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, 2023 and raised full-year
2023 results guidance.
Element grew first quarter net revenue 16.5%
(8.9% before FX) from Q1 2022 (“year-over-year”) and 4.0% (2.3%
before FX) over last quarter (“quarter-over-quarter”) to a record
$304.0 million. Adjusted operating income (“AOI”) of
$165.5 million constitutes 15.8% year-over-year growth (7.2%
before FX) and 10.1% quarter-over-quarter growth (7.2% before FX).
Element’s market-leading platform underpinned a 45.4% pre-tax
income margin and 54.4% operating margin for the quarter, absorbing
the Company’s continued investment in its commercial capabilities,
which will continue throughout 2023 as previously communicated.
First quarter EPS were $0.26, up 5 cents
year-over-year and 2 cents quarter-over-quarter. Q1 adjusted
EPS were a record $0.31, up 7 cents year-over-year (4 cents
before FX) and 4 cents quarter-over-quarter (3 cents before
FX). Element generated $0.37 of free cash flow (“FCF”) per share in
the quarter – 8 cents more year-over-year (6 cents before
FX) and 7 cents more quarter-over-quarter (6 cents before FX).
ROE and pre-tax ROE at March 31, 2023 were 12.0% and a record
18.8%, respectively.
“Element’s outstanding first quarter results are
a testament to our client-centric culture and the value of
delivering a consistent, superior service experience,” said Jay
Forbes, Element’s retiring Chief Executive Officer. “Our
people – my 2,500 colleagues for the last 5 years –
continue to drive Element’s performance to record heights evidenced
by our net revenue, adjusted EPS, and pre-tax ROE benchmarks this
quarter. I have the utmost confidence in the Company’s ability to
continue generating record performance in the quarters and years
ahead.”
“Our clients remain the focal point of
everything we do and every decision we make,” said Laura
Dottori-Attanasio, Element’s President and incoming Chief Executive
Officer. “Growing net revenue atop a scalable operating platform,
advancing a capital-lighter business model and returning excess
equity to shareholders remain our strategic priorities because they
have proven to generate considerable value for all Element
stakeholders. Based on what I have seen across this organization so
far, I believe we have everything we need to keep generating
material value for our stakeholders, and I look forward to leading
the charge.”
Full-year 2023 results
guidance
Element is raising certain of its full-year 2023
result guidance ranges:
$ millions, except per common share |
2022 results, excluding non-recurring items, at Q3 2022 FX1 |
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Old 2023 guidance, at Q3 2022 FX1 |
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2022 results, excluding non-recurring items, at current FX2 |
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Old 2023 guidance, at current FX2 |
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New 2023 guidance (at current
FX2) |
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Net revenue |
$1,098 |
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$1,140-1,170 |
|
$1,164 |
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$1,210-1,240 |
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$1,240-1,260 |
Implied YoY Growth |
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4-7% |
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4-7% |
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6.5-8.5% |
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Operating margin |
54.1% |
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54-55% |
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54.8% |
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54-55% |
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54-55% |
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Adjusted operating income |
$594 |
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$615-645 |
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$638 |
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$660-690 |
|
$675-700 |
Implied YoY Growth |
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4-9% |
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3-8% |
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7-10% |
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Adjusted earnings per share3 |
$1.05 |
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$1.12-1.17 |
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$1.13 |
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$1.21-1.26 |
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$1.26-1.31 |
Implied YoY Growth |
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7-11% |
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7-12% |
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12-16% |
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Free cash flow per share3 |
$1.29 |
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$1.45-1.50 |
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$1.39 |
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$1.57-1.62 |
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$1.58-1.63 |
Implied YoY Growth |
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12-16% |
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13-17% |
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13-17% |
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Originations |
$6,605 |
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$7,500-8,000 |
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$6,938 |
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$8,000-8,500 |
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$8,000-8,500 |
Implied YoY Growth |
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14-21% |
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15-23% |
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15-23% |
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Syndication volume |
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$3,000-4,000 |
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$3,000-4,000 |
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Profitable organic net revenue growth
atop a scalable operating platform
Element’s first quarter net revenue grew 16.5%
year-over-year and 4.0% quarter-over-quarter as reported, and 8.9%
year-over-year and 2.3% quarter-over-quarter in constant currency.
