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'Forever family': Exchange student programs are struggling to find host families
Jim Anderson's Bloomington home looks a bit like a fraternity house right now — except instead of college students, it's teenage exchange students from across the world.
He's only hosting two current exchange students right now, but former students continue to return to the U.S. to visit him. Once they live with him for the 10 weeks of their exchange program, Anderson said, they become part of his "forever family."
"It's hard to put it into words," he said. "It's amazing the connections you make."
Over the years, Anderson has hosted 11 students through PAX, or Program of Academic Exchange, a national exchange program with close ties to Bloomington. PAX has placed 24,000 students from 70 countries since it began about 30 years ago. Although it’s only one of several exchange programs that place students in the U.S., PAX places about 200 students in Indiana annually, senior regional director Pam Blackburn said.
Filing has begun:What do school boards actually do? How do meetings work? Here's what to know.
Many students are placed in Indiana every year because PAX considers it one of the most hospitable states, said Blackburn, who places students in Indiana and Illinois. This year, however, may be different.
Across the country, exchange programs are struggling to find enough host families to place students. It’s been tough since the pandemic hit, Blackburn said, but factors such as pandemic fatigue and inflation are making it worse.
As of late July, Blackburn had about 80 more students to place — she typically has less than 50 around that time of year, she said. The deadline to place students with families is Aug. 31.
“I’ve got a big challenge ahead of me,” Blackburn said. “These are the dreams of these kids, and I have all these faces looking at me like, ‘Where am I going to go?’”
What does it take to host an exchange student?
Some families that have hosted students in past years are opting out this year because they need a break, Blackburn said. She can understand why, but the process to become a host family is relatively simple.
Host families provide their exchange students three meals a day, a stationary bed, a place for their belongings and a place for them to study, which can just be the kitchen table. Hosts have to be at least 25 years old, clear a background check and a home interview and can’t be on any government subsidies.
The students attend public high schools, but host families don’t need to have kids of their own in public schools, or even have kids at all.
“We have families of every makeup,” Blackburn said. “We have single moms. We have parents that have never had children before. We’ve gotten families with four, five, six kids with super busy schedules and they have a bunk bed with an extra bed.”
Schools don’t have to accept exchange students, but Monroe County schools — especially Bloomington High School North and Bloomington High School South — are particularly welcoming, said Kristi Brown, who helps connect students to Monroe County schools. In fact, when schools first reopened in 2020, the Monroe County Community School Corp. high schools were among the few to accept students again.
The students and host families are accepted through the schools’ vice principals, Brown said. PAX usually places four to six students in each Bloomington high school every year. Schools get federal and state funding for each exchange student.
Why is it hard to find host families this year?
Despite the benefits of exchange programs, having an exchange student can put stress on their host family and the school itself. It’s hard to pinpoint the shortage of host families to one cause, Blackburn said.
“It’s the climate of our culture here right now, it’s the aftermath of COVID, it’s the high turnover in schools,” she said. “It’s a lot of factors.”
Teachers everywhere are under pressure as the nation’s teacher shortage worsens. On top of that, exchange students typically need help from English Language Learning teachers, as English isn’t typically their first language.
First day:Buses arrive late to Fairview Elementary's first day as MCCSC starts new bus tier system
Some schools that typically take a significant number of exchange students are taking fewer than previous years, Blackburn said, because they want time to readjust.
“For those first two years of COVID there were very few exchange students in the country, so schools got accustomed to having fewer students and want to take it slow now,” she said. “They don’t want 11 off the bat anymore, they want two or three.”
Host families are feeling the pressure, too. Caring for children in the U.S. is becoming increasingly difficult, Blackburn said, especially while inflation is raising the price of necessities such as gas, groceries and school supplies.
“It’s a big responsibility for a host family to take on a student,” Blackburn said, “and people don’t have the money they used to.”
Why are exchange programs beneficial?
Between Brown and Anderson, they’ve hosted 15 students over the years. Blackburn, who has been with PAX since its start, has hosted 35 students and now has “grandchildren” across the world.
Exchange programs benefit both students from abroad and local students, Blackburn said. Local students who may never have traveled outside of the country or even Indiana learn about world cultures and customs and feel more connected to global events.
“When tragic things happen, like what’s happened in Ukraine or a tsunami in Japan, it brings everything closer to home because you know people there,” Blackburn said. “Our students here get to learn that the world is not just Indiana.”
Exchange students learn about the U.S., receive a quality education and gain a second family, Blackburn said. Some students who participated in the program are now in politics in their home countries — some are even ambassadors to their countries, she said.
At its core, Anderson said, PAX teaches both the host families and exchange students how to care for each other. When Anderson lived with one of his first students, a boy from Somalia, he fought and negotiated to get the child braces before he returned to his home country, something the boy thought would never be possible.
"I remember driving home from the dentist, and he was crying and saying, 'I can never repay you,'" Anderson said. "I said, 'Yes, you can. Just pay it forward.'"
Reach reporter Christine Stephenson at cstephenson@heraldt.com. | https://www.heraldtimesonline.com/story/news/education/2022/08/08/exchange-students-host-families-2022/65389442007/ | 2022-08-08T21:08:45Z | https://www.heraldtimesonline.com/story/news/education/2022/08/08/exchange-students-host-families-2022/65389442007/ | true |
Anganwadi protesters allege police brutality
New Delhi August 09, 2022 01:46 ISTPolice deny any force being used on demonstrators
Delhi State Anganwadi Workers and Helpers Union (DSAWHU) members, protesting outside the L-G house on Monday, alleged that the police resorted to violence and brutality against them.
They also alleged that women workers were “manhandled” by police at the behest of the BJP and AAP.
DCP (North) Sagar Singh Kalsi, meanwhile, denied any force being used on the protesters by the police personnel. He denied the allegations made by the workers.
The protesters were demanding reinstatement of 884 workers, whose services were terminated during and after a 38-day protest earlier this year. They also called for a rollback of Essential Services Maintenance Act (ESMA), which has banned such protests till September.
“We met the L-G on July 16. He had assured us that he will look into the matter. But nothing has happened till now. We had gone to meet him again today regarding it,” said union president Shivani Kaul.
“The Delhi police repeatedly resorted to violence and force against protesting women. When the women workers did not succumb to the threats of the police, the officers, including policemen, forced the women into police vehicles,” an official statement from the union read.
Threw away phones
They alleged that phones of some women, who were recording the “police brutality”, were thrown away by the police.
“Anganwadi workers will not be cowed into submission by the cowardly threats of the Delhi police. Today, even though the police has brutally violated our right to raise questions, we will stage a protest again at the L-G house very soon,” Ms. Kaul said. | https://www.thehindu.com/news/cities/Delhi/anganwadi-protesters-allege-police-brutality/article65746998.ece/amp/ | 2022-08-08T21:08:47Z | https://www.thehindu.com/news/cities/Delhi/anganwadi-protesters-allege-police-brutality/article65746998.ece/amp/ | true |
GREENSBORO, N.C. (AP) — The last five weeks feels like three months to 20-year-old Joohyung “Tom” Kim, and for good reason. The South Korean kid who named himself after a cartoon train is on the fast track.
He got a rare PGA Tour start in the Scottish Open because of his standing on a Korean tour points list, hopeful of doing well enough to get a shot at the Korn Ferry Tour finals.
Now he’s a PGA Tour winner who is No. 21 in the world and headed to the FedEx Cup playoffs, and he can probably count on a spot with the International team at the Presidents Cup.
All aboard with Tom the Train!
“It’s been a crazy month,” Kim said.
He announced his arrival on the PGA Tour at the Wyndham Championship, where he began the tournament with a quadruple-bogey 8 and finished it with a 9-under 61 for a five-shot victory.
“I’m really, really happy for Tom,” said Sungjae Im, who completed the rain-delayed third round Sunday morning with a one-shot lead and couldn’t keep up with Kim, because no one could. Kim shot 27 on the front nine that left everyone in his wake.
“He’s a great kid and to come out here and to win on tour as a nonmember and secure your card is really not an easy task and he achieved that,” Im said.
Kim, who turned 20 in June, is the second-youngest winner on the PGA Tour since World War II. Jordan Spieth was two weeks away from turning 20 when he won 2013 John Deere Classic.
The victory gave Kim instant membership on the PGA Tour, making him eligible for the FedEx Cup playoffs that start next week. He is No. 34, assured of playing two postseason events and with a reasonable shot at getting to the finale at East Lake.
Im had a 68 and tied for second along with John Huh (67).
Kim spent his developmental years in the Philippines and in Australia. He already had won three times on the Asian Development Tour and once in Korea before making his American debut at age 18 in the 2020 PGA Championship at Harding Park.
As for the name? He was a big fan as a young boy of Thomas the Tank Engine in the TV series “Thomas & Friends.”
“You’re supposed to let your parents name yourself and I was like, ‘Nope, I’m to name myself Thomas.’ I loved the show as a kid. I haven’t watched it or anything, but apparently I really loved the train.”
The other option — he was a big “Toy Story” fan — would have been Buzz Lightyear. That would have worked. The kid is creating quite the buzz, and he’s light years ahead of others his age.
Only Rory McIlroy and Sergio Garcia were younger when they reached as high as No. 21 in the world ranking.
Kim finished third in the Scottish Open, the first time it was co-sanctioned by the PGA Tour, and his goal was to get enough FedEx Cup points to finish equal to the top 200 so he could earn his card through a series of Korn Ferry Tour events late in the summer.
He earned special temporary PGA Tour membership when he made the cut at the British Open. He secured a PGA Tour card last week with a seventh-place finish in the Rocket Mortgage Classic. The stress gone, not even an opening quadruple bogey rattled him.
“It’s been a five-week stretch for me, but it feels like three months,” Kim said. “Yeah, it’s been a hectic month and a lot of things have changed, for sure.”
He finished at 20-under 260.
It was plenty stressful for others, even those who weren’t playing.
The heartbreak belonged to Justin Lower, who was poised to move into the top 125 in the FedEx Cup to reach the postseason and secure a full card for next season.
But on the final hole, Lower hit his 60-foot birdie putt a little too firm. That left him a 6-foot par putt that would have put him inside the top 125. He missed it to the right and was wiping away tears as he walked off the green.
“I don’t really know what I’m thinking. It sucks to come up this short,” Lower said. “Obviously had some help with the LIV guys and whatnot — I don’t even know if I’m allowed to say that. But I don’t know. There’s positives. But right now, it just flat out sucks.”
The tour has suspended players who signed on with Saudi-funded LIV Golf, and they did not count toward the top 125 in the FedEx Cup. Lower was the equivalent of No. 128 going into the final event of the regular season.
