1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Element Fleet Management Corp.
  6. News
  7. Summary
    EFN   CA2861812014

ELEMENT FLEET MANAGEMENT CORP.

(EFN)
  Report
Delayed Toronto Stock Exchange  -  05/27 04:00:00 pm EDT
14.03 CAD   +1.08%
05/10Element Announces Annual Meeting Voting Results
AQ
05/10TRANSCRIPT : Element Fleet Management Corp. - Shareholder/Analyst Call
CI
05/10Scotiabank Terms Q1 as 'Confidence-Boosting Quarter' for Element Fleet Management; Up 12.6%
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Q3 2021 - Financial Results

11/10/2021 | 05:49pm EDT

Interim Condensed Consolidated Financial Statements

Element Fleet Management Corp.

September 30, 2021

Element Fleet Management Corp.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited, in thousands of Canadian dollars)

As at

As at

September 30,

December 31,

2021

2020

$

$

ASSETS

Cash

103,771

8,789

Restricted funds (note 6)

344,120

388,978

Finance receivables (note 3 and 16)

7,680,976

9,561,622

Equipment under operating leases (note 4)

2,224,870

2,157,227

Accounts receivable and other assets

173,119

226,952

Derivative financial instruments (note 16)

21,196

53,629

Property, equipment and leasehold improvements, net

97,623

112,352

Intangible assets, net

822,457

814,378

Deferred tax assets

415,351

444,120

Goodwill

1,221,995

1,223,341

13,105,478

14,991,388

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Accounts payable and accrued liabilities

1,003,874

1,062,610

Derivative financial instruments (note 16)

30,590

68,282

Borrowings (note 6)

8,335,704

9,864,336

Convertible debentures (note 7 and 16)

157,842

154,267

Deferred tax liabilities

77,238

57,776

9,605,248

11,207,271

Shareholders' equity (note 8)

3,500,230

3,784,117

13,105,478

14,991,388

See accompanying notes

On behalf of the Board:

DirectorDirector

Element Fleet Management Corp.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands of Canadian dollars, except for per share amounts)

Three-month

Three-month

period ended

period ended

September 30,

September 30,

2021

2020

$

$

NET REVENUE

Interest income, net (note 10)

91,119

122,100

Rental revenue and other (note 10)

175,044

159,381

Depreciation of equipment under operating leases (notes 4 and 10)

(110,230)

(104,908)

155,933

176,573

Interest expense

46,605

73,301

Net financing revenue

109,328

103,272

Fleet service revenue (note 10)

133,042

135,488

Direct costs of fixed rate service contracts (note 10)

(11,967)

(10,754)

Servicing income, net

121,075

124,734

Syndication revenue, net (note 10 and 18)

13,937

15,246

Net revenue

244,340

243,252

OPERATING EXPENSES

Salaries, wages and benefits

78,493

74,910

General and administrative expenses

24,355

28,789

Depreciation and amortization (note 15)

15,866

10,568

Amortization of convertible debenture discount (note 7)

903

843

Share-based compensation (note 9)

5,086

5,591

124,703

120,701

OTHER EXPENSES

Amortization of intangible assets from acquisitions

8,862

9,338

Restructuring and transformation costs (note 17)

-

24,213

(Gain) loss on investments

(2,776)

710

Income before income taxes from operations

113,551

88,290

Provision for income taxes (note 11)

28,610

17,512

Net income for the period

84,941

70,778

Basic earnings per share (note 12)

$

0.18

$

0.14

Diluted earnings per share (note 12)

$

0.18

$

0.14

See accompanying notes

Element Fleet Management Corp.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands of Canadian dollars, except for per share amounts)

Nine-month

Nine-month

period ended

period ended

September 30,

September 30,

2021

2020

$

$

NET REVENUE

Interest income, net (note 10)

288,330

403,490

Rental revenue and other (note 10)

521,469

481,833

Depreciation of equipment under operating leases (notes 4 and 10)

(331,775)

(319,099)

478,024

566,224

Interest expense

148,324

266,992

Net financing revenue

329,700

299,232

Fleet service revenue (note 10)

381,531

396,227

Direct costs of fixed rate service contracts (note 10)

(32,782)

(31,131)

Servicing income, net

348,749

365,096

Syndication revenue, net (note 10)