This was led by services revenue growth of 18.5% year-over-year and
4.7% quarter-over-quarter as reported (11.8% year-over-year and
4.6% quarter-over-quarter in constant currency), followed by net
financing revenue growth of 15.4% year-over-year and 5.9%
quarter-over-quarter as reported (6.6% year-over-year and 2.0%
quarter-over-quarter in constant currency).
The Company’s quarter-over-quarter net revenue
growth was demonstrably profitable as pre-tax income and AOI growth
each outpaced net revenue growth, expanding pre-tax income margin
20 basis points to 45.4% and operating margin 300 basis points to
54.4% for the first quarter. In constant currency, operating margin
grew by 250 basis points quarter-over-quarter.
Element’s Q1 EPS were $0.26 and adjusted EPS
were $0.31, the latter up 7 cents per share or 29.2%
year-over-year (4 cents or 14.8% in constant currency) and
4 cents or 14.8% quarter-over-quarter as reported (3 cents or
10.7% in constant currency).
A capital-lighter business
model
Growing services revenue is one of two planks of
the Company’s capital-lighter business model. (Services revenue has
much lower funding needs than net financing revenue: only the net
working capital required to procure fuel, parts and services for
clients.)
First quarter services revenue grew 18.5% or
$24.4 million year-over-year as reported (or 11.8% or
$16.5 million in constant currency) and 4.7% or
$7.0 million quarter-over-quarter (4.6% or $6.8 million in
constant currency) to a record $156.2 million.
The second plank of Element’s capital-lighter
business model is syndication – the sale of fleet lease
receivables to financial buyers (with a lower cost of capital than
Element’s) on terms that are economically superior for Element than
holding those assets on balance sheet.
Element syndicated $689.6 million of assets
in Q1 (including $370.8 million in the last two weeks of March
despite U.S. banking turmoil), generating $14.9 million of
syndication revenue (a 2.2% “yield” on assets syndicated).
The Company’s advance of its capital-lighter
business model continues to enhance ROE: year-over-year at March
31, return on common equity improved 210 basis points to 12.0% and
pre-tax return on common equity improved 310 basis points to
18.8%.
Growing free cash flow per share and the
return of capital to shareholders
Element generated $0.37 of FCF per share in the
first quarter; 27.6% or 8 cents per share growth
year-over-year and 23.3% or 7 cents per share growth
quarter-over-quarter as reported. In constant currency, FCF per
share grew 19.4% or 6 cents year-over-year and 19.4% or 6 cents per
share quarter-over-quarter.
Per share growth is aided by Element’s return of
capital to common shareholders through buybacks pursuant to the
Company’s NCIBs. Element returned $20 million cash to common
shareholders through buybacks of 1.1 million common shares in
the first quarter.
As previously communicated, Element plans to
maintain an annual common dividend representing between 25% and 35%
of the Company’s last twelve months’ free cash flow per share,
which the Company expects to grow (as guided). Element also
continues to plan to redeem its outstanding preferred share series
– at the time (and in lieu) of rate reset – thereby further
optimizing the Company’s balance sheet and maturing its capital
structure.