Rickie Fowler looked to be out of luck when he missed the cut on Friday at No. 123. But enough players faded on the weekend that Fowler gets to extend his season for at least another week at the FedEx St. Jude Championship next week.
___
More AP golf: https://apnews.com/hub/golf and https://twitter.com/AP_Sports | https://pix11.com/sports/ap-sports/kim-arrives-on-pga-tour-with-61-to-win-wyndham-championship/ | 2022-08-08T21:13:35Z | https://pix11.com/sports/ap-sports/kim-arrives-on-pga-tour-with-61-to-win-wyndham-championship/ | false |
VERNON Calif., Aug. 8, 2022 /PRNewswire/ -- Bender CCP, a leading provider of turnkey machining and repair services for engineered rotating equipment, announced today a new 36,000 machining facility in Portland Oregon. The new facility is the next step in Bender CCP's overall strategy to expand capabilities in the Northwest region to serve a growing customer base for machining and repair services across industries such as power generation, ship repair and other industries.
"Demand for our services in the Northwest has continued to grow," said Michael Potter, President and CEO of Bender CCP. "Adding the Portland facility expands our existing customer relationships as well as forges new ones with the same level of expertise and responsiveness that we are known for. We've also added capacity in SoCal with a new ship repair facility, and opened our Kent, WA location last year which allows us to serve customers all along the Pacific seaboard."
Bender CCP's Portland facility and equipment brings the company's total footprint to more than 335,000 square feet. The facility is currently on track to be operational by early September.
About Bender CCP
Bender CCP is one of the leading full-service providers of engineered rotating equipment repair, machine shop, and in-place field machining services in the western region. With decades of experience across numerous industries including power generation, ship repair and a broad range of commercial customers. Bender CCP is one of the only companies with the capacity to handle large-scale complex projects in machining, grinding, balancing, equipment overhauls, repairs and restoration. To learn more, email info@benderccp.com or visit www.benderccp.com.
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SOURCE Bender CCP | https://www.kait8.com/prnewswire/2022/08/08/bender-ccp-announces-new-portland-machine-shop-facility-continued-northwest-expansion/ | 2022-08-08T21:21:14Z | https://www.kait8.com/prnewswire/2022/08/08/bender-ccp-announces-new-portland-machine-shop-facility-continued-northwest-expansion/ | false |
Wheat for Sep. rose 4 cents at $7.7925 a bushel; Sep. corn was off 1.75 cents at $6.0850 a bushel, Sep. oats advanced 38.50 cents at $4.61 a bushel; while Sep. soybeans was up 4.75 cents at $16.1955 a bushel.
Beef and pork were higher on the Chicago Mercantile Exchange. Aug. live cattle was up .48 cent at $1.3835 a pound; Aug. feeder cattle gained 1.75 cents at $1.8127 a pound; while Aug. lean hogs rose .98 cent at $1.2180 a pound. | https://www.seattlepi.com/business/article/Grains-mostly-higher-Livestock-higher-17359803.php | 2022-08-08T21:24:17Z | https://www.seattlepi.com/business/article/Grains-mostly-higher-Livestock-higher-17359803.php | true |
– Enrollment complete in Phase 1 study of PRGN-3006 UltraCAR-T® in acute myeloid leukemia (AML); enrollment ongoing in Phase 1b dose expansion study; Mayo Clinic in Rochester, Minnesota activated as first expansion site of Phase 1b multicenter expansion; technology transfer and site activation activities underway at multiple new sites –
– Enrollment complete in Phase 1 study of PRGN-3005 UltraCAR-T in advanced ovarian cancer; enrollment complete at Dose Level 3 with lymphodepletion in the IV arm; Phase 1b expansion study initiated at Dose Level 3 with lymphodepletion prior to IV infusion; technology transfer and site activation underway for Phase 1b multicenter expansion –
– Enrollment complete in Phase 1 study of PRGN-2012 AdenoVerse™ Immunotherapy in recurrent respiratory papillomatosis (RRP); Phase 2 study initiated and rapidly progressing –
– Enrollment complete in combination arm of Phase 1 study of PRGN-2009 AdenoVerse Immunotherapy in human papillomavirus (HPV)-associated cancers –
– Entered into agreement to sell wholly-owned subsidiary Trans Ova Genetics for $170 million in upfront cash and up to $10 million earn-out over two years; close expected in Q3 2022; Company intends to pay senior convertible notes when due in July 2023 –
– Cash, cash equivalents, short-term and long-term investments totaled $132.8 million as of June 30, 2022 –
GERMANTOWN, Md., Aug. 8, 2022 /PRNewswire/ -- Precigen, Inc. (Nasdaq: PGEN), a biopharmaceutical company specializing in the development of innovative gene and cell therapies to improve the lives of patients, today announced second quarter and first half 2022 financial results.
"Precigen is laser focused on maximizing the value of our highest priority assets and prioritizing our capital allocation to enable us to reach critical inflection points in our clinical trials. We have been able to expedite our prioritized programs, rapidly progressing from Phase 1 dose escalations to 1b expansions and have already initiated Phase 2 studies for several programs," said Helen Sabzevari, PhD, President and CEO of Precigen. "We continue to demonstrate the potential of these assets and their associated therapeutic platforms, and are actively pursuing rapid regulatory strategies for licensure to bring these potential investigational therapies to patients as quickly as possible. We expect additional data this year and early next for our prioritized programs, and are particularly excited for the Phase 1 data presentation for the PRGN-2012 AdenoVerse study in Q4 2022."
"The transaction to sell Trans Ova Genetics, which is expected to close in Q3 2022, will provide Precigen with $170 million in cash up-front and up to a $10 million earn-out over the next two years. The proceeds from this sale will fortify our balance sheet and provide non-dilutive funds to pay our convertible notes, which we intend to do when due," said Harry Thomasian Jr., CFO of Precigen. "We believe that our cash on hand and cost reduction initiatives, taking into account our plan for our convertible notes, give us enough runway to advance our clinical priorities into Q4 2023."
Key Business Highlights
- Agreement to Divest Non-Healthcare Subsidiary Trans Ova Genetics
- PRGN-3006 UltraCAR-T® in AML
- PRGN-3005 UltraCAR-T® in Ovarian Cancer
- PRGN-3007 UltraCAR-T® in Advanced ROR1+ Hematological and Solid Tumors
- PRGN-2012 AdenoVerse™ Immunotherapy in RRP
- PRGN 2009 AdenoVerse™ Immunotherapy in HPV-associated Cancers
Second Quarter and First Half 2022 Financial Highlights
- Net cash used in operating activities of $25.8 million during the six months ended June 30, 2022 compared to $24.2 million during the six months ended June 30, 2021;
- Cash, cash equivalents, short-term and long-term investments totaled $132.8 million as of June 30, 2022;
- Selling, general and administrative (SG&A) costs decreased for both the three and six months ended June 30, 2022 compared to the prior year periods; and
- As a result of the anticipated Trans Ova Genetics sale, the Trans Ova Genetics business is now classified as a discontinued operation with its assets, liabilities and operations in prior periods reclassified to conform to the current presentation.
Second Quarter 2022 Financial Results Compared to Prior Year Period
- Total revenues decreased $0.9 million, or 24%, from the quarter ended June 30, 2021. Product and service revenues generated by Exemplar decreased $0.5 million and collaboration and license revenue decreased $0.3 million from the quarter ended June 30, 2021. Gross margin on products and services declined as a result of the decreased revenues, and increased costs for supplies, drugs, and personnel costs.
- Research and development expenses decreased by $1.2 million, or 9%, from the quarter ended June 30, 2021. Contract research organization costs and lab supplies decreased $1.9 million due to timing differences, the completion of the Phase 1b/2a clinical trial of AG019 in the fourth quarter of the prior year, as well as a continued prioritization of clinical product candidates with less expense incurred related to preclinical research programs for the comparable period. This decrease was partially offset with an increase in salaries, benefits, and other personnel costs of $0.7 million primarily due to an increase in the hiring of employees to support the growth in the Company's development activities.
- SG&A expenses decreased $2.3 million, or 15%, from the quarter ended June 30, 2021. Salaries, benefits, and other personnel costs decreased $1.5 million primarily due to reduced stock compensation in 2022 and reduced head count. Professional fees decreased $0.4 million, primarily due to decreased legal fees associated with certain matters.
- Loss from continuing operations was $26.1 million, or $(0.13) per basic and diluted share, compared to loss from continuing operations of $30.9 million, or $(0.16) per basic and diluted share, in 2021.
First Half 2022 Financial Results Compared to Prior Year Period
- Total revenues increased $1.2 million, or 16%, from six months ended June 30, 2021. Product and service revenues generated by Exemplar increased $1.6 million, which was offset by a $0.3 million reduction in collaboration and license revenue from the six months ended June 30, 2021. Gross margin on services remained comparable to the prior year as increased revenues were offset by increased costs for supplies, drugs, and personnel costs.
- Research and development expenses increased $0.4 million, or 2%, from the six months ended June 30, 2022. Salaries, benefits, and other personnel costs increased $1.2 million due to an increase in the hiring of employees to support the growth in the Company's development activities. This increase was partially offset with a decrease of contract research organization costs and lab supplies of $0.9 million, primarily due to timing differences, the completion of the Phase 1b/2a clinical trial of AG019 in the fourth quarter of the prior year, and a continued prioritization of clinical product candidates with less expense incurred related preclinical research programs for the comparable period.
- SG&A expenses decreased $2.9 million, or 10%, from the six months ended June 30, 2021. Salaries, benefits, and other personnel costs decreased $3.5 million primarily due to reduced stock compensation in 2022 and reduced head count. This decrease was partially offset with an increase in legal and professional fees of $1.1 million, primarily due to increased consulting fees and legal fees associated with certain matters.
- Loss from continuing operations was $50.0 million, or $(0.25) per basic and diluted share, compared to loss from continuing operations of $57.8 million, or $(0.29) per basic and diluted share, in 2021.
Precigen: Advancing Medicine with Precision™
Precigen (Nasdaq: PGEN) is a dedicated discovery and clinical stage biopharmaceutical company advancing the next generation of gene and cell therapies using precision technology to target the most urgent and intractable diseases in our core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. Our technologies enable us to find innovative solutions for affordable biotherapeutics in a controlled manner. Precigen operates as an innovation engine progressing a preclinical and clinical pipeline of well-differentiated therapies toward clinical proof-of-concept and commercialization. For more information about Precigen, visit www.precigen.com or follow us on Twitter @Precigen, LinkedIn or YouTube.
Trademarks
Precigen, UltraCAR-T, UltraPorator, AdenoVerse and Advancing Medicine with Precision are trademarks of Precigen and/or its affiliates. Other names may be trademarks of their respective owners.
