Element Fleet Management Corp. (TSX:EFN) (“Element” or the
“Company”), the largest pure-play automotive fleet manager in the
world, today announced strong financial and operating results for
the three months ended March 31, 2022, and management raised
full-year 2022 results guidance.
Q1 net income of $93.6 million represents
$0.21 on a per share basis. Q1 adjusted operating income ("AOI") of
$142.9 million was $5.6 million higher than Q1 last year
("year-over-year") and, $20.3 million higher than last quarter
("quarter-over-quarter"); and equivalent to $0.24 on a per share
basis - which is 2 cents per share growth year-over-year and 3
cents per share quarter-over-quarter.
Element grew Q1 free cash flow ("FCF") per share
6 cents year-over-year and held flat quarter-over-quarter at $0.29
per share.
“Element's strong first quarter results are a
testament to our people and their dedication to our clients. Their
considerable efforts pivoting the business to growth over the last
two years are evident in our first quarter financial performance,"
said Jay Forbes, President and Chief Executive Officer of the
Company. "What's more, this improved performance is sustainable,
hence our revised full-year 2022 guidance."
"Our people deserve further recognition for
their ongoing efforts," Mr. Forbes added. "Element continues to
work tirelessly with our clients in a challenging environment for
automotive fleets. Utilization of Element services is intensifying,
and we are responding by consistently delivering a superior service
experience in support of our clients, their vehicles and their
drivers."
Revised 2022 guidance
Element anticipates growing full-year 2022 net
revenue 4-6% over full-year 2021. The Company's scalable operating
platform is expected to magnify that net revenue growth into
4.5-7.5% AOI growth on the same comparative basis, implying
52.5-53.5% operating margin.
In normal market conditions, Element would
expect 4-6% annual net revenue growth atop its scalable operating
platform to result in stronger operating margin expansion. However,
in 2022 (like 2021) the Company is incurring quarterly operating
costs to generate revenue that is deferred to future quarters. As
previously communicated by the Company, OEM production delays have
resulted in corresponding delays to Element originations, thereby
deferring substantial net revenue, AOI and FCF realization.
Notwithstanding, Element anticipates 9-14%
year-over-year adjusted EPS growth to $0.92-0.96 per common share
for 2022. FCF per share is similarly expected to grow 10-15% to
$1.16-1.21 per common share. Both adjusted EPS and FCF per share
growth are underpinned by ongoing common share buybacks pursuant to
the Company's normal course issuer bid ("NCIB"), the upshot of
which is a projected weighted average outstanding common share
count range of 390 to 400 million for full-year 2022.
These and further details of Element's revised
2022 guidance can be found in the Company's Supplementary
Information document for the first quarter, available on Element's
website.
Profitable revenue growth atop a
scalable operating platform
Element's first quarter net revenue grew 4.9%
year-over-year and 6.2% quarter-over-quarter to $261 million, led
by services revenue growth of 15.2% year-over-year and 6.6%
quarter-over-quarter and net financing revenue growth of 3.7%
year-over-year and 7.4% quarter-over-quarter.
The Company's net revenue growth was
demonstrably profitable as pre-tax income and AOI growth each
outpaced net revenue growth quarter-over-quarter at 15.1% and
16.6%, respectively, expanding pre-tax income margin 370 basis
points to 48.1% and operating margin 485 basis points to 54.8% for
the first quarter.
Element's Q1 EPS were $0.21 and adjusted (ie.
operating) EPS were $0.24, the latter up 2 cents per share or 9.1%
year-over-year and 3 cents or 14.3% quarter-over-quarter.
A capital-lighter business
model
Element's sale of fleet assets to third parties
- financial buyers with a lower cost of capital - is one of two
thrusts of the Company's capital-lighter business model, and
advances several aspects of Element’s profitable growth
strategy:
- Syndication
generates a highly profitable, recurring revenue stream for the
Company;
- Syndication
accelerates revenue recognition (while improving economics) and
increases the velocity of cash flow; and
- Syndication
alleviates the need a growing Element would otherwise have to (i)
increase the Company’s on-balance-sheet funding of assets and
therefore (ii) set aside equity to manage the resulting pressure on
leverage. Instead, syndication has allowed Element to grow while
significantly lowering its tangible leverage ratio and, at the same
time, returning $105.9 million cash to common shareholders
thus far (at March 31) in 2022.
