Solution Financial Reports Q1 2024 Financial Results
Solution Financial Reports Q1 2024 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - March 15, 2024) - Solution Financial Inc. (TSX: SFI) (the "Company") a leading provider of luxury and ultra luxury asset leasing in Canada, today announced its financial results for the first quarter ending January 31, 2024.
不列颠哥伦比亚省温哥华--(Newsfile Corp.-2024 年 3 月 15 日)- Solution Financial Inc. (TSX: SFI) (那个”公司“)加拿大领先的奢侈品和超奢侈资产租赁提供商,今天公布了截至2024年1月31日的第一季度财务业绩。
Earnings Highlights for the Quarter:
本季度收益亮点:
- Net income for the quarter was $21,171 compared to a net loss of $328,781 in the comparative quarter in 2023.
- Adjusted net income(1) increased to $112,604 compared to $77,272 in the comparative quarter.
- Revenue decreased to $3,087,791 compared to $5,105,308 in the comparative quarter.
- Total leasing portfolio decreased 4.4% to $24,459,091 during the quarter.
- 该季度的净收入为21,171美元,而2023年同期的净亏损为328,781美元。
- 调整后净收益(1) 从同期的77,272美元增至112,604美元。
- 收入从同期的5,105,308美元降至3,087,791美元。
- 本季度,租赁投资组合总额下降了4.4%,至24,459,091美元。
Operational Highlights for the Quarter:
本季度运营亮点:
- Finalized a new auto leasing program with partner dealerships rolling out in Q2 2024, aimed at supporting local consumers where recent increases in interest rates from existing lenders have made Solution's unique approach to leasing far more attractive to customers beyond the new immigrant and international student markets.
- In January 2024, the Company initiated a new luxury Corporate Leasing program aimed at providing guidance on optimizing and understanding executive auto leasing programs, with an emphasis on the newly increased CRA leasing allowances, corporate executive incentive strategies and personal usage considerations.
- 敲定了一项新的汽车租赁计划,合作伙伴经销商将于2024年第二季度推出,旨在支持当地消费者。现有贷款机构最近提高的利率使Solution独特的租赁方式对新移民和国际学生市场以外的客户更具吸引力。
- 2024年1月,公司启动了一项新的豪华企业租赁计划,旨在为优化和理解高管汽车租赁计划提供指导,重点是新增加的CRA租赁补贴、企业高管激励策略和个人使用注意事项。
Bryan Pang, CEO added, "Our first quarter has been a period of strategic adaptation and proactive initiative, particularly in light of the challenges posed by tightening consumer lending impacting the Canadian auto market. These include rising interest rates and stringent lending criteria, which are now notably impacting local customers, including those with strong credit ratings. Historically, Solution Financial has primarily served new immigrants and international students. However, the current economic climate, combined with our robust balance sheet and exceptionally competitive interest rates, positions us uniquely to appeal to a broader, more traditional leasing consumers with high credit ratings."
首席执行官布莱恩·庞补充说:“我们的第一季度是一个战略调整和积极举措的时期,特别是考虑到消费者贷款紧缩所带来的挑战,影响了加拿大汽车市场。其中包括利率上升和严格的贷款标准,这些因素现在对本地客户产生了显著影响,包括信用评级较高的客户。从历史上看,Solution Financial主要为新移民和国际学生提供服务。但是,当前的经济环境,加上我们强劲的资产负债表和极具竞争力的利率,使我们能够独一无二地吸引信用评级较高的更广泛、更传统的租赁消费者。”
"With this expanded market focus, we have been actively collaborating with our partner dealerships to introduce innovative programs," continued Bryan. "These are designed to leverage the growing opportunity presented by the changing market dynamics. We are optimistic that these initiatives will not only support our dealership partners in boosting vehicle sales but also drive significant growth for Solution Financial. We're enthusiastic about the potential of these new programs to generate strong returns and further our commitment to providing best-in-class leasing solutions."
布莱恩继续说:“随着市场重点的扩大,我们一直在与合作伙伴经销商积极合作,推出创新计划。”“这些旨在利用不断变化的市场动态所带来的越来越多的机会。我们乐观地认为,这些举措不仅将支持我们的经销商合作伙伴促进汽车销售,而且还将推动Solution Financial的显著增长。我们对这些新项目产生丰厚回报的潜力充满热情,并进一步履行我们对提供一流租赁解决方案的承诺。”
Financial Results
财务业绩
Solution is reporting net income of $21,171 or $0.0002, per share for the quarter ending January 31, 2024. This compares to a net loss of $328,781 or $0.004 per share for the quarter ending January 31, 2023.
Solution报告称,截至2024年1月31日的季度每股净收益为21,171美元,合0.0002美元。相比之下,截至2023年1月31日的季度净亏损328,781美元,合每股亏损0.004美元。
Adjusted net income, which is more reflective of actual cash earnings, for the quarter ending January 31, 2024, was $112,604(1) or $0.001 per share compared to $77,272 or $0.001 per share for the quarter ending January 31, 2023. Adjusted Net Income excludes the non-cash accretion expense related to the convertible debentures and right of use assets of $32,436, income tax provision of $8,100, amortization of $21,615, and provision for credit losses of $29,282.
截至2024年1月31日的季度调整后净收入为112,604美元,这更能反映实际现金收益(1) 涨幅为每股0.001美元,而截至2023年1月31日的季度为77,272美元,合每股0.001美元。调整后的净收益不包括与32,436美元的可转换债券和使用权资产相关的非现金增值费用、8,100美元的所得税准备金、21,615美元的摊销以及29,282美元的信贷损失准备金。
Lease Portfolio
租赁投资组合
At January 31, 2024, Solution had 297 vehicles in its lease portfolio, a net decrease of 13 vehicles over the quarter to bring the total lease portfolio to $24.5 million.
