Element Financial Corporation
TSX : EFN

Element Financial Corporation

November 13, 2014 18:53 ET

Element Delivers $0.21 Per Share of Free Operating Cash Flow in Q3 on $8.9 Billion of Earning Assets

TORONTO, ONTARIO--(Marketwired - Nov. 13, 2014) - Element Financial Corporation (TSX:EFN) -

  • After tax adjusted operating earnings per share of $0.16 exceeds consensus
  • Originations reach $1.2 billion including $409 million from acquired fleet management business
  • Financial revenue on average earning assets increased to 8.0% versus 7.9 % in the previous quarter
  • Interest expense on average earning assets decreased to 2.3% from 2.4% in the previous quarter
  • Tangible leverage increased to 3.47:1 versus 1.79:1 at the end of the previous quarter
  • Return on average common equity increased to 9.7% in Q3 versus 7.9% in the previous quarter

Element Financial Corporation (TSX:EFN) ("Element" or the "Company"), one of North America's leading equipment finance companies, today reported financial results for the three-month and nine-month periods ending September 30, 2014. New originations during the period of $1.2 billion, together with the acquisition of PHH Arval at the beginning of the period, contributed to a 120 percent increase in the Company's total earning assets to $8.9 billion as at September 30, 2014 versus $4.1 billion as at June 30, 2014.

Free operating cash EPS was $0.21 for the three-month period and $0.49 for the nine month period ending September 30, 2014. Based partly on the current mix of earning assets, the Company is not expected to pay cash taxes for the next twenty years. After tax adjusted operating income per share was $0.16 for the three-month period and $0.38 for the nine-month period ending September 30, 2014 exceeding the consensus of analyst estimates.

"This is normally our seasonally weakest quarter, but these very strong results helped to prove up several of the core fundamentals of Element's business model," said Steven Hudson, Element's Chairman and CEO. "We delivered record origination growth and surpassed expectations on earnings; we added further leverage to our balance sheet and increased our return on equity to almost 10 percent; and we secured more than half of the promised integration savings from our acquisition of PHH Arval and have identified further annualized savings of $15 million," added Mr. Hudson.

The Company's US Commercial & Vendor Finance unit reported new originations of $224.5 million for the three month period ending September 30, 2014 versus $213.3 million originated in the preceding quarter. Originations from Element's Canadian Commercial & Vendor platform were $147.9 million versus $158.4 million in the previous quarter. Aviation Finance reported originations of $157.1 million in Q3 versus originations of $149.4 million in the preceding quarter and has three to four hundred million worth of transactions scheduled to close in Q4. Element's Fleet Management unit reported originations of $482.5 million in Q3, including $409 million of new volume originated from the acquired operations of PHH Arval, versus $138.2 million of fleet originations in the preceding quarter. The Rail Finance vertical reported $162.6 million of new railcar leases in Q3 versus $133.2 originations in the previous quarter.

Financial revenue for the three-month period ending September 30, 2014 was $157.0 million or 8.0 percent of average earning assets versus $75.1 million in the previous quarter or 7.9 percent of average earning assets. Interest expense was $45.8 million for the three-month period ending September 30, 2014 or 2.3 percent of average earning assets versus $22.9 million in the previous quarter or 2.4 percent of average earning assets. Net financial income for the three-month period ending September 30, 2014 was $111.2 million for the quarter versus $52.1 million in the preceding quarter.

As expected following the acquisition of PHH Arval at the beginning of the period, the Company's consolidated adjusted operating expense ratio increased during Q3 to 2.6 percent of average earning assets versus 2.2 percent in the preceding quarter. However, excluding the fleet management business, all of the other business verticals reported operating expenses at or below the Company's target of 2.0 percent of average earning assets. The Company expects to bring the consolidated operating expense ratio down over the next several quarters as the impact of cost reductions from the PHH integration are fully realized and the average earning asset base of the company continues to grow.