Cautionary Statement Regarding Forward-Looking Statements
Some of the statements made in this press release are forward-looking statements. These forward-looking statements are based upon the Company's current expectations and projections about future events and generally relate to plans, objectives, and expectations for the development of the Company's business, including the consummation of the prospective sale of Trans Ova Genetics, the use of capital from that transaction, the timing and progress of preclinical studies, clinical trials, discovery programs and related milestones, the promise of the Company's portfolio of therapies, and in particular its CAR-T and AdenoVerse therapies. Although management believes that the plans and objectives reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks and uncertainties, including the possibility that the sale of Trans Ova will not be consummated on the expected timeline or at all (whether due to a failure to receive, or delay in the receipt of, clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 or other third party consents required for the transaction or the failure to satisfy other conditions to the consummation of the transaction), the possibility that the timeline for the Company's clinical trials might be impacted by the COVID-19 pandemic, and actual future results may be materially different from the plans, objectives and expectations expressed in this press release. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For further information on potential risks and uncertainties, and other important factors, any of which could cause the Company's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
Investor Contact:
Steven M. Harasym
Vice President, Investor Relations
Tel: +1 (301) 556-9850
investors@precigen.com
Media Contacts:
Donelle M. Gregory
press@precigen.com
Glenn Silver
Lazar-FINN Partners
glenn.silver@finnpartners.com
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SOURCE Precigen, Inc. | https://www.kait8.com/prnewswire/2022/08/08/precigen-reports-second-quarter-first-half-2022-financial-results/ | 2022-08-08T21:25:07Z | https://www.kait8.com/prnewswire/2022/08/08/precigen-reports-second-quarter-first-half-2022-financial-results/ | false |
Published: Aug. 8, 2022 at 3:05 PM CDT|Updated: 1 hour ago
- Outstanding Business Volume of $24.5 Billion -
WASHINGTON, Aug. 8, 2022 /PRNewswire/ -- The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the availability and affordability of credit for the benefit of rural America, today announced its results for the fiscal quarter ended June 30, 2022.
Second Quarter 2022 Highlights
Added $1.9 billion of gross business volume, resulting in net growth of $236.0 million
Net interest income grew $14.3 million year-over-year to $69.4 million
Net effective spread1 increased 8% from the prior-year period to $60.9 million
Net income attributable to common stockholders of $39.1 million compared to $25.4 million in second quarter 2021
Core earnings1 grew 3% year-over-year to $30.7 million, or $2.83 per diluted common share
90-day delinquencies were 0.08% across the entire $24.5 billion portfolio as of June 30, 2022
"Farmer Mac delivered another quarter of strong results, generating record core earnings and demonstrating the consistency of our fundamental business model as we continue to successfully execute against our multi-year growth plan," said President & Chief Executive Officer, Brad Nordholm. "These results are again noteworthy given the current economic and market backdrop, where inflationary pressures have created heightened uncertainty across credit markets and high volatility across a broad range of prices, including key agricultural commodities. Our continued strong credit quality, solid capital position, and growing execution capability has enabled Farmer Mac to consistently deliver on our mission to bring even greater efficiencies, and lower costs, in providing financing to lenders for the benefit of their farm and ranch, agribusiness, and rural infrastructure customers. We remain confident in our ability to navigate the current environment and make the necessary investments in our infrastructure to pursue strategic growth opportunities."
_______________ 1 Non-GAAP Measure
Second Quarter 2022 Results
Spreads
Net interest income for second quarter 2022 was $69.4 million, a $14.3 million increase compared to $55.1 million in the prior-year period, primarily due to a $7.8 million increase in the fair value of designated financial derivatives, a $4.3 million increase from net new business volume, and a $2.5 million decrease in funding costs. Net interest yield was 1.09% in second quarter 2022 compared to 0.94% in the prior-year period.
Net effective spread, a non-GAAP measure, for second quarter 2022 was $60.9 million, a $4.4 million increase from $56.6 million in the prior-year period. The $4.4 million year-over-year increase in net effective spread was primarily due to a $4.8 million increase from net new business volume, a $0.9 million increase in net coupon yields related to the acquisition of loan servicing rights, and a $0.4 million increase in cash-basis interest income. These factors were partially offset by a $1.4 million increase in non-GAAP funding costs. In percentage terms, net effective spread was 0.99% in second quarter 2022, compared to 1.01% in the prior-year period.
Earnings
Farmer Mac's net income attributable to common stockholders for second quarter 2022 was $39.1 million ($3.60 per diluted common share), compared to $25.4 million ($2.35 per diluted common share) in the prior-year period. The $13.7 million year-over-year increase in net income attributable to common stockholders was due to a $11.3 million after-tax increase in net interest income, a $5.1 million after-tax increase in the fair value of undesignated financial derivatives, and an increase in our release of credit losses of $0.4 million after tax. These factors were partially offset by a $2.5 million after-tax increase in operating expenses and a $0.9 million increase in preferred stock dividends.
Farmer Mac enters into financial derivatives transactions to hedge interest rate risks inherent in its business and carries its financial derivatives at fair value in its consolidated financial statements. The fair value fluctuations of these financial derivatives are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported with GAAP if the derivatives are held to maturity, as is expected. Therefore, Farmer Mac uses core earnings, a non-GAAP measure that excludes the effects of fair value fluctuations, as a useful alternative measure to understand the business.
Farmer Mac's core earnings for second quarter 2022 were $30.7 million ($2.83 per diluted common share), compared to $30.0 million ($2.77 per diluted common share) in second quarter 2021. The $0.8 million year-over-year increase in core earnings was due to a $3.5 million after-tax increase in net effective spread and an increase in our release of credit losses of $0.4 million after tax. These factors were partially offset by a $2.5 million after-tax increase in operating expenses and a $0.9 million increase in preferred stock dividends.
Business Volume
Farmer Mac's outstanding business volume was $24.5 billion as of June 30, 2022, a net increase of $0.2 billion from March 31, 2022 after taking into account all new business, maturities, sales, and paydowns on existing assets. The net increase was primarily attributable to net increases of $193.0 million in the Rural Infrastructure Finance line of business and $43.0 million in the Agricultural Finance line of business.
The $16.4 million net increase in Farm & Ranch during second quarter 2022 resulted from $1.4 billion of new purchases, commitments, and guarantees, mostly offset by $1.4 billion of scheduled maturities and repayments. Farmer Mac purchased a total of $432.6 million in loans, which was primarily driven by improved borrower economics as well as a competitive, albeit an increasing interest rate environment resulting in demand for intermediate and long-term financing solutions. The $432.6 million in gross Farm & Ranch loan purchases was partially offset by $153.8 million in scheduled maturities and repayments.
Farmer Mac also purchased a total of $0.8 billion in Farm & Ranch AgVantage Securities during second quarter 2022, which primarily reflected the refinancing of maturing securities as well as financial counterparties seeking to add longer term AgVantage securities to manage their asset-liability maturity profile given recent increases in credit spreads and interest rates. The $0.8 billion in gross purchases was more than offset by $1.0 billion in scheduled maturities. Approximately $0.3 billion of the total $0.8 billion in gross purchases reflected purchases that refinanced maturing AgVantage securities and were issued at short-term tenors, which may create some volatility in AgVantage volumes throughout the year.
The $26.6 million net increase in Corporate AgFinance during second quarter 2022 resulted from $107.9 million of new loan purchases, which was offset by $81.4 million of scheduled maturities, repayments, and sales. Farmer Mac purchased a total of $85.4 million in loans, which was offset by $44.3 million in scheduled maturities, repayments, and sales. This net increase in loans was primarily due to Farmer Mac's continued focus to support loans to larger and more complex agribusinesses focused on food and fiber processing, and other supply chain production.
The $165.6 million net increase in Rural Utilities during second quarter 2022 resulted from $326.9 million of new purchases, commitments, and guarantees, which was partially offset by $161.3 million of scheduled maturities and repayments. Farmer Mac purchased a total of $196.5 million in Rural Utilities loans; electric distribution and generation and transmission comprised $161.5 million and telecommunication comprised $35.0 million, which was fueled by a competitive but increasing interest rate environment resulting in demand for long-term financing solutions for planned maintenance and capital expenditures. The $196.5 million in loan purchases was partially offset by $24.4 million in scheduled maturities and repayments.
The $27.4 million net increase in Renewable Energy during second quarter 2022 primarily reflects $35.3 million in loan purchases, partially offset by $7.9 million in repayments.
Credit
As of June 30, 2022, the total allowance for losses was $14.8 million, compared to $16.3 million as of March 31, 2022. The $1.5 million release from the total allowance for losses in second quarter 2022 was comprised of a $1.2 million release from the Rural Infrastructure Finance portfolio and a $0.3 million release from the allowance for the Agricultural Finance portfolio. The $1.2 million release from the allowance for the Rural Infrastructure portfolio was primarily attributable to updated credit loss model forecast assumptions and improvements in risk ratings. The $0.3 million release from the allowance for the Agricultural Finance mortgage loan portfolio was primarily due to a risk rating upgrade on an AgVantage counterparty.
As of June 30, 2022, Farmer Mac's 90-day delinquencies were $20.6 million (0.20% of the Agricultural Finance Mortgage Loan portfolio), compared to $63.1 million (0.70% of the Agricultural Finance Mortgage Loan portfolio) as of June 30, 2021. Across all of Farmer Mac's lines of business, 90-day delinquencies represented 0.08% of total outstanding business volume as of June 30, 2022, compared to 0.28% as of June 30, 2021.
Capital
As of June 30, 2022, Farmer Mac's core capital level was $1.3 billion, $506.3 million above the minimum capital level required by the company's statutory charter. Farmer Mac's Tier 1 capital ratio was 14.7% as of June 30, 2022.
Earnings Conference Call Information
The conference call to discuss Farmer Mac's second quarter 2022 financial results will be held beginning at 4:30 p.m. eastern time on Monday, August 8, 2022, and can be accessed by telephone or live webcast as follows:
When dialing in to the call, please ask for the "Farmer Mac Earnings Conference Call." The call can be heard live and will also be available for replay on Farmer Mac's website for two weeks following the conclusion of the call.
More complete information about Farmer Mac's performance for second quarter 2022 is in Farmer Mac's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed today with the SEC.
Use of Non-GAAP Measures
In the accompanying analysis of its financial information, Farmer Mac uses the following non-GAAP measures: "core earnings," "core earnings per share," and "net effective spread." Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.
Core earnings and core earnings per share principally differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected.
Core earnings and core earnings per share also differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. For example, we have excluded from core earnings losses on retirement of preferred stock and the re-measurement of the deferred tax asset.
Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the amortization of premiums and discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets; (2) interest income and interest expense related to consolidated trusts with beneficial interests owned by third parties, which are presented on Farmer Mac's consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost"; and (3) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in a fair value hedge accounting relationship.
