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NuVasive Announces Second Quarter 2022 Financial Results
Published: Aug. 3, 2022 at 3:05 PM CDT|Updated: 52 minutes ago
–Strong year-over-year net sales growth, driven by new product introductions–
–Company reiterates full-year guidance range for reported year-over-year net sales growth of 6%–8%–
–Company updates full-year guidance range for GAAP diluted EPS; maintains prior non-GAAP diluted EPS range provided May 4, 2022–
SAN DIEGO, Aug. 3, 2022 /PRNewswire/ -- NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, today announced financial results for the quarter ended June 30, 2022.
Second Quarter 2022
Net sales were $310.5 million, a 5.3% increase as reported and a 7.8% increase on a constant currency basis, compared to the prior year period;
GAAP operating margin of 10.7%; Non-GAAP operating margin of 13.0%; and
GAAP diluted loss per share of ($0.02); Non-GAAP diluted earnings per share of $0.47.
"We are encouraged by our top-line growth in the second quarter, driven by procedure volumes, new product introductions, and continued global execution of our growth strategies," said Chris Barry, chief executive officer of NuVasive. "As surgeons look for differentiated technologies to enable more intelligent surgery, our C360 portfolio, X360 portfolio and Pulse platform will continue to support our innovation strategy. While we are experiencing the macro environmental pressures that face many companies, we remain focused on our commitment to deliver value to all stakeholders—most importantly, to change the lives of more patients around the world."
Second Quarter 2022 Results NuVasive reported total net sales of $310.5 million, a 5.3% increase as reported and a 7.8% increase on a constant currency basis, compared to $294.8 million in the prior year period. Second quarter 2022 total net sales were driven by the 2021 commercial launches of the Simplify Cervical Disc and the Pulse platform, as well as higher procedure volume in the U.S. and strong international performance.
For the second quarter of 2022, GAAP gross profit was $224.7 million, compared to $216.5 million in the prior year period. GAAP gross margin was 72.4%, compared to 73.4% in the prior year period. On a non-GAAP basis, gross profit was $224.7 million, compared to $217.1 million in the prior year period. Non-GAAP gross margin was 72.4%, compared to 73.6% in the prior year period.
The Company reported GAAP net loss of ($0.9) million, or diluted loss per share of ($0.02), compared to GAAP net income of $1.8 million, or diluted earnings per share of $0.03 in the prior year period. On a non-GAAP basis, the Company reported net income of $24.8 million, or diluted earnings per share of $0.47, compared to non-GAAP net income of $31.2 million, or diluted earnings per share of $0.60 in the prior year period.
Cash and cash equivalents were $226.0 million as of June 30, 2022.
Full-year 2022 Financial Guidance Based on the Company's strong performance for the six months ended June 30, 2022, the Company reiterated its full-year guidance range for reported net sales growth. Based on updated expectations for foreign currency exchange rates, the Company revised its guidance range for constant currency net sales growth, as well as for GAAP operating margin, as shown in the table below. In addition, the Company updated its full-year guidance range for GAAP diluted EPS and maintained its prior non-GAAP diluted EPS range provided on May 4, 2022.
A full reconciliation of GAAP to non-GAAP financial measures can be found in the tables of this press release and in the Investor Relations section of our website.
Conference Call and Webcast NuVasive will hold a conference call on Wednesday, August 3, 2022, at 4:30 p.m. ET / 1:30 p.m. PT to discuss the results of its financial performance for the second quarter 2022. The dial-in numbers are 1-877-407-9039 for domestic callers and 1-201-689-8470 for international callers. A live webcast of the conference call and supplemental financial information of our second quarter 2022 results will be available on the Investor Relations page of our website at www.nuvasive.com. An audio replay of the call will be available until August 10, 2022. The replay dial-in numbers are 1-844-512-2921 for domestic callers and 1-412-317-6671 for international callers. Please use pin number: 13731013. In addition, the webcast will be archived on NuVasive's website.
About NuVasive NuVasive, Inc. (NASDAQ: NUVA) is the leader in spine technology innovation, with a mission to transform surgery, advance care, and change lives. The Company's less-invasive, procedurally integrated surgical solutions are designed to deliver reproducible and clinically proven outcomes. The Company's comprehensive procedural portfolio includes surgical access instruments, spinal implants, fixation systems, biologics, software for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative neuromonitoring technology and service offerings. With more than $1 billion in net sales, NuVasive operates in more than 50 countries serving surgeons, hospitals, and patients. For more information, please visit www.nuvasive.com.
Reconciliation of GAAP to Non-GAAP Information Management uses certain non-GAAP financial measures such as non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP net income (loss), and non-GAAP diluted earnings (loss) per share. These non-GAAP financial measures exclude amortization of intangible assets, business transition costs, purchased in-process research and development, one-time restructuring charges, non-cash purchase accounting adjustments, inventory charges associated with product withdrawals, certain foreign currency impacts and related items in connection with acquisitions, investments and divestitures, certain litigation expenses and settlements, certain European medical device regulation costs, gains and losses from strategic investments, gains and losses from changes in fair value of derivatives, non-cash interest expense (excluding debt issuance cost) and other significant one-time items. Management also uses certain non-GAAP measures which are intended to exclude the impact of foreign exchange currency fluctuations. The measure constant currency utilizes an exchange rate that eliminates fluctuations when calculating financial performance numbers. The Company also uses measures such as free cash flow, which represents cash flow from operations less cash used in the acquisition and disposition of capital. Additionally, the Company uses an adjusted EBITDA measure which represents earnings before interest, taxes, depreciation and amortization and excludes the impact of stock-based compensation, business transition costs, purchased in-process research and development, one-time restructuring charges, non-cash purchase accounting adjustments, inventory charges associated with product withdrawals, certain foreign currency impacts and related items in connection with acquisitions, investments and divestitures, certain litigation expenses and settlements, certain European medical device regulation costs, gains and losses on strategic investments, gains and losses from changes in fair value of derivatives and other significant one-time items.
Management calculates the non-GAAP financial measures provided in this earnings release excluding these costs and uses these non-GAAP financial measures to enable it to further and more consistently analyze the period-to-period financial performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional information to enable them to assess, in the same way management assesses, the Company's current and future continuing operations. These non-GAAP measures are not in accordance with, or an alternative for, GAAP, and may be different from non-GAAP measures used by other companies. Set forth below in the financial tables accompanying this press release are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measure.
Forward-Looking Statements NuVasive cautions you that statements included in this news release or made on the investor conference call referenced herein that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive's results to differ materially from historical results or those expressed or implied by such forward-looking statements. In addition, this news release contains selected financial results from the second quarter 2022, as well as projections for 2022 financial guidance and expectations regarding longer-term financial performance. The Company's results for the second quarter of 2022 are prior to the completion of review and audit procedures by the Company's external auditors and are subject to adjustment. In addition, the Company's projections for 2022 financial guidance and expectations regarding longer-term financial performance represent initial estimates, and are subject to the risk of being inaccurate because of the preliminary nature of the forecasts, the risk of further adjustment, or unanticipated difficulty in selling products or generating expected profitability. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, the impact of the COVID-19 pandemic on the Company's business and financial results; the Company's ability to maintain operations to support its customers and patients in the near-term and to capitalize on future growth opportunities; risks associated with acceptance of the Company's surgical products and procedures by spine surgeons and hospitals, development and acceptance of new products or product enhancements, clinical and statistical verification of the benefits achieved via the use of NuVasive's products, the Company's ability to adequately manage inventory as it continues to release new products, its ability to recruit and retain management and key personnel, and the other risks and uncertainties more fully described in the Company's news releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.weau.com/prnewswire/2022/08/03/nuvasive-announces-second-quarter-2022-financial-results/ | 2022-08-03T20:57:30Z | https://www.weau.com/prnewswire/2022/08/03/nuvasive-announces-second-quarter-2022-financial-results/ | true |
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SAN JOSE, Calif., August 3, 2022 /PRNewswire/ -- Cisco has scheduled a conference call for Wednesday, August 17, 2022, at 1:30 PM (PT); 4:30 PM (ET) to announce its fourth quarter and fiscal year 2022 financial results for the period ending Saturday, July 30, 2022.
Financial results will be released over PR Newswire via US National and European Financial distribution, after the close of the market on Wednesday, August 17, 2022.
Cisco's quarterly earnings press release will be posted at newsroom.cisco.com.
Date:
Wednesday, August 17, 2022
Time:
1:30 PM (PT); 4:30 PM (ET)
To Listen via Telephone:
888-848-6507
212-519-0847 (for International Callers)
RSVP:
No RSVP is necessary
To Listen via the Internet:
We are pleased to offer a live and replay audio broadcast of the conference call with corresponding slides at https://investor.cisco.com.
Replay:
A telephone playback of the Q4 and FY2022 conference call is scheduled to be available beginning at 4:00 PM (PT) on August 17, 2022, through 4:00 PM (PT) August 24, 2022. The replay will be accessible by calling 866-517-3736 (International callers: 203-369-2047). The call runs 24 hours/day, including weekends.
An archived version of the webcast will be available on Cisco's Investor Relations website at https://investor.cisco.com.
Cisco (NASDAQ: CSCO) is the worldwide leader in technology that powers the Internet. Cisco inspires new possibilities by reimagining your applications, securing your data, transforming your infrastructure, and empowering your teams for a global and inclusive future. Discover more on The Newsroom and follow us on Twitter.
Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.
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SOURCE Cisco Systems, Inc. | https://www.wcjb.com/prnewswire/2022/08/03/cisco-schedules-conference-call-q4-fiscal-year-2022-financial-results/ | 2022-08-03T21:03:53Z | https://www.wcjb.com/prnewswire/2022/08/03/cisco-schedules-conference-call-q4-fiscal-year-2022-financial-results/ | false |
Better-than-expected COVID-19 vaccine sales pushed Moderna past Wall Street’s second-quarter forecasts.
The company said that its Spikevax vaccine brought in $4.53 billion during the quarter. Analysts were looking for around $3.6 billion, according to FactSet.
Moderna shares surged Wednesday after the company also announced another $3 billion share buyback plan.
Moderna’s vaccine sales in the second quarter represent a drop from the nearly $6 billion that the vaccine brought in during the year’s first quarter, when a virus surge through the United States pushed more people to seek protection.
But those sales could pick up again later this year.
Moderna has developed an updated version of its vaccine for a fall booster campaign that combines the original shot with protection against the omicron variant.
The company announced last week that it reached a deal with the U.S. government for an initial purchase of 66 million doses of the booster shot for up to $1.74 billion. The government also has an option to purchase more doses.
The COVID-19 vaccine is Moderna’s main source of revenue, outside of grants and money from collaborations. Total revenue climbed 9% in the second quarter to $4.75 billion.
But operating expenses also swelled 78% to $2.3 billion for the vaccine maker, which has several products in late-stage clinical trials, the most expensive phase of research.
Moderna had $499 million in inventory write-downs in the quarter tied to vaccine doses that exceeded or were expected to exceed their shelf lives before being used. The company also said it booked another loss and an expense for unused manufacturing capacity due partly to a “substantial reduction” in expected deliveries to the COVAX vaccine-sharing program.
Overall, net income plunged 21% to $2.2 billion in the second quarter, and earnings totaled $5.24 per share.
Analysts expected earnings of $4.58 per share on about $4.1 billion in revenue, according to FactSet.
Moderna said Wednesday that its board authorized an additional $3 billion share repurchase program to return capital to shareholders. The company has repurchased 16 million shares since last year’s final quarter. It still has about $1 billion left on another $3 billion repurchase program it announced in February.
Shares of Cambridge, Massachusetts-based Moderna Inc. jumped more than 15% in midday trading to $185.83 while broader indexes climbed over 1%.
___
Follow Tom Murphy on Twitter: @thpmurphy | https://pix11.com/business/ap-business/covid-19-vaccine-sales-push-moderna-past-expectations-in-q2/ | 2022-08-03T21:04:07Z | https://pix11.com/business/ap-business/covid-19-vaccine-sales-push-moderna-past-expectations-in-q2/ | false |
OAKLAND, Calif., Aug. 3, 2022 /PRNewswire/ -- The Clorox Company (NYSE: CLX) today reported results for the fourth quarter and fiscal year 2022, which ended June 30, 2022.
Fourth-Quarter Fiscal Year 2022 Summary
The following is a summary of key fourth-quarter results. All comparisons are with the fourth quarter of fiscal year 2021 unless otherwise stated.
- Net sales of $1.8 billion were flat versus the year-ago quarter, as lower shipments were offset by the benefit of pricing. Organic sales1 were up 1%. The three-year average growth rate for net sales was 3%.
- Gross margin of 37.1% was flat versus the year-ago quarter, due mainly to ongoing elevated commodity costs and manufacturing and logistics costs, offset by the benefits of pricing and cost savings initiatives.
- Diluted net earnings per share (diluted EPS) increased 4% to 81 cents from 78 cents in the year-ago quarter, reflecting the previous year's 17-cent noncash charge in connection with investments and related arrangements made with a Professional Products business unit supplier. This was partially offset by a 12-cent charge in the current period related to investments in the company's long-term strategic digital capabilities and productivity enhancements.
- Adjusted EPS1 decreased 2% to 93 cents versus 95 cents in the year-ago quarter, driven mainly by a higher effective tax rate, partially offset by lower advertising.
"Over this quarter and the fiscal year, we navigated through challenging operating conditions by taking pro-active steps to rebuild margin and invest in the areas of the business that would best position Clorox for long-term success. This has allowed us to report results in line with our expectations and deliver another quarter of sequential margin improvement," said CEO Linda Rendle. "The streamlined operating model we announced today to create a faster, simpler company is designed to increase efficiency, move decision-making closer to consumers and customers, and enable us to better meet their needs. This is another important step in implementing our IGNITE strategy of reimagining how we work, complementing the digital transformation initiative that's already underway.
"Looking to fiscal year 2023, the environment remains difficult, with consumer behaviors adapting to ongoing inflation as well as continued normalization in our cleaning and disinfecting portfolio. We're addressing these challenges head-on while taking steps to keep our categories healthy and offer superior consumer value. Guided by our IGNITE strategy, we're confident that, despite these headwinds, our actions will position us well to deliver profitable growth over time and build a stronger, more resilient company."
This press release includes certain non-GAAP financial measures. See "Non-GAAP Financial Information" at the end of this press release for more details.
Strategic and Operational Highlights
The following are highlights of business and ESG achievements in the fourth quarter:
- Delivered net sales growth in three of four reportable segments.
- Continued to execute cost-justified pricing actions across the vast majority of the portfolio.
- Launched first direct-to-consumer online platform for the Clorox brand in July.
- Expanded Brita partnership program — which provides products to municipalities as a short-term solution to lead in drinking water — to include 25 municipalities, reducing reliance on single-use plastic bottled water.
- Launched Healthy Parks Project, a multiyear investment in environmental justice through a partnership with city parks in communities where Clorox operates.
- Named to 100 Best Corporate Citizens list by 3BL Media, 2022 50 Out Front list of the Best Places to Work for Women & Diverse Managers by Diversity MBA (ranking No. 10) and Best Employers for Diversity 2022 list by Forbes and Statista (ranking No. 8 out of 500 companies).
Key Segment Results
The following is a summary of key fourth-quarter results by reportable segment. All comparisons are with the fourth quarter of fiscal year 2021, unless otherwise stated.
Health and Wellness (Cleaning; Professional Products; Vitamins, Minerals and Supplements)
- Net sales decreased 5%, with lower sales in all three businesses. The decrease was driven by 18 points of lower volume, which was partially offset by 13 points of favorable price mix.
- Segment pretax earnings increased 650%, driven by the previous year's noncash charge to the Professional Products business. On an adjusted basis2, segment pretax earnings increased 206%, primarily reflecting lower advertising investments.
Household (Bags and Wraps; Grilling; Cat Litter)
- Net sales increased 4%, reflecting increases in two of three businesses. Growth was driven primarily by 8 points of favorable price mix, which was partially offset by 4 points of lower volume.
- Segment pretax earnings decreased 12%, primarily due to higher manufacturing and logistics costs and higher commodity costs, partially offset by the benefits of pricing and cost savings initiatives.
Lifestyle (Food; Natural Personal Care; Water Filtration)
- Net sales increased 1%, reflecting growth in two of three businesses. The increase was driven primarily by 4 points of favorable price mix, which was partially offset by 3 points of lower volume.
- Segment pretax earnings decreased 33%, mainly due to higher commodity costs and manufacturing and logistics costs.
International (Sales Outside the U.S.)
- Net sales increased 4%, driven by 13 points of favorable price mix, which was partially offset by 8 points of unfavorable foreign exchange rates and 1 point of lower volume. Organic sales growth was 12%.
- Segment pretax earnings were flat, driven by the benefit of pricing, which was offset by higher commodity costs and higher manufacturing and logistics costs.
Fiscal Year 2022 Summary
The following is a summary of key fiscal year 2022 results. All comparisons are to fiscal year 2021.
- Net sales decreased 3% (2% organic sales decrease) primarily due to 5 points of lower volume and 1 point of unfavorable foreign exchange rates, partially offset by 3 points of favorable price mix. The three-year average growth rate for net sales was 5%.
- Gross margin decreased 780 basis points to 35.8% from 43.6% in the year-ago period. The decrease was driven by higher manufacturing and logistics costs, increased commodity costs, and unfavorable mix, which were partially offset by the benefits of pricing and cost savings initiatives.
- Diluted EPS decreased 33% to $3.73 from $5.58 due to lower sales and gross margin, the one-time, noncash remeasurement gain recognized on the previously held equity interest in the Saudi joint venture in the prior period and investments in the company's long-term strategic digital capabilities and productivity enhancements. These factors were partially offset by the noncash impairment charges on assets held by the VMS business in the prior period.
- Adjusted EPS decreased 43% to $4.10 from $7.25, mainly driven by lower sales and gross margin, partially offset by lower advertising investments.
- Net cash provided by operations was $786 million, compared to $1.3 billion in fiscal year 2021, representing a 38% decrease.
Streamlined Operating Model to Improve Margins and Drive Growth
As part of its journey to Reimagine Work — one of the key pillars of its IGNITE strategy — Clorox is announcing a streamlined operating model to create a simpler, faster company. The operating model, which the company will begin implementing in the first quarter of fiscal year 2023, is designed to increase efficiency as well as move decision-making closer to consumers and customers in order to better anticipate and meet their needs.
The new operating model is expected to generate ongoing annual savings of approximately $75 million to $100 million, with benefits beginning in fiscal year 2023. The company expects selling and administrative expenses to be approximately 13% of sales over time as a result of the changes and its ongoing productivity efforts. It also expects to take a charge in connection with the new operating model of approximately $75 million to $100 million over fiscal years 2023 and 2024, with approximately $35 million, or about 20 cents, to be recognized in fiscal year 2023, mostly in other income and expense.
Fiscal Year 2023 Outlook
- Net sales are expected to be down 4% to up 2% compared to the prior year. Organic sales are expected to be down 3% to up 3%.
- Gross margin is expected to increase by about 200 basis points, primarily due to the combined benefit of pricing, cost savings and supply chain optimization, offset by continued cost inflation.
- Selling and administrative expenses are expected to be between 15% and 16% of net sales, which includes about 1.5 points of impact from the company's strategic investments in digital capabilities and productivity enhancements.
- Advertising and sales promotion spending is expected to be about 10% of net sales, reflecting the company's ongoing commitment to invest behind its brands.
- The company's effective tax rate is expected to be about 24%, with the year-over-year increase primarily reflecting lower excess tax benefits from equity compensation.
- Diluted EPS is expected to be between $3.10 and $3.47, or a decrease between 17% and 7%, respectively.
- Adjusted EPS is expected to be between $3.85 and $4.22, or a decrease of 6% to an increase of 3%, respectively. It reflects continued normalization of demand in parts of the portfolio that saw the most significant surge over the last two years and progress rebuilding gross margin. It also reflects the company's long-standing commitment to continue investing in its brands as well as a return to more normalized levels of incentive compensation and a higher effective tax rate. To provide greater visibility into the underlying operating performance of the business, adjusted EPS outlook excludes the long-term strategic investment in digital capabilities and productivity enhancements, estimated to be about 55 cents, and an estimated 20-cent charge related to the streamlined operating model announced today.
Clorox Earnings Conference Call Schedule
At approximately 4:15 p.m. ET today, Clorox will post prepared management remarks regarding its fourth-quarter and fiscal year 2022 results.
At 5 p.m. ET today, the company will host a live Q&A audio webcast with CEO Linda Rendle and Chief Financial Officer Kevin Jacobsen to discuss the results.
Links to the live (and archived) webcast, press release and prepared remarks can be found at Clorox Quarterly Results.
For More Detailed Financial Information
Visit the company's Quarterly Results for the following:
- Supplemental unaudited volume and sales growth information
- Supplemental unaudited gross margin driver information
- Supplemental unaudited cash flow information and free cash flow reconciliation
- Supplemental unaudited reconciliation of earnings before interest and taxes (EBIT) and adjusted EBIT
- Supplemental unaudited reconciliation of adjusted earnings per share
Note: Percentage and basis-point, or point, changes noted in this press release are calculated based on rounded numbers, except for per-share data and the effective tax rate.
The Clorox Company
The Clorox Company (NYSE: CLX) is a leading multinational manufacturer and marketer of consumer and professional products with about 9,000 employees worldwide and fiscal year 2022 sales of $7.1 billion. Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach and cleaning products; Pine-Sol® cleaners; Liquid-Plumr® clog removers; Poett® home care products; Fresh Step® cat litter; Glad® bags and wraps; Kingsford® grilling products; Hidden Valley® dressings and sauces; Brita® water-filtration products; Burt's Bees® natural personal care products; and RenewLife®, Rainbow Light®, Natural Vitality CALM™, and NeoCell® vitamins, minerals and supplements. The company also markets industry-leading products and technologies for professional customers, including those sold under the CloroxPro™ and Clorox Healthcare® brand names. More than 80% of the company's sales are generated from brands that hold the No. 1 or No. 2 market share positions in their categories.
Clorox is a signatory of the United Nations Global Compact and the Ellen MacArthur Foundation's New Plastics Economy Global Commitment. The company has been broadly recognized for its corporate responsibility efforts, included on the Barron's 2022 100 Most Sustainable Companies list, 2022 Bloomberg Gender-Equality Index, the Human Rights Campaign's 2022 Corporate Equality Index and the 2022 Parity.org Best Places for Women to Advance list, among others. For more information, visit TheCloroxCompany.com and follow the company on Twitter at @CloroxCo.
CLX-F
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of governments, consumers, customers, suppliers, employees and the company, on our business, operations, employees, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Except for historical information, statements about future volumes, sales, organic sales growth, foreign currencies, costs, cost savings, margins, earnings, earnings per share, diluted earnings per share, foreign currency exchange rates, tax rates, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management's estimates, beliefs, assumptions and projections. Words such as "could," "may," "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "will," "predicts," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management's expectations are described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as updated from time to time in the company's Securities and Exchange Commission filings. These factors include, but are not limited to: intense competition in the company's markets; the impact of the changing retail environment, including the growth of alternative retail channels and business models, and changing consumer preferences; the impact of COVID-19 on the availability of, and efficiency of the supply, manufacturing and distribution systems for, the company's products, including any significant disruption to such systems; on the demand for the company's products; and on worldwide, regional and local adverse economic conditions, including increased risk of inflation; volatility and increases in the costs of raw materials, energy, transportation, labor and other necessary supplies or services; risks related to supply chain issues and product shortages as a result of increased supply chain dependencies due to an expanded supplier network and a reliance on certain single-source suppliers; risks relating to the significant increase in demand for disinfecting and other products due to the COVID-19 pandemic continuing; dependence on key customers and risks related to customer consolidation and ordering patterns; risks related to the company's use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or company information, or service interruptions, especially at a time when a large number of the company's employees are working remotely and accessing its technology infrastructure remotely; the ability of the company to drive sales growth, increase prices and market share, grow its product categories and manage favorable product and geographic mix; risks relating to acquisitions, new ventures and divestitures, and associated costs; and the ability to complete announced transactions and, if completed, integration costs and potential contingent liabilities related to those transactions; risks related to the ability of the company to achieve anticipated results and cost savings from the streamlined operating model; the company's ability to maintain its business reputation and the reputation of its brands and products; lower revenue, increased costs or reputational harm resulting from government actions and compliance with regulations, or any material costs imposed by changes in regulation; the ability of the company to successfully manage global political, legal, tax and regulatory risks, including changes in regulatory or administrative activity; the operations of the company and its suppliers being subject to disruption by events beyond the company's control, including work stoppages, cyber-attacks, weather events or natural disasters, political instability or uncertainty, disease outbreaks or pandemics, such as COVID-19, and terrorism; risks related to international operations and international trade, including foreign currency fluctuations, such as devaluations, and foreign currency exchange rate controls; changes in governmental policies, including trade, travel or immigration restrictions, new or additional tariffs, and price or other controls; labor claims and civil unrest; inflationary pressures, particularly in Argentina; impact of the United Kingdom's exit from the European Union; potential negative impact and liabilities from the use, storage and transportation of chlorine in certain international markets where chlorine is used in the production of bleach; widespread health emergencies, such as COVID-19; and the possibility of nationalization, expropriation of assets or other government action; the impact of macroeconomic and geopolitical trends and events, including the unfolding situation in Ukraine and its regional and global ramifications and effects on inflation; the ability of the company to innovate and to develop and introduce commercially successful products, or expand into adjacent categories and countries; the impact of product liability claims, labor claims and other legal, governmental or tax proceedings, including in foreign jurisdictions and in connection with any product recalls; implement and generate cost savings and efficiencies, and successfully implement its business strategies; the accuracy of the company's estimates and assumptions on which its financial projections, including any sales or earnings guidance or outlook it may provide from time to time, are based; risks related to additional increases in the estimated fair value of The Procter & Gamble Company's interest in the Glad business; the performance of strategic alliances and other business relationships; the company's ability to attract and retain key personnel; the impact of environmental, social, and governance issues, including those related to climate change and sustainability on our sales, operating costs or reputation; environmental matters, including costs associated with the remediation and monitoring of past contamination, and possible increases in costs resulting from actions by relevant regulators, and the handling and/or transportation of hazardous substances; the company's ability to effectively utilize, assert and defend its intellectual property rights, and any infringement or claimed infringement by the company of third-party intellectual property rights; the effect of the company's indebtedness and credit rating on its business operations and financial results and the company's ability to access capital markets and other funding sources; the company's ability to pay and declare dividends or repurchase its stock in the future; the impacts of potential stockholder activism; and risks related to any litigation associated with the exclusive forum provision in the company's bylaws.
The company's forward-looking statements in this press release are based on management's current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this press release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
Non-GAAP Financial Information
- This press release contains non-GAAP financial information related to organic sales growth/(decrease) and adjusted EPS for the fourth quarter of fiscal year 2022 and for fiscal year 2022; Health and Wellness adjusted segment pretax earnings increase for the fourth quarter of fiscal year 2022; and organic sales growth/(decrease) and adjusted EPS outlook for fiscal year 2023.
- Clorox defines organic sales growth/(decrease) as GAAP net sales growth/(decrease) excluding the effect of foreign exchange rate changes and any acquisitions or divestitures.
- Organic sales growth/(decrease) outlook for fiscal year 2023 excludes the impact of unfavorable foreign currency exchange rate changes, which the company currently expects to reduce GAAP net sales growth/(decrease) by about 1.5 percentage points.
- Management believes that the presentation of organic sales growth/(decrease) is useful to investors because it excludes sales from any acquisitions and divestitures, which results in a comparison of sales only from the businesses that the company was operating and expects to continue to operate throughout the relevant periods, and the company's estimate of the impact of foreign exchange rate changes, which are difficult to predict and out of the control of the company and management. However, organic sales growth/(decrease) may not be the same as similar measures provided by other companies due to potential differences in methods of calculation or differences in which items are incorporated into these adjustments.
- Adjusted EPS is defined as diluted earnings per share that excludes or has otherwise been adjusted for significant items that are nonrecurring or unusual. The income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.
- Adjusted EPS is supplemental information that management uses to help evaluate the company's historical and prospective financial performance on a consistent basis over time. Management believes that by adjusting for certain items affecting comparability of performance over time, such as asset impairments, charges related to the streamlined operating model, charges related to digital capabilities and productivity enhancements investment, significant losses/(gains) related to acquisitions, and other nonrecurring or unusual items, investors and management are able to gain additional insight into the company's underlying operating performance on a consistent basis over time. However, adjusted EPS may not be the same as similar measures provided by other companies due to potential differences in methods of calculation or differences in which items are incorporated into these adjustments.
- Adjusted segment pretax earnings increase is defined as an increase in earnings (losses) before income taxes excluding the impact of certain nonrecurring or unusual items. Adjusted segment pretax earnings increase of the Health and Wellness segment for the fourth quarter of fiscal year 2022 was 206%, which reflects a deduction of 444% related to the impact of $28 noncash impairment charges in the fourth quarter of fiscal year 2021 from the 650% GAAP pretax earnings increase of the Health and Wellness segment for the fourth quarter of fiscal year 2022. The percentage changes are versus the year-ago period. Management believes that the presentation of the adjusted segment pretax earnings increase for the Health and Wellness segment is useful to investors to assess operating performance on a consistent basis by removing the impact of charges it believes do not directly reflect the performance of the segment's underlying operations.
- The reconciliation tables below refer to the equivalent GAAP measures adjusted as applicable for the following items:
Digital Capabilities and Productivity Enhancements Investment
As announced in August 2021, the company plans to invest approximately $500 million over a five-year period in transformative technologies and processes. This investment, which began in the first quarter of fiscal year 2022, includes replacement of the company's enterprise resource planning system and transitioning to a cloud-based platform as well as the implementation of a suite of other digital technologies. Together it is expected that these implementations will generate efficiencies and transform the company's operations in the areas of supply chain, digital commerce, innovation, brand building and more over the long term.
Of the total $500 million investment, approximately 55% is expected to represent incremental operating costs primarily recorded within selling and administrative expenses to be adjusted from reported EPS for purposes of disclosing adjusted EPS over the course of the next five years. Approximately 70% of these incremental operating costs are expected to be related to the implementation of the ERP, with the remaining costs primarily related to the implementation of complementary technologies.
Due to the nature, scope and magnitude of this investment, these costs are considered by management to represent incremental transformational costs above the historical normal level of spending for information technology to support operations. Since these strategic investments, including incremental operating costs, will cease at the end of the investment period, are not expected to recur in the foreseeable future, and are not considered representative of the company's underlying operating performance, the company's management believes presenting these costs as an adjustment in the non-GAAP results provides additional information to investors about trends in the company's operations and is useful for period-over-period comparisons. It also allows investors to view underlying operating results in the same manner as they are viewed by company management.
Streamlined Operating Model
As announced today, Clorox will begin to implement a streamlined operating model in the first quarter of fiscal year 2023. As a result, the company expects to incur costs of approximately $75 million to $100 million over fiscal years 2023 and 2024, with approximately $35 million, or about 20 cents, to be recognized in fiscal year 2023, primarily within other income and expense.
The following tables provide reconciliations of organic sales growth/(decrease) (non-GAAP) to net sales growth/(decrease), the most comparable GAAP measure:
The following tables provide reconciliations of adjusted diluted earnings per share (non-GAAP) to diluted earnings per share, the most comparable GAAP measure:
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Fiscal Third Quarter 2022 Highlights:
- Revenue of $721 million increased 4% compared to prior year or 5% on a pro forma basis
- GAAP EPS of $0.68 increased 28%; adjusted EPS of $0.92 increased 8% largely due to higher volume in Molding Technology Solutions and lower shares outstanding
- Completed approximately $300 million of share repurchases over the last 5 quarters
- Achieved $75 million annual run-rate synergy target for Milacron integration ahead of schedule
- Fiscal 2022 guidance: reaffirms midpoint of full year adj. EPS, narrowing range to $3.85 - $3.95
BATESVILLE, Ind., Aug. 3, 2022 /PRNewswire/ -- Hillenbrand, Inc. (NYSE: HI) reported results for the fiscal 2022 third quarter, which ended June 30, 2022.
"We made great strides in advancing our profitable growth strategy and strengthening our industrial segments during the third quarter," said Kim Ryan, President and Chief Executive Officer of Hillenbrand. "I am proud of our associates for their resiliency in navigating this challenging global operating environment and our continued success in driving operational efficiency through the consistent deployment of the Hillenbrand Operating Model, which contributed to revenue and adjusted EPS growth in the quarter. We continue to position Hillenbrand for profitable growth through accretive acquisitions like the pending Herbold Meckesheim and LINXIS Group transactions, which will expand our existing capabilities into the attractive growth end markets of recycling and food. I am excited about our future, and confident that Hillenbrand is well positioned to generate long-term value for our shareholders."
Third Quarter 2022 Results
Revenue of $721 million increased 4% compared to the prior year primarily driven by increased pricing and volume growth within the Molding Technology Solutions and Advanced Process Solutions segments, partially offset by foreign currency exchange and the divestiture of TerraSource Global. Excluding the impact of foreign currency exchange, revenue increased 8%. On a pro forma basis, which excludes the divested TerraSource business, revenue increased 5% year over year, or 10% excluding the impact of foreign currency exchange.
Net income of $49 million resulted in $0.68 per share, an increase of $0.15 per share, or 28% compared to the prior year. Adjusted net income of $66 million resulted in adjusted EPS of $0.92, an increase of $0.07, or 8%, as favorable pricing, higher volume in our industrial segments, and lower shares outstanding were partially offset by inflation and the impact of foreign currency exchange. The adjusted effective tax rate for the quarter was 29.7%, a decrease of 70 basis points from the prior year.
Adjusted EBITDA of $126 million was essentially flat year over year. On a pro forma basis, adjusted EBITDA decreased 1%, but excluding the impact of foreign currency exchange, increased 4%, while adjusted EBITDA margin of 17.4% decreased 120 basis points compared to a year ago primarily due to the dilutive effect of price-cost coverage and lower volume in Batesville, which more than offset operating leverage from higher volume in our industrial segments.
Advanced Process Solutions (APS)
Revenue of $310 million decreased 1% compared to the same period in the prior year, but increased 7% excluding the impact of foreign currency exchange. On a pro forma basis, revenue increased 2% year over year, or 10% excluding the impact of foreign currency exchange, primarily driven by favorable pricing and higher volume of large plastics systems and aftermarket parts and services.
Adjusted EBITDA of $61 million decreased 1% year over year. On a pro forma basis, adjusted EBITDA decreased 3%, but excluding the impact of foreign currency exchange, it increased 6%. Pro forma adjusted EBITDA margin of 19.5% was down 100 basis points primarily due to the dilutive effect of price-cost coverage.
Backlog of $1.2 billion decreased 9% on a pro forma basis compared to the prior year, but was flat excluding the impact of foreign currency exchange. Sequentially, backlog was down 4% compared to the quarter ended March 31, 2022, but was flat excluding the impact of foreign currency exchange.
Molding Technology Solutions (MTS)
Revenue of $270 million increased 11% year over year, or 14% excluding the impact of foreign currency exchange, as higher volume from the injection molding product line and favorable pricing were partially offset by a decline in volume from the hot runner product line, which was due to the COVID-19 related shutdowns in China.
Adjusted EBITDA of $55 million increased 11% compared to the prior year, or 15% excluding the impact of foreign currency exchange, while adjusted EBITDA margin of 20.2% was flat, as favorable pricing, operating leverage from higher volume and productivity improvements were offset by inflation and unfavorable mix.
Backlog of $420 million increased 8% year over year, or 10% excluding the impact of foreign currency exchange, primarily driven by an increase in injection molding and extrusion equipment orders. Sequentially, backlog was up approximately 1% compared to the quarter ended March 31, 2022.
Batesville
Revenue of $141 million was up 2% compared to the prior year primarily resulting from the price surcharges implemented this year to offset the significant increase in commodity costs. Burial casket volume was lower compared to the prior year primarily due to an estimated decrease in deaths associated with the COVID-19 pandemic and an estimated increase in the rate at which families opted for cremation.
Adjusted EBITDA of $25 million decreased 15% compared to the prior year, while adjusted EBITDA margin of 17.9% decreased 370 basis points primarily due to the dilutive effect of price-cost coverage and the impact of lower volume, which were partially offset by productivity improvements.
Balance Sheet, Cash Flow and Capital Allocation
Hillenbrand had cash flow from operations of $4 million in the quarter, a decrease of $180 million year-over-year, primarily due to the timing of working capital related to large plastics projects and an increase in inventory due to increased customer demand and supply chain disruptions. During the quarter, the Company repurchased approximately 2,646,000 shares for $111.5 million at an average share price of $42.14 and returned approximately $15 million to shareholders in the form of quarterly dividends. Subsequent to the quarter, the Company repurchased an additional 291,000 shares for $11.9 million at an average share price of $40.79. The Company has $150 million remaining under its existing share repurchase authorization.
Net debt at the end of the quarter was $930 million, and the net debt to adjusted EBITDA ratio was 1.7x. Liquidity at the end of the quarter was approximately $1.2 billion, including $284 million in cash on hand and the remainder available under our revolving credit facility and delayed-draw term loan facility.
Fiscal 2022 Outlook
Hillenbrand is updating its annual guidance for fiscal year 2022. Revenue and EBITDA margin guidance is on a pro forma basis, excluding the divested Red Valve, ABEL, and TerraSource businesses. Fiscal year 2022 guidance does not include any impact from the pending acquisitions of Herbold Meckesheim and LINXIS Group.
Conference Call Information
Date/Time: Thursday, August 4, 2022, 8:00 a.m. ET
Dial-In for U.S. and Canada: 1-877-407-8012
Dial-In for International: +1-412-902-1013
Conference call ID number: 13731866
Webcast link: http://ir.hillenbrand.com under the News & Events tab (archived through Friday, September 2, 2022)
Replay - Conference Call
Date/Time: Available until midnight ET, Thursday, August 18, 2022
Replay ID number: 13731866
Dial-In for U.S. and Canada: 1-877-660-6853
Dial-In for International: +1-201-612-7415
Hillenbrand's financial statements on Form 10-Q are expected to be filed jointly with this release and will be made available on the company's website (https://ir.hillenbrand.com).
In addition to the financial measures prepared in accordance with United States generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP operating performance measures. These non-GAAP measures are referred to as "adjusted" measures and exclude the following items:
- business acquisition, disposition, and integration costs;
- restructuring and restructuring related charges;
- intangible asset amortization;
- certain debt financing activities;
- gains and losses on divestitures;
- other individually immaterial one-time costs;
- the related income tax impact for all of these items; and
- certain tax items related to the divestitures of Red Valve, ABEL, and TerraSource, the revaluation of deferred tax balances resulting from fluctuations in currency exchange rates for certain foreign jurisdictions, the impact that the Milacron loss carryforward attributes have on tax provisions related to the imposition of tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries, the Foreign Derived Intangible Income Deduction (FDII), and the Base Erosion and Anti-Abuse Tax (BEAT).
Refer to the Reconciliation of Non-GAAP Measures for further information on these adjustments. Non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.
Hillenbrand uses this non-GAAP information internally to measure operating segment performance and make operating decisions and believes it is helpful to investors because it allows more meaningful period-to-period comparisons of ongoing operating results. The information can also be used to perform trend analysis and to better identify operating trends that may otherwise be masked or distorted by items such as the above excluded items. Hillenbrand believes this information provides a higher degree of transparency.
One important non-GAAP measure Hillenbrand uses is adjusted earnings before interest, income tax, depreciation, and amortization ("adjusted EBITDA"). A part of our strategy is to pursue acquisitions that strengthen or establish leadership positions in key markets. Given that strategy, it is a natural consequence to incur related expenses, such as amortization from acquired intangible assets and additional interest expense from debt-funded acquisitions. Accordingly, we use adjusted EBITDA, among other measures, to monitor our business performance. We also use "adjusted net income" and "adjusted diluted earnings per share (EPS)," which are defined as net income and earnings per share, respectively, each excluding items described in connection with adjusted EBITDA. Adjusted EBITDA, adjusted net income, and adjusted diluted EPS are not recognized terms under GAAP and therefore do not purport to be alternatives to net income or to diluted EPS, as applicable. Further, Hillenbrand's measures of adjusted EBITDA, adjusted net income, and adjusted diluted EPS may not be comparable to similarly titled measures of other companies.
Pro forma revenue and pro forma adjusted EBITDA are defined respectively as net revenue and adjusted EBITDA excluding net revenue and adjusted EBITDA directly attributable to Red Valve which was divested on December 31, 2020, ABEL which was divested on March 10, 2021, and TerraSource which was divested on October 22, 2021. Hillenbrand uses pro forma measures to assess performance of its reportable operating segments and the Company in total without the impact of recent acquisitions and divestitures.
Hillenbrand calculates the foreign currency impact on net revenue in order to better measure the comparability of results between periods. We calculate the foreign currency impact by translating current year results at prior year foreign exchange rates. This information is provided because exchange rates can distort the underlying change in sales, either positively or negatively.
Another important operational measure used is backlog. Backlog is not a term recognized under GAAP; however, it is a common measurement used in industries with extended lead times for order fulfillment (long-term contracts), like those in which the Advanced Process Solutions and Molding Technology Solutions reportable operating segments compete. Backlog represents the amount of consolidated net revenue that we expect to realize on contracts awarded to the Advanced Process Solutions and Molding Technology Solutions reportable operating segments. For purposes of calculating backlog, 100% of estimated net revenue attributable to consolidated subsidiaries is included. Backlog includes expected net revenue from large systems and equipment, as well as aftermarket parts, components, and service. The length of time that projects remain in backlog can span from days for aftermarket parts or service to approximately 18 to 24 months for larger system sales within the Advanced Process Solutions reportable operating segment. The majority of the backlog within the Molding Technology Solutions reportable operating segment is expected to be fulfilled within the next twelve months. Backlog includes expected net revenue from the remaining portion of firm orders not yet completed, as well as net revenue from change orders to the extent that they are reasonably expected to be realized. We include in backlog the full contract award, including awards subject to further customer approvals, which we expect to result in revenue in future periods. In accordance with industry practice, our contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
Hillenbrand expects that future net revenue associated with the Advanced Process Solutions and Molding Technology Solutions reportable operating segments will be influenced by order backlog because of the lead time involved in fulfilling engineered-to-order equipment for customers. Although backlog can be an indicator of future net revenue, it does not include projects and parts orders that are booked and shipped within the same quarter. The timing of order placement, size, extent of customization, and customer delivery dates can create fluctuations in backlog and net revenue. Net revenue attributable to backlog may also be affected by foreign exchange fluctuations for orders denominated in currencies other than U.S. dollars.
See below for a reconciliation from GAAP operating performance measures to the most directly comparable non-GAAP (adjusted) performance measures. Given that backlog is an operational measure and that the Company's methodology for calculating backlog does not meet the definition of a non-GAAP measure, as that term is defined by the SEC, a quantitative reconciliation is not required or provided. In addition, forward-looking adjusted earnings per share for fiscal 2022 excludes potential charges or gains that may be recorded during the fiscal year, including among other things, items described above in connection with other "adjusted" measures. Hillenbrand thus also does not attempt to provide reconciliations of such forward-looking non-GAAP earnings guidance to the comparable GAAP measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of Hillenbrand's financial performance.
Forward-Looking Statements
Throughout this earnings release, we make a number of "forward-looking statements" that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these sections. As the words imply, these are statements about future sales, earnings, cash flow, results of operations, uses of cash, financings, share repurchases, ability to meet deleveraging goals, and other measures of financial performance or potential future plans or events, strategies, objectives, beliefs, prospects, assumptions, expectations, and projected costs or savings or transactions of the Company that might or might not happen in the future, as contrasted with historical information. Forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature are subject to a wide range of risks. If our assumptions prove inaccurate or unknown risks and uncertainties materialize, actual results could vary materially from Hillenbrand's (the "Company") expectations and projections.
Words that could indicate that we are making forward-looking statements include the following:
This is not an exhaustive list, but is intended to give you an idea of how we try to identify forward-looking statements. The absence of any of these words, however, does not mean that the statement is not forward-looking.
Here is the key point: Forward-looking statements are not guarantees of future performance or events, and actual results or events could differ materially from those set forth in any forward-looking statements. Any number of factors, many of which are beyond our control, could cause our performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: risks related to the Russian Federation's invasion of Ukraine (referred to herein as the "Ukraine War") and resulting geopolitical instability and uncertainty, which could have a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions, in addition to the potential effect of supply chain disruptions that could adversely affect profitability; the impact of contagious diseases such as the COVID-19 pandemic and the escalation thereof due to variant strains of the virus and the societal, governmental, and individual responses thereto, including supply chain disruption, loss of contracts and/or customers, erosion of some customers' credit quality, downgrades of the Company's credit quality, closure or temporary interruption of the Company's or suppliers' manufacturing facilities, travel, shipping and logistical disruptions, domestic and international general economic conditions, such as inflation, exchange rates and interest rates; loss of human capital or personnel, and general economic calamities; increased costs, poor quality, or unavailability of raw materials or certain outsourced services and supply chain disruptions; increasing competition for highly skilled and talented workers as well as labor shortages; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; risks that the integration of Milacron disrupts current operations or poses potential difficulties in employee retention or otherwise affects financial or operating results; the ability to recognize the benefits of the acquisition of Milacron or any other acquisition or disposition, including the pending acquisitions of Herbold Meckesheim and Linxis Group, including potential synergies and cost savings or the failure of the Company or any acquired company to achieve its plans and objectives generally; impairment charges to goodwill and other identifiable intangible assets; competition in the industries in which we operate, including on price or from nontraditional sources in the death care industry; impacts of decreases in demand or changes in technological advances, laws, or regulation on the revenues that we derive from the plastics industry; our reliance upon employees, agents, and business partners to comply with laws in many countries and jurisdictions; the impact of incurring significant amounts of indebtedness and any inability of the Company to respond to changes in its business or make future desirable acquisitions; the ability of the Company to comply with financial or other covenants in its debt agreements; global market and economic conditions, including those related to the financial markets; our level of international sales and operations; cyclical demand for industrial capital goods; continued fluctuations in mortality rates and increased cremations; the dependence of our business units on relationships with several large customers and providers; competition faced by our Batesville business from non-traditional sources; the impact to the Company's effective tax rate of changes in the mix of earnings or tax laws and certain other tax-related matters; involvement in claims, lawsuits and governmental proceedings related to operations; uncertainty in the United States political and regulatory environment or global trade policy; adverse foreign currency fluctuations; labor disruptions; and the effect of certain provisions of the Company's governing documents and Indiana law that could decrease the trading price of the Company's common stock. Shareholders, potential investors, and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. For a more in-depth discussion of these and other factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions under the heading "Risk Factors" in Part I, Item 1A of Hillenbrand's Form 10-K for the year ended September 30, 2021, filed with the Securities and Exchange Commission ("SEC") on November 17, 2021, and in Part II, Item 1A of Hillenbrand's Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 3, 2022. The forward-looking information in this release speaks only as of the date hereof, and we assume no obligation to update or revise any forward-looking information.
About Hillenbrand
Hillenbrand (NYSE: HI) is a global industrial company operating in over 40 countries with over 10,000 associates serving a wide variety of industries around the world. Guided by our Purpose — Shape What Matters For Tomorrow™ — we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. Hillenbrand's portfolio includes brands such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville. To learn more, visit: www.Hillenbrand.com.
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Delivers Strong Financial Performance; Strategic Execution Continues
SINGAPORE, Aug. 3, 2022 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa," "K&S" or the "Company"), today announced financial results of its third fiscal quarter ended July 2, 2022. The Company reported third quarter net revenue of $372.1 million, net income of $119.0 million, representing EPS of $1.99 per fully diluted share, and non-GAAP net income of $125.1 million, representing non-GAAP EPS of $2.09 per fully diluted share.
A reconciliation between the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also the "Use of non-GAAP Financial Results" section.
Fusen Chen, Kulicke & Soffa's President and Chief Executive Officer, stated, "Throughout the June quarter, we have continued to execute several new product development initiatives while generating strong earnings and aggressively returning capital to shareholders."
Over the prior four quarters, K&S has generated $380 million in free-cash-flow and returned $263 million through its repurchase and dividend programs.
Third Quarter Fiscal 2022 Financial Highlights
- Net revenue of $372.1 million.
- Gross margin of 51.2%.
- Net income of $119.0 million or $1.99 per share; non-GAAP net income of $125.1 million or $2.09 per share.
- Cash, cash equivalents, and short-term investments were $745.8 million as of July 2, 2022.
- The Company repurchased a total of 1.0 million shares of common stock through its open market and accelerated repurchase programs at a cost of $61.1 million.
Fourth Quarter Fiscal 2022 Outlook
The Company currently expects net revenue in the fourth fiscal quarter of 2022 ending October 1, 2022 to be approximately $280 million +/- $20 million, and expects non-GAAP EPS to be approximately $0.93 +/- 10%.
Fusen Chen commented, "While the near-term macro environment remains dynamic, over the past several years we have broadened our market access, expanded customer engagements and are now intimately supporting several long-term technology transitions. We expect these efforts have materially increased our long-term growth potential while sustainably enhancing our through-cycle earnings potential."
Earnings Conference Call Details
A conference call to discuss these results will be held on August 4, 2022, beginning at 8:00am EDT. To access the conference call, interested parties may call +1-877-407-8037 or internationally +1-201-689-8037. A live webcast link and supplemental earnings presentation will also be available at investor.kns.com.
A replay will be available from approximately one hour after the completion of the call through August 11, 2022 by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the replay ID number of 13730497. A webcast replay will also be available at investor.kns.com.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains the following non-GAAP financial results: income from operations, operating margin, net income, net margin and net income per diluted share. The Company's non-GAAP results exclude amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, equity-based compensation, acquisition and integration costs, impairment relating to assets acquired through business combinations, impairment relating to equity investments, income tax expense arising from discrete tax items triggered by acquisition, restructuring and significant changes in tax laws, gain/loss on disposal of business, as well as tax benefits or expenses associated with the foregoing non-GAAP items. The non-GAAP adjustments may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. These non-GAAP measures are consistent with the way management analyzes and assesses the Company's operating results. The Company believes these non-GAAP measures enhance investors' understanding of the Company's underlying operational performance, as well as their ability to compare the Company's period-to-period financial results and the Company's overall performance to that of its competitors.
Management uses both U.S. GAAP metrics as well as these non-GAAP metrics to evaluate the Company's operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company's reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors' ability to view the Company's results from management's perspective. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the financial tables at the end of this press release.
Management has not reconciled its outlook for non-GAAP Diluted EPS to Diluted EPS for Q4F22 as it does not provide guidance on the reconciling items between Diluted EPS and non-GAAP Diluted EPS, as a result of the uncertainty regarding, and the potential variability of, these items. The actual amount of such reconciling items could have a significant impact on our non-GAAP Diluted EPS and, accordingly, a reconciliation of Diluted EPS to non-GAAP Diluted EPS for Q4F22 is not available without unreasonable effort.
About Kulicke & Soffa
Kulicke & Soffa (NASDAQ: KLIC) is a leading provider of semiconductor, LED and electronic assembly solutions serving the global automotive, consumer, communications, computing and industrial markets. Founded in 1951, K&S prides itself on establishing foundations for technological advancement - creating pioneering interconnect solutions that enable performance improvements, power efficiency, form-factor reductions and assembly excellence of current and next-generation semiconductor devices.
Leveraging decades of development proficiency and extensive process technology expertise, Kulicke & Soffa's expanding portfolio provides equipment solutions, aftermarket products and services supporting a comprehensive set of interconnect technologies including wire bonding, advanced packaging, lithography, mini and micro LED transfer and electronics assembly. Dedicated to empowering technological discovery, always, K&S collaborates with customers and technology partners to push the boundaries of possibility, enabling a smarter future.
Caution Concerning Results and Forward-Looking Statements
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, the effects of the COVID-19 pandemic, supply chain constraints and macroeconomic conditions on our business, and the other factors listed or discussed in our Annual Report on Form 10-K for the fiscal year ended October 2, 2021, filed on November 18, 2021, and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contacts:
Kulicke & Soffa Industries, Inc.
Joseph Elgindy
Investor Relations
P: +1-215-784-7518
F: +1-215-784-6180
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Record Quarterly Free Cash Flow and over $1.7 Billion of YTD Shareholder Distributions
HOUSTON, Aug. 3, 2022 /PRNewswire/ -- Marathon Oil Corporation (NYSE:MRO) reported second quarter 2022 net income of $966 million, or $1.37 per diluted share, which includes the impact of certain items not typically represented in analysts' earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $934 million, or $1.32 per diluted share. Net operating cash flow was $1,678 million, or $1,586 million before changes in working capital (adjusted CFO). Free cash flow was $1,323 million, or $1,213 million before changes in working capital and including E.G. distributions (adjusted free cash flow).
- Generated record quarterly adjusted free cash flow of over $1.2 billion at 24% reinvestment rate
- Continue to exceed commitment to return at least 40% of adjusted CFO to equity investors
- Expect $4.5 billion of 2022 free cash flow, assuming $100/bbl WTI and $6/MMBtu Henry Hub
"Second quarter represents another quarter of comprehensive delivery on our Framework for Success, including strong corporate returns, sustainable free cash flow generation, significant return of capital to shareholders, and ESG excellence," said Chairman, President, and CEO Lee Tillman. "Our commitment to providing investors with the first call on cash flow through our unique percentage of operating cash flow framework is delivering truly compelling results, including generating over $2 billion of adjusted free cash flow and returning over $1.7 billion of capital to shareholders year-to-date, while also driving significant per share growth. Despite ongoing macro and equity market volatility, we remain well positioned to continue delivering financial results that compete with the best companies in the S&P 500."
Return of Capital
Marathon Oil's percentage of CFO framework provides clear visibility to significant return of capital to equity investors and ensures the shareholder gets the first call on cash flow generation. In a $60/bbl WTI or higher price environment, the Company targets returning a minimum of 40% of CFO to equity investors.
During second quarter, Marathon Oil returned 51% of adjusted CFO to equity investors. Second quarter return of capital totaled $816 million, including $760 million of share repurchases and $56 million base dividend.
Since achieving its minimum leverage objective in October 2021 Marathon Oil has returned $2.5 billion of capital to shareholders. This includes over $2.3 billion of share repurchases that have driven a 15% reduction in outstanding share count, contributing to significant growth in per share metrics. Over the trailing three quarters, the Company has consistently outperformed its minimum return of capital objective, as shareholder distributions have accounted for approximately 55% of adjusted CFO (~75% of adjusted free cash flow).
In the current environment, given its strong free cash flow profile and attractive market valuation, Marathon Oil's preferred return of capital approach remains a competitive and sustainable base dividend in addition to significant share repurchases.
2Q22 Financials
CASH FLOW AND CAPEX: Net cash provided by operations was $1,678 million during second quarter, or $1,586 million before changes in working capital. Second quarter cash additions to property, plant, and equipment totaled $355 million, while capital expenditures (accrued) totaled $375 million.
FREE CASH FLOW: Free cash flow was $1,323 million, or $1,213 million of adjusted free cash flow before changes in working capital and including E.G. distributions.
BALANCE SHEET AND LIQUIDITY: Marathon Oil ended second quarter with $1,162 million in cash and cash equivalents. In July, Marathon Oil extended its revolving credit facility by three years to 2027 and amended the capacity to $2.5 billion.
ADJUSTMENTS TO NET INCOME: The adjustments to net income for second quarter reduced net income by $32 million, primarily due to the income impact associated with unrealized gains on derivative instruments.
2Q22 Operations
UNITED STATES (U.S.): U.S. production averaged 283,000 net barrels of oil equivalent per day (boed) for second quarter 2022. Oil production averaged 157,000 net barrels of oil per day (bopd). The Company brought a total of 49 gross Company-operated wells to sales during second quarter, consistent with guidance for approximately 50 wells to sales. U.S. unit production costs averaged $5.80 per boe during second quarter.
Marathon Oil's second quarter production in the Eagle Ford averaged 84,000 net boed, including 54,000 net bopd of oil, with 19 gross Company-operated wells to sales. In the Bakken, production averaged 114,000 net boed, including 75,000 net bopd of oil, with 20 gross Company-operated wells to sales. In Oklahoma, production averaged 56,000 net boed, including 14,000 net bopd of oil, with 10 gross Company-operated wells to sales (excluding joint venture wells). Northern Delaware production averaged 20,000 net boed, including 10,000 net bopd of oil.
INTERNATIONAL: Equatorial Guinea production averaged 60,000 net boed for second quarter 2022, including 10,000 net bopd of oil. Unit production costs averaged $2.83 per boe. Net income from equity method investees totaled $152 million and total cash distributions from equity method companies amounted to $146 million during second quarter.
For full year 2022, Marathon Oil raised E.G. equity income guidance to a new range of $520 million to $560 million.
A slide deck and Quarterly Investor Packet will be posted to the Company's website following this release today, August 3. On Thursday, August 4, at 9:00 a.m. ET, the Company will conduct a question and answer webcast/call, which will include forward-looking information. The live webcast, replay and all related materials will be available at https://ir.marathonoil.com/.
Non-GAAP Measures
In analyzing and planning for its business, Marathon Oil supplements its use of GAAP financial measures with non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) per share, net cash provided by operating activities before changes in working capital (adjusted CFO), free cash flow, adjusted free cash flow, capital expenditures (accrued) and reinvestment rate.
Our presentation of adjusted net income (loss) and adjusted net income (loss) per share is a non-GAAP measure. Adjusted net income (loss) is defined as net income (loss) adjusted for gains or losses on dispositions, impairments of proved and certain unproved properties, goodwill and equity method investments, changes in our valuation allowance, unrealized derivative gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments and other items that could be considered "non-operating" or "non-core" in nature. Management believes this is useful to investors as another tool to meaningfully represent our operating performance and to compare Marathon to certain competitors. Adjusted net income (loss) and adjusted net income (loss) per share should not be considered in isolation or as an alternative to, or more meaningful than, net income (loss) or net income (loss) per share as determined in accordance with U.S. GAAP.
Our presentation of adjusted CFO is defined as net cash provided by operating activities adjusted for changes in working capital and is a non-GAAP measure. Management believes this is useful to investors as an indicator of Marathon's ability to generate cash quarterly or year-to-date by eliminating differences caused by the timing of certain working capital items. Adjusted CFO should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.
Our presentation of free cash flow is a non-GAAP measure. Free cash flow is defined as net cash provided by operating activities and cash additions to property, plant and equipment. Management believes this is useful to investors as a measure of Marathon's ability to fund its capital expenditure programs, service debt, and fund other distributions to stockholders. Free cash flow should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.
Our presentation of adjusted free cash flow is a non-GAAP measure. Adjusted free cash flow before dividend ("adjusted free cash flow") is defined as adjusted CFO, capital expenditures (accrued), and EG return of capital and other. Management believes this is useful to investors as a measure of Marathon's ability to fund its capital expenditure programs, service debt, and fund other distributions to stockholders. Adjusted free cash flow should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.
Our presentation of capital expenditures (accrued) is a non-GAAP measure. Capital expenditures (accrued) is defined as cash additions to property, plant and equipment adjusted for the change in capital accrual and additions to other assets. Management believes this is useful to investors as an indicator of Marathon's commitment to capital expenditure discipline by eliminating differences caused by the timing of capital accrual and other items. Capital expenditures (accrued) should not be considered in isolation or as an alternative to, or more meaningful than, cash additions to property, plant and equipment as determined in accordance with U.S. GAAP.
Our presentation of reinvestment rate is a non-GAAP measure. The reinvestment rate in the context of adjusted free cash flow is defined as capital expenditures (accrued) divided by adjusted CFO. The reinvestment rate in the context of free cash flow is defined as cash additions to property, plant and equipment divided by net cash provided by operating activities. Management believes the reinvestment rate is useful to investors to demonstrate the Company's commitment to generating cash for use towards investor-friendly purposes (which includes balance sheet enhancement, base dividend and other return of capital).
