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● gelement News Release Amounts in $ CAD unless otherwise noted Element Reports Resilient Third Quarter Results , Increases Common Dividend , Renews NCIB and Provides Outlook on 2022 and 2023 Element's third quarter net revenue increased 0.4 % -- and 4.4 % in constant currency -- over Q3 2020 Free cash flow per share for Q3 grew 9.0 % year - over - year and 14.7 % year - over - year in constant currency Adjusted operating income was $ 125.6 million for the quarter , equivalent to $ 0.21 per share Q3 services revenue grew 5.2 % from last year and 9.4 % in constant currency -- controlling for the one - time services revenue benefit in Q3 2020 Capital - light services and syndication revenues made up 55.3 % of Q3 net revenue , and enhanced adjusted pre - tax return on common equity by 40 basis points quarter - over - quarter to 15.7 % Element today announced a 19 % common dividend increase , from $ 0.26 to $ 0.31 annually per share , and TSX approval of the renewal of the Company's normal course issuer bid to continue repurchasing common shares The Company's global Order backlog grew 33 % from Q2 to $ 2.0 billion , representing an estimated $ 30 million to $ 50 million of deferred revenue , operating income and cash flow TORONTO , ON , November 10 , 2021 - Element Fleet Management Corp. ( TSX : EFN ) ( “ Element " or the " Company " ) , the largest pure - play automotive fleet manager in the world , today announced financial and operating results for the three and nine months ended September 30 , 2021 showcasing the Company's resilient business model , as well as a 19 % common dividend increase , renewal of its normal course issuer bid ( " NCIB " ) , and the Company's outlook on 2022 and 2023 . Element's market - leading platform generated adjusted operating income ( " AOI " ) of $ 125.6 million in Q3 , equivalent to $ 0.21 per share , flat to Q3 2020 and up $ 0.01 per share from last quarter in constant currency . Element reported net income of $ 84.9 million or $ 0.18 per share for the quarter , a $ 0.04 per share increase year - over - year and $ 0.01 per share increase quarter - over - quarter . Net revenue rose 0.4 % on a nominal basis and 4.4 % in constant currency over Q3 last year , while year - to - date net revenue is up 1.7 % and 7.0 % on the same bases respectively . Q3 free cash flow of $ 0.27 per share is a $ 0.02 per share increase from Q3 2020 , and a $ 0.04 per share or 14.7 % increase in constant currency . Element's expanding year - to - date and last - twelve - month operating margins evidence the scalability of the Company's platform , as does 5.4 % year - to - date AOI growth versus prior year , which is 11.3 % growth in constant currency . Advancing Element's capital - lighter business model through syndication and growing services revenue has enhanced pre - tax return on equity to 15.7 % as of the end of the quarter . " Our business has never performed better , nor have we been better positioned in the market , " said Jay Forbes , President and Chief Executive Officer of Element . " We significantly advanced our Page 1 of 17