Solution Financial Reports Q2 2023 Financial Results
Solution Financial Reports Q2 2023 Financial Results
Calgary, Alberta and Vancouver, British Columbia--(Newsfile Corp. - June 13, 2023) - Solution Financial Inc. (TSX: SFI) (the "Company") a leading provider of luxury automotive and yacht leasing in Canada, today announced its financial results for the second quarter ending April 30, 2023.
阿爾伯塔省卡爾加裡和不列顛哥倫比亞省溫哥華-(Newsfile Corp.-2023年6月13日)-Solution Financial Inc.(多倫多證券交易所股票代碼：SFI)(“公司“)加拿大領先的豪華汽車和遊艇租賃提供商今天公佈了截至2023年4月30日的第二季度財務業績。
Earnings Highlights for the Quarter:
本季度收益亮點：
- Revenues were $3.5 million, down from the comparative quarter which was $5.6 million.
- Net income was $37,826 compared to net income of $203,054 during the comparative quarter.
- Adjusted net income(1) was $136,707, down from $263,690 during the comparative quarter.
- Total lease portfolio decreased to $24.7 million compared to $24.8 million during the prior quarter.
- 收入為350萬美元，低於上一季度的560萬美元。
- 淨收入為37,826美元，而上一季度的淨收入為203,054美元。
- 調整後淨收益(1)為136,707美元，低於上一季度的263,690美元。
- 總租賃組合減少到2470萬美元，而上一季度為2480萬美元。
"Our performance in the second quarter of 2023 was hindered by the high prime borrowing rates introduced to address inflationary challenges in Canada, along with the ongoing sluggishness in new vehicle releases across our key markets," explained Bryan Pang, CEO of Solution. "In 2022, we took advantage of the scarcity issue in the luxury market and achieved significant sales by capitalizing on the attractive gross profit premiums available. However, in 2023, our focus has shifted to sustaining and expanding our lease portfolio. To accomplish this, we are leveraging our Securitization facility with SunLife, enabling us to offer highly competitive solutions to our long-standing dealerships in BC and Alberta, as well as exploring new opportunities in Ontario. The Company's experience in navigating slowdowns lies in exercising patience and staying committed to our fundamental strategies," concluded Bryan.
Solution首席執行官Bryan Pang解釋說：“我們在2023年第二季度的業績受到加拿大為應對通脹挑戰而引入的高優惠借款利率的阻礙，以及我們主要市場新車發佈的持續低迷。”布萊恩總結道：“2022年，我們利用了奢侈品市場的稀缺性問題，通過利用誘人的毛利溢價實現了可觀的銷售。然而，2023年，我們的重點已轉向維持和擴大我們的租賃組合。為了實現這一目標，我們正在利用我們與SunLife的證券化設施，使我們能夠為我們在不列顛哥倫比亞省和艾伯塔省的長期經銷商提供極具競爭力的解決方案，並在安大略省探索新的機會。該公司在駕馭經濟放緩方面的經驗在於保持耐心，並致力於我們的基本戰略，”布萊恩總結道。
Solution is reporting net income of $37,826 or ($0.0004), per share for the quarter ending April 30, 2023. This compares to net income of $203,054 or $0.002 per share for the quarter ending April 30, 2022.
Solution報告截至2023年4月30日的季度淨收入為37,826美元，合每股0.0004美元。相比之下，截至2022年4月30日的季度淨收入為203,054美元，合每股0.002美元。
Adjusted net income, which is more reflective of actual cash earnings, for the quarter ending April 30, 2023, was $136,707(1) or $0.002 per share compared to $275,827 or $0.003 per share for the quarter ending April 30, 2022. Adjusted Net Income excludes the non-cash accretion expense related to the convertible debentures and right-of-use assets of $65,559, income tax provision of $14,000, amortization expense of $15,659, and non-cash credit provisions of $3,663.
截至2023年4月30日的季度，調整後的淨收益(更能反映實際現金收益)為136,707美元(1)或每股0.002美元，而截至2022年4月30日的季度為275,827美元，或每股0.003美元。調整後的淨收入不包括與可轉換債券和使用權資產有關的非現金增值支出65,559美元、所得稅撥備14,000美元、攤銷支出15,659美元和非現金信貸撥備3,663美元。
Solution's operating cash flow for the three months ending April 30, 2023 saw net outflows of $133,332 (net of the operating lease asset disposals) compared to cash inflows of $290,278 during the comparative quarter of 2022.
截至2023年4月30日的三個月，Solution的運營現金流淨流出133,332美元(扣除運營租賃資產處置後的淨額)，而2022年同期的現金流入為290,278美元。
Lease Portfolio
租賃組合
At April 30, 2023, Solution had 295 vehicles in its lease portfolio, a net decrease of 3 vehicles during the quarter to bring the total lease portfolio to $24.6 million.
截至2023年4月30日，Solution的租賃組合中有295輛汽車，本季度淨減少3輛，使租賃組合總額達到2460萬美元。
At April 30, 2023, the average remaining lease term for the portfolio was 1.9 years, weighted by net book value for each vehicle. At April 30, 2023, Solutions' 295 leases were generating annualized gross rental and lease revenue of approximately $6.5 million.