These non-GAAP financial measures reflect an additional way of viewing aspects of the business that, when viewed with GAAP results may provide a more complete understanding of factors and trends affecting the business and are a useful tool to help management and investors make informed decisions about Marathon Oil's financial and operating performance. These measures should not be considered in isolation or as an alternative to their most directly comparable GAAP financial measures. A reconciliation to their most directly comparable GAAP financial measures can be found in our investor package on our website at https://ir.marathonoil.com/ and in the tables below. Marathon Oil strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
Forward-looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including without limitation statements regarding the Company's future capital budgets and allocations, future performance (both absolute and relative), expected free cash flow, reinvestment rates, returns to investors (including dividends and share repurchases, and the timing thereof), business strategy, capital expenditure guidance, production guidance, E.G. equity method income guidance and other statements regarding management's plans and objectives for future operations, are forward-looking statements. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "outlook," "plan," "positioned," "project," "seek," "should," "target," "will," "would," or similar words may be used to identify forward-looking statements; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: conditions in the oil and gas industry, including supply/demand levels for crude oil and condensate, NGLs and natural gas and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in the U.S. and Equatorial Guinea, including changes in foreign currency exchange rates, interest rates, inflation rates and global and domestic market conditions; actions taken by the members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia affecting the production and pricing of crude oil and other global and domestic political, economic or diplomatic developments; capital available for exploration and development; risks related to the Company's hedging activities; voluntary or involuntary curtailments, delays or cancellations of certain drilling activities; well production timing; liabilities or corrective actions resulting from litigation, other proceedings and investigations or alleged violations of law or permits; drilling and operating risks; lack of, or disruption in, access to storage capacity, pipelines or other transportation methods; availability of drilling rigs, materials and labor, including the costs associated therewith; difficulty in obtaining necessary approvals and permits; the availability, cost, terms and timing of issuance or execution of, competition for, and challenges to, mineral licenses and leases and governmental and other permits and rights-of-way, and our ability to retain mineral licenses and leases; non-performance by third parties of contractual or legal obligations, including due to bankruptcy; unexpected events that may impact distributions from our equity method investees; changes in our credit ratings; hazards such as weather conditions, a health pandemic (including COVID-19), acts of war or terrorist acts and the government or military response thereto; security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business; changes in safety, health, environmental, tax and other regulations, requirements or initiatives, including initiatives addressing the impact of global climate change, air emissions, or water management; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the Company's 2021 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases, available at https://ir.marathonoil.com/. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.
Media Relations Contact:
Kathy Sauve: 713-296-3915
Investor Relations Contacts:
Guy Baber: 713-296-1892
John Reid: 713-296-4380
The following table sets forth outstanding derivative contracts as of August 2, 2022, and the weighted average prices for those contracts:
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TORONTO, Aug. 3, 2022 /PRNewswire/ - Newtopia Inc. ("Newtopia" or the "Company") (TSXV: NEWU) (OTCQB: NEWUF), a tech-enabled whole health platform creating sustainable habits that prevent, slow, and reverse chronic disease, announced today that it will release its financial results for the quarter ended June 30, 2022, after market close on Wednesday, August 10, 2022. The Company will also host a conference call that day at 5:00 p.m. Eastern Time to discuss the second quarter 2022 results in further detail.
To access the conference call, please dial (877) 407-3982 (U.S.) or (201) 493-6780 (International) ten minutes prior to the start time. The call will also be available via live webcast on the investor relations portion of the Company's website located at newtopia.com/investors.
If you cannot listen to the conference call at its scheduled time, there will be a replay available through Wednesday, August 24, 2022, which can be accessed by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and entering the passcode 13730415. The webcast will also be archived on the Company's website.
Newtopia is a personalized whole health platform helping people create positive lifelong habits that prevent, slow, or reverse chronic disease while reducing healthcare costs. The platform leverages genetic, social and behavioral insights to create individualized prevention programs with a focus on metabolic disease, diabetes, mental health challenges, hypertension, weight management and musculoskeletal disorders. With a person-centered approach that combines virtual care, digital tools, connected devices and actionable data science, Newtopia delivers sustainable clinical and financial outcomes. Newtopia serves some of the largest nationwide employers and health plans and is currently listed in Canada on the Toronto Stock Exchange (TSXV: NEWU) and is quoted in the US on the OTCQB® Venture Market (OTCQB: NEWUF). To learn more, visit newtopia.com, Facebook, LinkedIn or Twitter.
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Revenue up 9% year-over-year; Net Income up 93% year-over-year;
Normalized EBITDA up 30% year-over-year
GoDaddy buys back $1 billion of shares year-to-date
TEMPE, Ariz., Aug. 3, 2022 /PRNewswire/ -- GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, today reported financial results for the second quarter ended June 30, 2022.
"GoDaddy's strong second quarter results reflect our focus on achieving the strategic initiatives and financial targets we laid out at our Investor Day earlier this year," said GoDaddy CEO Aman Bhutani. "We continue to adapt to the challenging macroeconomic environment, including using success-based marketing spend to drive demand where we see opportunity and investing in technology and development to drive future growth."
"GoDaddy's durable top-line growth, profitability at scale and robust cash flow continue to shine in our second quarter financial results as evidenced by solid revenue growth with margin expansion," said GoDaddy CFO Mark McCaffrey. "Along with returning $1 billion in cash to shareholders year-to-date through our share buyback program, we are actively managing investments and expenses to deliver short-term performance while keeping our eye on achieving our committed long-term goals."
Consolidated Second Quarter Financial Highlights
Business Highlights
- Annualized recurring revenue (ARR) for applications and commerce grew 12% year-over-year to $1.2 billion in the second quarter of 2022.
- ARR for core platform grew 5% year-over-year to $2.3 billion in the second quarter of 2022.
- GoDaddy drove continued strength in adoption of GoDaddy Payments for eCommerce solutions during the second quarter with 80% of Websites + Marketing commerce customers and 30% of Managed WordPress customers in the WooCommerce tier selecting GoDaddy Payments.
- GoDaddy achieved strong growth in its commerce offerings with gross merchandise volume (GMV) of $28 billion, up 12% year-over-year in the second quarter.
- GoDaddy launched Payable Domains pilot program, with full launch expected in the third quarter. Payable Domains simplifies the online payments process by providing customers a professional branded checkout and allowing them to accept payments without any other subscription.
- GoDaddy continued to innovate and enhance solutions provided to GoDaddy Pros in the second quarter, launching a beta WooSaas online store, offering a solution targeted to larger merchants. This offering simplifies user experience with exclusive functionality as well as premium extensions and features.
Share Repurchase
Year-to-date through the date of this release, GoDaddy repurchased 12.8 million shares of its common stock for an aggregate purchase price of $1 billion, with an average price per share of $78.22. These repurchases represent an approximately 8% reduction in fully diluted shares outstanding.
Balance Sheet
At June 30, 2022, total cash and cash equivalents were $770 million, total debt was $3.905 billion and net debt was $3.135 billion.
Business Outlook
For the third quarter ending September 30, 2022, GoDaddy is targeting total revenue in the range of $1.030 billion to $1.045 billion, representing year-over-year growth of 8% at the midpoint. In the third quarter ending September 30, 2022, GoDaddy expects applications and commerce revenue growth in the range of 13% to 15% and core platform revenue growth in the range of 4% to 6%.
For the third quarter ending September 30, 2022, GoDaddy is targeting normalized EBITDA in the range of $250 million to $260 million, representing year-over-year growth of 12% at the midpoint.
Due to adverse foreign exchange (FX) rate impacts today when compared to rates when GoDaddy first issued its full year revenue guidance in February, the company is revising its targeted range for total revenue in the year ending December 31, 2022. Based on an estimated adverse FX impact of approximately $35 million for the year, GoDaddy now expects total 2022 revenue to be in the range of $4.10 billion to $4.13 billion. This represents year-over-year growth of 8% at the midpoint of the range.
For the full year ending December 31, 2022, GoDaddy expects unlevered free cash flow of approximately $1.1 billion, representing growth of 15% year-over-year, versus $960 million of unlevered free cash flow generated in 2021.
GoDaddy's consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (GAAP). GoDaddy does not provide reconciliations from non-GAAP guidance to GAAP equivalents because projections of changes in individual balance sheet amounts are not possible without unreasonable effort and presentation of such reconciliations would imply an inappropriate degree of precision. GoDaddy's reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents.
Quarterly Earnings Webcast
GoDaddy will host a webcast to discuss second quarter 2022 results at 5:00 p.m. Eastern Time on August 3, 2022. To participate in the webcast, please preregister online at https://investors.godaddy.net/investor-relations/overview/default.aspx. A live webcast of the event, together with a slide presentation including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, will be available through GoDaddy's Investor Relations website at https://investors.godaddy.net. A transcript of pre-recorded remarks will be available on the Investor Relations website at the time of the webcast. Following the event, a recorded replay of the webcast will be available on the website.
GoDaddy uses its Investor Relations website at https://investors.godaddy.net as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor GoDaddy's Investor Relations website, in addition to following press releases, Securities and Exchange Commission (SEC) filings, public conference calls and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on estimates and information available to us at the time of this press release and are not guarantees of future performance. Statements in this press release involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to any statements regarding: launches of new or expansion of existing products or services, any projections of product or service availability, technology developments and innovation, customer growth, or other future events; historical results that may suggest future trends for our business; our plans, strategies or objectives with respect to future operations, partner integrations and marketing strategy; future financial results; GoDaddy's ability to integrate its acquisitions and achieve desired synergies and vertical integration; the impact of the COVID-19 pandemic on our business, customers, employees and third-party partners; and assumptions underlying any of the foregoing.
Actual results could differ materially from our current expectations as a result of many factors, including, but not limited to: the unpredictable nature of our rapidly evolving market; fluctuations in our financial and operating results; our rate of growth; interruptions or delays in our service or our web hosting; breaches of our security measures; the impact of any previous or future acquisitions; our ability to continue to release, and gain customer acceptance of, our existing and future products and services; our ability to manage our growth; our ability to hire, retain and motivate employees; the effects of competition; technological, regulatory and legal developments; intellectual property litigation; developments in the economy, financial markets and credit markets, including as a result of the ongoing COVID-19 pandemic, continued escalation of geopolitical tensions, and increasing interest rates and inflationary pressures; and execution of share repurchases.
Additional risks and uncertainties that could affect GoDaddy's business and financial results are included in the filings we make with the SEC from time to time, including those described in "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2021 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, which are available on GoDaddy's website at https://investors.godaddy.net and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that GoDaddy makes with the SEC from time to time. All forward-looking statements in this press release are based on information available to GoDaddy as of the date hereof. Except to the extent required by law, GoDaddy does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Non-GAAP Financial Measures and Other Operating Metrics
In addition to our financial results prepared in accordance with GAAP, this press release includes certain non-GAAP financial measures and other operating metrics. We believe that these non-GAAP financial measures and other operating metrics are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. The non-GAAP financial measures included in this press release should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation between each non-GAAP financial measure and its nearest GAAP equivalent is included in this press release following the financial statements. We use both GAAP and non-GAAP measures to evaluate and manage our operations.
Total bookings. Total bookings is an operating metric representing the total sales of products to customers in a given period, excluding refunds. We believe total bookings provides valuable insight into (i) the performance of our business since we typically collect payment at the time of sale but recognize subscription revenue ratably over the term of our customer contracts and (ii) the effectiveness of our sales efforts since refunds often occur in periods different from the period of sale for reasons unrelated to the marketing efforts leading to the initial sale.
Constant currency. Constant currency is calculated by translating bookings and revenue for each month in the current period using the foreign currency exchange rates for the corresponding month in the prior period, excluding any hedging gains or losses realized during the period. We believe constant currency information is useful in analyzing underlying trends in our business by eliminating the impact of fluctuations in foreign currency exchange rates and allows for period-to-period comparisons of our performance.
Normalized EBITDA (NEBITDA). NEBITDA is a supplemental measure of our operating performance used by management to evaluate our business. We believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of core operating results and permits period-over-period comparisons of our operations. We calculate NEBITDA as net income excluding depreciation and amortization, interest expense (net), provision or benefit for income taxes, equity-based compensation expense, acquisition-related costs and certain other items.
Unlevered free cash flow. Unlevered free cash flow is a measure of our liquidity used by management to evaluate our business prior to the impact of our capital structure and restructuring and after purchases of property and equipment. Such liquidity can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.
Net debt. We define net debt as total debt less cash and cash equivalents. Total debt consists of the current portion of long-term debt plus long-term debt and unamortized original issue discount and debt issuance costs. Our management reviews net debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage and we believe such information is useful to investors. Furthermore, certain analysts and debt rating agencies monitor our net debt as part of their assessments of our business.
Gross merchandise volume (GMV). GMV is an operating metric calculated by annualizing the total quarterly dollar value of orders facilitated by our customers through our Commerce platforms, including shipping and handling, and taxes, and is shown net of discounts, and returns (where visibility exists). While GMV is not indicative of our performance, we believe it is an indicator of the strengths of our products and platforms.
Annualized recurring revenue (ARR). ARR is an operating metric defined as quarterly recurring revenue (QRR) multiplied by four. QRR represents the quarterly recurring GAAP revenue, net of refunds, from new and renewed subscription-based services. ARR is exclusive of any revenue that is non-recurring, including, without limitation, domain aftermarket, domain transfers, one-time set-up or migration fees and non-recurring professional website services fees. We believe ARR helps illustrate the scale of certain of our products and facilitates comparisons to other companies in our industry.
About GoDaddy
GoDaddy is empowering everyday entrepreneurs around the world by providing all of the help and tools to succeed online and in person. GoDaddy is the place people come to name their idea, build a professional website, attract customers, sell their products and services and manage their work. Our mission is to give our customers the tools, insights and the people to transform their ideas and personal initiative into success. To learn more about the company visit www.GoDaddy.com.
Reconciliation of Non-GAAP Financial Measures
The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure:
The following table provides a reconciliation of net debt:
Shares Outstanding
Shares of Class B common stock are not participating securities, and therefore do not have rights to share in our earnings. Total shares of common stock outstanding are as follows:
Source: GoDaddy Inc.
© 2022 GoDaddy Inc. All Rights Reserved.
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BALTIMORE, Aug. 3, 2022 /PRNewswire/ -- Medifast (NYSE: MED), the global company behind one of the fastest-growing health and wellness communities, OPTAVIA®, today reported results for the second quarter ended June 30, 2022.
- Revenue increased 15.0% to $453.3 million
- 14.9% growth in the number of independent active earning OPTAVIA Coaches to 68,000
- Revenue per active earning OPTAVIA Coach was $6,667 a slight increase above the prior year
- Net income decreased 16.7% to $39.1 million
- Non-GAAP adjusted net income decreased 5.7% to $44.3 million
- Earnings per diluted share ("EPS") of $3.42, a decrease of 13.6%
- Non-GAAP adjusted EPS of $3.87, a 2.5% decrease
- Entered into a $100 million accelerated share repurchase agreement
"We delivered another solid quarter at Medifast, with revenues up 15%, almost 15% growth in the number of active earning Coaches, and robust Coach productivity. The customized support of OPTAVIA Coaches remains a key differentiator for our business, and these results are a demonstration of the continued strength of our model, " said Dan Chard, Chairman and Chief Executive Officer of Medifast. "We're not immune to issues in the wider macroeconomic environment, and like many consumer-focused businesses, we've seen the impact of inflation on customer retention and consumer sentiment, which will cause slower-than-anticipated growth in the second half. However, we believe we remain well positioned for significant future growth as we continue to execute our core strategies and expand further into the broader health and wellness arena. Our continued confidence in our unique and powerful business model is underscored by our recently announced $100 million accelerated share repurchase program, demonstrating our consistent belief in our ability to drive sustainable long-term growth."
Second quarter 2022 revenue increased 15.0% to $453.3 million from $394.2 million for the second quarter of 2021. Revenue growth was primarily driven by an increase in the total number of active earning OPTAVIA Coaches, which rose 14.9% to 68,000 compared to 59,200 for the second quarter of 2021. The average revenue per active earning OPTAVIA Coach was $6,667, slightly above the second quarter of 2021.
Gross profit increased 9.5% to $321.7 million from $293.7 million for the second quarter of 2021. The increase in gross profit was primarily attributable to higher revenue partially offset by elevated cost of sales. The Company's gross profit as a percentage of revenue was 71.0% compared to 74.5% in the second quarter of 2021. The decrease in gross profit as a percentage of revenue was primarily due to a customer acquisition program and higher product costs resulting from higher raw ingredient costs.
Selling, general, and administrative expenses ("SG&A") increased 17.4% to $272.7 million compared to $232.3 million for the second quarter of 2021. As a percentage of revenue, SG&A increased 124 basis points year-over-year to 60.2% of revenue, as compared to 58.9% for the second quarter of 2021. The increase in SG&A was primarily due to higher OPTAVIA Coach compensation expense, donations made to support the Ukrainian relief effort ("Donations"), incremental costs related to continued investment in information technology and distribution infrastructure, and increased credit card fees resulting from higher sales. Non-GAAP adjusted SG&A increased $31.0 million to $263.3 million and non-GAAP adjusted SG&A as a percentage of revenue decreased 84 basis points year-over-year to 58.1%. Non-GAAP adjusted SG&A excludes expenses related to Donations.
Income from operations decreased 20.3% to $49.0 million from $61.4 million in the prior-year period. As a percentage of revenue, income from operations was 10.8% for the second quarter of 2022 compared to 15.6% in the prior-year period. Non-GAAP adjusted income from operations decreased $3.0 million to $58.4 million. Non-GAAP adjusted income from operations as a percentage of revenue was 12.9%, a decrease of 270 basis points from the year-ago period. Non-GAAP adjusted income from operations excludes Donations.
The effective tax rate was 19.8% for the second quarter of 2022 compared to 23.4% in the prior-year period. The decrease in the effective tax rate was primarily driven by the tax benefit for Donations made in the quarter partially offset by a minimal increase in various other items. Non-GAAP effective tax rate was 23.9% as compared to 23.4% in the prior year period.
In the second quarter of 2022, net income was $39.1 million, or $3.42 per diluted share, based on approximately 11.4 million shares of common stock outstanding. In the second quarter of 2021, net income was $47.0 million, or $3.96 per diluted share, based on approximately 11.9 million shares of common stock outstanding. In the second quarter 2022, non-GAAP adjusted net income was $44.3 million, or $3.87 per diluted share.
On June 1, 2022, the Company announced an accelerated share repurchase program ("ASR") to repurchase $100 million of outstanding common stock with approximately 480 thousand shares repurchased as of June 30, 2022 and final settlement expected no later than October 2022.
The company announced a quarterly cash dividend of $18.6 million, or $1.64 per share, payable on August 8, 2022, to stockholders of record as of the close of business on June 28, 2022.
The Company's balance sheet remains strong with $61.1 million in cash, cash equivalents and investment securities and $27.0 million in debt as of June 30, 2022 compared to $109.5 million in cash, cash equivalents and investment securities and no debt at December 31, 2021. The change in net cash is largely attributable to commencement of the ASR announced on June 1st.
The following guidance reflects the Company's updated expectations for the full-year 2022 and is provided on a non-GAAP basis, which excludes expenses related to Donations. Since the Company is continuing to work with third-party nonprofit partners, the Company cannot predict, without unreasonable effort, the amount of Donations that will be given in the second half of 2022 that will be included in GAAP results.
The Company expects full-year 2022 revenue to be in the range of $1.58 billion to $1.66 billion, down from the previously announced range of $1.78 billion to $1.84 billion. The Company expects full-year 2022 non-GAAP diluted EPS to be in the range of $12.70 to $14.10, down from the previously announced range of $14.60 to $16.05. The decline in the Company's outlook is due to macroeconomic factors such as inflation and consumer sentiment which have impacted customer retention. The revised full-year 2022 earnings guidance assumes a 24.25% to 25.25% effective tax rate.
The conference call is scheduled for today, Wednesday, August 3, 2022 at 4:30 p.m. ET. The call will be broadcast live over the Internet, hosted at the Investor Relations section of Medifast's website at www.MedifastInc.com or directly at https://app.webinar.net/6oK1JxlJeQm and will be archived online and available through August 17, 2022. In addition, listeners may dial (855) 560-2579.
A telephonic playback will be available from 6:30 p.m. ET, August 3, 2022, through August 10, 2022. Participants can dial (877) 344-7529 to hear the playback and enter passcode 7977392.
Medifast (NYSE: MED) is the global company behind one of the fastest-growing health and wellness communities, OPTAVIA®, which offers scientifically developed products, clinically proven plans and the support of independent OPTAVIA Coaches and a Community to help Customers achieve Lifelong Transformation, One Healthy Habit at a Time®. As the publicly traded market leader by revenue in the U.S. $7 billion weight management industry, the company has impacted more than 2 million lives through its Community of OPTAVIA Coaches, who teach Customers how to develop holistic healthy habits through the proprietary Habits of Health® Transformational System. Medifast was recognized in 2022 as one of America's Best Mid-Sized Companies by Forbes, in 2020 and 2021 as one of FORTUNE's 100 Fastest-Growing Companies and was named to Forbes' 100 Most Trustworthy Companies in America list in 2017. For more information, visit MedifastInc.com or OPTAVIA.com and follow @Medifast on Twitter.
MED-F
Please Note: This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by use of phrases or terminology such as "intend," "anticipate," "expects" or other similar words or the negative of such terminology. Similarly, descriptions of Medifast's objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. These statements are based on the current expectations of the management of Medifast and are subject to certain events, risks, uncertainties and other factors. Some of these factors include, among others, constraints, volatility or disruptions in the capital markets or other factors affecting the amount and timing of share repurchases under Medifast's accelerated share repurchase program; risks associated with Medifast's direct-to-consumer business model, the impact of rapid growth on Medifast's systems; disruptions in Medifast's supply chain; Medifast's inability to continue to develop new products; effectiveness of Medifast's advertising and marketing programs, including use of social media by independent OPTAVIA Coaches; Medifast's inability to maintain and grow the network of independent OPTAVIA Coaches; the departure of one or more key personnel; Medifast's inability to protect against online security risks; to protect its brand or to protect against product liability claims; Medifast's planned growth into domestic and international markets; adverse publicity associated with Medifast's products; Medifast's inability to continue declaring dividends; fluctuations of Medifast's common stock market price; the severity, length and ultimate impact of the COVID-19 pandemic on Medifast's results and people and economies; increases in competition, litigation, consequences of other geopolitical events, natural disasters, acts of war, climate change, stockholder activism, regulatory changes, inflation, labor shortages, supply chain issues and the resulting impact on market conditions and consumer sentiment and spending;, and a failure of internal control over financial reporting. Although Medifast believes that the expectations, statements and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and other filings filed with the United States Securities and Exchange Commission, including its quarterly reports on Form 10-Q and current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.
In an effort to provide investors with additional information regarding our results, we disclose various non-GAAP financial measures in our quarterly earnings press release and other public disclosures. The following GAAP financial measures have been presented on an as adjusted basis: SG&A expenses, income from operations, net income, diluted EPS and effective tax rate. Each of these non-GAAP financial measures excludes the impact of certain amounts as further identified below that the Company believes are not indicative of its core ongoing operational performance. A reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure is included below. These non-GAAP financial measures are not intended to replace GAAP financial measures.
We use these non-GAAP financial measures internally to evaluate and manage the Company's operations because we believe they provide useful supplemental information regarding the Company's on-going economic performance. We have chosen to provide this information to investors to enable them to perform more meaningful comparisons of operating results and as a means to emphasize the results of on-going operations.
The following tables reconcile the non-GAAP financial measures included in this report (in thousands):
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Realty Income Announces Operating Results for the Three and Six Months Ended June 30, 2022
Published: Aug. 3, 2022 at 4:05 PM EDT|Updated: 1 hour ago
SAN DIEGO, Aug. 3, 2022 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three and six months ended June 30, 2022. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise. Our financial results for the three and six months ended June 30, 2021 do not reflect our merger with VEREIT, Inc. (VEREIT), which was completed on November 1, 2021.
COMPANY HIGHLIGHTS:
For the three months ended June 30, 2022:
Net income per share was $0.37
Normalized FFO per share increased 15.9% to $1.02, compared to the three months ended June 30, 2021
AFFO per share increased 10.2% to $0.97, compared to the three months ended June 30, 2021
Invested $1.68 billion in 237 properties and properties under development or expansion, including $693.7 million in Europe
Net debt to annualized pro forma adjusted EBITDAre was 5.2x
Events subsequent to June 30, 2022:
In July 2022, six of the seven properties owned by our industrial partnerships acquired in connection with the VEREIT merger were sold, with the seventh property expected to be sold later in the third quarter of 2022. The gross purchase price for the properties is $905.0 million and our proportionate share of net proceeds (after mortgage defeasance and closing costs) is estimated to be approximately $120 million.
CEO Comments
"Our second quarter results demonstrate the stability of our business and the continued momentum in our global investment pipeline," said Sumit Roy, Realty Income's President and Chief Executive Officer. "During the quarter, we invested approximately $1.7 billion in high quality real estate, including approximately $694 million internationally. With over $3.2 billion invested in the first half of the year, we are increasing our 2022 acquisitions guidance to over $6 billion."
"Our investment goals are supported by our well-positioned balance sheet and access to capital, which remain competitive advantages in the net lease industry. Following the recent increase in our multicurrency revolving line of credit to $4.25 billion, we enhanced our financial flexibility by upsizing our commercial paper program to $3.0 billion, which now includes a $1.5 billion Euro commercial paper program to support our growth initiatives abroad."
"Finally, the health of our real estate portfolio remains strong as we finished the quarter with occupancy at 98.9%, the highest occupancy rate in over 10 years, while also achieving a 105.6% recapture rate on our releasing activity. I am proud of the collective efforts of our One Team as we continue to generate value for all of our stakeholders."
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data). As our merger with VEREIT occurred on November 1, 2021, our financial results do not include VEREIT financial results during the three and six months ended June 30, 2021.
Dividend Increases
In June 2022, we announced the 99th consecutive quarterly dividend increase, which is the 116th increase in the amount of the dividend since our listing on the New York Stock Exchange (NYSE) in 1994. The annualized dividend amount as of June 30, 2022 was $2.970 per share. The amount of monthly dividends paid per share increased 5.1% to $0.741, as compared to $0.705 for the three months ended June 30, 2021. We distributed $445.8 million in common stock dividends to stockholders during the three months ended June 30, 2022, representing 76.5% of our AFFO of $583.7 million.
Real Estate Portfolio Update
As of June 30, 2022, our portfolio consisted of 11,427 properties located in all 50 U.S. states, Puerto Rico, the U.K. and Spain, and leased to approximately 1,125 clients doing business in 72 industries. We own an actively managed, diversified portfolio of commercial properties under long-term, net lease agreements with a weighted average remaining lease term of approximately 8.8 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of June 30, 2022, portfolio occupancy was 98.9% with 132 properties available for lease or sale, as compared to 98.6% as of March 31, 2022 and 98.5% as of June 30, 2021.
Changes in Occupancy
During the three months ended June 30, 2022, the annual new rent on re-leases was $35.51 million, as compared to the previous annual rent of $33.63 million on the same units, representing a rent recapture rate of 105.6% on the units re-leased. We re-leased four units to new clients without a period of vacancy, and seven units to new clients after a period of vacancy.
During the six months ended June 30, 2022, the annual new rent on re-leases was $67.20 million, as compared to the previous annual rent of $63.47 million on the same units, representing a rent recapture rate of 105.9% on the units re-leased. We re-leased seven units to new clients without a period of vacancy, and 19 units to new clients after a period of vacancy.
Investments in Real Estate
The following table summarizes our acquisitions in the U.S. and Europe for the periods indicated below:
Same Store Rental Revenue
The following summarizes our same store rental revenue for 9,686 properties under lease (dollars in millions):
For purposes of comparability, same store rental revenue is presented on a constant currency basis using the exchange rate as of June 30, 2022 of 1.22 GBP/USD. None of the properties in Spain met our same store pool definition for the periods presented.
Beginning with the first quarter of 2022, properties acquired through the merger with VEREIT were considered under each element of our Same Store Pool criterion, except for the requirement that the property be owned for the full comparative period. If the property was owned by VEREIT for the full comparative period and each of the other criteria were met, the property was included in our same store property pool. Please see the Glossary to our Supplemental Operating and Financial Data for the three and six months ended June 30, 2022, which is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results, for the definition of our Same Store Pool.
Our calculation of same store rental revenue includes rent deferred for future payment as a result of lease concessions we granted in response to the COVID-19 pandemic and recognized under the practical expedient provided by the Financial Accounting Standards Board (FASB). Beginning with the first quarter of 2022, properties acquired through the merger with VEREIT were considered under each element of our Same Store Pool criterion, except for the requirement that the property be owned for the full comparative period. If the property was owned by VEREIT for the full comparative period and each of the other criterion were met, the property was included in our same store property pool. Our calculation of same store rental revenue also includes uncollected rent for which we have not granted a lease concession. If these applicable amounts of rent deferrals and uncollected rent were excluded from our calculation of same store rental revenue, the increase for the three and six months ended June 30, 2022 relative to the comparable period for 2021 would have been 2.6% and 3.5%, respectively.
Property Dispositions
The following summarizes our property dispositions (dollars in millions):
Liquidity and Capital Markets
Capital Raising During the three months ended June 30, 2022, we raised approximately $1.1 billion from the sale of common stock at a weighted average price of $67.13 per share, primarily through our "at-the-market" (ATM) program.
In June 2022, we replaced our prior ATM program, which authorized us to offer and sell up to 69,088,433 shares of common stock, with a new ATM program, pursuant to which up to 120,000,000 additional shares of common stock may be offered and sold.
Also in June 2022, we closed on the previously announced private placement of £600.0 million of senior unsecured notes, which included £140.0 million of notes due 2030, £345.0 million of notes due 2032, and £115.0 million of notes due 2037. The combined notes have a weighted average tenor of approximately 10.5 years, and a weighted average fixed interest rate of 3.22%.
New, Expanded Revolving Credit Facility In April 2022, we entered into a new $4.25 billion unsecured credit facility to amend and restate our previous $3.0 billion unsecured credit facility, which was due to expire in March 2023. The new revolving credit facility matures in June 2026 and includes two six-month extensions that can be exercised at our option. Similar to our previous revolving credit facility, the new revolving credit facility also has a $1.0 billion expansion feature, which is subject to obtaining lender commitments. As of June 30, 2022, the balance of borrowings outstanding under our revolving credit facility was $219.1 million, and we had a cash balance of $172.8 million.
Commercial Paper Program In July 2022, we amended our U.S. dollar-denominated unsecured commercial paper program to increase the maximum aggregate amount of outstanding notes from $1.0 billion to $1.5 billion and established a new Euro-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent) in U.S. dollars or other foreign currencies. We use our unsecured revolving credit facility as a liquidity backstop for the repayment of the notes issued under these programs. As of June 30, 2022, we had $950.0 million in commercial paper borrowings.
Earnings Guidance
Summarized below are approximate estimates of the key components of our 2022 earnings guidance:
Conference Call Information
In conjunction with the release of our operating results, we will host a conference call on August 4, 2022 at 11:30 a.m. PT to discuss the results. To access the conference call, dial (877) 354-7102 (United States) or (412) 317-2517 (International). When prompted, please ask for the Realty Income conference call.
A telephone replay of the conference call can also be accessed by calling (877) 344-7529 and entering the conference ID 2671744. The telephone replay will be available through August 11, 2022.
A live webcast will be available in listen-only mode by clicking on the webcast link on the company's home page or in the investors section at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay.
Supplemental Materials and Sustainability Report
Supplemental Operating and Financial Data for the three and six months ended June 30, 2022, including reconciliations for non-GAAP measures within the Glossary, are available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results.
The Sustainability Report for the year ended December 31, 2021 is available on our corporate website at esg.realtyincome.com/indicators/sustainability report. During June 2021, we established our Green Financing Framework, which is also available on our corporate website at esg.realtyincome.com/indicators/green_financing/green_financing/green_financing.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats® index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 11,400 real estate properties owned under long-term net lease agreements with commercial clients. To date, the company has declared 625 consecutive common stock monthly dividends throughout its 53-year operating history and increased the dividend 116 times since Realty Income's public listing in 1994 (NYSE: O). Additional information about the company can be obtained from the corporate website at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words "estimated," "anticipated," "expect," "believe," "intend," and similar expressions are intended to identify forward-looking statements. Forward-looking statements also include discussions of our business and portfolio including future operations and results, strategy, plans, intentions of management, the disposition of assets held by our industrial partnerships, our pipeline, and guidance. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business and economic conditions; competition; fluctuating interest and currency rates; access to debt and equity capital markets; continued volatility and uncertainty in the credit markets and broader financial markets; other risks inherent in the real estate business including our clients' defaults under leases, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; changes in income tax laws and rates; the continued evolution of the COVID-19 pandemic and the measures taken to limit its spread, and its impacts on us, our business, our clients, or the economy generally; the timing and pace of reopening efforts at the local, state and national level in response to the COVID-19 pandemic and developments, such as the unexpected surges in COVID-19 cases, that cause a delay in or postponement of reopenings; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; any effects of uncertainties regarding whether the anticipated benefits or results of our merger with VEREIT will be achieved; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Those forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. We do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
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Second Quarter 2022 Highlights
- Reported Net Income of $344 million for the second quarter 2022, compared to reported Net Income of $506 million for the second quarter 2021
- Diluted EPS of $0.34 for the second quarter 2022, compared to $0.46 per share for the second quarter 2021. Excluding Special Items, Diluted EPS of $0.35 per share for the second quarter 2022, compared to $0.48 per share for the second quarter 2021
- Generated Adjusted EBITDA of $1.811 billion for the second quarter 2022, compared to $2.109 billion1 for the second quarter 2021, excluding Special Items of $47 million and $20 million, respectively
- Reported Net Cash Provided by Operating Activities of $1.396 billion for the second quarter 2022
- Generated Free Cash Flow of $668 million for the second quarter 2022, compared to $1.044 billion for the second quarter 2021, excluding cash paid for Special Items of $33 million and $51 million, respectively
- Reiterated full-year 2022 financial outlook measures
- Completed the $2.7 billion divestiture of its Latin American business to Stonepeak on August 1
DENVER, Aug. 3, 2022 /PRNewswire/ -- Lumen Technologies, Inc. (NYSE: LUMN) reported results for the second quarter ended June 30, 2022.
"We improved our revenue trajectory and accelerated the number of Quantum Fiber locations enabled in the second quarter. In addition, we closed the divestiture of our Latin America business on August 1 and expect to close the divestiture of our 20-state ILEC business early in the fourth quarter of this year," said Jeff Storey, president and CEO of Lumen. "We announced our new Business segment product categories, which further sharpens our focus as we position Lumen to generate profitable revenue growth."
Total Revenue was $4.612 billion for the second quarter 2022, compared to $4.924 billion1 for the second quarter 2021.
Financial Results
Cash Flow
Free Cash Flow, excluding Special Items, was $668 million in the second quarter 2022, compared to $1.044 billion in the second quarter 2021.
As of June 30, 2022, Lumen had cash and cash equivalents of $360 million. On August 1, 2022, we received approximately $2.7 billion of cash upon selling our Latin American business and on August 3, 2022 repaid approximately $700 million on our consolidated term loan indebtedness.
2022 Financial Outlook
The company reiterated its full-year 2022 financial outlook measures detailed below:
Investor Call
Lumen's management team will host a conference call at 5:00 p.m. ET today, August 3, 2022. The conference call will be streamed live over the Lumen website at ir.lumen.com. Additional information regarding second quarter 2022 results, including the presentation materials management will review during the conference call, will be available on the Investor Relations website prior to the call. If you are unable to join the call via the web, the call can be accessed live at +1 877-283-5145 (U.S. Domestic) or +1 312-281-1201 (International).
A telephone replay of the call will be available beginning at 8:00 p.m. ET on August 3, 2022, and ending November 1, 2022, at 8:00 p.m. ET. The replay can be accessed by dialing +1 800-633-8284 (U.S. Domestic) or +1 402-977-9140 (International), reservation code 22019603. A webcast replay of the call will also be available on our website beginning at 7:00 p.m. ET on August 3, 2022, and ending November 1, 2022, at 6:00 p.m. ET.
About Lumen Technologies and the People of Lumen:
Lumen Technologies Inc. (NYSE: LUMN) is guided by our belief that humanity is at its best when technology advances the way we live and work. With approximately 450,000 route fiber miles and serving customers in more than 60 countries, we deliver the fastest, most secure platform for applications and data to help businesses, government and communities deliver amazing experiences.
Learn more about the Lumen network, edge cloud, security, communication and collaboration solutions and our purpose to further human progress through technology at news.lumen.com, LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of Lumen Technologies, Inc.
Forward-Looking Statements
Except for historical and factual information, the matters set forth in this release and other of our oral or written statements identified by words such as "estimates," "expects," "anticipates," "believes," "plans," "intends," "will," and similar expressions are forward-looking statements as defined by the federal securities laws, and are subject to the "safe harbor" protections thereunder. These forward-looking statements are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the effects of competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and increased pricing pressures; the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete; our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying and automating our service support systems, attaining our Quantum Fiber buildout plans, strengthening our relationships with customers and attaining projected cost savings; our ability to safeguard our network, and to avoid the adverse impact of possible cyber-attacks, security breaches, service outages, system failures, or similar events impacting our network or the availability and quality of our services; the effects of ongoing changes in the regulation of the communications industry, including the outcome of legislative, regulatory or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards, broadband deployment, data protection, privacy and net neutrality; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; changes in customer demand for our products and services, including increased demand for high-speed data transmission services; our ability to successfully maintain the quality and profitability of our existing product and service offerings and to introduce profitable new offerings on a timely and cost-effective basis; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt repayments, dividends, pension contributions and other benefits payments; our ability to successfully and timely implement our corporate strategies, including our deleveraging strategy; our ability to successfully and timely consummate the pending divestiture of a portion of our incumbent local exchange business on the terms proposed, to realize the anticipated benefits therefrom, and to operate our retained business successfully thereafter; changes in our operating plans, corporate strategies, dividend payment plans or other capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions, or otherwise; the impact of any future material acquisitions or divestitures that we may transact; the negative impact of increases in the costs of our pension, health, post-employment or other benefits, including those caused by changes in markets, interest rates, mortality rates, demographics or regulations; the potential negative impact of customer complaints, government investigations, security breaches or service outages impacting us or our industry; adverse changes in our access to credit markets on favorable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets or otherwise; our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance therewith; our ability to maintain favorable relations with our securityholders, key business partners, suppliers, vendors, landlords and financial institutions; our ability to meet evolving environmental, social and governance ("ESG") expectations and benchmarks, and effectively communicate and implement our ESG strategies; our ability to collect our receivables from, or continue to do business with, financially-troubled customers; our ability to use our net operating loss carryforwards in the amounts projected; our ability to continue to use or renew intellectual property used to conduct our operations; any adverse developments in legal or regulatory proceedings involving us; changes in tax, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from recently-enacted federal legislation promoting broadband spending; the effects of changes in accounting policies, practices or assumptions, including changes that could potentially require additional future impairment charges; continuing uncertainties regarding the impact that COVID-19 disruptions could have on our business, operations, cash flows and corporate initiatives; the effects of adverse weather, terrorism, epidemics, pandemics, rioting, societal unrest, or other natural or man-made disasters or disturbances; the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended; the effects of changes in interest rates and inflation; the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic or geo-political conditions; and other risks referenced from time to time in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, regulatory, technological, industry, competitive, economic and market conditions, and our related assumptions, as of such date. We may change our intentions, strategies or plans without notice at any time and for any reason.
Reconciliation to GAAP
This release includes certain historical and forward-looking non-GAAP financial measures, including but not limited to Adjusted EBITDA, Free Cash Flow, Unlevered Cash Flow, and adjustments to GAAP and non-GAAP measures to exclude the effect of Special Items. In addition to providing key metrics for management to evaluate the company's performance, we believe these measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends.
Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the attached financial schedules. Reconciliation of additional non-GAAP historical financial measures that may be discussed during the call described above, along with further descriptions of non-GAAP financial measures, will be available in the Investor Relations portion of the company's website at http://ir.lumen.com. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies.
Description of Non-GAAP Metrics
Pursuant to Regulation G, the company is hereby providing definitions of non-GAAP financial metrics and reconciliations to the most directly comparable GAAP measures.
The following describes and reconciles those financial measures as reported under accounting principles generally accepted in the United States (GAAP) with those financial measures as adjusted by the items detailed below and presented in the accompanying news release. These calculations are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. In keeping with its historical financial reporting practices, the company believes that the supplemental presentation of these calculations provides meaningful non-GAAP financial measures to help investors understand and compare business trends among different reporting periods on a consistent basis.
We use the term Special Items as a non-GAAP measure to describe items that impacted a period's statement of operations for which investors may want to give special consideration due to their magnitude, nature or both. We do not call these items non-recurring because, while some are infrequent, others may recur in future periods.
Adjusted EBITDA ($) is defined as net income (loss) from the Statements of Operations before income tax (expense) benefit, total other income (expense), depreciation and amortization, stock-based compensation expense and impairments.
Adjusted EBITDA Margin (%) is defined as Adjusted EBITDA divided by total revenue.
Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are relevant and useful metrics to provide to investors, as they are an important part of our internal reporting and are key measures used by management to evaluate profitability and operating performance of Lumen and to make resource allocation decisions. Management believes such measures are especially important in a capital-intensive industry such as telecommunications. Management also uses Adjusted EBITDA and Adjusted EBITDA Margin (and similarly uses these terms excluding Special Items) to compare our performance to that of our competitors and to eliminate certain non-cash and non-operating items in order to consistently measure from period to period our ability to fund capital expenditures, fund growth, service debt and determine bonuses. Adjusted EBITDA excludes non-cash stock compensation expense and impairments because of the non-cash nature of these items. Adjusted EBITDA also excludes interest income, interest expense and income taxes, and in our view constitutes an accrual-based measure that has the effect of excluding period-to-period changes in working capital and shows profitability without regard to the effects of capital or tax structure. Adjusted EBITDA also excludes depreciation and amortization expense because these non-cash expenses primarily reflect the impact of historical capital investments, as opposed to the cash impacts of capital expenditures made in recent periods, which may be evaluated through cash flow measures. Adjusted EBITDA further excludes the gain (or loss) on extinguishment and modification of debt and other income (expense), net, because these items are not related to the primary business operations of Lumen.
There are material limitations to using Adjusted EBITDA as a financial measure, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from our calculations. Additionally, by excluding the above-listed items, Adjusted EBITDA may exclude items that investors believe are important components of our performance. Adjusted EBITDA and Adjusted EBITDA Margin (either with or without Special Items) should not be considered a substitute for other measures of financial performance reported in accordance with GAAP.
Unlevered Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid and less interest income, all as disclosed in the Statements of Cash Flows or the Statements of Operations. Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, because it reflects the operational performance of Lumen and, measured over time, enables management and investors to monitor the underlying business' growth pattern and ability to generate cash. Unlevered Cash Flow excludes cash used for acquisitions and debt service and the impact of exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Unlevered Cash Flow to measure our cash performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Unlevered Cash Flow to that of some of our competitors may be of limited usefulness since Lumen does not currently pay a significant amount of income taxes due to net operating loss carryforwards, and therefore, currently generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable, accounts payable, payroll and capital expenditures. Unlevered Cash Flow should not be used as a substitute for net change in cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows.
Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures as disclosed in the Statements of Cash Flows. Management believes that Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of our ability to generate cash to service our debt. Free Cash Flow excludes cash used for acquisitions, principal repayments and the impact of exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Free Cash Flow to measure our performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Free Cash Flow to that of some of its competitors may be of limited usefulness since Lumen does not currently pay a significant amount of income taxes due to net operating loss carryforwards, and therefore, generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to interest expense, accounts receivable, accounts payable, payroll and capital expenditures. Free Cash Flow should not be used as a substitute for net change in cash, cash equivalents and restricted cash on the Consolidated Statements of Cash Flows.
Outlook
To enhance the information in our outlook with respect to non-GAAP metrics, we are providing a range for certain GAAP measures that are components of the reconciliation of the non-GAAP metrics. The provision of these ranges is in no way meant to indicate that Lumen is explicitly or implicitly providing an outlook on those GAAP components of the reconciliation. In order to reconcile the non-GAAP financial metric to GAAP, Lumen has to use ranges for the GAAP components that arithmetically add up to the non-GAAP financial metric. While Lumen believes that it has used reasonable assumptions in connection with developing the outlook for its non-GAAP financial metrics, it fully expects that the ranges used for the GAAP components will vary from actual results. We will consider our outlook of non-GAAP financial metrics to be accurate if the specific non-GAAP metric is met or exceeded, even if the GAAP components of the reconciliation are different from those provided in an earlier reconciliation.
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SAN FRANCISCO, Aug. 3, 2022 /PRNewswire/ -- Vial is welcoming Dr. Luke Nordquist to Vial's Oncology Scientific Advisory Board. Dr. Nordquist is the latest addition to the board after Dr. Arati Rao, Dr. Antoni Ribas, Dr. Arvind Chaudhry, and Dr. Guru Sonpavde joined earlier this year.
The Vial Oncology CRO aims to reimagine clinical trials by delivering faster and higher quality trials through a powerful technology platform and operational excellence. Vial has worked closely with Oncology sponsors to understand their pain points in running trials and has created the CRO to be optimized for the unique needs of the Oncology clinical trial market.
Vial's enrollment playbook offers a seamless web-based site start-up, a dedicated recruitment team, EMR filtering capabilities, and a centralized pre-screen team to ensure recruitment timelines are met. In addition, Vial's tech-enabled trial management system integrates eSource, ePRO, EDC and CTMS systems into a seamless operating system so the CRO can enable trials to be run at their greatest efficiency and deliver higher quality data.
"My mission when I started as an Oncologist was to advance therapeutic developments in order to serve patients. XCancer and UCC were started to deliver on this mission. I'm excited to advise the Vial Oncology CRO team on the pain points that PIs and Oncology sites face in order to build an Oncology CRO that reimagines clinical trials through better technology and a new model centered around speed and quality," said Dr. Nordquist on joining the board.
Luke Nordquist, MD, FACP is the CEO of the XCancer Research Network and founded the Urology Cancer Center & GU Research Network. XCancer enables, oversees, and helps support clinical trials in community Oncology centers across the US. XCancer has worked with over 40 community cancer centers — the network has supported the approval of several novel Oncology therapeutics. Dr. Nordquist has become a global Oncology KOL through his leading role in groundbreaking clinical trials from Phase I-IV. He has been the principal investigator on several hundred urologic cancer studies including several first-in-world treatments.
See the full release here.
About Vial: Vial's mission is to empower scientists to cure all human diseases. Vial has executed that vision by launching a next-generation Contract Research Organization (CRO) (with slated launches in Ophthalmology CRO, Oncology CRO, Gastroenterology CRO, and a Neurology CRO), a site network (Dermatology Clinical Trials, Ophthalmology Clinical Trials, Gastroenterology Clinical Trials, Women's Health Clinical Trials, Neurology Clinical Trials), and technology platform (VialConnect CTMS) to accelerate research. Vial has over 125 employees, is based in San Francisco, California, and has contributed to over 750 trials from Phase I through Phase IV.
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JERSEY CITY, N.J., Aug. 3, 2022 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company") today reported results for the second quarter 2022.
SECOND QUARTER 2022 HIGHLIGHTS
- Net income of $0.25 per share
- Core Funds from Operations ("Core FFO") per share of $0.15
- The 6,691-unit operating multifamily portfolio and Same Store 5,825-unit operating multifamily portfolio were 97.1% and 96.8% occupied, respectively, as of June 30, 2022
- Same Store Net Operating Income ("NOI") for the operating multifamily portfolio increased year-over-year and quarter-over-quarter by 28.0% and 8.2%, respectively, reflecting higher occupancy, lower concessions and increasing market rents
- Second quarter 2022 multifamily Blended Net Rental Growth Rate of 21%
- Strong leasing momentum continues at Haus25, a 750-unit property located in Jersey City, NJ, which was 66% leased as of July 31, 2022 with 494 leases signed since leasing commenced on April 6, 2022
- Completed acquisition of The James, a Class-A 240-unit property located in Park Ridge, NJ for $129.6 million subsequent to quarter end
- The Hyatt Hotel and 23 Main Street, the Company's last suburban office property, are under binding contracts for a total sales price of $132.25 million, which dispositions are expected to generate $19.6 million of net proceeds to the Company
- Refinanced the construction loan for RiverHouse 9 in Port Imperial with a five-year $110 million floating-rate loan at an interest margin of 1.21% over SOFR and a two-year cap at a strike rate of 3.0%
- 76% of total debt is fixed and/or hedged with a weighted average maturity of five years
- Released 2021 ESG report, including commitment to 50% emissions reduction as validated by the Science Based Targets initiative (SBTi) and achieved independent sector leading ESG rankings
Mahbod Nia, Chief Executive Officer, commented: "Our multifamily portfolio posted another quarter of sector-leading same store rental and NOI growth, reflecting the significant steps we have taken over the past 18 months to reposition the portfolio and enhance our operational platform. We also saw continued leasing velocity at Haus25, which is now 66% leased and almost 50% occupied.
We continued to make progress in our strategic transformation with the acquisition of The James now complete and binding agreements in place to dispose of two additional non-core assets. The multifamily portfolio now constitutes 83% of the Company's NOI on a pro forma basis, up from 39% as of the end of the first quarter of 2021, and approximately 1,900 multifamily units have been added to our portfolio, representing growth of over 30% during this time."
FINANCIAL HIGHLIGHTS
Net income (loss) available to common shareholders for the quarter ended June 30, 2022 was $26.4 million, or $0.25 per share, compared to $(72.1) million, or $(0.81) per share, for the quarter ended June 30, 2021.
FFO for the quarter ended June 30, 2022 was $63.8 million, or $0.64 per share, compared to $(47.5) million, or $(0.48) per share, for the quarter ended June 30, 2021.
For the second quarter 2022, Core FFO was $15.3 million, or $0.15 per share, compared to $15.3 million, or $0.15 per share, for the quarter ended June 30, 2021.
For more information and a reconciliation of FFO, Core FFO, Adjusted EBITDA and NOI to net income (loss) attributable to common shareholders, please refer to the following pages and the Company's Supplemental Operating and Financial Data package for the second quarter 2022. Please note that all presented per share amounts are on a diluted basis.
MULTIFAMILY PORTFOLIO HIGHLIGHTS
The Company's 6,691-unit operating multifamily portfolio and Same Store 5,825-unit operating multifamily portfolio were 97.1%and 96.8% occupied, respectively, as of June 30, 2022.
Same Store NOI for the operating multifamily portfolio increased year-over-year and quarter-over-quarter by 28.0% and 8.2%, respectively, reflecting higher occupancy, lower concessions and increasing market rents. The three lease-up properties that stabilized in the fourth quarter 2021, the Upton in Short Hills, NJ, Capstone in West New York, NJ, and RiverHouse 9 in Weehawken, NJ, contributed $3.9 million to NOI for the second quarter 2022, an increase of 4.1% compared to the first quarter 2022.
Second quarter 2022 multifamily Blended Net Rental Growth Rate was 21%.
The Company also received its share of proceeds from the sale of its Urby tax credit during the quarter, which totaled $2.6 million and was included in Core FFO consistent with previous years.
Multifamily Development
Haus25, a 750-unit property located at 25 Christopher Columbus in Jersey City, NJ was 66% leased as of July 31, 2022. The property has signed 494 leases since commencing leasing on April 6, 2022.
OFFICE PORTFOLIO HIGHLIGHTS
As of June 30, 2022, the Company's consolidated office portfolio, comprised of 4.3 million rentable square feet across six operational properties, was 73.0% leased, while the Waterfront office portfolio was 70.6% leased.
The Company leased 24,200 square feet in the second quarter 2022.
TRANSACTION ACTIVITY
Non-Strategic Asset Dispositions
In the second quarter 2022, the Company signed binding contracts to dispose of the Hyatt Hotel in Jersey City, NJ and 23 Main Street in Holmdel, NJ, the Company's last remaining suburban office property, for a total sales price of $132.25 million. These dispositions are expected to generate $19.6 million in net proceeds to the Company.
Land Dispositions
In the second quarter 2022, the Company completed the sale of two land parcels, one in Weehawken, NJ and one in Jersey City, NJ for a total sales price of $100 million.
Two land parcels located in Hudson County, NJ remain under binding contract for a total sales price of $25.5 million.
Acquisitions
On July 21, 2022, the Company completed the acquisition of The James, a Class-A 240-unit property located in Park Ridge, NJ for a purchase price of $129.6 million. The James was 96.7% occupied as of July 18, 2022.
BALANCE SHEET/CAPITAL MARKETS
As of June 30, 2022, the Company had a debt-to-undepreciated assets ratio of 45.2%. Total liquidity was $203 million, comprised of $29 million of unrestricted cash and $174 million of availability under the revolving credit facility. The drawn balance under the revolving credit facility was $76 million.
On June 21, 2022, the Company refinanced the $90 million construction loan for RiverHouse 9 in Port Imperial with a five-year $110 million floating-rate loan at an interest margin of 1.21% over SOFR, simultaneously purchasing a two-year SOFR cap at a strike rate of 3.0%.
76% of the Company's total debt portfolio (consolidated and unconsolidated) is hedged or fixed at a weighted average interest rate of 3.69% with a weighted average maturity of five years.
ESG
During the quarter, the Company released its 2021 ESG report detailing the progress it has made in becoming a more responsible, sustainable, and inclusive owner, operator, and developer, while continuing its pursuit of long-term value creation for shareholders. The Company is on track to meet its target to reduce its Scope 1 and 2 emissions by 50% by 2030 (compared to 2019), a goal which was validated by the SBTi.
As of June 6 2022, Veris Residential has earned a QualityScore rating of "1" for both Environmental and Social disclosures, up from 9 and 8, respectively, since October 2020, from Institutional Shareholder Services (ISS). The ISS QualityScore is designed to help investors monitor the ESG risks in their portfolio companies. Scores are provided on a scale from 1 to 10, with 10 being the highest risk rating.
Also, as of July 2022, the Company saw a 26% year-over-year increase in its Arabesque S-Ray score, included in Glass Lewis' Proxy Paper research reports, placing the Company above the 90th percentile in the Finance sector.
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for August 4, 2022 at 8:30 a.m. Eastern Time, and will be broadcast live via the Internet at: http://investors.verisresidential.com/corporate-overview.
The live conference call is also accessible by dialing (844) 825-9789 (domestic) or (412) 317-5180 (international) and requesting the Veris Residential second quarter 2022 earnings conference call.
The conference call will be rebroadcast on Veris Residential, Inc.'s website at http://investors.verisresidential.com/corporate-overview beginning at 10:30 a.m. Eastern Time on August 4, 2022.
A replay of the call will also be accessible August 4, 2022 through September 4, 2022 by calling (844) 512-2921 (domestic) or (412) 317-6671 (international) and using the passcode, 10168446.
Copies of Veris Residential, Inc.'s second quarter 2022 Form 10-Q and second quarter Supplemental Operating and Financial Data are available on Veris Residential, Inc.'s website, as follows:
Second Quarter 2022 Form 10-Q:
http://investors.verisresidential.com/sec-filings
Second Quarter 2022 Supplemental Operating and Financial Data:
http://investors.verisresidential.com/quarterly-supplementals
In addition, once filed, these items will be available upon request from:
Veris Residential, Inc. Investor Relations Department
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311
NON-GAAP FINANCIAL MEASURES
Included in this press release are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a "non-GAAP financial measure", measuring Veris Residential, Inc.'s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles ("U.S. GAAP"), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance which is further defined below.
For reconciliation of FFO and Core FFO to Net Income (Loss), please refer to the following pages. For reconciliation of NOI, and Adjusted EBITDA to Net Income (Loss), please refer to the Company's disclosure in the Quarterly Financial and Operating Data package for the second quarter 2022.
FFO
FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("Nareit"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
Core FFO
Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Core FFO is presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO, the Company's measures of Core FFO may not be comparable to the Core FFO reported by other REITs. A reconciliation of net income per share to Core FFO in dollars and per share is included in the financial tables accompanying this press release.
NOI and Same Store NOI
NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company's use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed.
Same Store NOI is presented for the same store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.
Blended Net Rental Growth Rate
Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.
ABOUT THE COMPANY
Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment.
For additional information on Veris Residential, Inc. and our properties available for lease, please visit http://www.verisresidential.com/.
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the "10-Q") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings.
We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.
In addition, the extent to which the ongoing COVID-19 pandemic impacts us and our tenants and residents will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.
Investors
Anna Malhari
Chief Operating Officer
investors@verisresidential.com
Media
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
212-257-4170
veris-residential@gasthalter.com
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NEW YORK (AP) — Country superstar Dolly Parton, who made a big donation to help fund coronavirus vaccine research in 2020, is among this year’s Carnegie Medal of Philanthropy recipients.
Also being honored are Dallas entrepreneur Lyda Hill, Kenyan industrialist Manu Chandaria, and Lynn and Stacy Schusterman, from the Oklahoma investment family.
The award, presented by the international family of Carnegie institutions to honor innovative philanthropists, debuted in 2001 and is normally awarded every two years. It was not issued in 2021 due to the pandemic.
The 2022 honorees will receive their medals in a private ceremony in New York on Oct. 13. A priority of the ceremony is fostering personal meetings to encourage the exchange of ideas and spur potential collaboration — something this year’s honorees have already done, said Eric Isaacs, president of the Carnegie Institution for Science and a member of the medal selection committee.
Parton’s $1 million donation to Vanderbilt University Medical Center has received plenty of attention. But her fellow honoree Hill, through her Lyda Hill Philanthropies, was also an early donor to the work that would yield the Moderna COVID-19 vaccine.
“I invested before it was anything,” Hill told The Associated Press. “One of the things that Warren Buffett said that stuck with me was, ‘Don’t do what other people can do and will do. Do what other people can’t do and won’t do. And take risks.’ I have had to apply that to my philanthropic investments.”
Hill, who focuses her funding on advances in science and nature conservancy, as well as supporting women in those careers, said she never did get a Moderna shot.
“Unfortunately,” Hill said, “when I went to get my vaccine, I rolled my sleeves up and said, ‘What do you got?’ And she said, ‘Pfizer.’ I said, ‘OK.’”
Parton, in a statement, said she was honored to receive the Carnegie Medal of Philanthropy.
“I’ve always believed that if you are in a position to help, you should help, and I truly hope that I can be an inspiration for others to lift up those around them,” said Parton, who will be inducted into the Rock and Roll Hall of Fame in November, and makes most of her donations through her Dollywood Foundation. “Whether through my Imagination Library or giving to COVID-19 research, I try to support things that have a special meaning for me. I hope everyone can find something they’re passionate about supporting and do what they can to help make this world a better place.”
Considering the intense need created by COVID-19, the pandemic was top of mind while the selection committee was making its decisions, Isaacs said.
“Obviously, this is a very difficult time with the pandemic,” he said. “But we think environmental issues are probably equally, if not more, impactful in the sense that pandemics like COVID-19 are likely to become more frequent as the atmosphere heats up. I think we take the long view in terms of our selections.”
The Schustermans exemplify philanthropists whose donations have made a long-lasting impact, in addition to making timely grants to address current needs.
The Charles and Lynn Schusterman Family Foundation was established in 1987 to invest in systemic change in the United States and Israel on matters of justice and equity. When Charles died in 2000, Lynn Schusterman took over the foundation, expanding its work and becoming an outspoken advocate for inclusion, especially for the LGBTQ community. In 2018, their daughter Stacy Schusterman took over the foundation, which changed its name last year to Schusterman Family Philanthropies and now also includes work in reproductive equity, voting rights and criminal justice — all hot-button issues this summer.
“I hope that work like this will inspire other people to give more now,” Stacy Schusterman told the AP. “It’s important for people to give a meaningful percentage of their family’s assets. And I think the partnership that can exist between philanthropy and the communities that we’re seeking to help is vital. Government can’t address all problems.”
She said she’s thrilled to be carrying on her parents’ work and that she will be celebrated with her mom.
“I’m really excited that we’re being honored together,” she said. “It’s fun to have it happen as a mother-daughter team.”
The Chandaria Foundation had its start as a family enterprise in the 1950s, though the Kenyan-born industrialist of Indian descent had to do some convincing before it began.
When he first brought up the issue, Chandaria remembers his father asking if something was wrong with him and whether he had lived in the United States too long. “We are not the Rockefellers,” Chandaria’s father told him. “You better get to work. There’s a big hole over there.”
But by 1956, they had established a charitable organization providing scholarships in Kenya and, decades later, its work has expanded into building education and healthcare infrastructure in Africa.
“It’s a basic principle of the Gandhian philosophy: If you have wealth, you are not owners of the wealth,” said Chandaria, who also attributes generosity to being a follower of the Indian religion Jainism. “You really should go and help others who cannot help themselves.”
Isaacs said the Carnegie Medal of Philanthropy is meant to recognize the work of the honorees in their various fields and locations. This year, the Carnegie institutions will also launch the Carnegie Catalyst award to “celebrate the transformative power of human kindness,” which will go to World Central Kitchen, the anti-hunger nonprofit founded by chef Jose Andres.
That award was inspired by the late Vartan Gregorian, the president of the Carnegie Corporation of New York and the co-founder of the Carnegie Medal of Philanthropy, who died in 2021.
“World Central Kitchen is an outstanding model of how humankind can respond in times of dire need by activating the inherent goodness in others — an ideal that was embodied through the life and work of Vartan Gregorian,” Thomas H. Kean, chairman of Carnegie Corporation of New York’s board of trustees and former governor of New Jersey, said in a statement.
____
Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy. | https://www.wfla.com/business/ap-business/dolly-parton-among-carnegie-medal-of-philanthropy-winners/ | 2022-08-03T21:11:12Z | https://www.wfla.com/business/ap-business/dolly-parton-among-carnegie-medal-of-philanthropy-winners/ | true |
Detroit Police arrest driver wanted for hit-and-run death of father after gentleman's club argument
DETROIT (FOX 2) - The Detroit Police Department is holding a press conference at 3 p.m. on Wednesday to announce the arrest of a man wanted for the intentional hit-and-run death of a Detroit father who was killed after trying to protect a woman at a gentleman's club on 8 Mile.