The Company's allowance for credit losses was $16.3 million or 0.21 percent of finance receivables as at September 30, 2014 versus $11.8 million or 0.37 percent as at June 30, 2014 resulting from an increase in the asset mix attributable to the Company's fleet management business which has much lower historical credit loss experience relative to the other business verticals. Delinquencies declined during the quarter at 0.30 percent of total finance receivables as at September 30, 2014 compared to 0.40 percent as at June 30, 2014.

At the end of the period, the Company had total available sources of capital of $3.0 billion. As expected and as a result of the PHH Arval acquisition, the Company's average financial tangible leverage ratio increased to 3.47:1 as at September 30, 2014 compared to 1.79:1 at June 30, 2014.

"We continued to improve the efficiency of our capital structure during the period by adding more leverage and reducing our funding costs," noted Mr. Hudson. "We expect to make further improvements in Q4 and through 2015 to optimize the mix and reduce the cost of the capital we use to fund our growing asset base," added Mr. Hudson.

At the end of the period, the Company had 264.1 million common shares outstanding as well as 4.6 million preferred Series A shares, 5.1 million preferred Series C shares and 5.3 million preferred Series E shares outstanding.

Unaudited Interim Statements and MD&A

Element's unaudited interim financial statements and related management discussion and analysis as at and for the three-month and nine-month periods ended September 30, 2014 have been filed on SEDAR (www.sedar.com).

Conference Call

A conference call to discuss the results with analysts will be held on Friday, November 14, 2014 at 8:00 a.m. ET. The conference call can be accessed by dialing the following numbers:

North America Toll- Free: 1-866-696-5910 passcode 8764790

Local & International: 1-416-340-2217 passcode 8764790

The call will be recorded and can be accessed until December 14, 2014 by dialing 905-694-9451 or 1-800-408-3053 and entering the pass code 4651420.

Non-IFRS Measures

The Company's unaudited condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and accounting policies adopted are in accordance with IFRS.

The Company believes that certain Non-IFRS Measures can be useful to investors because they provide a means by which investors can evaluate the Company's underlying key drivers and operating performance of the business, exclusive of certain adjustments and activities that investors may consider to be unrelated to the underlying economic performance of the business of a given period. Throughout this Press Release, management used a number of terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. A full description of these measures can be found in the Management Discussion & Analysis that accompanies the financial statements for the quarter ended September 30, 2014.

The following table provide a reconciliation of non-IFRS to IFRS measures related to the Company:

As at and for the three months
ended
As at and for the nine months ended
$ thousands (except % and per share amounts) September 30, 2014 June 30,
2014
September 30, 2013 September 30, 2014 September 30, 2013
Reported and adjusted income measures
Net income (loss) A (19,959 ) 11,128 7,825 7,005 (1,372 )
Adjustments:
Amortization of debenture synthetic discount 1,418 - - 1,418 -
Share-based compensation 4,861 3,661 3,467 12,716 7,737
Amortization of intangible assets from acquisitions 746 835 348 2,607 1,030
Integration costs 50,832 - 3,000 50,832 11,000
Transaction costs 31,856 13,107 - 44,963 20,500
Provision (recovery) of income taxes (9,758 ) 2,603 3,722 (1,909 ) 6,007
Adjusted operating income B 59,996 31,334 18,362 117,632 44,902
Provision for taxes applicable to adjusted operating income (12,724 ) (6,279 ) (4,814 ) (24,692 ) (12,259 )
After-tax adjusted operating income D=B-C 47,272 25,055 13,548 92,940 32,643
Selected cash flow amounts
Free operating cash flow B 59,996 31,334 18,362 117,632 44,902
Selected statement of financial position amounts
Finance receivables, before allowance for credit losses (1) E 7,828,873 3,164,453 2,312,809 7,828,873 2,312,809
Allowance for credit losses F 16,308 11,767 11,384 16,308 11,384
Finance receivables, net (1) G=E-F 7,812,565 3,152,686 2,301,425 7,812,565 2,301,425
Equipment under operating leases (1) H 1,113,530 909,783 - 1,113,530 -
Total earning assets I=G+H 8,926,095 4,062,469 2,301,425 8,926,095 2,301,425
Average earning assets, net J 7,853,916 3,795,053 2,163,841 5,004,100 1,704,873
Goodwill and intangible assets K 821,288 182,804 164,651 821,288 164,651
Accounts payable and accrued liabilities L 380,096 103,976 80,917 380,096 80,917
Secured borrowings M 6,994,852 2,356,990 1,713,973 6,994,852 1,713,973
Unsecured convertible debentures N 301,189 299,264 - 301,189 -
Total debt O 7,296,041 2,656,254 1,713,973 7,296,041 1,713,973
Average debt P 6,835,759 2,509,655 1,586,258 3,843,964 1,257,016
Total shareholders' equity Q 2,723,435 1,726,331 889,072 2,723,435 889,072
Preferred shares R 365,113 357,243 - 365,113 -
Common shareholders' equity S=Q-R 2,358,322 1,369,088 889,072 2,358,322 889,072
Average common shareholders' equity T 2,223,893 1,371,122 882,929 1,652,212 661,197
Average total shareholders' equity U 2,588,328 1,622,345 882,929 1,904,821 661,197

