern China)

·         1-800-287-011 (toll free from Australia)

Please request to participate in Canaccord Financial's Q3/13 earnings call.

A replay of the conference call can be accessed after 5:00 p.m. (Pacific Time),
8:00 p.m. (Eastern Time) Wednesday, February 6, 2013, and after 1:00 a.m. (UK
Time), 9:00 a.m. (China Standard Time) and 12:00 p.m. (Australia EDT Time) on
Thursday, February 7, 2013 until March 23, 2013 at 416-849-0833 or
1-855-859-2056 by entering passcode 87744173 followed by the pound (#) sign.

ABOUT CANACCORD FINANCIAL INC.:

Through its principal subsidiaries, Canaccord Financial Inc. is a leading
independent, full-service financial services firm, with operations in two
principal segments of the securities industry: wealth management and global
capital markets.  Since its establishment in 1950, Canaccord has been driven by
an unwavering commitment to building lasting client relationships. We achieve
this by generating value for our individual, institutional and corporate
clients through comprehensive investment solutions, brokerage services and
investment banking services.  Canaccord has offices in 13 countries worldwide,
including wealth management offices located in Canada, Australia, the UK and
Europe.  Canaccord Genuity, the international capital markets division,
operates in Canada, the US, the UK, France, Germany, Ireland, Italy, Hong Kong,
mainland China, Singapore, Myanmar, Australia and Barbados.

Canaccord Financial Inc. is publicly traded under the symbol CF on the TSX and
the symbol CF. on the London Stock Exchange. Canaccord Series A Preferred
Shares are listed on the TSX under the symbol CF.PR.A. Canaccord Series C
Preferred Shares are listed on the TSX under the symbol CF.PR.C.

None of the information on Canaccord's websites at www.canaccordfinancial.com ,
www.canaccordgenuity.com , and www.canaccord.com should be considered          
incorporated herein by reference.                                              
                                                                               

__________________________________

1 See Non-IFRS measures.                                                       


                                                                           
2 Source: Transactions over $1.5 million. Internally sourced information.       
                                                                           
3 Advisory Teams are normally comprised of one or more Investment Advisors     
  (IAs) and their assistants and associates, who together manage a shared set  
  of client accounts.  Advisory Teams that are led by, or only include, an IA  
  who has been licensed for less than three years are not included in          
  our Advisory Team count, as it typically takes a new IA approximately three  
  years to build an average-sized book of business.                             
                                                                            


    SOURCE: Canaccord Financial Inc.

For further information:

North American media:
Scott Davidson
Executive Vice President, Global Head of Corporate Development & Strategy
Phone: 416-869-3875
Email: scott.davidson@canaccord.com 

London media:
Bobby Morse or Ben Romney
Buchanan Communications (London)
Phone: +44 (0) 207 466 5000
Email: bobbym@buchanan.uk.com 

Investor relations inquiries:
Jamie Kokoska
Vice President, Investor Relations & Communications
Phone: 416-869-3891
Email: jamie.kokoska@canaccord.com

Joint Broker:
Oliver Hearsey or James Kelly
RBC Europe Limited
Phone: +44 (0) 20 7653 4000
Email: oliver.hearsey@rbccm.com

Joint Broker:
Erick Diaz
Keefe, Bruyette & Woods Limited
Phone: +44 (0) 207 663 3162
Email: ediaz@kbw.com

(CF.)                                                                          
                                                                               



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