Element Fleet Management reported Q1/17 after-tax adjusted operating income was C$100 million ($73 million), relatively flat compared to Q4/16 and a decrease of 10% compared to Q1/16. Service and other revenue of C$143.3 million ($104.4 million) grew on a sequential quarter basis by 2.2% and represented 61% of net revenue.

The following highlights were excerpted from the news release:

• Total finance assets were C$15.2 billion ($11.1 million) at the end of Q1/17, up from C$14.9 billion ($10.9 billion) sequentially.
• Originations were C$1.7 billion ($1.24 billion) in line with the prior quarter and the same period of last year.

“We delivered a solid quarter, with key revenue drivers showing improvements as the quarter progressed,”said Bradley Nullmeyer, Element’s CEO. “Our services revenue continues to increase as a percentage of total revenue, net interest margin yield increased sequentially, and we expect our overall performance to continue to improve as we progress throughout the year.”