Element syndicated $661 million of assets in the
first quarter, generating $13.8 million of syndication revenue or a
2.09% "yield" on assets syndicated.
The second thrust of Element's capital-lighter
business model is services revenue growth, because services revenue
has a low funding requirement – only the net working capital
required for procurement – compared to net financing revenue.
First quarter services revenue grew 15.2% or
$17.4 million year-over-year and 6.6% or $8.1 million
quarter-over-quarter, for three broad reasons:
- The speed at which
Element is converting share of wallet commercial wins into new
active services being provided to existing clients
(penetration);
- Element clients'
increasing use of services (utilization) due to increased vehicle
activity levels in general, and - as a result of the ongoing,
unprecedented OEM production delays - the advanced average age of
clients' vehicles in particular; and
- Fuel, parts and
labour cost inflation across Element's networks of
supplier-partners.
The Company's MD&A and Supplementary
Information documents for the quarter contain further details of Q1
services revenue composition and growth.
Element's advance of its capital-lighter
business model enhances ROE: year-over-year at March 31, return on
common equity had improved 250 basis points to 10.5% and pre-tax
return on common equity had improved 150 basis points to 15.8%.
Growing free cash flow per share and the
return of capital to shareholders
Element generated $0.29 of FCF per share in the
first quarter; 26.1% or 6 cents per share growth year-over-year and
flat quarter-over-quarter.
Per share growth is aided by Element’s return of
capital to common shareholders through buybacks pursuant to the
Company’s NCIB. Combined with Element's dividend payout, the
Company returned $105.9 million cash to common shareholders in
the first quarter.
Adjusted Operating Results as
reported
|
Three-month periods ended |
(in $000’s for stated values, except per share amounts) |
March 31,2022 |
December 31,2021 |
March 31,2021 |
|
$ |
$ |
$ |
Net revenue |
|
|
|
Servicing income, net |
131,842 |
123,716 |
114,489 |
Net financing revenue |
115,181 |
107,245 |
111,020 |
Syndication revenue, net |
13,777 |
14,521 |
23,089 |
Net revenue |
260,800 |
245,482 |
248,598 |
Adjusted operating expenses1 |
|
|
|
Salaries, wages and benefits |
76,212 |
82,112 |
73,625 |
General and administrative expenses |
27,797 |
27,074 |
27,146 |
Depreciation and amortization |
13,935 |
13,735 |
10,526 |
Adjusted operating expenses |
117,944 |
122,921 |
111,297 |
Adjusted operating income |
142,856 |
122,561 |
137,301 |
Provision for taxes applicable to adjusted operating income |
37,147 |
28,189 |
32,128 |
Cumulative preferred share dividends |
8,103 |
8,103 |
8,103 |
After-tax adjusted operating income attributable to common
shareholders |
97,606 |
86,269 |
97,070 |
Weighted average number of shares outstanding [basic] |
401,575 |
409,175 |
438,503 |
After-tax adjusted operating income per
share [basic] |
0.24 |
0.21 |
0.22 |
Net income |
93,604 |
94,664 |
95,529 |
Earnings per share [basic] |
0.21 |
0.21 |
0.20 |
Adjusted Operating Results in constant
currency2
|
Three-month periods ended |
(in $000’s for stated values, except per share amounts) |
March 31,2022 |
December 31,2021 |
March 31,2021 |
|
$ |
$ |
$ |
Net revenue |
|
|
|
Servicing income, net |
131,842 |
124,423 |
113,594 |
Net financing revenue |
115,181 |
107,534 |
108,784 |
Syndication revenue, net |
13,777 |
14,593 |
23,098 |
Net revenue |
260,800 |
246,550 |
245,476 |
Salaries, wages and benefits |
76,212 |
82,421 |
72,948 |
General and administrative expenses |
27,797 |
27,171 |
26,973 |
Depreciation and amortization |
13,935 |
13,794 |
10,390 |
Adjusted operating expenses |
117,944 |
123,386 |
110,311 |
Adjusted operating income |
142,856 |
123,164 |
135,165 |
Provision for taxes applicable to adjusted operating income |
37,147 |
28,327 |
31,628 |
Cumulative preferred share dividends |
8,103 |
8,103 |
8,103 |
After-tax adjusted operating income attributable to common
shareholders |
97,606 |
86,734 |
95,434 |
Weighted average number of shares outstanding [basic] |
401,575 |
409,175 |
438,503 |
After-tax adjusted operating income per share
[basic] |
0.24 |
0.21 |
0.22 |
_____________1 Please refer to the Descriptions
of Non-GAAP Measures section of the MD&A for a description of
this non-GAAP measure.2 Please refer to the Effect of Foreign
Currency Exchange Rate Changes section of the MD&A for
reconciliations of certain non-GAAP "constant currency" measures to
their counterpart IFRS measures as reported.