Net effective spread also principally differs from net interest income and net interest yield because it includes: (1) the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"); and (2) the net effects of terminations or net settlements on financial derivatives. More information about Farmer Mac's use of non-GAAP measures is available in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2021, filed February 28, 2022 with the SEC.
For a reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, and net interest income and net interest yield to net effective spread, see "Reconciliations" below.
Forward-Looking Statements
Management's expectations for Farmer Mac's future necessarily involve assumptions and estimates and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about:
the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;
legislative or regulatory developments that could affect Farmer Mac, its sources of business, or agricultural or rural infrastructure industries;
fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;
the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac;
the general rate of growth in agricultural mortgage and rural utilities indebtedness;
the effect of economic conditions and geopolitics on agricultural mortgage or rural utilities lending, borrower repayment capacity, or collateral values, including fluctuations in interest rates, changes in U.S. trade policies, fluctuations in export demand for U.S. agricultural products, supply chain disruptions, increases in input costs, labor availability, volatility in commodity prices, and the effects of the conflict between Russia and Ukraine;
the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indexes;
developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving government-sponsored enterprises, including Farmer Mac;
the effects of the Federal Reserve's efforts to achieve monetary policy normalization and slow inflation;
other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather and drought, climate change, or fluctuations in agricultural real estate values; and
the duration, mitigation efforts, spread, severity, and social and economic disruption of the ongoing COVID-19 pandemic and its effects on the business operations of agricultural and rural borrowers, the capital markets, and Farmer Mac's business operations.
Other risk factors are discussed in "Risk Factors" in Part I, Item 1A in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 28, 2022. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this release. The forward-looking statements contained in this release represent management's expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this release is not necessarily indicative of future results.
About Farmer Mac
Farmer Mac is a vital part of the agricultural credit markets and was created to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities. As the nation's secondary market for agricultural credit, we provide financial solutions to a broad spectrum of the agricultural community, including agricultural lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer Mac's customers benefit from our low cost of funds, low overhead costs, and high operational efficiency. More information about Farmer Mac (including the Annual Report on Form 10-K referenced above) is available on Farmer Mac's website at www.farmermac.com.
* * * *
Reconciliations
Reconciliations of Farmer Mac's net income attributable to common stockholders to core earnings and core earnings per share are presented in the following tables along with information about the composition of core earnings for the periods indicated:
The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:
The following table presents core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three months ended June 30, 2022:
Supplemental Information
The following table sets forth information about outstanding volume in each of Farmer Mac's lines of business as of the dates indicated:
The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:
The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:
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.1011now.com/prnewswire/2022/08/08/farmer-mac-reports-second-quarter-2022-results/ | 2022-08-08T21:25:45Z | https://www.1011now.com/prnewswire/2022/08/08/farmer-mac-reports-second-quarter-2022-results/ | true |
AUSTIN, Texas, Aug. 8, 2022 /PRNewswire/ -- Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today second quarter 2022 consolidated net earnings of $30.8 million, or $8.70 per diluted Class A common share, compared with consolidated net earnings of $49.9 million, or $14.11 per diluted Class A common share, for the second quarter of 2021. For the six months ended June 30, 2022, the Company reported consolidated net earnings of $66.9 million, or $18.93 per diluted Class A common share, compared with $112.0 million, or $31.68 per diluted Class A common share, a year ago. The Company's book value per share as of June 30, 2022 was $576.33.
The Company reported total revenues of $117.2 million in the quarter ended June 30, 2022 compared to $222.2 million in the second quarter of 2021. The decline is almost entirely due to fair market value accounting adjustments from investments, including embedded derivatives. These revenue adjustments totaled a downward amount of $(32.5) million in the second quarter of 2022 versus a positive adjustment of $68.3 million in the second quarter of 2021. Mr. Moody observed, "The fair market value adjustments are indicative of current macroeconomic conditions, namely the relatively rapid rise in interest rate levels in conjunction with declines in the equity markets." Mr. Moody added that the Company's investment philosophy of holding debt securities until maturity mitigates concerns associated with interim market value fluctuations.
The Company's net earnings continued to benefit from overall improvement in claim experience over the prior year. Claims reported for which the cause of death was COVID-19 were $1.9 million and $5.7 million in the three and six months ended June 30, 2022, respectively, compared to $8.7 million and $15.4 million in the comparable periods for 2021. Mr. Moody noted, "Reported COVID-19 deaths peaked in the third quarter of last year and have exhibited a downward trend since then. While anecdotal reports suggest non-COVID deaths are up due to tangential effects of the pandemic, our overall mortality experience is in line with our expectations."
Excluding adjustments for fair market value changes recorded directly in stockholders' equity, the Company's "core" book value increased to $657.50 at June 30, 2022 from $639.09 at December 31, 2021. Mr. Moody commented, "We believe the more useful book value metric excludes the effects of temporary swings from market value adjustments. The Company's stockholders' equity included an unrealized gain position on debt securities of $226.2 million at December 31, 2021, which moved to an unrealized loss position of $(287.4) million at June 30, 2022 for the same category of debt securities."
National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company, both stock life insurance companies in aggregate offering a broad portfolio of individual universal life, whole life and term insurance plans, as well as annuity products. At June 30, 2022, the Company maintained consolidated total assets of $13.3 billion, consolidated stockholders' equity of $2.1 billion, and combined life insurance in force of $20.3 billion.
Caution Regarding Forward-Looking Statements:
This press release contains statements which are or may be viewed as forward-looking within the meaning of The Private Securities Litigation Reform Act of 2005. Forward-looking statements relate to future operations, strategies, financial results or other developments, and are subject to assumptions, risks, and uncertainties. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements can be found in the Company's Form 10-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the Company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.
Investor Relations Contact:
Brian M. Pribyl - Senior Vice President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nwlic.com
www.nwlgi.com
View original content to download multimedia:
SOURCE National Western Life Group, Inc. | https://www.1011now.com/prnewswire/2022/08/08/national-western-life-group-inc-announces-2022-second-quarter-earnings/ | 2022-08-08T21:27:45Z | https://www.1011now.com/prnewswire/2022/08/08/national-western-life-group-inc-announces-2022-second-quarter-earnings/ | true |
CAUGHT ON CAM: Robbers make off with more than $2 million in jewelry, police say
Published: Aug. 8, 2022 at 5:12 PM EDT|Updated: 15 minutes ago
(CNN) – Have you seen these men?
A video released by the New York Police Department Crime Stoppers caught the four of them in a criminal act.
Police said they were stealing jewelry from a store in the Bronx, coming into the shop and using a hammer to break through the display cases, while collecting jewelry pieces.
They got away with more than $2 million worth of merchandise, according to police.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.wkyt.com/2022/08/08/caught-cam-robbers-make-off-with-more-than-2-million-jewelry-police-say/ | 2022-08-08T21:28:39Z | https://www.wkyt.com/2022/08/08/caught-cam-robbers-make-off-with-more-than-2-million-jewelry-police-say/ | true |
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BEACON ROOFING SUPPLY INC Quarterly Report (Form10)
Accepted:
Form Type:
10-Q
Accession Number:
0001124941-22-000008 | https://www.benzinga.com/secfilings/22/08/28376606/beacon-roofing-supply-inc-quarterly-report-form10 | 2022-08-08T21:28:57Z | https://www.benzinga.com/secfilings/22/08/28376606/beacon-roofing-supply-inc-quarterly-report-form10 | true |
BUSHTON, Kan. (AP) — A buffalo charged and seriously injured a Kansas sheriff's deputy one day before the animal's owner was found gored to death, authorities say.
Ellsworth County Sheriff Murray Marston said in a news release that the buffalo had wandered onto a state highway and the deputy was trying to get the animal back in a pasture when it charged Sunday night.
A deputy from neighboring Rice County arrived and killed the buffalo when it appeared that it was preparing to charge again at the downed deputy. That deputy underwent surgery and is in stable condition, Marston said.
Then on Monday morning, dispatchers got a call from a woman who said that she had found her nephew, 56-year-old Scott Schroeder, of rural Bushton, dead in a pen and that she thought a buffalo had killed him. The body was in a row of trees not far from where the deputy was hurt, Marston said.
Schroeder owned the 20-plus buffalo that were being kept at that location, Marston said. | https://www.seattlepi.com/news/article/Buffalo-injures-deputy-animal-s-owner-found-17359930.php | 2022-08-08T21:28:59Z | https://www.seattlepi.com/news/article/Buffalo-injures-deputy-animal-s-owner-found-17359930.php | true |
MOSCOW (AP) — Russia on Monday announced a freeze on U.S. inspections of its nuclear arsenals under a pivotal arms control treaty, claiming that Western sanctions have hampered similar tours of U.S. facilities by Russian monitors.
The move reflects soaring tensions between Moscow and Washington over Russia’s military action in Ukraine and marks the first time the Kremlin halted U.S. inspections under the New START nuclear arms control treaty.
In declaring the freeze on U.S. inspections, the Russian Foreign Ministry said the sanctions on Russian flights imposed by the U.S. and its allies, visa restrictions and other obstacles effectively have made it impossible for Russian military experts to visit U.S. nuclear weapons sites, giving the U.S. “unilateral advantages.”
It claimed that U.S. inspectors have not faced such difficulties, even though Moscow has closed its skies to the European Union’s 27 nations, the U.K. and Canada — though not the U.S. — after the start of the conflict in Ukraine in late February. Russia said at the time that exceptions would be made for diplomatic missions and deliveries of humanitarian aid.
The Russian Foreign Ministry claimed that the freeze is temporary and allowed by the pact “in exceptional cases.”
It noted that Russia “highly values” the New START, adding that inspections could resume after the problems hampering them are solved.
“Russia is fully committed to abiding by all of the provisions of New START, which we see as a crucial tool for maintaining international security and stability,” the ministry said, urging a “thorough study of all existing problems in this area, the successful settlement of which would allow a return to full-scale application as soon as possible of all verification mechanisms of the Treaty.”
“After the problems regarding the resumption of inspection activities under the Treaty are resolved, we will immediately lift the exemptions from inspection activities that we have announced,” the ministry said.
The New START treaty, signed in 2010 by President Barack Obama and Russian President Dmitry Medvedev, limits each country to no more than 1,550 deployed nuclear warheads and 700 deployed missiles and bombers, and envisages sweeping on-site inspections to verify compliance.
Just days before the New START was due to expire in February 2021, Russia and the United States agreed to extend it for another five years.
