SUMMARY OF FINANCIAL RESULTS | Three Months Ended | Nine Months Ended | ||
2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | $ | |
Average funds employed (millions) | 414 | 327 | 383 | 343 |
Revenue (000's) | 16,119 | 12,312 | 45,015 | 35,598 |
Earnings(loss) before income tax (000's) | 3,132 | (120) | 10,083 | (5,209) |
Net earnings (loss) attributable to shareholders (000's) | 2,643 | 566 | 8,313 | (968) |
Adjusted net earnings (loss) (000's) (note) | 2,801 | 621 | 8,645 | (63) |
Earnings (loss) per common share (basic and diluted) | 0.31 | 0.07 | 0.97 | (0.11) |
Adjusted earnings (loss) per common share (basic and diluted) | 0.33 | 0.07 | 1.01 | (0.01) |
Book value per Common share ( |
Third quarter revenue increased to a record
Net earnings attributable to shareholders ("shareholders' net earnings") rose from
The first nine months revenue and earnings reflect steady growth in funds employed; average funds employed increased 12% to
Commenting on the financial results, the Company's President and CEO, Mr.
About
Note: Non-IFRS measures
The Company's financial statements have been prepared in accordance with IFRS. The Company uses a number of other financial measures to monitor its performance and believes that these measures may be useful to investors in evaluating the Company's operating performance and financial position. These measures may not have standardized meanings or computations as prescribed by IFRS that would ensure consistency between companies using these measures and are, therefore, considered to be non-IFRS measures. The non-IFRS measures presented in this press release are as follows:
1) Adjusted net earnings and adjusted EPS. The Company derives these measures from amounts presented in its IFRS prepared financial statements. Adjusted net earnings comprise shareholders' net earnings before stock-based compensation, business acquisition expenses (transaction and integration costs and amortization of intangible assets) and restructuring expenses. Adjusted EPS (basic and diluted) is adjusted net earnings divided by the weighted average number of common shares outstanding (basic and diluted) in the period. Management believes adjusted net earnings is a more appropriate measure of operating performance as it excludes items which do not directly relate to ongoing operating activities. The following table provides a reconciliation of the Company's net earnings to adjusted net earnings:
Three Months Ended | Nine Months Ended | |||
2021 | 2020 | 2021 | 2020 | |
$'000 | $'000 | $'000 | $'000 | |
Shareholders' net earnings: | 2,643 | 566 | 8,313 | (967) |
Adjustments, net of tax: | ||||
Restructuring expenses | 139 | – | 186 | 738 |
Stock-based compensation expenses | 13 | – | 13 | – |
Business acquisition expenses | 6 | 55 | 133 | 166 |
Adjusted net earnings | 2,801 | 621 | 8,645 | (63) |
2) Book value per share – book value is shareholders' equity and is the same as the net asset value (calculated as total assets minus total liabilities) of the Company less non-controlling interests. Book value per share is the book value divided by the number of common shares outstanding as of a particular date.
3) Funds employed are the Company's finance receivables and loans, an IFRS measure. Average funds employed are the average finance receivables and loans calculated over a particular period.
SOURCE
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