Police announced Wednesday they made an arrest in the death of 30-year-old Lamar Waller, who was killed after being followed to a CVS on 8 Mile near Southfield Freeway in Detroit.
Police Chief James White said his police department and the Southfield Police Department worked together to arrest the suspect, who police did not name.
Southfield Police Chief Elvin Barren said they received a notification about the suspect from Detroit Police on Monday. The notification said the man was in the front passenger seat of a black Lincoln MKZ on Greenfield north of 8 Mile.
When Southfield Police tried to pull the car over, the female driver fled. A PIT maneuver was done to spin the car out in a parking lot and the car was stopped with the passenger door pinned against the cruiser.
The suspect then climbed over the woman who was driving and ran on foot. He ran into a nearby pharmacy where he was arrested in the lobby.
Beren said nobody was hurt in the chase.
According to police, Waller was targeted following an incident at the Ace of Spades Gentlemen’s Club where Waller worked security. His family said he was protecting a woman the suspect was harassing.
The suspect then followed him and, when Waller got out of his car, pulled behind him and ran him over.
Waller was taken to the hospital where was diagnosed with a severe brain injury and died the next day.
"They hit him with full speed and left him there to die," said Cassandra McLawrence, Waller's sister. "This guy is dangerous. He was dangerous to my brother, and he’d be dangerous to other people and what he did is very sick, and he needs to be, something needs to be done about what he did." | https://www.fox10phoenix.com/news/detroit-police-arrest-driver-wanted-for-hit-and-run-death-of-father-who-was-protecting-a-woman | 2022-08-03T21:11:57Z | https://www.fox10phoenix.com/news/detroit-police-arrest-driver-wanted-for-hit-and-run-death-of-father-who-was-protecting-a-woman | true |
ST. LOUIS (AP) — The climate deal reached last week by Senate Democrats could reduce the amount of greenhouse gases that American farmers produce by expanding programs that help accumulate carbon in soil, fund climate-focused research and lower the abundant methane emissions that come from cows.
The bill includes more than $20 billion to improve the agriculture sector’s impact on the environment, mostly by expanding existing U.S. Department of Agriculture programs that help farmers change to better practices. Farmers would be paid to improve the health of their soil, withstand extreme weather and protect their land if the bill is enacted.
The roughly $370 billion climate and energy spending deal would bring the country closer to cutting greenhouse gas emissions in half by 2030, according to new analyses. That is something many scientists say is important, and that President Joe Biden promised. Sen. Joe Manchin, D-W. Va., a long-time holdout on climate legislation, endorsed measures that would benefit electric vehicles, renewable energy and climate-friendly farming. Agriculture is responsible for 11% of the country’s climate-warming emissions.
The funding would expand programs favored by both environmental groups and the agricultural sector, said Ben Thomas, who focuses on agriculture at the Environmental Defense Fund.
“They are voluntary, they are incentive-based, they get results in terms of implementing conservation practices on working lands,” said Thomas. “It’s great to see.”
Thomas said historically, the agricultural sector has not aggressively tackled its contribution to climate change, but that hesitation has shifted in recent years and more money will accelerate progress. There’s a lot of potential, he said.
“It is worth taking very, very seriously,” Thomas said.
Cows belch an enormous amount of methane and agriculture is responsible for more than one-third of human-caused methane emissions, according to the U.S. Environmental Protection Agency. This is a way that people’s diets — if they are high in meat or dairy — contribute to greenhouse gas buildup. The bill directs funds towards altering what cows eat to reduce those emissions.
On farms, soil can hold or sequester carbon if it is left undisturbed and covered by a crop. Money from the bill will expand programs that help farmers turn their soil less, implement climate-friendly crop rotation practices and plant cover crops that aren’t for harvest but improve soil health.
“The historic funding validates the fact that these practices are important,” said Ranjani Prabhakar, an agriculture and climate policy specialist at the environmental group Earthjustice
Cover crops, for example, are only used by a fraction of farmers. If their use were to triple — from around 5% of cropland to 15% — it could remove the equivalent of 14 megatons of carbon dioxide per year, roughly the total annual emissions of New Hampshire, according to Kevin Karl, a flood food and climate researcher at Columbia University.
“The adoption rate is so low,” Karl said. “There’s a lot of potential improvement.”
Federal officials already offer farmers help with a variety of environmentally-focused issues including irrigation and fertilizer use. One program helps fund conservation easements for agricultural land.
Dan Sheafer works on nitrogen research with the Illinois Fertilizer and Chemical Association and operates a 20-acre farm. He plants cover crops and keeps soil disturbance to a minimum — practices that benefit soil health and reduce soil erosion. But he said cover crops also have drawbacks, requiring farmers who want an environmental benefit to change their practices.
“There’s just more time involved with doing cover crops,” he said.
The bill also includes money for research. While it is clear that managing soil properly can capture carbon, more needs to be known about important questions like how long sequestered carbon stays in soil.
Kaiyu Guan, a professor focused on climate and agriculture at the University of Illinois at Urbana Champaign, said some people believe farmers don’t pay enough attention to climate change.
“I think farmers shouldn’t be blamed, they actually should be incentivized,” Guan said. “Not only are they doing this to be part of the solution to help the climate, they are doing this to help their land.”
The Associated Press receives support from the Walton Family Foundation for coverage of water and environmental policy. The AP is solely responsible for all content. For all of AP’s environmental coverage, visit https://apnews.com/hub/climate-and-environment | https://www.pahomepage.com/news/national/how-the-climate-deal-would-help-farmers-aid-the-environment/ | 2022-08-03T21:15:19Z | https://www.pahomepage.com/news/national/how-the-climate-deal-would-help-farmers-aid-the-environment/ | true |
Actor Dev Patel reportedly tried to break up a knife fight in Australia.
According to police in Australia, they responded to a man and a woman fighting in the street as witnesses tried to intervene.
A representative for Patel told Australian media the actor tried to de-escalate the situation
“The group was thankfully successful in doing so, and they remained on site to ensure that the police and eventually the ambulance arrived," the representative told Australia's 7 News.
Police said the man was taken to a hospital for treatment. His injuries are not life-threatening, according to police.
The woman was arrested and charged with aggravated assault. | https://www.kgun9.com/news/national/actor-dev-patel-reportedly-helped-break-up-knife-fight | 2022-08-03T21:17:06Z | https://www.kgun9.com/news/national/actor-dev-patel-reportedly-helped-break-up-knife-fight | true |
ELKHART COUNTY, INDIANA — U.S. Congresswoman Jackie Walorski (R - Indiana) died on Wednesday afternoon after a vehicle crash in a northern county in Indiana near South Bend, police confirmed.
Walorski was an occupant of an SUV traveling southbound on Indiana's State Road 19 nearing State Road 119, when a vehicle traveling in the opposite direction crossed over the center line and struck the SUV head-on. According to the Elkhart County Sheriff's Office, their deputies responded to the scene at about 12:30 p.m. local time.
All three occupants, including Walorski, died in the crash.
The other occupants were Zachery Potts, 27, of Mishawaka, and Emma Thomson, 28, of Washington D.C.
The driver of the northbound vehicle, Edith Schmucker, 56, of Nappanee, was pronounced dead at the scene.
According to her congressional biography, Walorski was born in South Bend and served in the Indiana House of Representatives from 2004-2010 before being elected to the U.S. Congress in 2013.
GOP Leader Kevin McCarthy released the following tweet about Walorski's death.
It is with a heavy heart that I am sharing this statement from the Office of Congresswoman Jackie Walorski. pic.twitter.com/UEPoKBDf5N
— Kevin McCarthy (@GOPLeader) August 3, 2022
Indiana Lieutenant Governor Suzanne Crouch also released a statement.
"I was shocked and heartbroken when I received the news today about the tragic death of Congresswoman Jackie Walorski. Jackie and I served together in the Indiana House of Representatives, and she was a fighter for her constituents and conservative Hoosier values. My heart goes out to her husband, Dean, and the rest of her family and friends. She will be deeply missed."
The crash was still under investigation as of Wednesday afternoon.
This story was originally published by WRTV in Indianapolis, Indiana. | https://www.kgun9.com/news/national/us-congresswoman-jackie-walorski-dead-after-indiana-crash-police-say | 2022-08-03T21:17:37Z | https://www.kgun9.com/news/national/us-congresswoman-jackie-walorski-dead-after-indiana-crash-police-say | false |
NFL appeals 6-game suspension for Browns quarterback Watson
(AP) — The NFL is appealing a disciplinary officer’s decision to suspend Cleveland Browns quarterback Deshaun Watson for six games for violating the league’s personal conduct policy, giving Commissioner Roger Goodell or someone he designates authority to impose a stiffer penalty.
Former federal judge Sue L. Robinson issued her ruling Monday after Watson was accused by two dozen women in Texas of sexual misconduct during massage treatments while he played for the Houston Texans.
In her 16-page report, Robinson described Watson’s behavior as “more egregious than any before reviewed by the NFL.”
Robinson’s punishment — in her first case since being jointly appointed by the league and NFL Players Association — fell well short of the indefinite suspension of at least one year sought by the league.
So, the NFL on Wednesday exercised its right to appeal, per the collective bargaining agreement.
The players’ union has until the end of business Friday to respond in writing. The union could challenge the appeal ruling in federal court, setting the stage for a prolonged fight.
NFL spokesman Brian McCarthy said there’s no timeline for Goodell or his designee to make a ruling.
According to the league’s personal conduct policy, the appeal will be processed on an expedited basis. Also, it will be “limited to consideration of the terms of discipline imposed” and “based upon a review of the existing record without reference to evidence or testimony not previously considered.”
The policy also states the “decision of the Commissioner or his designee, which may overturn, reduce, modify or increase the discipline previously issued, will be final and binding on all parties.”
This is the first time since the new CBA was signed in 2020 that the league and the NFLPA turned to a jointly appointed disciplinary officer to determine violations of the personal conduct policy. In the past, Goodell has served as judge and jury to impose penalties on players.
By appealing, the NFL is giving that power back to Goodell, who can chose another person to levy any punishment.
A league official told The Associated Press before Watson’s three-day disciplinary hearing concluded in June that the NFL wanted to avoid an appeal.
But the league proceeded with one amid a backlash from some fans and intense public pressure in the media. Other factors include Watson’s lack of remorse, which Robinson noted in her report.
The NFL argued for an unprecedented punishment and wanted to fine Watson at least $5 million, a person familiar with the discussions told the AP on condition of anonymity because the hearing was private.
Watson, who played four seasons with the Texans before sitting out last season and then being traded to Cleveland in March, recently settled 23 of 24 lawsuits filed by the women who alleged sexual harassment or assault during massage treatments in 2020 and 2021. Two grand juries in Texas declined to indict Watson on criminal complaints brought by 10 of the women.
Robinson concluded that Watson violated three provisions of the personal conduct policy: sexual assault; conduct posing a genuine danger to the safety and well-being of another person; and conduct that undermines or puts at risk the integrity of the NFL.
She declined to suspend Watson for a full year based on precedents and the league’s current policy. But Robinson concluded a longer suspension could be justified if it was already outlined in the personal conduct policy.
“While it may be entirely appropriate to more severely discipline players for non-violent sexual conduct, I do not believe it is appropriate to do so without notice of the extraordinary change this position portends for the NFL and its players,” Robinson wrote in her report.
Watson has continued to practice with the Browns while awaiting resolution to his case, which has raised questions about the league’s handling of off-field player behavior, inconsistencies in its personal conduct policy and its overall support of women.
The Browns have been in a state of limbo as well, not knowing when or if Watson will be able to play this season.
Cleveland traded three first-round picks to Houston for the three-time Pro Bowl QB and signed him to a five-year, $230 million contract.
Watson will lose only $345,000 if the suspension is unchanged because his base salary this season is $1.035 million.
Watson didn’t comment to the AP when asked for a reaction to the league’s decision to appeal. He was then escorted inside the Browns’ facility by a member of the team’s security staff.
The three-time Pro Bowler had just wrapped up Cleveland’s seventh practice of training camp and was still on the field when the league’s appeal announcement was posted.
Watson had a conversation with Peter Jean-Baptiste, the team’s vice president of communications, before spending a few minutes signing autographs for military members and their families.
He was embraced by one woman who said she told Watson to “stay strong.”
___
AP Sports Writer Tom Withers in Cleveland contributed to this report.
___
More AP NFL coverage: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL
Copyright 2022 The Associated Press. All rights reserved. | https://www.wlbt.com/2022/08/03/nfl-appeals-6-game-suspension-browns-quarterback-watson/ | 2022-08-03T21:21:19Z | https://www.wlbt.com/2022/08/03/nfl-appeals-6-game-suspension-browns-quarterback-watson/ | true |
Presentation to feature the Company's soon-to-be launched bispecific and custom productivity assay for the Opto® Cell Line Development workflow
EMERYVILLE, Calif., Aug. 3, 2022 /PRNewswire/ -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in digital cell biology, today announced its participation at the Cambridge Healthtech Institute's (CHI) 14th Annual Bioprocessing Summit (BPS) being held from August 15 - 18, 2022, virtually and at the Sheraton Boston in Boston, Massachusetts. The BPS Summit allows for industry leaders to share the latest research in bioprocess R&D, scale-up, quality, and analytics.
As a premier sponsor of BPS, Berkeley Lights will feature its Beacon® optofluidic platform technology and workflows in booth #413. Attendees will have a chance to explore hands-on demonstrations of the technology as well as how to apply the Berkeley Lights Custom Productivity Assay for cell line development (CLD) to rapidly select clones that are producing high-quality bispecific molecules.
In addition, Aurora Fabry-Wood, Ph.D. of Berkeley Lights will discuss BEYOND TITER: Identify Top Producers with Favorable Product Quality Attributes within 5 days of Cloning as part of the Stable Expression of Complex Biologics track.
Details: Tuesday, August 15, 9:30 a.m.-10:00 a.m. ET
Abstract: CHO cell line selection is a painful bottleneck in biotherapeutic development, particularly for complex molecules like bispecifics. The Berkeley Lights Opto® CLD workflow on the Beacon® system accelerates early CLD by integrating high throughput cell sorting, cloning, culture, productivity, growth, and product quality assays into a single, five-day automated process. Learn how the Berkeley Lights technology enables the capabilities of on-chip detection that pinpoints the best clones early on.
Visit the Berkeley Lights website for more information on its Cell Line Development workflow.
Berkeley Lights is a leading digital cell biology company focused on enabling and accelerating the rapid development and commercialization of biotherapeutics and other cell-based products for our customers. The Berkeley Lights Platform captures deep phenotypic, functional, and genotypic information for thousands of single cells in parallel and can also deliver the live biology customers desire in the form of the best cells. Our platform is a fully integrated, end-to-end solution, comprised of proprietary consumables, including our OptoSelect® chips and reagent kits, advanced automation systems, and application software. We developed the Berkeley Lights Platform to provide the most advanced environment for rapid functional characterization of single cells at scale, the goal of which is to establish an industry standard for our customers throughout their cell-based product value chain.
To the extent that statements contained in this press release are not descriptions of historical facts regarding Berkeley Lights or its products, they are forward-looking statements reflecting the current beliefs and expectations of management. Such forward-looking statements involve substantial known and unknown risks and uncertainties that relate to future events, and actual results and product performance could differ significantly from those expressed or implied by the forward-looking statements. Berkeley Lights undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties relating to the Company's growth and continual evolution see the statements in the "Risk Factors" sections, and elsewhere, in our filings with the U.S. Securities and Exchange Commission.
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SOURCE Berkeley Lights, Inc. | https://www.wlbt.com/prnewswire/2022/08/03/berkeley-lights-participate-cambridge-healthtech-institutes-14th-annual-bioprocessing-summit-conference/ | 2022-08-03T21:22:23Z | https://www.wlbt.com/prnewswire/2022/08/03/berkeley-lights-participate-cambridge-healthtech-institutes-14th-annual-bioprocessing-summit-conference/ | false |
Metabolomics Market To Hit $6,663 Million by 2030, registering a CAGR of 12.2% from 2021 to 2030.
Metabolomics market size was valued at $2,032 Million in 2020, and is projected to reach $6,663 Million by 2030, registering a CAGR of 12.2% from 2021 to 2030.
PORTLAND, OREGON, UNITED STATES, August 3, 2022 /EINPresswire.com/ -- Metabolomics includes the application of a variety of analytical methods such as spectroscopy, chromatography, and multivariate analysis for identification of quantification of various metabolites. The analytical methods facilitate classification of a multitude of known and unknown metabolites in the reaction. The comprehensive nature of metabolites can be applied in many fields and assist in the development of new treatment and diagnostics in human diseases.
According to the report published by Allied Market Research, the global metabolomics market was estimated at $2.03 billion in 2020 and is expected to hit $6.66 billion by 2030, registering a CAGR of 12.2% from 2021 to 2030.
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The growth of the global metabolomics market is driven by rise in prevalence of chronic diseases worldwide, an upsurge in R&D investment for the development of metabolomics, and an increase in demand for personalized medicine. However, the lack of skilled professionals in the field along with the astronomical price of metabolomic instruments hampers market growth. Nonetheless, the immense potential of metabolomics in disease diagnostics and its growing prospect in human nutrition would create lucrative opportunities for emerging market players in the near future.
The fact that metabolomics has the ability to detect a large number of metabolites from fluid or tissue sample in a single step and it can also yield great amounts leads to a steep rise in demand for metabolomics, thereby driving the growth of the market. On the other hand, high cost of metabolomics instruments and scarcity of professionals restrain the growth to some extent. However, technological advancements in analytical techniques and upsurge in R&D expenditure are expected to create an array of opportunities in the industry.
"Growth in R&D expenditure in the pharmaceutical & biopharmaceutical industry, availability of government & private funding for metabolomics research, and ongoing innovations in metabolomics instruments drive the growth of the global metabolomics industry"
Covid-19 Scenario-
The outbreak of the pandemic gave way to huge disruptions in the R&D activities, which in turn, impacted the global metabolomics market negatively.
However, the market has almost recovered, in terms of revenue.
The metabolomics bioinformatics tools and services segment to maintain the lion's share-
On the basis of product & services, the metabolomics bioinformatics tools and services segment accounted for the highest market share in 2020, generating nearly three-fourths of the global metabolomics market. The same segment is also anticipated to cite the fastest CAGR of 12.7% from 2021 to 2030. This is owing to surge in amount of data generated in metabolomics processes which needs proper management through the use of bioinformatics tools.
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North America to dominate by 2030-
On the basis of region, North America contributed to the major market share in terms of revenue 2020, holding more than two-fifths of the global metabolomics market, owing to surge in research activities which involve the use of metabolomics. Asia-Pacific, on the other hand, is projected to cite the fastest CAGR of 13.9% from 2021 to 2030. This is due to rise in awareness related to use of metabolomics.
Prominent market players-
Bio-Rad Laboratories INC.
Agilent Technologies INC.
Bruker corporation
Danaher Corporation
Human Metabolome Technologies INC.
LECO Corporation
Metabolon INC.
BiocratesLife Science AG
Water Corporation
Shimadzu Corporation
We also Offers Regional and Country Reports-
Japan Metabolomics Market
South Korea Metabolomics Market
Singapore Metabolomics Market
China Metabolomics Market
Indonesia Metabolomics Market
Australia Metabolomics Market
Taiwan Metabolomics Market
“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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Commonwealth Games: Judoka Sarah Adlington clings to second gold eight years after first
Last updated on .From the section Commonwealth Games
Eight years ago Sarah Adlington briefly lost her gold medal in a security scanner at the Glasgow athletes village. "This one is staying tied to me," the 35-year-old said with a grin.
And no wonder. The 35-year-old from Edinburgh has had to wait eight years to defend the +78kg crown she claimed in 2014.
When judo was axed for the Gold Coast Games eight years ago, Adlington was left devastated, hoping it would return before her career ended.
How she relished the chance when it came around again.
Trailing to India's India's Tulika Maan, she produced the decisive ippon, which made her the first judoka ever to claim two Commonwealth gold medals.
The tears at the end showed what it meant. Joy, but the feeling of a weight lifted from her shoulders.
"Anything other than gold would have felt like a disaster," an emotional Adlington said.
"I guess the residing emotion at the minute is just relief.
"The pressure was on. Expectation from not only just myself but everybody else. To be standing here as double Commonwealth champion...I'm obviously ecstatic but I'm massively relieved at the same time."
The Coventry Arena in Birmingham might as well have been in Edinburgh, given the number of Saltires and Lion Rampant flags which littered the stands. The travelling support for Adlington was extraordinary.
The loudest moment came when when emerged from the bowels of the arena to take centre stage, and a rousing rendition of Flower of Scotland ended the night.
Off the mats, Adlington was given embrace after embrace from friends, family, and coaches, and there were a lot of shared tears.
She was not alone in showing her emotion either. Rachel Tytler, 25, in her first games, claimed a bronze medal as she secured victory in under 30 seconds.
"It's amazing! I'm buzzing!" Tytler said. "As soon as I saw the referee put her hand up I looked straight at my coach and the place just erupted. It was brilliant.
"I didn't know whether to laugh, cry, smile, I was all over the place but once I bowed, I looked up and spotted a couple of my friends from uni and their faces, and they had the flag and everything. It was brilliant." | https://www.bbc.com/sport/commonwealth-games/62414780 | 2022-08-03T21:23:21Z | https://www.bbc.com/sport/commonwealth-games/62414780 | true |
Ellen Pompeo's 'Grey's Anatomy' role to be dramatically reduced as she joins new Hulu project
Pompeo's character, Meredith Grey, will continue to narrate 'Grey's Anatomy'
Ellen Pompeo is stepping back from her "Grey's Anatomy" role.
Pompeo, who stars as Meredith Grey in the ABC medical drama, will only appear in eight of the expected 22 episodes in season 19, according to The Hollywood Reporter.
However, she will continue to narrate the majority of the season.
Season 19 is not the final season of "Grey's Anatomy," sources told the outlet.
ELLEN POMPEO WANTS ‘GREY’S ANATOMY' TO END, BUT IT BRINGS IN A ‘GAZILLION DOLLARS’
Pompeo is reducing her appearances in "Grey's Anatomy" as she becomes attached to a new Hulu project. The actress will star in and executive produce a series about a couple who adopts an orphan with dwarfism.
"But as they begin to raise her alongside their three biological children, they slowly start to believe she may not be who she says she is," Hulu's synopsis of the show says.
"As they question her story, they’re confronted with hard questions of their own about the lengths they’re willing to go to defend themselves, falling into a battle that’s fought in the tabloids, the courtroom and, ultimately, their marriage."
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While "Grey's Anatomy" won't be coming to a close with season 19, Pompeo admitted during an interview with Insider she has been working behind the scenes to halt the long-running show.
"I've been trying to focus on convincing everybody that it should end," Pompeo told the outlet.
"I feel like I'm the super naive one who keeps saying, 'But what's the story going to be? What story are we going to tell?' And everyone's like, 'Who cares, Ellen? It makes a gazillion dollars.'"
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The series has made Pompeo the highest-paid drama TV star. In 2017, Pompeo cut a deal with ABC that had her earning roughly $20 million a year, according to The Hollywood Reporter. | https://www.foxnews.com/entertainment/ellen-pompeos-greys-anatomy-role-dramatically-reduced-joins-new-hulu-project | 2022-08-03T21:25:43Z | https://www.foxnews.com/entertainment/ellen-pompeos-greys-anatomy-role-dramatically-reduced-joins-new-hulu-project | false |
Stocks on Wall Street closed broadly higher Wednesday as investors welcomed encouraging economic data and quarterly earnings reports from big companies including Starbucks.
The S&P 500 rose 1.6% to an almost 2-month high, while the Nasdaq gained 2.6%. Both indexes more than recouped losses earlier in the week. The Dow Jones Industrial Average rose 1.3% and the Russell 2000 index of smaller companies ended 1.4% higher.
Technology companies, retailers and communications companies were some of the biggest winners. Only energy sector stocks fell, dragged down by lower oil prices.
Investors cheered a report on the services sector, which makes up the bulk of the U.S. economy. The sector grew faster than expected in July, according to the Institute for Supply Management. A separate report showed U.S. orders for big-ticket, durable goods increased more than expected in June.
Some weak recent data on the economy heightened speculation that the peak for inflation and for the Federal Reserve’s aggressive rate hikes may be approaching or has already passed. The weak data, though, also shows the risk of a recession as the Fed puts the brake on the economy.
That’s why Wednesday’s more positive economic reports helped put traders in a buying mood.
“That just provides people with more evidence that this economy is hanging in there,” said Jeff Buchbinder, equity strategist for LPL Financial. “At this point, we have a combination of evidence that inflation is coming down.”
The S&P 500 rose 63.98 points to 4,155.17. It had been down nearly 1% for the week heading into Wednesday. It's now up 0.6% for the week.
The Dow gained 416.33 points to 32,812.50. The Nasdaq added 319.40 points to end at 12,668.16. The Russell 2000 picked up 26.48 points to 1,908.93.
The yield on the 10-year Treasury fell to 2.71% from 2.73% late Tuesday.
The S&P 500's bumpy start this week follows its best month since late 2020. July was a rare winning stretch for the market, which has struggled this year under worries about the highest inflation in 40 years and rising interest rates from the Federal Reserve to combat it.
Earnings remain in focus this week as investors parse the latest results and statements from companies to better understand how inflation is affecting businesses and consumers.
Drugstore chain CVS rose 6.3% after reporting solid financial results and raising its profit forecast for the year. Starbucks rose 4.3% after also reporting solid financial results. Nearly three-quarters of companies within the benchmark S&P 500 have reported earnings for the latest quarter and the results have mostly beaten analysts' forecasts.
Several companies, though, have slipped amid disappointing results. Taco Bell owner Yum Brands fell 1.9% following a weak earnings report and online dating service company Match Group tumbled 17.6% after giving investors a weak financial forecast.
PayPal jumped 9.2% on a report that activist investor Elliott Management has taken a large stake in the payment company.
Robinhood Markets, whose stock trading app helped bring a new generation of investors to the market, rose 11.7% following an announcement that it's cutting nearly a quarter of its workforce. Crashing cryptocurrency prices and a turbulent stock market have kept more customers off its app.
Oil prices fell following OPEC's decision to boost production in September at a much slower pace than previous months. U.S. crude oil fell 4% to settle at $90.66 per barrel, while Brent crude, the international standard, settled 3.7% lower at $96.78 per barrel.
The pullback in oil prices weighed on energy sector stocks. Hess fell 3.6%
Markets are also watching for potential economic fallout from China after U.S. House Speaker Nancy Pelosi's visit to Taiwan. China claims self-ruled Taiwan as part of its territory, and banned imports of Taiwanese citrus fruits and frozen fish in retaliation for Pelosi's visit. But it has avoided disrupting the flow of computer chips and other industrial goods, a step that could jolt the global economy.
Upcoming data on the jobs market could help investors determine how the Federal Reserve will move ahead with its interest rate policy, which has been aggressive in an effort to try and tame inflation. U.S. jobless claims numbers for last week will be released Thursday, and the government issues its July jobs report on Friday.
“Expectations for Fed rate hikes maybe got a little bit too aggressive,” Buchbinder said. “We don't know if we get a pause by year end, but there's a decent chance we get a signal for a pause by year end.”
Credit: Julia Nikhinson
Credit: Julia Nikhinson
Credit: Julia Nikhinson
Credit: Julia Nikhinson
Credit: Julia Nikhinson
Credit: Julia Nikhinson
Credit: Julia Nikhinson
Credit: Julia Nikhinson
Credit: Julia Nikhinson
Credit: Julia Nikhinson | https://www.springfieldnewssun.com/nation-world/us-stocks-rise-following-solid-earnings-reports/FOFCHVTV3ZFRZP4YAPWPZW4IPA/ | 2022-08-03T21:25:47Z | https://www.springfieldnewssun.com/nation-world/us-stocks-rise-following-solid-earnings-reports/FOFCHVTV3ZFRZP4YAPWPZW4IPA/ | true |
Fiscal Third Quarter 2022 Highlights:
- Revenue of $721 million increased 4% compared to prior year or 5% on a pro forma basis
- GAAP EPS of $0.68 increased 28%; adjusted EPS of $0.92 increased 8% largely due to higher volume in Molding Technology Solutions and lower shares outstanding
- Completed approximately $300 million of share repurchases over the last 5 quarters
- Achieved $75 million annual run-rate synergy target for Milacron integration ahead of schedule
- Fiscal 2022 guidance: reaffirms midpoint of full year adj. EPS, narrowing range to $3.85 - $3.95
BATESVILLE, Ind., Aug. 3, 2022 /PRNewswire/ -- Hillenbrand, Inc. (NYSE: HI) reported results for the fiscal 2022 third quarter, which ended June 30, 2022.
"We made great strides in advancing our profitable growth strategy and strengthening our industrial segments during the third quarter," said Kim Ryan, President and Chief Executive Officer of Hillenbrand. "I am proud of our associates for their resiliency in navigating this challenging global operating environment and our continued success in driving operational efficiency through the consistent deployment of the Hillenbrand Operating Model, which contributed to revenue and adjusted EPS growth in the quarter. We continue to position Hillenbrand for profitable growth through accretive acquisitions like the pending Herbold Meckesheim and LINXIS Group transactions, which will expand our existing capabilities into the attractive growth end markets of recycling and food. I am excited about our future, and confident that Hillenbrand is well positioned to generate long-term value for our shareholders."
Third Quarter 2022 Results
Revenue of $721 million increased 4% compared to the prior year primarily driven by increased pricing and volume growth within the Molding Technology Solutions and Advanced Process Solutions segments, partially offset by foreign currency exchange and the divestiture of TerraSource Global. Excluding the impact of foreign currency exchange, revenue increased 8%. On a pro forma basis, which excludes the divested TerraSource business, revenue increased 5% year over year, or 10% excluding the impact of foreign currency exchange.
Net income of $49 million resulted in $0.68 per share, an increase of $0.15 per share, or 28% compared to the prior year. Adjusted net income of $66 million resulted in adjusted EPS of $0.92, an increase of $0.07, or 8%, as favorable pricing, higher volume in our industrial segments, and lower shares outstanding were partially offset by inflation and the impact of foreign currency exchange. The adjusted effective tax rate for the quarter was 29.7%, a decrease of 70 basis points from the prior year.
Adjusted EBITDA of $126 million was essentially flat year over year. On a pro forma basis, adjusted EBITDA decreased 1%, but excluding the impact of foreign currency exchange, increased 4%, while adjusted EBITDA margin of 17.4% decreased 120 basis points compared to a year ago primarily due to the dilutive effect of price-cost coverage and lower volume in Batesville, which more than offset operating leverage from higher volume in our industrial segments.
Advanced Process Solutions (APS)
Revenue of $310 million decreased 1% compared to the same period in the prior year, but increased 7% excluding the impact of foreign currency exchange. On a pro forma basis, revenue increased 2% year over year, or 10% excluding the impact of foreign currency exchange, primarily driven by favorable pricing and higher volume of large plastics systems and aftermarket parts and services.
Adjusted EBITDA of $61 million decreased 1% year over year. On a pro forma basis, adjusted EBITDA decreased 3%, but excluding the impact of foreign currency exchange, it increased 6%. Pro forma adjusted EBITDA margin of 19.5% was down 100 basis points primarily due to the dilutive effect of price-cost coverage.
Backlog of $1.2 billion decreased 9% on a pro forma basis compared to the prior year, but was flat excluding the impact of foreign currency exchange. Sequentially, backlog was down 4% compared to the quarter ended March 31, 2022, but was flat excluding the impact of foreign currency exchange.
Molding Technology Solutions (MTS)
Revenue of $270 million increased 11% year over year, or 14% excluding the impact of foreign currency exchange, as higher volume from the injection molding product line and favorable pricing were partially offset by a decline in volume from the hot runner product line, which was due to the COVID-19 related shutdowns in China.
Adjusted EBITDA of $55 million increased 11% compared to the prior year, or 15% excluding the impact of foreign currency exchange, while adjusted EBITDA margin of 20.2% was flat, as favorable pricing, operating leverage from higher volume and productivity improvements were offset by inflation and unfavorable mix.
Backlog of $420 million increased 8% year over year, or 10% excluding the impact of foreign currency exchange, primarily driven by an increase in injection molding and extrusion equipment orders. Sequentially, backlog was up approximately 1% compared to the quarter ended March 31, 2022.
Batesville
Revenue of $141 million was up 2% compared to the prior year primarily resulting from the price surcharges implemented this year to offset the significant increase in commodity costs. Burial casket volume was lower compared to the prior year primarily due to an estimated decrease in deaths associated with the COVID-19 pandemic and an estimated increase in the rate at which families opted for cremation.
Adjusted EBITDA of $25 million decreased 15% compared to the prior year, while adjusted EBITDA margin of 17.9% decreased 370 basis points primarily due to the dilutive effect of price-cost coverage and the impact of lower volume, which were partially offset by productivity improvements.
Balance Sheet, Cash Flow and Capital Allocation
Hillenbrand had cash flow from operations of $4 million in the quarter, a decrease of $180 million year-over-year, primarily due to the timing of working capital related to large plastics projects and an increase in inventory due to increased customer demand and supply chain disruptions. During the quarter, the Company repurchased approximately 2,646,000 shares for $111.5 million at an average share price of $42.14 and returned approximately $15 million to shareholders in the form of quarterly dividends. Subsequent to the quarter, the Company repurchased an additional 291,000 shares for $11.9 million at an average share price of $40.79. The Company has $150 million remaining under its existing share repurchase authorization.
Net debt at the end of the quarter was $930 million, and the net debt to adjusted EBITDA ratio was 1.7x. Liquidity at the end of the quarter was approximately $1.2 billion, including $284 million in cash on hand and the remainder available under our revolving credit facility and delayed-draw term loan facility.
Fiscal 2022 Outlook
Hillenbrand is updating its annual guidance for fiscal year 2022. Revenue and EBITDA margin guidance is on a pro forma basis, excluding the divested Red Valve, ABEL, and TerraSource businesses. Fiscal year 2022 guidance does not include any impact from the pending acquisitions of Herbold Meckesheim and LINXIS Group.
Conference Call Information
Date/Time: Thursday, August 4, 2022, 8:00 a.m. ET
Dial-In for U.S. and Canada: 1-877-407-8012
Dial-In for International: +1-412-902-1013
Conference call ID number: 13731866
Webcast link: http://ir.hillenbrand.com under the News & Events tab (archived through Friday, September 2, 2022)
Replay - Conference Call
Date/Time: Available until midnight ET, Thursday, August 18, 2022
Replay ID number: 13731866
Dial-In for U.S. and Canada: 1-877-660-6853
Dial-In for International: +1-201-612-7415
Hillenbrand's financial statements on Form 10-Q are expected to be filed jointly with this release and will be made available on the company's website (https://ir.hillenbrand.com).
In addition to the financial measures prepared in accordance with United States generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP operating performance measures. These non-GAAP measures are referred to as "adjusted" measures and exclude the following items:
- business acquisition, disposition, and integration costs;
- restructuring and restructuring related charges;
- intangible asset amortization;
- certain debt financing activities;
- gains and losses on divestitures;
- other individually immaterial one-time costs;
- the related income tax impact for all of these items; and
- certain tax items related to the divestitures of Red Valve, ABEL, and TerraSource, the revaluation of deferred tax balances resulting from fluctuations in currency exchange rates for certain foreign jurisdictions, the impact that the Milacron loss carryforward attributes have on tax provisions related to the imposition of tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries, the Foreign Derived Intangible Income Deduction (FDII), and the Base Erosion and Anti-Abuse Tax (BEAT).
Refer to the Reconciliation of Non-GAAP Measures for further information on these adjustments. Non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.
Hillenbrand uses this non-GAAP information internally to measure operating segment performance and make operating decisions and believes it is helpful to investors because it allows more meaningful period-to-period comparisons of ongoing operating results. The information can also be used to perform trend analysis and to better identify operating trends that may otherwise be masked or distorted by items such as the above excluded items. Hillenbrand believes this information provides a higher degree of transparency.
One important non-GAAP measure Hillenbrand uses is adjusted earnings before interest, income tax, depreciation, and amortization ("adjusted EBITDA"). A part of our strategy is to pursue acquisitions that strengthen or establish leadership positions in key markets. Given that strategy, it is a natural consequence to incur related expenses, such as amortization from acquired intangible assets and additional interest expense from debt-funded acquisitions. Accordingly, we use adjusted EBITDA, among other measures, to monitor our business performance. We also use "adjusted net income" and "adjusted diluted earnings per share (EPS)," which are defined as net income and earnings per share, respectively, each excluding items described in connection with adjusted EBITDA. Adjusted EBITDA, adjusted net income, and adjusted diluted EPS are not recognized terms under GAAP and therefore do not purport to be alternatives to net income or to diluted EPS, as applicable. Further, Hillenbrand's measures of adjusted EBITDA, adjusted net income, and adjusted diluted EPS may not be comparable to similarly titled measures of other companies.
Pro forma revenue and pro forma adjusted EBITDA are defined respectively as net revenue and adjusted EBITDA excluding net revenue and adjusted EBITDA directly attributable to Red Valve which was divested on December 31, 2020, ABEL which was divested on March 10, 2021, and TerraSource which was divested on October 22, 2021. Hillenbrand uses pro forma measures to assess performance of its reportable operating segments and the Company in total without the impact of recent acquisitions and divestitures.
Hillenbrand calculates the foreign currency impact on net revenue in order to better measure the comparability of results between periods. We calculate the foreign currency impact by translating current year results at prior year foreign exchange rates. This information is provided because exchange rates can distort the underlying change in sales, either positively or negatively.
Another important operational measure used is backlog. Backlog is not a term recognized under GAAP; however, it is a common measurement used in industries with extended lead times for order fulfillment (long-term contracts), like those in which the Advanced Process Solutions and Molding Technology Solutions reportable operating segments compete. Backlog represents the amount of consolidated net revenue that we expect to realize on contracts awarded to the Advanced Process Solutions and Molding Technology Solutions reportable operating segments. For purposes of calculating backlog, 100% of estimated net revenue attributable to consolidated subsidiaries is included. Backlog includes expected net revenue from large systems and equipment, as well as aftermarket parts, components, and service. The length of time that projects remain in backlog can span from days for aftermarket parts or service to approximately 18 to 24 months for larger system sales within the Advanced Process Solutions reportable operating segment. The majority of the backlog within the Molding Technology Solutions reportable operating segment is expected to be fulfilled within the next twelve months. Backlog includes expected net revenue from the remaining portion of firm orders not yet completed, as well as net revenue from change orders to the extent that they are reasonably expected to be realized. We include in backlog the full contract award, including awards subject to further customer approvals, which we expect to result in revenue in future periods. In accordance with industry practice, our contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
Hillenbrand expects that future net revenue associated with the Advanced Process Solutions and Molding Technology Solutions reportable operating segments will be influenced by order backlog because of the lead time involved in fulfilling engineered-to-order equipment for customers. Although backlog can be an indicator of future net revenue, it does not include projects and parts orders that are booked and shipped within the same quarter. The timing of order placement, size, extent of customization, and customer delivery dates can create fluctuations in backlog and net revenue. Net revenue attributable to backlog may also be affected by foreign exchange fluctuations for orders denominated in currencies other than U.S. dollars.
See below for a reconciliation from GAAP operating performance measures to the most directly comparable non-GAAP (adjusted) performance measures. Given that backlog is an operational measure and that the Company's methodology for calculating backlog does not meet the definition of a non-GAAP measure, as that term is defined by the SEC, a quantitative reconciliation is not required or provided. In addition, forward-looking adjusted earnings per share for fiscal 2022 excludes potential charges or gains that may be recorded during the fiscal year, including among other things, items described above in connection with other "adjusted" measures. Hillenbrand thus also does not attempt to provide reconciliations of such forward-looking non-GAAP earnings guidance to the comparable GAAP measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of Hillenbrand's financial performance.
Forward-Looking Statements
Throughout this earnings release, we make a number of "forward-looking statements" that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these sections. As the words imply, these are statements about future sales, earnings, cash flow, results of operations, uses of cash, financings, share repurchases, ability to meet deleveraging goals, and other measures of financial performance or potential future plans or events, strategies, objectives, beliefs, prospects, assumptions, expectations, and projected costs or savings or transactions of the Company that might or might not happen in the future, as contrasted with historical information. Forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature are subject to a wide range of risks. If our assumptions prove inaccurate or unknown risks and uncertainties materialize, actual results could vary materially from Hillenbrand's (the "Company") expectations and projections.
Words that could indicate that we are making forward-looking statements include the following:
This is not an exhaustive list, but is intended to give you an idea of how we try to identify forward-looking statements. The absence of any of these words, however, does not mean that the statement is not forward-looking.
Here is the key point: Forward-looking statements are not guarantees of future performance or events, and actual results or events could differ materially from those set forth in any forward-looking statements. Any number of factors, many of which are beyond our control, could cause our performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: risks related to the Russian Federation's invasion of Ukraine (referred to herein as the "Ukraine War") and resulting geopolitical instability and uncertainty, which could have a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions, in addition to the potential effect of supply chain disruptions that could adversely affect profitability; the impact of contagious diseases such as the COVID-19 pandemic and the escalation thereof due to variant strains of the virus and the societal, governmental, and individual responses thereto, including supply chain disruption, loss of contracts and/or customers, erosion of some customers' credit quality, downgrades of the Company's credit quality, closure or temporary interruption of the Company's or suppliers' manufacturing facilities, travel, shipping and logistical disruptions, domestic and international general economic conditions, such as inflation, exchange rates and interest rates; loss of human capital or personnel, and general economic calamities; increased costs, poor quality, or unavailability of raw materials or certain outsourced services and supply chain disruptions; increasing competition for highly skilled and talented workers as well as labor shortages; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; risks that the integration of Milacron disrupts current operations or poses potential difficulties in employee retention or otherwise affects financial or operating results; the ability to recognize the benefits of the acquisition of Milacron or any other acquisition or disposition, including the pending acquisitions of Herbold Meckesheim and Linxis Group, including potential synergies and cost savings or the failure of the Company or any acquired company to achieve its plans and objectives generally; impairment charges to goodwill and other identifiable intangible assets; competition in the industries in which we operate, including on price or from nontraditional sources in the death care industry; impacts of decreases in demand or changes in technological advances, laws, or regulation on the revenues that we derive from the plastics industry; our reliance upon employees, agents, and business partners to comply with laws in many countries and jurisdictions; the impact of incurring significant amounts of indebtedness and any inability of the Company to respond to changes in its business or make future desirable acquisitions; the ability of the Company to comply with financial or other covenants in its debt agreements; global market and economic conditions, including those related to the financial markets; our level of international sales and operations; cyclical demand for industrial capital goods; continued fluctuations in mortality rates and increased cremations; the dependence of our business units on relationships with several large customers and providers; competition faced by our Batesville business from non-traditional sources; the impact to the Company's effective tax rate of changes in the mix of earnings or tax laws and certain other tax-related matters; involvement in claims, lawsuits and governmental proceedings related to operations; uncertainty in the United States political and regulatory environment or global trade policy; adverse foreign currency fluctuations; labor disruptions; and the effect of certain provisions of the Company's governing documents and Indiana law that could decrease the trading price of the Company's common stock. Shareholders, potential investors, and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. For a more in-depth discussion of these and other factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions under the heading "Risk Factors" in Part I, Item 1A of Hillenbrand's Form 10-K for the year ended September 30, 2021, filed with the Securities and Exchange Commission ("SEC") on November 17, 2021, and in Part II, Item 1A of Hillenbrand's Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 3, 2022. The forward-looking information in this release speaks only as of the date hereof, and we assume no obligation to update or revise any forward-looking information.
About Hillenbrand
Hillenbrand (NYSE: HI) is a global industrial company operating in over 40 countries with over 10,000 associates serving a wide variety of industries around the world. Guided by our Purpose — Shape What Matters For Tomorrow™ — we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. Hillenbrand's portfolio includes brands such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville. To learn more, visit: www.Hillenbrand.com.
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HAMILTON, Bermuda, Aug. 3, 2022 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported second quarter 2022 operating revenues of $631 million, an increase of approximately 11%, compared to operating revenues of $569 million in the first quarter of 2022. The net loss from continuing operations attributable to Nabors shareholders for the quarter was $83 million, or $9.41 per share. This compares to a loss of $184 million, or $22.51 per share, in the first quarter. The second quarter results included a non-cash charge of $22 million, or $2.42 per share, related to mark-to-market treatment of Nabors' warrants, while the first quarter included a non-cash charge for the warrants of $72 million, or $8.63 per share. Second quarter adjusted EBITDA was $158 million, a 21% increase, compared to $131 million in the previous quarter.
Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "All of our operating segments contributed to the strong adjusted EBITDA growth in the second quarter. Results in U.S. Drilling reflect improved performance in the Lower 48 market, where our daily adjusted gross margin continued to grow on higher average pricing for the fleet. Daily margin and EBITDA also improved in our international markets. In Rig Technologies, sequential revenue growth of 23% helped drive that segment's EBITDA increase.
"In the Lower 48 market, our daily margin reflects the strong pricing momentum and our success in capturing these higher rates. Our average daily revenue of $25,566 represents an increase of more than $2,500 versus the prior quarter. Leading-edge day rates remain at least $8,000 higher than the second quarter's average dayrates, and continued to increase in July.
"Growth in Lower 48 oilfield activity remains robust. The industry drilling rig count in this market grew 13% in the second quarter, and recently totaled more than 700. The commodity price environment remains supportive of additional increases in this activity, and most of our largest U.S. customers indicate they will add rigs by the end of the year. In addition, several of our larger customers have initiated discussions on further rig additions for 2023 and for longer contract term. We expect to reach 100% utilization in our high specification rigs relatively early next year and we anticipate a significantly tighter Lower 48 market for the industry.
"In our key International markets, tendering activity for additional rigs has increased. We remain optimistic for awards resulting in growth in these geographies. Already in the third quarter, our rig count in Saudi Arabia has increased, due to the deployment of the first newbuild rig in our SANAD joint venture with Saudi Aramco and we expect additional rig awards and deployments in Latin America within the next few months."
Consolidated and Segment Results
The U.S. Drilling segment reported $87.4 million in adjusted EBITDA for the second quarter of 2022, an 18% increase from the prior quarter. Nabors' average Lower 48 rig count, at 89.3, increased by nearly six rigs. Daily adjusted gross margin in the Lower 48 market averaged $8,706, more than 13% higher than the prior quarter.
International Drilling adjusted EBITDA totaled $82.4 million, a 16% increase from the prior quarter. Improved performance in Saudi Arabia and Latin America led the growth. The International rig count averaged 74.3 rigs, up more than two rigs from the prior quarter. Daily adjusted gross margin for the second quarter averaged $14,331, up $1,197 from the prior quarter.
In Drilling Solutions, adjusted EBITDA increased by 14% to $22.8 million, mainly reflecting increasing activity in the U.S. with higher volumes in performance drilling software and managed pressure drilling. Adjusted gross margin as a percentage of revenue in Drilling Solutions reached 52%, a record high since the segment's inception.
In Rig Technologies, adjusted EBITDA improved by $4.4 million in the second quarter. Revenue increased by 23% sequentially, to $45 million, mainly due to higher aftermarket sales and equipment rentals.
Adjusted Free Cash Flow and Capital Discipline
Adjusted free cash flow totaled $57 million in the second quarter. This result was primarily driven by higher financial results in the business, lower interest payments, and improved days sales outstanding. Capital expenditures for the second quarter totaled $99 million, including $27 million for the SANAD newbuilds.
In the second quarter, net debt was $2,184 million, a $33 million reduction as compared to the first quarter. Free cash flow generated in the quarter drove the improvement in net debt.
William Restrepo, Nabors CFO, stated, "During the second quarter, activity increased across our segments, fueling a significant step up in our financial results. Our adjusted EBITDA as a percentage of revenue increased by 200 basis points to more than 25%. We expect similar improvement in the third quarter. Utilization for our high-spec Lower 48 rigs currently stands at 81%. With the current market tightness, pricing is rising rapidly. Margins are expanding, a trend we expect to continue in coming quarters. The accelerating market and our pricing momentum in the Lower 48, as well as stronger than expected fundamentals in the International segment, have significantly outpaced the estimates embedded in our previous EBITDA outlook for 2022 and 2023. We plan to provide an update for our 2023 expectations once our budget process is finalized.
"We once again made progress reducing our net debt in the second quarter. We expect further material improvement over the balance of 2022. For the full year 2022, we expect to generate adjusted free cash flow well in excess of $100 million. Outstanding debt maturing through 2024 now totals $251 million. At the end of the quarter our cash and short-term investments stood at $418 million, and our $350 million credit facility was undrawn. With our experience in managing liquidity, our demonstrated willingness to access the capital markets well ahead of debt maturities, and the healthy cash generation we are targeting over the next two years, we remain confident in our ability to manage our debt profile and materially improve our leverage."
Mr. Petrello added, "Once again, we made progress on each of our five keys to excellence:
- In our Lower 48 business, rig count and financial results continued their upward trends, with excellent prospects for further growth.
- Financial results in our International segment improved across several major markets, and most recently we deployed the first In-Kingdom newbuild rig in Saudi Arabia.
- The financial performance of our high-tech Drilling Solutions and Rig Technologies segments strengthened. Market adoption of our innovation portfolio, especially our automation solutions, is accelerating.
- We made additional progress to de-lever, reducing net debt and total debt, while generating free cash flow.
- We further expanded our Energy Transition efforts, recently completing investments in three companies focusing on sodium-based battery technology, emissions monitoring, and innovative ultra-capacitor solutions. We also made additional progress in our internal initiatives including fuel management, energy storage, hydrogen, and carbon capture."
Outlook Summary for the Third Quarter of 2022
Nabors expects the following quarterly metrics:
U.S. Drilling
- An increase in average Lower 48 rig count of 3 to 4 rigs over the second quarter average
- Lower 48 adjusted gross margin per day of approximately $10,400 - $10,600
- An additional rig and higher average dayrates in Alaska; Offshore in-line with second quarter levels
International
- Rig count approximately in line with the second quarter average
- Adjusted gross margin per day of approximately $14,400
Drilling Solutions
- Adjusted EBITDA up by approximately 12% over the second quarter level
Rig Technologies
- Adjusted EBITDA up by approximately $2 million over the second quarter level
Capital Expenditures
- Capital expenditures between $110 million and $120 million
- Capital expenditures for the full year 2022 of approximately $380 million
Adjusted Free Cash Flow
- Free cash flow approximately breakeven
- Free cash flow for the full year 2022 well above $100 million
Mr. Petrello concluded, "Nabors' second quarter financial results, and our future outlook, demonstrate the value of the strategies we've implemented over the past several years. In particular, our development and successful deployment of a robust, industry-leading portfolio of advanced process automation, robotization, and digitalization solutions have driven demand across the Nabors spectrum, including rigs, apps, services, and equipment. Our clients increasingly realize value from this expanding suite, by driving their productivity higher.
"Looking ahead, with a constructive commodity price environment, we see significant potential for our portfolio across global markets. Our focus includes the third-party drilling rig market, which is fertile for the adoption of many of our technologies, and international expansion. In short, our prospects today are more favorable than they have been in many years. We are well positioned today to capitalize on this environment. We look forward to reporting our progress."
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With presence in more than 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.
Forward-looking Statements
The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, investment income (loss), and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. Net debt is calculated as total debt minus the sum of cash, cash equivalents and short-term investments.
Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company's ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders.
Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including Adjusted EBITDA, adjusted operating income (loss), net debt, and adjusted free cash flow, because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. Reconciliations of consolidated adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes, net debt to total debt, and adjusted free cash flow to net cash provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release.
Investor Contacts: William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail william.conroy@nabors.com, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail mark.andrews@nabors.com
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SOURCE Nabors Industries Ltd. | https://www.kalb.com/prnewswire/2022/08/03/nabors-announces-second-quarter-2022-results/ | 2022-08-03T21:26:30Z | https://www.kalb.com/prnewswire/2022/08/03/nabors-announces-second-quarter-2022-results/ | false |
- The agreement includes renaming the waterfront "ROSHN Waterfront"
- The Waterfront includes 7 different entertainment areas stretching over a distance of 4 km
RIYADH and JEDDAH, Saudi Arabia , Aug. 3, 2022 /PRNewswire/ -- In the presence of His Excellency the Mayor of Jeddah, Mr. Saleh bin Ali Al-Turki, ROSHN, the national real estate developer wholly owned by the Public Investment Fund and Rotana Star Neon Company, signed an agreement to sponsor the Jeddah Waterfront and transform its name into "ROSHN Waterfront".
Redeveloped and opened 2017, the Waterfront is one of the most important landmarks in Jeddah, attracting approximately 55 million visitors annually. It stretches four kilometers along the Red Sea coast and will consist of seven diverse recreational areas for families and children.
By renaming and sponsoring the waterfront ROSHN intends to boost its efforts to support the goals of Saudi Vision 2030 to provide a higher quality of life for the citizens and residents of the Kingdom.
Commenting on the agreement, Sabah Barakat, Group Chief Operating Officer of ROSHN, said: "We were pleased by the attendance of His Excellency Mr. Saleh Al-Turki at the signing ceremony of the sponsorship agreement and the renaming of Jeddah Waterfront. We in ROSHN are keen to diversify our partnerships and efforts to serve the provision of a higher quality of life in the Kingdom. The waterfront is part of our endeavor to activate the role of social responsibility and provide higher quality lifestyles."
ROSHN is a national real estate developer powered by the Saudi Public Investment. It is mandated to provide high-quality living standards for Saudis and to support government efforts to increase citizens' home ownership rates. The announcement of the waterfront agreement comes after the recent launch of the ALAROUS project in Jeddah - ROSHN's second project in the Kingdom after the SEDRA community in Riyadh.
Photo - https://mma.prnewswire.com/media/1872122/ROSHN_1.jpg
Logo - https://mma.prnewswire.com/media/1872123/ROSHN_Logo.jpg
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SOURCE ROSHN | https://www.kalb.com/prnewswire/2022/08/03/roshn-signs-agreement-sponsor-rename-jeddah-waterfront/ | 2022-08-03T21:27:43Z | https://www.kalb.com/prnewswire/2022/08/03/roshn-signs-agreement-sponsor-rename-jeddah-waterfront/ | true |
HAMILTON, Bermuda, Aug. 3, 2022 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported second quarter 2022 operating revenues of $631 million, an increase of approximately 11%, compared to operating revenues of $569 million in the first quarter of 2022. The net loss from continuing operations attributable to Nabors shareholders for the quarter was $83 million, or $9.41 per share. This compares to a loss of $184 million, or $22.51 per share, in the first quarter. The second quarter results included a non-cash charge of $22 million, or $2.42 per share, related to mark-to-market treatment of Nabors' warrants, while the first quarter included a non-cash charge for the warrants of $72 million, or $8.63 per share. Second quarter adjusted EBITDA was $158 million, a 21% increase, compared to $131 million in the previous quarter.
Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "All of our operating segments contributed to the strong adjusted EBITDA growth in the second quarter. Results in U.S. Drilling reflect improved performance in the Lower 48 market, where our daily adjusted gross margin continued to grow on higher average pricing for the fleet. Daily margin and EBITDA also improved in our international markets. In Rig Technologies, sequential revenue growth of 23% helped drive that segment's EBITDA increase.
"In the Lower 48 market, our daily margin reflects the strong pricing momentum and our success in capturing these higher rates. Our average daily revenue of $25,566 represents an increase of more than $2,500 versus the prior quarter. Leading-edge day rates remain at least $8,000 higher than the second quarter's average dayrates, and continued to increase in July.
"Growth in Lower 48 oilfield activity remains robust. The industry drilling rig count in this market grew 13% in the second quarter, and recently totaled more than 700. The commodity price environment remains supportive of additional increases in this activity, and most of our largest U.S. customers indicate they will add rigs by the end of the year. In addition, several of our larger customers have initiated discussions on further rig additions for 2023 and for longer contract term. We expect to reach 100% utilization in our high specification rigs relatively early next year and we anticipate a significantly tighter Lower 48 market for the industry.
"In our key International markets, tendering activity for additional rigs has increased. We remain optimistic for awards resulting in growth in these geographies. Already in the third quarter, our rig count in Saudi Arabia has increased, due to the deployment of the first newbuild rig in our SANAD joint venture with Saudi Aramco and we expect additional rig awards and deployments in Latin America within the next few months."
Consolidated and Segment Results
The U.S. Drilling segment reported $87.4 million in adjusted EBITDA for the second quarter of 2022, an 18% increase from the prior quarter. Nabors' average Lower 48 rig count, at 89.3, increased by nearly six rigs. Daily adjusted gross margin in the Lower 48 market averaged $8,706, more than 13% higher than the prior quarter.
International Drilling adjusted EBITDA totaled $82.4 million, a 16% increase from the prior quarter. Improved performance in Saudi Arabia and Latin America led the growth. The International rig count averaged 74.3 rigs, up more than two rigs from the prior quarter. Daily adjusted gross margin for the second quarter averaged $14,331, up $1,197 from the prior quarter.
In Drilling Solutions, adjusted EBITDA increased by 14% to $22.8 million, mainly reflecting increasing activity in the U.S. with higher volumes in performance drilling software and managed pressure drilling. Adjusted gross margin as a percentage of revenue in Drilling Solutions reached 52%, a record high since the segment's inception.
In Rig Technologies, adjusted EBITDA improved by $4.4 million in the second quarter. Revenue increased by 23% sequentially, to $45 million, mainly due to higher aftermarket sales and equipment rentals.
Adjusted Free Cash Flow and Capital Discipline
Adjusted free cash flow totaled $57 million in the second quarter. This result was primarily driven by higher financial results in the business, lower interest payments, and improved days sales outstanding. Capital expenditures for the second quarter totaled $99 million, including $27 million for the SANAD newbuilds.
In the second quarter, net debt was $2,184 million, a $33 million reduction as compared to the first quarter. Free cash flow generated in the quarter drove the improvement in net debt.
William Restrepo, Nabors CFO, stated, "During the second quarter, activity increased across our segments, fueling a significant step up in our financial results. Our adjusted EBITDA as a percentage of revenue increased by 200 basis points to more than 25%. We expect similar improvement in the third quarter. Utilization for our high-spec Lower 48 rigs currently stands at 81%. With the current market tightness, pricing is rising rapidly. Margins are expanding, a trend we expect to continue in coming quarters. The accelerating market and our pricing momentum in the Lower 48, as well as stronger than expected fundamentals in the International segment, have significantly outpaced the estimates embedded in our previous EBITDA outlook for 2022 and 2023. We plan to provide an update for our 2023 expectations once our budget process is finalized.
"We once again made progress reducing our net debt in the second quarter. We expect further material improvement over the balance of 2022. For the full year 2022, we expect to generate adjusted free cash flow well in excess of $100 million. Outstanding debt maturing through 2024 now totals $251 million. At the end of the quarter our cash and short-term investments stood at $418 million, and our $350 million credit facility was undrawn. With our experience in managing liquidity, our demonstrated willingness to access the capital markets well ahead of debt maturities, and the healthy cash generation we are targeting over the next two years, we remain confident in our ability to manage our debt profile and materially improve our leverage."
Mr. Petrello added, "Once again, we made progress on each of our five keys to excellence:
- In our Lower 48 business, rig count and financial results continued their upward trends, with excellent prospects for further growth.
- Financial results in our International segment improved across several major markets, and most recently we deployed the first In-Kingdom newbuild rig in Saudi Arabia.
- The financial performance of our high-tech Drilling Solutions and Rig Technologies segments strengthened. Market adoption of our innovation portfolio, especially our automation solutions, is accelerating.
- We made additional progress to de-lever, reducing net debt and total debt, while generating free cash flow.
- We further expanded our Energy Transition efforts, recently completing investments in three companies focusing on sodium-based battery technology, emissions monitoring, and innovative ultra-capacitor solutions. We also made additional progress in our internal initiatives including fuel management, energy storage, hydrogen, and carbon capture."
Outlook Summary for the Third Quarter of 2022
Nabors expects the following quarterly metrics:
U.S. Drilling
- An increase in average Lower 48 rig count of 3 to 4 rigs over the second quarter average
- Lower 48 adjusted gross margin per day of approximately $10,400 - $10,600
- An additional rig and higher average dayrates in Alaska; Offshore in-line with second quarter levels
International
- Rig count approximately in line with the second quarter average
- Adjusted gross margin per day of approximately $14,400
Drilling Solutions
- Adjusted EBITDA up by approximately 12% over the second quarter level
Rig Technologies
- Adjusted EBITDA up by approximately $2 million over the second quarter level
Capital Expenditures
- Capital expenditures between $110 million and $120 million
- Capital expenditures for the full year 2022 of approximately $380 million
Adjusted Free Cash Flow
- Free cash flow approximately breakeven
- Free cash flow for the full year 2022 well above $100 million
Mr. Petrello concluded, "Nabors' second quarter financial results, and our future outlook, demonstrate the value of the strategies we've implemented over the past several years. In particular, our development and successful deployment of a robust, industry-leading portfolio of advanced process automation, robotization, and digitalization solutions have driven demand across the Nabors spectrum, including rigs, apps, services, and equipment. Our clients increasingly realize value from this expanding suite, by driving their productivity higher.
