Element Fleet Management Corp.

TSX-EFN

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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	214.6	190.6	196.5	177.5	168.1	142.9
Net Income for the Period
Depreciation & Amortization	339	323.4	332.6	322.8	279.7	232.7
Depreciation of Property, Equipment and Leasehold Improvements
Amortization of Intangible Assets, Including from Acquisitions
Amortization of Deferred Lease Costs
Amortization of Deferred Financing Costs
Amortization of Equipment Under Operating Leases
Depreciation of Equipment Under Operating Leases
Share-Based Compensation Expense	1.9	1.6	—	—	—	—
Share-Based Compensation
Other Adjustments	-0.9	1.3	2.9	0.8	2.2	2.5
Amortization of Convertible Debenture Synthetic Discount and Deferred Costs
Share of Earnings from Equity Accounted Investments
Share of Earnings from Other Equity Accounted Investments and Non-Consolidated Companies
Amortization of Convertible Debenture Discount and Deferred Costs
Write-Off of Intangible Assets and Other Assets
Gain/Loss on Investments
Share of Earnings from Other Equity Accounted Investments
Loss on Disposal of 19th Capital, Excluding Fees
Impairment on 19th Capital
Impairment of Fixed Assets
Net Changes in Cash Provided by Distributed Operations
Provision for Credit Losses
Changes in Trade Receivables	—	—	—	—	—	—
Accounts Receivable and Other Assets
Changes in Accounts Payable	—	—	—	—	—	—
Accounts Payable and Accrued Liabilities
Changes in Other Operating Activities	-903.2	-92.9	-1,063	-806.5	-1,115.5	-463
Investment in Finance Receivables
Repayments of Finance Receivables
Investment in Equipment Under Operating Leases
Proceeds on Disposal of Equipment Under Operating Leases
Syndications of Finance Receivables
Deferred Tax Assets
Deferred Tax Liabilities
Derivative Financial Instruments
Cash Payments for Interest Portion of Lease Liability
Other Non-Cash Operating Assets and Liabilities
Cash from Operating Activities	-348.6	423.9	-531.1	-305.3	-665.6	-85.1
Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-2.7	-6	-7.7	-8.9	-7.8	-1.1
Purchase of Property, Equipment and Leasehold Improvements
Proceeds from Sale of Property, Plant & Equipment	1.7	0.3	0.2	0.4	0.3	0.3
Reimbursement of Property, Equipment and Leasehold Improvements
Proceeds on Disposals of Property, Equipment and Leasehold Improvements and Intangible Assets
Purchases of Intangible Assets	-18.7	-34.6	-28.7	-35.2	-24.1	-23.3
Purchase of Intangible Assets, Including Computer Software
Payments for Business Acquisitions	—	-81.4	—	—	—	—
Business Acquisition, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Sale of ECAF I Holdings Ltd.
Sale of 19th Capital Group LLC
Other Investing Activities	-46.5	-13.6	-15	70.3	-3.2	34.2
Proceeds from Managed Fund
Investments
Increase in Cash Held in Escrow
Change in Notes Receivable
Change in Restricted Funds
Cash from Investing Activities	-21.7	-121.6	-36.2	-43.7	-31.2	-24.1
Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Long-Term Debt	661.1	888.9	860.8	1,737	981.8	-14.9
Issuance of Asset-Backed Facilities
Issuances of Borrowings, Net
Repayment of Convertible Debenture
Issuance of 2019 Convertible Debenture
Issuance of Senior Notes
Repayments of Long-Term Debt	-0.8	-902.6	-1.6	-1,403.2	-2.6	278.3
Cash Payments for Principal Portion of Lease Liability
Repayments of Borrowings, Net
Settlement of 19th Capital Group LLC Debt
Repayment of 2015 Convertible Debenture
Net Issuance / (Repayments) of Long-Term Debt	660.3	-13.7	859.1	333.8	979.2	263.4
Issuance of Common Shares	0	0.5	2	2.8	-24.9	6.2
Issuance of Share Capital, Net
Issuance of Subscription Receipts
Repurchases of Common Shares	-63.8	-3.5	-7.3	-13.3	-41.2	-59.7
Shares Repurchased
Net Issuance / (Repurchases) of Common Shares	-63.7	-3	-5.4	-10.6	-66.2	-53.5
Repurchases of Preferred Shares	—	-94.7	-91.2	-85.8	—	6
Redemption of Preferred Shares
Net Issuance / (Repurchases) of Preferred Shares	—	-94.7	-91.2	-85.8	—	6
Common Share Dividends Paid	-74	-72	-74.8	-66.6	-67	-50.9
Dividends Paid
Other Financing Activities	-6.8	-10.6	-10.6	-18.3	-10.9	-4.5
Change in Deferred Financing Costs
Cash from Financing Activities	471.3	-207.5	662.3	222.8	831.5	194.7
Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	-351.3	418	-538.8	-314.2	-673.4	-86.2
NOPAT	-78	-97.4	-81.7	-100.8	-58.8	-47.4
Levered Free Cash Flow	308	401.4	317.5	18.7	303.6	174.8
Unlevered Free Cash Flow	-645	127.1	-819.8	-593.4	-902.4	-278.9
Net Change in Cash	101	94.8	95	-126.2	134.7	85.6