Non-IFRS and IFRS Key Annualized Operating Ratios and per Share Information:

As at and for the three months ended As at and for the nine months ended
$ thousands (except % and per share amounts) September 30, 2014 June 30,
2014
September 30, 2013 September 30, 2014 September 30, 2013
Free operating cashflow per share [basic] (1) (B-Y)/W $ 0.21 $ 0.14 $ 0.12 $ 0.49 $ 0.34
After-tax adjusted operating income per share [basic] (D-Y)/W $ 0.16 $ 0.11 $ 0.09 $ 0.38 $ 0.25
Key annualized operating ratios
Financial leverage ratio (O)/Q 2.68 1.54 1.93 2.68 1.93
Tangible leverage ratio (2) 3.47 1.79 2.48 3.47 2.48
Average financial leverage ratio P/U 2.64 1.55 1.80 2.02 1.90
Allowance for credit losses as a percentage of finance receivables F/E 0.21 % 0.37 % 0.49 % 0.21 % 0.49 %
Adjusted operating income on average common shareholders' equity (B-Y)/T 9.69 % 7.90 % 8.32 % 8.46 % 9.05 %
Adjusted operating income on average earning assets B/J 3.06 % 3.30 % 3.39 % 3.13 % 3.51 %
After-tax adjusted operating income on average common shareholders' equity (D-Y)/T 7.40 % 6.07 % 6.14 % 6.47 % 6.58 %
After-tax adjusted operating income on average earning assets D/J 2.41 % 2.64 % 2.50 % 2.48 % 2.55 %
Per share information
Number of shares outstanding (including special warrants) V 264,056 189,503 155,399 264,056 155,399
Weighted average number of shares outstanding [basic] W 258,381 189,503 155,321 212,366 130,973
Weighted average number of shares outstanding [diluted] X 258,381 194,808 159,618 212,366 130,973
Cumulative preferred share dividends during the period Y $ 6,145 $ 4,254 $ - $ 12,826 $ -
Net income (loss) per share [basic] (A-Y)/W $ (0.10 ) $ 0.04 $ 0.05 $ (0.03 ) $ (0.01 )
Net income (loss) per share [diluted] (A-Y)/X $ (0.10 ) $ 0.04 $ 0.05 $ (0.03 ) $ (0.01 )
Book value per share S/V $ 8.93 $ 7.22 $ 5.72 $ 8.93 $ 5.72
(1) Prior period free operating cashflow per share [basic] has been restated for the change in definition applied in the current period.
(2) The tangible leverage ratio has been computed beginning September 30, 2014 to conform and be in accordance with the Company's latest secured borrowing agreements, prior periods have been computed based on (O+L)/(Q-K).

Selected Financial Information and Financial Ratios

The following table summarizes key financial data to be read in conjunction with the unaudited interim condensed consolidated financial statements of the Company as at and for three and nine months ended September 30, 2014, June 30, 2014 and September 30, 2013. Such financial statements are prepared in accordance with IFRS and are reported in Canadian dollars.