"Looking ahead, with a constructive commodity price environment, we see significant potential for our portfolio across global markets. Our focus includes the third-party drilling rig market, which is fertile for the adoption of many of our technologies, and international expansion. In short, our prospects today are more favorable than they have been in many years. We are well positioned today to capitalize on this environment. We look forward to reporting our progress."
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With presence in more than 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.
Forward-looking Statements
The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, investment income (loss), and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. Net debt is calculated as total debt minus the sum of cash, cash equivalents and short-term investments.
Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company's ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders.
Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including Adjusted EBITDA, adjusted operating income (loss), net debt, and adjusted free cash flow, because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. Reconciliations of consolidated adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes, net debt to total debt, and adjusted free cash flow to net cash provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release.
Investor Contacts: William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail william.conroy@nabors.com, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail mark.andrews@nabors.com
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SOURCE Nabors Industries Ltd. | https://www.wbrc.com/prnewswire/2022/08/03/nabors-announces-second-quarter-2022-results/ | 2022-08-03T21:27:52Z | https://www.wbrc.com/prnewswire/2022/08/03/nabors-announces-second-quarter-2022-results/ | true |
DENVER, Aug. 3, 2022 /PRNewswire/ -- SM Energy Company (the "Company") (NYSE: SM) today announced operating and financial results for the second quarter 2022 and provided certain third quarter and full year 2022 guidance.
Highlights include:
- Leverage ratio target met, net debt target fast approaching. The Company remains ahead of schedule to meet its key strategic leverage targets of 1.0 times net-debt-to-adjusted EBITDAX(1) and $1.0 billion principal amount of debt net of cash, an inflection point the Company expects to meet in the fourth quarter 2022.
- Well performance remains robust. Production in the second quarter 2022 was 13.3 MMBoe (146.6 MBoe/d) and was 46% oil. Production met the top end of guidance, supported by base well performance in both the Midland Basin and South Texas that met the high end of expectations. As a result of strong well performance, the Company is increasing production guidance for 2022 to 54-55 MMBoe, or 148-151 MBoe/d, up 4% at the mid-point.
- Bottom line profitability. Net income in the second quarter 2022 was $323.5 million, or $2.60 per diluted common share, and Adjusted net income(1) was $2.19 per diluted common share.
- Cash flow generation at record high. For the second quarter 2022, net cash provided by operating activities of $542.6 million before net change in working capital of $(28.2) million totaled $514.4 million.(1) Second quarter 2022 Adjusted EBITDAX(1) was $559.7 million, a one-quarter record high for the Company, and free cash flow(1) was $276.6 million. For the first half of 2022, net cash provided by operating activities of $884.7 million before net change in working capital of $109.7 million totaled $994.4 million, and free cash flow(1) was $590.9 million.
- Senior secured revolving credit facility increased and extended. The initial borrowing base is increased to $2.5 billion and lender commitments increased to $1.25 billion. The term is five years, subject to certain early maturity events, as discussed in the Company's second quarter 2022 Form 10-Q.
- Bolstering methane detection with new technology. Following a successful pilot program, in the third quarter 2022 the Company plans to initiate a methane detection program using aerial-based LiDAR technology with baseline flyovers covering 100% of the Company's operated production facilities. The technology is expected to provide the ability to pinpoint the emissions sources, which enables improved response times.
President and Chief Executive Officer Herb Vogel comments: "We enjoyed a successful first half of 2022 by executing on our core strategic objectives. Our leverage ratio(1) is now at 0.7 times and we have reduced the principal amounts of outstanding debt by $551.4 million, funded with $590.9 million in free cash flow(1) generated in the first half of 2022. We expect to reduce net debt(1) to around $1.0 billion in the coming months, and we look forward to the next phase of shareholder value creation.
"Operational results continue to meet or exceed the high end of expectations, supported by strong well performance in both the Midland Basin and South Texas. Higher than expected production and continued strength in commodity prices are significantly boosting cash flows, resulting in a lower than expected reinvestment rate(1) for the year of approximately 45%, despite the effects of inflation."
- Production volumes are approximately 57% from the Midland Basin and 43% from South Texas and were approximately 46% oil, 39% natural gas, and 15% NGLs.
- Second quarter production volumes of 13.3 MMBoe (146.6 MBoe/d) were up 7% compared with the same period in 2021 and down 3% sequentially. Second quarter 2022 volumes reflect strong base production performance as a result of the larger stimulation design employed in certain Midland Basin wells as well as from South Texas. Sequentially, production decreased from both South Texas and the Midland Basin, in accordance with expectations that reflect the planned timing of completions over the past year in each region.
In the second quarter, the average realized price before the effect of hedges was $74.23 per Boe and the average realized price after the effect of hedges (post-hedge) was $56.20 per Boe.(1)
- Benchmark pricing for the quarter included NYMEX WTI at $108.41/Bbl, NYMEX Henry Hub natural gas at $7.17/MMBtu and Hart Composite NGLs at $50.05/Bbl.
- The effect of commodity derivative settlements for the second quarter was a loss of $18.03 per Boe, or $240.6 million.
For additional operating metrics and regional detail, please see the Financial Highlights section below and the accompanying slide deck.
NET INCOME (LOSS), NET INCOME (LOSS) PER SHARE AND NET CASH PROVIDED BY OPERATING ACTIVITIES
Second quarter 2022 net income was $323.5 million, or $2.60 per diluted common share, compared with a net loss of $223.0 million, or $1.88 per diluted common share, for the same period in 2021. The current year period included a 76% increase in total oil, gas, and NGL production revenue and other income due to a 7% increase in production and a 64% increase in the average commodity price per Boe compared with the same period in 2021. This increase is partially offset by a derivative settlement loss of $240.6 million in the current year period versus a derivative settlement loss of $158.8 million in the prior year period and a recorded $67.2 million loss on extinguishment of debt related to the early redemption in June 2022 of the 10% Senior Secured Notes due 2025. The current year period also benefited from a 30% decline in DD&A per Boe. For the first six months of 2022, net income was $372.2 million, or $3.00 per diluted common share, compared with a net loss of $474.3 million, or $4.07 per diluted common share, in the same period in 2021.
Second quarter 2022 net cash provided by operating activities of $542.6 million before net change in working capital of $(28.2) million totaled $514.4 million,(1) which was up $300.5 million, or 140%, from the same period in 2021 with net cash provided by operating activities of $296.4 million before net change in working capital of $(82.5) million totaling $213.9 million.(1) For the first six months of 2022, net cash provided by operating activities of $884.7 million before net change in working capital of $109.7 million totaled $994.4 million, which was up $623.5 million from the same period in 2021. The increase in net cash provided by operating activities before net change in working capital for both the second quarter and first six months of 2022 compared with the same periods in 2021 was primarily due to the increases in both production volumes and realized prices after the effect of hedges.
ADJUSTED EBITDAX,(1) ADJUSTED NET INCOME (LOSS),(1) AND NET DEBT-TO-ADJUSTED EBITDAX(1)
Second quarter 2022 Adjusted EBITDAX(1) was $559.7 million, up $302.8 million, or 118%, from $256.9 million for the same period in 2021. For the first six months of 2022 Adjusted EBITDAX(1) was $1.1 billion compared with $471.9 million in the same period in 2021. The increase in Adjusted EBITDAX(1) was due to the increases in both production volumes and realized prices after the effect of hedges.
Second quarter 2022 Adjusted net income(1) was $272.8 million, or $2.19 per diluted common share, which compares with Adjusted net income(1) of $1.0 million, or $0.01 per diluted common share, for the same period in 2021. For the first six months of 2022, Adjusted net income was $518.8 million, or $4.17 per diluted common share, compared with an Adjusted net loss of $4.7 million, or $0.04 per diluted common share, for the same period in 2021.
At June 30, 2022, Net debt-to-Adjusted EBITDAX(1) was 0.72 times.
FINANCIAL POSITION, LIQUIDITY AND CAPITAL EXPENDITURES
On June 30, 2022, the outstanding principal amount of the Company's long-term debt was $1.59 billion with zero drawn on the Company's senior secured revolving credit facility, and cash and cash equivalents of $267.1 million. Net debt(1) was $1.32 billion.
On August 2, 2022, the Company and its lenders entered into a Seventh Amended and Restated Credit Agreement ("New Credit Agreement"). The New Credit Agreement provides for a senior secured revolving credit facility with an increased initial borrowing base of $2.5 billion and initial aggregate lender commitments totaling $1.25 billion. The maturity date is August 2, 2027 (absent certain early maturity events, as described in the Company's second quarter 2022 Form 10-Q and the credit agreement filed as Exhibit 10.1), and customary covenants include, but are not limited to, a maximum total funded debt to 12-month trailing adjusted EBITDAX ratio of 3.50 to 1.00 and a minimum adjusted current ratio of 1.00 to 1.00. See the Company's second quarter 2022 Form 10-Q for additional detail.
Second quarter 2022 capital expenditures of $215.6 million adjusted for increased capital accruals of $22.2 million were $237.8 million.(1) During the second quarter 2022, the Company drilled 23 net wells, of which 10 were in South Texas and 13 were in the Midland Basin, and added 9 net flowing completions, of which 2 were in South Texas and 7 were in the Midland Basin. The Company projected 20 flowing completions in the second quarter and, while all wells were fracture stimulated, drill out operations on certain wells took longer than anticipated, pushing 11 flowing completions into early July.
COMMODITY DERIVATIVES
As entered into as of July 27, 2022, commodity derivative positions for the second half of 2022 include:
- Oil - Approximately 48% of expected oil production is hedged to WTI at an average price of $55.29/Bbl (weighted-average of collar ceilings and swaps).
- Oil, Midland Basin differential - Approximately 4,900 MBbls are hedged to the local price point at a positive $1.15/Bbl basis.
- Natural gas - Approximately 45% of expected natural gas production is hedged. 13,916 BBtu is hedged to HSC at an average price of $2.42/MMBtu, and 6,152 BBtu is hedged to WAHA at an average price of $2.21/MMBtu.
- NGL hedges are by individual product and include propane swaps and collars.
The Company expects to hedge less than 30% of 2023 production.
A detailed schedule of these and other derivative positions are provided in the 2Q22 accompanying slide deck.
2022 OPERATING PLAN AND GUIDANCE
The Company is unable to provide a reconciliation of forward-looking non-GAAP capital expenditures because components of the calculation are inherently unpredictable, such as changes to, and timing of, capital accruals. The inability to project certain components of the calculation would significantly affect the accuracy of a reconciliation.
GUIDANCE FULL YEAR 2022:
- Capital expenditures (net of the change in capital accruals): $870-900 million. The increase incorporates higher than expected inflation and the decision to retain current rig and pressure pumping crews through the end of the year to better ensure continuous and efficient operations in a supply-constrained environment. The Company expects to drill 98 net wells and complete 81 net wells in 2022, or with 52 net wells drilled and 54 net wells completed in the second half of the year, an increase of 6 and 3, respectively, from the February guidance.
- Production: 54-55 MMBoe or 148-151 MBoe/d. This represents a 4% increase at the mid-point and is a result of well performance exceeding original expectations in both the Midland Basin and South Texas. Full year production is expected to be 46%-47% oil.
- Production costs:
- DD&A: ~$11.50/Boe
- Exploration expense: ~$50 million
- G&A: Unchanged at ~$110 million
GUIDANCE THIRD QUARTER 2022:
- Capital expenditures (net of the change in capital accruals): $250-270 million. In the third quarter 2022, the Company expects to drill 24 net wells, of which 11 are planned for South Texas and 13 are planned for the Midland Basin, and turn-in-line 35 net wells, of which 21 are planned for South Texas and 14 are planned for the Midland Basin.
- Production: 13.2-13.6 MMBoe, or 143-148 MBoe/d, at approximately 46% oil.
UPCOMING EVENTS
EARNINGS Q&A WEBCAST AND CONFERENCE CALL
August 4, 2022 – Please join SM Energy management at 8:00 a.m. Mountain time/10:00 a.m. Eastern time for the second quarter 2022 financial and operating results Q&A session. This discussion will be accessible via webcast (available live and for replay) on the Company's website at ir.sm-energy.com or by telephone. To join the live conference call, please register at the link below for dial-in information.
- Live Conference Call Registration: https://conferencingportals.com/event/pAjDSntN
- Replay (conference ID 11299) - Domestic toll free/International: 800-770-2030/647-362-9199
The call replay will be available approximately one hour after the call and until August 18, 2022.
CONFERENCE PARTICIPATION
- August 8, 2022 – EnerCom Denver – The Energy Conference – President and Chief Executive Officer Herb Vogel will present at 2:20 pm Mountain time/4:20 pm Eastern time. The event will be webcast, accessible from the Company's website, and available for replay for a limited period. The Company will post an investor presentation to its website the morning of the event.
- September 8, 2022 – Inaugural Wells Fargo Leveraged Finance Conference – Chief Financial Officer Wade Pursell will present at 2:30 pm Central time/3:30 pm Eastern time. The event will be webcast, accessible from the Company's website, and available for replay for a limited period. The Company will post an investor presentation to its website the morning of the event.
DISCLOSURES
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of securities laws. The words "estimate," "expect," "goal," "generate," "plan," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, among other things, projections for the full year and third quarter 2022, including guidance for capital expenditures, production, production costs, DD&A, exploration expense, G&A, reinvestment rate, the percent of future production to be hedged, and the number of wells the Company plans to drill and complete in 2022. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission, specifically the second quarter 2022 Form 10-Q and the 2021 Form 10-K. The forward-looking statements contained herein speak as of the date of this release. Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by securities laws.
FOOTNOTE 1
Indicates a non-GAAP measure. Please refer below to the section "Definitions of non-GAAP Measures as Calculated by the Company" in Financials Highlights for additional information.
ABOUT THE COMPANY
SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas, and NGLs in the state of Texas. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.
SM ENERGY INVESTOR CONTACTS
Jennifer Martin Samuels, jsamuels@sm-energy.com, 303-864-2507
DEFINITIONS OF NON-GAAP MEASURES AS CALCULATED BY THE COMPANY
To supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides certain non-GAAP measures, which are used by management and the investment community to assess the Company's financial condition, results of operations, and cash flows, as well as compare performance from period to period and across the Company's peer group. The Company believes these metrics and performance measures are widely used by the investment community, including investors, research analysts and others, to evaluate and compare investments among upstream oil and gas companies in making investment decisions or recommendations. These measures, as presented, may have differing calculations among companies and investment professionals and may not be directly comparable to the same measures provided by others. A non-GAAP measure should not be considered in isolation or as a substitute for the most directly comparable GAAP measure or any other measure of a company's financial or operating performance presented in accordance with GAAP. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is presented below. These measures may not be comparable to similarly titled measures of other companies.
Adjusted EBITDAX: Adjusted EBITDAX is calculated as net income (loss) before interest expense, interest income, income taxes, depletion, depreciation, amortization and asset retirement obligation liability accretion expense, exploration expense, property abandonment and impairment expense, non-cash stock-based compensation expense, derivative gains and losses net of settlements, gains and losses on divestitures, gains and losses on extinguishment of debt, and certain other items. Adjusted EBITDAX excludes certain items that the Company believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. The Company believes that Adjusted EBITDAX provides useful information for internal analysis and for investors and analysts, as a performance and liquidity measure, to evaluate the Company's ability to internally generate funds for exploration, development, acquisitions, and to service debt. The Company is also subject to financial covenants under the Company's Credit Agreement and New Credit Agreement, a material source of liquidity for the Company, based on Adjusted EBITDAX ratios. Please reference the Company's 2021 Form 10-K and second quarter 2022 Form 10-Q for discussion of the Credit Agreement and New Credit Agreement and its covenants.
Adjusted net income (loss) and adjusted net income (loss) per diluted common share: Adjusted net income (loss) and adjusted net income (loss) per diluted common share excludes certain items that the Company believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include non-cash and other adjustments, such as derivative gains and losses net of settlements, impairments, net (gain) loss on divestiture activity, gains and losses on extinguishment of debt, and accruals for non-recurring matters. The Company uses these measures to evaluate the comparability of the Company's ongoing operational results and trends and believes these measures provide useful information to investors for analysis of the Company's fundamental business on a recurring basis.
Net debt: Net debt is calculated as the total principal amount of outstanding senior secured notes and senior unsecured notes plus amounts drawn on the revolving credit facility less cash and cash equivalents (also referred to as total funded debt). The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage.
Free cash flow: Free cash flow is calculated as net cash provided by operating activities before net change in working capital less capital expenditures before increase (decrease) in capital expenditure accruals and other. The Company uses this measure as representative of the cash from operations, in excess of capital expenditures that provides liquidity to fund non-discretionary obligations such as debt reduction, returning cash to shareholders or expanding the business.
- Forward-looking free cash flow: Guidance or projected measures are not reconciled to the most comparable GAAP measure because components of the GAAP calculation are inherently difficult to project. Specifically, the timing of cash receipts and disbursements could not be projected with accuracy.
Net debt-to-Adjusted EBITDAX: Net debt-to-Adjusted EBITDAX is calculated as Net Debt (defined above) divided by Adjusted EBITDAX (defined above) for the trailing twelve-month period (also referred to as leverage ratio). A variation of this calculation is a financial covenant under the Company's Credit Agreement. The Company and the investment community may use this measure in understanding the Company's ability to service its debt and identify trends in its leverage position. The Company reconciles the two non-GAAP measure components of this calculation.
- Forward-looking Net-debt-to-Adjusted EBITDAX: Guidance or projected measures are not reconciled to the most comparable GAAP measure because components of the GAAP calculation are inherently difficult to project. Specifically, non-cash components of earnings such as derivative gains and losses, gains and losses on divestitures, gains and losses on extinguishment of debt and unknown future events could not be projected with accuracy.
Adjusted operating margin: Adjusted operating margin is calculated as oil, gas, and NGL production revenues (before the effects of commodity derivative settlements), less operating expenses (specifically, LOE, transportation, production taxes, ad valorem taxes, and G&A). This calculation, when shown before the effect of derivative settlements, excludes derivative settlements, exploration expense, and DD&A and is reflected on a per BOE basis using net equivalent production for the period represented. This measure includes non-cash items in G&A, specifically stock compensation expense. The Company believes this metric provides management and the investment community with an understanding of the Company's recurring operating margin before DD&A, which is helpful to compare period-to-period and across peers.
Post-hedge: Post-hedge is calculated as the average realized price after the effects of commodity derivative settlements. The Company believes this metric is useful to management and the investment community to understand the impacts of commodity derivative settlements on average price realized.
Reinvestment rate: Reinvestment rate is calculated as capital expenditures before increase (decrease) in capital expenditure accruals and other divided by net cash provided by operating activities before net change in working capital. The Company believes this metric is useful to management and the investment community to understand the Company's ability to generate sustainable profitability and may be used to compare over periods of time across industry peers.
- Forward-looking Reinvestment rate: Guidance or projected measures are not reconciled to the most comparable GAAP measure because components of the GAAP calculation are inherently difficult to project. Specifically, changes to current assets and liabilities, the timing of change in capital accruals, and unknown future events. The inability to project certain components of the calculation would significantly affect the accuracy of a reconciliation.
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SOURCE SM Energy Company | https://www.wbrc.com/prnewswire/2022/08/03/sm-energy-reports-second-quarter-2022-results-leverage-ratio-target-achieved/ | 2022-08-03T21:28:59Z | https://www.wbrc.com/prnewswire/2022/08/03/sm-energy-reports-second-quarter-2022-results-leverage-ratio-target-achieved/ | false |
WFO AUSTIN/SAN ANTONIO Warnings, Watches and Advisories for Thursday, August 4, 2022
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HEAT ADVISORY
URGENT - WEATHER MESSAGE
National Weather Service Austin/San Antonio TX
336 PM CDT Wed Aug 3 2022
...HEAT ADVISORY NOW IN EFFECT UNTIL 8 PM CDT THURSDAY...
* WHAT...Air temperature 102 to 105 and heat values up to 109
expected.
* WHERE...Portions of south central Texas.
* WHEN...Until 8 PM CDT Thursday.
* IMPACTS...Hot temperatures and high heat index values may cause
heat illnesses to occur.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Drink plenty of fluids, stay in an air-conditioned room, stay out
of the sun, and check up on relatives and neighbors. Young
children and pets should never be left unattended in vehicles
under any circumstances.
Take extra precautions if you work or spend time outside. When
possible reschedule strenuous activities to early morning or
evening. Know the signs and symptoms of heat exhaustion and heat
stroke. Wear lightweight and loose fitting clothing when
possible. To reduce risk during outdoor work, the Occupational
Safety and Health Administration recommends scheduling frequent
rest breaks in shaded or air conditioned environments. Anyone
overcome by heat should be moved to a cool and shaded location.
Heat stroke is an emergency! Call 9 1 1.
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Copyright 2022 AccuWeather | https://www.darientimes.com/weather/article/TX-WFO-AUSTIN-SAN-ANTONIO-Warnings-Watches-and-17349217.php | 2022-08-03T21:29:12Z | https://www.darientimes.com/weather/article/TX-WFO-AUSTIN-SAN-ANTONIO-Warnings-Watches-and-17349217.php | true |
Ortega is currently in prison for pleading guilty to sexually abusing two NorthShore patients
CHICAGO, Aug. 3, 2022 /PRNewswire/ -- NorthShore University Health System and Swedish Covenant are facing six more lawsuits, alleging OB/GYN Fabio Ortega sexually abused female patients during their prenatal and gynecological appointments.
6 lawsuits filed against NorthShore University Health System & Swedish Covenant alleging sexual abuse by Fabio Ortega
Jane Doe 33's complaint, against NorthShore, alleges she was in her early 20's when she went to Ortega for reproductive health concerns, and he asked her deeply personal questions while touching her body.
Jane Doe 34's complaint, against NorthShore, alleges she was 45 when she went to Ortega for a suspected vaginal infection, and he grabbed her breasts and told her she would benefit from a breast reduction. She also alleges he caused her extreme physical pain while penetrating his fingers in her vagina.
Jane Doe 35's complaint, against Swedish, alleges she was just 14 years old when Ortega started sexually abusing her, including touching her g-spot and telling her that stimulating her was relevant to his care. Jane Doe 35 has filed a second lawsuit, against NorthShore, alleging that she saw him there after he left Swedish. She alleges that he continued to sexually assault her, and caused her extreme pain during prenatal "exams."
Jane Doe 36's complaint, against Swedish, alleges she was 40 years old when she went to Ortega for heavy bleeding, and that during her "exam" he stimulated her clitoris and asked if she had anal sex.
Jane Doe 37, a Spanish-speaking Mexican immigrant, alleges in her complaint against NorthShore that she was approximately 24 years old when she went to Ortega for abdominal pain, and during her "exam" he stimulated her vagina and asked if her husband gave her pleasure.
Currently, there are 4 lawsuits pending against Swedish Covenant and 12 lawsuits pending against NorthShore University Health System.
The lawsuits also allege that NorthShore's top officials allowed Ortega to continue to work despite knowing he was under criminal investigation for sexual assault. Then, NorthShore allowed Ortega to quietly retire rather than fire him.
"NorthShore and Swedish chose profits over patient safety. They ignored the cries of their female patients. They harbored a sexual predator. We are determined to end the institutional abuse of women who put their lives into the hands of their healthcare providers," says Chicago-based attorney Tamara Holder and her co-counsel Johanna J. Raimond, who have filed all of these above-mentioned lawsuits.
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SOURCE The Law Firm of Tamara N. Holder | https://www.kwch.com/prnewswire/2022/08/03/6-more-lawsuits-filed-against-northshore-university-health-system-amp-swedish-covenant-alleging-violence-sexual-abuse-by-gynecologist-fabio-ortega/ | 2022-08-03T21:29:19Z | https://www.kwch.com/prnewswire/2022/08/03/6-more-lawsuits-filed-against-northshore-university-health-system-amp-swedish-covenant-alleging-violence-sexual-abuse-by-gynecologist-fabio-ortega/ | true |
The hottest day of summer 2022 may be upon us, but the Farmers’ Almanac is already looking ahead to winter 2022-23.
The almanac released its winter forecast on Wednesday, ahead of the latest edition’s release on Aug. 15. The almanac broadly calls for a stormy season in the eastern half of the U.S. and especially frigid temperatures in the North Central U.S., Great Lakes and Northeast.
For a more specific forecast for eastern Pennsylvania and northern New Jersey, lehighvalleylive.com spoke with Sandi Duncan, who works as the Farmers’ Almanac managing editor from her home in Washington Township, Warren County.
“It’s going to be a cold, hard start to the winter,” Duncan said.
The almanac forecasts a nor’easter between Oct. 8-11 but that will be all rain, no snow.
Wintry cold should set in on time this year in December, but the real cold and snow is expected in January, the almanac says. It makes specific calls for snow from Jan. 4-7, 16-19 and 20-23. Endure all that and you’ll be treated to warming temperatures in late February, according to the forecast.
This kind of forecast, months ahead of time, invites skepticism. Regional offices for the National Weather Service, which issues weather watches and warnings, are loathe to offer any weather predictions more than five to seven days ahead of time. The almanac, meanwhile, uses a secret formula to make its predictions.
“We know people want to plan ahead,” Duncan said on the long, early outlook — the first for the season.
The competing Old Farmer’s Almanac will offer its winter 2022-23 forecast on Aug. 30. AccuWeather usually offers its in September, followed by the Weather Channel and the National Oceanic and Atmospheric Administration (NOAA) in November.
Our journalism needs your support. Please subscribe today to lehighvalleylive.com.
Steve Novak may be reached at snovak@lehighvalleylive.com. | https://www.lehighvalleylive.com/weather/2022/08/the-first-winter-forecast-for-2022-23-is-out-see-what-the-farmers-almanac-says-for-pennsylvania-and-new-jersey.html | 2022-08-03T21:30:18Z | https://www.lehighvalleylive.com/weather/2022/08/the-first-winter-forecast-for-2022-23-is-out-see-what-the-farmers-almanac-says-for-pennsylvania-and-new-jersey.html | true |
INDIANAPOLIS (AP) — Indiana Republican lawmakers remained far from agreement Wednesday on whether to go along with the governor’s proposal to give each taxpayer a $225 rebate from the state’s surging budget surplus.
The Republican-dominated House and Senate have advanced vastly different plans during the special legislative session for using $1 billion or more of the state’s record $6.1 billion in cash reserves, with the Senate version nixing the refund payments in favor of paying down future teacher pension obligations.
Republican Gov. Eric Holcomb has described the payments as inflation relief, but GOP Senate leaders have raised concerns about further fueling inflation with the rebate and worries about inflation pushing up the cost of planned state construction projects.
Republican Rep. Sharon Negele of Attica, the House plan’s sponsor, said Wednesday she believed residents prefer a direct rebate and was hopeful of reaching a compromise in the coming days.
“I think the relief can be for each individual family to determine where they need their relief and that’s why I like the automatic taxpayer refund,” Negele said. “Some families will use it for schoolbooks, some families will use it for clothing, some families will use it for gas, some families will use it for grocery shopping.”
The Republican divide over the refund plan comes as attention has largely been focused during the special session that started July 25 on the debate over a bill aimed at largely banning abortions in the state. Lawmakers are aiming to make decisions on both matters before the session’s Aug. 14 adjournment deadline.
The governor’s office didn’t immediately reply Wednesday to a request for comment on the rebate plan negotiations.
The Senate proposal would suspend the state’s 7% sales tax on electricity, water, natural gas and other utility bills for six months. A legislative report estimates would save residential and business customers about $300 million — less than one-third of the projected $1.1 billion that would go out in rebate checks that House Republicans have supported.
The Senate plan would also cap until next summer the state’s gasoline taxes at about one cent less than the current record level of 62.4 cents a gallon. Republican legislators for several months have rebuffed calls from Democrats to suspend the gasoline taxes to help motorists.
House Republicans have stood firmly behind Holcomb’s rebate plan. It would send payments to an estimated 4.3 million people who filed state tax returns and are eligible for $125 payments that started going out in May under the state’s automatic taxpayer refund law, along with allowing perhaps 800,000 people who didn’t file returns to request the money.
Senate tax committee Chairman Travis Holdman, a Republican from Markle, said the Senate plan would both reduce the tax burden on residents and protect state finances by directing $400 million toward a teacher pension fund’s future obligations and about $200 million to cover rising construction costs.
House and Senate Republicans are also advancing plans that would direct more money toward programs that help pregnant women, children and people who adopt children as a companion step to the tighter abortion restrictions being considered.
Democratic legislators have called for additional steps from the state surplus, such as directing larger rebate payments to lower-income families, expanding childcare programs and removing the state sales tax on infant-related products such as baby clothing,
“There are too many mothers, too many families that will be negatively affected because we didn’t do more,” Democratic Rep. Greg Porter of Indianapolis. “Another missed opportunity.” | https://www.mrt.com/news/article/Indiana-Republicans-still-split-on-tax-rebate-17349097.php | 2022-08-03T21:33:37Z | https://www.mrt.com/news/article/Indiana-Republicans-still-split-on-tax-rebate-17349097.php | true |
SAN DIEGO (AP) _ Kura Oncology Inc. (KURA) on Wednesday reported a loss of $34.8 million in its second quarter.
On a per-share basis, the San Diego-based company said it had a loss of 52 cents.
The results met Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for a loss of 52 cents per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KURA at https://www.zacks.com/ap/KURA | https://www.sfgate.com/business/article/Kura-Oncology-Q2-Earnings-Snapshot-17349093.php | 2022-08-03T21:33:50Z | https://www.sfgate.com/business/article/Kura-Oncology-Q2-Earnings-Snapshot-17349093.php | false |
Second Quarter 2022 Highlights
- Reported Net Income of $344 million for the second quarter 2022, compared to reported Net Income of $506 million for the second quarter 2021
- Diluted EPS of $0.34 for the second quarter 2022, compared to $0.46 per share for the second quarter 2021. Excluding Special Items, Diluted EPS of $0.35 per share for the second quarter 2022, compared to $0.48 per share for the second quarter 2021
- Generated Adjusted EBITDA of $1.811 billion for the second quarter 2022, compared to $2.109 billion1 for the second quarter 2021, excluding Special Items of $47 million and $20 million, respectively
- Reported Net Cash Provided by Operating Activities of $1.396 billion for the second quarter 2022
- Generated Free Cash Flow of $668 million for the second quarter 2022, compared to $1.044 billion for the second quarter 2021, excluding cash paid for Special Items of $33 million and $51 million, respectively
- Reiterated full-year 2022 financial outlook measures
- Completed the $2.7 billion divestiture of its Latin American business to Stonepeak on August 1
DENVER, Aug. 3, 2022 /PRNewswire/ -- Lumen Technologies, Inc. (NYSE: LUMN) reported results for the second quarter ended June 30, 2022.
"We improved our revenue trajectory and accelerated the number of Quantum Fiber locations enabled in the second quarter. In addition, we closed the divestiture of our Latin America business on August 1 and expect to close the divestiture of our 20-state ILEC business early in the fourth quarter of this year," said Jeff Storey, president and CEO of Lumen. "We announced our new Business segment product categories, which further sharpens our focus as we position Lumen to generate profitable revenue growth."
Total Revenue was $4.612 billion for the second quarter 2022, compared to $4.924 billion1 for the second quarter 2021.
Financial Results
Cash Flow
Free Cash Flow, excluding Special Items, was $668 million in the second quarter 2022, compared to $1.044 billion in the second quarter 2021.
As of June 30, 2022, Lumen had cash and cash equivalents of $360 million. On August 1, 2022, we received approximately $2.7 billion of cash upon selling our Latin American business and on August 3, 2022 repaid approximately $700 million on our consolidated term loan indebtedness.
2022 Financial Outlook
The company reiterated its full-year 2022 financial outlook measures detailed below:
Investor Call
Lumen's management team will host a conference call at 5:00 p.m. ET today, August 3, 2022. The conference call will be streamed live over the Lumen website at ir.lumen.com. Additional information regarding second quarter 2022 results, including the presentation materials management will review during the conference call, will be available on the Investor Relations website prior to the call. If you are unable to join the call via the web, the call can be accessed live at +1 877-283-5145 (U.S. Domestic) or +1 312-281-1201 (International).
A telephone replay of the call will be available beginning at 8:00 p.m. ET on August 3, 2022, and ending November 1, 2022, at 8:00 p.m. ET. The replay can be accessed by dialing +1 800-633-8284 (U.S. Domestic) or +1 402-977-9140 (International), reservation code 22019603. A webcast replay of the call will also be available on our website beginning at 7:00 p.m. ET on August 3, 2022, and ending November 1, 2022, at 6:00 p.m. ET.
About Lumen Technologies and the People of Lumen:
Lumen Technologies Inc. (NYSE: LUMN) is guided by our belief that humanity is at its best when technology advances the way we live and work. With approximately 450,000 route fiber miles and serving customers in more than 60 countries, we deliver the fastest, most secure platform for applications and data to help businesses, government and communities deliver amazing experiences.
Learn more about the Lumen network, edge cloud, security, communication and collaboration solutions and our purpose to further human progress through technology at news.lumen.com, LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of Lumen Technologies, Inc.
Forward-Looking Statements
Except for historical and factual information, the matters set forth in this release and other of our oral or written statements identified by words such as "estimates," "expects," "anticipates," "believes," "plans," "intends," "will," and similar expressions are forward-looking statements as defined by the federal securities laws, and are subject to the "safe harbor" protections thereunder. These forward-looking statements are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the effects of competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and increased pricing pressures; the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete; our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying and automating our service support systems, attaining our Quantum Fiber buildout plans, strengthening our relationships with customers and attaining projected cost savings; our ability to safeguard our network, and to avoid the adverse impact of possible cyber-attacks, security breaches, service outages, system failures, or similar events impacting our network or the availability and quality of our services; the effects of ongoing changes in the regulation of the communications industry, including the outcome of legislative, regulatory or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards, broadband deployment, data protection, privacy and net neutrality; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; changes in customer demand for our products and services, including increased demand for high-speed data transmission services; our ability to successfully maintain the quality and profitability of our existing product and service offerings and to introduce profitable new offerings on a timely and cost-effective basis; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt repayments, dividends, pension contributions and other benefits payments; our ability to successfully and timely implement our corporate strategies, including our deleveraging strategy; our ability to successfully and timely consummate the pending divestiture of a portion of our incumbent local exchange business on the terms proposed, to realize the anticipated benefits therefrom, and to operate our retained business successfully thereafter; changes in our operating plans, corporate strategies, dividend payment plans or other capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions, or otherwise; the impact of any future material acquisitions or divestitures that we may transact; the negative impact of increases in the costs of our pension, health, post-employment or other benefits, including those caused by changes in markets, interest rates, mortality rates, demographics or regulations; the potential negative impact of customer complaints, government investigations, security breaches or service outages impacting us or our industry; adverse changes in our access to credit markets on favorable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets or otherwise; our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance therewith; our ability to maintain favorable relations with our securityholders, key business partners, suppliers, vendors, landlords and financial institutions; our ability to meet evolving environmental, social and governance ("ESG") expectations and benchmarks, and effectively communicate and implement our ESG strategies; our ability to collect our receivables from, or continue to do business with, financially-troubled customers; our ability to use our net operating loss carryforwards in the amounts projected; our ability to continue to use or renew intellectual property used to conduct our operations; any adverse developments in legal or regulatory proceedings involving us; changes in tax, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from recently-enacted federal legislation promoting broadband spending; the effects of changes in accounting policies, practices or assumptions, including changes that could potentially require additional future impairment charges; continuing uncertainties regarding the impact that COVID-19 disruptions could have on our business, operations, cash flows and corporate initiatives; the effects of adverse weather, terrorism, epidemics, pandemics, rioting, societal unrest, or other natural or man-made disasters or disturbances; the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended; the effects of changes in interest rates and inflation; the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic or geo-political conditions; and other risks referenced from time to time in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, regulatory, technological, industry, competitive, economic and market conditions, and our related assumptions, as of such date. We may change our intentions, strategies or plans without notice at any time and for any reason.
Reconciliation to GAAP
This release includes certain historical and forward-looking non-GAAP financial measures, including but not limited to Adjusted EBITDA, Free Cash Flow, Unlevered Cash Flow, and adjustments to GAAP and non-GAAP measures to exclude the effect of Special Items. In addition to providing key metrics for management to evaluate the company's performance, we believe these measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends.
Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the attached financial schedules. Reconciliation of additional non-GAAP historical financial measures that may be discussed during the call described above, along with further descriptions of non-GAAP financial measures, will be available in the Investor Relations portion of the company's website at http://ir.lumen.com. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies.
Description of Non-GAAP Metrics
Pursuant to Regulation G, the company is hereby providing definitions of non-GAAP financial metrics and reconciliations to the most directly comparable GAAP measures.
The following describes and reconciles those financial measures as reported under accounting principles generally accepted in the United States (GAAP) with those financial measures as adjusted by the items detailed below and presented in the accompanying news release. These calculations are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. In keeping with its historical financial reporting practices, the company believes that the supplemental presentation of these calculations provides meaningful non-GAAP financial measures to help investors understand and compare business trends among different reporting periods on a consistent basis.
We use the term Special Items as a non-GAAP measure to describe items that impacted a period's statement of operations for which investors may want to give special consideration due to their magnitude, nature or both. We do not call these items non-recurring because, while some are infrequent, others may recur in future periods.
Adjusted EBITDA ($) is defined as net income (loss) from the Statements of Operations before income tax (expense) benefit, total other income (expense), depreciation and amortization, stock-based compensation expense and impairments.
Adjusted EBITDA Margin (%) is defined as Adjusted EBITDA divided by total revenue.
Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are relevant and useful metrics to provide to investors, as they are an important part of our internal reporting and are key measures used by management to evaluate profitability and operating performance of Lumen and to make resource allocation decisions. Management believes such measures are especially important in a capital-intensive industry such as telecommunications. Management also uses Adjusted EBITDA and Adjusted EBITDA Margin (and similarly uses these terms excluding Special Items) to compare our performance to that of our competitors and to eliminate certain non-cash and non-operating items in order to consistently measure from period to period our ability to fund capital expenditures, fund growth, service debt and determine bonuses. Adjusted EBITDA excludes non-cash stock compensation expense and impairments because of the non-cash nature of these items. Adjusted EBITDA also excludes interest income, interest expense and income taxes, and in our view constitutes an accrual-based measure that has the effect of excluding period-to-period changes in working capital and shows profitability without regard to the effects of capital or tax structure. Adjusted EBITDA also excludes depreciation and amortization expense because these non-cash expenses primarily reflect the impact of historical capital investments, as opposed to the cash impacts of capital expenditures made in recent periods, which may be evaluated through cash flow measures. Adjusted EBITDA further excludes the gain (or loss) on extinguishment and modification of debt and other income (expense), net, because these items are not related to the primary business operations of Lumen.
There are material limitations to using Adjusted EBITDA as a financial measure, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from our calculations. Additionally, by excluding the above-listed items, Adjusted EBITDA may exclude items that investors believe are important components of our performance. Adjusted EBITDA and Adjusted EBITDA Margin (either with or without Special Items) should not be considered a substitute for other measures of financial performance reported in accordance with GAAP.
Unlevered Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid and less interest income, all as disclosed in the Statements of Cash Flows or the Statements of Operations. Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, because it reflects the operational performance of Lumen and, measured over time, enables management and investors to monitor the underlying business' growth pattern and ability to generate cash. Unlevered Cash Flow excludes cash used for acquisitions and debt service and the impact of exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Unlevered Cash Flow to measure our cash performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Unlevered Cash Flow to that of some of our competitors may be of limited usefulness since Lumen does not currently pay a significant amount of income taxes due to net operating loss carryforwards, and therefore, currently generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable, accounts payable, payroll and capital expenditures. Unlevered Cash Flow should not be used as a substitute for net change in cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows.
Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures as disclosed in the Statements of Cash Flows. Management believes that Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of our ability to generate cash to service our debt. Free Cash Flow excludes cash used for acquisitions, principal repayments and the impact of exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Free Cash Flow to measure our performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Free Cash Flow to that of some of its competitors may be of limited usefulness since Lumen does not currently pay a significant amount of income taxes due to net operating loss carryforwards, and therefore, generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to interest expense, accounts receivable, accounts payable, payroll and capital expenditures. Free Cash Flow should not be used as a substitute for net change in cash, cash equivalents and restricted cash on the Consolidated Statements of Cash Flows.
Outlook
To enhance the information in our outlook with respect to non-GAAP metrics, we are providing a range for certain GAAP measures that are components of the reconciliation of the non-GAAP metrics. The provision of these ranges is in no way meant to indicate that Lumen is explicitly or implicitly providing an outlook on those GAAP components of the reconciliation. In order to reconcile the non-GAAP financial metric to GAAP, Lumen has to use ranges for the GAAP components that arithmetically add up to the non-GAAP financial metric. While Lumen believes that it has used reasonable assumptions in connection with developing the outlook for its non-GAAP financial metrics, it fully expects that the ranges used for the GAAP components will vary from actual results. We will consider our outlook of non-GAAP financial metrics to be accurate if the specific non-GAAP metric is met or exceeded, even if the GAAP components of the reconciliation are different from those provided in an earlier reconciliation.
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COLUMBUS, Ohio (AP) — Officers who stopped a Dayton mass shooter three years ago said in first-ever public remarks Wednesday that their training kicked in almost immediately as they headed toward the sound of gunfire.
Most of the six officers on duty that night were relative newcomers to the department, but all said their instinct was to stop the threat as quickly as possible.
“I’m thinking about where the threat is, where the civilians are, and how to safely and quickly end that threat and stop the violence,” said Officer David Denlinger in an interview recorded and released by the City of Dayton. “I wasn’t thinking about anything else.”
“A terrible situation,” Officer Brian Rolfes called it. “We did what we had to do, and we did it the correct way, in my opinion,” he said.
Connor Betts, 24, was killed by police 32 seconds after he opened fire in Dayton’s crowded Oregon District entertainment area on Aug. 4, 2019. Wearing body armor and armed with an AR-15-style rifle and an extended ammunition magazine, he killed nine people and wounded dozens more.
He had fantasized about mass shootings, serial killings and murder-suicide for at least a decade before carrying out the attack, according to an FBI investigation.
The six officers were praised as heroes and awarded the Medal of Valor by then-President Donald Trump, but said they were simply doing their job.
“We would trade any medal, anything that we received, any of that, to get those nine people back,” said officer Jeremy Campbell.
In a chilling precursor to the attack, now retired Sgt. Chad Knight had explained to Campbell earlier that evening that the Oregon District was a prime target for a mass shooter.
Knight, the supervisor for the district that night, said he didn't remember why he said that, other than to note he often discussed vulnerable situations with new officers, especially areas with large crowds.
“In the evenings, the Oregon District absolutely qualifies,” Knight said. | https://www.mrt.com/news/article/Officers-who-stopped-Dayton-shooter-speak-before-17349028.php | 2022-08-03T21:34:20Z | https://www.mrt.com/news/article/Officers-who-stopped-Dayton-shooter-speak-before-17349028.php | true |
HOUSTON, Aug. 3 , 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today reported results of operations for the three and six months ended June 30, 2022.
Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the "Presentations" page within the Investors section of the site.
Second Quarter 2022 and Recent Highlights
- Delivered production of approximately 100.7 MBoe/d (61% oil and 81% liquids) in the second quarter of 2022
- Increased Delaware Basin well productivity in 2022 by approximately 20% over 2021 as co-development offset spacing and completions initiatives are implemented
- Generated net cash provided by operating activities of $372.3 million and adjusted free cash flow of $125.6 million
- Reported net income of $348.0 million, or $5.62 per diluted share, adjusted EBITDA of $418.5 million, and adjusted income of $227.8 million, or $3.68 per diluted share
- Achieved an operating margin of $67.58 per Boe, a sequential increase of over 15%
- Executed a refinancing transaction that extended maturities and reduced term balances, with total debt balance of $2.5 billion at June 30 after continued debt reduction
"Callon continues to execute on important steps to solidify a foundation for durable free cash flow generation" said Joe Gatto, President and Chief Executive Officer. "In the inflationary environment that we operate in today, and likely for the foreseeable future, operating margins are critical to our cash generation objectives. In our most recent quarter, our operating margins increased to almost $70 per Boe produced, our eighth consecutive quarterly increase, which drove unhedged adjusted EBITDA of over $600 million. When our industry leading margins are combined with demonstrated well productivity gains in the Delaware and drilling and completion efficiencies across the portfolio, we expect to drive more efficient conversion of EBITDA into free cash flow. These cash flow benefits will be further enhanced in the near-term with a steadily decreasing impact of financial hedges and a reduced interest expense burden as debt continues to be reduced."
Callon Operations Update
At June 30, 2022, Callon had 1,377 gross (1,229.3 net) wells producing from established flow units in the Permian and Eagle Ford. Net daily production for the three months ended June 30, 2022 was 100.7 MBoe/d (61% oil and 81% liquids).
Production volumes for the quarter include the impact of the following items:
- Increased Workover Activity – Callon experienced a higher level of well failures than historical trends due to intermittent power disruptions and the timing of useful equipment lives. During these outages, Callon accelerated its artificial lift initiatives, which provide production and runtime benefits, primarily in Delaware Basin South. Given the additional time to complete these conversion and repair projects, which were roughly double the level executed in the first quarter, downtime was elevated in the second quarter. Portions of this activity were previously planned to occur later in the year and, as a result, workovers and associated downtime for this initiative should be reduced going forward relative to our previous forecast.
- Conversion of Midland Basin Gathering Contract – Natural gas and NGL volumes increased from the conversion of a Midland Basin gathering contract from a percentage of proceeds to fee-based which resulted in a reduction in oil cut for the quarter.
Operated drilling and completion activity for the three months ended June 30, 2022 are summarized in the table below:
For the three months ended June 30, 2022, Callon drilled 35 gross (32.6 net) wells and placed a combined 33 gross (29.1 net) wells on production. Completions operations for the quarter included 6 gross (5.9 net) wells in the Delaware Basin, 7 gross (6.3 net) wells in the Midland Basin, and 15 gross (13.0 net) wells in the Eagle Ford Shale. Callon placed 11 gross (10.1 net) wells on production in the Delaware Basin, 7 gross (6.0 net) wells in the Midland Basin, and 15 gross (13.0 net) wells in the Eagle Ford Shale. The average lateral length for the wells completed during the second quarter was 8,281 feet. Operated completions during the second quarter consisted of 4 Upper Wolfcamp A wells and 2 Lower Wolfcamp A wells in the Delaware Basin; 2 Lower Spraberry wells, 3 Wolfcamp A wells and 2 Wolfcamp B wells in the Midland Basin; and 15 lower Eagle Ford Shale wells.
Leverage and Liquidity Update
On June 9, 2022, Callon priced $600 million principal amount of 7.50% Senior Notes due 2030 in a private offering. On June 24, 2022, the Company deposited with the trustee the proceeds from the offering of the 7.50% Senior Notes due 2030, along with borrowings under the Credit Facility, to redeem all of its outstanding 6.125% Senior Notes due 2024 and 9.0% Second Lien Notes due 2025. As of June 30, 2022, the drawn balance on the facility was $779.0 million and cash balances were $6.1 million. The Company intends to continue its application of organic free cash flow towards repayment of debt balances related to the credit facility and other debt instruments.
Third Quarter Activity Outlook and Guidance
Callon is currently running six rigs, with three rigs in the Delaware Basin, two rigs in the Midland Basin and one rig in the Eagle Ford which the Company will be dropping in the coming days. Callon plans to utilize two to three completion crews for the third quarter, supporting new production across the Midland, Delaware and Eagle Ford positions.
For the third quarter, the Company expects to produce between 102 and 105 MBoe/d (63% oil) with between 38 and 42 gross wells (33 and 36 net) placed on production. In addition, Callon projects an operational capital spending level of between $245 and $255 million on an accrual basis.
For full year 2022, Callon is increasing the bottom end of its production guidance to between 102 and 105 MBoe/d (63% oil) to reflect underlying Permian well performance that is above expectations, and an increase in natural gas and NGL volumes from the Midland Basin gathering contract conversion. The revised guidance is available in the accompanying presentation.
Capital Expenditures
For the three months ended June 30, 2022, Callon incurred $237.8 million in operational capital expenditures on an accrual basis. Total capital expenditures, inclusive of capitalized expenses, are detailed below on an accrual and cash basis:
Hedge Portfolio Summary
As of July 29, 2022, Callon had the following outstanding oil and natural gas derivative contracts:
Operating and Financial Results
The following table presents summary information for the periods indicated:
Revenue. For the quarter ended June 30, 2022, Callon reported revenue of $760.3 million, which excluded revenue from sales of commodities purchased from a third party of $153.4 million. Revenues including the loss from the settlement of derivative contracts ("Adjusted Total Revenue") were $575.7 million, reflecting the impact of a $184.6 million loss from the settlement of derivative contracts. Average daily production and average realized prices, including and excluding the effects of hedging, are detailed above.
Commodity Derivatives. For the quarter ended June 30, 2022, the net loss on commodity derivative contracts includes the following (in thousands):
For the quarter ended June 30, 2022, the cash paid for commodity derivative settlements includes the following (in thousands):
Lease Operating Expenses, including workover ("LOE"). LOE for the three months ended June 30, 2022 was $72.9 million, or $7.96 per Boe, compared to LOE of $67.3 million, or $7.29 per Boe, in the first quarter of 2022. The sequential increase in LOE was primarily due to increases in workover costs as well as certain operating costs such as fuel, power and equipment rentals. The increase in LOE per Boe was due to the increases in operating costs mentioned above as well as the distribution of fixed costs spread over lower production volumes.
Production and Ad Valorem Taxes. Production and ad valorem taxes for the three months ended June 30, 2022 were approximately 5.9% of total revenue excluding revenue from sales of commodities purchased from a third-party and before the impact of derivative settlements, or $4.90 per Boe.
Gathering, Transportation and Processing. Gathering, transportation and processing expense for the three months ended June 30, 2022 was $23.3 million, or $2.54 per Boe, as compared to $20.8 million, or $2.25 per Boe, in the first quarter of 2022. This increase in gathering, transportation and processing expense was primarily due to a new contract entered into during the second quarter of 2022 as well as inflationary cost increases.
Depreciation, Depletion and Amortization ("DD&A"). DD&A for the three months ended June 30, 2022 was $11.94 per Boe compared to $11.15 per Boe in the first quarter of 2022. The increase in DD&A per Boe was primarily attributable to higher capital expenditures during the three months ended June 30, 2022 and increases in future development cost assumptions.
General and Administrative Expense ("G&A"). G&A for the three months ended June 30, 2022 and March 31, 2022 was $10.9 million and $17.1 million, respectively. G&A, excluding non-cash incentive share-based compensation valuation adjustments, ("Adjusted G&A") was $16.0 million for the three months ended June 30, 2022 compared to $14.3 million for the first quarter of 2022. The cash component of Adjusted G&A increased to $14.1 million for the three months ended June 30, 2022 compared to $13.0 million for the first quarter of 2022 primarily as a result of higher compensation costs during the quarter.
The following table reconciles total G&A to Adjusted G&A - cash component and full cash G&A (in thousands):
Income Tax. Callon provides for income taxes at the statutory rate of 21% adjusted for permanent differences expected to be realized. We recorded income tax expense of $3.0 million and $0.5 million for the three months ended June 30, 2022 and March 31, 2022, respectively. Since the second quarter of 2020, we have concluded that it is more likely than not that the net deferred tax assets will not be realized and have recorded a full valuation allowance against our deferred tax assets. As long as we continue to conclude that the valuation allowance is necessary, we will not have significant deferred tax expense or benefit.
Adjusted Income, Adjusted EBITDA and Unhedged Adjusted EBITDA. The following tables reconcile the Company's net income (loss) to adjusted income, adjusted EBITDA and unhedged adjusted EBITDA:
Adjusted Free Cash Flow. The following table reconciles the Company's net cash provided by operating activities to unhedged adjusted EBITDA, adjusted EBITDA and adjusted free cash flow:
Adjusted Discretionary Cash Flow. The following table reconciles the Company's net cash provided by operating activities to adjusted discretionary cash flow:
Adjusted Total Revenue. Adjusted total revenue is reconciled to total operating revenues, which excludes revenue from sales of commodities purchased from a third party, in the following table:
Net Debt. The following table reconciles the Company's total debt to net debt:
Non-GAAP Financial Measures
This news release refers to non-GAAP financial measures such as "adjusted free cash flow," "adjusted EBITDA," "unhedged adjusted EBITDA," "operating margin," "adjusted income," "adjusted income per diluted share," "adjusted diluted weighted average common shares outstanding," "adjusted discretionary cash flow," "adjusted total revenue," "adjusted G&A," "full cash G&A," and "net debt." These measures, detailed below, are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our filings with the U.S. Securities and Exchange Commission (the "SEC") and posted on our website.
- Adjusted free cash flow is a supplemental non-GAAP measure that is defined by the Company as adjusted EBITDA less operational capital expenditures (accrual), capitalized cash interest, capitalized cash G&A (which excludes capitalized expense related to share-based awards), and cash interest expense, net. We believe adjusted free cash flow provides useful information to investors because it is a comparable metric against other companies in the industry and is a widely accepted financial indicator of an oil and natural gas company's ability to generate cash for the use of internally funding their capital development program and to service or incur debt. Adjusted free cash flow is not a measure of a company's financial performance under GAAP and should not be considered as an alternative to net cash provided by operating activities, or as a measure of liquidity, or as an alternative to net income (loss).
- Callon calculates adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization, (gains) losses on derivative instruments excluding net settled derivative instruments, impairment of evaluated oil and gas properties, non-cash share-based compensation expense, merger, integration and transaction expense, (gain) loss on extinguishment of debt, and certain other expenses. Adjusted EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income (loss), operating income (loss), cash flow provided by operating activities or other income or cash flow data prepared in accordance with GAAP. However, the Company believes that adjusted EBITDA provides useful information to investors because it provides additional information with respect to our performance or ability to meet our future debt service, capital expenditures and working capital requirements. Because adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, the adjusted EBITDA presented above may not be comparable to similarly titled measures of other companies.
- Callon calculates unhedged adjusted EBITDA as adjusted EBITDA, as defined above, excluding the impact of net settled derivative instruments. Unhedged adjusted EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income (loss), operating income (loss), cash flow provided by operating activities or other income or cash flow data prepared in accordance with GAAP. However, the Company believes that unhedged adjusted EBITDA provides useful information to investors because it provides additional information with respect to our performance without the impact of our settled derivative instruments. Because unhedged adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, the unhedged adjusted EBITDA presented above may not be comparable to similarly titled measures of other companies.
- Callon believes that operating margin is a comparable metric against other companies in the industry and is useful to investors because it is an indicator of an oil and natural gas company's operating profitability per unit of production. Operating margin is a supplemental non-GAAP measure that is defined by the Company as oil, natural gas, and NGL revenues sales price less lease operating expense; production and ad valorem taxes; and gathering, transportation and processing fees divided by total production for the period.
- Adjusted income and adjusted income per diluted share are supplemental non-GAAP measures that Callon believes are useful to investors because they provide readers with a meaningful measure of our profitability before recording certain items whose timing or amount cannot be reasonably determined. These measures exclude the net of tax effects of these items and non-cash valuation adjustments, which are detailed in the reconciliation provided. Adjusted income and adjusted income per diluted share are not measures of financial performance under GAAP. Accordingly, neither should be considered as a substitute for net income (loss), operating income (loss), or other income data prepared in accordance with GAAP. However, the Company believes that adjusted income and adjusted income per diluted share provide additional information with respect to our performance. Because adjusted income and adjusted income per diluted share exclude some, but not all, items that affect net income (loss) and may vary among companies, the adjusted income and adjusted income per diluted share presented above may not be comparable to similarly titled measures of other companies.
- Adjusted diluted weighted average common shares outstanding is a non-GAAP financial measure which includes the effect of potentially dilutive instruments that, under certain circumstances described below, are excluded from diluted weighted average common shares outstanding, the most directly comparable GAAP financial measure. When a net loss exists, all potentially dilutive instruments are anti-dilutive to the net loss per common share and therefore excluded from the computation of diluted weighted average common shares outstanding. The effect of potentially dilutive instruments are included in the computation of adjusted diluted weighted average common shares outstanding for purposes of computing adjusted income per diluted share.
- Adjusted discretionary cash flow is a supplemental non-GAAP measure that Callon believes provides useful information to investors because it is a comparable metric against other companies in the industry and is a widely accepted financial indicator of an oil and natural gas company's ability to generate cash for the use of internally funding their capital development program and to service or incur debt. Adjusted discretionary cash flow is defined by Callon as net cash provided by operating activities before changes in working capital and merger, integration and transaction expenses. Callon has included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements, which the Company may not control, and the cash flow effect may not be reflected the period in which the operating activities occurred. Adjusted discretionary cash flow is not a measure of a company's financial performance under GAAP and should not be considered as an alternative to net cash provided by operating activities, or as a measure of liquidity, or as an alternative to net income (loss).
- Callon believes that the non-GAAP measure of adjusted total revenue (which is revenue including the gain or loss from the settlement of derivative contracts) is useful to investors because it provides readers with a revenue value more comparable to other companies who engage in price risk management activities through the use of commodity derivative instruments and reflects the results of derivative settlements with expected cash flow impacts within total revenues.
- Adjusted G&A is a supplemental non-GAAP financial measure that excludes non-cash incentive share-based compensation valuation adjustments and adjusted G&A - cash component further excludes equity-settled, share-based compensation expenses. Callon believes that the non-GAAP measure of adjusted G&A and adjusted G&A - cash component are useful to investors because they provide for greater comparability period-over-period. In addition, adjusted G&A - cash component provides a meaningful measure of our recurring G&A expense.
- Full cash G&A is a supplemental non-GAAP financial measure that Callon defines as adjusted G&A – cash component plus capitalized G&A excluding capitalized expense related to share-based awards. Callon believes that the non-GAAP measure of full cash G&A is useful to investors because it provides a meaningful measure of our total recurring cash G&A costs, whether expensed or capitalized, and provides for greater comparability on a period-over-period basis.
- Net debt is a supplemental non-GAAP measure that is defined by the Company as total debt excluding unamortized premiums, discount, and deferred loan costs, less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. We believe this metric is useful to analysts and investors in determining the Company's leverage position since the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt. This metric is sometimes presented as a ratio with Adjusted EBITDA in order to provide investors with another means of evaluating the Company's ability to service its existing debt obligations as well as any future increase in the amount of such obligations. This ratio is referred to by the Company as its leverage ratio.
Earnings Call Information
The Company will host a conference call on Thursday, August 4, 2022, to discuss second quarter 2022 financial and operating results, outlook and guidance for the remainder of 2022, and current corporate strategy and initiatives.
Please join Callon Petroleum Company via the Internet for a webcast of the conference call:
Date/Time: Thursday, August 4, 2022, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time)
Webcast: Select "News and Events" under the "Investors" section of the Company's website: www.callon.com.
An archive of the conference call webcast will also be available at www.callon.com under the "Investors" section of the website.
About Callon Petroleum Company
Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements regarding wells anticipated to be drilled and placed on production; future levels of development activity and associated production, capital expenditures and cash flow expectations; the Company's production and expenditure guidance; estimated reserve quantities and the present value thereof; future debt levels and leverage; and the implementation of the Company's business plans and strategy, as well as statements including the words "believe," "expect," "plans," "may," "will," "should," "could," and words of similar meaning. These statements reflect the Company's current views with respect to future events and financial performance based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements include the volatility of oil and natural gas prices; changes in the supply of and demand for oil and natural gas, including as a result of the COVID-19 pandemic and various governmental actions taken to mitigate its impact or actions by, or disputes among members of OPEC and other oil and natural gas producing countries with respect to production levels or other matters related to the price of oil; our ability to drill and complete wells; operational, regulatory and environment risks; the cost and availability of equipment and labor; our ability to finance our development activities at expected costs or at expected times or at all; our inability to realize the benefits of recent transactions; currently unknown risks and liabilities relating to the newly acquired assets and operations; adverse actions by third parties involved with the transactions; risks that are not yet known or material to us; and other risks more fully discussed in our filings with the SEC, including our most recent Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, available on our website or the SEC's website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact Information
Kevin Smith
Director of Investor Relations
Callon Petroleum Company
ir@callon.com
(281) 589-5200
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AUSTIN, Texas (AP) — Conspiracy theorist Alex Jones testified Wednesday that he now understands it was irresponsible of him to declare the Sandy Hook Elementary School massacre a hoax and that he now believes it was “100% real.”