49,891

51,666

Net revenue

728,340

715,994

OPERATING EXPENSES

Salaries, wages and benefits

224,772

225,239

General and administrative expenses

77,327

89,170

Depreciation and amortization (note 15 )

36,802

32,134

Amortization of convertible debenture discount (note 7)

2,662

5,401

Share-based compensation (note 9)

17,837

15,455

359,400

367,399

DISPOSITION OF 19TH CAPITAL

Gain on settlement of debt (note 5)

-

38,580

Loss on sale of assets (note 5)

-

(52,442)

Net loss on disposition

-

(13,862)

OTHER EXPENSES

Amortization of intangible assets from acquisitions

26,442

29,221

Restructuring and transformation costs (note 17)

-

57,871

(Gain) loss on investments

(6,214)

764

Income before income taxes from operations

348,712

246,877

Provision for income taxes (note 11)

87,370

38,147

Net income for the period

261,342

208,730

Basic earnings per share (note 12)

$

0.55

$

0.40

Diluted earnings per share (note 12)

$

0.54

$

0.40

See accompanying notes

Element Fleet Management Corp.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, in thousands of Canadian dollars)

Three-month

Three-month

period ended

period ended

September 30,

September 30,

2021

2020

$

$

Net income for the period

84,941

70,778

OTHER COMPREHENSIVE INCOME (LOSS)

Items that may be reclassified subsequently to profit or loss:

Cash flow and foreign exchange hedges gain (loss)

5,705

(1,654)

Net unrealized foreign exchange gain (loss)

20,159

(21,699)

25,864

(23,353)

Provision for income taxes

1,404

1,739

Total other comprehensive gain (loss)

24,460

(25,092)

Comprehensive income for the period

109,401

45,686

See accompanying notes

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Element Fleet Management Corporation published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 22:45:09 UTC.


© Publicnow 2021
All news about ELEMENT FLEET MANAGEMENT CORP.
05/10Element Announces Annual Meeting Voting Results
AQ
05/10TRANSCRIPT : Element Fleet Management Corp. - Shareholder/Analyst Call
CI
05/10Scotiabank Terms Q1 as 'Confidence-Boosting Quarter' for Element Fleet Management; Up 1..
MT
05/10TRANSCRIPT : Element Fleet Management Corp., Q1 2022 Earnings Call, May 10, 2022
CI
05/09Element Fleet Management Reports Q1 Adjusted EPS of $0.24, Raises 2022 Guidance
MT
05/09GUIDANCE : (EFN.TO) ELEMENT FLEET MANAGEMENT Raised FY22 results guidance, indicating net ..
MT
05/09Earnings Flash (EFN.TO) ELEMENT FLEET MANAGEMENT Says Generated $0.21 EPS, $0.24 adjust..
MT
05/09Earnings Flash (EFN.TO) ELEMENT FLEET MANAGEMENT Reports Q1 Revenue $260.8 Million
MT
05/09Element Reports Strong First Quarter Results, Raises 2022 Revenue, Earnings, Cash Flow ..
GL
05/09Element Fleet Management Corp. Announces Revenue Guidance for the Year 2022
CI
More news
Analyst Recommendations on ELEMENT FLEET MANAGEMENT CORP.
More recommendations
Financials
Sales 2022 1 029 M 808 M 808 M
Net income 2022 340 M 267 M 267 M
Net Debt 2022 - - -
P/E ratio 2022 17,0x
Yield 2022 2,28%
Capitalization 5 596 M 4 391 M 4 391 M
Capi. / Sales 2022 5,44x
Capi. / Sales 2023 5,09x
Nbr of Employees 2 500
Free-Float 99,8%
Chart ELEMENT FLEET MANAGEMENT CORP.
Duration : Period :
Element Fleet Management Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ELEMENT FLEET MANAGEMENT CORP.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 14,03 CAD
Average target price 15,72 CAD
Spread / Average Target 12,1%
EPS Revisions
Managers and Directors
Jay A. Forbes President, Chief Executive Officer & Director
Frank A. Ruperto Chief Financial Officer & Executive VP
David F. Denison Director
James R. Halliday Chief Operating Officer & Executive Vice President
Joan M. Lamm-Tennant Independent Director