___
Joanna Kozlowska in London contributed to this report. | https://www.seattlepi.com/news/article/Russia-temporarily-pulls-out-of-weapons-17359715.php | 2022-08-08T21:30:13Z | https://www.seattlepi.com/news/article/Russia-temporarily-pulls-out-of-weapons-17359715.php | false |
WFO NEW YORK CITY Warnings, Watches and Advisories for Monday, August 8, 2022
_____
SPECIAL WEATHER STATEMENT
Special Weather Statement
National Weather Service New York NY
357 PM EDT Mon Aug 8 2022
...A strong thunderstorm will impact portions of north central New
Haven County through 445 PM EDT...
At 357 PM EDT, Doppler radar was tracking a strong thunderstorm near
Woodbury Center, or 7 miles north of Southbury, moving east at 25
mph.
HAZARD...Winds in excess of 30 mph and pea size hail.
SOURCE...Radar indicated.
IMPACT...Gusty winds could knock down tree limbs and blow around
unsecured objects. Minor damage to outdoor objects is
possible.
Locations impacted include...
Waterbury, Wolcott and Middlebury.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
If outdoors, consider seeking shelter inside a building.
Frequent cloud to ground lightning is occurring with this storm.
Lightning can strike 10 miles away from a thunderstorm. Seek a safe
shelter inside a building or vehicle.
Persons in campgrounds should consider seeking sturdy shelter until
this storm passes.
LAT...LON 4160 7293 4157 7294 4152 7308 4157 7311
4157 7309 4159 7308 4159 7306 4161 7305
4161 7302 4163 7302 4163 7300 4164 7298
4164 7294
TIME...MOT...LOC 1957Z 256DEG 21KT 4159 7324
MAX HAIL SIZE...0.25 IN
MAX WIND GUST...30 MPH
...AIR QUALITY ALERT IN EFFECT FROM 11 AM TO 11 PM EDT TUESDAY...
The Connecticut Department of Energy and Environmental Protection
has issued an Air Quality Action Day for the following counties:
Fairfield, New Haven, Middlesex, New London.
from 11 AM to 11 PM EDT Tuesday.
An Air Quality Action Day means that Ground Level Ozone within the
region may approach or exceed unhealthy standards. For additional
information, please visit the Connecticut Department of Energy and
Environmental Protection Web site at http://www.ct.gov/deep/aqi
_____
Copyright 2022 AccuWeather | https://www.seattlepi.com/weather/article/CT-WFO-NEW-YORK-CITY-Warnings-Watches-and-17359753.php | 2022-08-08T21:31:45Z | https://www.seattlepi.com/weather/article/CT-WFO-NEW-YORK-CITY-Warnings-Watches-and-17359753.php | true |
A ceasefire between Israel and Palestinian militants in Gaza appears to be mostly holding as both sides assess what just happened in three days of fighting.
Copyright 2022 NPR
A ceasefire between Israel and Palestinian militants in Gaza appears to be mostly holding as both sides assess what just happened in three days of fighting.
Copyright 2022 NPR | https://www.wbaa.org/2022-08-08/ceasefire-takes-effect-after-3-days-of-fighting-between-israel-and-gaza-militants | 2022-08-08T21:31:53Z | https://www.wbaa.org/2022-08-08/ceasefire-takes-effect-after-3-days-of-fighting-between-israel-and-gaza-militants | false |
HAVANA (AP) — A deadly fire that began at a large oil storage facility in western Cuba spread Monday after flames enveloped a third tank that firefighters had tried to cool as they struggle to fight the massive blaze.
At least one person has died and 125 are injured, with another 14 reported missing ever since lighting struck one of the facility’s eight tanks on Friday night. A second tank caught fire on Saturday, triggering several explosions at the facility, which plays a key part in Cuba’s electric system.
“The risk we had announced happened, and the blaze of the second tank compromised the third one,” said Mario Sabines, governor of the western province of Matanzas where the facility is located.
Firefighters had sprayed water on the remaining tanks over the weekend to cool them and try to stop the fire from spreading.
The governments of Mexico and Venezuela have sent special teams to help extinguish the fire, with water cannons, planes and helicopters fighting the fire from several directions as military constructions specialists erected barriers to contain oil spills. Local officials warned residents to use face masks or stay indoors given the billowing smoke enveloping the region that can be seen from the capital of Havana, located more than 65 miles (100 kilometers) away. Officials have warned that the cloud contains sulfur dioxide, nitrogen oxide, carbon monoxide and other poisonous substances.
The majority of those injured were treated for burns and smoke inhalation, and five of them remain in critical condition. A total of 24 remain hospitalized. Over the weekend, authorities found the body of one firefighter as relatives of those still missing gathered at a hotel to await news about their loved ones.
Sabines and Cuban President Miguel Díaz-Canel said it was impossible to search for the missing firefighters given the roiling temperatures.
The blaze at the Matanzas Supertanker Base in Matanzas city prompted officials to evacuate more than 4,900 people, most of them from the nearby Dubrocq neighborhood. The facility’s eight huge tanks hold oil used to generate electricity, although it wasn’t clear how much fuel has been lost as a result of the flames. The first tank that caught fire was at 50% capacity and contained nearly 883,000 cubic feet (25,000 cubic meters) of fuel. The second tank was full.
Jorge Piñon, director of the Latin America and Caribbean Energy Program at the University of Texas, said officials should inspect the walls of tanks that aren’t on fire to ensure they weren’t affected. He also warned that the government must be careful before bringing the system back online once the fire is extinguished.
“If not, there’ll be another catastrophe,” he said. “Unfortunately, this is going to take time.”
Piñon noted that the facility receives Cuban crude oil — operating an oil pipeline that crosses the center of the country — to be transferred via small tankers to the thermoelectric plants that produce electricity. It is also the unloading and transshipment center for imported crude oil, fuel oil and diesel, with Cuba producing only half of the fuel required to keep its economy afloat.
The blaze comes as Cuba struggles through a deep economic crisis and faces frequent power outages amid a sweltering summer, issues that helped unleashed unprecedented anti-government protests last year. Officials have not provided a preliminary estimate of damages.
___
Andrea Rodríguez on Twitter: www.twitter.com/ARodriguezAP | https://www.kxnet.com/news/international/ap-international/fire-at-cuba-oil-facility-spreads-as-3rd-tank-ignites/ | 2022-08-08T21:31:55Z | https://www.kxnet.com/news/international/ap-international/fire-at-cuba-oil-facility-spreads-as-3rd-tank-ignites/ | false |
NPR's Ari Shapiro speaks with Christine Chen of the Space Telescope Science Institute about choosing and scheduling research projects for NASA's James Webb Telescope.
Copyright 2022 NPR
NPR's Ari Shapiro speaks with Christine Chen of the Space Telescope Science Institute about choosing and scheduling research projects for NASA's James Webb Telescope.
Copyright 2022 NPR | https://www.wbaa.org/2022-08-08/how-nasas-webb-telescope-gets-its-packed-schedule | 2022-08-08T21:32:12Z | https://www.wbaa.org/2022-08-08/how-nasas-webb-telescope-gets-its-packed-schedule | true |
KABUL, Afghanistan — Inside a cramped and windowless room at the headquarters of Afghanistan's leading news channel, a group of young editors race against a six o'clock deadline.
One fiddles with the audio for a story on the year-long closure of girls' secondary schools. Another tinkers with the images of Taliban officials at an international conference. They are stories that will be featured in that evening's broadcast from TOLOnews.
When the Taliban returned to power last year, few expected Afghanistan's first 24/7 news channel to survive. The first time the group was in power, in the 1990s, radios mostly carried Islamic programming and propaganda, and TVs were banned. After they were toppled in 2001, the Taliban spent the next couple of decades staging deadly attacks, often against journalists. In 2016, seven TOLO TV employees were killed by a Taliban suicide bomber.
Despite that history, the Taliban have let this democratic institution stand. But every day is a struggle for the journalists who still work there.
TOLOnews was barely in a position to cover the Taliban's sudden takeover of the government last year.
"We lost more than 90% of our colleagues after the collapse of the government," said Khpowlwak Sapai, the head of the network. Many TOLOnews reporters, producers, and editors were among the tens of thousands of Afghans who frantically fled the country within days of the fall of Kabul.
Sapai was only lucky in that he was able to hire new staff from the more than 200 media outlets that shut down soon after the return of the Taliban. Some closed under the pressure of draconian reporting restrictions, others ran out of funding amid the country's economic collapse.
One of the young unemployed journalists Sapai hired was 23-year-old Toba Walizada, the network's education reporter, who has spent the last year relentlessly covering the Taliban's ban on middle and high schools for girls.
Over the last year, Walizada has produced hundreds of stories about the school closures, and the authorities don't understand why she keeps covering the same story.
"The ministry of education always closes the door in my face," Walizada said. "I'm always calling the deputy spokesman for the Islamic Emirate and he always tells me, 'I have told you already, there is nothing new to say.'"
"I would like to continue my struggle here ... if I leave, who will be the voice of Afghanistan?"
Her story that's airing this evening is a fresh angle for her beat. An Afghan ulema – a group of Muslim scholars – has called for girls to be admitted to school.
This may not be the development the Taliban want to hear, yet the self-proclaimed Islamic Emirate could hardly complain about news coverage of Islamic scholars.
Vague rules and red lines
For the journalists who still work in Afghanistan, it's not always clear where the red lines are. The Taliban's media law simply warns against broadcasting anything that is "contrary to Islam" or involves national security.
Over the last year, there have been numerous accounts of raids, beatings, and detentions of Afghan journalists across the country who were pursuing stories the authorities did not like, according to the Committee to Protect Journalists.
None of this has stopped TOLOnews from broadcasting critical voices.
When the United Nations published a report blaming the Taliban for extrajudicial killings, TOLO programs analyzed and debated the findings.
When the Taliban ordered the network to stop playing popular foreign TV shows featuring women, and ordered TOLO not to explain why the shows disappeared, Sapai decided his news program owed it to viewers to tell them why some of the shows were disappearing. Both Sapai and the anchor who delivered that news were briefly arrested for defying Taliban orders.
In spring, the Taliban issued a decree instructing women, including on-camera journalists, to cover their faces in public. The network's female journalists decided they would abide by the order by wearing COVID face masks so they could keep working — and in an act of solidarity, their male colleagues also wore masks on air.
And tonight, they are ready to go on air again.
With minutes to spare before the six o'clock broadcast, a TOLOnews anchor in a sharp navy suit and perfectly coiffed hair settles in behind a desk in the brightly lit studio.