Speaking a day after the parents of a 6-year-old boy who was killed in the 2012 attack testified about the suffering, death threats and harassment they’ve endured because of what Jones has trumpeted on his media platforms, the Infowars host told a Texas courtroom that he definitely thinks the attack happened.
“Especially since I’ve met the parents. It’s 100% real,” Jones said at his trial to determine how much he and his media company, Free Speech Systems, owe for defaming Neil Heslin and Scarlett Lewis. Their son Jesse Lewis was among the 20 students and six educators who were killed in the attack in Newtown, Connecticut, which was the deadliest school shooting in American history.
But Heslin and Lewis said Tuesday that an apology wouldn’t suffice and that Jones needed to be held accountable for repeatedly spreading falsehoods about the attack. They are seeking at least $150 million in the trial, which was held to determine how much Jones and his media company, Free Speech Systems, must pay for defaming Heslin and Lewis.
Jones — who has portrayed the lawsuit against him as an attack on his First Amendment rights — told the jury that any compensation above $2 million “will sink us,” but added: “Ï think it’s appropriate for whatever you decide what you want to do.”
Testimony in the trial, which is in its second week, concluded at around midday Wednesday.
During closing arguments Wednesday afternoon, Jones’ attorney Andino Reynal said the plaintiffs didn’t prove that his client’s actions and words caused actual harm to Heslin and Lewis. He said it’s fair to infer that someone else “weaponized” what Jones has said about Sandy Hook and “convinced them that Alex Jones was responsible for their grief.”
Jones was the only person who testified in his own defense. His attorney asked him if he now understands it was “absolutely irresponsible” to push the false claims that the massacre didn’t happen and no one died.
Jones said he does, but added, “They (the media) won’t let me take it back.”
He also complained that he’s been “typecast as someone that runs around talking about Sandy Hook, makes money off Sandy Hook, is obsessed by Sandy Hook.”
Under a withering cross-examination from attorney Mark Bankston, Jones acknowledged his history of raising conspiracy claims regarding other mass tragedies, from the Oklahoma City and Boston Marathon bombings to the mass shootings in Las Vegas and Parkland, Florida.
Bankston then went after Jones’ credibility, showing an Infowars video clip from last week when a host — not Jones — claimed the trial was rigged and featured a photo of the judge in flames. Then came another clip of Jones asking if the jury was selected from a group of people “who don’t know what planet” they live on. Jones said he didn’t mean that part literally.
Bankston said Jones hadn’t complied with court orders to provide text messages and emails for pretrial evidence gathering. Jones said, “I don’t use email,” then was showed one gathered from another source that came from his email address. He replied: “I must have dictated that.”
At one point, Bankston informed Jones that his attorneys had mistakenly sent Bankston the last two years’ worth of texts from Jones’ cellphone.
The attorney also showed the court an email from an Infowars business officer informing Jones that the company had earned $800,000 gross in selling its products in a single day, which would amount to nearly $300 million in a year. Jones said that was the company’s best day in sales.
Jones’ testimony came a day after Heslin and Lewis told the courtroom in Austin, where Jones and his companies are based, that Jones and the false hoax claims he and Infowars pushed made their lives a “living hell” of death threats, online abuse and harassment.
They led a day of charged testimony Tuesday that included the judge scolding the bombastic Jones for not being truthful with some of what he said under oath.
In a gripping exchange, Lewis spoke directly to Jones, who was sitting about 10 feet away. Earlier that day, Jones was on his broadcast program telling his audience that Heslin is “slow” and being manipulated by bad people.
At one point, Lewis asked Jones: “Do you think I’m an actor?”
“No, I don’t think you’re an actor,” Jones responded before the judge admonished him to be quiet until called to testify.
Heslin told the jury about holding his son with a bullet hole through his head, even describing the extent of the damage to his son’s body. A key segment of the case is a 2017 Infowars broadcast that said Heslin didn’t hold his son.
The jury was shown a school picture of a smiling Jesse taken two weeks before he was killed. The parents didn’t receive the photo until after the shooting. They described how Jesse was known for telling classmates to “run!” which likely saved lives.
Jones initially took the stand later Tuesday. At one point the judge sent the jury out of the courtroom and strongly scolded Jones for telling the jury he had complied with pretrial evidence gathering even though he didn’t and that he is bankrupt, which has not been determined. The plaintiffs’ attorneys were furious about Jones mentioning he is bankrupt, which they worry will taint the jury’s decisions about damages.
“This is not your show,” Judge Maya Guerra Gamble told Jones. “Your beliefs do not make something true. You are under oath.”
Courts in Texas and Connecticut have already found Jones liable for defamation for his portrayal of the Sandy Hook massacre as a hoax involving actors aimed at increasing gun control.
At stake in the Texas trial is how much Jones will pay. The jurors will consider damages in two phases. Once they determine whether Jones should pay the parents compensation for defamation and emotional distress, they must then decide if he must also pay punitive damages. That portion will involve a separate mini-trial involving Jones and financial experts testifying about his and his company’s net worth.
Jones has already tried to protect Free Speech Systems financially. The company, which is Infowars’ parent company, filed for federal bankruptcy protection last week. Sandy Hook families have separately sued Jones over his financial claims, arguing that the company is trying to protect millions owned by Jones and his family through shell entities.
___
Associated Press writer Paul J. Weber contributed to this report.
___
For more of the AP’s coverage of school shootings: https://apnews.com/hub/school-shootings | https://www.cbs42.com/news/national/sandy-hook-parents-alex-jones-claims-created-living-hell/ | 2022-08-03T21:35:20Z | https://www.cbs42.com/news/national/sandy-hook-parents-alex-jones-claims-created-living-hell/ | false |
Abortion vote in Kansas sparks new hope for Dems in midterms
By STEVE PEOPLES
AP National Politics Writer
NEW YORK (AP) — Democrats are celebrating a stunning victory for abortion rights in Republican stronghold Kansas as proof that the issue could turn back a Republican wave this fall. Republicans — and some Democrats — suggest that may not be so easy. But Kansas’ overwhelming vote against a measure that would have allowed Republican state lawmakers to ban abortion gave Democrats nationwide a badly needed dose of optimism. From Arizona to Georgia to Pennsylvania, Democrats have struggled under the weight of President Joe Biden’s low approval ratings and deepening concerns about the economy. Biden, speaking at a White House event on abortion, declared: “This fight is not over. And we saw that last night in Kansas.” | https://kion546.com/news/ap-national-news/2022/08/03/abortion-vote-in-kansas-sparks-new-hope-for-dems-in-midterms/ | 2022-08-03T21:36:06Z | https://kion546.com/news/ap-national-news/2022/08/03/abortion-vote-in-kansas-sparks-new-hope-for-dems-in-midterms/ | false |
Published: Aug. 3, 2022 at 3:10 PM CDT|Updated: 1 hour ago
BREA, Calif., Aug. 3, 2022 /PRNewswire/ -- Envista Holdings Corporation (NYSE: NVST) today announced results for the second quarter 2022.
As previously disclosed, on December 31, 2021, we completed the sale of the KaVo Treatment Unit and Instrument business. All results in this release reflect only continuing operations unless otherwise noted.
For the quarter ended July 1, 2022, sales increased 1.3% to $645.8 million with core sales growth of 4.0% over the corresponding quarter in 2021.
For the second quarter of 2022, net income was $44.5 million or $0.25 per diluted share. During the same period, adjusted net income was $86.0 million or $0.48 per diluted share compared to $0.46 per diluted share in the same period of 2021. Adjusted EBITDA for the second quarter of 2022 was $126.9 million compared to $122.9 million in the second quarter of 2021.
Amir Aghdaei, Chief Executive Officer, stated, "We delivered another solid quarter achieving core sales growth of 4% and adjusted EBITDA margins of 19.7%. Our team continues to utilize our EBS tools to successfully navigate a challenging operating environment marked by significant supply chain disruptions, accelerating inflation, geopolitical uncertainties, and a severe COVID-related lockdown in China. I am proud of how our team continues to build a track record of execution despite the volatile macro environment."
Mr. Aghdaei continued, "In addition to delivering solid results in the second quarter, we made progress in transforming our portfolio. We closed the acquisitions of Carestream Dental's Intraoral Scanner ("IOS") Business in the second quarter and the Osteogenics' Regenerative Solutions ("Osteogenics") business in early July. With these two acquisitions we have added important capabilities that further differentiate our portfolio and support our vision of digitizing, personalizing, and democratizing dental care. We continue to demonstrate our commitment to our purpose of partnering with dental professionals to improve lives and to create long-term value for our customers, our employees, and our shareholders."
2022 Guidance
Given the persistent inflationary pressures, continued supply chain disruptions, and an uncertain geopolitical environment, we currently see additional downside risk for demand in the second half of 2022. We are updating our guidance for 2022 and now expect core sales to grow mid-single digits for 2022. We remain committed to delivering an adjusted EBITDA margin of 20% for the full year.
Please note – We do not provide forward-looking estimates on a GAAP basis as certain information is not available and cannot be reasonably estimated.
Envista will discuss its quarterly results and provide an updated outlook for 2022 during an investor conference call today starting at 2:00 P.M. PT. The call and an accompanying slide presentation will be webcast on the "Investors" section of Envista's website, www.envistaco.com, under the subheading "Events & Presentations." A replay of the webcast will be available in the same section of Envista's website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.
The conference call can be accessed by 866-518-6930 within the U.S. or +1 203-518-9822 outside the U.S. a few minutes before 2:00 PM PT and referencing conference ID #9100648. A replay of the conference call will be available shortly after the conclusion of the call. You can access the replay dial-in information on the "Investors" section of Envista's website under the subheading "Events & Presentations." Presentation materials relating to Envista's results have been posted to the "Investors" section of Envista's website under the subheading "Quarterly Earnings." In addition, selected unaudited historical financial information for continuing operations has been posted to the "Investors" section of Envista's website.
ABOUT ENVISTA
Envista is a global family of more than 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr united by a shared purpose: to partner with professionals to improve lives. Envista helps its customers deliver the best possible patient care through industry-leading dental consumables, solutions, technology, and services. Our comprehensive portfolio, including dental implants and treatment options, orthodontics, and digital imaging technologies, covers a wide range of dentists' clinical needs for diagnosing, treating, and preventing dental conditions as well as improving the aesthetics of the human smile. With a foundation comprised of the proven Envista Business System (EBS) methodology, an experienced leadership team, and a strong culture grounded in continuous improvement, commitment to innovation, and deep customer focus, Envista is well equipped to meet the end-to-end needs of dental professionals worldwide. Envista is one of the largest global dental products companies, with significant market positions in some of the most attractive segments of the dental products industry. For more information, please visit www.envistaco.com.
NON-GAAP MEASURES
All "Adjusted" amounts including core sales growth and free cash flow are non-GAAP items. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these non-GAAP measures are included in the attached supplemental schedules. We do not reconcile forward looking non-GAAP measures to the comparable GAAP measures because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions, discontinued products and any other potential adjustments, which would be reflected in any forecasted GAAP measure.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, the impact of the COVID-19 pandemic, including new variants of the virus, the pace of recovery in the markets in which we operate, global supply chain disruptions and potential staffing shortages, the conditions in the U.S. and global economy, the markets served by us and the financial markets, the impact of our debt obligations on our operations and liquidity, developments and uncertainties in trade policies and regulations, contractions or growth rates and cyclicality of markets we serve, the effect of the intraoral scanner acquisition on our business relationships, operating results, share price or business generally, the failure to realize the expected benefits from the intraoral scanner acquisition or the recent divestiture of our treatment unit and instrument business, fluctuations in inventory of our distributors and customers, loss of a key distributor, our relationships with and the performance of our channel partners, competition, our ability to develop and successfully market new products and services, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, penalties associated with any off-label marketing of our products, modifications to our products that require new marketing clearances or authorizations, our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities relating to acquisitions, investments and divestitures, security breaches or other disruptions of our information technology systems or violations of data privacy laws, our ability to adequately protect our intellectual property, the impact of our restructuring activities on our ability to grow, risks relating to currency exchange rates, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, risks relating to product, service or software defects, risks relating to product manufacturing, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole or limited sources of supply, the impact of regulation on demand for our products and services, labor matters, international economic, political, legal, compliance and business factors, and disruptions relating to war, terrorism, climate change, widespread protests and civil unrest, man-made and natural disasters, public health issues and other events. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for fiscal year 2021 and our Quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release and except to the extent required by applicable law, we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
CONTACT Stephen Keller Vice President, Investor Relations Envista Holdings Corporation 200 S. Kraemer Blvd., Building E Brea, CA 92821 Telephone: (714) 817-7000 Fax: (714) 817-5450
Statement Regarding Non-GAAP Measures
Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Envista Holdings Corporation's ("Envista" or the "Company") results that, when reconciled to the corresponding GAAP measure, help our investors to:
with respect to Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted EBITDA, understand the long-term profitability trends of Envista's business and compare Envista's profitability to prior and future periods and to Envista's peers;
with respect to Core Sales, identify underlying growth trends in Envista's business and compare Envista's revenue performance with prior and future periods and to Envista's peers;
with respect to Adjusted EBITDA, help investors understand operational factors associated with a company's financial performance because it excludes the following from consideration: interest, taxes, depreciation, amortization, and infrequent or unusual losses or gains such as goodwill impairment charges or nonrecurring and restructuring charges. Management uses Adjusted EBITDA, as a supplemental measure for assessing operating performance in conjunction with related GAAP amounts. In addition, Adjusted EBITDA is used in connection with operating decisions, strategic planning, annual budgeting, evaluating Company performance and comparing operating results with historical periods and with industry peer companies; and
with respect to Free Cash Flow (the "FCF Measure"), understand Envista's ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company's debt service requirements and other non-discretionary expenditures, and as a result the entire Free Cash Flow amount is not necessarily available for discretionary expenditures).
Management uses these non-GAAP measures to measure the Company's operating and financial performance.
The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons:
With respect to Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted EBITDA:
With respect to core sales, we exclude (1) the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult, (2) sales from discontinued products because discontinued products do not have a continuing contribution to operations and management believes that excluding such items provides investors with a means of evaluating our on-going operations and facilitates comparisons to our peers, and (3) the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends.
With respect to the FCF Measure, we adjust for payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.kfyrtv.com/prnewswire/2022/08/03/envista-reports-second-quarter-2022-earnings/ | 2022-08-03T21:36:33Z | https://www.kfyrtv.com/prnewswire/2022/08/03/envista-reports-second-quarter-2022-earnings/ | false |
MIRROREYE OEM TAKE RATES REMAIN STRONGER THAN ORIGINAL EXPECTATIONS WITH INCREASED OUTLOOK FOR 2023
SECOND-QUARTER PERFORMANCE IMPACTED BY FX HEADWINDS
2022 Second-Quarter Results
- Sales of $220.9 million
- Adjusted sales of $205.7 million
- Gross profit of $38.6 million (18.7% of adjusted sales)
- Operating loss of ($5.9) million
- Adjusted operating loss of ($6.5) million ((3.2%) of adjusted sales)
- Adjusted EBITDA of $2.3 million (1.1% of adjusted sales)
- Loss per share ("EPS") of ($0.27)
- Adjusted EPS of ($0.29)
2022 Full-year Guidance Update
- Reducing full-year 2022 midpoint revenue guidance by $15 million to $865 million ($855 million - $875 million) to reflect slower-than-expected improvement in customer production volumes despite strong end-market demand
- Reducing midpoint adjusted EPS guidance ($0.17) to a midpoint of ($0.20) (($0.25) – ($0.15))
NOVI, Mich., Aug. 3, 2022 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2022, with sales of $220.9 million and loss per share of ($0.27). Adjusted sales were $205.7 million and adjusted EPS was ($0.29) for the second quarter. Sales were adjusted to normalize the impact of $15.3 million of electronic component spot buys recovered from customers within the quarter. The exhibits attached hereto provide reconciliation detail on this and all other normalizing adjustments.
For the second quarter of 2022, Stoneridge reported gross profit of $38.6 million (18.7% of adjusted sales). Operating loss was ($5.9) million and adjusted operating loss was ($6.5) million ((3.2%) of adjusted sales). Adjusted EBITDA was $2.3 million (1.1% of adjusted sales). Excluding the unfavorable impact of foreign currency rates, adjusted gross, operating and EBITDA margins would have been approximately 19.7%, (2.3%) and 0.9%, respectively.
Jon DeGaynor, president and chief executive officer, commented, "In the second quarter, our team continued to adapt to volatile production schedules, limited material availability and continued rising material costs. Although material costs continue to create a headwind, we have significantly reduced the net impact of rising material costs on our financial performance as we have offset approximately 90% of these incremental costs incurred year-to-date through price increases and cost recovery actions. Our performance was negatively impacted by foreign currency exchange rate movements during the quarter resulting in an adjusted EPS headwind of $0.06. We continue to focus on controlling the variables within our control and adapting our cost structure to align with current market conditions. While production and material availability remain volatile, we are seeing improvements in customer production forecasts as a result of improved material availability. We expect that the actions we have taken, and will continue to take, will result in strong run-rate financial performance as our end-markets and supply chains continue to recover."
DeGaynor continued, "Although macroeconomic conditions continue to be challenging, we remain focused on the initiatives that will drive long-term, profitable growth. Market demand continues to be strong for the first OEM MirrorEye® program in Europe with take rates averaging approximately 35%. That said, material availability is constraining take rates in 2022. Based on discussions with our first OEM partner, we expect the take rate will continue to expand as supply chain issues subside and are forecasting the take rate to be greater than 50% heading into next year. This has the potential to drive significant revenue upside and strong contribution margins going-forward."
Second Quarter in Review
Control Devices sales totaled $85.0 million, an increase of 0.7% relative to adjusted sales excluding the impact of the divested business in the second quarter of 2021, primarily due to customer price increases offset by COVID-19 related shutdowns impacting production in China in the second quarter of 2022. Second quarter adjusted operating margin was 4.8%, a decrease of 220 basis points relative to the second quarter of 2021, primarily due to the increase in material costs as a result of supply chain constraints and inflation, offset by negotiated price increases.
Control Devices sales were consistent with our first quarter sales, primarily due to incremental revenue on actuation program ramp-ups offset by continued volatility in customer production volumes and COVID-19 related shutdowns impacting production volumes in China. Second quarter adjusted operating margin decreased 310 basis points relative to the first quarter of 2022, primarily due to a one-time favorable SG&A benefit related to a legal settlement recognized in the first quarter of 2022 and higher material costs from supply chain constraints and inflation.
Electronics adjusted sales totaled $115.1 million, an increase of 18.3% relative to sales in the second quarter of 2021, primarily due to increased end-market demand, customer price increases and the ramp-up of new program launches partially offset by an unfavorable foreign currency impact of $11.8 million. Second quarter adjusted operating margin was (2.2%), a decrease of 40 basis points relative to the second quarter of 2021 primarily due to fixed cost leverage on incremental sales offset by an increase in material costs as a result of supply chain constraints.
Relative to the first quarter of 2022, Electronics adjusted sales increased 6.4%, primarily due to increased end-market demand, expansion of recently launched programs and pricing actions offset by an unfavorable foreign currency impact of $1.8 million. Excluding the unfavorable impact of foreign currency, sales increased by 8.0%. Adjusted operating margin increased 30 basis points relative to the first quarter of 2022, primarily due to reduced net engineering spend as well as reduced SG&A costs offset by an unfavorable foreign currency impact of approximately $2.1 million. Excluding the unfavorable impact of foreign currency, operating margin improved by 210 basis points versus the first quarter of 2022.
Stoneridge Brazil sales were $13.3 million, a decrease of 10.4% relative to sales in the second quarter of 2021, primarily due to lower sales in most product lines partially offset by favorable foreign currency impact of $1.0 million. First quarter adjusted operating margin decreased 440 basis points relative to the second quarter of 2021, primarily due to unfavorable fixed cost leverage on lower sales.
Relative to the first quarter of 2022, Stoneridge Brazil sales increased by $1.3 million primarily due to favorable foreign currency impact of $0.7 million. Stoneridge Brazil adjusted operating margin decreased by 140 basis points relative to the first quarter of 2022 primarily due to higher SG&A and D&D spend.
Cash and Debt Balances
As of June 30, 2022, Stoneridge had cash and cash equivalents balances totaling $40.7 million. Total debt as of June 30, 2022 was $162.0 million. The 2022 amendment to the Company's $300 million credit facility provides for a covenant relief period through the end of Q1 2023 at which point covenants revert back to pre-amendment levels. This amendment to the credit facility waives the maximum leverage ratio covenant for the first three quarters of 2022 and modifies the fourth quarter of 2022 covenant to include a maximum 4.75x leverage ratio. This amendment also modified the minimum interest coverage covenant for each quarter of 2022. The Company expects to remain in compliance with the amended existing covenants through the covenant relief period.
2022 Outlook
Matt Horvath, chief financial officer, commented, "The pricing and supply chain actions taken in the first half of the year continue to provide relief on incremental material costs. Driven primarily by limited material availability, customer production forecasts have not recovered as quickly as we expected despite continued strong end-market demand. As a result, we are reducing the midpoint of our 2022 adjusted revenue guidance by $15 million to $865 million to reflect updated second half expectations. This results in a reduction to adjusted EPS of approximately $0.11 based on our expected contribution margin of 25% to 30%."
Horvath continued, "We are reducing our margin guidance to reflect reduced fixed cost leverage on lower expected revenue, offset in part by a continued focus on reducing operating expenses and aligning our cost structure with current market conditions. Additionally, we expect incremental interest and tax expense to reduce adjusted EPS by approximately $0.05 for the remainder of the year. As a result, including consideration for second quarter performance, we are reducing our full-year adjusted EPS guidance to a mid-point of ($0.20)."
The Company announced updated full-year sales guidance of $855.0 million to $875.0 million, adjusted gross margin guidance of 21.25% to 21.75% and adjusted operating margin guidance of 0.75% to 1.25%. Full-year tax expense guidance was updated to $5.5 million to $6.5 million. Adjusted EBITDA margin guidance was updated to 4.75% to 5.25%. Adjusted EPS guidance was updated to ($0.25) – ($0.15).
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2022 second-quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, August 4, 2022, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this press release contain "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words "will," "may," "should," "designed to," "believes," "plans," "projects," "intends," "expects," "estimates," "anticipates," "continue," and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
- the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;
- fluctuations in the cost and availability of key materials (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and components and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions;
- global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries;
- our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;
- the impact of COVID-19, or other future pandemics, on the global economy, and on our customers, suppliers, employees, business and cash flows;
- the reduced purchases, loss or bankruptcy of a major customer or supplier;
- the costs and timing of business realignment, facility closures or similar actions;
- a significant change in automotive, commercial, off-highway or agricultural vehicle production;
- competitive market conditions and resulting effects on sales and pricing;
- our ability to manage foreign currency fluctuations
- customer acceptance of new products;
- our ability to successfully launch/produce products for awarded business;
- adverse changes in laws, government regulations or market conditions, including tariffs, affecting our products or our customers' products;
- our ability to protect our intellectual property and successfully defend against assertions made against us;
- liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;
- labor disruptions at our facilities or at any of our significant customers or suppliers;
- business disruptions due to natural disasters or other disasters outside of our control;
- the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;
- capital availability or costs, including changes in interest rates or market perceptions;
- the failure to achieve the successful integration of any acquired company or business;
- risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; and
- the items described in Part I, Item IA ("Risk Factors") of our 2021 10-K filed with the SEC.
The forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2022 and 2021 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net loss, adjusted loss per share, adjusted EBITDA, adjusted EBITDA margin, adjusted loss before tax, adjusted income tax expense and adjusted tax rate are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods.
Adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net income loss, adjusted loss per share, adjusted EBITDA, adjusted EBITDA margin, adjusted loss before tax and adjusted tax rate should not be considered in isolation or as a substitute for sales, gross profit, operating income (loss), net loss, loss per share, income before tax, income tax expense, tax rate, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
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SOURCE Stoneridge, Inc. | https://www.kwch.com/prnewswire/2022/08/03/stoneridge-reports-second-quarter-2022-results/ | 2022-08-03T21:37:02Z | https://www.kwch.com/prnewswire/2022/08/03/stoneridge-reports-second-quarter-2022-results/ | true |
GREENSBORO, N.C. — Airports across North Carolina are seeing an increase in passengers as summer travel kicks up.
Raleigh-Durham International, Charlotte-Douglas International and Piedmont-Triad International airports are seeing a boost in passengers this summer compared with 2021. Charlotte-Douglas saw a 49% increase in April 2022, PTI reported a 45% increase in travelers in May 2022, and RDU saw a 24% increase in June 2022.
Amy Johnson works at the CNBC Gift Shop at PTI in Greensboro. She’s noticed an undeniable difference in foot traffic this year compared with 2020.
“Mondays is when the business people travel and Fridays is when the people go on vacation, so we love to see it all the time,” she said.
Johnson enjoys greeting travelers before they catch their flights. When the pandemic started, she wanted to keep working even though her customers were dwindling while pandemic restrictions strengthened.
Last summer, Johnson noticed a pickup in foot traffic through her store as more people started to return to travel. She says this summer has been even busier.
“Just this last spring and summer, it’s been picking up a lot. We’ve had a lot of traffic come through,” she said.
Johnson’s been restocking shelves more frequently, which shows that customers are returning to the airport. She says she’s preparing for bigger crowds as the holiday season is on the horizon. | https://www.mynews13.com/fl/orlando/news/2022/08/03/air-travel-rebounding-at-n-c--s-largest-airports | 2022-08-03T21:37:33Z | https://www.mynews13.com/fl/orlando/news/2022/08/03/air-travel-rebounding-at-n-c--s-largest-airports | true |
The National Lottery Lotto jackpot for Saturday will be a guaranteed £20 million after no player scooped Wednesday’s top prize.
No ticket-holders matched all six main numbers and nobody matched five numbers and the bonus ball to win £1 million. There were 34 players who each won £1,750 after matching five of the six numbers.
The winning Lotto numbers were 5, 25, 28, 29, 53 and 58, and the bonus number was 15. Set of balls 7 and draw machine Arthur were used.
No one matched all five numbers to win the £350,000 top prize in Lotto HotPicks, which uses the same numbers as the Lotto draw, but two players matched four numbers to claim £13,000. The winning Thunderball numbers were 1, 6, 15, 34 and 38, and the Thunderball was 1.
Nobody bagged the top prize of £500,000. However, one person got the next biggest prize of £5,000 after matching five numbers.
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JERSEY CITY, N.J., Aug. 3, 2022 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company") today reported results for the second quarter 2022.
SECOND QUARTER 2022 HIGHLIGHTS
- Net income of $0.25 per share
- Core Funds from Operations ("Core FFO") per share of $0.15
- The 6,691-unit operating multifamily portfolio and Same Store 5,825-unit operating multifamily portfolio were 97.1% and 96.8% occupied, respectively, as of June 30, 2022
- Same Store Net Operating Income ("NOI") for the operating multifamily portfolio increased year-over-year and quarter-over-quarter by 28.0% and 8.2%, respectively, reflecting higher occupancy, lower concessions and increasing market rents
- Second quarter 2022 multifamily Blended Net Rental Growth Rate of 21%
- Strong leasing momentum continues at Haus25, a 750-unit property located in Jersey City, NJ, which was 66% leased as of July 31, 2022 with 494 leases signed since leasing commenced on April 6, 2022
- Completed acquisition of The James, a Class-A 240-unit property located in Park Ridge, NJ for $129.6 million subsequent to quarter end
- The Hyatt Hotel and 23 Main Street, the Company's last suburban office property, are under binding contracts for a total sales price of $132.25 million, which dispositions are expected to generate $19.6 million of net proceeds to the Company
- Refinanced the construction loan for RiverHouse 9 in Port Imperial with a five-year $110 million floating-rate loan at an interest margin of 1.21% over SOFR and a two-year cap at a strike rate of 3.0%
- 76% of total debt is fixed and/or hedged with a weighted average maturity of five years
- Released 2021 ESG report, including commitment to 50% emissions reduction as validated by the Science Based Targets initiative (SBTi) and achieved independent sector leading ESG rankings
Mahbod Nia, Chief Executive Officer, commented: "Our multifamily portfolio posted another quarter of sector-leading same store rental and NOI growth, reflecting the significant steps we have taken over the past 18 months to reposition the portfolio and enhance our operational platform. We also saw continued leasing velocity at Haus25, which is now 66% leased and almost 50% occupied.
We continued to make progress in our strategic transformation with the acquisition of The James now complete and binding agreements in place to dispose of two additional non-core assets. The multifamily portfolio now constitutes 83% of the Company's NOI on a pro forma basis, up from 39% as of the end of the first quarter of 2021, and approximately 1,900 multifamily units have been added to our portfolio, representing growth of over 30% during this time."
FINANCIAL HIGHLIGHTS
Net income (loss) available to common shareholders for the quarter ended June 30, 2022 was $26.4 million, or $0.25 per share, compared to $(72.1) million, or $(0.81) per share, for the quarter ended June 30, 2021.
FFO for the quarter ended June 30, 2022 was $63.8 million, or $0.64 per share, compared to $(47.5) million, or $(0.48) per share, for the quarter ended June 30, 2021.
For the second quarter 2022, Core FFO was $15.3 million, or $0.15 per share, compared to $15.3 million, or $0.15 per share, for the quarter ended June 30, 2021.
For more information and a reconciliation of FFO, Core FFO, Adjusted EBITDA and NOI to net income (loss) attributable to common shareholders, please refer to the following pages and the Company's Supplemental Operating and Financial Data package for the second quarter 2022. Please note that all presented per share amounts are on a diluted basis.
MULTIFAMILY PORTFOLIO HIGHLIGHTS
The Company's 6,691-unit operating multifamily portfolio and Same Store 5,825-unit operating multifamily portfolio were 97.1%and 96.8% occupied, respectively, as of June 30, 2022.
Same Store NOI for the operating multifamily portfolio increased year-over-year and quarter-over-quarter by 28.0% and 8.2%, respectively, reflecting higher occupancy, lower concessions and increasing market rents. The three lease-up properties that stabilized in the fourth quarter 2021, the Upton in Short Hills, NJ, Capstone in West New York, NJ, and RiverHouse 9 in Weehawken, NJ, contributed $3.9 million to NOI for the second quarter 2022, an increase of 4.1% compared to the first quarter 2022.
Second quarter 2022 multifamily Blended Net Rental Growth Rate was 21%.
The Company also received its share of proceeds from the sale of its Urby tax credit during the quarter, which totaled $2.6 million and was included in Core FFO consistent with previous years.
Multifamily Development
Haus25, a 750-unit property located at 25 Christopher Columbus in Jersey City, NJ was 66% leased as of July 31, 2022. The property has signed 494 leases since commencing leasing on April 6, 2022.
OFFICE PORTFOLIO HIGHLIGHTS
As of June 30, 2022, the Company's consolidated office portfolio, comprised of 4.3 million rentable square feet across six operational properties, was 73.0% leased, while the Waterfront office portfolio was 70.6% leased.
The Company leased 24,200 square feet in the second quarter 2022.
TRANSACTION ACTIVITY
Non-Strategic Asset Dispositions
In the second quarter 2022, the Company signed binding contracts to dispose of the Hyatt Hotel in Jersey City, NJ and 23 Main Street in Holmdel, NJ, the Company's last remaining suburban office property, for a total sales price of $132.25 million. These dispositions are expected to generate $19.6 million in net proceeds to the Company.
Land Dispositions
In the second quarter 2022, the Company completed the sale of two land parcels, one in Weehawken, NJ and one in Jersey City, NJ for a total sales price of $100 million.
Two land parcels located in Hudson County, NJ remain under binding contract for a total sales price of $25.5 million.
Acquisitions
On July 21, 2022, the Company completed the acquisition of The James, a Class-A 240-unit property located in Park Ridge, NJ for a purchase price of $129.6 million. The James was 96.7% occupied as of July 18, 2022.
BALANCE SHEET/CAPITAL MARKETS
As of June 30, 2022, the Company had a debt-to-undepreciated assets ratio of 45.2%. Total liquidity was $203 million, comprised of $29 million of unrestricted cash and $174 million of availability under the revolving credit facility. The drawn balance under the revolving credit facility was $76 million.
On June 21, 2022, the Company refinanced the $90 million construction loan for RiverHouse 9 in Port Imperial with a five-year $110 million floating-rate loan at an interest margin of 1.21% over SOFR, simultaneously purchasing a two-year SOFR cap at a strike rate of 3.0%.
76% of the Company's total debt portfolio (consolidated and unconsolidated) is hedged or fixed at a weighted average interest rate of 3.69% with a weighted average maturity of five years.
ESG
During the quarter, the Company released its 2021 ESG report detailing the progress it has made in becoming a more responsible, sustainable, and inclusive owner, operator, and developer, while continuing its pursuit of long-term value creation for shareholders. The Company is on track to meet its target to reduce its Scope 1 and 2 emissions by 50% by 2030 (compared to 2019), a goal which was validated by the SBTi.
As of June 6 2022, Veris Residential has earned a QualityScore rating of "1" for both Environmental and Social disclosures, up from 9 and 8, respectively, since October 2020, from Institutional Shareholder Services (ISS). The ISS QualityScore is designed to help investors monitor the ESG risks in their portfolio companies. Scores are provided on a scale from 1 to 10, with 10 being the highest risk rating.
Also, as of July 2022, the Company saw a 26% year-over-year increase in its Arabesque S-Ray score, included in Glass Lewis' Proxy Paper research reports, placing the Company above the 90th percentile in the Finance sector.
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for August 4, 2022 at 8:30 a.m. Eastern Time, and will be broadcast live via the Internet at: http://investors.verisresidential.com/corporate-overview.
The live conference call is also accessible by dialing (844) 825-9789 (domestic) or (412) 317-5180 (international) and requesting the Veris Residential second quarter 2022 earnings conference call.
The conference call will be rebroadcast on Veris Residential, Inc.'s website at http://investors.verisresidential.com/corporate-overview beginning at 10:30 a.m. Eastern Time on August 4, 2022.
A replay of the call will also be accessible August 4, 2022 through September 4, 2022 by calling (844) 512-2921 (domestic) or (412) 317-6671 (international) and using the passcode, 10168446.
Copies of Veris Residential, Inc.'s second quarter 2022 Form 10-Q and second quarter Supplemental Operating and Financial Data are available on Veris Residential, Inc.'s website, as follows:
Second Quarter 2022 Form 10-Q:
http://investors.verisresidential.com/sec-filings
Second Quarter 2022 Supplemental Operating and Financial Data:
http://investors.verisresidential.com/quarterly-supplementals
In addition, once filed, these items will be available upon request from:
Veris Residential, Inc. Investor Relations Department
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311
NON-GAAP FINANCIAL MEASURES
Included in this press release are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a "non-GAAP financial measure", measuring Veris Residential, Inc.'s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles ("U.S. GAAP"), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance which is further defined below.
For reconciliation of FFO and Core FFO to Net Income (Loss), please refer to the following pages. For reconciliation of NOI, and Adjusted EBITDA to Net Income (Loss), please refer to the Company's disclosure in the Quarterly Financial and Operating Data package for the second quarter 2022.
FFO
FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("Nareit"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
Core FFO
Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Core FFO is presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO, the Company's measures of Core FFO may not be comparable to the Core FFO reported by other REITs. A reconciliation of net income per share to Core FFO in dollars and per share is included in the financial tables accompanying this press release.
NOI and Same Store NOI
NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company's use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed.
Same Store NOI is presented for the same store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.
Blended Net Rental Growth Rate
Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.
ABOUT THE COMPANY
Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment.
For additional information on Veris Residential, Inc. and our properties available for lease, please visit http://www.verisresidential.com/.
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the "10-Q") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings.
We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.
In addition, the extent to which the ongoing COVID-19 pandemic impacts us and our tenants and residents will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.
Investors
Anna Malhari
Chief Operating Officer
investors@verisresidential.com
Media
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
212-257-4170
veris-residential@gasthalter.com
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PHOENIX (AP) _ Universal Technical Institute Inc. (UTI) on Wednesday reported earnings of $843,000 in its fiscal third quarter.
On a per-share basis, the Phoenix-based company said it had profit of 1 cent. Earnings, adjusted for non-recurring costs, were 13 cents per share.
The school for auto, motorcycle and marine technicians posted revenue of $101 million in the period.
Universal Technical expects full-year revenue in the range of $410 million to $420 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UTI at https://www.zacks.com/ap/UTI | https://www.sfchronicle.com/business/article/Universal-Technical-Fiscal-Q3-Earnings-Snapshot-17349299.php | 2022-08-03T21:38:18Z | https://www.sfchronicle.com/business/article/Universal-Technical-Fiscal-Q3-Earnings-Snapshot-17349299.php | false |
ST. PAUL, Minn., Aug. 3, 2022 /PRNewswire/ -- Johnson // Becker, PLLC is a nationwide products liability law firm with extensive experience representing victims of pressure cooker explosions. The firm has represented over 500 clients who have been severely burned by exploding pressure cookers designed and sold by numerous manufacturers.
Johnson//Becker filed this Complaint against manufacturer Tabletops Unlimited, on behalf of India Smith, a resident of Wynne, Arkansas, alleging that a defective Philippe Richards pressure cooker caused severe burns to Ms. Smith.
The pressure cooker explosion occurred when the lid exploded off the pressure cooker "suddenly and unexpectedly," splashing Ms. Smith with its scalding hot contents. Ms. Smith suffered her burn injuries during the "normal, directed use" of her Philippe Richards pressure cooker, and despite the manufacturer's assurances of so-called "triple safety features," according to the Complaint. The explosion left Ms. Smith with "serious bodily injuries, medical expenses, lost wages, physical pain, mental anguish, diminished enjoyment of life, and other damages," the Complaint alleges.
This suit is filed by Adam J. Kress of Johnson // Becker, PLLC. Adam exclusively handles injury cases, with an emphasis on national products liability litigation, including cases involving burn injuries from defective products.
If you or a loved one has been injured by a defective Philippe Richards pressure cooker, you may want to speak with the lawyers at Johnson//Becker. We are filing new pressure cooker lawsuits across the country, and you may be entitled to financial compensation for your defective pressure cooker injuries.
We offer a free case evaluation. To learn more about Johnson // Becker's product liability cases, or to arrange a free, no obligation case review, please visit Johnson // Becker at https://www.johnsonbecker.com/product-liability/pressure-cooker-lawsuit/, https://www.johnsonbecker.com/product-liability/philippe-richards-pressure-cooker-explosion-lawsuit/ or contact Johnson // Becker directly at (800) 279-6386.
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SOURCE Johnson // Becker, PLLC | https://www.kfyrtv.com/prnewswire/2022/08/03/philippe-richards-pressure-cooker-explosion-lawsuit-filed-arkansas/ | 2022-08-03T21:40:37Z | https://www.kfyrtv.com/prnewswire/2022/08/03/philippe-richards-pressure-cooker-explosion-lawsuit-filed-arkansas/ | true |
OLYMPIA, Wash. (AP) — The two Republican members of Congress from Washington who drew interparty challenges due to their vote to impeach former President Donald Trump were leading other Republicans in the state’s top two primary Wednesday.
Under Washington’s primary system, all candidates run on the same ballot, and the top two vote getters in each of Tuesday’s races advance to the November election, regardless of party — a system observers say may have helped the GOP incumbents in Washington who had been targeted by Trump.
In early returns, Reps. Jaime Herrera Beutler and Dan Newhouse looked as they may advance to the general election with a Democratic candidate in each of their races. Trump-endorsed candidates in both races were in third place.
Because Washington is a vote-by-mail state and ballots just need to be in by Election Day, it can take days to learn final results as ballots arrive at county election offices throughout the week.
Of the 10 House Republicans who voted for impeachment following the Jan. 6 attack on the U.S. Capitol, four opted not to run for reelection. Michigan Rep. Peter Meijer was defeated in a primary Tuesday by Trump-endorsed John Gibbs and Rep. Tom Rice of South Carolina lost to a Trump-endorsed challenger in June. Rep. David Valadao of California — which has an open primary like Washington — survived a primary challenge. Rep. Liz Cheney of Wyoming is bracing for defeat in her Aug. 16 primary against a Trump-backed rival.
If Herrera Beutler and Newhouse ultimately advance to the general election ballot as Valadao did, it will be in large part due to the mechanics of the top two primary, said Cornell Clayton, director of the Thomas S. Foley Institute for Public Policy at Washington State University.
“The top two primary is designed to favor more moderate candidates and make it more difficult for the extremes in either party to primary moderate candidates,” he said.
The number of Republican candidates in these particular two races gave an advantage to Democrats' chances in claiming one of the top two spots, leaving the Republican vote split, Clayton notes. Herrera Beutler faced eight opponents, half of whom are Republicans, and Newhouse faced seven, including six Republicans.
“There is a slight incumbent advantage among those Republicans,” Clayton said.
Herrera Beutler, who represents the 3rd Congressional District in the southwestern part of the state, had about 25% of the vote Tuesday night, and Democrat Marie Gluesenkamp Perez captured nearly 32%. Joe Kent – a former Green Beret endorsed by Trump who faced significant spending against him from another Republican who attacked him from the right – was at 20%.
“Right now, I am focused on making sure not to get out over my skis,” Herrera Beutler, who is seeking her seventh term, said in a Zoom news conference with reporters Tuesday night. “I’m excited about the numbers but we’re not done yet, we still have more votes to count.”
Kent Tweeted Wednesday that dozens of precincts haven't reported their tallies yet and that “there's still a pathway.”
Rep. Dan Newhouse, the four-term incumbent in the 4th Congressional District in central Washington, had just over 27% of the vote in early returns, followed by Democrat Doug White, who had about 26%. Loren Culp, a Trump-endorsed former small town police chief who lost the 2020 governor’s race to Democrat Jay Inslee, was just under 22%.
Culp noted on Facebook that the difference between first and third place is a difference of just over 4,100 votes.
“The race is tight and more than half of the vote is still out!” he wrote.
Counties in both districts are expected to update their tallies later Wednesday afternoon and evening, and most counties will post updates daily until all of the votes are counted. | https://www.sfgate.com/news/article/Open-primary-may-save-Trump-s-GOP-targets-in-17349374.php | 2022-08-03T21:41:27Z | https://www.sfgate.com/news/article/Open-primary-may-save-Trump-s-GOP-targets-in-17349374.php | true |
NOVATO, Calif., Aug. 3, 2022 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ: HNNA) reported results for its third fiscal quarter of 2022, which ended June 30, 2022. The firm also announced a quarterly dividend of $0.1375 per share to be paid on August 31, 2022, to shareholders of record as of August 16, 2022, which represents an annualized dividend yield of 5.3%.*
"While the fear of high interest rates and persistent inflation has weakened investor confidence in the short term, I want to highlight that I do not believe the U.S. is in a prolonged recession. Even in the face of interest rate and inflation hurdles, I feel that the U.S. economy is on a long-term positive trajectory, as consumers continue to spend and the labor market remains relatively robust. Outside the U.S., however, political tension and the Russian and Ukrainian conflict with its negative effect on energy and food sources are slowing down the global economy," said Neil Hennessy, Chairman and CEO.
"While our earnings are down this quarter primarily due to the interest expense related to our bond debt, our cash net of outstanding debt continues to grow. Our dividend remains well covered, and we continue to believe our stock is undervalued. At our most recent board meeting, we voted to increase the shares available for our stock buyback plan," said Teresa Nilsen, President and COO. "We now have over 1,000,000 shares eligible for repurchase in the event that we decide to buy back shares of the company," she added. "We will continue to implement our business model of organic growth and strategic acquisitions, and focus on our shareholders, regardless of the current economic environment."
Summary Highlights (compared to the prior comparable quarter ended June 30, 2021):
- Total revenue of $6.9 million, a decrease of 19%.
- Net income of $1.3 million, a decrease of 42%.
- Fully diluted earnings per share of $0.17, a decrease of 43%.
- Average assets under management, upon which we earn our revenue, of $3.4 billion, a decrease of 17%.
- Total assets under management of $3.2 billion, a decrease of 23%.
- Cash and cash equivalents, net of gross debt, of $17.2 million, an increase of 23%.
* Based on the closing stock price of $10.38 on August 2, 2022, and an annualized dividend of $0.55 per share.
About Hennessy Advisors, Inc. Hennessy Advisors, Inc. is a publicly traded investment manager offering a broad range of domestic equity, multi-asset, and sector and specialty mutual funds. Hennessy Advisors, Inc. is committed to providing superior service to shareholders and employing a consistent and disciplined approach to investing based on a buy‑and‑hold philosophy that rejects the idea of market timing.
Supplemental Information Nothing in this press release shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
Forward-Looking Statements This press release contains "forward-looking statements" for which Hennessy Advisors, Inc. claims the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. Forward‑looking statements relate to expectations and projections about future events based on currently available information. Forward‑looking statements are not a guarantee of future performance or results and are not necessarily accurate indications of the times at which, or means by which, such performance or results may be achieved. Forward‑looking statements are subject to risks, uncertainties, and assumptions, including those described in the sections entitled "Risk Factors" and elsewhere in the reports that Hennessy Advisors, Inc. files with the Securities and Exchange Commission. Unforeseen developments could cause actual performance or results to differ substantially from those expressed in, or suggested by, the forward‑looking statements. Hennessy Advisors, Inc. management does not assume responsibility for the accuracy or completeness of the forward-looking statements and undertakes no responsibility to update any such statement after the date of this press release to conform to actual results or to changes in expectations.
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MIRROREYE OEM TAKE RATES REMAIN STRONGER THAN ORIGINAL EXPECTATIONS WITH INCREASED OUTLOOK FOR 2023
SECOND-QUARTER PERFORMANCE IMPACTED BY FX HEADWINDS
2022 Second-Quarter Results
- Sales of $220.9 million
- Adjusted sales of $205.7 million
- Gross profit of $38.6 million (18.7% of adjusted sales)
- Operating loss of ($5.9) million
- Adjusted operating loss of ($6.5) million ((3.2%) of adjusted sales)
- Adjusted EBITDA of $2.3 million (1.1% of adjusted sales)
- Loss per share ("EPS") of ($0.27)
- Adjusted EPS of ($0.29)
2022 Full-year Guidance Update
- Reducing full-year 2022 midpoint revenue guidance by $15 million to $865 million ($855 million - $875 million) to reflect slower-than-expected improvement in customer production volumes despite strong end-market demand
- Reducing midpoint adjusted EPS guidance ($0.17) to a midpoint of ($0.20) (($0.25) – ($0.15))
NOVI, Mich., Aug. 3, 2022 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2022, with sales of $220.9 million and loss per share of ($0.27). Adjusted sales were $205.7 million and adjusted EPS was ($0.29) for the second quarter. Sales were adjusted to normalize the impact of $15.3 million of electronic component spot buys recovered from customers within the quarter. The exhibits attached hereto provide reconciliation detail on this and all other normalizing adjustments.
For the second quarter of 2022, Stoneridge reported gross profit of $38.6 million (18.7% of adjusted sales). Operating loss was ($5.9) million and adjusted operating loss was ($6.5) million ((3.2%) of adjusted sales). Adjusted EBITDA was $2.3 million (1.1% of adjusted sales). Excluding the unfavorable impact of foreign currency rates, adjusted gross, operating and EBITDA margins would have been approximately 19.7%, (2.3%) and 0.9%, respectively.
Jon DeGaynor, president and chief executive officer, commented, "In the second quarter, our team continued to adapt to volatile production schedules, limited material availability and continued rising material costs. Although material costs continue to create a headwind, we have significantly reduced the net impact of rising material costs on our financial performance as we have offset approximately 90% of these incremental costs incurred year-to-date through price increases and cost recovery actions. Our performance was negatively impacted by foreign currency exchange rate movements during the quarter resulting in an adjusted EPS headwind of $0.06. We continue to focus on controlling the variables within our control and adapting our cost structure to align with current market conditions. While production and material availability remain volatile, we are seeing improvements in customer production forecasts as a result of improved material availability. We expect that the actions we have taken, and will continue to take, will result in strong run-rate financial performance as our end-markets and supply chains continue to recover."
DeGaynor continued, "Although macroeconomic conditions continue to be challenging, we remain focused on the initiatives that will drive long-term, profitable growth. Market demand continues to be strong for the first OEM MirrorEye® program in Europe with take rates averaging approximately 35%. That said, material availability is constraining take rates in 2022. Based on discussions with our first OEM partner, we expect the take rate will continue to expand as supply chain issues subside and are forecasting the take rate to be greater than 50% heading into next year. This has the potential to drive significant revenue upside and strong contribution margins going-forward."
Second Quarter in Review
Control Devices sales totaled $85.0 million, an increase of 0.7% relative to adjusted sales excluding the impact of the divested business in the second quarter of 2021, primarily due to customer price increases offset by COVID-19 related shutdowns impacting production in China in the second quarter of 2022. Second quarter adjusted operating margin was 4.8%, a decrease of 220 basis points relative to the second quarter of 2021, primarily due to the increase in material costs as a result of supply chain constraints and inflation, offset by negotiated price increases.
Control Devices sales were consistent with our first quarter sales, primarily due to incremental revenue on actuation program ramp-ups offset by continued volatility in customer production volumes and COVID-19 related shutdowns impacting production volumes in China. Second quarter adjusted operating margin decreased 310 basis points relative to the first quarter of 2022, primarily due to a one-time favorable SG&A benefit related to a legal settlement recognized in the first quarter of 2022 and higher material costs from supply chain constraints and inflation.
Electronics adjusted sales totaled $115.1 million, an increase of 18.3% relative to sales in the second quarter of 2021, primarily due to increased end-market demand, customer price increases and the ramp-up of new program launches partially offset by an unfavorable foreign currency impact of $11.8 million. Second quarter adjusted operating margin was (2.2%), a decrease of 40 basis points relative to the second quarter of 2021 primarily due to fixed cost leverage on incremental sales offset by an increase in material costs as a result of supply chain constraints.
Relative to the first quarter of 2022, Electronics adjusted sales increased 6.4%, primarily due to increased end-market demand, expansion of recently launched programs and pricing actions offset by an unfavorable foreign currency impact of $1.8 million. Excluding the unfavorable impact of foreign currency, sales increased by 8.0%. Adjusted operating margin increased 30 basis points relative to the first quarter of 2022, primarily due to reduced net engineering spend as well as reduced SG&A costs offset by an unfavorable foreign currency impact of approximately $2.1 million. Excluding the unfavorable impact of foreign currency, operating margin improved by 210 basis points versus the first quarter of 2022.
Stoneridge Brazil sales were $13.3 million, a decrease of 10.4% relative to sales in the second quarter of 2021, primarily due to lower sales in most product lines partially offset by favorable foreign currency impact of $1.0 million. First quarter adjusted operating margin decreased 440 basis points relative to the second quarter of 2021, primarily due to unfavorable fixed cost leverage on lower sales.
Relative to the first quarter of 2022, Stoneridge Brazil sales increased by $1.3 million primarily due to favorable foreign currency impact of $0.7 million. Stoneridge Brazil adjusted operating margin decreased by 140 basis points relative to the first quarter of 2022 primarily due to higher SG&A and D&D spend.
Cash and Debt Balances
As of June 30, 2022, Stoneridge had cash and cash equivalents balances totaling $40.7 million. Total debt as of June 30, 2022 was $162.0 million. The 2022 amendment to the Company's $300 million credit facility provides for a covenant relief period through the end of Q1 2023 at which point covenants revert back to pre-amendment levels. This amendment to the credit facility waives the maximum leverage ratio covenant for the first three quarters of 2022 and modifies the fourth quarter of 2022 covenant to include a maximum 4.75x leverage ratio. This amendment also modified the minimum interest coverage covenant for each quarter of 2022. The Company expects to remain in compliance with the amended existing covenants through the covenant relief period.
2022 Outlook
Matt Horvath, chief financial officer, commented, "The pricing and supply chain actions taken in the first half of the year continue to provide relief on incremental material costs. Driven primarily by limited material availability, customer production forecasts have not recovered as quickly as we expected despite continued strong end-market demand. As a result, we are reducing the midpoint of our 2022 adjusted revenue guidance by $15 million to $865 million to reflect updated second half expectations. This results in a reduction to adjusted EPS of approximately $0.11 based on our expected contribution margin of 25% to 30%."
Horvath continued, "We are reducing our margin guidance to reflect reduced fixed cost leverage on lower expected revenue, offset in part by a continued focus on reducing operating expenses and aligning our cost structure with current market conditions. Additionally, we expect incremental interest and tax expense to reduce adjusted EPS by approximately $0.05 for the remainder of the year. As a result, including consideration for second quarter performance, we are reducing our full-year adjusted EPS guidance to a mid-point of ($0.20)."
The Company announced updated full-year sales guidance of $855.0 million to $875.0 million, adjusted gross margin guidance of 21.25% to 21.75% and adjusted operating margin guidance of 0.75% to 1.25%. Full-year tax expense guidance was updated to $5.5 million to $6.5 million. Adjusted EBITDA margin guidance was updated to 4.75% to 5.25%. Adjusted EPS guidance was updated to ($0.25) – ($0.15).
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2022 second-quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, August 4, 2022, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this press release contain "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words "will," "may," "should," "designed to," "believes," "plans," "projects," "intends," "expects," "estimates," "anticipates," "continue," and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
- the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;
- fluctuations in the cost and availability of key materials (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and components and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions;
- global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries;
- our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;
- the impact of COVID-19, or other future pandemics, on the global economy, and on our customers, suppliers, employees, business and cash flows;
- the reduced purchases, loss or bankruptcy of a major customer or supplier;
- the costs and timing of business realignment, facility closures or similar actions;
- a significant change in automotive, commercial, off-highway or agricultural vehicle production;
- competitive market conditions and resulting effects on sales and pricing;
- our ability to manage foreign currency fluctuations
- customer acceptance of new products;
- our ability to successfully launch/produce products for awarded business;
- adverse changes in laws, government regulations or market conditions, including tariffs, affecting our products or our customers' products;
- our ability to protect our intellectual property and successfully defend against assertions made against us;
- liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;
- labor disruptions at our facilities or at any of our significant customers or suppliers;
- business disruptions due to natural disasters or other disasters outside of our control;
- the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;
- capital availability or costs, including changes in interest rates or market perceptions;
- the failure to achieve the successful integration of any acquired company or business;
- risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; and
- the items described in Part I, Item IA ("Risk Factors") of our 2021 10-K filed with the SEC.
The forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2022 and 2021 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net loss, adjusted loss per share, adjusted EBITDA, adjusted EBITDA margin, adjusted loss before tax, adjusted income tax expense and adjusted tax rate are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods.
Adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net income loss, adjusted loss per share, adjusted EBITDA, adjusted EBITDA margin, adjusted loss before tax and adjusted tax rate should not be considered in isolation or as a substitute for sales, gross profit, operating income (loss), net loss, loss per share, income before tax, income tax expense, tax rate, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
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RENO, Nev., August 3, 2022 /PRNewswire/ -- AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its first quarter ended June 30, 2022, of $334.0 million, or $17.03 per share, compared with net earnings of $345.2 million, or $17.60 per share, for the same period last year.
"Customers have choices. We are doing our best to hang on to every customer and serve them well," stated Joe Shoen, chairman of AMERCO. "We are watching costs closely. We are still a long way off from normalizing our rental equipment investments."
Highlights of First Quarter Fiscal 2023 Results
- Self-moving equipment rental revenues increased $55.4 million, or 5.4% for the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022. Revenue per transaction for our In-Town and one-way markets increased. Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks, trailers and towing devices in the rental fleet.
- Self-storage revenues increased $35.8 million, or 26.0% for the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022. The average monthly number of occupied units during the quarter increased by 19%, or 81,900 units, compared to the same quarter last year. Our reported occupancy of all properties regardless of length of time in the portfolio increased 5% to 85% for the first quarter. The occupancy ratio for the subset of these properties that have been stabilized at 80% for the last 24 months increased 1% to 98% during the quarter. The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and from an improvement in average revenue per occupied foot. Over the last twelve months, we have added approximately 5.0 million net rentable square feet to the self-storage portfolio with approximately 1.5 million square feet of that coming online during the first quarter of fiscal 2023.
- Sales of self-moving and self-storage products and services increased $4.5 million, or 4.3% compared with the first quarter of fiscal 2022 due to increased sales of hitches, moving supplies and propane.
- For the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022, depreciation, net of gains on sales decreased $7.9 million. Depreciation expense on the rental equipment fleet decreased $0.1 million to $126.5 million. Net gains on the sales of rental trucks increased $14.0 million from an increase in resale values. All other depreciation increased $6.2 million to $51.6 million.
- For the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022 gross rental equipment capital expenditures were approximately $351 million compared with approximately $310 million. Proceeds from sales of rental equipment were $156 million compared with $176 million. Spending on real estate related acquisitions and development were approximately $278 million compared with $184 million, respectively.
- Fleet maintenance and repair costs increased $32.1 million in the first quarter of fiscal 2023 compared with the same period last year due to preventative maintenance resulting from higher fleet activity combined with a slowdown in the rotation of new equipment into the fleet and older equipment out of the fleet. The addition of new equipment has been affected by delays at our original equipment manufacturers.
- Operating earnings at our Moving and Storage operating segment decreased $1.4 million compared with the same period last year. Total revenues increased $130.3 million and total costs and expenses increased $131.7 million.
- Cash and credit availability at the Moving and Storage segment was $3,087.5 million at June 30, 2022 compared with $2,723.2 million at March 31, 2022.
- We are holding our 16th Annual Virtual Analyst and Investor meeting on Thursday, August 18, 2022 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast on amerco.com. A brief presentation by the Company will be followed by a question-and-answer session.
AMERCO will hold its investor call for the first quarter of fiscal 2023 on Thursday, August 4, 2022, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com. To hear a simulcast of the call, or a replay, visit www.amerco.com.
AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our proprietary Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 186,000 trucks, 128,000 trailers and 46,000 towing devices. U-Haul is the third largest self-storage operator in North America and offers 895,000 rentable storage units and 76.6 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to our Form 10-Q for the quarter ended June 30, 2022, which is on file with the SEC.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2023 and 2022.
Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2023 and 2022.
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
NON-GAAP DISCLOSURE
As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net ("PPE") being reclassed to Right of use assets - financing, net ("ROU-financing"). As of June 30, 2022, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during fiscal 2023. The tables below show adjusted PPE as of June 30, 2022 and March 31, 2022, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement.
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SOURCE AMERCO | https://www.kbtx.com/prnewswire/2022/08/03/amerco-reports-first-quarter-fiscal-2023-financial-results/ | 2022-08-03T21:41:47Z | https://www.kbtx.com/prnewswire/2022/08/03/amerco-reports-first-quarter-fiscal-2023-financial-results/ | true |
Limited edition merchandise from Eric Emanuel, New York Sunshine and Warren Lotas will drop in August.
– New York City: Aug 4, 5; and Los Angeles: Aug 11, 2022 –
NEW YORK and LOS ANGELES, Aug. 3, 2022 /PRNewswire/ -- To help prevent a blood shortage this summer, The American Red Cross, in partnership with creative agency MONO, part of Stagwell, announced the launch of Drop For DropTM, an innovative pro-bono campaign designed to invite a new, younger generation of blood donors.
Joining forces with three legendary streetwear designers: Eric Emanuel, New York Sunshine and Warren Lotas, the Red Cross are offering exclusive access to custom, limited edition designs to those who come out to give blood at select blood drives in NYC and LA.
"We're seeing a concerning decrease in blood donations causing the blood supply to drop nearly 20% in recent weeks. While the summer months are historically a challenging time to engage donors – especially younger donors – the pandemic has caused a steep decline in donors between the ages of 18 and 24," said Selma Bouhl, VP, Marketing Strategy & Creative Services, American Red Cross. "MONO approached us with a creative idea that will resonate and motivate an entirely new generation of blood donors by tapping into streetwear culture in an authentic and engaging way."
"In our business, we don't often get the opportunity to use our creativity and desire to bring unexpected ideas to our clients, while saving lives," said Jim Scott, Founder and Managing Partner at MONO. "With the way that Drop For Drop™ appeals to young people, via iconic designers in culture to reframe awareness around a vital social and health cause, we can literally do both."
Blood donation appointments are available starting today and are expected to fill up fast with drop-in slots available for fans who were unable to make appointments online. Anyone interested in getting in on the drop can visit redcross.org/drop to find details about the blood drives.
About the American Red Cross
The American Red Cross shelters, feeds and provides comfort to victims of disasters; supplies about 40% of the nation's blood; teaches skills to save lives; distributes international humanitarian aid; and supports veterans, military members and their families. The Red Cross is a nonprofit organization that depends on volunteers and the generosity of the American public to deliver its mission. For more information, please visit redcross.org or cruzrojaamericana.org, or visit us on Twitter at @RedCross.
About MONO
MONO is a creatively driven brand agency that believes powerful, simple ideas win. Working across media and platforms, MONO has done award winning work for Apple, Google, MolsonCoors, Sherwin Williams, Herman Miller, BluDot Furniture, AlfaRomeo as well as brand creation, including Boomchickapop. MONO has offices in Minneapolis and New York City. For more information, visit mono-1.com.
