ELEEF - Element Fleet Management Corp. (ELEEF) Q1 2024 Earnings Call Transcript
2024-05-15 17:50:09 ET
Element Fleet Management Corp. (ELEEF)
Q1 2024 Earnings Conference Call
May 15, 2024, 08:00 AM ET
Company Participants
Laura Dottori-Attanasio - President & Chief Executive Officer
Frank Ruperto - Executive Vice President & Chief Financial Officer
Conference Call Participants
Geoff Kwan - RBC Capital Markets
Paul Holden - CIBC
Jaeme Gloyn - National Bank Financial
Tom MacKinnon - BMO Capital
Graham Ryding - TD Securities
Stephen Boland - Raymond James
Presentation
Operator
Good Morning ladies and gentlemen, and welcome to Element Fleet Management's First Quarter 2024 Financial and Operating Results Conference Call. At this time, all participants are in listen only mode and you are reminded that this call is being recorded. Following the prepared remarks, there will be an opportunity for analysts to ask questions.
[Operator Instructions] Element wishes to caution listeners that today's information contains forward looking statements. The assumptions on which they are based and the material risks and uncertainties that could cause them to differ are outlined in the company's year-end and most recent MD&A, as well as its most recent AI's.
Although management believes that the expectations are expressed in the statements are reasonable, actual results could differ materially. The company also reminds listeners that today's call references certain non-GAAP and supplemental financial measures. Management measures performance on a reported and adjusted basis and considers both to be useful in providing readers with a better understanding of how it assesses results.
Reconciliation of these non-GAAP financial measures to IFRS measures can be found in the company's most recent MD&A. I would now like to turn the call over to Laura Dottori-Attanasio, Chief Executive Officer of Element Fleet. Please go ahead.
Laura Dottori-Attanasio
Good morning and thank you all for joining us today. We had a strong start to 2024. This quarter we achieved record net revenue of $262.5 million and adjusted earnings per share of $0.27, demonstrating robust revenue results. The impressive performance of our cost revenue results. The impressive performance of our commercial team continues to deliver, adding 39 new clients, 59% of which were self-managed conversions and adding 178 share of wallets services and continuing to drive higher service penetration and utilization rates.
All of this was pivotal in driving our solid growth. These results highlight the exceptional quality of our team and the trust our clients have in our ability to contribute to their success. Our strong revenue allowed us to expedite investments in our business, to support our growth, to refine our service delivery model, and to establish the groundwork for our digitization and automation initiatives which will benefit our clients and ensure our continued market leadership.
While prioritizing these investments, we also maintained solid adjusted operating margins this quarter, expanding margins by 30 basis points on a year-over-year basis. We continue to make progress in client satisfaction, achieving a net promoter score of 48 this quarter. As our client centric focus further enhances the client experience....
Element Fleet Management Corp. (ELEEF) Q1 2024 Earnings Call Transcript