A producer counts down and the broadcast begins. It is a woman who delivers the leading story about the Taliban's participation in an international conference. TOLO's audience may not see her face behind the mask, but they'll hear her voice as she explains where the Taliban's Afghanistan may be headed next.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wlrn.org/2022-08-08/inside-a-tv-news-station-determined-to-report-facts-in-the-talibans-afghanistan | 2022-08-08T21:33:53Z | https://www.wlrn.org/2022-08-08/inside-a-tv-news-station-determined-to-report-facts-in-the-talibans-afghanistan | true |
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COHEN & STEERS, INC. Quarterly Report (Form10)
Accepted:
Form Type:
10-Q
Accession Number:
0001284812-22-000212 | https://www.benzinga.com/secfilings/22/08/28377402/cohen-steers-inc-quarterly-report-form10 | 2022-08-08T21:39:13Z | https://www.benzinga.com/secfilings/22/08/28377402/cohen-steers-inc-quarterly-report-form10 | false |
ATI Physical Therapy Reports Second Quarter 2022 Results; Revises Guidance for Full Year 2022
Published: Aug. 8, 2022 at 4:10 PM EDT|Updated: 1 hour ago
BOLINGBROOK, Ill., Aug. 8, 2022 /PRNewswire/ -- ATI Physical Therapy, Inc. ("ATI" or the "Company") (NYSE: ATIP), the largest single-branded outpatient physical therapy provider in the United States, today reported financial results for the second quarter ended June 30, 2022.
"Patient demand remains strong as referrals and visits continued to increase quarter over quarter. While the productivity of our providers increased quarter over quarter, allowing more patients to receive timely care, we did not meet our growth targets," said Sharon Vitti, Chief Executive Officer of ATI. "We believe the opportunities in front of us are within reach, and our teams are aggressively working to expand our provider workforce and increase capacity to care for more patients."
Joe Jordan, Chief Financial Officer of ATI, said, "The company continues to navigate headwinds within a tight labor market. While revenue and margin increased quarter over quarter as the Company continues to work to increase clinic and labor utilization, the pace of improvement has been muted in the second quarter by a competitive market for physical therapists. While turnover has improved year over year, with an ATI clinician annualized turnover rate of 27% in the second quarter (37% inclusive of contractors), our hiring has not grown to the levels required to support our growth plans. As such, we revised full year 2022 guidance. With this and a rising interest rate environment, we also recorded non-cash goodwill and intangible asset impairment charges in the quarter totaling approximately $128 million."
Ms. Vitti continued, "There is much work to be done, and I look forward to leading this talented team as they continue to write ATI's next chapter with tenacity and purpose."
Second Quarter 2022 Results
Supplemental tables of key performance metrics for the first quarter of 2019 through the second quarter of 2022 are presented after the financial statements at the end of this press release. Commentary on performance results in the second quarter of 2022 is as follows:
Net operating revenue was $163.3 million compared to $153.8 million in the first quarter of 2022 and $164.0 million in the second quarter of 2021, an increase of 6% quarter over quarter and essentially flat year over year.
Visits per Day ("VPD") were 22,403 compared to 21,062 in the first quarter of 2022 and 21,569 in the second quarter of 2021, an increase of 6% quarter over quarter and 4% year over year.
VPD per Clinic were 24.2 compared to 22.9 in the first quarter of 2022 and 24.3 in the second quarter of 2021, an increase of 1.3 visits quarter over quarter and a decrease of 0.1 visit year over year. The increase was muted by the tight labor market for physical therapists with clinical FTE essentially flat quarter over quarter.
Rate per Visit was $103.57 compared to $103.06 in the first quarter of 2022 and $106.26 in the second quarter of 2021, essentially flat quarter over quarter and a decrease of 3% year over year. The year over year decrease was primarily due to the 2022 Medicare Physician Fee Schedule, which introduced a 0.75% decrease in overall rates and an additional 15% decrease in rates paid for services performed by physical therapy assistants, and unfavorable mix shifts in payors, states and services.
Salaries and related costs were $89.6 million compared to $87.4 million in the first quarter of 2022 and $80.9 million in the second quarter of 2021, an increase of 3% quarter over quarter due to wage inflation and an increase of 11% year over year due to higher number of clinical FTE and wage inflation.
PT salaries and related costs per Visit were $53.64 compared to $55.47 in the first quarter of 2022 and $48.22 in the second quarter of 2021, a decrease of 3% quarter over quarter due to improved labor productivity partially offset by wage inflation and an increase of 11% year over year primarily due to wage inflation, adding clinic support staff, and lower labor productivity.
Rent, clinic supplies, contract labor and other was $50.4 million compared to $51.6 million in the first quarter of 2022 and $44.1 million in the second quarter of 2021, a decrease of 2% quarter over quarter due to lower expenditures on a per clinic basis and an increase of 14% year over year due to more clinics and higher expenditures on a per clinic basis.
PT rent, clinic supplies, contract labor and other per Clinic was $53,017 compared to $54,472 in the first quarter of 2022 and $47,857 in the second quarter of 2021, a decrease of 3% quarter over quarter primarily due to lower spend related to clinical events and an increase of 11% year over year primarily driven by greater use of contract labor compared to prior year while the Company works to fill open positions.
Provision for doubtful accounts was $3.5 million compared to $3.6 million in the second quarter of 2021. PT provision as a percent of net patient revenue was 2% in both quarters.
Selling, general and administrative expenses were $31.8 million compared to $30.0 million in the first quarter of 2022 and $26.4 million in the second quarter of 2021, an increase of 6% quarter over quarter primarily due to a probable legal settlement arising from a payor billing dispute, partially offset by lower debt refinancing fees, and an increase of 21% year over year due to the aforementioned legal settlement, higher public company operating costs and non-ordinary legal and regulatory costs, partially offset by lower transaction costs.
Non-cash goodwill impairment charge was approximately $87.9 million, and the non-cash trade name indefinite-lived intangible asset impairment charge was approximately $40.0 million. Due to an increase in discount rate, driven by an increase in Treasury rates, and revised near-term Company expectations given current labor market headwinds it was determined that the fair value amounts of goodwill and trade name were below their respective carrying amounts.
Income tax benefit was $13.0 million compared to $23.3 million in the first quarter of 2022 and $19.7 million in the second quarter of 2021.
Net loss was $135.7 million compared to $138.2 million in the first quarter of 2022 and $439.1 million in the second quarter of 2021.
Adjusted EBITDA1 was $5.4 million compared to $(4.7) million in the first quarter of 2022 and $24.0 million in the second quarter of 2021. Quarter over quarter, the increase was primarily driven by higher revenue, lower rent, clinic supplies, and contract labor costs and lower provision for doubtful accounts. Year over year, the decrease was primarily due to higher cost of services and higher selling, general, and administrative expenses as detailed above.
Adjusted EBITDA margin was 3% compared to (3)% in the first quarter of 2022 and 15% in the second quarter of 2021.
Net increase (decrease) in cash was $31.1 million year-to-date 2022 compared to $(51.6) million in the first six months of 2021.
Operating cash use was $32.7 million year-to-date 2022 compared to $27.1 million in the first six months of 2021. Cash repaid in connection with the Medicare Accelerated and Advance Payment Program ("MAAPP") under the CARES Act was $10.8 million year-to-date 2022 compared to $3.8 million in the first six months of 2021.
Investing cash use was $17.6 million year-to-date 2022, with 22 new clinics opened, compared to $18.9 million in the first six months of 2021 and 20 new clinics opened.
Financing cash generation (use) was $81.4 million year-to-date 2022 compared to $(5.5) million in the first six months of 2021. In February 2022, the Company refinanced its first lien term loan with a new credit agreement and issued Series A preferred stock with detachable warrants, adding approximately $77 million to the balance sheet after payment of transaction fees.
Summary of key balance sheet items as of June 30, 2022 is as follows:
Cash and cash equivalents totaled $79.7 million, and the revolving credit facility was undrawn with available capacity of $48.2 million, net of usage by letters of credit, equaling $127.9 million in available liquidity.
The Company's credit agreement includes a minimum liquidity covenant of $30.0 million through the first quarter of 2024. Liquidity, as defined under the Company's credit agreement, was $103.8 million as of June 30, 2022.
Other notable achievements in the second quarter of 2022 were as follows:
Opened 10 new clinics in existing states, including Maryland and Pennsylvania; and 6 clinics were closed. This brings the total number of clinics to 926. The Company continues to capitalize on growth opportunities in individual markets, while optimizing its footprint and financial return in other local markets.
Net Promotor Score ("NPS") of 75 and Google Star Rating of 4.9, reflecting continued high customer satisfaction and brand loyalty.
2022 Guidance
ATI revises full year 2022 guidance for net operating revenue to be in a range of $635 million to $655 million and Adjusted EBITDA1 to be in a range of $5 million to $15 million. The change in guidance is driven by the challenging labor market reducing the number of clinical FTE expected in the second half of 2022 along with increasing labor cost pressures.
The Company maintains new clinic openings guidance to be approximately 35.
1 Refer to "Non-GAAP Financial Measures" below.
Second Quarter 2022 Earnings Conference Call
Management will host a conference call at 5:00 p.m. Eastern Time on August 8, 2022 to review second quarter 2022 financial results. The conference call can be accessed via a live audio webcast. To join, please access the following web link, Q2 2022 Earnings Conference Call, on the Company's investor relations website at https://investors.atipt.com at least 15 minutes early to register, and download and install any necessary audio software. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
About ATI Physical Therapy
At ATI Physical Therapy, we are passionate about potential. Every day, we restore it in our patients and activate it in our team members in our more than 900 locations in 25 states. With outcomes from more than 2.5 million unique patient cases, ATI is making strides in the industry by setting quality standards designed to deliver predictable outcomes for our patients with musculoskeletal (MSK) issues. ATI's offerings span across a broad spectrum for MSK-related issues. From preventative services in the workplace and athletic training support to outpatient clinical services and online physical therapy via our online platform, CONNECT™, a complete list of our service offerings can be found at ATIpt.com. ATI is based in Bolingbrook, Illinois.
Forward-Looking Statements
All statements other than statements of historical facts contained in this communication are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "predict," "potential," "seem," "seek," "future," "outlook," "target" or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected clinical FTE, the impact of physical therapist attrition, anticipated visit and referral volumes and other factors that may impact the Company's overall profitability and estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of ATI's management and are not predictions of actual performance. These forward-looking statements are estimates only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of ATI. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to:
those factors discussed in our amended S-1 registration statement filed with the SEC on April 12, 2022 under the heading "Risk Factors," and our Form 10-K for the fiscal year ended December 31, 2021 and other documents filed, or to be filed, by ATI with the SEC.
