AXIS REPORTS Q2 FISCAL 2023 FINANCIAL RESULTS
Axis Auto Finance Inc. has released financial results for the second quarter of fiscal 2023 ended Dec. 31, 2022.
Q2 2023 FINANCIAL HIGHLIGHTS:
Auto loan portfolio of $252.2 million, up 28% year-over-year;
Equipment finance portfolio of $48.0 million, up 612% year-over-year;
Total owned and managed finance receivables of $300.2 million, up 47% year-over-year;
Revenues increased 6% to $10.6 million year-over-year; and
Adjusted earnings of $0.7 million.
For the quarter ending December 31, 2022, auto loan originations were $35.7 million, consisting of $15.1 million owned and on balance sheet, while $20.6 million were volumes managed for Westlake Financial Services ("Westlake"). Axis' total owned and managed auto portfolio reached a record $252.2 million, consisting of $142.5 million of on balance sheet assets and $109.7 million in Westlake managed assets.
Equipment finance origination volumes in the quarter were $27.3 million, representing an 11% year-over-year increase, and consisted of $14.2 million owned and on balance sheet, with $13.1 million being brokered for third parties or originated for syndication partners. In aggregate, the Axis on balance sheet portfolio increased 35% year-over- year, to a record $187.0 million.
Revenues for the quarter were $10.6 million, an increase of 6% year-over-year.
Annualized auto portfolio credit losses for the quarter were 8.03%, up from 7.77% during the same period in prior year, while the Company concluded the quarter with reportable delinquency of 5.58%.
Adjusted earnings for the quarter was $0.7 million, or $0.006 per share, as compared to $1.6 million or $0.013 per share for the comparable quarter of 2022. The Company recorded a net loss for the quarter of $0.5 million or $0.004 per share, as compared to net income of $0.2 million or $0.002 per share in the second quarter of 2022. Adjusted shareholder equity was $58.7 million, or $0.48 per share, at December 31, 2022.
About Axis Auto Finance
Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing, and get the car delivered to their home. In addition, the company continues to grow B2B non-prime auto loan originations by delivering innovative technology solutions and superior service to its Dealer Partner Network. All Axis auto loans report to Equifax, 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/.
© 2023 Canjex Publishing Ltd. All rights reserved.