截至2024年1月31日,Solution的租赁组合中有297辆汽车,同比净减少13辆汽车,使租赁组合总额达到2450万美元。
At January 31, 2024 the average remaining lease term for the portfolio was 1.7 years, weighted by net book value for each vehicle. At January 31, 2024, Solutions' 297 leases were generating annualized gross rental and lease cash flows of approximately $6.5 million.
截至2024年1月31日,按每辆车的账面净值加权,该投资组合的平均剩余租赁期为1.7年。截至2024年1月31日,Solutions的297份租约产生的年化总租金和租赁现金流约为650万美元。
About Solution
关于解决方案
Solution Financial commenced operations in 2004 and specializes in sourcing and leasing luxury and exotic vehicles, yachts and other high value assets. Solution works with a select group of luxury automotive and marine dealerships providing lending solutions to clients who prefer more flexible leasing options than those traditionally offered by banks and other lease providers. Typical customers include new immigrants, business owners and international students who tend to upgrade their vehicles more frequently than traditional lease agreements allow. Solution Financial provides a unique leasing experience whereby it partners with its clients to help source limited edition and difficult to acquire vehicles as well as providing white glove services to clients for insuring, maintaining, upgrading, and reselling their vehicles.
Solution Financial于2004年开始运营,专门采购和租赁豪华和异国情调的汽车、游艇和其他高价值资产。Solution与精选的豪华汽车和船舶经销商合作,为比银行和其他租赁提供商传统租赁选择更灵活的客户提供贷款解决方案。典型的客户包括新移民、企业主和国际学生,他们往往比传统租赁协议所允许的更频繁地升级车辆。Solution Financial提供独特的租赁体验,通过与客户合作,帮助采购限量版和难以购买的车辆,并为客户提供保险、维护、升级和转售车辆的白手套服务。
Note 1- Non-IFRS Financial Metrics
附注1-非国际财务报告准则财务指标
Solution provides all financial information in accordance with International Financial Reporting Standards ("IFRS"). To supplement our consolidated financial statements presented in accordance with IFRS, we are also providing with this press release, certain non-IFRS financial measures, including Adjusted Net Income. In calculating these non-IFRS financial measures, we have excluded certain transactions that are not necessarily indicative of our ongoing operations or do not impact cash flows. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
解决方案根据国际财务报告准则(“IFRS”)提供所有财务信息。为了补充我们根据国际财务报告准则列报的合并财务报表,我们还在本新闻稿中提供了某些非国际财务报告准则财务指标,包括调整后净收益。在计算这些非国际财务报告准则财务指标时,我们排除了某些不一定代表我们持续经营或不影响现金流的交易。这些衡量标准不是《国际财务报告准则》认可的衡量标准,也没有《国际财务报告准则》规定的标准化含义,因此不太可能与其他发行人提出的类似衡量标准相提并论。不应孤立地考虑这些衡量标准,也不能取代对我们根据国际财务报告准则报告的财务信息的分析。
Cautionary Statement Regarding Forward-Looking Statements
关于前瞻性陈述的警示声明
This press release contains "forward-looking information" as defined under applicable Canadian securities laws. This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management's beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Although forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. Certain statements included in this press release may be considered a "financial outlook" for purposes of applicable Canadian securities laws, and as such the financial outlook may not be appropriate for purposes other than this press release.
本新闻稿包含适用的加拿大证券法所定义的 “前瞻性信息”。这些信息包括但不限于有关我们的目标、实现这些目标的战略的陈述,以及就管理层的信念、计划、估计、预测和意图所做的陈述,以及与预期的未来事件、结果、情况、业绩或预期有关的非历史事实的类似陈述。前瞻性信息通常可以通过使用前瞻性术语来识别,例如 “展望”、“目标”、“可能”、“将”、“期望”、“打算”、“估计”、“预期”、“相信”、“应该”、“计划” 或 “继续”,或暗示未来结果或事件的类似表述。此类前瞻性信息反映了管理层当前的信念,并基于管理层目前可获得的信息。尽管本新闻稿中包含的前瞻性信息基于管理层认为的合理假设,但无法保证实际业绩将与这些前瞻性信息一致。就适用的加拿大证券法而言,本新闻稿中包含的某些声明可能被视为 “财务展望”,因此,财务展望可能不适用于本新闻稿以外的其他目的。
The forward-looking information contained in this press release is made as of the date of this press release and should not be relied upon as representing Solution's views as of any date subsequent to the date of this press release. Except as required by applicable law, management and Solution's Board of Directors undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
本新闻稿中包含的前瞻性信息是截至本新闻稿发布之日发布的,不应以此作为Solution在本新闻稿发布之日后任何日期的观点的依据。除非适用法律要求,否则管理层和解决方案董事会没有义务公开更新或修改任何前瞻性信息,无论是由于新信息、未来事件还是其他原因。
For further information please contact Sean Hodgins at (778) 318-1514.
欲了解更多信息,请致电 (778) 318-1514 与肖恩·霍金斯联系。
ON BEHALF OF THE BOARD
代表董事会
(signed) "Bryan Pang"
Brian Pang
President, CEO and Director
(签名)”布莱恩·庞格“
布莱恩·庞格
总裁、首席执行官兼董事
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
多伦多证券交易所及其监管服务提供商(该术语在交易所的政策中定义)均不对本新闻稿的充分性或准确性承担责任。
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
不用于向美国新闻通讯社分发或在美国传播