As at and for the three months ended As at and for the nine months ended
(in $000's for stated values, except ratios and per share amounts) September 30, 2014
$
June 30,
2014
$
September 30, 2013
$
September 30, 2014
$
September 30, 2013
$
After tax adjusted operating income (loss) per share (basic) (1) 0.16 0.11 0.09 0.38 0.25
Free operating cash flows per share (basic) (1) 0.21 0.14 0.12 0.49 0.34
Financial revenue (1) 157,043 75,077 46,374 298,620 112,172
Adjusted operating income (1) 59,996 31,334 18,362 117,632 44,902
After tax adjusted operating income (1) 47,272 25,055 13,548 92,940 32,643
Income/(loss) before taxes (29,717 ) 13,731 11,547 5,096 4,635
Net income/(loss) (19,959 ) 11,128 7,825 7,005 (1,372 )
Total assets 10,449,512 5,483,252 2,725,955 10,449,512 2,725,955
Finance receivables, net 7,812,565 3,152,686 2,301,425 7,812,565 2,301,425
Equipment under operating leases 1,113,530 909,783 - 1,113,530 -
Total earning assets 8,926,095 4,062,469 2,301,425 8,926,095 2,301,425
New originations 1,174,764 792,603 410,436 3,051,381 1,104,583
Loan acquisitions (2) 4,298,224 - - 4,298,224 573,008
Secured borrowings 6,994,852 2,356,990 1,713,973 6,994,852 1,713,973
Convertible debentures 301,189 299,264 - 301,189 -
Total debt 7,296,041 2,656,254 1,713,973 7,296,041 1,713,973
Average finance receivables (1) 6,914,799 2,993,305 2,163,841 4,237,733 1,704,873
Average equipment under operating leases (1) 939,117 801,748 - 766,367 -
Average earning assets (1) 7,853,916 3,795,053 2,163,841 5,004,100 1,704,873
Average debt outstanding (1) 6,835,759 2,509,655 1,586,258 3,843,964 1,257,016
Number of shares outstanding (including special warrants) 264,056 189,503 155,399 264,056 155,399
Weighted average number of shares outstanding (including special warrants) [basic] 258,381 189,503 155,321 212,366 130,973
Weighted average number of shares outstanding [diluted] 258,381 194,808 159,618 212,366 130,973
Total shareholders' equity 2,723,435 1,726,331 889,072 2,723,435 889,072
Average common shareholders' equity (1) 2,223,893 1,371,122 882,929 1,652,212 661,197
Net income (loss) per share [basic] (0.10 ) 0.04 0.05 (0.03 ) (0.01 )
Net income (loss) per share [diluted] (0.10 ) 0.04 0.05 (0.03 ) (0.01 )
(1) For additional information, see "Description of Non-IFRS Measures" section.
(2) Fair value assigned to the finance receivable assets from the acquisition of PHH Arval on July 7, 2014.

The following table summarizes key operating ratios to be read in conjunction with the unaudited interim condensed consolidated financial statements of the Company as at and for the three months ended:

As at and for the three months
ended
As at and for the nine months ended
September 30, 2014 June 30,
2014
September 30, 2013 September 30, 2014 September 30, 2013
Ratios
Financial leverage ratio (2) (3) 2.68 1.54 1.93 2.68 1.93
Tangible leverage ratio (2) (4) 3.47 1.79 2.48 3.47 2.48
Average financial leverage ratio (2) 2.64 1.55 1.80 2.02 1.90
Allowance for credit losses as a percentage of finance receivables (2) 0.21 % 0.37 % 0.49 % 0.21 % 0.49 %
Annualized credit loss provision as a percentage of average finance receivables (2) 0.22 % 0.52 % 0.31 % 0.34 % 0.34 %
Portfolio average remaining life (in months, excluding equipment under operating leases) (2) 16.4 27.3 26.8 16.4 26.8
Adjusted operating income on average common shareholders' equity (2) 9.69 % 7.90 % 8.32 % 8.46 % 9.05 %
Adjusted operating income on average earning assets (2) 3.06 % 3.30 % 3.39 % 3.13 % 3.51 %
After-tax adjusted operating income on average common shareholders' equity (2) 7.40 % 6.07 % 6.14 % 6.47 % 6.58 %
After-tax adjusted operating income on average earning assets (2) 2.41 % 2.64 % 2.50 % 2.48 % 2.55 %
Book value per share $ 8.93 $ 7.22 $ 5.72 $ 8.93 $ 5.72
(1) All are ratios presented on an annualized basis.
(2) For additional information, see "Description of Non-IFRS Measures" section.
(3) Financial leverage ratio is computed as total debt (the sum of secured borrowings and extendible convertible debentures) divided by total shareholders equity.
(4) The tangible leverage ratio has been computed beginning September 30, 2014 to conform and be in accordance with the Company's latest secured borrowing agreements, for prior periods tangible leverage ratio has been computed as the sum of secured borrowings, convertible debentures and accounts payable and accrued liabilities, divided by shareholders equity less goodwill and intangible assets.