Contact:
American Red Cross
Emily Osmet
media@redcross.org
Jessica Merrill
jessica.merrill@redcross.org
MONO
Jim Scott
Founder, Managing Partner
jim.scott@mono-1.com
PR Contact:
Sarah Arvizo
sarah.arvizo@stagwellglobal.com
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SOURCE Stagwell Inc. | https://www.kbtx.com/prnewswire/2022/08/03/american-red-cross-collaborates-with-legendary-streetwear-designers-launch-drop-drop-program-designed-make-donating-blood-fashionable-new-generation-donors/ | 2022-08-03T21:42:01Z | https://www.kbtx.com/prnewswire/2022/08/03/american-red-cross-collaborates-with-legendary-streetwear-designers-launch-drop-drop-program-designed-make-donating-blood-fashionable-new-generation-donors/ | false |
MOUNTAIN VIEW, Calif., Aug. 3, 2022 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today announced it will report results for the third quarter fiscal year 2022 on Wednesday, August 17, 2022, after the market close. A conference call to review the results will begin at 2:00 p.m. PT (5:00 p.m. ET) and will be hosted by Aart de Geus, chairman and chief executive officer, and Trac Pham, chief financial officer.
Financial and other statistical information to be discussed on this conference call will be available on the corporate website at www.synopsys.com immediately before the call. A live webcast will also be available on this site. Participants should access the live webcast at least 10 minutes prior to the start of the call. A webcast replay can be accessed on the corporate website beginning Wednesday, August 17, 2022, at approximately 5:00 p.m. PT. The replay will be available until Synopsys announces its fourth quarter and fiscal year 2022 results in November 2022. In addition, a dial-up replay of the conference call will be available beginning August 17, 2022, at 5:00 p.m. PT, ending on August 24, 2022, at midnight. The replay telephone number is USA +1-866-207-1041, and International +1-402-970-0847, access code 6337628.
About Synopsys
Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.
Investor Contact:
Christine Salvi-Sullivan
Synopsys, Inc.
(650) 584-1901
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SOURCE Synopsys, Inc. | https://www.cleveland19.com/prnewswire/2022/08/03/synopsys-announces-earnings-release-date-third-quarter-fiscal-year-2022/ | 2022-08-03T21:42:10Z | https://www.cleveland19.com/prnewswire/2022/08/03/synopsys-announces-earnings-release-date-third-quarter-fiscal-year-2022/ | true |
LOS ANGELES (WJW) — A California judge has reportedly issued a temporary restraining order against a man accused of elder abuse against actor Edie McClurg, who is in her 70s.
TMZ reported that Michael Ramos wedged himself into the life of the “Ferris Bueller’s Day Off” star, who now lives with dementia. The ruling means Ramos must move out of McClurg’s home and cannot be within 100 yards of her.
A hearing in the case is scheduled for September.
The conservator for McClurg, Angelique Cabral, had filed a protective order against Ramos Monday, saying he attempted to marry the actor and also sexually assaulted one of her caregivers at her home, People reported.
“Mr. Ramos claims to be the conservatee’s ‘longtime friend’ and was able to ingratiate himself into the conservatee’s life while she was battling dementia,” Cabral said in court documents obtained by People. “[Ramos], who is unemployed, was able to finagle his way into the conservatee’s home even though he has never paid rent or any of the expenses.”
Cabral said that a court was able to “prevent” Ramos from attempting to take McClurg out of the state for the purpose of marriage, and made clear the two were never lovers.
A police report was also previously made against Ramos regarding the sexual assault charges against one of McClurg’s caregivers.
In the court documents, Cabral did not hold back her opinion on Ramos, saying he “clearly needs professional help.”
The National Sexual Assault Hotline can be reached at 1-800-656-HOPE (4673). | https://www.kark.com/entertainment-news/ferris-bueller-actor-edie-mcclurg-allegedly-abused-by-man-who-tried-to-marry-her/ | 2022-08-03T21:42:40Z | https://www.kark.com/entertainment-news/ferris-bueller-actor-edie-mcclurg-allegedly-abused-by-man-who-tried-to-marry-her/ | true |
NAIROBI, Kenya (AP) — In the shadow of a glossy, thousand-dollar campaign billboard, one of many across Kenya’s capital, street vendors struggle to make even 200 shillings ($1.68) a day and often pocket none.
Kenya’s Aug. 9 election is ripping open the scars of inequality and corruption as East Africa’s economic hub chooses a successor to President Uhuru Kenyatta. The vastly rich son of the country’s founding leader, Kenyatta has deflected graft allegations by calling for transparency but done little in a decade in power to enable it.
The vendors on a barren patch along Nairobi’s Outer Ring Road can hardly grasp the enormous amounts of money spent on next week’s election. Few can. In Kenya, candidates aren’t required to publicly account for campaign donations or spending. But voters have watched the helicopters and long convoys that have whisked top candidates around the country for months.
“They’re spending millions of dollars, but I’m not sure if it’s their own money or the public’s money,” said Martin Wambua, who sells secondhand clothes and rarely is able to save anything from his earnings.
“I know the (election spending) can fund more than 10 people a day,” estimated Joseph Kaguthi, who walks everywhere selling baked goods and says he often eats just one daily meal. “But I’m a poor man, and maybe the way I talk is distant from the way it is.”
Rising prices for food and fuel, exacerbated by Russia’s invasion of Ukraine and following the economic pain of the COVID-19 pandemic, add to the traditional ethnic tensions in a vote called so closely contested that Kenya might go to a runoff election for the first time.
How the country of 56 million people will cope with extended uncertainty is a major question given a recent history of turbulent elections. The vote “will be an opportunity for Kenya to showcase its democracy to the world,” U.S. Secretary of State Antony Blinken said Wednesday, arguing for “a peaceful and transparent democratic process.”
Kenya’s 2017 vote saw results overturned by the courts, a first in Africa. Longtime opposition contender Raila Odinga boycotted the ordered re-vote and declared himself the “people’s president” in a mock swearing-in that led to allegations of treason. The standoff ended when Kenyatta and Odinga, the son of Kenya’s first vice president, shared a public handshake.
Now, in the latest twist of Kenya’s shifting alliances, Kenyatta is backing former rival Odinga to succeed him after falling out with his deputy president, 55-year-old William Ruto, the other main presidential candidate and a former Odinga ally.
Ruto was indicted by the International Criminal Court for crimes against humanity for his role in violence following the 2007 election that killed more than 1,000 people after Odinga alleged he had been cheated out of victory. An ICC indictment is hardly a bar to the presidency; Kenyatta was indicted over the turmoil, too. Both men saw their cases terminated amid allegations of witness tampering.
Said to be one of Kenya’s richest men after a decade as deputy president, Ruto promotes himself to the young and poor as a “hustler” who rose from humble beginnings as a chicken seller in contrast to the elite backgrounds of Kenyatta and Odinga.
He says he seeks greater agricultural productivity and financial inclusion. Agriculture is a main driver of Kenya’s economy and about 70% of the rural workforce is in farming, while informal street vendors make up the majority of non-farm work.
“Our economic system is rigged against small people,” Ruto said in a campaign video. The video came out as a court ordered his wealthy running mate, Rigathi Gachagua, to repay to the state about $1.6 million that was determined to be the proceeds of corruption.
Ruto has said he would accept the election’s outcome “whichever way it goes.”
The 77-year-old Odinga, making his fifth and likely final try to win the presidency, is campaigning closely with running mate Martha Karua, a former justice minister who could become Kenya’s first female deputy president.
Karua has caught the attention of women in a country that fails to meet a gender quota for elective bodies like Parliament and where female candidates commonly face harassment.
Odinga, famous for being jailed while fighting for multi-party democracy decades ago, has promised cash handouts to Kenya’s poorest while saying “the middle class, of course, know how to look after themselves.” He has said he’ll accept election results “as long as they’re free and fair.”
When asked how much they were spending on the election, an Odinga spokesman told The Associated Press they will conduct a financial audit to find out at the end of the campaign. A spokesman for Ruto didn’t respond.
Ruto and Odinga say they’ll fight corruption, but non-governmental organizations sigh over Kenya’s failure to address the graft that eats away at everyday lives. The vendors on Nairobi’s Outer Ring Road described having to bribe hospitals for timely treatment and the city’s notorious inspection officers to avoid alleged petty offenses.
Corruption is said to be widespread among those running for office. Interior Minister Fred Matiangi has described Parliament candidates handing out as little as 100 shillings (84 cents) to win votes in villages.
The underfunded Independent and Electoral Boundaries Commission, which sought to cap presidential campaign spending at 4.4 billion shillings ($36 million), has accused some politicians of buying people’s identification cards to keep them from voting for rivals.
“Out of the 214 persons blacklisted by the Ethics and Anti-Corruption Commission as morally and ethically unfit to hold public office, the (electoral commission) barred only six individuals,” Transparency International Kenya and other watchdogs said in June. For the rest, “the commission seems to have thrown their hands in the air.”
Kenyans want a peaceful election with results accepted by all sides.
“If we fight, it will basically backfire more on us than on them,” said Andrew Atonya, part of a production company that staged a play in Nairobi asking voters to avoid falling prey to election divisions. “They abuse each other,” he said of candidates, “but behind the curtain, they’re friends.” | https://www.wric.com/news/u-s-world/kenyas-election-rips-open-scars-of-inequality-corruption/ | 2022-08-03T21:43:30Z | https://www.wric.com/news/u-s-world/kenyas-election-rips-open-scars-of-inequality-corruption/ | false |
Princeton Computer Science Professor & SaaS Technology Pioneer JP Singh Brings Track Record of Innovation to Clearwater Analytics
BOISE, Idaho, Aug. 3, 2022 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, today announced that tech industry veteran Dr. JP Singh, Professor of Computer Science at Princeton University, Co-founder of CaaStle and Trust Machines, Chairman of 8x8 and Director at Hiro Systems, has been appointed to the company's Board of Directors.
Dr. Singh is a tenured full professor of Computer Science at Princeton University, with extensive industry experience. A leading authority on scalable computing systems and applications, he holds applied experience at the boundary of technology and business, in data science, artificial intelligence (AI) and machine learning (ML) for enterprise SaaS offerings at a global scale, in intellectual property, and in blockchains, cryptocurrencies, and cybersecurity advisory. Dr. Singh has been a consultant to Intel, Microsoft, and the U.S. government, and his extensive experience has been instrumental in helping leading organizations, including 8x8, CaaStle, Trust Machines, Yahoo!, and Hiro.
"We are excited to welcome Dr. Singh to the Board," said Sandeep Sahai, CEO at Clearwater Analytics. "His vision and deep knowledge of data science, AI, ML, cybersecurity, and blockchains, including distributed ledger systems, will be highly additive as we continue to bring disruptive innovation to best serve our clients around the world."
Dr. Singh is the co-founder of CaaStle, a technology and logistics company transforming the apparel industry with a Clothing-as-a-Service model, and Trust Machines, which builds applications and platform technologies to leverage the decentralization of trust enabled by the Bitcoin Blockchain. Dr. Singh currently serves as Chairman at 8×8, a SaaS communications company, and is an Independent Director at Hiro Systems, PBC. He served as interim CTO of Right Media, an online advertising exchange acquired by Yahoo!. He graduated summa cum laude from Princeton in Electrical Engineering and Computer Science and obtained his Master's and Ph.D. degrees from Stanford University.
"Clearwater Analytics is one of the most cutting-edge accounting software companies in the market and its potential to leverage data and disrupt the investments space is enormous," said Dr. Singh. "I'm truly excited to join the company's board of directors and work with such a talented team of professionals on the next phase of Clearwater Analytics' growth."
Clearwater Analytics is a global industry-leading SaaS solution for automated investment data aggregation, reconciliation, accounting, compliance, risk, performance, and reporting. Each day, the Clearwater solution reports on more than $5.9 trillion in assets for clients that include leading insurers, asset managers, corporations, pension plans, governments, and nonprofit organizations – helping them make the most of their investment portfolio data with a world-class product and client-centric servicing. Investment professionals around the globe trust Clearwater to deliver timely, validated investment data and analytics. Additional information about Clearwater can be found at clearwateranalytics.com, LinkedIn, and Twitter.
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SOURCE Clearwater Analytics, LLC | https://www.kbtx.com/prnewswire/2022/08/03/clearwater-analytics-appoints-tech-visionary-jaswinder-pal-singh-its-board-directors/ | 2022-08-03T21:43:38Z | https://www.kbtx.com/prnewswire/2022/08/03/clearwater-analytics-appoints-tech-visionary-jaswinder-pal-singh-its-board-directors/ | true |
Sens. Tommy Tuberville and Joe Manchin asked the Southeastern Conference on Wednesday for feedback and ideas on how to regulate the way college athletes are compensated for their names, images and likenesses.
Tuberville (R-Ala.), a former college football coach who led Auburn to an undefeated season in 2004, and Manchin (D-W.Va.) announced their staffs have already begun drafting a NIL bill that they said would will be in compliance.
“The lack of meaningful leadership and a lack of clarity in this area resulting from Alston (Supreme Court decision) means that the U.S. Congress must act to set clear ground rules for student-athletes and institutions alike,” the senators wrote in a letter to SEC Commissioner Greg Sankey. “Like you, we have the common goals of protecting student-athletes, ensuring fair competition and compensation, and preserving the time-honored traditions of college sports.”
Manchin is friends with Alabama football coach and West Virginia native Nick Saban.
Sankey and Pac-12 Commissioner George Kliavkoff met with Tuberville, Manchin and other lawmakers during a lobbying trip to Capitol Hill in May.
College sports leaders, including outgoing NCAA President Mark Emmert, have repeatedly called for help from Congress in regulating name, image and likeness compensation since even before the NCAA last summer lifted its restrictions on athletes cashing in on their fame.
The NCAA removed its ban on NIL compensation for athletes without setting detailed, uniform rules. A patchwork of state laws has created a complicated landscape for college athletic departments and allowed boosters to become involved in ways that challenge the NCAA's ability to enforce the broad rules that are in place.
At least eight bills related to college sports have been filed by federal lawmakers over the past four years — some more narrowly addressing NIL and others targeting other athlete benefits and issues. There has been no substantive movement on any of them.
One of them, the College Athlete Bill of Rights put forth by Democrats Cory Booker and Richard Blumenthal in 2020, is set to be reintroduced by the senators, SI.com reported Wednesday.
___
More AP college sports: https://apnews.com/hub/college-sports and https://twitter.com/AP_Top25 | https://www.sfgate.com/sports/article/Senators-Tuberville-Manchin-working-on-bill-to-17349444.php | 2022-08-03T21:43:41Z | https://www.sfgate.com/sports/article/Senators-Tuberville-Manchin-working-on-bill-to-17349444.php | false |
Arizona State Rep. Mark Finchem is one of the last people you’d want administering elections in a presidential battleground, yet Republicans nominated him Tuesday to be Arizona’s secretary of state, in another victory for denialists backed by former president Donald Trump.
With the race too close to call, another outspoken proponent of the “big lie,” Kari Lake, narrowly leads in the primary for governor. Ms. Lake and Mr. Finchem, working with “My Pillow guy” Mike Lindell, have filed a lawsuit in federal court aimed at blocking Arizona from using vote-counting machines. Their suit is meritless, but they would acquire power to meddle dramatically with voting systems if they win in November.
Mr. Finchem is part of a coalition of far-right extremists who are trying to seize control of the levers of vote-counting. In the neighboring swing state of Nevada in June, Republicans nominated former state lawmaker Jim Marchant — another election denier — for secretary of state. Ms. Lake said she wouldn’t have fulfilled her legal duty to certify Arizona’s results in 2020 and attacks Gov. Doug Ducey (R) for doing so. The possibility that she and Mr. Finchem could be in these jobs two years from now underscores the urgency of passing proposed reforms to the Electoral Count Act that would make it harder for bad actors to subvert democracy in a presidential election.
If Ms. Lake’s narrow lead holds, it will tee up a dramatic showdown in November against Secretary of State Katie Hobbs, who won the Democratic primary for governor on Tuesday and has fought tirelessly to preserve the integrity of Arizona’s elections. Arizona Republicans also nominated venture capitalist Blake Masters as their challenger to Sen. Mark Kelly (D). Masters claims he thinks Mr. Trump won in 2020 and has even suggested that Jan. 6 was a “false-flag” operation.
Alas, this problem is not isolated to the Grand Canyon State: The “big lie” continues to find purchase elsewhere. Michigan Rep. Peter Meijer, one of 10 House Republicans who voted to impeach Trump last year, was defeated by election-denier John Gibbs in his primary. Mr. Trump cheered that news on Wednesday, as well as the loss of Arizona House Speaker Russell “Rusty” Bowers (R). Mr. Bowers evinced a profile in courage by refusing Mr. Trump’s demands to help overturn the Arizona results. Last month, he testified about the pressure he faced before the select congressional committee investigating the Jan. 6 insurrection.
At a hearing in June, Mr. Bowers recalled asking Trump lawyer Rudy Giuliani for evidence to substantiate allegations of voter fraud. “We’ve got lots of theories,” he said Mr. Giuliani told him. “We just don’t have the evidence.” That sums up the credo of the GOP ticket in Arizona. | https://www.washingtonpost.com/opinions/2022/08/03/arizona-republicans-finchem-lake-dangerous/ | 2022-08-03T21:44:13Z | https://www.washingtonpost.com/opinions/2022/08/03/arizona-republicans-finchem-lake-dangerous/ | true |
Actor Dev Patel reportedly tried to break up a knife fight in Australia.
According to police in Australia, they responded to a man and a woman fighting in the street as witnesses tried to intervene.
A representative for Patel told Australian media the actor tried to de-escalate the situation
“The group was thankfully successful in doing so, and they remained on site to ensure that the police and eventually the ambulance arrived," the representative told Australia's 7 News.
Police said the man was taken to a hospital for treatment. His injuries are not life-threatening, according to police.
The woman was arrested and charged with aggravated assault. | https://www.wrtv.com/news/national/actor-dev-patel-reportedly-helped-break-up-knife-fight | 2022-08-03T21:45:15Z | https://www.wrtv.com/news/national/actor-dev-patel-reportedly-helped-break-up-knife-fight | false |
NEW YORK (AP)Determined to keep their top minor league prospects, the New York Mets made incremental upgrades to the lineup and bullpen at the trade deadline.
Without a big splash, they hope that’s enough to sink Atlanta in the NL East.
The first-place Mets acquired designated hitter Darin Ruf from San Francisco and reliever Mychal Givens from the Chicago Cubs in separate deals Tuesday as they primed for a heated pennant race with the defending World Series champions.
”All in all, a positive day,” general manager Billy Eppler said.
In the end, the Mets did not take a meaty swing for Boston designated hitter J.D. Martinez or Cubs All-Star catcher Willson Contreras – neither of whom was traded. They also were unable to land that proven lefty reliever they could really use. But they did get a much-needed bullpen boost by obtaining Givens for minor league pitcher Saul Gonzalez.
Givens, a 32-year-old right-hander, was 6-2 with two saves and a 2.66 ERA in 40 games for the struggling Cubs this season. He has 51 strikeouts in 40 2/3 innings and hasn’t permitted an earned run in his past 16 outings since June 16.
Earlier in the day, Ruf was acquired from the Giants for J.D. Davis and three pitching prospects in an exchange of right-handed bats.
Left-handers Thomas Szapucki and Nick Zwack also went to San Francisco along with right-hander Carson Seymour.
”One of the things that we’ve talked about here is just really trying to maintain that organizational discipline to kind of crush any urge to make a snap or an impulsive decision and give up large amounts of future World Series odds or expectation in exchange for just some marginal gains right now,” Eppler said.
”I think some of that undisciplined thinking can lead to years of mediocrity and kind of doing the same thing over and over and over again.”
New York held a 3 1/2-game lead in the NL East over the Braves heading into Tuesday night, when two-time Cy Young Award winner Jacob deGrom finally returned from a string of injuries to start at Washington – his first major league outing since July 7, 2021.
Ruf has hammered left-handed pitching this season and throughout his career, something Davis was unable to do in his part-time role primarily at DH this year. He compiled just a .660 OPS against southpaws
”It was a little bit of ups and downs. It was more so of having a good game and then not playing as part of the system that’s over here, a platoon system,” Davis said.
”I think this team was driven and on a mission to win a championship. When you don’t play every day, especially how good this league is nowadays, it’s very hard to get your rhythm going. Especially when you have a four-hit game or you hit a home run and you’re not in the lineup the next day or the next three days, it’s definitely difficult to get things going. At the same time, I try to do my best just to be a good teammate.”
The 36-year-old Ruf was batting .216 with 11 homers, 38 RBIs and a .701 OPS overall in his third season with San Francisco following three years in South Korea with Samsung. But he brings an .886 OPS and nine home runs in 132 plate appearances against lefties, providing a perfect platoon partner at DH for left-handed hitter Daniel Vogelbach, obtained July 22 in a trade with Pittsburgh.
”Really happy to be able to kind of put Vogelbach and Ruf together,” Eppler said. ”We feel we’ve been able to really add, using two roster spots, an impact bat for us to be able to utilize. And we were able to do everything that we wanted to do and kind of stay out of the inside of our top – if I’m speaking in technicalities – stay out of our top 19 prospects.”
New York also obtained left-handed-hitting outfielder Tyler Naquin in a trade with Cincinnati last week.
Ruf can play first base, left field and right field – though defense is not his strength. His calling cards are power, plate discipline and a .929 career OPS against left-handers in eight major league seasons with Philadelphia (2012-16) and San Francisco (2020-22).
Davis has a .775 career OPS versus southpaws.
The 29-year-old Davis was batting .238 overall with four homers, 21 RBIs and a .683 OPS in 66 games for the Mets. His most natural position is third base, and he’s also played left field and first base.
He is from Elk Grove, California, and went to college at Cal-State Fullerton.
”I’m excited for the opportunity to play over there, especially so close to home, being on the West Coast,” he said.
San Francisco won 107 games and the NL West last season but has sputtered this year, heading into Tuesday with a 51-52 record.
”I think it’s good for everybody,” Mets manager Buck Showalter said in Washington. ”They got a good player and we got a good player. It’s one of those things that I think will work out for both clubs.”
Ruf is earning $3 million both this year and next as part of a two-year contract that includes a $3.5 million team option for 2024 with a $250,000 buyout.
Givens has held right-handed hitters to a .196 batting average in eight major league seasons with Baltimore, Colorado, Cincinnati and the Cubs. He is 31-22 with 31 saves and a 3.34 ERA in 400 career games. He makes $5 million this year and can become a free agent following the World Series.
Acquired by the Mets from Houston before the 2019 season, Davis has a $2.76 million salary and is eligible for arbitration this winter and after next season. He can become a free agent after the 2024 World Series.
Szapucki, 26, made his big league debut last year and is 0-1 with a 27.00 ERA in two career appearances. He was hit hard and chased early by the Giants in a spot start at San Francisco this season.
The left-hander is 2-6 with a 3.38 ERA in 16 starts and two relief appearances at Triple-A Syracuse, striking out 87 and walking 29 in 64 innings.
Zwack, 24, is 6-2 with a 2.36 ERA this season at Class A St. Lucie and High A Brooklyn. Seymour, 23, is 5-5 with a 2.76 ERA with the same two teams.
The 22-year-old Gonzalez, a 6-foot-7 righty, was a 23rd-round draft pick in 2018. He was 2-1 with a 2.81 ERA in 14 games (one start) for Class A St. Lucie this season.
—
AP Baseball Writer Ronald Blum in New York, and AP Sports Writer Stephen Whyno and AP freelance writer Patrick Stevens in Washington contributed to this report.
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More AP MLB: https://apnews.com/hub/mlb and https://twitter.com/AP-Sports | https://www.kark.com/mlb/mets-get-ruf-from-giants-givens-from-cubs-before-deadline/ | 2022-08-03T21:45:24Z | https://www.kark.com/mlb/mets-get-ruf-from-giants-givens-from-cubs-before-deadline/ | true |
Democratic lawmakers urge Biden to extend student loan payment pause
A group of Democratic lawmakers have urged President Joe Biden to extend the federal student loan payment pause before its expiration on Aug. 31st.
Sens. Bob Menendez, D-N.J., Cory Booker, D-N.J., Elizabeth Warren, D-Mass., and Chuck Schumer, D-N.Y., and Reps. Lauren Underwood, D-Ill., Tony Cárdenas, D-Calif., and Ayanna Pressley, D-Mass., said they, with 100 other lawmakers, sent a letter to the Biden administration and the Education Department last week advocating for another extension, according to a press release.
"For over two years, the department has provided critical flexibility to millions of federal student loan borrowers by pausing payments, as many have struggled during the COVID-19 pandemic," the lawmakers wrote in the letter. "This much-needed pause has helped many borrowers to keep a roof over their heads, secure childcare, and purchase food, health care, and medicine during the course of a pandemic responsible for the deaths of more than 1 million people in the U.S.
"For the first time, many borrowers have had the opportunity to pay down debt, open a savings account, purchase a home, and save for retirement – none of which would have been possible without the payment pause," they continued.
Federal student loans are currently in COVID-related forbearance and payments have been paused until Aug. 31st. During this time, borrowers are not required to make payments on their loans and interest rates have been set to 0%. The Department of Education has also stopped collections on defaulted loans during this time.
If you have private student loans that do not qualify for the payment pause, you can still try to reduce your monthly payments by refinancing. Visit Credible to find your personalized interest rate without affecting your credit score.
BIDEN CONFIRMS HE’LL MAKE STUDENT LOANS DECISION BY END OF AUGUST
Lawmakers say resuming payments would create financial hardships
In the letter, the lawmakers said that if Biden does not extend the pause and borrowers had to resume their monthly student loan payments, it would force them to choose between paying those loans or other bills such as their rent or mortgage, food, childcare or healthcare.
This comes as inflation hit yet another new 40-year high in June. The Consumer Price Index (CPI) increased by 9.1% annually, hitting its highest point since November 1981, according to the Bureau of Labor Statistics (BLS).
"Despite significant decreases over the last month, gas prices are still high, and many borrowers still have to pay exorbitant amounts each week in order to commute to their jobs," the lawmakers said. "Food prices remain high, as suppliers contend with ongoing supply chain issues and the war in Ukraine. We still have a significant childcare crisis throughout the country, which has caused already-high costs to spike to 40% of their pre-pandemic levels.
"Low-income borrowers, Black and Brown borrowers, and women borrowers still face severe financial hardships as COVID-19 continues to infect individuals throughout the country and exacerbate existing inequities," they continued.
If you are struggling with rising costs, refinancing your private student loans could help you lower your monthly payments. Visit Credible to compare multiple student loan lenders at once and choose the one with the best interest rate for you.
BILL AIMED AT ACCELERATING STUDENT DEBT FORGIVENESS THROUGH PSLF UNVEILED BY HOUSE DEMS
Biden considers payment pause extension, canceling student debt
While speaking to reporters at Air Force One last month, Biden confirmed that he will make a decision on student debt by the end of August. However, it was not clear which decision the president was referring to. Prior comments from the White House and the Department of Education have opened the possibility for widespread student debt forgiveness and/or an extension of the current student loan payment pause.
Biden has previously said that he's considering canceling some student debt but has not yet given an official decision on when, or how much. He did, however, say that he will not cancel the $50,000 in student loan debt that some Democrats have called for.
"I am considering dealing with some debt reduction," Biden told reporters at the White House in May. "I am not considering a $50,000 debt reduction. I am in the process of taking a hard look at whether or not there will be additional debt forgiveness and I will have an answer on that in the next couple of weeks."
If you have private student loans, you won't benefit from another payment pause extension or from student loan forgiveness. However, you can reduce your monthly payments by refinancing to lower your interest rate. To see if this is the right option for you, contact Credible to speak to a student loan expert and get all of your questions answered.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column. | https://www.fox5ny.com/money/democrats-biden-extend-student-loan-payment-pause | 2022-08-03T21:46:20Z | https://www.fox5ny.com/money/democrats-biden-extend-student-loan-payment-pause | true |
Sens. Tommy Tuberville and Joe Manchin asked the Southeastern Conference on Wednesday for feedback and ideas on how to regulate the way college athletes are compensated for their names, images and likenesses.
“The lack of meaningful leadership and a lack of clarity in this area resulting from Alston (Supreme Court decision) means that the U.S. Congress must act to set clear ground rules for student-athletes and institutions alike,” the senators wrote in a letter to SEC Commissioner Greg Sankey. “Like you, we have the common goals of protecting student-athletes, ensuring fair competition and compensation, and preserving the time-honored traditions of college sports.”
Manchin is friends with Alabama football coach and West Virginia native Nick Saban.
Sankey and Pac-12 Commissioner George Kliavkoff met with Tuberville, Manchin and other lawmakers during a lobbying trip to Capitol Hill in May.
College sports leaders, including outgoing NCAA President Mark Emmert, have repeatedly called for help from Congress in regulating name, image and likeness compensation since even before the NCAA last summer lifted its restrictions on athletes cashing in on their fame.
The NCAA removed its ban on NIL compensation for athletes without setting detailed, uniform rules. A patchwork of state laws has created a complicated landscape for college athletic departments and allowed boosters to become involved in ways that challenge the NCAA's ability to enforce the broad rules that are in place.
At least eight bills related to college sports have been filed by federal lawmakers over the past four years — some more narrowly addressing NIL and others targeting other athlete benefits and issues. There has been no substantive movement on any of them.
One of them, the College Athlete Bill of Rights put forth by Democrats Cory Booker and Richard Blumenthal in 2020, is set to be reintroduced by the senators, SI.com reported Wednesday.
___
More AP college sports: https://apnews.com/hub/college-sports and https://twitter.com/AP_Top25 | https://www.washingtonpost.com/sports/senators-tuberville-manchin-working-on-bill-to-tackle-nil/2022/08/03/bcc179f8-1371-11ed-8482-06c1c84ce8f2_story.html | 2022-08-03T21:47:10Z | https://www.washingtonpost.com/sports/senators-tuberville-manchin-working-on-bill-to-tackle-nil/2022/08/03/bcc179f8-1371-11ed-8482-06c1c84ce8f2_story.html | true |
China is escalating tensions with the U.S. after House Speaker Nancy Pelosi visited Taiwan this week, but the White House will not be deterred in defending its interests in the Western Pacific, according to the President's National Security Advisor Jake Sullivan.
It has been a busy few days for Sullivan as President Joe Biden navigates complex issues on multiple fronts.
Alongside Pelosi's trip, there is the ongoing war in Ukraine, and the U.S. drone strike that took out al-Qaida leader Ayman al-Zawahiri in Kabul.
Sullivan sits down with NPR's Mary Louise Kelly to discuss the past week and how the administration plans to address each issue.
This interview has been lightly edited for clarity.
Interview highlights
On whether everyone at the White House is breathing a sigh of relief since Nancy Pelosi left Taiwan
Well, the Chinese have announced that they are going to conduct a series of military activities around Taiwan over the course of the next few days, and that will raise tensions across the strait. It will create risks and challenges, we think unnecessarily. And so what we are hopeful for is that the PRC acts responsibly and avoids the kind of escalation that could lead to a mistake or miscalculation in the air or on the seas. That is the message that we're sending to China. That's the message we're also coordinating with our friends in Taiwan.
On how risky this situation appears
Look, whenever a military engages in a series of activities that include the possibility of missile tests, of live fire exercises, of fighter jets buzzing around the skies and ships moving around on the seas, the possibility of some kind of incident is real. And we believe that what China is doing here is not responsible. We believe that it is escalating tensions unnecessarily. And this is particularly so because what the speaker did in visiting Taiwan is not unprecedented, it is not threatening to China, it is not out of the historical norm.
Members of Congress travel there all the time, and a speaker of the House has previously traveled there as well. So what we don't want to see is China trying to twist this into a crisis or use this as a pretext to take the kind of military activity that will ultimately destabilize the Taiwan Strait.
On whether some good can come from the visit, and the U.S. signaling to China that it won't back down
Look, from the U.S. government's perspective, from the Biden Administration's perspective, what's most important are the set of actions we take, the substance. And that includes what we do to support Taiwan's self-defense, that includes how we work with our allies and partners on initiatives like AUKUS — the nuclear submarine initiative we have with the UK and Australia — it matters what our force posture is in the region, and it matters the extent to which we are communicating to China that we are going to stand up for our interests.
Whether a particular visit sends the kind of message you're describing, I'll let others make that determination. From our perspective, the most important thing for us to do is through diplomatic, economic and military policy, substance. We communicate quite clearly to China that we are going to defend our interests and our values in the Western Pacific.
On what comes next, and whether the U.S. watches the military drills play out and see what happens
The most important thing for us to communicate is a clear and steady message, both publicly and privately to China, that we are not going to be deterred or coerced from operating as we operate in the Western Pacific. And China needs to understand that. We are not looking to escalate, but we are also not going to be deterred.
On whether the U.S. will get involved militarily to defend Taiwan if it comes to that
Well, our policy has not changed. It is rooted in the One China policy informed by the Three Joint Communiqués, the Taiwan Relations Act, and the Six Assurances.
The president himself has said the policy has not changed. The president is the commander in chief. He's the guy who sets the policy and he has said it has not changed. And we have communicated that very directly. He has said that publicly on the record. And to the question of the kind of military contingency you're talking about, it is the entire object and purpose of our approach to ensure that that never happens, that it never comes to that. And that is what we are going to keep working to ensure.
On whether it was a CIA drone that killed al-Qaida leader al-Zawahiri in Afghanistan, and where it flew in from
All I will say is that our counterterrorism professionals and our intelligence professionals played a central role in carrying out this successful operation at the president's direction, and he credited them in the public remarks he made for their incredible skill and capacity in pulling this thing off.
I'm not going to get into those kinds of operational details [on where the drone flew in from]. I think it's important that we be able to preserve the space to continue to operate effectively, to demonstrate, as the president promised the American people a year ago, that we would maintain the ability to take out terrorists even without thousands of American forces on the ground. We did that once, we're prepared to do it again.
On whether there was any dissent among top advisors on carrying out the strike
No. There was unanimous support among his senior national security team to take this action at the point in time when the intelligence community briefed the president that they had high confidence that this was al-Zawahiri and that they could do it in a way that they felt would not result in civilian casualties.
On what al-Zawahiri's presence in downtown Kabul says about what the U.S. achieved during the 20-year war in Afghanistan
Well, actually the record, when it comes to our disruption of the al-Qaida network and its capacity to threaten America and Americans, is a record of significant success. Our ability to ensure, over the course of decades, that the kinds of complex plots that led to the embassy bombings in Nairobi and in Tanzania in 1998, that led to the USS Cole in 2000, and then of course to 9/11 in 2001, that we have not seen those kind of plots over the course of the past two decades be carried out against the U.S. homeland — that is a record of significant success.
What I would tell you is that Ayman al-Zawahiri became the emir of al-Qaida in 2011 when Osama bin Laden was taken off the battlefield. That was more than a decade ago. For a decade, American men and women fought and died in Afghanistan and Zawahiri was alive and running al-Qaida. Joe Biden took the United States out of Afghanistan so that in the year 2022 not one American soldier died in Afghanistan. And Ayman al-Zawahiri is dead. I would call that a pretty effective policy.
On whether there is a scenario in which the Taliban didn't know he was there
We believe that senior members of the Haqqani network, who are now part of the Taliban entity running the government in Kabul, that they knew. We also believe that there were other senior Taliban officials who did not know. And in fact, you know, we will now watch to see the extent to which this raises questions within the organization of the Taliban about the wisdom of having al-Zawahiri come back into Kabul.
On if he's watching for possible fractures or divisions in the Taliban
Yeah, I don't want to go so far as to say fracture. But, you know, certainly this is going to raise some eyebrows, we believe, within the leadership.
On how encouraged we should be by the first grain ship to depart Ukraine since Russia invaded
Well, we should be encouraged because it does mean that the possibility of substantial amounts of wheat and corn and other grains getting out of Ukraine is a real possibility. But we should also be cautious, because there is every reason to believe the Russians are going to make this as difficult as possible and that they are going to continue to find ways to disrupt the flow of grain to the world market. And so we think that the international community has to maintain a substantial amount of pressure on Moscow not to enforce a blockade, not to throw up obstacles to the flow of that grain, because it is so important to feed the world, to keep prices down and to ensure that there's not hunger and famine in Africa in Southeast Asia and other places.
I wouldn't go so far as to say it's a triumph, but I would say this is a good step forward. It should be built on and there should be many steps that follow what, for our part, the United States is trying to do to ensure that these ships coming in and out can have the insurance they need, that there is no challenges with them being able to get the grain to the world market. And we're going to keep doing our part to get as many of those ships in and out of there as we possibly can.
On whether there is mistrust between the White House and Ukraine President Volodymyr Zelenskyy
You just have to listen to President Biden when he talks about Presidents Zelenskyy. He openly admires president Zelenskyy, admires his courage, his bravery, his skill, his stewardship of a country at a time of absolute crisis. The two of them talk regularly. They have incredibly constructive and effective communication. And then at all levels of the government we are deeply engaged. And so this is a very strong partnership between the Biden administration and the Zelenskyy administration, and it is because of that partnership that we have been able to effectively provide them with the military, economic and humanitarian support that they need, and we're going to keep doing it.
For the record, I believe that Ukraine's leadership is leading a country in an incredibly effective and brave way against the onslaught of an invading neighbor and doing so defying all expectations about what they would be able to hold together and stand up against. And it's been an incredibly impressive thing to watch.
On where he would put the chances of there still being an active war in Ukraine in six months
I'm not going to make predictions about six months from now, because I think most of us wouldn't have predicted we'd be where we are today six months ago. We did accurately predict that Russia would invade, but how exactly that invasion would unfold is subject to so many variables and that's true for the six months that lie ahead of us. What I will say is this: Russia could end this war tomorrow if they simply withdrew from the territory that they have tried to conquer by force, which is against every precept of international law. And so Putin could end this thing very rapidly. Our job as the United States is to put Ukraine in the best possible position on the battlefield so that it will end up in the best possible position at the negotiating table. When can we get serious negotiations going? That is an open question, because at the moment it does not seem the Russians are serious about the kind of diplomacy that actually could bring about an end to this conflict.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.kcbx.org/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | 2022-08-03T21:47:33Z | https://www.kcbx.org/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | true |
CDC expected to ease COVID-19 recommendations as soon as this week, including for schools
The U.S. Centers for Disease Control and Prevention is expected to update its guidance for COVID-19 control in the community, including in schools, in the coming days, according to sources familiar with the plan.
A preview of the plans obtained by CNN shows that the updated recommendations are expected to ease quarantine recommendations for people exposed to the virus and de-emphasize 6 feet of social distancing.
The agency is also expected to de-emphasize regular screening testing for COVID-19 in schools as a way to monitor the spread of the virus, according to sources who were briefed on the agency's plans but were not authorized to speak to a reporter. Instead, it says it may be more useful to base testing on COVID-19 community levels and whether settings are higher-risk, such as nursing homes or prisons.
The changes, which may be publicly released as early as this week, were previewed to educators and public health officials. They are still being deliberated and are not final.
In a statement to CNN, the agency said, "The CDC is always evaluating our guidance as science changes and will update the public as it occurs."
As part of the expected changes, the CDC would also soon remove a recommendation that students exposed to COVID-19 take regular tests to stay in the classroom. The strategy, called "test to stay," was recommended by the agency in December, during the first omicron wave, to keep unvaccinated kids who were exposed but didn't have symptoms in the classroom instead of quarantining at home.
Test-to-stay was resource-intensive for schools, and some districts had voiced concerns about having enough money to continue, one source said.
In schools and beyond, the agency will no longer recommend staying at least 6 feet away from other people as a protective measure. Instead, the new guidelines aim to help people understand which kinds of settings are riskier than others because of things like poor ventilation, crowds and personal characteristics like age and underlying health.
The CDC is also set to ease quarantine requirements for people who are unvaccinated or who are not up to date on their COVID-19 vaccines. Currently, the agency recommends that people who aren't up to date on their shots stay at home for at least five days after close contact with someone who tests positive for COVID-19. Going forward, they won't have to stay at home but should wear a mask and test at least five days after exposure.
People who are sick with COVID-19 should still isolate, the agency is expected to say.
The agency also plans to re-emphasize the importance of building ventilation as a way to help stop the spread of many respiratory diseases, not just COVID-19. It plans to encourage schools to do more to clean and refresh their indoor air.
Sources say the tweaks reflect both shifting public sentiment toward the pandemic -- many Americans have stopped wearing masks or social distancing -- and a high level of underlying immunity in the population. Screening of blood samples suggests that as December, 95% of Americans have had COVID-19 or been vaccinated against it, reducing the chances of becoming severely ill or dying if they get it again.
The CDC's recommendations are not legally binding. Many cities, states and school districts will review them but may ultimately follow different strategies.
One example of this is masks in schools.
More than 200 million people -- about 60% of the total population -- live in a county with a "high COVID-19 community level" where the CDC warns of a risk of strain on the health care system and recommends universal indoor masking.
Yet most schools have kept masks optional for students this year. Among the top 500 K-12 school districts, based on enrollment, about 98% do not require masks, according to the data company Burbio's school policy tracker.
Still, the agency's guidance continues to be important as a baseline. When cities or states try to go beyond what the CDC recommends, they may face pushback. | https://www.koat.com/article/cdc-expected-to-ease-covid-19-recommendations-as-soon-as-this-week-including-for-schools/40799866 | 2022-08-03T21:51:06Z | https://www.koat.com/article/cdc-expected-to-ease-covid-19-recommendations-as-soon-as-this-week-including-for-schools/40799866 | true |
TALINN, Estonia (AP) — A court in Belarus on Wednesday sentenced yet another independent journalist to a lengthy prison term, part of a continued government crackdown on opposition activists, critical media outlets and independent reporters.
Iryna Slaunikava, 52-year-old journalist with the Poland-based TV channel Belsat, was convicted of forming an extremist organization and participating in protests and sentenced to five years in prison. The sentence handed to Slaunikava by a judge in Gomel, a city in southeastern Belarus, is one year longer than what the prosecution had sought for her, according to the Belarusian Association of Journalists.
Slaunikava is the third Belsat journalist imprisoned in Belarus. Belsat, a Belarusian-language TV channel funded by the Polish government, has been declared extremist by Belarus’ authorities. It has been a source of news for hundreds of thousands of Belarusians ever since it started broadcasting in 2007. Belsat’s YouTube channel currently has 474,000 subscribers.
Belarusian authorities have conducted a relentless, multi-pronged crackdown on dissent following the massive anti-government protests that erupted after President Alexander Lukashenko was handed a sixth term after an August 2020 presidential vote that was denounced as rigged by the opposition and the West.
A wave of repression saw more than 35,000 people arrested and thousands beaten by police. The country’s largest independent media outlets have been shut down, and the majority of independent journalists have left the country. A total of 29 journalists are currently behind bars, either awaiting trials or serving lengthy sentences.
Last month, another Belsat journalist Katsiaryna Bakhvalava, who also goes by the last name of Andreyeva, was sentenced to eight years in prison on the charges of high treason — on top of a two-year sentence she was already serving. Her colleague, Darya Chultsova, is currently serving a two-year sentence from 2021.
Slaunikava spent the last 10 months in detention. She was detained in October last year at the Minsk airport upon returning from vacation. Initially, she was jailed for 15 days for posting what the authorities deemed to be “extremist content” on Facebook.
In Warsaw on Tuesday and Wednesday, demonstrations took place in support of the journalist, with protesters demanding sanctions to be imposed on those who persecute journalists in Belarus.
“Journalists are not extremists, and dissent is not a crime,” the Belarusian Association of Journalists said in a statement Wednesday. “Belarusian authorities continue to persecute journalists for exercising their right to free speech.”
The Committee to Project Journalists on Wednesday condemned the sentence handed out to Slaunikava as “another example of the deeply cynical and vindictive nature of the Belarusian government.” | https://cw33.com/business/ap-business/belarus-court-gives-another-journalist-a-lengthy-prison-term/ | 2022-08-03T21:51:09Z | https://cw33.com/business/ap-business/belarus-court-gives-another-journalist-a-lengthy-prison-term/ | false |
ATLANTA (AP) — Everyone who moves through downtown Atlanta today passes places where innocent Black men and women were pulled from trolleys, shot in their workplaces, chased through the streets and beaten to death by a mob of 10,000 white men and boys.
But few have been taught about the 1906 Atlanta Race Massacre, which shaped the city’s geography, economy, society and power structure in lasting ways. Much like the Red Summer of 1919 in the South and Northeast and the Tulsa Race Massacre of 1921 in Oklahoma would years later, the white-on-Black violence in Atlanta shattered dreams of racial harmony and forced thousands from their homes.
A grassroots coalition is working to restore Atlanta’s killings and their legacy to public memory. Historic markers and tours are planned for this September’s anniversary. A one-act play will be performed simultaneously at group dinners across the city. Organizers are seeking 500 hosts, with the ambitious goal of seating 5,000 people to discuss the lasting effects.
These activists say the massacre doesn’t fit comfortably in Atlanta’s “cradle of the civil rights movement” narrative, but they insist on truth-telling as some politicians push to ignore the nation’s history of racial violence.
Mislabeled a riot, the killings of at least 25 Black people and the destruction of Black-owned businesses had a specific purpose: thwarting their economic success and voting power before African-Americans could claim equal status, said King Williams, a journalist who gives tours describing what happened.
“The mob began its work early in the evening, pulling negroes from street cars and beating them with clubs, bricks and stones,” The Associated Press reported on Sept. 24, 1906, adding that “negroes were beaten, cut and stamped upon in an unreasoning, mad frenzy. If a negro ventured resistance or remonstrated, it meant practically sure death.”
The violence began where Georgia State University’s campus is now. Enraged by unsupported headlines about attacks on white women and the evils of “race-mixing,” the mob set fire to saloons and pounced on Black men and women headed home from work, Williams explains on the tour.
Their next target was the “Crystal Palace,” an opulent barbershop where Alonzo Herndon made his first fortune catering to white elites. Poorer white people couldn’t stomach such success by a Black man and shattered the place, Williams says.
Bodies were stacked at the statue of newspaperman Henry Grady. Williams describes Grady as a post-Civil War “demagogue who championed Atlanta, but also championed a lot of the racial rhetoric that we still see echoing today.” His statue is four blocks from CNN Center, and for most people “it’s just a thing they walk by,” Williams said.
Steps from there, some Black people either jumped or were thrown from the Forsyth Street bridge onto the railroad tracks below. Others reached shelter inside the gates of the Gammon Theological Seminary in Brownsville, a thriving African American neighborhood 3 miles (5 kilometers) to the south.
That’s where the mob, now “deputized” as law enforcers, came searching for weapons on the third day, ransacking businesses and pulling women and children from their homes. One white officer was killed and some 250 Black people were arrested, including 60 who were convicted. Not one white person was held responsible for any of the deaths, community organizer Ann Hill Bond said.
The cause was not in doubt. Atlanta Constitution editor Clark Howell and former Atlanta Journal publisher Hoke Smith had outdone each other vowing to disenfranchise Black voters while campaigning for governor. As Election Day approached, the papers printed baseless stories about attempted attacks on white women.
A Fulton County grand jury cited “inflammatory headlines” for fomenting the violence, but when “Voice of the Negro” publisher J. Maxwell Barber tied those articles to the racist campaigns, he was run out of town.
Once governor, Smith signed laws that kept most Black people from voting for another half-century. Thousands abandoned Atlanta, which became two-thirds white by 1910, the Census showed. City officials cited the need to avoid violence as they imposed segregation on neighborhoods, including “Sweet Auburn” Avenue, which became a model of African American economic self-sufficiency. Herndon gave up barbering to become one of the nation’s leading insurers for Black families.
The “riot” label still stuck when the massacre was finally added to Georgia’s eighth-grade curriculum in 2007.
“It is important for us to use correct language when we’re speaking of and remembering and honoring the lives that were lost. This was a massacre. People were killed,” said Bond, who leads a #changethename campaign. “And this is just the proper way to truth-tell in order to get to healing. If you don’t rip the Band-Aid off, you never get to healing.”
The massacre remains “terrifying” to playwright Marlon Burnley, whose one-act play will be performed by the Out of Hand Theater company at September’s Equitable Dinners.
“The biggest through-line for me is the presence of fake news and just made-up stories and fearmongering. And I feel like that’s just a constant in our history,” Burnley said.
Williams gets a variety of reactions on his tours. For college students “it’s like discovering fire,” he says. Older Atlantans are surprised they never heard the details before. “People who have skin in the game in the city” — civic boosters and people who run non-profits or work in politics — often get squeamish, he says.
“When you talk about the history of what happened in 1906, a lot of that overlaps today,” Williams says. “And a lot of people just don’t like that. It really just doesn’t shine on Atlanta when we try to present ourselves to be a respected city on a hill.”
The violence doesn’t match the image many Black people have of Atlanta as a kind of Wakanda, the highly advanced mythical African nation of “Black Panther” fame, said Allison Bantimba, who co-founded the Fulton County Remembrance Coalition.
“I do think that restoring this history to public knowledge will make a difference,” Bantimba said. “The second we pull down the veil and acknowledge all of that, a lot of people will have to reorient themselves.”
___
Michael Warren is a member of the AP’s Race and Ethnicity team. | https://www.kark.com/news/national/atlantas-image-challenged-by-facts-of-1906-race-massacre/ | 2022-08-03T21:51:26Z | https://www.kark.com/news/national/atlantas-image-challenged-by-facts-of-1906-race-massacre/ | true |
LOS ANGELES (AP) — The Los Angeles City Council voted Tuesday to ban homeless encampments within 500 feet of schools and daycare centers during a meeting that was disrupted by protesters who said it criminalizes homelessness.
The council voted 11-3 to vastly broaden an existing ban on sitting, sleeping or camping that currently only applies to daycare centers and schools specified by the council. The vote, which applies to public and private schools, came after a previous vote last month failed to pass unanimously.
The meeting was recessed for about an hour before the vote after dozens of people became unruly, at one point chanting “shut it down!”
A second and final vote will still be needed next week.
About 750 public school sites are within the city limits, Los Angeles Unified School District officials told the Los Angeles Times, which said nearly 1,000 commercial day-care businesses are registered with the city. The next public school year starts on Aug. 15.
Los Angeles is among many cities struggling to deal with a surge in homelessness and large encampments scattered along sidewalks that have sparked public outcry.
Supporters of the blanket ban said homeless camps are a health and safety threat to schoolchildren, especially because of the disruptive presence of people with drug addictions or mental illness.
The camps “are unsafe and traumatic for students, families and staff as they enter school campuses,” Martha Alvarez, who is in charge of government relations for the school district, told the council.
Opponents, including homeless advocates, said the measure would further criminalize homelessness.
The ban comes as several hotels are set to end their involvement in the government’s Project Roomkey, which paid them to provide hundreds of rooms to unsheltered people. | https://www.kark.com/news/national/los-angeles-oks-sweeping-ban-on-homeless-camps-near-schools/ | 2022-08-03T21:51:33Z | https://www.kark.com/news/national/los-angeles-oks-sweeping-ban-on-homeless-camps-near-schools/ | false |
KINSHASA, Congo (AP) — Congo’s government has requested that the spokesman for the United Nations mission in Congo leave the country, saying he has made inappropriate statements amid demonstrations against the presence of the U.N. peacekeepers.
Foreign Minister Christophe Lutundula wrote to the U.N. mission, known as MONUSCO, saying he considers that the current tensions between the U.N. and the population are due to the indelicate and inopportune statements by U.N. Congo spokesman Mathias Gillman.
“The Congolese government considers that the presence of this official on the national territory is not likely to promote a climate of mutual trust and serenity so essential between the Congolese institutions and MONUSCO,” the statement said.
“The Congolese government would greatly appreciate if arrangements are made for Mr. Gillman to leave the territory as soon as possible.”
There was no immediate communication from the U.N. on the request.
The government did not point to specific statements made by Gillman, but in July during a press conference, he mentioned that MONUSCO and the Congolese army have limited means to deal with several fronts of attacks, in particular those by the M23 rebel group which has gained more weapons and is staging heavy attacks on civilians.
Congo’s government held a crisis meeting earlier this week to reassess the presence of United Nations peacekeepers after protests against the force in the country’s east killed at least 36 people and injured more than 170 others.
The government will also meet with the U.N. mission to discuss the possibilities for its withdrawal.
The U.N. force has already withdrawn from two provinces of Congo, Kasai and Tanganyika.
The statement from the foreign minister mentioned 2024 as the goal, saying that they wanted the spokesman removed to help “complete the transition plan for the end of its final withdrawal from Congo, by the horizon 2024, as agreed.”
The U.N. force in Congo, known as MONUSCO, has about 16,000 uniformed personnel but has not succeeded in stabilizing the country’s volatile east.
Congo’s mineral-rich east is home to myriad rebel groups. Security has worsened there despite a year of emergency operations by the armies of Congo and Uganda. Civilians in the east have also faced violence from jihadi rebels linked to the Islamic State group. Fighting has also escalated between Congolese troops and the M23 rebels, forcing nearly 200,000 people to flee their homes. | https://cw33.com/news/international/ap-international/congo-asks-un-mission-spokesman-to-leave-amid-unrest/ | 2022-08-03T21:54:42Z | https://cw33.com/news/international/ap-international/congo-asks-un-mission-spokesman-to-leave-amid-unrest/ | true |
MAYS LANDING — The John Brooks Recovery Center has received a $1 million grant from the state to purchase a mobile outreach vehicle.
The grant from the Division of Mental Health and Addiction Services is being funded through the Substance Abuse and Mental Health Services Administration’s State Opioid Response to Grants program awarded to the state in 2020, as well as federal funding from the Substance Abuse Treatment and Prevention block grant, according to a news release from the center.
The Brooks Center will use the funds to purchase a vehicle that will travel to locations of high need in Atlantic County and prescribe medication to people with substance use disorder and co-occurring mental illness, according to the center.
“This will enable us to target a specific population of individuals that do not have the means available to visit a brick-and-mortar treatment facility,” said Michael Santillo, CEO of the Brooks Center.
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The grant includes start-up funds in the amount of $300,000 for the Brooks Center to purchase the vehicle. When the initiative ends June 30, 2023, the vehicle will become the property of DMHAS, and the Brooks Center will have the option to continue operating the vehicle by renting it through the division for a nominal cost, according to the center.
“This initiative is designed to increase the community’s access to medications for substance use disorder and reduce opioid overdoses,” said Santillo. “The vehicle will be positioned in hotspots throughout Atlantic County where individuals are experiencing SUD/OUD, high rates of overdose and infectious disease and/or homelessness.”
The vehicle will offer medications such as buprenorphine, naloxone, naltrexone, methadone or acamprosate, as well as case management and recovery support services, according to the center. | https://pressofatlanticcity.com/news/local/brooks-center-gets-1-million-for-outreach-vehicle/article_22e01b2c-1368-11ed-b934-97c5f0e8027b.html | 2022-08-03T21:55:02Z | https://pressofatlanticcity.com/news/local/brooks-center-gets-1-million-for-outreach-vehicle/article_22e01b2c-1368-11ed-b934-97c5f0e8027b.html | true |
Which earbud brand is better?
Since true wireless earbuds went mainstream about six years ago, companies including Tozo and JBL have gone to great lengths to improve their audio quality and wireless connectivity. In fact, it’s great for consumers that longtime audio equipment manufacturers such as JBL are seeing good competition from upstart companies including Tozo.
The pros and cons between the two companies are pretty significant, and one of them is almost certain to offer Bluetooth earbuds that meet your needs. The most important things to pay attention to when deciding between them are price and advanced features such as noise canceling and Bluetooth codecs, or digital data-stream decoding.
Tozo earbuds
Tozo was formed in 2015 but took until 2017 to release its first true wireless earbuds. Since then, its various models haven’t broken major ground in terms of advanced technology, but they have delivered good wireless audio to the masses at a low price.
While many Tozo earbuds sound good and should last a while, the lowest-end options tend to underperform, even for the price. Never fear, though — the most popular Tozo earbuds rival many midrange options from better-known brands but don’t cost a fortune.
Tozo earbud pros
- Impressive price-to-performance ratio: It’s tough to beat the low cost of Tozo’s most popular earbuds. There are few alternatives with such a good track record at prices of $40 or less.
- Lightweight construction: Most Tozo earbuds are so light that you’ll barely feel them in your ears. This especially important feature helps keep them in the right place while you listen, which prevents the degraded sound quality and poor bass response that result from loose earbuds.
- Powerful water resistance: Some of the most worthwhile Tozo earbuds sport IPX6 water resistance, which means they’re even safe if you drop them in the water. But don’t expect to use them while swimming, since Bluetooth signals can’t penetrate liquid.
Tozo earbud cons
- Poor Bluetooth codec support: If you’re looking for something that delivers lossless-quality audio using the high-end Qualcomm aptX HD or Sony LDAC, look elsewhere. Few Tozo models offer them.
- They’re not meant for audiophiles: If terms such as high-end roll-off and total harmonic distortion mean anything to you, there’s a chance you won’t be satisfied with Tozo. They just can’t compete with the premium components and technologies the best models use.
- Somewhat chintzy feel: Tozo earbuds make noticeable compromises in the quality of materials used.
Best Tozo earbuds
While they won’t put you in absolute silence, these are just about the least expensive earbuds to offer active noise cancellation.
Sold by Amazon
These waterproof earbuds are great for any weather and sound far better than their low price would have you believe.
Sold by Amazon
Wireless in-ear headphones don’t get much smaller, lighter or less expensive than these.
Sold by Amazon
The drivers inside this midrange pair are larger than average, which helps with both low-end response and high-end accuracy.
Sold by Amazon
JBL earbuds
JBL has been a respected manufacturer of premium sound equipment for several decades. It was once part of the renowned Altec Lansing company and there’s a good chance that the last time you went to a live music show, you were listening to at least a few JBL speakers.
JBL’s studio and live performance equipment runs the gamut from budget-friendly to premium. When it comes to headphones, JBL sticks true to its high-end roots, delivering several excellent wireless earbuds with relatively high prices but also impressive feature sets.
JBL earbud pros
- Great sound quality: JBL does its best to deliver premium sound quality, and most of its earbuds hit the mark. They’re especially good for iPhone owners, who can take advantage of the high fidelity and efficiency of the AAC codec.
- Effective noise canceling: Some JBL models offer active noise canceling in addition to the passive isolation that earbuds are known for.
- Premium construction: The materials, seams and durability of JBL earbuds are nearly as good as they get.
- Above-average phone call performance: Many JBLs sport multi-microphone arrays that make it easy for your voice to be heard on the other end of a call.
JBL earbud cons
- Disappointing Android Bluetooth codec support: You’d expect JBL earbuds to support high-resolution codecs including aptX and LDAC, but interestingly, that’s not the case. Android users are stuck with AAC if they want to get better quality than the baseline SBC codec. While AAC sounds good, some Android phones don’t play nicely with it and will see notably increased battery drain.
- Relatively high cost: You’ll have to pay a decent amount for a good pair of JBLs. This is an especially important consideration if, like plenty of others, you have trouble keeping track of a pair of tiny in-ear headphone.
Best JBL earbuds
Boasting active noise canceling with an optional ambient mode, these midrange earbuds offer JBL’s best bang for the buck.
Sold by Amazon
This premium pair offers a battery life of over seven hours with active noise control enabled, but they also cost quite a bit.
Sold by Amazon
Shipped with four sizes of flared ear tips, these are some of the best-supported options for working out or other strenuous activities.
Sold by Amazon
A remarkably long battery life and dependable wireless connectivity make this pair one of the best choices in the $100 range.
Sold by Amazon
Thanks to their stem-style construction, they do an even better job of picking up your voice than JBL’s other offerings. They even offer built-in Alexa and Google Assistant support.
Sold by Amazon
Should you get Tozo or JBL earbuds?
Tozo and JBL each make great earbuds, but they’re meant for very different buyers. JBLs are known for their above-average sound quality and some for their powerful noise canceling. They’re engineered to satisfy demanding listeners, but most cost quite a bit.
On the other side of the coin, Tozo manufactures several good pairs of earbuds, and most cost relatively little. They don’t deliver the same high-resolution clarity of JBLs, but they’re perfect for music fans on a budget. They’re also a better choice if you tend to lose earbuds often, which isn’t hard to do. Some even boast reasonably effective noise canceling, although not at the level of more high-end brands.
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Chris Thomas writes for BestReviews. BestReviews has helped millions of consumers simplify their purchasing decisions, saving them time and money.
Copyright 2022 BestReviews, a Nexstar company. All rights reserved. | https://www.kark.com/reviews/tozo-vs-jbl-earbuds/ | 2022-08-03T21:55:22Z | https://www.kark.com/reviews/tozo-vs-jbl-earbuds/ | true |
Tuesday night’s initial ballot returns in the Aug. 2 primary carried lessons for Republicans and Democrats as they regroup for the fall general election. A look at four top takeaways:
No. 1: Beating Trump impeachment revenge
Reps. Jaime Herrera Beutler and Dan Newhouse may be those rarest of figures in the House of Representatives — Republicans who managed to survive their votes to impeach former President Donald Trump.