CEO LETTER TO SHAREHOLDERS
My fellow shareholders,
Reflecting on our first quarter results and what
they signal for the remainder of the year, I believe the true
growth potential of Element that we as Management get to see every
day is finally observable by you, our fellow owners.
The impact of the pandemic – and the resulting
industry-first vehicle shortages – have masked the growth potential
created by Transformation and, more recently, the revitalization of
our Commercial teams as we initiated our pivot to growth.
With fleet activity returning to pre-pandemic
levels, OEMs gradually ramping up production and the Commercial
success of 2021 adding more clients, vehicles and service uptake,
the strength of our multifaceted growth strategy was on display in
the first quarter with year-over-year constant currency growth
of
- 6% in Net Revenue
and Adjusted Operating Income,
- 9% in Adjusted
Earnings Per Share,
- 32% in Free Cash
Flow per share, and
- 150 bps in pre-tax
Return on Equity.
Further, our confidence in the sustainability of
these results is reflected in our revised guidance for 2022 and
bolstered by both
- positive trends in
our business and
- the innate
qualities of our business model.
Positive Trends in our
Business
Recognizing that Net Financing and Syndication
revenues would be deferred because of OEM production delays, we
shifted additional focus to Services revenue growth throughout
2021. Service offerings (a) underpin Element’s value proposition to
lower the total cost of fleet operations (“TCO”) for our clients,
(b) enhance the ‘stickiness’ of our client relationships and (c)
advance our capital-lighter strategic priority.
Element's $132 million this quarter is the most
services revenue generated in the last 13 quarters. Two positive
trends recently converged for our business to enable this
performance.
Commercial success
The revenue units our Commercial teams won in
2021 – as documented in our quarterly Supplementary disclosures –
are beginning to contribute to our results as we rapidly onboard
new clients and vehicles and activate new services for clients.
This is particularly true of "share of wallet" revenue unit wins,
which are predominantly incremental service offerings being taken
up by existing clients (penetration).
Moreover – and as you can see in our inaugural
vehicles under management (“VUM”) disclosure in this quarter’s
Supplementary – we are also growing VUM, thereby expanding the base
of vehicles and clients to whom we can demonstrate our value
proposition and provide incremental services.
Growing VUM is largely a product of our
Commercial teams’ success winning new clients, both by stealing
market share from other fleet management companies and by
converting self-managed fleets into Element clients.
Rising client vehicle activity and service
utilization levels
The vast majority of client vehicle activity is
now back to or exceeding pre-pandemic levels. This is not only true
of our clients’ service fleet vehicles (think: pick-ups, vans and
medium-duty trucks), which have been increasingly active
quarter-over-quarter for some time now, but also our clients’ sales
fleets (think: passenger cars, light-duty SUVs and crossovers).
Sales fleet activity in the first quarter
increased year-over-year and quarter-over-quarter for the first
time in two years, adding a tailwind to our services revenue growth
trajectory.
Notably, we are also seeing the impact of our
clients’ fleets having aged due to prolonged OEM production delays.
These older vehicles utilize more services: they require more
maintenance and consume more products, from daily fuel (reduced
efficiency) to additional tires (that would not have been replaced
were a new vehicle on its way).
Our ability to procure these products and manage
these services at attractive prices helps our clients mitigate the
increased cost of operating an aging fleet and, with our cost-plus
model, the increased costs provide us further opportunity to grow
revenue.