Results of Operations - For the three months ended September 30, 2014, June 30, 2014 and September 30, 2013 and nine months ended September 30, 2014 and September 30, 2013

The following table sets forth a summary of the Company's results of operations for the three months ended September 30, 2014, June 30, 2014 and September 30, 2013 and nine months ended September 30, 2014 and September 30, 2013:

For the three-month periods ended For the nine month periods ended
(in 000's for stated values, except per unit amounts) September 30,
2014
$
June 30,
2014
$
September 30,
2013
$
September 30,
2014
$
September 30,
2013
$
Net Financial Income
Interest income 96,249 51,547 37,795 196,341 94,232
Rental revenue, net (1) 17,306 14,501 - 41,981 -
Total interest income and rental revenue, net 113,555 66,048 37,795 238,322 94,232
Interest expense 45,819 22,985 14,525 90,337 32,780
Net interest income and rental revenue, net before provision for credit losses 67,736 43,063 23,270 147,985 61,452
Provision for credit losses 3,851 3,868 1,670 10,677 4,340
Net interest income and rental revenue, net 63,885 39,195 21,600 137,308 57,112
Other revenue items 47,339 12,897 10,249 70,975 22,280
Net financial income 111,224 52,092 31,849 208,283 79,392
Operating Expenses
Salaries, wages and benefits 33,285 12,564 9,479 58,416 24,635
General and administration expenses 17,943 8,194 4,008 32,235 9,855
Amortization of debenture synthetic discount 1,418 - - 1,418 -
Share-based compensation 4,861 3,661 3,467 12,716 7,737
57,507 24,419 16,954 104,785 42,227
Business acquisition costs
Amortization of intangibles from acquisition 746 835 348 2,607 1,030
Integration costs 50,832 - 3,000 50,832 11,000
Transaction costs 31,856 13,107 - 44,963 20,500
83,434 13,942 3,348 98,402 32,530
Net income/(loss) before taxes (29,717 ) 13,731 11,547 5,096 4,635
Tax expense/(recovery) (9,758 ) 2,603 3,722 (1,909 ) 6,007
Net income/(loss) for the period (19,959 ) 11,128 7,825 7,005 (1,372 )
Net income/(loss) per share [basic] (0.10 ) 0.04 0.05 (0.03 ) (0.01 )
Net income/(loss) per share [diluted] (0.10 ) 0.04 0.05 (0.03 ) (0.01 )
(1) Rental revenue, net is represents rental income earned on equipment under operating leases, less depreciation.

Overall Performance Highlights

The Company's earning assets, consisting of the Company's Finance receivables and Equipment under operating leases, have grown substantially during the period to September 30, 2014 to $8,926.1 million from $3,002.3 million reported at December 31, 2013. The growth over December 31, 2013 is primarily due to the combined effect of the total new originations for the year in the amount of $3,051.4 million, helped by the large contribution of the Trinity vendor program and origination volume contributed by PHH Arval, the acquisition of PHH Arval which added $4,298.2 million of finance receivables on July 7, 2014, net of repayments, syndication activities, amortization of equipment under operating leases and changes in foreign exchange rates of $1,425.8 million.