Of the 10 House Republicans who voted to impeach Trump over his incitement of the Jan. 6, 2021 Capitol attack, six have already announced their retirements or been rejected in primaries.
Last night, Rep. Peter Meijer of Michigan became the latest to fall, losing to Trump-backed challenger John Gibbs.
But in Washington, both Herrera Beutler and Newhouse were placing in the top two based on initial primary results.
Newhouse is leading with 27% of the vote in the 4th District of Central Washington, with Democrat Doug White in second place at 26%. That leaves Trump-endorsed challenger Loren Culp, at 22%, in danger of failing to advance.
Herrera Beutler was in second place, with about 24% of the vote, behind Democrat Marie Gluesenkamp Perez, at 32%. But Trump-endorsed challenger Joe Kent was in third place with 20%.
Neither incumbent is out of the woods yet, as hundreds of thousands of votes remain to be tallied.
So far, only one GOP impeacher, Rep. David Valdao of California, has managed to survive his primary. Rep. Liz Cheney of Wyoming has a primary later this month and is trailing badly in the polls.
No. 2: No red ripple in early returns
If Republicans were hoping to surf a red wave in Washington, they were left paddling in calm waters far from shore based on Tuesday night’s initial primary returns.
Across the state, Democratic candidates who Republicans hoped would appear vulnerable look stronger than expected.
A big caveat is that roughly half the ballots remain to be counted — and Republicans hope later ballots trend their way. Still, it’s hard to see Tuesday’s vote counts as anything but good news for Democrats.
At the top of the ticket in Washington, it was always going to be a stretch for Republican Tiffany Smiley to knock off five-term incumbent Sen. Patty Murray, a Democrat.
Murray had 54% of the election night vote, a whopping 22 percentage points ahead of Smiley. Even if Smiley were to consolidate every single vote won by the other 16 candidates, that wouldn’t be enough to put her ahead.
Likewise, the most vulnerable Democratic member of Congress in Washington is Rep. Kim Schrier, who represents the state’s one congressional swing district, bridging the King County suburbs with rural Chelan and Kittitas County.
Schrier held a commanding lead with 49.4% of the vote, to 16% for her nearest Republican opponent, businessman Matt Larkin.
Democratic state legislators targeted by Republicans also were also ahead in the early results. In the Kitsap Peninsula’s 26th Legislative District, Democratic state Sen. Emily Randall leads Republican challenger Rep. Jesse Young 53% to 43%. (Another 4% voted for a second Republican).
In East King County’s 5th Legislative District, Democratic state Rep. Lisa Callan was taking nearly 57% of the vote, compared with 43% for Republican challenger and former state representative Chad Magendanz.
No. 3: GOP shutout in secretary of state race?
Republicans had held the Washington secretary of state’s office for nearly 60 years when Secretary of State Kim Wyman stepped down last year to take a job in the Biden administration.
Gov. Jay Inslee appointed a Democrat to replace her. And now it looks possible that not only will Republicans lose the seat, the last statewide position they’d held in Washington, but they might not even have a candidate advance to the general election.
Democratic incumbent Steve Hobbs held a big election-night lead, but coming in second was nonpartisan candidate Julie Anderson, the Pierce County auditor. She held a very narrow lead over two Republicans, Snohomish County businessman Bob Hagglund and Skagit County state Sen. Keith Wagoner.
A Hobbs-Anderson matchup would set up an intriguing general election, with Anderson likely to win Republican votes and hoping to win enough independents and Democrats to make a race of it.
No. 4: Election denial meets election reality
Candidates who have trafficked in false election-fraud conspiracies were faring poorly in reality-based vote counts.
As mentioned, there is Culp, who still claims to have won the 2020 gubernatorial race he lost by over a half million votes, and who last weekend demanded a police investigation after the Yakima Herald Republic accidentally posted dummy election results on a test website. Prosecutors quickly dismissed his complaint.
In the race for secretary of state, Tamborine Borrelli, who leads a group that was fined $28,000 for making legally meritless claims of voter fraud, was garnering just 4% of the vote.
A trio of state legislative candidates running as “Election Integrity Party” also is getting creamed, including Amber Krabach, who helped organize a controversial effort to post signs around King County ballot boxes warning they were “under surveillance.” | https://www.seattletimes.com/seattle-news/politics/primary-takeaways-herrera-beutler-newhouse-may-become-rare-figures-in-surviving-trump-impeachment-vote/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news | 2022-08-03T21:55:41Z | https://www.seattletimes.com/seattle-news/politics/primary-takeaways-herrera-beutler-newhouse-may-become-rare-figures-in-surviving-trump-impeachment-vote/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news | false |
ROGERS, Ark. — Bikes, Blues & BBQ recently announced the live music lineup for the 2022 rally that will be taking place in Rogers at the beginning of October.
The 2022 Bikes, Blues & BBQ rally will be taking place Oct. 5-8 in Rogers after moving it from Fayetteville for the first time in over 20 years. The music acts will be performing at the Butterfield Stage at Railyard Live in Downtown Rogers.
The live music performance lineup for the 2022 rally goes as follows:
Thursday:
- 4 p.m.: Gary Hutchison
- 6 p.m.: The Swade Diablos
- 7:30 p.m.: Chris Cameron Band
- 9:15 p.m.: 90LB Wrench
Friday:
- 3 p.m.: Jon Dooly
- 5 p.m.: Green Acres Band
- 7 p.m.: The Juice
- 9 p.m.: Josh Hoyer & Soul Colossal
Saturday:
- 2 p.m.: Dooly Jon
- 4:30 p.m.: Earl and Them
- 6:30 p.m.: The ShotGunBillys
- 9 p.m.: Dead Metal Society
For more information about Bikes, Blues & BBQ, click here.
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To report a typo or grammatical error, please email KFSMDigitalTeam@tegna.com. | https://www.thv11.com/article/entertainment/events/bikes-blues-bbq-music-lineup/527-a4d43a9b-fd7e-4e22-9b76-75f605ff27b6 | 2022-08-03T21:56:22Z | https://www.thv11.com/article/entertainment/events/bikes-blues-bbq-music-lineup/527-a4d43a9b-fd7e-4e22-9b76-75f605ff27b6 | true |
Even now, several days removed from the curtain call that marked the end of Trey Mancini’s career as an Oriole at Camden Yards, he and his fiancee Sara Perlman get goose bumps thinking about it. The crowd chanted Mancini’s name, eager for a way to say goodbye to a player who’s known no other home in the big leagues.
Mancini, who had just hit an inside-the-park home run on July 28, which the club designated Mo Gaba Day, popped his head out of the dugout. He waved to Perlman. He waved to the rest of the fans clad in orange. And then he ducked back into the dugout, knowing that might have been the end of a decade-long tenure with the Orioles organization.
“I told him after, I felt like that almost had to be his last home game,” Perlman told The Baltimore Sun on Tuesday. “It almost felt too poetic. It was insane.”
For Mancini and Perlman, the emotions of that moment haven’t waned. Mancini was traded Monday to the Houston Astros, signaling Baltimore’s intentions to sell despite an above-.500 record entering Tuesday’s trade deadline. Perlman, with the couple’s dog, is flying to Texas this week to find housing and complete a move while Mancini acquaints himself with a new franchise.
But the couple is leaving behind the city where they met and grew as individuals and as a couple. And for all the excitement of what Houston might offer — with a postseason berth practically a lock and World Series aspirations, there’s plenty to be excited for — there’s still a hole where Baltimore fits.
It’s where they fell in love. It’s where Mancini fought and overcame stage 3 colon cancer. It’s where he became a fan favorite since his MLB debut in 2016.
“Baltimore’s just going to always be so special,” Mancini told The Sun on Tuesday. “My connection with the fans, my connection with the community, [Johns] Hopkins [Hospital] is there. And that’s where I met Sara. I spent a third of my life in the Orioles organization. That’s a long time. It’s still hard to put into words, but that’s the best I can do.”
Added Perlman: “I met Trey here. This city in itself holds a really special place in our hearts. Two, Johns Hopkins, arguably the most important aspect of this all. And also, when you go to Camden Yards, 50% of the stadium is wearing Mancini jerseys.”
Over the last month or so at Camden Yards, as the possibility of a Mancini trade grew, more and more fans approached Perlman in the stands. Some wanted hugs, or photos, or both. Others wanted to tell her how much Mancini’s journey through cancer — missing the 2020 season before a 2021 return that included a runner-up finish in the Home Run Derby and culminated with the American League Comeback Player of the Year Award — meant to them or their family.
Mancini’s influence went beyond the diamond, even as the 30-year-old’s .751 on-base plus slugging percentage made him an attractive option for several teams at the deadline.
“All of those things,” Perlman said, “are hard to have in a new city.”
When Mancini thinks back on his experience with the Orioles, his thoughts start with his first game for the Aberdeen IronBirds in 2013. An eighth-round pick out of Notre Dame, Mancini was impressed by how many fans in the crowd knew who he was. That never changed, with Mancini becoming the longest-tenured Oriole before Monday’s trade.
Playing here also held significance. Mancini’s mother lives in Bowie. His grandfather was an Orioles season ticket holder for two decades before his death. On the day he would’ve turned 79, Mancini homered in his Orioles debut.
The standing ovation he received after his final Oriole at-bat at Camden Yards felt like closure, he said.
“There’s not much else I can ask for,” said Mancini, who noted he’s leaving the organization on the “best terms imaginable.”
“I’m so lucky to have spent 10 years in the organization — an organization that I grew up watching and following,” Mancini continued. “It really was a dream come true for me to play for the Orioles.”
Mancini’s contract contains a mutual option for the 2023 season. It’s uncommon for the team and player to pick it up, which could mean Mancini becomes a free agent after the season. No matter what happens beyond 2022, Mancini and Perlman plan to remain connected to Baltimore.
Through the couple’s work with the Trey Mancini Foundation, and their connection to Mancini’s nurses and oncologist at Johns Hopkins, they’ll stay close to the city. When the Astros play the Orioles at Camden Yards in September, Perlman said one of the nurses plans to be at the game to cheer for Mancini.
But the immediate whirlwind for Mancini and Perlman is something they’ve never been through before. Mancini said goodbye to his Baltimore teammates, a group he felt “so thankful and lucky to be a part of.” And while he’s leaving a club on the cusp of a turnaround, that almost makes saying goodbye easier — “I know I’m leaving the Orioles in a really good spot.”
Then he reported to Houston, where the Astros are playing the Red Sox.
“When he comes back home to Houston — which sounds so weird out loud — I will hopefully have us moved in and set up for hopefully the next three months,” Perlman said.
It’s all different. It’s all new.
Baltimore meant so much to each of them — and even now that it’s in the rearview, their feelings for the city and its fans will never change.
“We’re both just really grateful,” Perlman said. “If Trey wasn’t drafted here and if I didn’t take a job here, we never would’ve met. Our lives probably would never have crossed paths. For so many reasons, we’re sad to leave but excited for the future.
“We will miss this city greatly. And truthfully, nothing but the most love for Baltimore and Maryland.”
() | https://www.bostonherald.com/2022/08/03/trey-mancini-fiancee-sara-perlman-say-goodbye-to-baltimore-it-really-was-a-dream-come-true-for-me-to-play-for-the-orioles/ | 2022-08-03T21:56:46Z | https://www.bostonherald.com/2022/08/03/trey-mancini-fiancee-sara-perlman-say-goodbye-to-baltimore-it-really-was-a-dream-come-true-for-me-to-play-for-the-orioles/ | true |
NEW YORK (AP) — The Justice Department filed suit Wednesday against Peter Navarro, claiming the former adviser to Donald Trump used an unofficial email account while working in the White House and wrongfully retained presidential records.
The lawsuit in federal court in Washington claims Navarro used at least one “non-official” email account — a ProtonMail account — to send and receive emails. The legal action comes just weeks after Navarro was indicted on criminal charges after refusing to cooperate with a congressional investigation into the Jan. 6, 2021, attack on the Capitol.
The civil cases alleges that by using the unofficial email account, Navarro failed to turn over presidential records to the National Archives and Records Administration.
The Justice Department is asking a federal judge for an order “authorizing the recovery of any Presidential records in the possession, custody, and/or control of Mr. Navarro.” The suit also seeks unspecified damages.
“Mr. Navarro is wrongfully retaining Presidential records that are the property of the United States, and which constitute part of the permanent historical record of the prior administration,” the suit states.
A lawyer representing Navarro in the criminal case did not immediately respond to a message seeking comment about the civil case. | https://cw33.com/news/politics/ap-politics/trump-ally-navarro-sued-for-alleged-unofficial-email-account/ | 2022-08-03T21:58:03Z | https://cw33.com/news/politics/ap-politics/trump-ally-navarro-sued-for-alleged-unofficial-email-account/ | true |
Major from New York recruited to serve as Brookings Police Chief
BROOKINGS, S.D. (Dakota News Now) - An experienced major has been recruited from New York to serve as the new police chief for the City of Brookings.
The City of Brookings announced in a press release that the new hire, Michael Drake, will start on Aug. 22 as the next City of Brookings Police Chief, pending all final background checks. Drake currently lives in Gardiner, New York, and has been with the New York State Police for the past 26 years and most recently as a major.
“I am extremely humbled to have been selected as the next Police Chief for the City of Brookings. It will be my honor to join such brave women and men of the police department and be part of an extraordinary group of dedicated city employees. My family and I are thrilled to be moving into a friendly community and we look forward to meeting and working with our new neighbors,” Drake said.
The City of Brookings hired Meliora to conduct the critical search. The process was very public and included engagement of the Police Department and the community through a multifaceted experience.
“I am thankful for everyone who participated in the process and made their voices heard. We are thoroughly excited for Michael and his family to join the community,” said the City Manager, Paul Briseno. “He will lead a department of employees who are dedicated to Brookings.”
Throughout the search, the City received many qualified applicants from across the nation. The hiring committee focused on the City’s core, organization, and community needs.
The first few months of Drake’s employment will be focused on establishing relationships and understanding the organization/community. His phone information is forthcoming, and his office location will be in the City of Brookings’ Police Department.
Copyright 2022 Dakota News Now. All rights reserved. | https://www.dakotanewsnow.com/2022/08/03/city-brookings-recruits-major-new-york-serve-police-chief/ | 2022-08-03T22:00:29Z | https://www.dakotanewsnow.com/2022/08/03/city-brookings-recruits-major-new-york-serve-police-chief/ | true |
Saurav Ghosal wins historic bronze medal in CWG squash
Birmingham August 04, 2022 02:15 ISTThe Indians were a bit shaky initially and ended up conceding the first game
Breaking a long-standing jinx, Saurav Ghosal on Wednesday claimed India's first ever singles medal in squash — a bronze — at the Commonwealth Games.
World No.15 Ghosal dominated the contest against England's James Willstrop from beginning to end, winning 11-6 11-1 11-4 in the bronze play-off.
It is Ghosal's second CWG medal, having won a mixed doubles silver with Dipika Pallikal in the 2018 Gold Coast edition.
The 35-year-old Ghosal proved too strong for his opponent as he outclassed the Englishman in all aspects of the game, from court coverage to placement of his shots.
Ghosal had lost the men's singles semi-final 3-0 (11-9 11-4 11-1) to New Zealand's Paul Coll.
Earlier in the day, the mixed doubles pair of veteran Joshna Chinappa and Harinder Pal Singh Sandhu progressed to the pre-quarterfinals.
The immensely experienced Chinappa and her partner Sandhu downed Sri Lanka's Yeheni Kuruppu and Ravindu Laksiri 8-11 11-4 11-3.
The Indians were a bit shaky initially and ended up conceding the first game.
However, they quickly turned things around and made a strong comeback to bag the next two games without breaking much sweat.
Sunayna Kuruvilla also defeated Fung-A-Fat of Guyana in the women's squash singles plate final.
Sunayna downed her Guyanese opponent 11-7 13-11 11-2 in what turned out to be a comfortable victory for the 23-year-old squash player. | https://www.thehindu.com/sport/saurav-ghosal-wins-historic-bronze-medal-in-cwg-squash/article65723338.ece/amp/ | 2022-08-03T22:00:40Z | https://www.thehindu.com/sport/saurav-ghosal-wins-historic-bronze-medal-in-cwg-squash/article65723338.ece/amp/ | false |
PINELLAS COUNTY, Fla — A man and woman were arrested and jailed following accusations of sexual activity with their pet dog.
The two were arrested on Tuesday, Aug. 2, according to a Pinellas County Sheriff's Office news release.
Christina Calello, 36, of Safety Harbor, is accused of willingly engaging in sexual activity with the dog on multiple occasions, the agency said in a statement. Deputies also learned that her ex-boyfriend, identified as 39-year-old Geoffrey Springer of Largo, would record the alleged sexual activity and store it on a flash drive.
Authorities say it went on for about eight years.
The pet dog was surrendered to sheriff's deputies and taken to a pet hospital for routine examination. There were no signs of visible injuries, the Pinellas County Sheriff's Office said.
Calello and Springer are charged with sexual activity involving animals. The two were booked into the Pinellas County Jail, each on a $5,000 bond, however, Calello has bounded out. | https://www.wtsp.com/article/news/crime/florida-couple-sexual-activity-dog/67-8419a41a-6dcd-4755-84de-03cdc1b8aa58 | 2022-08-03T22:00:49Z | https://www.wtsp.com/article/news/crime/florida-couple-sexual-activity-dog/67-8419a41a-6dcd-4755-84de-03cdc1b8aa58 | true |
Shareholder Returns Doubled, Highest Quarterly Cash Flow in Over a Decade
Highlights:
- Generated second quarter net earnings of $1.36 billion, Non-GAAP Cash Flow of $1.22 billion and Non-GAAP Free Cash Flow of $713 million
- Doubled shareholder returns from 25% to 50% of Non-GAAP Free Cash Flow after base dividends beginning in July 2022, one quarter sooner than previously planned
- Returned approximately $200 million to shareholders in the second quarter via share buybacks and base dividends; the Company expects to return approximately $389 million in the third quarter
- Redeemed the entire aggregate principal amount of its 2024 notes totaling approximately $1 billion
- Reduced Net Debt by $610 million during the quarter; Company expects to achieve its $3 billion Net Debt target before the end of the year
- Announced agreements to sell portions of its Uinta and Bakken assets in July for approximately $250 million before closing adjustments
- Delivered second quarter total production of 500 thousand barrels of oil equivalent per day ("MBOE/d"), at the high end of Company guidance; oil and condensate production averaged 175 thousand barrels per day ("Mbbls/d"), at the high end of Company guidance
DENVER, Aug. 3, 2022 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced its second quarter 2022 financial and operating results. The Company plans to hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) on August 4, 2022. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com.
"In the second quarter, we delivered our highest quarterly cash flow and free cash flow in over a decade – this result reflects the value we are generating with our culture of innovation, leading capital efficiency, top tier multi-basin portfolio and disciplined capital allocation," said Ovintiv President & CEO Brendan McCracken. "We are resolute in our goal to unlock value for our shareholders. We expect to deliver more than $1 billion to our shareholders in 2022 and assuming current strip pricing, we expect shareholder returns to more than double in 2023."
Second Quarter 2022 Financial and Operating Results
- The Company reported net earnings of $1.36 billion after-tax, or $5.21 per diluted share in the second quarter.
- Second quarter cash from operating activities was $1.34 billion, Non-GAAP Cash Flow was $1.22 billion and capital investment totaled $511 million, resulting in $713 million of Non-GAAP Free Cash Flow.
- Second quarter total production was 500 MBOE/d, including 175 Mbbls/d of oil and condensate, 87 Mbbls/d of other NGLs and 1,426 million cubic feet per day ("MMcf/d") of natural gas. Natural gas volumes were negatively impacted in the quarter due to higher Canadian royalty rates.
- Total Costs were $16.71 per barrel of oil equivalent ("BOE"). Per unit costs were higher in the quarter due to stronger commodity prices directly impacting commodity linked cost items.
- Excluding the impact of risk management losses, second quarter 2022 average realized prices were $107.16 per barrel for oil and condensate (99% of WTI), $37.03 per barrel for other NGLs (C2-C4) and $6.78 per thousand cubic feet ("Mcf") for natural gas (95% of NYMEX) resulting in a total average realized price of $63.36 per BOE.
2022 Guidance
Ovintiv's full year 2022 capital guidance is unchanged. Full year production volumes have been adjusted to include the impact of non-core asset sales which were announced in July, the impact of higher-than-expected Canadian royalty rates which reduce reported volumes and the impact of recent higher line pressures in third party midstream facilities in the Anadarko. The Company's Total Cost guidance has increased slightly due to the impact of higher-than-expected natural gas prices for the remainder of the year and additional downstream capacity contracted with third parties in the Montney and Permian plays. Ovintiv's third and fourth quarter and full year 2022 guidance is below. The guidance assumes commodity prices of $100/bbl for WTI oil and $8/Mcf for NYMEX natural gas for the remainder of the year.
Share Buyback Program
During the second quarter, Ovintiv purchased for cancellation, approximately 2.8 million shares of common stock outstanding for a total consideration of approximately $135 million. As of June 30, 2022, the Company had repurchased a total of approximately 7.6 million shares of common stock at an average price of $41.80 per share, for a total of $317 million since its share buyback program was announced in September of 2021.
Dividend Declared
On August 3, 2022, Ovintiv's Board declared a quarterly dividend of $0.25 per share of common stock payable on September 30, 2022, to shareholders of record as of September 15, 2022.
Increasing Direct Returns to Shareholders
In July 2022, Ovintiv increased its returns to shareholders from 25% to 50% of the previous quarter's Non-GAAP Free Cash Flow after base dividends through share buybacks. The remaining Non-GAAP Free Cash Flow will primarily be allocated to continued Net Debt reduction and property bolt-ons.
In the third quarter of 2022, the Company plans to deliver approximately $389 million to shareholders through its base dividend of approximately $64 million and share buybacks totalling approximately $325 million. The third quarter buyback program, at $325 million, exceeds the total dollars spent on buybacks since the Company's new capital allocation framework was announced in September of 2021.This will bring total direct shareholder returns to approximately $900 million over the 12-month period.
Continued Focus on Balance Sheet Strength and Debt Reduction
Ovintiv remains committed to reducing Net Debt. At the end of the second quarter, Ovintiv's Net Debt was approximately $3.9 billion and Net Debt to Adjusted EBITDA was 1.0 times. The Company expects to meet its $3 billion Net Debt target by the end of the year.
In June, the Company redeemed its $1,000 million, 5.625 percent senior notes due July 1, 2024, using cash on hand and proceeds from short term borrowings. Ovintiv paid approximately $1,072 million in cash including accrued and unpaid interest of $25 million and a one-time make-whole payment of $47 million. The redemption will result in approximately $55 million of annualized interest expense savings.
In addition, the Company repurchased a portion of its 6.5 percent senior notes due August 2034, its 6.5 percent senior notes due February 2038 and its 5.15 percent senior notes due in November 2041 in the open market. As of June 30, 2022, the aggregate cash payments related to the note repurchases were approximately $60 million, plus accrued interest.
As of June 30, 2022, the Company had $215 million of commercial paper outstanding and no outstanding balances under its revolving credit facilities.
Non-Core Asset Sales
In July 2022, Ovintiv announced it had reached agreements with two counterparties to sell portions of its assets located in the Uinta and Bakken basins for total proceeds of approximately $250 million before closing adjustments. As of April 2022, the combined volumes from the divested assets totaled approximately 5.0 MBOE/d, including 4.9 Mbbls/d of oil and condensate.
Asset Highlights
Permian
Permian production averaged 116 MBOE/d (79% liquids) in the second quarter. The Company averaged three gross rigs, drilled 16 net wells, and had 11 net wells turned in line (TIL).
The Company plans to spend $650 to $700 million in the basin in 2022.
Anadarko
Anadarko production averaged 128 MBOE/d (63% liquids) in the second quarter. The Company averaged three gross rigs, drilled 18 net wells, and had 15 net wells TIL.
The Company plans to spend $350 to $400 million in the basin in 2022.
Montney
Montney production averaged 198 MBOE/d (24% liquids) in the second quarter. The Company averaged three gross rigs, drilled 16 net wells and had 12 net wells TIL.
Ovintiv recently contracted for 245 billion British thermal units (BBTU) per day of incremental transport to the Chicago market beginning November 1st, 2022, for a term greater than 10 years. This additional transportation supplements the Company's existing market access to Eastern Canada, California, the Pacific Northwest, and the Midwest. Assuming production levels flat with the first half of 2022, the combination of market access arrangements and AECO basis hedges will result in approximately 80% to 85% of Ovintiv's Montney natural gas production to price outside the AECO market for the 2023 to 2025 period.
The Company plans to spend $300 to $350 million in the basin in 2022.
For additional information, please refer to the second quarter 2022 Results Presentation at: https://investor.ovintiv.com/presentations-events.
Conference Call Information
A conference call and webcast to discuss the Company's second quarter results will be held at 8:00 a.m. MT (10:00 a.m. ET) on August 4, 2022. To participate in the call, please dial 888-664-6383 (toll-free in North America) or 416-764-8650 (international) approximately 15 minutes prior to the conference call. The live audio webcast of the conference call, including slides and financial statements, will be available on Ovintiv's website, www.ovintiv.com under Investors/Presentations and Events. The webcast will be archived for approximately 90 days.
Refer to Note 1 Non-GAAP measures and the tables in this release for reconciliation to comparable GAAP financial measures.
Capital Investment and Production
Second Quarter 2022 Summary
Realized Pricing Summary
Total Costs
Debt to Adjusted Capitalization
Hedge Volumes as of June 30, 2022
Price Sensitivities for WTI Oil (1) ($MM)
Price Sensitivities for NYMEX Natural Gas (1) ($MM)
Important information
Unless otherwise noted, Ovintiv reports in U.S. dollars and production, sales and reserves estimates are reported on an after-royalties basis. Unless otherwise specified or the context otherwise requires, references to Ovintiv or to the Company includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.
NOTE 1: Non-GAAP measures
Certain measures in this news release do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the oil and gas industry and/or by Ovintiv to provide shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures, see the Company's website. This news release contains references to non-GAAP measures as follows:
- Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, net change in non-cash working capital and current tax on sale of assets.
- Non-GAAP Cash Flow Margin is a non-GAAP measure defined as Non-GAAP Cash Flow per BOE of production.
- Non-GAAP Free Cash Flow is a non-GAAP measure defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures.
- Non-GAAP Operating Earnings is a non-GAAP measure defined as net earnings excluding non-recurring or non-cash items that Management believes reduces the comparability of the Company's financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, restructuring charges, non-operating foreign exchange gains/losses, gains/losses on divestitures and gains on debt retirement. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes.
- Total Costs is a non-GAAP measure which includes the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive, restructuring and legal costs, and current expected credit losses. It is calculated as total operating expenses excluding non-upstream operating costs and non-cash items which include operating expenses from the Market Optimization and Corporate and Other segments, depreciation, depletion and amortization, impairments, accretion of asset retirement obligation, long-term incentive, restructuring and legal costs, and current expected credit losses. When presented on a per BOE basis, Total Costs is divided by production volumes. Management believes this measure is useful to the Company and its investors as a measure of operational efficiency across periods.
- Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents. Adjusted EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, DD&A, impairments, accretion of asset retirement obligation, interest, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Net Debt to Adjusted EBITDA is a non-GAAP measure monitored by management as an indicator of the Company's overall financial strength.
- Debt to Adjusted Capitalization is a non-GAAP measure which adjusts capitalization for historical ceiling test impairments that were recorded as at December 31, 2011. Management monitors Debt to Adjusted Capitalization as a proxy for the Company's financial covenant under the Credit Facilities which require debt to adjusted capitalization to be less than 60 percent. Adjusted Capitalization incudes debt, total shareholders' equity and an equity adjustment for cumulative historical ceiling test impairments recorded as at December 31, 2011 in conjunction with the Company's January 1, 2012 adoption of U.S. GAAP.
ADVISORY REGARDING OIL AND GAS INFORMATION – The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation. The term "liquids" is used to represent oil, NGLs and condensate. The term "condensate" refers to plant condensate.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company are forward-looking statements. When used in this news release, the use of words and phrases including "anticipates," "believes," "continue," "could," "estimates," "expects," "focused on," "forecast," "guidance," "intends," "maintain," "may," "opportunities," "outlook," "plans," "potential," "strategy," "targets," "will," "would" and other similar terminology is intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Readers are cautioned against unduly relying on forward-looking statements which, by their nature, involve numerous assumptions and are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause such statements not to occur, or actual results to differ materially and/or adversely from those expressed or implied. These assumptions include: future commodity prices and basis differentials; the ability of the Company to access credit facilities and shelf prospectuses; future foreign exchange rates; the Company's ability to capture and maintain gains in productivity and efficiency; data contained in key modeling statistics; availability of attractive commodity or financial hedges; benefits from technology and innovation; assumed tax, royalty and regulatory regimes; expectations and projections made in light of the Company's historical experience; and the other assumptions contained herein. Risks and uncertainties that may affect the Company's financial or operating performance include: market and commodity price volatility; uncertainties, costs and risks involved in our operations, including hazards and risks incidental to both the drilling and completion of wells and the production, transportation, marketing and sale of oil, NGL and natural gas; availability of equipment, services, resources and personnel required to perform the Company's operating activities; service or material cost inflation; our ability to generate sufficient cash flow to meet our obligations and reduce debt; the impact of a pandemic, epidemic or other widespread outbreak of an infectious disease (such as the ongoing COVID-19 pandemic) on commodity prices and the Company's operations; our ability to secure adequate transportation and storage for oil, NGL and natural gas; interruptions to oil, NGL and natural gas production; discretion of the Company's Board of Directors to declare and pay dividends; the timing and costs associated with drilling and completing wells; business interruption, property and casualty losses (including weather related losses) and the extent to which insurance covers any such losses; counterparty and credit risk; the actions of members of OPEC and other state-controlled oil companies with respect to oil, NGLs and natural gas production; the impact of changes in our credit rating and access to liquidity; changes in political or economic conditions in the United States and Canada; risks associated with technology, including electronic, cyber and physical security breaches; changes in royalty, tax, environmental, GHG, carbon, accounting and other laws or regulations or the interpretations thereof; our ability to timely obtain environmental or other necessary government permits or approvals; risks associated with existing and potential lawsuits and regulatory actions; risks related to the purported causes and impact of climate change; the impact of disputes arising with our partners; the Company's ability to acquire or find additional oil and natural gas reserves; imprecision of oil and natural gas reserves estimates and estimates of recoverable quantities; risks associated with past and future acquisitions or divestitures; our ability to repurchase the Company's outstanding shares of common stock; the existence of alternative uses for the Company's cash resources which may be superior to the payment of dividends or share repurchases; land, legal, regulatory and ownership complexities inherent in the U.S., Canada; failure to achieve or maintain our cost and efficiency initiatives; risks and uncertainties described in Item 1A. Risk Factors of the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q; and other risks and uncertainties impacting the Company's business as described from time to time in the Company's periodic filings with the SEC or Canadian securities regulators.
Further information on Ovintiv Inc. is available on the Company's website, www.ovintiv.com, or by contacting:
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Company Raises Full Year Revenue and Profitability Guidance
CENTENNIAL, Colo., Aug. 3, 2022 /PRNewswire/ -- DHI Group, Inc. (NYSE: DHX) ("DHI" or the "Company") today announced financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Financial Highlights(1)(2)
- Total revenue was $37.1 million, up 29% year over year.
- Total bookings were $35.3 million, up 27% year over year.
- Income from continuing operations was $1.5 million, or $0.03 per diluted share, compared to a loss from continuing operations of $0.2 million, or $0.00 per diluted share in the year-ago quarter.
- Net income was $1.5 million, or $0.03 per diluted share, a net income margin of 4%, compared to a net loss of $30.2 million, or $0.64 per diluted share, a negative net income margin of 105%, in the year-ago quarter. Adjusted Diluted Earnings Per Share for the quarter was $0.01 versus $0.02 in the year-ago quarter.
- Adjusted EBITDA was $7.8 million, an Adjusted EBITDA Margin of 21%, compared to $7.1 million and 25% in the year-ago quarter.
- Cash flow from operations was $10.2 million.
- Cash was $3.6 million and total debt was $30 million at quarter end.
Commenting on the quarter, Art Zeile, President and CEO of DHI Group, Inc., said:
"We are pleased to report another quarter of strong revenue growth as more employers are using our subscription-based offering to find, attract, engage and hire the highest quality tech professionals. Dice bookings continued to grow across all Dice teams, increasing 27% year over year, while revenue grew 30% year over year. Dice added 137 net new customers during the quarter and its revenue renewal rate remained strong at 99%. Similarly, ClearanceJobs performed extremely well in the second quarter with bookings growth of 27% and revenue growth of 26%, and a 99% revenue renewal rate. ClearanceJobs also added 48 net new customers during the quarter.
During the second quarter, according to CompTIA, U.S. employers posted 1.6 million tech jobs, 60% more than a year earlier and up 38% from the first quarter. Even in this difficult macro-environment this growing demand for technologists showed no signs of slowing down as U.S. employers posted over 500,000 open tech jobs in June 2022, up more than 62% year over year. With the significant supply-demand gap created by the increasing need for technologists and their record low unemployment rate, more employers need access to our growing community of tech candidates, and our sophisticated tool set, to find, attract, engage and hire the highest quality tech professionals. We believe the total addressable market for our subscription-based offering is large and we are just scratching the surface in selling our offering to employers as open tech job postings reach record levels."
Financial Guidance
"Based on our continued strong bookings growth, we expect third quarter total revenue to be in the range of $37 million to $38 million, representing growth of between 20% and 23% year over year," commented Kevin Bostick, CFO of DHI Group, Inc. "For the full year 2022, we are increasing our expected total revenue range to $145 million to $147 million from our previous range of $144 million to $146 million, representing growth of between 21% and 23% year over year. We will continue to operate the business to Adjusted EBITDA margins at or near 20% throughout 2022 as we continue to balance our strong financial performance with increased sales and marketing investment to drive continued double-digit revenue growth. We expect net income margins to be nominal for the third quarter and full year 2022."
Conference Call Information
Art Zeile, President and Chief Executive Officer, and Kevin Bostick, Chief Financial Officer, will host a conference call today, August 3, 2022, at 5:00 p.m. Eastern Time to discuss the Company's financial results and recent developments.
The call can be accessed by dialing 844-890-1790 (in the U.S.) or 412-380-7407 (outside the U.S.). Please ask to be placed into the DHI Group, Inc. call. A live webcast of the call will simultaneously be available through the Investor Relations section of the Company's website, https://www.dhigroupinc.com, and available for replay after the call ends.
About DHI Group, Inc.
DHI Group, Inc (NYSE: DHX) is a provider of AI-powered career marketplaces that focus on technology roles. DHI's two brands, Dice and ClearanceJobs, enable recruiters and hiring managers to efficiently search for and connect with highly skilled technologists based on the skills requested. The Company's patented algorithm manages over 100,000 unique technology skills. Additionally, our marketplaces allow technology professionals to find their ideal next career opportunity, with relevant advice and personalized insights. Learn more at www.dhigroupinc.com.
Investor Contact
Todd Kehrli or Jim Byers
MKR Investor Relations, Inc.
212-448-4181
ir@dhigroupinc.com
Media Contact
Rachel Ceccarelli
VP of Engagement
212-448-8288
media@dhigroupinc.com
Notes Regarding the Use of Non-GAAP Financial Measures
The Company has provided certain non-GAAP financial information as additional information for its operating results. These measures are not in accordance with, or alternatives to, measures in accordance with generally accepted accounting principles in the United States ("GAAP") and may be different from similarly titled non-GAAP measures reported by other companies. The Company believes that its presentation of non-GAAP measures, such as Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted Earnings Per Share provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. In addition, the Company's management uses these measures for reviewing the financial results of the Company and for budgeting and planning purposes. The non-GAAP measures apply to consolidated results or other measures as shown within this document. The Company has provided required reconciliations to the most comparable GAAP measures elsewhere in the document.
Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share is a non-GAAP performance measure that is useful to investors and management in understanding our ongoing operations and in the analysis of operating trends. Adjusted Diluted Earnings Per Share is computed as diluted earnings per share plus or minus the impacts of certain non-cash and other items, including non-cash impairments, costs related to reorganizing the Company, including severance and related costs, gains or losses from the sale of businesses, discontinued operations, or investments, and discrete tax items.
Adjusted Diluted Earnings Per Share is not a measurement of our financial performance under GAAP and should not be considered as an alternative to diluted earnings per share, net income, or any other performance measures derived in accordance with GAAP as a measure of our profitability.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures used by management to measure operating performance. Management uses Adjusted EBITDA and Adjusted EBITDA Margin as performance measures for internal monitoring and planning, including preparation of annual budgets, analyzing investment decisions and evaluating profitability and performance comparisons between us and our competitors. The Company also uses these measures to calculate amounts of performance based compensation under the senior management incentive bonus program. Adjusted EBITDA represents net income plus (to the extent deducted in calculating such net income) interest expense, income tax expense, depreciation and amortization, non-cash stock-based compensation, losses resulting from certain dispositions outside the ordinary course of business including prior negative operating results of those divested businesses, certain write-offs in connection with indebtedness, impairment charges with respect to long-lived assets, expenses incurred in connection with an equity offering or any other offering of securities by the Company, extraordinary or non-recurring non-cash expenses or losses, losses from equity method investments, transaction costs in connection with the credit agreement, deferred revenues written off in connection with acquisition purchase accounting adjustments, write-off of non-cash stock-based compensation expense, severance and retention costs related to dispositions and reorganizations of the Company, and losses related to legal claims and fees that are unusual in nature or infrequent, minus (to the extent included in calculating such net income) non-cash income or gains, including income from equity method investments, interest income, business interruption insurance proceeds, and any income or gain resulting from certain dispositions outside the ordinary course of business, including prior positive operating results of those divested businesses, and gains related to legal claims that are unusual in nature or infrequent.
Adjusted EBITDA Margin is computed as Adjusted EBITDA divided by Revenues.
We also consider Adjusted EBITDA and Adjusted EBITDA Margin, as defined, to be important indicators to investors because they provide information related to our ability to provide cash flows to meet future debt service, capital expenditures, working capital requirements, and to fund future growth. We present Adjusted EBITDA and Adjusted EBITDA Margin as supplemental performance measures because we believe that these measures provide our board of directors, management and investors with additional information to measure our performance, provide comparisons from period to period by excluding potential differences caused by variations in capital structures (affecting interest expense) and tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), and to estimate our value.
We understand that although Adjusted EBITDA and Adjusted EBITDA Margin are frequently used by securities analysts, lenders and others in their evaluation of companies, Adjusted EBITDA and Adjusted EBITDA Margin have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our liquidity or results as reported under GAAP. Some limitations are:
- Adjusted EBITDA and Adjusted EBITDA Margin do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
- Adjusted EBITDA and Adjusted EBITDA Margin do not reflect changes in, or cash requirements for, our working capital needs;
- Adjusted EBITDA and Adjusted EBITDA Margin do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect any cash requirements for such replacements; and
- Other companies in our industry may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently than we do, limiting their usefulness as comparative measures.
To compensate for these limitations, management evaluates our liquidity by considering the economic effect of excluded expense items independently, as well as in connection with its analysis of cash flows from operations and through the use of other financial measures, such as capital expenditure budget variances, investment spending levels and return on capital analysis.
Adjusted EBITDA and Adjusted EBITDA Margin are not measurements of our financial performance under GAAP and should not be considered as an alternative to revenue, net income, net income margin, operating income, cash provided by operating activities, or any other performance measures derived in accordance with GAAP as a measure of our profitability or liquidity.
Forward-Looking Statements
This press release and oral statements made from time to time by our representatives contain forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include, without limitation, information concerning our possible or assumed future results of operations. These statements often include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to execute our tech-focused strategy, competition from existing and future competitors in the highly competitive markets in which we operate, failure to adapt our business model to keep pace with rapid changes in the recruiting and career services business, failure to maintain and develop our reputation and brand recognition, failure to increase or maintain the number of customers who purchase recruitment packages, cyclicality or downturns in the economy or industries we serve, the potential impact of COVID-19 on our operations and financial results, uncertainty in respect to the regulation of data protection and data privacy, failure to attract qualified professionals to our websites or grow the number of qualified professionals who use our websites, failure to successfully identify or integrate acquisitions, U.S. and foreign government regulation of the Internet and taxation, our ability to borrow funds under our revolving credit facility or refinance our indebtedness and restrictions on our current and future operations under such indebtedness. These factors and others are discussed in more detail in the Company's filings with the Securities and Exchange Commission, all of which are available on the Investors page of our website at www.dhigroupinc.com, including the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings under the headings "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." You should keep in mind that any forward-looking statement made by the Company or its representatives herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect us. We have no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.
Supplemental Information and Non-GAAP Reconciliations
On the pages that follow, the Company has provided certain supplemental information that we believe will assist the reader in assessing our business operations and performance, including certain non-GAAP financial information and required reconciliations to the most comparable GAAP measure. A statement of operations and statement of cash flows for the three and six month periods ended June 30, 2022 and 2021 and balance sheets as of June 30, 2022 and December 31, 2021 are provided elsewhere in this press release.
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DALLAS, Aug. 3, 2022 /PRNewswire/ -- EnLink Midstream, LLC (NYSE: ENLC) (EnLink) reported financial results for the second quarter of 2022 and raised full-year 2022 guidance.
Highlights
- Reported net income of $123.9 million, net cash provided by operating activities of $174.9 million, and adjusted EBITDA, net to EnLink, of $299.7 million for the second quarter of 2022, driven by robust producer activity and strong commodity prices.
- Grew adjusted EBITDA 16% compared to the second quarter of 2021 and achieved the highest second quarter adjusted EBITDA result in EnLink's history.
- Delivered $67.5 million of free cash flow after distributions (FCFAD) for the second quarter of 2022, driven by strong operating results.
- Repurchased $52 million of common units in the second quarter of 2022 bringing the total in the first half of 2022 to $75 million.1
- Exited the second quarter of 2022 with leverage at 3.5x.
- On July 1, 2022, EnLink acquired the North Texas gathering and processing assets of Crestwood Equity Partners LP. The $275 million purchase price represents attractive economics of approximately 4x 2023 EBITDA and a high teens unlevered return, driven by operational synergies and planned redeployment of approximately $50 million of assets, with future additional asset redeployment opportunities available.
- Taking into account the robust second quarter results, closing of the North Texas acquisition and the supportive commodity price environment, EnLink is raising its full-year 2022 guidance. EnLink now expects to report full-year 2022 net income of $390 million to $430 million and adjusted EBITDA of $1.25 billion to $1.29 billion. The midpoint of the adjusted EBITDA guidance range represents an increase of 10% over the initial 2022 guidance midpoint and implies 21% growth over full-year 2021.
- Based on current producer activity and plans, EnLink expects a significant increase in volumes in 2023. As a result of producer plans, EnLink expects to spend $300 million to $330 million on growth capital projects in 2022. These projects leverage existing infrastructure and have high expected returns and quick paybacks. EnLink also expects to make $65 million to $75 million in investment contributions to the Matterhorn Express Pipeline joint venture, which is also an attractive fee-based project.
- Even with increased investment levels, EnLink expects to generate $285 million to $315 million in FCFAD. At the midpoint, this result would represent the third consecutive year of FCFAD of at least $300 million.
- As a result of the improved financial position and outlook, EnLink plans to continue to increase the return of capital to common unitholders from FCFAD in 2022 to $150 million to $200 million.
"I'm pleased to report that EnLink achieved the highest second quarter adjusted EBITDA result in the company's history and overall excellent financial results, driven by robust producer activity and favorable commodity prices. With the strong first half results, continued positive market fundamentals, and the small contribution from our recent North Texas acquisition, we have raised 2022 adjusted EBITDA guidance range midpoint to $1.27 billion, representing an increase of 10% over the initial 2022 guidance midpoint and 21% growth over 2021 adjusted EBITDA," EnLink Chief Executive Officer Jesse Arenivas said. "In my short time at EnLink, I have witnessed the team's commitment to operational excellence and financial discipline, both of which have put us in a position to invest in excellent growth projects, while increasing the return of capital to common unitholders.
"I am also very excited about the progress our team is making to utilize our extensive, in-ground pipeline network to become the CO2 transportation provider of choice in Louisiana's industrial Mississippi River corridor."
Adjusted EBITDA, free cash flow after distributions, and segment cash flow used in this press release are non-GAAP measures and are explained in greater detail under "Non-GAAP Financial Information" below.
Second Quarter 2022 Financial Results and Highlights
2022 Financial Guidance Update
Second Quarter 2022 Segment Updates
Permian Basin:
- Segment profit for the second quarter of 2022 was $112.1 million. Segment profit included $9.4 million of operating expenses related to plant relocation and $12.5 million of unrealized derivative gains. Excluding plant relocation operating expenses and unrealized derivative activity, segment profit in the second quarter of 2022 grew approximately 24% sequentially and 76% over the prior year quarter.
- Segment cash flow totaled $77.4 million for the second quarter of 2022, marking the eighth consecutive quarter of positive segment cash flow.
- Average natural gas gathering volumes for the second quarter of 2022 were approximately 11% higher compared to the first quarter of 2022 and approximately 46% higher compared to the second quarter of 2021. Average natural gas processing volumes for the second quarter of 2022 increased approximately 14% compared to the prior quarter and 49% compared to the second quarter of 2021. EnLink continues to benefit from strong producer drilling activity and the start of operations of the War Horse and Tiger plants in the fourth quarter of 2021.
- Average crude gathering volumes for the second quarter of 2022 were approximately 16% higher compared to the first quarter of 2022 and 44% higher compared to the second quarter of 2021. Increased drilling activity drove the increase sequentially and year-over-year.
- EnLink continues to meet growing customer needs through a capital efficient approach. Project Phantom remains on schedule to come on line in the fourth quarter of 2022. Unlike a new-build project, the project involves low sourcing and inflation risks.
Louisiana:
- Segment profit for the second quarter of 2022 was $89.0 million, including unrealized derivative gains of $11.8 million. Excluding unrealized derivative activity, segment profit in the second quarter of 2022 decreased approximately $18.9 million sequentially, mainly driven by normal seasonal activity in the natural gas liquids (NGLs) segment, and was relatively flat compared to the prior year period.
- Segment cash flow for the second quarter of 2022 was $82.7 million, and Louisiana is expected to continue generating strong segment cash flow for the remainder of 2022.
- Average natural gas transportation volumes for the second quarter of 2022 were approximately 8% higher compared to the first quarter of 2022 and approximately 26% higher compared to the second quarter of 2021.
- NGL fractionation volumes for the second quarter of 2022 were approximately 2% lower compared to the first quarter of 2022 and approximately 2% higher compared to the second quarter of 2021.
- Average crude volumes handled in EnLink's Ohio River Valley operations for the second quarter of 2022 were higher by approximately 16% compared to the second quarter of 2021 due to higher levels of activity in the region.
Oklahoma:
- Segment profit for the second quarter of 2022 was $98.6 million. Segment profit included $1.7 million of operating expenses related to plant relocation expenses and unrealized derivative gains of $8.2 million. Excluding plant relocation expenses and unrealized derivative activity, segment profit in the second quarter decreased approximately 3% sequentially and grew 1% over the prior year period.
- Segment cash flow for the second quarter of 2022 was $87.1 million.
- Average natural gas gathering volumes for the second quarter of 2022 were approximately 2% higher compared to the first quarter of 2022, and flat when compared to second quarter of 2021.
- Average natural gas processing volumes for the second quarter of 2022 increased by approximately 2% when compared to the first quarter of 2022 and were 1% higher when compared to second quarter of 2021.
- Average crude gathering volumes during the second quarter of 2022 were approximately 10% lower compared to the first quarter of 2022.
- The Devon Energy Corp. and Dow Inc. joint venture's development plan continues to progress as expected, operating four rigs during the second quarter of 2022.
- Producer activity continues to support robust cash flow generation in full-year 2022. Based on producer plans, EnLink anticipates that Oklahoma has reached a point of inflection with meaningful volume growth expected in 2023.
North Texas:
- Segment profit for the second quarter of 2022 was $66.9 million, including unrealized derivative gains of $2.8 million. Excluding unrealized derivative activity segment profit in the second quarter grew approximately 8% sequentially and 8% over the prior year period.
- Segment cash flow for the second quarter of 2022 was $58.8 million.
- Average natural gas gathering and transportation volumes for the second quarter of 2022 were approximately 5% higher compared to the first quarter of 2022 and 4% higher than the second quarter of 2021.
- Average natural gas processing volumes for the second quarter of 2022 were 8% higher when compared to the first quarter of 2022 and 5% higher compared to the second quarter of 2021.
- EnLink's largest customer in North Texas, BKV, continues their refrac program that commenced last year. Earlier this year, BKV commenced a drilling program with the first new wells scheduled to come online in the third quarter.
Second Quarter 2022 Earnings Call Details
EnLink will hold a conference call to discuss second quarter 2022 results on August 4, 2022, at 8 a.m. Central time (9 a.m. Eastern time). The dial-in number for the call is 1-855-656-0924. Callers outside the United States should dial 1-412-542-4172. Participants can also preregister for the conference call by navigating to https://dpregister.com/sreg/10167837/f3259c04c7 where they will receive dial-in information upon completion of preregistration. Interested parties can access an archived replay of the call on the Investors' page of EnLink's website at www.EnLink.com.
About the EnLink Midstream Companies
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, NGL capabilities, and carbon capture, transportation, and sequestration. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drive competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.
Non-GAAP Financial Information
This press release contains non-generally accepted accounting principles financial measures that we refer to as adjusted EBITDA, free cash flow after distributions (FCFAD), and segment cash flow.
We define adjusted EBITDA as net income (loss) plus (less) interest expense, net of interest income; depreciation and amortization; impairments; (income) loss from unconsolidated affiliate investments; distributions from unconsolidated affiliate investments; (gain) loss on disposition of assets; (gain) loss on extinguishment of debt; unit-based compensation; income tax expense (benefit); unrealized (gain) loss on commodity swaps; costs associated with the relocation of processing facilities; accretion expense associated with asset retirement obligations; transaction costs; non-cash expense related to changes in the fair value of contingent consideration; (non-cash rent); and (non-controlling interest share of adjusted EBITDA from joint ventures).
We define free cash flow after distributions as adjusted EBITDA, net to ENLC, plus (less) (growth and maintenance capital expenditures, excluding capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities); (interest expense, net of interest income); (distributions declared on common units); (accrued cash distributions on Series B Preferred Units and Series C Preferred Units paid or expected to be paid); (costs associated with the relocation of processing facilities); non-cash interest (income)/expense; (contributions to investment in unconsolidated affiliates); (payments to terminate interest rate swaps); (current income taxes); and proceeds from the sale of equipment and land.
We define segment cash flow as segment profit less growth and maintenance capital expenditures, which are gross to EnLink prior to giving effect to the contributions by other entities related to the non-controlling interest share of our consolidated entities.
EnLink believes these measures are useful to investors because they may provide users of this financial information with meaningful comparisons between current results and previously-reported results and a meaningful measure of the company's cash flow after it has satisfied the capital and related requirements of its operations. In addition, adjusted EBITDA and free cash flow after distributions are both used as metrics in our short-term incentive program for compensating employees.
Adjusted EBITDA, free cash flow after distributions, and segment cash flow, as defined above, are not measures of financial performance or liquidity under GAAP. They should not be considered in isolation or as an indicator of EnLink's performance. Furthermore, they should not be seen as a substitute for metrics prepared in accordance with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures are included in the following tables. See ENLC's filings with the Securities and Exchange Commission for more information.
Other definitions and explanations of terms used in this press release:
Segment profit (loss) is defined as revenues, less cost of sales (exclusive of operating expenses and depreciation and amortization), less operating expenses. Segment profit (loss) includes non-cash compensation expenses reflected in operating expenses. See "Item 8. Financial Statements and Supplementary Data - Note 15 - Segment Information" in ENLC's Annual Report on Form 10-K for the year ended December 31, 2021, and, when available, "Item 1. Financial Statements - Note 13—Segment Information" in ENLC's Quarterly Report on Form 10-Q for the three months ended June 30, 2022, for further information about segment profit (loss).
The Ascension JV is a joint venture between a subsidiary of EnLink and a subsidiary of Marathon Petroleum Corporation in which EnLink owns a 50% interest and Marathon Petroleum Corporation owns a 50% interest. The Ascension JV, which began operations in April 2017, owns an NGL pipeline that connects EnLink's Riverside fractionator to Marathon Petroleum Corporation's Garyville refinery.
The Delaware Basin JV is a joint venture between EnLink and an affiliate of NGP Natural Resources XI, L.P. ("NGP") in which EnLink owns a 50.1% interest and NGP owns a 49.9% interest. The Delaware Basin JV, which was formed in August 2016, owns the Lobo processing facilities and the Tiger processing plant located in the Delaware Basin in Texas.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions and expectations of our management, the matters addressed herein involve certain assumptions, risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially from those indicated herein. Therefore, you should not rely on any of these forward-looking statements. All statements, other than statements of historical fact, included in this press release constitute forward-looking statements, including but not limited to statements identified by the words "forecast," "may," "believe," "will," "should," "plan," "predict," "anticipate," "intend," "estimate," "expect," "continue," and similar expressions. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, expected financial and operations results associated with certain projects, acquisitions, or growth capital expenditures, future operational results of our customers, results in certain basins, future results or growth of our CCS business; future cost savings or operational, environmental and climate change initiatives, profitability, financial or leverage metrics, the impact of weather-related events such as Winter Storm Uri on us and our financial results and operations, the impact of any customer billing disputes and litigation arising out of Winter Storm Uri, future expectations regarding sustainability initiatives, our future capital structure and credit ratings, the impact of the COVID-19 pandemic or variants thereof on us and our financial results and operations, objectives, strategies, expectations, and intentions, and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect our financial condition, results of operations, or cash flows include, without limitation (a) the impact of the ongoing coronavirus (COVID-19) pandemic, including the impact of the emergence of any new variants of the virus on our business, financial condition, and results of operations, (b) potential conflicts of interest of Global Infrastructure Partners ("GIP") with us and the potential for GIP to compete with us or favor GIP's own interests to the detriment of our other unitholders, (c) adverse developments in the midstream business that may reduce our ability to make distributions, (d) competition for crude oil, condensate, natural gas, and NGL supplies and any decrease in the availability of such commodities, (e) decreases in the volumes that we gather, process, fractionate, or transport, (i) our ability or our customers' ability to receive or renew required government or third party permits and other approvals, (j) increased federal, state, and local legislation, and regulatory initiatives, as well as government reviews relating to hydraulic fracturing resulting in increased costs and reductions or delays in natural gas production by our customers, (k) climate change legislation and regulatory initiatives resulting in increased operating costs and reduced demand for the natural gas and NGL services we provide, (l) changes in the availability and cost of capital, including as a result of a change in our credit rating, (m) volatile prices and market demand for crude oil, condensate, natural gas, and NGLs that are beyond our control, (n) our debt levels could limit our flexibility and adversely affect our financial health or limit our flexibility to obtain financing and to pursue other business opportunities, (o) operating hazards, natural disasters, weather-related issues or delays, casualty losses, and other matters beyond our control, (p) reductions in demand for NGL products by the petrochemical, refining, or other industries or by the fuel markets, (q) our dependence on significant customers for a substantial portion of the natural gas and crude that we gather, process, and transport, (r) construction risks in our major development projects, (s) challenges we may face in connection with our strategy to enter into new lines of business related to the energy transition, (t) impairments to goodwill, long-lived assets and equity method investments, and (u) the effects of existing and future laws and governmental regulations, and other uncertainties. These and other applicable uncertainties, factors, and risks are described more fully in EnLink Midstream, LLC's and EnLink Midstream Partners, LP's filings with the Securities and Exchange Commission, including EnLink Midstream, LLC's and EnLink Midstream Partners, LP's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Neither EnLink Midstream, LLC nor EnLink Midstream Partners, LP assumes any obligation to update any forward-looking statements.
The EnLink management team based the forecasted financial information included herein on certain information and assumptions, including, among others, the producer budgets / forecasts to which EnLink has access as of the date of this press release and the projects / opportunities expected to require capital expenditures as of the date of this press release. The assumptions, information, and estimates underlying the forecasted financial information included in the guidance information in this press release are inherently uncertain and, though considered reasonable by the EnLink management team as of the date of its preparation, are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the forecasted financial information. Accordingly, there can be no assurance that the forecasted results are indicative of EnLink's future performance or that actual results will not differ materially from those presented in the forecasted financial information. Inclusion of the forecasted financial information in this press release should not be regarded as a representation by any person that the results contained in the forecasted financial information will be achieved.
EnLink does not provide a reconciliation of forward-looking net cash provided by operating activities to adjusted EBITDA because the Company is unable to predict with reasonable certainty changes in working capital, which may impact cash provided or used during the year. Working capital includes accounts receivable, accounts payable, and other current assets and liabilities. These items are uncertain and depend on various factors outside the Company's control.
EnLink does not provide a reconciliation of forward-looking net cash provided by operating activities to adjusted EBITDA because the Company is unable to predict with reasonable certainty changes in working capital, which may impact cash provided or used during the year. Working capital includes accounts receivable, accounts payable, and other current assets and liabilities. These items are uncertain and depend on various factors outside the Company's control.
Investor Relations: Brian Brungardt, Director of Investor Relations, 214-721-9353, brian.brungardt@enlink.com
Media Relations: Megan Wright, Director of Corporate Communications, 214-721-9694, megan.wright@enlink.com
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SOURCE EnLink Midstream, LLC | https://www.dakotanewsnow.com/prnewswire/2022/08/03/enlink-midstream-reports-second-quarter-2022-results-increases-2022-guidance/ | 2022-08-03T22:03:43Z | https://www.dakotanewsnow.com/prnewswire/2022/08/03/enlink-midstream-reports-second-quarter-2022-results-increases-2022-guidance/ | true |
Many communities are still rebuilding after wildfires in recent years, but few states require homes to be built with wildfire-resistant materials. A new study shows it's not as expensive as some say.
Copyright 2022 NPR
Many communities are still rebuilding after wildfires in recent years, but few states require homes to be built with wildfire-resistant materials. A new study shows it's not as expensive as some say.
Copyright 2022 NPR | https://www.nepm.org/national-world-news/national-world-news/2022-08-03/building-wildfire-resistant-homes-can-be-affordable-new-study-shows | 2022-08-03T22:04:04Z | https://www.nepm.org/national-world-news/national-world-news/2022-08-03/building-wildfire-resistant-homes-can-be-affordable-new-study-shows | false |
(The Hill) – Senate Minority Leader Mitch McConnell (R-Ky.) on Wednesday spoke in support of Finland and Sweden’s bids to join NATO in advance of a Senate vote later in the day expected to have broad, but not unanimous, support.
“Their accession will make NATO stronger and America more secure,” McConnell said.
“If any Senator is looking for a defensible excuse to vote no, I wish them good luck,” he continued. “This is a slam dunk for national security that deserves unanimous bipartisan support.”
The two European countries’ bids to join the military alliance are expected to have widespread, bipartisan support in the Senate.
Sen. Josh Hawley (R-Mo.) on Monday said he would vote against their accession, arguing in an op-ed that the United States should focus on the more pressing threat from China rather than expand its alliance with European countries.
A symbolic resolution supporting Finland and Sweden’s NATO membership was opposed by just 18 House Republicans in a vote last month.
The two Nordic nations announced their desire to join NATO in May in the wake of Russia’s invasion of Ukraine, as domestic sentiment shifted drastically in favor of joining the alliance.
All 30 member states of the alliance must now approve the two countries’ bids for the effort to be successful. Twenty-two countries have already ratified their accession, while the Czech Republic, Greece, Hungary, Portugal, Slovakia, Spain, Turkey and the United States have not yet formally signed off.
The only country to speak out against the additions was Turkey, which has since backed their ascension after negotiations over security guarantees.
McConnell on Wednesday reiterated his endorsement of Finland and Sweden’s NATO bids, noting that Finland already meets the alliance’s target for countries to spend 2 percent of their gross domestic product on defense, while Sweden was making “significant” investments in modernizing its military.
“There’s just no question that admitting these robust democratic countries with modern economies and capable interoperable militaries will only strengthen the most successful military alliance in human history,” McConnell said during his floor speech. | https://www.wane.com/news/mcconnell-to-senators-looking-for-excuse-to-oppose-finland-sweden-nato-bids-good-luck/ | 2022-08-03T22:04:05Z | https://www.wane.com/news/mcconnell-to-senators-looking-for-excuse-to-oppose-finland-sweden-nato-bids-good-luck/ | false |
WASHINGTON, Aug. 3, 2022 /PRNewswire/ -- Zeta Phi Beta Sorority, Incorporated elected Dr. Stacie N.C. Grant as its 26th International President and Chief Executive Officer during the organization's biennial international convention in Philadelphia.
A New York native, Grant received the Presidential Lifetime Achievement Award from President Barack Obama. She is a CEO, award-winning author, international speaker, and trainer.