Innate Qualities of Our Business
Model
We have spent the last four years improving
those aspects of our business under our control while minimizing
disruptions from events beyond our influence. Although we continue
to operate in a world of increasing uncertainty, we derive great
confidence from the meaningful value proposition Element offers,
the consistent, superior client experience we deliver and the
profitable, resilient business model we have established.
We also derive considerable comfort from knowing
that our business model can navigate the macro trends unfolding in
this first half of 2022, namely inflation and rising interest
rates.
Inflation is beneficial
Inflation contributes to profitable revenue
growth both directly and indirectly, with the latter a greater and
longer-lasting contribution.
Directly
The majority of Element’s revenue is directly
tied to the cost of vehicles and services procured on behalf of our
clients. Accordingly, inflationary increases in these costs result
in net revenue growth for Element given our cost-plus model.
That said, the inflation dynamic plays out
differently between our two largest revenue streams. While Services
revenue will see a more immediate impact, Net Financing revenue
benefits will be gradual as increased interest income (arising from
higher vehicle purchase prices) is driven by Originations and
recognized over each lease term.
While inflation will likely outpace our
continuous improvement initiatives and result in rising operating
costs and capital investments for our business, at approximately
48% and 7% of revenue respectively, Element will nonetheless be a
strong net beneficiary of inflationary trends.
Indirectly
Element’s chief value proposition to clients
(and prospects) is the material reduction of their TCO, and
inflation makes this proposition even more compelling.
As vehicle, parts, labour and fuel prices rise,
the concessions we procure by leveraging our scale to negotiate
with suppliers become even more valuable to clients. We already see
increased client/driver utilization of our supply networks given
current inflationary trends, as well as clients enrolling in
incremental Element service offerings (penetration) to help manage
their TCO.
We also see self-managed fleet owners and
operators – a key source of long-term growth – more interested in
the financial advantages of outsourcing to Element because of these
trends.
Rising interest rates are managed through
matched funding
We are largely interest rate agnostic given our
staunch commitment to matched funding.
Coincident to accepting a client’s vehicle
order, we set the terms - interest rate, fixed or floating, and
duration - of both the funding we will use to purchase that vehicle
and the lease we will enter with the client in respect of that
vehicle.
In doing so, we are vigilant to ensure
- the difference
(aka. margin) between the interest rate on our funding and the
interest rate on the corresponding lease is acceptable to Element,
all things considered (eg. client credit quality, industry and
business, history with Element, intended vehicle use, etc.);
- the nature of the
interest rate on our funding and the interest rate in that lease
are the same – either fixed or floating – to ensure our interest
margin remains stable for the life of the contract; and
- the duration over
which we will repay our funding is the same as the number of months
over which our client will make their lease payments to
Element.
As a result, the prevailing interest rate when a
client places (and we accept) their vehicle order is largely
immaterial to our financing business; we ‘lock in’ our
margin/spread on that interest rate for the duration of the
lease.
This combination of positive trends in our
business (penetration and utilization) and the innate qualities of
our business model (benefiting from inflation and being interest
rate agnostic) reinforces our confidence in Element’s ability to
attain its strategic objectives in the year (and years) ahead.
One Final Thought
I sometimes have to remind myself that Element
was only half-way through its Transformation program when the
pandemic hit, and that we had just begun our pivot to growth when
we were confronted with an industry-first global vehicle
shortage.
That context is important:
- Many of the
transformative changes made to our operating model were
under-utilized given the decline in client activity throughout 2020
and 2021 as the world coped with the challenges of the pandemic.
Therefore, the benefits arising from those changes are only now
beginning to appear in our financial results.
- The same is true
regarding our pivot to growth. Our early success improving client
retention, stealing share and converting self-managed fleets has
been largely masked as the related revenue (and operating income
and free cash flow) gets deferred to future periods while we await
vehicle deliveries from the OEMs.
Consequentially, the waning impact of the
pandemic coupled with the improving availability of new vehicles is
allowing Element to step out of the shadows that have hidden its
true growth potential.
I hope these additional insights are helpful in
deepening your understanding of this company and the unique
attributes of its business model. Having led the organization
through Transformation and its subsequent pivot to growth, I truly
believe we have something quite special in Element. Further, as we
enter a period of inflation and rising interest rates, I can think
of few companies better positioned to weather these uncertainties
that the next few years will bring.