The Company is reporting a net loss of $20.0 million for the three months ended September 30, 2014, compared to a net income of $7.8 million in the comparative period ended September 30, 2013, and a net income of $11.1 million in the immediately preceding quarter ended June 30, 2014. Net income for the nine month period ended September 30, 2014 was $7.0 million, compared to a net loss of $1.4 million for the comparative nine month period ended September 30, 2013. Basic net loss per share was $0.10 for the three-months ended September 30, 2014, compared to a net income per share of $0.05 for the comparative period ended September 30, 2013 and a net income per share of $0.04 for the immediately preceding quarter ended June 30, 2014. Basic net loss per share for the nine month period ended September 30, 2014 was $0.03 versus a net loss per share of $0.01 for the comparative nine month period ended September 30, 2013. The decrease over the comparative periods are due to the timing of business acquisition costs related to the acquisition of PHH Arval which do not relate to maintaining operating activities.

As indicated previously, management believes that adjusted operating income is the most appropriate operating measure of the Company's performance as it excludes non-cash items related to share-based compensation and business acquisition costs which do not relate to maintaining operating activities. For the three months ended September 30, 2014, the Company is reporting adjusted operating income of $60.0 million and after-tax adjusted operating income per share of $0.16, compared to $18.4 million in adjusted operating income or $0.09 in after-tax operating income per share for the comparative three months ended September 30, 2013, and compared to $31.3 million in adjusted operating income or $0.11 in after-tax operating income per share for the immediately preceding quarter ended June 30, 2014. For the nine month period ended September 30, 2014, the Company is reporting adjusted operating income of $117.6 million and after-tax adjusted operating income per share of $0.38, compared to $44.9 million and $0.25 per share in the comparative nine month period ended September 30, 2013.

As indicated previously, Management also believes that Free Operating Cash Flows and Free Operating Cash Flows per Share as described in the Non-IFRS Measures section of this MD&A are a key statistics to properly assess the operating performances of the Company to mostly reflect the substantial value being created by the very long deferral of cash income taxes and the investment value produced by that deferral. Thus, while the Company is reporting after-tax adjusted operating income per share of $0.16 and $0.38 for the three and nine months ended September 30, 2014, free operating cash flows per share reaches $0.21 and $0.49 per share, respectively.

Consolidated Financial Position

The following table sets forth a summary of the Company's consolidated financial position as of the dates presented:

As at
(in 000's for stated values, except per unit amounts) September 30,
2014
$
June 30,
2014
$
December 31,
2013
$
Cash 46,776 35,727 12,401
Restricted cash 455,998 141,035 103,550
Cash held in escrow - 929,834 -
Finance receivables 7,812,565 3,152,686 2,763,228
Equipment under operating leases 1,113,530 909,783 239,055
Derivative financial instruments 5,424 525 -
Deferred tax assets 69,028 29,761 28,231
Non-portfolio assets 946,191 283,901 308,188
Total assets 10,449,512 5,483,252 3,454,653
Accounts payable and accrued liabilities 380,096 103,976 80,917
Subscription receipts escrow liability - 929,834 -
Secured borrowings 6,994,852 2,356,990 1,893,910
Convertible debentures 301,189 299,264 -
Derivative financial instruments 6,305 37,437 3,014
Deferred tax liabilities 43,635 29,420 30,156
Total liabilities 7,726,077 3,756,921 2,007,997
Shareholders' equity 2,723,435 1,726,331 1,446,656
Total liabilities and shareholders' equity 10,449,512 5,483,252 3,454,653

About Element Financial Corporation

With total assets in excess of $10.5 billion, Element Financial Corporation is one of North America's leading equipment finance companies. Element operates across North America in four verticals of the equipment finance market - Commercial & Vendor Finance, Aviation Finance, Railcar Finance and Fleet Management.

This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding new originations in the current quarter, the anticipated pipeline of prospective transactions, and proposed purchases of portfolios of finance assets. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element, including risks regarding the equipment finance industry, economic factors, risks related to completion of the proposed purchases of portfolios of finance assets, and many other factors beyond the control of Element. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in Element's 2013 MD&A, and 2013 Annual Information Form, all of which have been filed on SEDAR and can be accessed at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact Information