A life member of Zeta Phi Beta Sorority, Grant has served on every level of the organization as an active and financial member for 33 consecutive years. She brings decades of professional and business development expertise with corporate and not-for-profit entities nationwide, as well as community engagement partnerships to her new role.
As the Sorority's International President, Grant will focus on building technology and innovation while elevating engagement with existing partnerships, memberships and alliances for longevity and alignment with Zeta's strategic plan. Leveraging the organization's more than forty-year partnership with the March of Dimes, Grant will also explore expanded educational options related to fertility and other pre-pregnancy planning. In addition, she will mobilize the organization's membership around urgent social/political issues affecting people of color including Voting Rights, Police Reform initiative & Healthy Living. As the CEO of her very own small business, small business support will be Grant's signature programmatic initiative to bridge the gap between women-owned businesses which are disproportionately underfunded and under-supported.
"Everything that happens from this moment forward will be built on the power of us being better together," said Grant during her installation ceremony. "It is an incredible responsibility that I deem an honor and am looking forward to building upon our foundation to make Zeta the finest service organization in the world."
As a member of prominence in the sorority, Grant served as undergraduate chapter president on her college campus, two-term graduate chapter president as well as National Third Vice- President. She held a seat on the Board of Managers to the National Educational Foundation and served as Regional Coordinator of "Zeta's 'Helping Other People Excel (Z-HOPE), one of the organization's international service initiatives.
Founded at Howard University 102 years ago, Zeta Phi Beta is the only African American Greek-letter sorority constitutionally bound to a fraternity (Phi Beta Sigma); this comprises a combined civic impact of 325,000 members. Headquartered in Washington, DC, the sorority has over 900 chapters in cities and on college campuses in the United States and abroad.
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SOURCE Zeta Phi Beta Sorority, Inc. | https://www.wbtv.com/prnewswire/2022/08/03/zeta-phi-beta-sorority-incorporated-elects-dr-stacie-nc-grant-international-president/ | 2022-08-03T22:05:02Z | https://www.wbtv.com/prnewswire/2022/08/03/zeta-phi-beta-sorority-incorporated-elects-dr-stacie-nc-grant-international-president/ | true |
TORONTO, Aug. 3, 2022 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or "the Company"), one of North America's largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure provider, will be releasing results for the quarter ended June 30, 2022 via a conference call on August 11, 2022.
Who: Analysts, media, and investors are invited to attend.
What: Hut 8 executives will review the company's second quarter financial results and comment on recent corporate developments.
When: Results will be shared via media release and on the Company's website at https://hut8mining.com/investors/ by 9:30 a.m. ET on August 11, 2022. The conference call and webinar will begin at 10 a.m. ET.
Where: Those joining via telephone should dial in 5 minutes early.
- Within Canada: 1-416-764-8659 access code: 62590720#
- Within the US: 1-888-664-6392 access code: 62590720#
Hut 8 is one of North America's largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.
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SOURCE Hut 8 Mining Corp | https://www.dakotanewsnow.com/prnewswire/2022/08/03/media-advisory-hut-8-release-q2-2022-results-august-11/ | 2022-08-03T22:05:23Z | https://www.dakotanewsnow.com/prnewswire/2022/08/03/media-advisory-hut-8-release-q2-2022-results-august-11/ | true |
Krispy Kreme matching price of dozen doughnuts to average US gas price
(Gray News) - Krispy Kreme is bringing back its “Beat The Pump” promotion to close out the summer driving season.
The company said it is once again trying to sweeten the pain at the pump by pricing the cost of its Original Glazed dozen doughnuts to the average price of a gallon of regular gas in the United States.
According to Krispy Kreme, the promotion will be available every Wednesday until Aug. 31.
Representatives with Krispy Kreme said prices would be updated weekly and encouraged customers to check the company’s Facebook, Twitter and website on Tuesdays.
Guests are limited to two Original Glazed dozens at participating stores.
According to AAA, the national gas price is $4.16 per gallon as of Aug. 3.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.kait8.com/2022/08/03/krispy-kreme-matching-price-dozen-doughnuts-average-us-gas-price/ | 2022-08-03T22:07:10Z | https://www.kait8.com/2022/08/03/krispy-kreme-matching-price-dozen-doughnuts-average-us-gas-price/ | true |
Country music star Kenny Chesney is mourning the death of a fan whom police say fell from an escalator at his concert in Denver on Saturday.
The incident occurred shortly before 11 p.m. local time when the woman sat on the railing of an escalator at Empower Field and fell, police said, according to the Denver Post.
“I was devastated to learn of the loss of someone after our show,” Chesney, 54, told the newspaper in a statement, calling her death “heartbreaking.”
“Life is precious. Sharing music brings us together and that love we share makes us so much more,” the singer said. “For the lady who came to share that love, there are no words. For her friends and family’s loss, I grieve with them and for them.”
Denver Police spokesman Nate Magee said the fall appeared to be an accident, according to the Denver Post. He also said he didn’t know how far she fell or whether alcohol was a factor.
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The fall happened at the end of the concert, Empower Field said.
Chesney, a six-time Grammy nominee, is in the middle of his “Here and Now” tour.
***
Jake Gyllenhaal has some big shoes to fill.
The Academy Award-nominated actor will star in a reboot of one of Patrick Swayze’s most beloved movies.
The 1989 cult classic “Road House,” in which the late-’80s and ’90s heartthrob played a psychology degree-holding bar bouncer in small-town Missouri, is getting revived for Prime Video.
Gyllenhaal, the “Brokeback Mountain” stud, plays — according to Amazon — “a former UFC fighter who takes a job as a bouncer at a rough-and-tumble roadhouse in the Florida Keys.”
In 2020, the original “Road House” was ranked at No. 1 on Variety’s top 100 movies that saved the cable television format.
Production for the new film is scheduled to begin in the Dominican Republic this month. | https://richmond.com/personalities/article_96e7849f-f383-5197-a38f-1164452abc18.html | 2022-08-03T22:07:22Z | https://richmond.com/personalities/article_96e7849f-f383-5197-a38f-1164452abc18.html | false |
NPR's Ari Shapiro checks back in with Brooke Neubauer of Just One Project, a community market in Las Vegas, about the continued effects of inflation on the organization's ability to operate.
Copyright 2022 NPR
NPR's Ari Shapiro checks back in with Brooke Neubauer of Just One Project, a community market in Las Vegas, about the continued effects of inflation on the organization's ability to operate.
Copyright 2022 NPR | https://www.nprillinois.org/2022-08-03/rising-costs-of-food-and-housing-bring-new-clients-to-las-vegas-food-pantry | 2022-08-03T22:09:11Z | https://www.nprillinois.org/2022-08-03/rising-costs-of-food-and-housing-bring-new-clients-to-las-vegas-food-pantry | true |
Recently Announced Agreement for Sale of Global Products for $2.65 Billion in Cash
- Reported net income of $99 million grew 2% and earnings per diluted share (EPS) of $0.55 increased 4%
- Adjusted EPS of $0.58 improved 5% and adjusted EBITDA of $180 million increased 4%
- Sales grew 21% to $957 million driven by strong demand and pricing actions
- Retail Services sales grew 16% with system-wide same-store sales (SSS) increasing 9.9% and net system-wide unit additions of 8%
- Global Products sales increased 24% primarily driven by volume growth of 9% and pricing actions
- Returned $60 million in cash to shareholders via dividends and share repurchases
- Updates full-year guidance range for adjusted EBITDA to $670 to $680 million and adjusted EPS to $2.07 to $2.15
- Recently announced agreement for sale of the Global Products business to Aramco for $2.65 billion in cash
LEXINGTON, Ky., Aug. 3, 2022 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), a global leader in vehicle care powering the future of mobility through innovative services and products, today reported financial results for its third fiscal quarter ended June 30, 2022. All comparisons in this press release are made to the same prior-year period unless otherwise noted.
"Valvoline's top-line growth in Q3 highlights the continuing robust demand for our products and services," said Sam Mitchell, CEO. "Record volume in Global Products and strong same-store sales growth in Retail Services illustrate the strength in both of our businesses and the performance of our global team. These results position us well for future margin expansion in the period beyond current raw-material inflationary cycle.
"Retail Services sales grew 16% led by same-store sales growth of nearly 10% — on track for what we expect to be our 16th consecutive year of same-store sales growth in fiscal 2022. While operating income was down slightly, adjusted EBITDA grew 1% year over year. The pricing actions we took in Q3 normalized our margins on a per-transaction basis, while product sales to our franchisees remain dilutive to overall margin percentage due to the price pass-through of higher raw material costs. Adjusted EBITDA margin rates improved 230 basis points sequentially, and we are confident in returning to our long-term margin target over time, although we do not expect a significant change in Q4 due to ongoing price pass-through.
"Global Products continues to generate strong top-line results and improving profitability. Sales increased 24% driven by record volume and successful price pass-through of raw material cost inflation. Volume growth was 9% as we continue to gain share and meet customer demand, despite ongoing challenges from COVID-19, particularly in China, and geopolitical disruption. Top-line demand and ongoing price pass-through drove strong growth in profitably both sequentially and versus last year."
Operating Segment Results
Separation Update: Announced Sale of Global Products
As previously announced on August 1, 2022, Valvoline signed a definitive agreement to sell its Global Products business to Aramco for $2.65 billion in cash and anticipates net proceeds of approximately $2.25 billion. Valvoline expects to use the net proceeds to accelerate return of capital to shareholders through share repurchases with the remainder used for debt reduction and to invest in growth opportunities in Retail Services.
"The sale of Global Products will represent the successful outcome of our strategy to unlock the full, long-term value of our strong but differentiated Retail Services and Global Products businesses," said Mitchell. "We have built two leading business that are well-positioned for continued success as they pursue their individual strategic priorities."
The transaction is expected to close in late calendar year 2022 or early 2023 subject to customary closing conditions and receipt of regulatory approval.
Balance Sheet and Cash Flow
- Total debt of $1.7 billion and net debt of approximately $1.6 billion
- Year-to-date cash flow from operations of $191 million and free cash flow of $89 million
- Returned $38 million of cash to shareholders via share repurchases and $22 million via dividends during the quarter
Outlook
"The core, underlying performance of our two segments continues to deliver results in the face of a challenging macro environment including the impacts of raw material inflation. With inflationary pressure continuing, we expect impacts to profitability in Q4 while maintaining a strong outlook for fiscal 2022. We are modestly updating our full-year guidance for adjusted EBITDA and now anticipate between $670 million to $680 million. At the midpoint, this represents 7% growth on a consolidated basis and low-double digit growth for the Retail Services segment driven by share gains, pricing actions and strong execution.
"With our announced separation, we are excited about the compelling opportunities to drive shareholder value as a best-in-class, pure-play automotive retail service provider. With increased management and Board focus on Retail Services, we expect to continue driving growth, accelerating our evolution to a powertrain agnostic service provider and optimizing our capital structure and capital allocation policies."
Information regarding the Company's outlook for fiscal 2022 is provided in the table below:
Valvoline's outlook for adjusted EBITDA, adjusted EPS, and the adjusted effective tax rate are non-GAAP financial measures that are expected to be impacted by items affecting comparability. Valvoline is unable to reconcile these forward-looking non-GAAP financial measures to the comparable GAAP measures estimated for fiscal 2022 without unreasonable efforts, as the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact these GAAP measures in fiscal 2022 but would not impact non-GAAP adjusted results.
Conference Call Webcast
Valvoline will host a live audio webcast of its fiscal third quarter 2022 conference call at 9 a.m. ET on Thursday, August 4, 2022. The webcast and supporting materials will be accessible through Valvoline's website at http://investors.valvoline.com. Following the live event, an archived version of the webcast and supporting materials will be available.
Key Business Measures
Valvoline tracks its operating performance and manages its business using certain key measures, including system-wide, company-operated and franchised store counts and SSS; system-wide store sales; and lubricant volumes sold. Management believes these measures are useful to evaluating and understanding Valvoline's operating performance and should be considered as supplements to, not substitutes for, Valvoline's sales and operating income, as determined in accordance with U.S. GAAP.
Sales in the Retail Services segment are influenced by the number of service center stores and the business performance of those stores. Stores are considered open upon acquisition or opening for business. Temporary store closings remain in the respective store counts with only permanent store closures reflected in the activity and end of period store counts. SSS is defined as sales by U.S. Retail Services stores (company-operated, franchised and the combination of these for system-wide SSS), with new stores, including franchised conversions, excluded from the metric until the completion of their first full fiscal year in operation as this period is generally required for new store sales levels to begin to normalize.
Retail Services sales are limited to sales at company-operated stores, sales of lubricants and other products to independent franchise and Express Care operators, in addition to royalties and other fees from franchised stores. Although Valvoline does not recognize store-level sales from franchised stores as sales in its Statements of Consolidated Income, management believes system-wide and franchised SSS comparisons, store counts, and total system-wide store sales are useful to assess market position relative to competitors and overall store and segment operating performance.
Management believes lubricant volumes sold in gallons by its consolidated subsidiaries is a useful measure in evaluating and understanding the operating performance of the Global Products segment. Volumes sold in other units of measure, including liters, are converted to gallons utilizing standard conversions.
Use of Non-GAAP Measures
To supplement the financial measures prepared in accordance with U.S. GAAP, certain items herein are presented on an adjusted basis. These non-GAAP measures, presented on both a consolidated and operating segment basis, have limitations as analytical tools and should not be considered in isolation from, or as an alternative to, or more meaningful than, the financial results presented in accordance with U.S. GAAP. The financial results presented in accordance with U.S. GAAP and the reconciliations of non-GAAP measures should be carefully evaluated. The non-GAAP information used by management may not be comparable to similar measures disclosed by other companies, because of differing methods used in calculating such measures.
The following non-GAAP measures are included herein: segment adjusted operating income, consolidated EBITDA, consolidated and segment adjusted EBITDA, consolidated adjusted net income and earnings per share, consolidated free cash flow, and consolidated and segment discretionary free cash flows. Refer to the tables herein for management's definition of each non-GAAP measure and reconciliation to the most comparable U.S. GAAP measure.
Management believes the use of non-GAAP measures on a consolidated and operating segment basis provides a useful supplemental presentation of Valvoline's operating performance and allows for transparency with respect to key metrics used by management in operating the business and measuring performance. Management believes EBITDA measures provide a meaningful supplemental presentation of Valvoline's operating performance between periods on a comparable basis due to the depreciable assets associated with the nature of the Company's operations, as well as income tax and interest costs related to Valvoline's tax and capital structures, respectively.
Adjusted profitability measures enable comparison of financial trends and results between periods where certain items may vary independent of business performance. These adjusted measures exclude the impact of certain unusual, infrequent or non-operational activity not directly attributable to the underlying business, which management believes impacts the comparability of operational results between periods ("key items"). Key items are often related to legacy matters or market-driven events considered by management to not be reflective of the ongoing operating performance. Key items may consist of adjustments related to: legacy businesses, including the separation from Valvoline's former parent company and associated impacts of related activity and indemnities; the separation of Valvoline's businesses; significant acquisitions or divestitures; restructuring-related matters; tax reform legislation; debt extinguishment and modification costs; and other matters that are non-operational or unusual in nature, including the following:
- Net pension and other postretirement plan expense/income - includes several elements impacted by changes in plan assets and obligations that are primarily driven by changes in the debt and equity markets, as well as those that are predominantly legacy in nature and related to prior service to the Company from employees (e.g., retirees, former employees and current employees with frozen benefits). These elements include (i) interest cost, (ii) expected return on plan assets, (iii) actuarial gains and losses, and (iv) amortization of prior service costs and credits. Significant factors that can contribute to changes in these elements include changes in discount rates used to remeasure pension and other postretirement obligations on an annual basis or upon a qualifying remeasurement, differences between actual and expected returns on plan assets, and other changes in actuarial assumptions, such as the life expectancy of plan participants. Accordingly, management considers that these elements may be more reflective of changes in current conditions in global financial markets (in particular, interest rates), outside the operational performance of the business, and are also primarily legacy amounts that are not directly related to the underlying business and do not have an immediate, corresponding impact on the compensation and benefits provided to eligible employees for current service. Adjusted profitability measures include the costs of benefits provided to employees for current service, including pension and other postretirement service costs.
- Changes in the last-in, first out (LIFO) inventory reserve - charges or credits recognized in Cost of sales to value certain lubricant inventories at the lower of cost or market using the LIFO method. During inflationary or deflationary pricing environments, the application of LIFO can result in variability of the cost of sales recognized each period as the most recent costs are matched against current sales, while preceding costs are retained in inventories. LIFO adjustments are determined based on published prices, which are difficult to predict and largely dependent on future events. The application of LIFO can impact comparability and enhance the lag period effects between changes in inventory costs and related pricing adjustments.
Management uses free cash flow and discretionary free cash flow as additional non-GAAP metrics of cash flow generation. By including capital expenditures and certain other adjustments, as applicable, management is able to provide an indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Free cash flow includes the impact of capital expenditures, providing a supplemental view of cash generation. Discretionary free cash flow includes maintenance capital expenditures, which are routine uses of cash that are necessary to maintain the Company's operations and provides a supplemental view of cash flow generation to maintain operations before discretionary investments in growth. Free cash flow and discretionary free cash flow have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash flows, such as mandatory debt repayments.
About ValvolineTM
Valvoline Inc. (NYSE: VVV) is a global leader in vehicle care powering the future of mobility through innovative services and products for vehicles with electric, hybrid and internal combustion powertrains. Established in 1866, the Company introduced the world's first branded motor oil and developed strong brand recognition and customer satisfaction ratings over the years across multiple service and product channels. The Company operates and franchises approximately 1,700 service center locations and is the No. 2 and No. 3 largest chain in the U.S. and Canada, respectively, by number of stores. With sales in more than 140 countries and territories, Valvoline's solutions are available for every engine and drivetrain, including high-mileage and heavy-duty vehicles, and are offered at more than 80,000 locations worldwide. Creating the next generation of advanced automotive solutions, Valvoline has established itself as the world's leading supplier of battery fluids to electric vehicle manufacturers, offering tailored products to help extend vehicle range and efficiency. To learn more, or to find a Valvoline service center near you, visit www.valvoline.com.
Forward-Looking Statements
Certain statements in this press release, other than statements of historical fact, including estimates, projections and statements related to Valvoline's business plans and operating results, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Valvoline has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "may," "will," "should," and "intends," and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline's current expectations, estimates, projections, and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including in the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures about Market Risk" sections of Valvoline's most recently filed periodic reports on Forms 10-K and 10-Q, which are available on Valvoline's website at http://investors.valvoline.com/sec-filings or on the SEC's website at http://www.sec.gov. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.
TM Trademark, Valvoline or its subsidiaries, registered in various countries
SM Service mark, Valvoline or its subsidiaries, registered in various countries
FOR FURTHER INFORMATION
Investor Inquiries
+1 (859) 357-3155
IR@valvoline.com
Media Inquiries
Michele Gaither Sparks
Sr. Director, Corporate Communications
+1 (859) 230-8097
michele.sparks@valvoline.com
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SOURCE Valvoline Inc. | https://www.valleynewslive.com/prnewswire/2022/08/03/valvoline-reports-third-quarter-results/ | 2022-08-03T22:11:24Z | https://www.valleynewslive.com/prnewswire/2022/08/03/valvoline-reports-third-quarter-results/ | false |
GILROY, Calif., Aug. 3, 2022 /PRNewswire/ -- Pinnacle Bank (OTCQB: PBNK) today announced that current Deputy Chief Credit Officer, Cliff Dennett has been promoted to Chief Credit Officer following the retirement of Robert Blatter.
"Mr. Dennett has played a key role within Pinnacle's credit team and has worked closely with Mr. Blatter for the past 7 years," stated Jeffrey D. Payne, Executive Vice President and Chief Executive Officer. "We put a succession plan in place and I am very pleased that we were able to follow that plan with the promotion of Mr. Dennett. Mr. Dennett is well prepared to take over the Chief Credit Officer position and was instrumental over the last several years in executing a very successful loan program. His leadership with the lending team and his extensive credit knowledge will continue to benefit the Bank the executive team and our clients."
Mr. Dennett joined Pinnacle Bank in May of 2007 and contributed to the Bank's initial growth as a Relationship Manager. In 2015, Mr. Dennett was named Executive Vice President, Senior Lending Officer and partnered with Mr. Blatter in support of the growing credit needs of the organization. As SLO, Mr. Dennett directed the Bank's team of seasoned underwriters and partnered with Pinnacle Bank's senior relationship management team in structuring and approving lending opportunities. In recognition of his leadership in credit risk management, Mr. Dennett was promoted to EVP, Deputy CCO in early 2021.
"I am thrilled to formally join the Pinnacle Bank leadership team and look forward to upholding our strong credit culture and continuing our solutions-oriented approach to lending via our relationship banking model which has been well received in the communities we serve and support."
About Pinnacle Bank
Pinnacle Bank is a full-service community business bank dedicated to providing quality depository and credit services in Santa Clara, San Benito, and Monterey counties. The bank focuses on commercial banking services for small to medium-sized businesses, offering a variety of products and services that combine the best of personal touch with convenient technology-based client service. Pinnacle Bank has locations in Campbell, Morgan Hill, Gilroy, and Salinas. For more information, visit www.pinnacle.bank.
Media Contact:
Pinnacle Bank
Jeffrey D. Payne, President & CEO
408-762-7146
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SOURCE Pinnacle Bank | https://www.wkyt.com/prnewswire/2022/08/03/pinnacle-bank-announces-promotion-cliff-dennett-chief-credit-officer/ | 2022-08-03T22:11:53Z | https://www.wkyt.com/prnewswire/2022/08/03/pinnacle-bank-announces-promotion-cliff-dennett-chief-credit-officer/ | true |
- The agreement includes renaming the waterfront "ROSHN Waterfront"
- The Waterfront includes 7 different entertainment areas stretching over a distance of 4 km
RIYADH and JEDDAH, Saudi Arabia , Aug. 3, 2022 /PRNewswire/ -- In the presence of His Excellency the Mayor of Jeddah, Mr. Saleh bin Ali Al-Turki, ROSHN, the national real estate developer wholly owned by the Public Investment Fund and Rotana Star Neon Company, signed an agreement to sponsor the Jeddah Waterfront and transform its name into "ROSHN Waterfront".
Redeveloped and opened 2017, the Waterfront is one of the most important landmarks in Jeddah, attracting approximately 55 million visitors annually. It stretches four kilometers along the Red Sea coast and will consist of seven diverse recreational areas for families and children.
By renaming and sponsoring the waterfront ROSHN intends to boost its efforts to support the goals of Saudi Vision 2030 to provide a higher quality of life for the citizens and residents of the Kingdom.
Commenting on the agreement, Sabah Barakat, Group Chief Operating Officer of ROSHN, said: "We were pleased by the attendance of His Excellency Mr. Saleh Al-Turki at the signing ceremony of the sponsorship agreement and the renaming of Jeddah Waterfront. We in ROSHN are keen to diversify our partnerships and efforts to serve the provision of a higher quality of life in the Kingdom. The waterfront is part of our endeavor to activate the role of social responsibility and provide higher quality lifestyles."
ROSHN is a national real estate developer powered by the Saudi Public Investment. It is mandated to provide high-quality living standards for Saudis and to support government efforts to increase citizens' home ownership rates. The announcement of the waterfront agreement comes after the recent launch of the ALAROUS project in Jeddah - ROSHN's second project in the Kingdom after the SEDRA community in Riyadh.
Photo - https://mma.prnewswire.com/media/1872122/ROSHN_1.jpg
Logo - https://mma.prnewswire.com/media/1872123/ROSHN_Logo.jpg
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SOURCE ROSHN | https://www.wkyt.com/prnewswire/2022/08/03/roshn-signs-agreement-sponsor-rename-jeddah-waterfront/ | 2022-08-03T22:12:00Z | https://www.wkyt.com/prnewswire/2022/08/03/roshn-signs-agreement-sponsor-rename-jeddah-waterfront/ | true |
Swine flu cases connected with county fair investigated
JACKSON COUNTY, W.Va. (WSAZ) - Several reports of presumptive swine flu cases in people are being investigated in Jackson County, according to the West Virginia Department of Health and Human Resources’ (DHHR) Bureau for Public Health (BPH).
The agency made that announcement Wednesday, saying those who contracted the illness had worked closely with pigs that showed signs of respiratory symptoms and fever at the Jackson County Fair.
Health officials say a presumptive positive strain of influenza A H3N2v was found Tuesday in at least one person.
The sample has been forwarded to the Centers for Disease Control and Prevention for confirmation, according to the state DHHR.
“If experiencing symptoms such as fever, runny nose, sore throat, cough or congestion, it is extremely important to let your healthcare provider know if you or your loved one has visited a recent outdoor event with animal livestock, such as pigs, and to be appropriately evaluated,” said Dr. Ayne Amjad, DHHR’s State Health Officer and BPH Commissioner, in a news release. “These symptoms usually show up 1-3 days after exposure.”
Health officials say swine flu among pigs doesn’t usually infect people. The same influenza antiviral drugs used to treat seasonal influenza can also be used for treatment of swine flu infection in people.
Those who work with or visit animal exhibits are advised to thoroughly wash their hands and not to eat or drink in swine barns.
Copyright 2022 WSAZ. All rights reserved. | https://www.wsaz.com/2022/08/03/swine-flu-cases-associated-with-county-fair-investigated/ | 2022-08-03T22:13:04Z | https://www.wsaz.com/2022/08/03/swine-flu-cases-associated-with-county-fair-investigated/ | true |
NORWALK, Conn., Aug. 3, 2022 /PRNewswire/ -- Booking Holdings Inc. (NASDAQ: BKNG) today reported its 2nd quarter 2022 financial results. Second quarter gross travel bookings for Booking Holdings Inc. (the "Company," "Booking Holdings," "we," "our," or "us"), which refers to the total dollar value, generally inclusive of taxes and fees, of all travel services booked by its customers, net of cancellations, were $34.5 billion, an increase of 57% from the prioryear quarter. Room nights booked in the 2nd quarter of 2022 increased 56% from the prior-year quarter.
Booking Holdings' total revenues for the 2nd quarter of 2022 were $4.3 billion, an increase of 99% from the prioryear quarter. Net income for the 2nd quarter of 2022 was $857 million, compared with a net loss of $167 million in the prior-year quarter. Net income per diluted common share in the 2nd quarter of 2022 was $21.07, compared with a net loss per diluted common share of $4.08 in the prior-year quarter.
Non-GAAP net income in the 2nd quarter of 2022 was $776 million, compared with a non-GAAP net loss of $105 million in the prior-year quarter. Non-GAAP net income per diluted common share in the 2nd quarter of 2022 was $19.08, compared with a non-GAAP net loss per diluted common share of $2.55 in the prior-year quarter. NonGAAP net income (loss) for both periods includes adjustments to exclude net gains on equity securities with readily determinable fair values. Additionally, non-GAAP net income (loss) includes an adjustment to exclude an investment-related impairment charge in the 2nd quarter of 2022 and a loss on early extinguishment of debt in the 2nd quarter of 2021. Adjusted EBITDA for the 2nd quarter of 2022 was $1.1 billion, compared with adjusted EBITDA of $48 million in the prior-year quarter. The section below under the heading "Non-GAAP Financial Measures" provides definitions and information about the use of non-GAAP financial measures in this press release, and the attached financial and statistical supplement reconciles non-GAAP financial results with Booking Holdings' financial results under GAAP.
"We reached another milestone in our company's recovery from the impact of the pandemic with room nights for the second quarter surpassing 2019 levels for the first time. We continued to see very strong accommodation ADR growth, which helped drive a 38% increase in gross bookings, or a 48% increase on a constant currency basis, in the second quarter versus the second quarter of 2019," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "Looking forward, we expect record Q3 revenue and are very busy working with our customers and partners to help enable an extremely busy summer travel season."
Non-GAAP Financial Measures
The Unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results.
To supplement the Unaudited Consolidated Financial Statements, the Company uses the following non-GAAP financial measures: adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) per diluted common share and free cash flow (net cash provided by (used in) operating activities less capital expenditures). The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses non-GAAP financial measures for financial and operational decision-making and as a basis to evaluate performance and set targets for employee compensation programs. The Company believes that these nonGAAP financial measures are useful for analysts and investors to evaluate the Company's ongoing operating performance because they facilitate comparison of the Company's results for the current period and projected nextperiod results to those of prior periods and to those of its competitors (though other companies may calculate similar non-GAAP financial measures differently from those calculated by the Company). These non-GAAP financial measures, in particular adjusted EBITDA, non-GAAP net income (loss) and free cash flow, are not intended to represent funds available for Booking Holdings' discretionary use and are not intended to represent or to be used as a substitute for operating income (loss), net income (loss) or net cash provided by (used in) operating activities as measured under GAAP. The items excluded from these non-GAAP measures, but included in the calculation of their closest GAAP equivalent, are significant components of the Company's consolidated statements of operations and cash flows and must be considered in performing a comprehensive assessment of overall financial performance.
Non-GAAP net income (loss) is net income (loss) with the following adjustments:
- excludes significant losses on assets classified as held for sale,
- excludes gains and losses on equity securities with readily determinable fair values,
- excludes the impact, if any, of significant gains and losses on the sale of and impairment and credit losses on investments in available-for-sale debt securities and significant gains and losses on the sale of and valuation adjustments on investments in equity securities without readily determinable fair values,
- excludes foreign currency transaction gains and losses on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debtrelated foreign currency derivative instruments used as economic hedges,
- excludes losses on early extinguishment of debt and related reverse treasury lock agreements which were designated as cash flow hedges,
- excludes amortization expense of intangible assets,
- excludes noncash interest expense related to the amortization of debt discount on our convertible debt, if applicable,
- excludes income taxes, if any, related to the maturity and redemption of convertible notes held for investment, that were reclassified from accumulated other comprehensive income (loss) to income tax expense (benefit),
- excludes the income tax impact, if any, related to one-time adjustments as a result of the U.S. Tax Cuts and Jobs Act enacted in December 2017,
- excludes the impact of net unrecognized tax benefits related to Italian tax matters, and
- the income tax impact of the non-GAAP adjustments mentioned above and changes in tax estimates, as applicable.
In addition to the adjustments listed above regarding non-GAAP net income (loss), adjusted EBITDA excludes depreciation expense, interest and dividend income, and to the extent not included in the adjustments listed above, interest expense and income tax expense (benefit). In the event the Company reports a GAAP net income but a nonGAAP net loss, dilutive shares that are included in the GAAP weighted-average number of diluted common shares outstanding are excluded from the non-GAAP weighted-average number of diluted common shares outstanding. In the event the Company reports a GAAP net loss but a non-GAAP net income, anti-dilutive shares that are excluded from the GAAP weighted-average number of diluted common shares outstanding are included in the non-GAAP weighted-average number of diluted common shares outstanding.
We evaluate certain operating and financial measures on both an as-reported and constant-currency basis. We calculate constant currency by converting our current-year period results for transactions recorded in currencies other than U.S. Dollars using the corresponding prior-year period monthly average exchange rates rather than the current-year period monthly average exchange rates.
The attached financial and statistical supplement includes reconciliations of our financial results under GAAP to non-GAAP financial information for the three and six months ended June 30, 2022 and 2021. We are not able to provide a reconciliation between forward-looking adjusted EBITDA and GAAP net income (loss) because we cannot predict certain components of such reconciliation without unreasonable effort as they arise from events in future periods.
Information About Forward-Looking Statements
This press release contains forward-looking statements, which reflect the views of the Company's management regarding current expectations based on currently available information about future events. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, such as the adverse impact of the COVID-19 pandemic; adverse changes in market conditions for travel services; the Company's ability to attract and retain qualified personnel; adverse changes in relationships with third parties on which the Company depends; the effects of competition; growth and expansion of the business; rapid technological and other market changes; impacts of impairments and changes in accounting estimates; success of the Company's marketing efforts; and other business and industry changes. Other risks and uncertainties relate to cyberattacks and information security; tax, legal, and regulatory risks; increased focus on environmental, social, and governance responsibilities; the Company's facilitation of payments; foreign currency exchange rates; success of the Company's investments and acquisition strategy; and financial risks relating to the Company's debt levels and stock price volatility. For a detailed discussion of these and other risk factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements included in this press release, refer to the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequently filed Quarterly Reports on Form 10-Q. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
About Booking Holdings Inc.
Booking Holdings (NASDAQ: BKNG) is the world's leading provider of online travel and related services, provided to consumers and local partners in more than 220 countries and territories through six primary consumerfacing brands: Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK and OpenTable. The mission of Booking Holdings is to make it easier for everyone to experience the world. For more information, visit BookingHoldings.com and follow us on Twitter @BookingHoldings.
#BKNG_Earnings
Notes:
(a) Amounts are excluded from Net income (loss) to calculate Adjusted EBITDA.
(b) Loss on assets classified as held for sale is recorded in Operating expenses and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.
(c) Net (gains) losses on equity securities with readily determinable fair values are recorded in Other income (expense), net and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.
(d) Impairment of investment in Yanolja Co., Ltd. equity securities is recorded in Other income (expense), net and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.
(e) Foreign currency transaction (gains) losses on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debt-related foreign currency derivative instruments used as economic hedges are recorded in Other income (expense), net and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.
(f) Loss of $242 million on early extinguishment of debt and losses of $15 million on related reverse treasury lock agreements which were designated as cash flow hedges are recorded in Other income (expense), net and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.
(g) Amortization of intangible assets is recorded in Depreciation and amortization and excluded from Net income (loss) to calculate Non-GAAP Net income (loss).
(h) Noncash interest expense related to the amortization of debt discount on convertible debt is recorded in Interest expense and excluded from Net income (loss) to calculate Non-GAAP Net income (loss). The Company adopted Financial Accounting Standards Board Accounting Standards Update 2020-06 on January 1, 2022 and such debt discount amortization is not recorded in the financial statements for periods after that date.
(i) Net unrecognized tax benefits related to Italian tax matters is recorded in Income tax expense (benefit) and excluded from Net income (loss) to calculate Non-GAAP Net income (loss).
(j) Reflects the tax impact of Non-GAAP adjustments above and changes in tax estimates which are excluded from Net income (loss) to calculate Non-GAAP Net income (loss).
(k) Cash used for additions to property and equipment is included in the calculation of Free cash flow.
For a more detailed discussion of the adjustments described above, please see the section in this press release under the heading "Non-GAAP Financial Measures" which provides definitions and information about the use of non-GAAP financial measures.
Booking Holdings Inc.
Statistical Data
In millions(1)
(Unaudited)
(1)Amounts may not total due to rounding.
(2) Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers, net of cancellations.
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SOURCE Priceline.com | https://www.mysuncoast.com/prnewswire/2022/08/03/booking-holdings-reports-financial-results-2nd-quarter-2022/ | 2022-08-03T22:14:05Z | https://www.mysuncoast.com/prnewswire/2022/08/03/booking-holdings-reports-financial-results-2nd-quarter-2022/ | false |
NEW YORK (AP) _ AG Mortgage Investment Trust Inc. (MITT) on Wednesday reported a second-quarter loss of $48.7 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of $2.27 per share. Earnings, adjusted for non-recurring costs, were 8 cents per share.
The real estate investment trust posted revenue of $39.4 million in the period. Its adjusted revenue was $16.2 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MITT at https://www.zacks.com/ap/MITT | https://www.seattlepi.com/business/article/AG-Mortgage-Investment-Trust-Q2-Earnings-Snapshot-17349518.php | 2022-08-03T22:14:17Z | https://www.seattlepi.com/business/article/AG-Mortgage-Investment-Trust-Q2-Earnings-Snapshot-17349518.php | false |
Abortion vote in Kansas sparks new hope for Dems in midterms
NEW YORK (AP) - Democrats displayed a newfound sense of optimism about the election-year political climate Wednesday after voters in traditionally conservative Kansas overwhelmingly backed a measure protecting abortion rights.
At the White House, President Joe Biden hailed the vote in Kansas as the direct result of outrage at the Supreme Court's decision in June to repeal a woman's constitutional right to obtain an abortion.
Republicans and the high court "don't have a clue about the power of American women," Biden said. "Last night in Kansas, they found out."
On Capitol Hill, Senate Majority Leader Chuck Schumer, D-N.Y., boasted of the political winds "blowing at Democrats."
"Last night in the American heartland, the people of Kansas sent an unmistakable message to the Republican extremists," he said. "If it´s gong to happen in Kansas, it´s going to happen in a whole lot of states."
With three months until the November election, the optimism may be premature. But it represents a much-needed break for a party that has spent the better part of the past year reeling from crisis to crisis, including the botched withdrawal from Afghanistan and rising prices for gasoline and other goods. Those developments have contributed to Biden's low approval ratings, leaving Democrats without a unifying leader in a position to rally voters before the election, with control of Congress at stake.
President Joe Biden speaks virtually from the Indian Treaty Room on the White House complex in Washington, Wednesday, Aug. 3, 2022, on securing access to reproductive and other health during the first meeting of the interagency Task Force on Reproductive Healthcare Access. Vice President Kamala Harris, third from right, and other administration officials listen. (AP Photo/Susan Walsh)
The Kansas vote, however, suggests that threats to abortion rights may energize Democrats in a way few political leaders can. And it comes at a moment when the party is gaining momentum on other fronts, including a legislative package to reduce prescription drug prices, combat climate change and raise taxes on corporations.
The challenge for Democrats will be to maintain the energy for several more months and defy trends that typically trip up the party in power.
In recent history, the party controlling the White House almost always suffers deep losses in the first midterm election of a new presidency. Also, an overwhelming majority of voters believe the country is headed in the wrong direction amid inflation and other economic concerns.
Even with abortion-related momentum, many Democratic strategists privately expect to lose the House majority and believe the Senate is essentially a coin flip.
The day after the Kansas vote, Democratic strategists on the front lines of key midterm contests described a complicated political reality on abortion.
Abortion rights supporters surged to the polls in Kansas, where abortion was quite literally on the ballot. By a roughly 20-percentage point margin, they rejected a measure that would have changed the state constitution to allow state lawmakers to impose restrictions on abortion - or even a ban. The early August primary turnout was on par with a governor's general election contest.
But few elections this fall will feature such clear stakes for abortion rights. Just four states - California, Michigan, Vermont and Kentucky - are expected to feature a Kansas-style abortion referendum on the November ballot, according to the pro-Democratic group EMILY's List.
In the majority of states, Democrats must convince voters they can protect abortion access only by defeating anti-abortion Republican candidates at the state and federal level. While that is true in most cases, it's much more complicated to run against a candidate than a single-issue ballot measure, according to Democratic pollster Molly Murphy.
"The optimist would say, when voters know that abortion is on the ballot, they are motivated to turn out," Murphy said. "That´s the messaging challenge that we are going to face. Will voters believe that a legal right to abortion is at stake here in this country in their vote for Congress, Senate, governor, state house - all of those things - and be as motivated to show up to vote?"
"Republicans are going to do everything they can to deflect and not engage on this," she added, noting the GOP's heavy focus on inflation, gas prices and immigration.
Indeed, as Democrats celebrated on Wednesday, the Republican reaction to the abortion vote was decidedly muted.
The Kansas vote was "a huge disappointment for pro-life Kansans and Americans nationwide," said Mallory Carroll, of Susan B. Anthony Pro-Life America.
Republican strategist Christine Matthews warned that the Kansas vote could have "an energizing effect for abortion rights supporters."
"Success breeds success," she said. "It will encourage the belief that turning out and activating can make a difference and that is particularly important with younger voters and those less inclined to participate. It´s a momentum-shifter."
Democrats have long tried without much success to energize supporters by focusing on abortion. But the Supreme Court's decision clarified the stakes as never before. Absent a new federal law, abortion rights now fall to the states, and in 12 states led by Republicans, abortion has already been banned or heavily restricted. Many more are expected to follow.
Republican strategists acknowledge that swing state candidates will have to tread carefully on the issue.
In Georgia, GOP Senate nominee Herschel Walker, for example, worried some Washington Republicans by quickly declaring his opposition to abortion rights even in cases of rape, incest and the life of the mother. Such a position, thought to be extreme in past years, is somewhat common among Republican candidates in 2022.
Republicans in other states have largely sought to avoid clarifying their position.
The Senate Democrats campaign arm recently established a website, GOPOnAbortion.com, to highlight Republican candidates' outspoken opposition to abortion rights. While Democratic candidates from New York to Washington state are already running ads on abortion, the issue is expected to play a bigger role in some races than others.
Michigan Sen. Gary Peters, who leads the group dedicated to protecting the Senate's Democratic majority, predicted that abortion would likely matter most as a political issue in Senate races in Nevada, New Hampshire and Arizona - all states in which polling suggests strong support for abortion rights. Suburban women and younger voters are most likely to be motivated by the issue.
"There's a great deal of anger," Peters said of the backlash against the Roe reversal. "There´s an energy I haven´t seen before."
The Kansas vote suggests that such energy could extend well beyond a handful of states.
Polling shows that relatively few Americans wanted to see Roe overturned.
More Americans disapprove than approve of the Supreme Court´s decision to overturn Roe v. Wade, 53% to 30%, according to an Associated Press-NORC Center for Public Affairs Research poll from July conducted about three weeks after the ruling. Just over half of those surveyed said they felt angry or sad about the ruling, the poll found.
In Wisconsin, the leading Democratic Senate candidate, Lt. Gov. Mandela Barnes, noted that the day the Supreme Court overturned Roe was the biggest fundraising day of his entire campaign.
"People are motivated and energetic in ways that I´ve never seen before," he said in an interview. "I can only assume that that intensity will increase all the way to November."
___
Associated Press writers Lisa Mascaro and Chris Megerian in Washington and Thomas Beaumont in Des Moines, Iowa, contributed to this report.
___
Follow AP for full coverage of the midterms at https://apnews.com/hub/2022-midterm-elections and on Twitter at https://twitter.com/ap_politics
Attorney General Merrick Garland, right, speaks during the first meeting of the interagency Task Force on Reproductive Healthcare Access in the Indian Treaty Room in the Eisenhower Executive Office Building on the White House Campus in Washington, Wednesday, Aug. 3, 2022. Homeland Security Secretary Alejandro Mayorkas, left, and President Joe Biden, on screen, listen. (AP Photo/Susan Walsh)
People listen as organizers speak during a Value Them Both watch party after a question involving a constitutional amendment removing abortion protections from the Kansas constitution failed, Tuesday, Aug. 2, 2022, in Overland Park, Kan. (AP Photo/Charlie Riedel)
Allie Utley, left, and Jae Moyer, center, of Overland Park, react during a primary watch party Tuesday, Aug. 2, 2022, at the Overland Park (Kan.) Convention Center. Kansas voters on Tuesday protected the right to get an abortion in their state, rejecting a measure that would have allowed their Republican-controlled Legislature to tighten abortion restrictions or ban it outright. (Tammy Ljungblad/The Kansas City Star via AP)
Hannah Joerger, left, Amanda Grosserode, center, and Mara Loughman hug during a Value Them Both watch party after a question involving a constitutional amendment removing abortion protections from the Kansas constitution failed Tuesday, Aug. 2, 2022, in Overland Park, Kan. (AP Photo/Charlie Riedel)
President Joe Biden speaks virtually during the first meeting of the interagency Task Force on Reproductive Healthcare Access in the Indian Treaty Room in the Eisenhower Executive Office Building on the White House Campus in Washington, Wednesday, Aug. 3, 2022. From left, White House Domestic Policy Adviser Susan Rice, Homeland Security Secretary Alejandro Mayorkas, Attorney General Merrick Garland and Vice President Kamala Harris. (AP Photo/Susan Walsh) | https://www.dailymail.co.uk/wires/ap/article-11078493/Abortion-vote-Kansas-sparks-new-hope-Dems-midterms.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-03T22:14:46Z | https://www.dailymail.co.uk/wires/ap/article-11078493/Abortion-vote-Kansas-sparks-new-hope-Dems-midterms.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
PANAMA CITY, Aug. 3, 2022 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, "Bladex", or "the Bank"), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the Region, today announced its results for the Second Quarter ("2Q22") and six months ("6M22") ended June 30, 2022.
The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
BUSINESS HIGHLIGHTS
- Bladex's Profits totaled $23.0 million for the 2Q22 (+107% QoQ; +63% YoY), reaching $34.1 million for the first 6M22 (+27% YoY), mostly driven by improved top-line revenues of Net Interest Income ("NII") and a positive trend in fee income, along with lower credit provision requirements in 2Q22, greatly offsetting increased operating expenses.
- NII continued its growth trend of five consecutive quarters, to reach $32.7 million for 2Q22 (+27% QoQ; +56% YoY), and up 46% to $58.4 million for the first 6M22, mainly resulting from the effect of higher average net lending rates and volumes. Net Interest Margin ("NIM") increased to 1.54% in 2Q22 (+22 bps QoQ; +27 bps YoY) and 1.43% (+17 bps YoY), on enhanced credit spreads and higher market rates.
- Fees and Commissions, net, totaled $4.3 million in 2Q22 (+8% QoQ; unchanged YoY) and $8.2 million for the first 6M22 (+12% YoY), mostly driven by the sustained growth trend performance in fees from the letters of credit business, and recovered loan syndications activity.
- Efficiency Ratio improved to 35% in 2Q22 and 36% in 6M22, as higher revenues more than offset the increase in operating expenses, mostly associated to higher personnel expenses due to the strengthening of the Bank's work force and a new variable compensation structure, and other expenses mostly related to the Bank's strategy implementation.
- The Bank's Credit Portfolio increased 3% QoQ and 33% YoY, to reach a new record level of $8.7 billion as of June 30, 2022, driven by the Commercial Portfolio's growth trend of eight consecutive quarters, which also resulted in a record level of $7.6 billion (+4% QoQ; +26% YoY), along with increased credit investment securities to $1.0 billion (+4% QoQ; +3x YoY), aimed to diversify exposures and complement the Bank's commercial activities.
- Sustained positive trend in Commercial Portfolio's growth reflecting both stronger demand from the Bank's traditional client base, boosted by higher commodity prices and trade flows in the Region, as well as new underlying business and clients.
- Preservation of asset quality, characterized by the high quality of its borrower base. Credit-impaired loans (Non-Performing or "NPLs") remain unchanged at $11 million or 0.2% of total Loan Portfolio as of June 30, 2022.
- As of June 30, 2022, the total allowance for credit losses represented 0.6% of total Credit Portfolio, and 5.3 times NPL balances. Provisions for credit losses of $0.8 million in 2Q22 and $8.9 million in 6M22 were closely tied to the Bank's Credit Portfolio growth, partly offset by lower IFRS 9 Stage 2 exposure and its related allocated provisions.
- Bladex´s liquidity position, consisting of cash and due from banks and highly rated corporate debt securities ('A-' or above), stood at $945 million, or 11% of total assets as of June 30, 2022. The Bank relies on sustained deposit levels and well diversified funding sources with ample access to global debt and capital markets.
- 2Q22 Annualized Return on Average Equity ("ROAE") reached 9.1%, on improved profitability and a more efficient use of capital. As of June 30, 2022, the Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios stood at 15.1% and 12.9%, respectively, well above international standards and regulatory minimums.
CEO's Comments
Mr. Jorge Salas, Bladex's Chief Executive Officer said: "We delivered a strong set of operating and financial results, with our credit book maintaining the growth momentum shown in the prior quarter reaching a historical high of $8.7 billion dollars at quarter-end. At the same time, we continued to expand margins for the fifth consecutive quarter, expanding net income over 60% year-on-year to $23 million, while maintaining robust asset quality with NPLs at 0% for over two years now.
This good performance reflects the execution of the strategic plan we have been implementing for the last year with active participation of our board of directors, aimed at enhancing Bladex´s profitability, long-term sustainability, and stakeholder value creation. In particular, our plan is centered in expanding our customer and product base, extending loan duration and focusing on higher margin sectors and geographies. As we continue to build on our capabilities, we are also benefiting from the current environment of high inflation, tightening of global financial conditions and rising interest rates. In sum, we are building a stronger foundation to capitalize on the competitive advantages of Bladex as a unique and well-positioned trade bank focused on Latin America."
RECENT EVENTS
- Quarterly dividend payment: The Board approved a quarterly common dividend of $0.25 per share corresponding to the second quarter 2022. The cash dividend will be paid on August 30, 2022, to shareholders registered as of August 15, 2022.
- Ratings updates: On May 24, 2022, S&P Global Ratings affirmed the Bank's global issuer credit ratings at "BBB/A-2". The outlook remains "Stable".
Notes:
- Numbers and percentages set forth in this earnings release have been rounded and accordingly may not total exactly.
- QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively.
Footnotes:
- Earnings per Share ("EPS") calculation is based on the average number of shares outstanding during each period.
- ROAE refers to return on average stockholders' equity which is calculated on the basis of unaudited daily average balances.
- NIM refers to net interest margin which constitutes to Net Interest Income ("NII") divided by the average balance of interest-earning assets.
- NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, less the average yield paid on interest-bearing liabilities.
- Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.
- The Bank's "Credit Portfolio" includes gross loans at amortized cost (or the "Loan Portfolio"), securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for expected credit losses, loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, and guarantees covering commercial risk; and other assets consisting of customers' liabilities under acceptances.
- The Bank's "Commercial Portfolio" includes gross loans at amortized cost (or the "Loan Portfolio"), loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers' liabilities under acceptances.
- Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.
- Tier 1 Capital ratio is calculated according to Basel III capital adequacy guidelines, and as a percentage of risk-weighted assets. Risk-weighted assets are estimated based on Basel III capital adequacy guidelines, utilizing internal-ratings based approach or "IRB" for credit risk and standardized approach for operational risk.
- As defined by the Superintendency of Banks of Panama through Rules No. 01-2015 and 03-2016, based on Basel III standardized approach. The capital adequacy ratio is defined as the ratio of capital funds to risk-weighted assets, rated according to the asset's categories for credit risk. In addition, risk-weighted assets consider calculations for market risk and operating risk.
- Liquid assets refer to total cash and cash equivalents, consisting of cash and due from banks and interest-bearing deposits in banks, excluding pledged deposits and margin calls; as well as highly rated corporate debt securities (above 'A-'). Liquidity ratio refers to liquid assets as a percentage of total assets.
- Loan Portfolio refers to gross loans at amortized cost, excluding interest receivable, the allowance for loan losses, and unearned interest and deferred fees. Credit-impaired loans are also commonly referred to as Non-Performing Loans or NPLs.
- Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments and financial guarantee contract losses and allowance for investment securities losses.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will" and similar references to future periods. The forward-looking statements in this press release include the Bank's financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank's management and are based on currently available data; however, actual performance and results are subject to future events and uncertainties, which could materially impact the Bank's expectations. Among the factors that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and geopolitical events; the anticipated changes in the Bank's credit portfolio; the continuation of the Bank's preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank's financial condition; the execution of the Bank's strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank's allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank's ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank's ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank's lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank's sources of liquidity to replace deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
ABOUT BLADEX
Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations.
Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.
CONFERENCE CALL INFORMATION
There will be a conference call to discuss the Bank's quarterly results on Thursday, August 4, 2022 at 11:00 a.m. New York City time (Eastern Time). For those interested in participating, please dial +1 888 686-3653 in the United States or, if outside the United States, +1 718 866-4614. Participants should use conference passcode 877068, and dial in five minutes before the call is set to begin. There will also be a live audio webcast of the conference at http://www.bladex.com. The webcast presentation will be available for viewing and downloads on http://www.bladex.com. The conference call will become available for review one hour after its conclusion.
For more information, please access http://www.bladex.com or contact:
Mrs. Ana Graciela de Méndez
Chief Financial Officer
Tel: +507 210-8563
E-mail address: amendez@bladex.com
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) | https://www.wagmtv.com/prnewswire/2022/08/03/bladex-announces-improved-profitability-with-profit-second-quarter-2022-230-million-or-063-per-share-an-annualized-return-equity-91/ | 2022-08-03T22:15:06Z | https://www.wagmtv.com/prnewswire/2022/08/03/bladex-announces-improved-profitability-with-profit-second-quarter-2022-230-million-or-063-per-share-an-annualized-return-equity-91/ | true |
JOPLIN, Mo., Aug. 3, 2022 /PRNewswire/ -- Kinston Railroad (KNR), a wholly owned subsidiary of Jaguar Transport Holdings (Jaguar), began rail operations on Aug. 1. KNR acquired leasehold rights to approximately 6 miles of track owned by the N.C. Department of Transportation (NCDOT). The railroad will interchange with Norfolk Southern in Kinston, N.C., and terminates at North Carolina Global TransPark, a 2,500-acre multi-modal industrial and business park.
"We are excited for the opportunity to establish our second operation in North Carolina and grow our partnership with NCDOT," said Stu Towner, CEO of Jaguar. "Connected to a modern industrial park and located in close proximity to multiple deep-water ports, we think this railroad will allow us to provide excellent service to current and future customers and earn the right to grow alongside them and the local community."
Kinston is the ninth shortline railroad for Jaguar, who has partnered with OPTrust, one of Canada's largest pension plans. Other Jaguar railroads include Charlotte Western Railroad, Missouri Eastern Railroad, Cimarron Valley Railroad, Southwestern Railroad, Washington Eastern Railroad, Oregon Eastern Railroad, Texas Eastern Railroad, and West Memphis Base Railroad.
Jaguar is a transportation and logistics company headquartered in Joplin, MO. Since 2018, Jaguar has focused on safety, team culture, service to customers, and innovation to help drive its growth. Jaguar operates nine short line railroads and multiple other rail served sites across the United States. Jaguar is partnered with OPSEU Pension Plan Trust Fund ("OPTrust"), which invests and manages one of Canada's largest pension funds and has significant experience investing in the surface transportation and logistics space. For more information, please visit www.jag-transport.com.
With net assets of over $25 billion, OPTrust invests and manages one of Canada's largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a defined benefit plan with over 100,000 members. OPTrust is a global investor in a broad range of asset classes including Canadian and foreign equities, fixed income, real estate, infrastructure and private markets, and has a team of highly experienced investment professionals located in Toronto, London and Sydney.
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SOURCE Jaguar Transport Holdings | https://www.wagmtv.com/prnewswire/2022/08/03/kinston-railroad-commences-rail-operations/ | 2022-08-03T22:15:54Z | https://www.wagmtv.com/prnewswire/2022/08/03/kinston-railroad-commences-rail-operations/ | false |
SAN JOSE, Calif. (AP) — Four-time major champion Naomi Osaka won the first match she’s played since May, beating Zheng Qinwen 6-4, 3-6, 6-1 on Tuesday night at the Mubadala Silicon Valley Classic.
Osaka hit 11 aces and saved 7 of 8 break points in the hard-court tournament that serves as a tuneup for the U.S. Open.
Osaka had not played anywhere since a first-round loss to Amanda Anisimova at the French Open on May 23.
The former No. 1-ranked player was bothered by her left Achilles tendon during that defeat, then cited that lingering injury when she pulled out of Wimbledon in June.
Osaka won the U.S. Open in 2018 and 2020.
Next up for Osaka is Coco Gauff, who won her match 6-0, 6-1 over Anhelina Kalinina. Osaka leads their head-to-head series 2-1, including a victory over Gauff at the 2019 U.S. Open. Gauff was the runner-up at this year’s French Open.
Another past champion at Flushing Meadows, 2019 winner Bianca Andreescu, lost Tuesday in San Jose, beaten 6-4, 6-2 by Shelby Rogers.
In other first-round action, qualifier Elizabeth Mandlik won her WTA debut, defeating Alison Riske-Amritraj 6-3, 6-3, and No. 9 seed Veronika Kudermetova beat Camila Giorgi 7-6 (2), 4-6, 7-5.
___
More AP tennis: https://apnews.com/hub/tennis and https://twitter.com/AP_Sports | https://www.myarklamiss.com/sports/ap-sports/osaka-wins-at-san-jose-in-1st-match-since-may/ | 2022-08-03T22:16:36Z | https://www.myarklamiss.com/sports/ap-sports/osaka-wins-at-san-jose-in-1st-match-since-may/ | false |
WASHINGTON — President Joe Biden on Wednesday signed an executive order that lays the groundwork for Medicaid to help women seeking abortions to travel between states to obtain access to the procedure.
The details are still being worked out, and the administration faces a challenging legal landscape because it’s illegal to use federal funding to pay for abortions unless the woman’s life is in danger or the pregnancy is the result of rape or incest.
However, White House press secretary Karine Jean-Pierre said the Department of Health and Human Services would invite states where abortion remains legal to apply for permission to use Medicaid funds to “provide reproductive healthcare to women who live in states where abortion is banned.”
Crossing state lines to get abortions has become an increasing issue since the Supreme Court overturned Roe v. Wade and opened the door for new restrictions on abortion at the state level.
The National Abortion Federation said Wednesday that it’s seen more women asking for help traveling to get the procedure in the month after the decision. The organization paid for 76 hotel rooms and booked 52 bus or plane trips, up from only a handful in the same time period last year.
Biden’s order also calls on health care providers to comply with federal nondiscrimination laws and streamline the collection of key data and information on maternal health at the National Institutes of Health and the Centers for Disease Control and Prevention.
Biden described the court’s decision on abortion as a “health care crisis,” and he said he wants to make sure “every part of the federal government does its part at this critical moment where women’s health and lives are on line.”
The order came one day after Kansas voters protected the right to abortion in the conservative state, an outcome that Biden celebrated.
Biden signed the order from the White House residence, where he continues to isolate with a rebound case of COVID-19. He participated virtually in a meeting led by Vice President Kamala Harris.
“I wish I was with you in person, quite frankly,” Biden said. “But I’m getting there.”
The new order nonetheless falls short of what many Democratic lawmakers and abortion advocacy groups have demanded of the Biden administration. One chief ask has been for Biden to declare a public health emergency on abortion, which White House officials have said would do little to free up federal resources or activate new legal authorities.
Wednesday’s order is the latest in a series of executive actions from the Biden administration since the constitutional right to an abortion was eliminated in the Supreme Court’s ruling on Dobbs v. Jackson Women’s Health Organization in June.
Separately, on Tuesday, the Justice Department sued Idaho over its statute that criminalizes abortions, with Attorney General Merrick Garland arguing that it violates federal law.
Near the end of Biden’s remarks, he once again called on Congress to codify Roe v. Wade into law.
“If Congress fails to act, the people of this country need to elect senators and representatives who will restore Roe and protect the right to privacy, freedom and equality.” | https://www.twincities.com/2022/08/03/biden-signs-executive-order-to-protect-travel-for-abortion/ | 2022-08-03T22:17:05Z | https://www.twincities.com/2022/08/03/biden-signs-executive-order-to-protect-travel-for-abortion/ | false |
PORTSMOUTH, N.H., Aug. 3, 2022 /PRNewswire/ -- TALON, a pioneer and industry leader in providing groundbreaking healthcare technology solutions, has announced a new partnership with third-party administrator Fox/Everett, a division of HUB International.
With a proven, seven-decade track record of offering innovative insurance solutions and unsurpassed service to clients and members spanning a wide range of industries, Fox/Everett has chosen to implement TALON's turn-key solution in support of the Transparency in Coverage Rule and No Surprises Act.
"After a thorough analysis of all solutions, we have chosen TALON as the' Best in Class" provider, to meet the federal mandate and provide a state-of-the-art Price Transparency Platform, helping our client's members lower their overall cost of healthcare," said Grant Brabham, Senior Vice-President HUB & Director of Fox/Everett.
TALON Co-Founder, President, and CEO Mark Galvin says that Fox/Everett had a very specific set of needs that TALON was able to meet—quickly and seamlessly.
"Fox/Everett recognized the need to provide their diverse dossier of clients with a comprehensive, scalable, easy-to-implement solution that not only ensures full compliance with current AND forthcoming transparency mandates, avoiding budget-busting financial penalties that are being enforced TODAY, but also empowers and incentivizes plan members to make smart, economical decisions about their own care. TALON provides that, and much more, in one streamlined solution," said Galvin.
About TALON
TALON's mission is to educate, empower, and incentivize the American healthcare consumer to meaningfully reduce costs and create a healthier ecosystem. We've built the ultimate suite of software services designed to fulfill the requirements of the Transparency in Coverage Rule and No Surprises Act. Simply put, TALON protects healthcare stakeholders from overpaying for care while enabling seamless integration into the Payer's existing architecture, all without disruption or distraction. Our tools create free-market dynamics, starting with our ability to ensure full compliance with all mandates and extending through our consumer-driven MyMedicalShopper platform. Learn more at talonhealthtech.com.
About Fox/Everett
Fox/Everett, a Division of Hub International, is a single source for any business' or individual's insurance needs, with the ability to provide the full spectrum of insurance products and services from business insurance, third party claims administration, employee benefits, personal insurance, financial services, and retirement plan administration and consulting. Learn more at http://hubinternational.com/.
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SOURCE MMS Analytics Inc. d/b/a TALON | https://www.wagmtv.com/prnewswire/2022/08/03/talon-welcomes-foxeverett/ | 2022-08-03T22:18:09Z | https://www.wagmtv.com/prnewswire/2022/08/03/talon-welcomes-foxeverett/ | false |
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