Until next quarter,
Jay
Conference Call and Webcast
A conference call to discuss these results will
be held on Tuesday, May 10, 2022 at 8:00 a.m. Eastern Time.
The conference call and webcast can be accessed
as follows:
Webcast: |
https://services.choruscall.ca/links/elementfleet20220510.html |
Telephone: |
Click here to join the call most efficiently,or dial one of the
following numbers to speak with an operator:Canada/USA toll-free:
1-800-319-4610International: +1-604-638-5340 |
|
|
The webcast will be available on the Company’s
website for three months thereafter. A taped recording of the
conference call may be accessed through June 10, 2022 by dialing
1-800-319-6413 or +1-604-638-9010 and entering the access code
8679.
Dividends Declared
The Company’s Board of Directors has authorized
and declared a quarterly dividend of $0.0775 per outstanding common
share of Element for the first quarter of 2022. The dividend will
be paid on July 15, 2022 to shareholders of record as at the close
of business on June 30, 2022.
Element’s Board of Directors also declared the
following dividends on Element’s preferred shares:
Series |
TSX Ticker |
Amount |
Record Date |
Payment Date |
Series A |
EFN.PR.A |
$0.4333125 |
June 15, 2022 |
June 30, 2022 |
Series C |
EFN.PR.C |
$0.3881300 |
June 15, 2022 |
June 30, 2022 |
Series E |
EFN.PR.E |
$0.3689380 |
June 15, 2022 |
June 30, 2022 |
Series I |
EFN.PR.I |
$0.3593750 |
June 15, 2022 |
June 30, 2022 |
The Company’s common and preferred share
dividends are designated to be eligible dividends for purposes of
section 89(1) of the Income Tax Act (Canada).
Preferred Share Redemption
The Company also announced today its intention
to redeem – in accordance with the terms of the Cumulative 5-Year
Minimum Rate Reset Preferred Shares, Series I (the “Series I
Shares”) as set out in the Company’s articles – all of its
6,000,000 issued and outstanding Series I Shares on June 30, 2022
(the “Redemption Date”) for a redemption price equal to $25.00 per
Series I Share, together with all accrued and unpaid dividends up
to but excluding the Redemption Date (the “Redemption Price”), less
any tax required to be deducted and withheld by the Company.
The Company’s Board of Directors has declared a
dividend of $0.3593750 per Series I Share payable on the Redemption
Date to holders of record as of the close of business on June 15,
2022. This will be the final quarterly dividend on the Series I
Shares, although holders will receive on redemption of the Series I
Shares all accrued and unpaid dividends up to but excluding the
Redemption Date.
The Company has provided notice today of the
Redemption Price and the Redemption Date to the sole registered
holder of the Series I Shares in accordance with the terms of the
Series I Shares as set out in the Company’s articles.
Non-registered holders of Series I Shares should contact their
broker or other intermediary for information regarding the
redemption process for the Series I Shares in which they hold a
beneficial interest.
The Company’s transfer agent for the Series I
Shares is Computershare Investor Services Inc. Questions regarding
the redemption process may be directed to Computershare Investor
Services Inc. at 1-800-564-6253 or by email to
corporateactions@computershare.com.
Normal Course Issuer Bids
On November 4, 2020, the TSX approved Element's
notice of intention to commence a Normal Course Issuer Bid (the
“2020 NCIB”). The 2020 NCIB allowed the Company to repurchase on
the open market (or as otherwise permitted), at its discretion
during the period commencing on November 10, 2020 and ending on the
earlier of November 9, 2021 or the completion of purchases under
the NCIB, up to 43,929,594 common shares of the Company, subject to
the normal terms and limitations of such bids. The Company
repurchased 34,420,833 common shares for cancellation under the
2020 NCIB for an aggregate amount of approximately
$474.5 million at a volume weighted average price of $13.78
per common share.
On November 10, 2021, the TSX approved Element's
notice of intention to renew its Normal Course Issuer Bid (the
"2021 NCIB"). The 2021 NCIB allows the Company to repurchase on the
open market (or as otherwise permitted), at its discretion during
the period commencing on November 15, 2021 and ending on the
earlier of November 14, 2022 or the completion of purchases under
the NCIB, up to 40,968,811 common shares, subject to the normal
terms and limitations of such bids, which include the number of
common shares purchased in any 12 month period being limited to 10%
of the common shares outstanding at the commencement of such
period. As of March 31, 2022, under the 2021 NCIB, 11,153,500
common shares were repurchased for cancellation for an aggregate
amount of approximately $143.1 million at a volume weighted
average price of $12.83 per common share.