Adjusted Operating
Results as reported |
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Three-month periods ended |
(in $000’s for stated values, except per share amounts) |
March 31, 2023 |
December 31, 2022 |
March 31, 2022 |
|
$ |
$ |
$ |
Net
revenue |
|
|
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Servicing income, net |
156,199 |
149,208 |
131,842 |
Net financing revenue |
132,880 |
125,449 |
115,181 |
Syndication revenue, net |
14,880 |
17,671 |
13,777 |
Net revenue |
303,959 |
292,328 |
260,800 |
Adjusted operating
expenses4 |
|
|
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Salaries, wages and benefits |
85,611 |
88,180 |
76,212 |
General and administrative expenses |
36,558 |
38,453 |
27,797 |
Depreciation and amortization |
16,297 |
15,388 |
13,935 |
Adjusted operating expenses |
138,466 |
142,021 |
117,944 |
Adjusted operating
income |
165,493 |
150,307 |
142,856 |
Provision for taxes applicable to adjusted operating income |
38,891 |
37,607 |
37,147 |
Cumulative preferred share dividends |
5,946 |
5,946 |
8,103 |
After-tax adjusted operating income attributable to common
shareholders4 |
120,656 |
106,754 |
97,606 |
Weighted average number of
shares outstanding [basic] |
392,220 |
392,811 |
401,575 |
After-tax adjusted operating income per share4
[basic] |
0.31 |
0.27 |
0.24 |
Net income |
106,484 |
101,216 |
93,604 |
Earnings per share [basic] |
0.26 |
0.24 |
0.21 |
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Adjusted Operating
Results in constant currency5 |
|
|
Three-month periods ended |
(in $000’s for stated values, except per share amounts) |
March 31, 2023 |
December 31, 2022 |
March 31, 2022 |
|
$ |
$ |
$ |
Net
revenue |
|
|
|
Servicing income, net |
156,199 |
149,354 |
139,658 |
Net financing revenue |
132,880 |
130,299 |
124,710 |
Syndication revenue, net |
14,880 |
17,587 |
14,782 |
Net
revenue |
303,959 |
297,240 |
279,150 |
Salaries, wages and benefits |
85,611 |
88,752 |
80,635 |
General and administrative expenses |
36,558 |
38,641 |
29,374 |
Depreciation and amortization |
16,297 |
15,434 |
14,711 |
Adjusted operating expenses4 |
138,466 |
142,827 |
124,720 |
Adjusted operating
income |
165,493 |
154,413 |
154,430 |
Provision for taxes applicable to adjusted operating income |
38,891 |
39,376 |
38,623 |
Cumulative preferred share dividends |
5,946 |
5,946 |
8,103 |
After-tax adjusted operating
income attributable to common shareholders4 |
120,656 |
109,091 |
107,704 |
Weighted average number of shares outstanding [basic] |
392,220 |
392,811 |
401,575 |
After-tax adjusted operating income per share
[basic] |
0.31 |
0.28 |
0.27 |
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CEO LETTER TO SHAREHOLDERS
My fellow shareholders,
When I accepted this role five years ago, I
couldn’t have imagined that the journey would have been this
challenging, or this fulfilling.
The Transformation – ridding ourselves of the
problematic investment in 19th Capital; deleveraging and upgrading
our balance sheet; and reinvesting in the people, processes and
culture that underpin our core fleet management business – revealed
far more “opportunities” than I had initially expected when I
outlined my strategic hypothesis to the Board in early 2018.
We had barely begun to execute the
Transformation plan when we received news that Armada wanted us to
fund and service a massive new fleet of delivery vans in support of
their last mile delivery program. In the first year of the program,
they grew to become our single-largest client.
And mid-way through Transformation, the degree
of difficulty increased again with the onset of the pandemic,
forcing us to advance our comprehensive change agenda working
remotely.
Despite these and other setbacks, we completed
the Transformation of Element, on time and well ahead of plan,
having disposed of 19th Capital, achieved our targeted leverage and
generated top quartile employee engagement, client retention and
shareholder returns. Further, the consistent superior client
experience and scalable operating platform we built as part of
Transformation, coupled with the syndication capabilities we
established to support Armada, provided us the three planks of our
current growth platform.
Our success over the last five years is readily
apparent in our numerical results, with the achievement of
- Top quartile client loyalty scores that helped us grow annual
revenue by $259 million over the period;
- Operational scalability that allowed us to expand operating
margins by 771 bps to 54.4%;
- A capital lighter business model that has increased pre-tax ROE
by 758 bps to 18.8%; and
- More than $5 billion of shareholder value created, placing us
in the top 5% of the companies within the TSX Composite during this
period.
Clearly, the investments we made in our people,
processes and systems throughout Transformation and our pivot to
growth have both strengthened and de-risked our business model,
allowing us to assert our market leadership in each of the three
geographies we serve, to both enlarge the addressable market and
increase our share thereof.
What is less apparent but arguably as (or more)
important are the fundamental changes we have made to the business,
changes that will allow the company to sustain its growth strategy
for many years to come.
Our Culture
The biggest change – and the one that underpins
my confidence in the continued success of Element – has been the
shift in the culture that envelops and supports the 2,500 talented
people that achieved these remarkable outcomes.
