Axis Reports Q2 2024 Financial Results
Q2 2024 Financial Highlights
-
Total originations of
$36.4 million , consisting of$8.2 million in automotive originations and$28.2 million in equipment originations; -
Revenues of
$11.1 million in the quarter, a 4.1% increase year-over-year; -
Adjusted loss(1)of
($0.5) million as compared to Adjusted earnings of$0.3 million in prior year; and -
Net loss of
($1.0) million , as compared to a net loss of($0.5) million in the second quarter of fiscal 2023.
For the quarter ending
Equipment finance origination volumes in the quarter were
Revenues for the quarter were
Adjusted loss(1) for the quarter was
Axis Reconciliation (3) of Net Income (Loss) to Adjusted Earnings (Loss) – Second Quarter
Q2 2024 |
Q2 2023 |
|||
Net Income (Loss), as reported in financial statements |
(970,178) |
(467,949) |
||
Adjustments: |
|
|
||
Non-cash interest |
262,031 |
332,860 |
||
Depreciation |
162,230 |
200,479 |
||
Amortization |
148,300 |
178,666 |
||
Acquisitions and integration |
18,289 |
- |
||
Stock-based compensation |
(10,541) |
184,883 |
||
IFRS-16 lease expense |
(72,947) |
(88,946) |
||
Adjusted Earnings (Loss) |
(462,816) |
339,993 |
Axis Reconciliation (3) of Net Income (Loss) to Adjusted Earnings (Loss) – Year to Date
YTD
|
|
YTD
|
||
Net Income (Loss), as reported in financial statements |
(3,297,179) |
(1,376,296) |
||
Adjustments: |
|
|
||
Non-cash interest |
501,086 |
589,349 |
||
Depreciation |
342,878 |
400,334 |
||
Amortization |
298,089 |
356,326 |
||
Acquisitions and integration |
280,673 |
22,874 |
||
Stock-based compensation |
58,186 |
275,767 |
||
IFRS-16 lease expense |
(148,997) |
(178,034) |
||
Adjusted Earnings (Loss) |
(1,965,264) |
90,320 |
About
Axis is a fintech lender providing alternative used vehicle financing options to non-prime borrowers. Axis loans are offered through over 3,000 automotive dealers nationwide. Approximately 30% of Canadians (Source: Equifax) that have credit scores in the non-prime range. All Axis auto loans report to the credit bureau, resulting in over 70% of customers seeing a significant improvement of their credit scores. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.
(1)Adjusted loss is a non-IFRS measure as defined in the Company’s MD&A, which is published on Sedar. Refer to pages 5 and 6 of the MD&A, that is incorporated by reference.
(2)Annualized realized credit loss rate is a non-IFRS measure as defined in the Company’s MD&A which is published on Sedar. Refer to pages 5 and 6 of the MD&A, that is incorporated by reference.
(3) The reconciliation from Net Income (Loss) to Adjusted Earnings (Loss) for the current quarter and for the full fiscal year is shown on page 15 of the Company’s MD&A, which includes the basis for adjustments.
Non-IFRS Measures
The Company’s audited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the
The Company believes that certain Non-IFRS Measures can be useful to investors because they provide a means by which investors can evaluate the Company’s underlying key drivers and operating performance of the business, exclusive of certain adjustments and activities that investors may consider to be unrelated to the underlying economic performance of the business of a given period. A full description of these measures can be found in the Management Discussion & Analysis that accompanies the financial statements for the corresponding period, which is published on Sedar.
The TSX Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214681408/en/
CEO
(416) 633-5626
ir@axisautofinance.com
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