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88element News Release Amounts in $ CAD unless otherwise noted Element Reports Resilient Fourth Quarter and 2020 Results , Completes $ 200 + Million Transformation and Kicks - Off 2021 with Significant Client Wins Q4 adjusted operating income increased $ 3.1 million quarter - over - quarter to $ 132.1 million ; equivalent to $ 0.23 on a per share basis and translating to $ 0.25 of free cash flow per share Full - year 2020 adjusted operating income totaled $ 501.5 million ; equivalent to $ 0.85 on a per share basis - essentially flat year - over - year in spite of COVID - 19 Transformation program completed , reaching $ 208 million of run - rate profit improvements actioned and delivering $ 133 million of operating income enhancement in 2020 Element returned to sub - 6.0x tangible leverage in Q4 , achieving 5.74x at year - end while repurchasing 762,100 common shares for cancellation in the month of December pursuant to the Company's normal course issuer bid ( NCIB ) Subsequent to year - end , Element repurchased aggregate 3,588,500 common shares for cancellation in the months of January and February 2021 pursuant to its NCIB Element's growth strategy continued to build momentum subsequent to year - end with significant client wins in North America and ANZ Element did not furlough or lay off a single employee in 2020 as a result of the pandemic TORONTO , ON , March 3 , 2021 - Element Fleet Management Corp. ( TSX : EFN ) ( " Element " or the " Company " ) , the largest pure - play automotive fleet manager in the world , today announced : financial results for the fourth quarter and full year ended December 31 , 2020 ; the completion of its transformation program ; achievement of sub - 6.0x tangible leverage ; common share repurchases pursuant to the Company's NCIB ; and significant client wins so far in 2021 . Element's market - leading business generated adjusted operating income of $ 132.1 million or $ 0.23 per share in Q4 , a 2.4 % AOI increase quarter - over - quarter . The rise in AOI reflected improvements in net financing revenue and syndication revenue , partially offset by lower servicing income ( as expected quarter - over - quarter ) and a modest $ 0.8 million increase in adjusted operating expenses . With revenue growth outpacing expense growth , the adjusted operating margin grew to 53.4 % . The Company reported net income of $ 78.4 million or $ 0.16 per share for the quarter , a 10.7 % improvement over Q3 2020 . " Our resilient fourth quarter results in the face of a continuing pandemic , coupled with our strong finish to Transformation in the quarter , capped an extraordinary and pivotal year for Element and all of our stakeholders , " said Jay Forbes , President and Chief Executive Officer of Element . " Our clients , old and new , our business and our people will enjoy the benefits of Element's transformed , industry - leading service platform for many years to come . And our investors will benefit from the scalable design of that platform as we profitably grow net revenue 4-6 % a year , and – aided by a capital - lighter business model – return the vast majority of the resulting free cash flow to them in the form of growing dividends and share buybacks . " “ This organization has now accomplished everything we set out to do in the Fall of 2018 – and then some , ” Mr. Forbes added . “ I am incredibly proud of our people , and I am grateful to them , to our investors and to our clients Page 1 of 17