Enerflex Ltd.
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Feb 27, 2025
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EX-99.3 · EI Contract Backlog
EI Contract Backlog
The Company’s EI contract backlog is recognized from lease agreements executed with clients for leasing and/or operations and maintenance of the Company’s EI assets. Lease agreements executed during the period increases EI contract backlog while revenue recognized on EI products decreases the EI contract backlog in the period the revenue is recognized.
Enerflex has lease agreements with clients for EI assets with initial terms ranging from one to 10 years. Enerflex provides information on the recognition of revenue of EI contract backlog in Note 21 of the Financial Statements.
The following table sets forth EI contract backlog by reporting segment:
| ($ millions) | December 31, 2024 | December 31, 2023 | January 1, 2023 |
|---|---|---|---|
| NAM | $136 | $83 | $60 |
| LATAM | 458 | 496 | 783 |
| EH | 951 | 1,121 | 1,275 |
| Total EI contract backlog | $1,545 | $1,700 | $2,118 |
Enerflex reported EI contract backlog of $1.5 billion at December 31, 2024, a decrease when compared to the backlog of $1.7 billion at December 31, 2023. The decrease is largely due to conversion of an operating lease that is now accounted for as a finance lease due to a contract extension and modification in the first quarter of 2024 in EH, and revenue recognition from existing contracts in EH and LATAM. NAM’s backlog increased as a result of new contracts.
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