截至2023年4月30日，該投資組合的平均剩餘租賃期為1.9年，按每輛車的賬面淨值加權。截至2023年4月30日，Solutions的295個租約產生的年化總租金和租賃收入約為650萬美元。
About Solution
關於解決方案
Solution Financial Inc. was founded in 2004 and is headquartered in Richmond, British Columbia, and Calgary, Alberta. Solution specializes in sourcing and leasing luxury and ultra luxury vehicles, yachts, and other limited-edition assets that tend to hold their value over time. The Company pioneered an innovative leasing program that has helped make Metro Vancouver the luxury car capital of North America. Solution utilizes a streamlined finance leasing model specializing in assets with limited supply and high resale value. This leasing alternative has proven extremely popular with affluent immigrants, international students, and business owners who may have limited credit histories in Canada or prefer more flexible vehicle ownership options.
Solution Financial Inc.成立於2004年，總部設在不列顛哥倫比亞省的裡士滿和艾伯塔省的卡爾加裡。Solution專門採購和租賃豪華和超豪華汽車、遊艇和其他限量版資產，這些資產往往會隨著時間的推移而保值。該公司開創了一項創新的租賃計劃，幫助溫哥華大都會成為北美豪華汽車之都。Solution採用簡化的融資租賃模式，專門從事供應有限、轉售價值高的資產。事實證明，這種租賃替代方案在富裕的移民、國際學生和企業主中非常受歡迎，他們在加拿大的信用記錄可能有限，或者喜歡更靈活的車輛擁有方式。
Note 1- Non-IFRS Financial Metrics
注1--非國際財務報告準則財務指標
Solution provides all financial information in accordance with International Financial Reporting Standards ("IFRS"). To supplement our consolidated financial statements presented in accordance with IFRS, we are also providing with this press release, certain non-IFRS financial measures, including Adjusted Net Income. In calculating these non-IFRS financial measures, we have excluded certain transactions that are not necessarily indicative of our ongoing operations or do not impact cash flows. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
解決方案根據國際財務報告準則(“IFRS”)提供所有財務資訊。為了補充我們根據《國際財務報告準則》編制的綜合財務報表，我們還向本新聞稿提供了某些非《國際財務報告準則》的財務指標，包括調整後淨收入。在計算這些非《國際財務報告準則》財務指標時，我們排除了某些交易，這些交易不一定表明我們正在進行的業務或不影響現金流。這些措施不是《國際財務報告準則》規定的公認措施，也沒有國際財務報告準則規定的標準化含義，因此不太可能與其他發行人提出的類似措施相提並論。不應孤立地考慮這些措施，也不應將其作為對我們根據《國際財務報告準則》報告的財務資訊的分析的替代。
Cautionary Statement Regarding Forward-Looking Statements
關於前瞻性陳述的警告性聲明
This press release contains "forward-looking information" as defined under applicable Canadian securities laws. This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management's beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Although forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. Certain statements included in this press release may be considered a "financial outlook" for purposes of applicable Canadian securities laws, and as such the financial outlook may not be appropriate for purposes other than this press release.
本新聞稿包含根據適用的加拿大證券法定義的“前瞻性資訊”。這些資訊包括但不限於關於我們的目標、我們實現這些目標的戰略的陳述，以及關於管理層的信念、計劃、估計、預測和意圖的陳述，以及關於非歷史事實的預期未來事件、結果、情況、業績或預期的類似陳述。前瞻性資訊一般可通過使用“展望”、“客觀”、“可能”、“將”、“預期”、“打算”、“估計”、“預期”、“相信”、“應該”、“計劃”或“繼續”等前瞻性術語來確定，或暗示未來結果或事件的類似表述。這些前瞻性資訊反映了管理層目前的信念，並以管理層目前可獲得的資訊為基礎。儘管本新聞稿中包含的前瞻性資訊是基於管理層認為合理的假設，但不能保證實際結果將與這些前瞻性資訊一致。就適用的加拿大證券法而言，本新聞稿中包含的某些陳述可能被視為“財務展望”，因此財務展望可能不適用於本新聞稿以外的其他目的。
The forward-looking information contained in this press release is made as of the date of this press release and should not be relied upon as representing Solution's views as of any date subsequent to the date of this press release. Except as required by applicable law, management and Solution's Board of Directors undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
本新聞稿中包含的前瞻性資訊是截至本新聞稿發佈之日的，不應被視為代表Solution在本新聞稿發佈之日之後的任何日期的觀點。除非適用法律要求，否則管理層和解決方案的董事會不承擔公開更新或修改任何前瞻性資訊的義務，無論是由於新資訊、未來事件還是其他原因。
For further information please contact Sean Hodgins at (778) 318-1514.
欲瞭解更多資訊，請致電(778)318-1514聯繫肖恩·哈金斯。
ON BEHALF OF THE BOARD
我代表董事會
(signed) "Bryan Pang"
Brian Pang
President, CEO and Director
(簽署)“彭“
彭
董事首席執行官總裁
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