Interim Condensed Consolidated Financial Statements
Element Fleet Management Corp.
September 30, 2022
Element Fleet Management Corp.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited, thousands of Canadian dollars)
As at | As at | ||
September 30, | December 31, | ||
2022 | 2021 | ||
$ | $ | ||
ASSETS | |||
Cash | 55,121 | 45,271 | |
Restricted funds (note 5) | 428,537 | 400,930 | |
Finance receivables (notes 3 and 15) | 7,696,077 | 7,436,275 | |
Equipment under operating leases (note 4) | 2,548,909 | 2,297,182 | |
Accounts receivable and other assets | 204,866 | 204,873 | |
Derivative financial instruments (note 15) | 134,214 | 26,302 | |
Property, equipment and leasehold improvements, net | 84,725 | 93,872 | |
Intangible assets, net | 871,949 | 830,013 | |
Deferred tax assets | 370,810 | 417,708 | |
Goodwill | 1,307,872 | 1,220,986 | |
13,703,080 | 12,973,412 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Liabilities | |||
Accounts payable and accrued liabilities | 1,396,328 | 1,206,550 | |
Derivative financial instruments (note 15) | 86,592 | 28,575 | |
Borrowings (note 5) | 8,343,474 | 8,038,963 | |
Convertible debentures (notes 6 and 15) | 162,725 | 159,072 | |
Deferred tax liabilities | 128,092 | 89,303 | |
10,117,211 | 9,522,463 | ||
Shareholders' equity (note 7) | 3,585,869 | 3,450,949 | |
13,703,080 | 12,973,412 |
See accompanying notes
On behalf of the Board:
DirectorDirector
Element Fleet Management Corp.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, thousands of Canadian dollars, except for per share amounts)
Three-month | Three-month | ||||
period ended | period ended | ||||
September 30, | September 30, | ||||
2022 | 2021 | ||||
$ | $ | ||||
NET REVENUE | |||||
Interest income, net (note 9) | 127,511 | 91,119 | |||
Rental revenue and other (note 9) | 199,359 | 175,044 | |||
Depreciation of equipment under operating leases (notes 4 and 9) | (123,771) | (110,230) | |||
203,099 | 155,933 | ||||
Interest expense | 78,240 | 46,605 | |||
Net financing revenue | 124,859 | 109,328 | |||
Fleet service revenue (note 9) | 162,049 | 133,042 | |||
Direct costs of fixed rate service contracts (note 9) | (12,118) | (11,967) | |||
Servicing income, net | 149,931 | 121,075 | |||
Syndication revenue, net (note 9) | 15,998 | 13,937 | |||
Net revenue | 290,788 | 244,340 | |||
OPERATING EXPENSES | |||||
Salaries, wages and benefits | 80,708 | 78,493 | |||
General and administrative expenses | 29,654 | 24,355 | |||
Depreciation and amortization (note 14) | 15,020 | 15,866 | |||
Amortization of convertible debenture discount (note 6) | 966 | 903 | |||
Share-based compensation (note 8) | 12,885 | 5,086 | |||
139,233 | 124,703 | ||||
OTHER EXPENSES | |||||
Amortization of intangible assets from acquisitions | 9,144 | 8,862 | |||
Loss/(gain) on investments | - | (2,776) | |||
Income before income taxes from operations | 142,411 | 113,551 | |||
Provision for income taxes | 38,708 | 28,610 | |||
Net income for the period | 103,703 | 84,941 | |||
Basic earnings per share (note 11) | $ | 0.25 | $ | 0.18 | |
Diluted earnings per share (note 11) | $ | 0.24 | $ | 0.18 |
See accompanying notes
Element Fleet Management Corp.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, thousands of Canadian dollars, except for per share amounts)
Nine-month | Nine-month | ||||
period ended | period ended | ||||
September 30, | September 30, | ||||
2022 | 2021 | ||||
$ | $ | ||||
NET REVENUE | |||||
Interest income, net (note 9) | 309,341 | 288,330 | |||
Rental revenue and other (note 9) | 604,590 | 521,469 | |||
Depreciation of equipment under operating leases (notes 4 and 9) | (371,056) | (331,775) | |||
542,875 | 478,024 | ||||
Interest expense | 179,583 | 148,324 | |||
Net financing revenue | 363,292 | 329,700 | |||
Fleet service revenue (note 9) | 467,356 | 381,531 | |||
Direct costs of fixed rate service contracts (note 9) | (35,546) | (32,782) | |||
Servicing income, net | 431,810 | 348,749 | |||
Syndication revenue, net (note 9) | 44,619 | 49,891 | |||
Net revenue | 839,721 | 728,340 | |||
OPERATING EXPENSES | |||||
Salaries, wages and benefits | 234,706 | 224,772 | |||
General and administrative expenses | 86,395 | 77,327 | |||
Depreciation and amortization (note 14) | 44,411 | 36,802 | |||
Amortization of convertible debenture discount (note 6) | 2,849 | 2,662 | |||
Share-based compensation (note 8) | 24,259 | 17,837 | |||
392,620 | 359,400 | ||||
OTHER EXPENSES | |||||
Amortization of intangible assets from acquisitions | 27,011 | 26,442 | |||
Loss/(gain) on investments | 2,764 | (6,214) | |||
Income before income taxes from operations | 417,326 | 348,712 | |||
Provision for income taxes (note 10) | 108,899 | 87,370 | |||
Net income for the period | 308,427 | 261,342 | |||
Basic earnings per share (note 11) | $ | 0.72 | $ | 0.55 | |
Diluted earnings per share (note 11) | $ | 0.70 | $ | 0.54 |
See accompanying notes
Element Fleet Management Corp.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, thousands of Canadian dollars)
Three-month | Three-month | ||
period ended | period ended | ||
September 30, | September 30, | ||
2022 | 2021 | ||
$ | $ | ||
Net income for the period | 103,703 | 84,941 | |
OTHER COMPREHENSIVE INCOME | |||
Items that may be reclassified subsequently to profit or loss: | |||
Cash flow and foreign exchange hedges gain | 6,069 | 5,705 | |
Net unrealized foreign exchange gain | 152,393 | 20,159 | |
158,462 | 25,864 | ||
Provision for income taxes | 1,603 | 1,404 | |
Total other comprehensive income | 156,859 | 24,460 | |
Comprehensive income for the period | 260,562 | 109,401 |
See accompanying notes
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Element Fleet Management Corporation published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 22:20:02 UTC.