If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements, including our forecast update. There may be additional risks that ATI does not presently know or that ATI currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, the forward-looking statements in this communication reflect ATI's expectations, plans or forecasts of future events and views as of the date of this communication. ATI anticipates that subsequent events and developments will cause ATI's assessments with respect to these forward-looking statements to change. However, while ATI may elect to update these forward-looking statements at some point in the future, ATI specifically disclaims any obligation to publicly update any forward-looking statement, whether written or oral, which may be made from time to time, whether as a result of new information, future developments or otherwise, unless required by applicable law. These forward-looking statements should not be relied upon as representing ATI's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures
To supplement the Company's financial information presented in accordance with GAAP and aid understanding of the Company's business performance, the Company uses certain non-GAAP financial measures, namely "Adjusted EBITDA" and "Adjusted EBITDA margin." We believe Adjusted EBITDA and Adjusted EBITDA margin (i.e. Adjusted EBITDA divided by Net Operating Revenue) assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses these non-GAAP financial measures to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.
Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or the ratio of net income (loss) to net revenue as a measure of financial performance, cash flows provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of cash available for management's discretionary use as they do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.
Please see "Reconciliation of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures used in this release to their most directly comparable GAAP financial measures. We are unable to provide a reconciliation between forward-looking Adjusted EBITDA to its comparable GAAP financial measure without unreasonable effort, due to the high difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy by the date of this release.
Contacts
Investors: Joanne Fong SVP, Treasurer and Head of Investor Relations ATI Physical Therapy investors@atipt.com (630) 296-2222 x 7131
Press Inquiries: Rob Manker Director of Customer Marketing & Public Relations ATI Physical Therapy warren.manker@atipt.com 630-296-2222 ext. 7432
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.wagmtv.com/prnewswire/2022/08/08/ati-physical-therapy-reports-second-quarter-2022-results-revises-guidance-full-year-2022/ | 2022-08-08T21:39:23Z | https://www.wagmtv.com/prnewswire/2022/08/08/ati-physical-therapy-reports-second-quarter-2022-results-revises-guidance-full-year-2022/ | false |
First Quarter Revenue Totaled $188.6 Million, Representing Year-over-Year Growth of 19% on an As-Reported Basis and Year-over-Year Growth of 5% on a Pro Forma Basis
First Quarter GAAP Net Income of $15.0 Million and GAAP EPS of $0.15
First Quarter Non-GAAP EPS1 of $0.38 Increased 12% Year-Over-Year; First Quarter Non-GAAP Adjusted EBITDA2 of $51.9 Million Increased 30% Year-Over-Year
AUSTIN, Texas, Aug. 8, 2022 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal first quarter ended June 30, 2022. The Company completed the acquisitions of AdColony Holding AS and Fyber N.V. on April 29 and May 25, 2021, respectively. Specific references made to "pro forma" results in this release provide investors with quarterly results and comparisons as if all acquired businesses were owned for the entirety of the first quarter of fiscal 2022. The Company believes that pro forma results, where applicable, can provide investors with more relevant year-over-year comparisons. The reconciliations between the pro forma and GAAP financial results for the relevant periods are provided in the tables following the Unaudited Consolidated Statements of Cash Flows below.
Recent Financial Highlights:
- Fiscal first quarter of 2023 revenue totaled $188.6 million, representing a 19% increase year-over-year on an as-reported basis as compared to the fiscal first quarter of 2022 and a 5% increase year-over-year on a pro forma basis as compared to the comparable pro forma figure for the fiscal first quarter of 2022.
- GAAP net income for the fiscal first quarter of 2023 was $15.0 million, or $0.15 per share, as compared to GAAP net income for the fiscal first quarter of 2022 of $14.3 million, or $0.14 per share. Non-GAAP adjusted net income1 for the fiscal first quarter of 2023 was $38.6 million, or $0.38 per share, as compared to Non-GAAP adjusted net income1 of $33.4 million, or $0.34 per share, in the fiscal first quarter of 2022.
- Non-GAAP adjusted EBITDA2 for the fiscal first quarter of 2023 was $51.9 million, representing an increase of 30% as compared to Non-GAAP adjusted EBITDA2 of $39.8 million in the fiscal first quarter of 2022.
"Like most companies, we are experiencing challenging macro conditions," said Bill Stone CEO. "However, despite these macro headwinds, I was pleased with the demonstrated emphasis on profitable growth and our continuing progress on several strategic initiatives, such as SingleTap, that should serve as critical growth drivers in the future. It has now been one full year for us operating as 'OneDT', and we have generated a total of $207 million in non-GAAP adjusted EBITDA2 and $144 million in non-GAAP free cash flow3 over the past four quarters while integrating our full array of platform assets. We are focused on maintaining our highly profitable business model amid macro headwinds, while continuing to make strategic investments in a wide range of future growth initiatives, including exploring strategic partnerships with other app distribution platform providers. These investments should position Digital Turbine as a far more versatile and more valuable business for all of our stakeholders."
Fiscal 2023 First Quarter Financial Results
Total revenue for the first quarter of fiscal 2023 was $188.6 million. Total "On-Device Solutions" revenue, which represents revenue derived from the Company's Application Media and Content Media platform products before intercompany eliminations, was mostly flat year-over-year at $118.6 million. Before intercompany eliminations, total revenue from our App Growth Platform, which represents revenue derived from the Fyber and AdColony businesses, increased 13% year-over-year on a pro forma basis to $72.4 million.
GAAP net income for the fiscal first quarter of 2023 was $15.0 million, or $0.15 per share, as compared to GAAP net income of $14.3 million, or $0.14 per share for the first quarter of fiscal 2022. Non-GAAP adjusted net income1 for the first quarter of fiscal 2023 was $38.6 million, or $0.38 per share, as compared to Non-GAAP adjusted net income of $33.4 million, or $0.34 per share, in the first quarter of fiscal 2022.
Non-GAAP adjusted EBITDA2 for the first quarter of fiscal 2023 was $51.9 million, representing an increase of 30% year-over-year when compared to Non-GAAP adjusted EBITDA of $39.8 million in the first quarter of fiscal 2022. The reconciliations between GAAP and Non-GAAP financial results for all referenced periods are provided in the tables immediately following the Unaudited Consolidated Statements of Cash Flows below.
Business Outlook
Based on information available as of August 8, 2022, the Company currently expects the following for the second quarter of fiscal 2023:
- Revenue of between $170 million and $180 million
- Non-GAAP adjusted EBITDA2 of between $46 million and $50 million
- Non-GAAP adjusted EPS1 of $0.32 to $0.34, based on approximately 104 million diluted shares outstanding and an effective tax rate of 25% on non-GAAP net income in the fiscal second quarter
It is not reasonably practicable to provide a business outlook for GAAP net income because the Company cannot reasonably estimate the changes in stock-based compensation expense, which is directly impacted by changes in the Company's stock price, or other items that are difficult to predict with precision.
About Digital Turbine, Inc.
Digital Turbine is the leading independent mobile growth platform and levels up the landscape for advertisers, publishers, carriers and OEMS. By integrating a full ad stack with proprietary technology built into devices by wireless operators and OEMs, Digital Turbine supercharges advertising and monetization. The company is headquartered in Austin, Texas, with global offices in New York, Los Angeles, San Francisco, London, Berlin, Singapore, Tel Aviv and other cities serving top agency, app developer and advertising markets. For additional information visit www.digitalturbine.com.
Conference Call
Management will host a conference call today at 4:30 p.m. ET to discuss its fiscal 2023 first quarter financial results and provide operational updates on the business. To participate, interested parties should dial 855-238-2713 in the United States or 412-542-4111 from international locations. A webcast of the conference call will be available at ir.digitalturbine.com/events.
For those who are not able to join the live call, a playback will be available through August 15, 2022. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 6410980.
The conference call will discuss forward guidance and other material information.
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements presented in accordance with GAAP, Digital Turbine uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP adjusted net income and earnings per share ("EPS"), non-GAAP adjusted EBITDA, non-GAAP free cash flow, and non-GAAP gross profit. Reconciliations to the nearest GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.
Non-GAAP measures are provided to enhance investors' overall understanding of the Company's current financial performance, prospects for the future and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP measures provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results. The Company believes the non-GAAP measures that exclude such items when viewed in conjunction with GAAP results and the accompanying reconciliations enhance the comparability of results against prior periods and allow for greater transparency of financial results. The Company believes non-GAAP measures facilitate management's internal comparison of its financial performance to that of prior periods as well as trend analysis for budgeting and planning purposes. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
1Non-GAAP adjusted net income and EPS are defined as GAAP net income and EPS adjusted to exclude the effect of stock-based compensation expense, amortization of intangibles, and transaction-related expenses and compensation costs. Readers are cautioned that non-GAAP adjusted net income and EPS should not be construed as an alternative to comparable GAAP net income figures determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.
2Non-GAAP adjusted EBITDA is calculated as GAAP net income excluding the following cash and non-cash expenses: net interest income/(expense), income tax provision, depreciation and amortization, stock-based compensation expense, amortization of intangibles, foreign exchange transaction gains/(losses), and transaction-related expenses and compensation costs. Readers are cautioned that non-GAAP adjusted EBITDA should not be construed as an alternative to net income determined in accordance with U.S. GAAP as an indicator of performance, which is the most comparable measure under GAAP.
3Non-GAAP free cash flow, which is a non-GAAP financial measure, is defined as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows), excluding transaction-related expenses and compensation costs, reduced by capital expenditures. Readers are cautioned that free cash flow should not be construed as an alternative to net cash provided by operating activities determined in accordance with U.S. GAAP as an indicator of profitability, performance or liquidity, which is the most comparable measure under GAAP.
4Non-GAAP gross profit is defined as GAAP income from operations adjusted to exclude the effect of product development costs, sales and marketing costs, general and administrative costs, and depreciation of software. Readers are cautioned that non-GAAP gross profit should not be construed as an alternative to income from operations determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.
Non-GAAP adjusted EBITDA, non-GAAP adjusted net income and EPS, non-GAAP free cash flow, and non-GAAP gross profit are used by management as internal measures of profitability and performance. They have been included because the Company believes that the measures are used by certain investors to assess the Company's financial performance before non-cash charges and certain costs that the Company does not believe are reflective of its underlying business.