The Company applies trade date accounting in
determining the date on which a share repurchase is reflected in
the consolidated financial statements. Trade date accounting is the
date on which the Company commits itself to purchase the
shares.
Non-GAAP Measures
The Company’s condensed consolidated financial
statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB) and the accounting policies
Element adopted in accordance with IFRS.
The Company believes that certain non-GAAP
measures can be useful to investors because they provide a means by
which investors can evaluate the Company’s underlying key drivers
and operating performance of the business, exclusive of certain
adjustments and activities that investors may consider to be
unrelated to the underlying economic performance of the business of
a given period. Throughout this News Release, management used a
number of terms and ratios which do not have a standardized meaning
under IFRS and are unlikely to be comparable to similar measures
presented by other organizations. A full description of these
measures can be found in the Management Discussion & Analysis
that accompanies the unaudited interim condensed financial
statements for the quarter ended March 31, 2022.
Element’s unaudited interim condensed
consolidated financial statements and related management discussion
and analysis as at and for the three-month period ended
March 31, 2022 have been filed on SEDAR (www.sedar.com).
About Element Fleet
Management
Element Fleet Management (TSX: EFN) is the
largest pure-play automotive fleet manager in the world, providing
the full range of fleet services and solutions to a growing base of
loyal, world-class clients – corporates, governments and
not-for-profits – across North America, Australia and New Zealand.
Element enjoys proven resilient cash flow, a significant proportion
of which is returned to shareholders in the form of dividends and
share buybacks; a scalable operating platform that magnifies
revenue growth into earnings growth; and an evolving
capital-lighter business model that enhances return on equity.
Element’s services address every aspect of clients’ fleet
requirements, from vehicle acquisition, maintenance, accidents and
remarketing, to integrating EVs and managing the complexity of
gradual fleet electrification. Clients benefit from Element’s
expertise as the largest fleet solutions provider in its markets,
offering unmatched economies of scale and insight used to reduce
fleet operating costs and improve productivity and performance. For
more information, visit www.elementfleet.com/investors.
This press release includes forward-looking
statements regarding Element and its business. Such statements are
based on the current expectations and views of future events of
Element’s management. In some cases the forward-looking statements
can be identified by words or phrases such as “may”, “will”,
“expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”,
“believe” or the negative of these terms, or other similar
expressions intended to identify forward-looking statements,
including, among others, statements regarding Element’s
enhancements to clients’ service experience and service levels;
enhancement of financial performance; improvements to client
retention trends; reduction of operating expenses; increases in
efficiency; EV strategy and capabilities; global EV adoption rates;
redemption of the Series I Shares; dividend policy and the payment
of future dividends; creation of value for all stakeholders;
expectations regarding syndication; growth prospects and expected
revenue growth; level of workforce engagement; improvements to
magnitude and quality of earnings; executive hiring and retention;
focus and discipline in investing; balance sheet management and
plans to reduce leverage ratios; anticipated benefits of the
balanced scorecard initiative; Element’s proposed share purchases,
including the number of common shares to be repurchased, the timing
thereof and TSX acceptance of the NCIB and any renewal thereof; and
expectations regarding financial performance. No forward-looking
statement can be guaranteed. Forward-looking statements and
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause Element's actual results, performance or achievements, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statement or information. Accordingly, readers
should not place undue reliance on any forward-looking statements
or information. Such risks and uncertainties include those
regarding the ongoing COVID-19 pandemic, risks regarding the fleet
management and finance industries, economic factors and many other
factors beyond the control of Element. A discussion of the material
risks and assumptions associated with this outlook can be found in
Element's annual MD&A, and Annual Information Form for the year
ended December 31, 2021, each of which has been filed on SEDAR and
can be accessed at www.sedar.com. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and Element undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
Contact:
Michael Barrett
Vice President, Investor Relations
(416) 646-5698
mbarrett@elementcorp.com
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