Element Fleet Management TSE: EFN reported second-quarter results that included double-digit growth in adjusted net revenue and adjusted earnings per share, while management highlighted progress in its capital-light funding strategy, digital transformation efforts and expansion into autonomous-vehicle fleet services. President and Chief Executive Officer Laura Dottori-Attanasio said adjusted net revenue increased 10% from a year earlier, adjusted EPS rose 12%, and adjusted return on equity reached 19.6%. She said the company generated record first-half revenue as services revenue re-accelerated and Element completed its inaugural equity residual transaction. “Our first half performance reinforces that we are executing against the priorities that matter most, delivering greater value for clients, operating more efficiently, and creating long-term value for shareholders,” Dottori-Attanasio said. Revenue Growth and Operating Performance Executive Vice President and Chief Financial Officer Heath Valkenburg said adjusted net revenue totaled $318 million in the second quarter, up 10% year over year. Service revenue rose 8% to $164 million, supported by growth in vehicles under management and higher service revenue per vehicle. Vehicles under management ended the quarter at 1.56 million, a 3% year-over-year increase. Element continues to target annual growth of 2% to 4% in vehicles under management, according to Valkenburg. Net financing revenue increased 7% to $136 million. Valkenburg attributed the gain to higher average net earning assets, benefits from the company’s leasing initiative and changes to its funding platform. Core net financing revenue yield rose 35 basis points to 5.12%, despite a provision for credit losses tied to a client-specific matter discussed in the prior quarter. The company said it is now fully provided for that exposure and expects annual credit losses to remain within its historical range of approximately 1 to 2 basis points over time. Syndication revenue rose 58% year over year to $18 million, aided by higher syndication