The following is a summary of the Element Fleet Management Corp. (ELEEF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Element Fleet Management reported a record net revenue of $262.5 million in Q1 2024.

• The company had a strong quarter with adjusted earnings per share of $0.27.

• Adjusted operating income rose 17.5% year-over-year to $143.6 million.

• Adjusted free cash flow per share saw a 25% increase to $0.35 per share.

• The company ended the quarter with a tangible leverage of 6.68x, and plans to redeem all preferred shares and convertible debentures in mid-2024.

Business Progress:

• Element reported robust growth with the addition of 39 new clients and 178 share of wallet services.

• Major investment was made in digitization and automation initiatives, leading to increased client satisfaction (net promoter score of 48).

• The company is preparing to start leasing operations in Dublin in summer 2024 and has made progress in strategic sourcing in Asia.

• Element is poised to exceed its long-term revenue growth guidance of 6% to 8%, with a focus on margin expansion, with a target of operating margins between 55% to 55.5%.

• The company also plans to explore opportunities in insurance provision and targeting small to medium fleets.

More details: ELEMENT FLEET MANAGEMENT CORP IR

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