Ours is a culture of transparency and
accountability. Our people understand and embrace the strategic
objectives set forth and measured on our Global Balanced Scorecard
and devote their collective resources – daily – towards their
attainment. And whether they’re in Melbourne, Mexico City,
Maryland, Minnesota or Mississauga, they have aligned their local
priorities and activities to the advancement of these same
strategic objectives. This ability to focus the entire organization
on the few things that matter most has been a key contributor to
the success we enjoyed with both Transformation and our Pivot to
Growth, and this entrenched strategic alignment – reinforced with a
strong sense of accountability and commitment – bodes well for
the continuing advancement of our strategy for the years to
come.
Ours is a culture of collaboration and
connection. While we have done much to shift the culture of the
Company, we’ve also worked diligently to preserve and enhance those
historical cultural norms that would play an important, continuing
role in our success. One legacy cultural attribute we preserved and
built upon was our client centricity. Our clients cite our people –
and the expertise and care they bring to the relationship – as a
key point of differentiation from our competitors. That ability to
connect and collaborate – with clients and one another – has
allowed us to become trusted advisors of clients (and prospects) as
they optimize existing fleet operations and plan for their fleet
transition from ICE to EV. This spirit of collaboration and
connection has also allowed us to retain our people and to rapidly
share best practices across the globe, continuously improving the
client experience.
Ours is a culture of agility. The world in which
we operate has known few constants over the last five years. While
we as a leadership team pride ourselves on our ability to “look
around corners”, we have nonetheless encountered a broad array of
unforeseen circumstances over these last five years. When these
unexpected factors arise and threaten the attainment of our
strategic objectives, we quickly swarm the issue to gain a clear
understanding and assessment of the matter and then effect a timely
resolution (incorporating any learnings into our future operating
routines). In doing so, our organizational capability grows, making
our business model even more resilient.
The changes we’ve made to our culture have
created something truly unique and special, and wonderfully
enduring; the cultural fabric of Element will be a key enabler of
our continuing success.
Our People
Another significant change we’ve made relates to
our people.
I find it fascinating – and terribly rewarding –
that the same people who struggled to address a whole host of
operational and financial challenges in 2018, are now posting
successive years of record-breaking, “best-in-class” performance.
While we have added new, complementary talent to the team who have
helped us considerably, the bigger reason for this pronounced shift
in performance over the last five years was the early decision made
to put our people first.
From the very outset, we put the well-being and
success of our employees first knowing that if we focused on
meeting their needs, then they could devote their undivided
attention to meeting the needs of our clients. In addition to
establishing a foundation of mutual trust and respect, we
- Provided clarity as to the strategic direction and priorities –
our people understand how their job contributes to Element’s
success;
- Furnished them with the policies, processes and systems they
need to achieve high-performance – our people have the tools they
need to do their job well;
- Deployed better leaders – promoting from within and hiring
externally – to coach and direct them – our people have the
feedback and support they need to excel; and
- Created an employee experience that promotes inclusion and
engagement, and rewards them for their contributions – our
employees are being grown and developed, enlarging our
organizational capacity and productivity while creating
opportunities for their career progression.
Element teams are well-positioned to accelerate
our forward momentum throughout 2023 and beyond having equipped
them to succeed with a unifying culture, strategic clarity, an
industry-leading operating platform and outstanding leaders.
Our Future
While the early years of Transformation hardened
our infrastructure – “cementing” the policies, processes and
systems essential to achieving our strategic objectives into our
operations – our more recent Pivot to Growth gave us the time
and purpose to both solidify the cultural changes we had initiated
while further developing our people.
Working closely with this great team of
high-quality talent, and seeing how our deep-rooted culture
permeated every team in every geography, it became clear to me that
my time had come; I had achieved what I had set out to do back in
early 2018, translating Element’s clear potential into tangible
success and ensuring that the means to sustain this newfound
success would remain in place for years to come.
By design, successful organizations outlast the
people that contribute to their success. While I believe my
leadership was required to initiate the necessary changes that
launched us on this remarkable journey, my importance to the
organization’s success has – by intention – lessened as the
organization rapidly matured to become – in substance and not just
name – the market leader in fleet management. As Jim Collins wrote
in Built to Last “…wouldn’t that person be even more amazing if,
instead of telling the time, he or she built a clock that could
tell the time forever, even after he or she was dead and gone?” In
Element, we have created a fine timepiece.
In closing, let me offer my thanks,
To our Executive team, I couldn’t be prouder of
what we have accomplished over these last five years or the way it
was achieved. Thank you for your trust in me and one another, for
your selfless and tireless dedication to turning ambitions into
reality, and for the spirit of camaraderie you all generously
imbued.
To David Denison and our Board of Directors,
thank you for your support and encouragement as we reconstructed
this business and gained a full appreciation as to just how special
it was. You have been great stewards of this organization, as
well-evidenced and properly recognized by the vast improvement in
our governance standings.
To my fellow Shareholders, thank you for
entrusting your capital in this truly unique business. As many of
you have heard me say, “If you are willing to invest the time to
understand Element, you will be rewarded for your efforts.” We will
continue to benefit from those rewards for years to come.
To my 2,500 colleagues throughout Canada, the
United States, Mexico, Australia and New Zealand, thank you for
your countless contributions to our success. I have asked a lot of
you, and you have consistently exceeded expectations in response. I
am forever grateful for the warm embrace you showed me on day one
and for the followership and resolute spirit you have shown ever
since.
And to Laura, thank you for the energy,
curiosity and humility you have shown these last three months as
you learned our business, met our people and immersed yourself into
our culture. You will be a great leader for this company, providing
vital services to our clients, great careers for our people, and
outstanding returns to our owners.
It’s been an honour to serve in this role,
Jay
Conference Call and Webcast
A conference call to discuss these results will
be held on Tuesday, May 9, 2023 at 7:00 p.m. Eastern Time.
The conference call and webcast can be accessed
as follows:
Webcast: |
https://services.choruscall.ca/links/elementfleet2023Q1.html |
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Telephone: |
Click here to join the call most efficiently, |
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or dial one of the following numbers to speak with an
operator: |
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Canada/USA toll-free: 1-800-319-4610 |
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International: +1-604-638-5340 |
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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 9, 2023 by dialing
1-800-319-6413 or +1-604-638-9010 and entering the access code
0035.
Dividends Declared
The Company’s Board of Directors has authorized
and declared a quarterly dividend of $0.10 per outstanding common
share of Element for the second quarter of 2023. The dividend will
be paid on July 14, 2023 to shareholders of record as at the close
of business on June 30, 2023.
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, 2023 |
June 30, 2023 |
Series C |
EFN.PR.C |
$0.3881300 |
June 15, 2023 |
June 30, 2023 |
Series E |
EFN.PR.E |
$0.3689380 |
June 15, 2023 |
June 30, 2023 |
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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).
Normal Course Issuer Bids
On November 11, 2022, the TSX approved Element’s
notice of intention to renew its normal course issuer bid (“NCIB”).
The NCIB allows Element to repurchase on the open market (or as
otherwise permitted) at its discretion, during the period from
November 15, 2022 to November 14, 2023, up to 39,228,719 common
shares, subject to rules of the TSX and applicable law. As of
March 31, 2023 and since the NCIB renewal, 1,122,933 common
shares were repurchased for cancellation, for an aggregate amount
of approximately $20.5 million at a volume weighted average
price of $18.27 per common share.
Element applies trade date accounting in
determining the date on which the 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, 2023.
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, 2023 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.
1 Based on a CAD:USD exchange rate of 1.29:1, a CAD:MXP exchange
rate of 0.06:1, and a CAD:AUD exchange rate of 0.90:1
2 Based on a CAD:USD exchange rate of 1.35:1, a CAD:MXP exchange
rate of 0.07:1, and a CAD:AUD exchange rate of 0.92:1
3 Both adjusted EPS and free cash flow per share growth will be
aided by common share buybacks under Element’s NCIB, the upshot of
which is a projected weighted average outstanding common share
count of 385-395 million for 2023.
4 Please refer to the Descriptions of Non-GAAP Measures section
of the MD&A for a description of this non-GAAP measure.
5 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.
Contact:
Michael Barrett
Vice President, Investor Relations
(416) 646-5698
mbarrett@elementcorp.com
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