Forward-Looking Statements
This news release includes "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. Statements in this news release that are not statements of historical fact and that concern future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events, including financial projections and growth in various products are forward-looking statements that speak only as of the date made and which involve known and unknown risks, uncertainties and other factors which may, should one or more of these risks uncertainties or other factors materialize, cause actual results to differ materially from those expressed or implied by such statements. These factors and risks include:
- a decline in general economic conditions nationally and internationally
- decreased market demand for our products and services
- market acceptance and brand awareness of our products
- risks associated with indebtedness
- the ability to comply with financial covenants in outstanding indebtedness
- the ability to protect our intellectual property rights
- risks associated with adoption of our platform among existing customers (including the impact of possible delays with major carrier and OEM partners in the roll out for mobile phones deploying our platform)
- actual mobile device sales and sell-through where our platform is deployed is out of our control
- risks associated with our ability to manage the business amid the COVID-19 pandemic
- the impact of COVID-19 on our partners, digital advertising spend and consumer purchase behavior
- the impact of COVID-19 on our results of operations
- risks associated with new privacy laws, such as the European Union's GDPR and similar laws which may require changes to our development and user interface for certain functionality of our mobile platform
- risks associated with the activities of advertisers
- risks associated with the timing of our platform software pushes to the embedded bases of carrier and OEM partners
- risks associated with end user take rates of carrier and OEM software pushes which include our platform
- new customer adoption and time to revenue with new carrier and OEM partners is subject to delays and factors out of our control
- risks associated with fluctuations in the number of our platform slots across US carrier partners
- required customization and technical integration which may slow down time to revenue notwithstanding the existence of a distribution agreement
- risks associated with delays in major mobile phone launches, or the failure of such launches to achieve the scale
- customer adoption that either we or the market may expect
- the difficulty of extrapolating monthly demand to quarterly demand
- the challenges, given the Company's comparatively small size, to expand the combined Company's global reach, accelerate growth and create a scalable, low-capex business model that drives EBITDA (as well as adjusted EBITDA)
- ability as a smaller company to manage international operations
- varying and often unpredictable levels of orders; the challenges inherent in technology development necessary to maintain the Company's competitive advantage such as adherence to release schedules and the costs and time required for finalization and gaining market acceptance of new products
- changes in economic conditions and market demand
- rapid and complex changes occurring in the mobile marketplace
- pricing and other activities by competitors
- technology management risk as the Company needs to adapt to a rapidly developing mobile device marketplace, complex specifications of different carriers and the management of a complex technology platform given the Company's relatively limited resources
- system security risks and cyberattacks
- risks and uncertainties associated with the integration of the acquisition of AdColony, including our ability to realize the anticipated benefits of the acquisition
- risks and uncertainties associated with the integration of the acquisition of Fyber, including our ability to realize the anticipated benefits of the acquisition
- challenges and risks associated with our rapid growth by acquisitions and resulting significant demands on our management and infrastructure
- challenges and risks associated with our global operations and related business, political, regulatory, operational, financial, and economic risks as a result of our global operations
- other risks including those described from time to time in Digital Turbine's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC), press releases and other communications.
You should not place undue reliance on these forward-looking statements. The Company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Brian Bartholomew
Digital Turbine, Inc.
brian.bartholomew@digitalturbine.com
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(The Hill) – The Senate passed Democrats’ Inflation Reduction Act on a party-line vote Sunday afternoon, delivering the long-awaited centerpiece to President Biden’s agenda.
Democrats rallied behind the $430 billion climate, health care and tax overhaul after Senate Majority Leader Charles Schumer (D-N.Y.) reached a last-minute deal with Sen. Joe Manchin (D-W.Va.), who had held up previous proposals.
The House is expected to approve the legislation on Friday and send it to Biden’s desk.
Here’s a summary of what’s in the Inflation Reduction Act:
ENVIRONMENT, ENERGY AND CLIMATE
Businesses would get incentives for deployment of lower-carbon and carbon-free energy sources.
- Tax credits are extended for energy production and investment in technologies including wind, solar and geothermal energies. The investment tax credit also now applies to battery storage and biogas.
- Tax credits would be created or extended for additional technologies and energy sources including nuclear energy, hydrogen energy coming from clean sources, biofuels and technology that captures carbon from fossil fuel power plants.
- Many of the incentives also contain bonuses for companies based on how much they pay their workers and offer credits for manufacturing their steel, iron and other components in the U.S.
Consumers and businesses get incentives to make cleaner energy choices.
- Tax credits are extended for residential clean energy expenses including rooftop solar, heat pumps and small wind energy systems. Consumers can get credits for 30 percent of expenditures through 2032, and the credit phases down after that.
- Tax credits of up to $7,500 are offered to consumers who buy electric vehicles — but this credit comes with stipulations that may make it difficult for vehicles to actually qualify.
- A tax credit would be expanded for energy efficiency in commercial buildings.
Some fossil fuel production on public lands would be bolstered.
- The future of solar and wind on public lands and wind in public waters would be tied to requirements to hold lease sales that open up new oil and gas production.
- The bill reinstates the results of a recent offshore oil and gas lease sale that was struck down on environmental grounds. The Interior Department would be required to hold at least three more offshore oil and gas lease sales by next October.
New programs boost investment in climate.
- A new program aims to reduce emissions of the planet-warming gas methane from oil and gas by both providing grants and loans to help companies reign in their emissions and levying fees on producers with excess methane emissions.
- $27 billion would go to a green bank that would provide more incentives for clean energy technology.
Costs increase for fossil fuel production on public lands.
- Minimum royalties increase for companies to pay the government for oil and gas they extract on public lands and waters. A royalty is added to the extraction of gas that is later burned off or released as waste instead of sold as fuel.
Communities that face high pollution burdens get relief.
- $3 billion would go to environmental justice block grants — community-led programs addressing harms from climate change and pollutants, including $20 million for technical assistance at the community level, through fiscal 2026.
- More than $3 billion is allocated to funds for air pollution monitoring in low-income communities. Nearly half of the funds — $117 million — would specifically go to communities in close proximity to industrial pollutants.
- An excise tax on imported petroleum and crude oil products to fund the cleanup of industrial disaster sites increases from 9.7 cents to 16.4 cents per barrel. The reinstatement of the tax is projected to raise $11 billion.
- The bill permanently extends and increases the Black Lung Disability Trust Fund, a tax on coal production to finance claims from workers with the condition. Black lung, caused by long-term exposure to and inhalation of coal dust, is believed to affect at least 10 percent of coal miners with at least 25 years’ experience, according to a 2018 study by the National Institute for Occupational Safety and Health.
— Rachel Frazin and Zack Budryk
HEALTH CARE
Medicare can negotiate lower prices.
The bill would allow Medicare to negotiate prices for some drugs for the first time, a policy Democrats have been trying to enact for years over the fierce objections of the pharmaceutical industry. The provisions save more than $200 billion over 10 years.
- It would allow Medicare to negotiate lower prices for 10 high-cost drugs beginning in 2026, ramping up to 20 drugs by 2029. There is a steep penalty if a drug company doesn’t come to the table: a tax of up to 95 percent of the sales of the drug. There is also a ceiling that the negotiated price cannot rise above.
- In a deal with moderates including Sen. Kyrsten Sinema (D-Ariz.), only older drugs are subject to negotiation after a period of nine years for most drugs and 13 years for more complex “biologic” drugs. That means the negotiations are more limited than many Democrats wanted.
Drug costs can be capped but largely only for Medicare.
The bill includes other measures to cap drug costs. The provisions still largely apply only to seniors on Medicare, not the millions of people who get health insurance through their jobs, in part because complex Senate rules limited how expansive the provisions would be.
- If drug companies raise prices in Medicare faster than the rate of inflation, they must pay rebates back to the government for the difference.
- Democrats tried to apply this provision to the private market, but the parliamentarian ruled it violated the Senate rules used to bypass a GOP filibuster.
- In one of the most tangible provisions for patients, the bill caps out-of-pocket drug costs at $2,000 a year for seniors on Medicare, starting in 2025.
- The bill also caps patients’ insulin costs at $35 a month, but only for seniors on Medicare. Republicans voted against overruling the Senate parliamentarian to extend that protection to patients with private insurance.
People enrolled in ACA plans get an extension on premium assistance.
The measure also builds on the Affordable Care Act (ACA) by extending enhanced financial assistance to help people enrolled in ACA plans afford premiums for three years. The extra help otherwise would have expired at the end of this year, setting up a cliff. The provision expands eligibility to allow more middle-class people to receive premium help and increases the amount of help overall.
— Peter Sullivan
TAXES
Large corporations will pay for climate and health measures within the bill.
The bill introduces new taxes on corporations to pay for its climate and health care measures.
The centerpiece of its tax plan is a 15 percent minimum tax on the income that big corporations report to their shareholders, a tax known as the minimum book tax. Initial proposals put the amount of revenue raised by the book tax at $313 billion — more than 40 percent of the $740 billion raised by the legislation as a whole.
The tax applies to companies reporting $1 billion in annual earnings. It would impact only around 150 large firms, according to the Joint Committee on Taxation.
Sinema demanded some last-minute exclusions to the minimum tax that were favorable to the U.S. manufacturing sector and private equity firms.
- The tax will exempt companies taking advantage of accelerated depreciation, a popular deduction that helps pay for capital investments such as new equipment.
- Small businesses that are subsidiaries of highly profitable private equity firms will also be exempted from the minimum tax.
The IRS gets a funding boost.
Another key measure allocates $80 billion to boost enforcement at the IRS. Democrats hope that, with more employees and better technology, the IRS can more closely examine wealthy individuals and ensure they aren’t dodging taxes. That extra revenue is expected to lower the deficit by $203 billion over the next decade.
Stock buybacks will get an additional tax.
The bill enacts a 1 percent excise tax on stock buybacks to replace the revenues lost by appeasing Sinema. Democrats expect the provision to raise $74 million over a decade.
Share repurchases by S&P 500 companies have soared in recent years and are on track to surpass $1 trillion this year. Companies buy back their stock to reward shareholders and boost their stock price by artificially limiting supply.
- The tax will impact the nation’s largest companies that rely on multibillion-dollar buybacks to raise their stock price, including Apple, Nike and Exxon Mobil.
- Democrats have criticized the practice, arguing that companies should invest in workers and innovation instead of repurchasing stock.
To further recoup revenue lost to the private equity sector, the bill also extends a set of limitations on losses that businesses can deduct from their taxes. The limits prevent wealthy individuals from significantly bringing down or even wiping out their income tax liability. Sen. Mark Warner (D-Va.) said that extending the caps would raise $52 billion.
— Tobias Burns and Karl Evers-Hillstrom | https://www.wivb.com/news/national/heres-whats-in-the-inflation-reduction-act-the-sweeping-health-and-climate-bill-passed-sunday/ | 2022-08-08T21:40:49Z | https://www.wivb.com/news/national/heres-whats-in-the-inflation-reduction-act-the-sweeping-health-and-climate-bill-passed-sunday/ | true |
(WGHP) — Olivia Newton-John died at 73 on Monday morning at her ranch in Southern California, according to her husband, John Easterling.
Easterling issued a statement that mentioned his wife’s three-decade-plus battle with breast cancer, but he didn’t specify how she died. TMZ reported Monday that a source “close to Olivia” confirmed, “After a 30-year cancer journey, she lost her battle to metastatic breast cancer.”
A longtime resident of Australia, the singer, songwriter, actress, entrepreneur and activist won four Grammys and had five No. 1 hits and ten top-10 hits. She also had two No. 1 albums in the 1970s.
Many will remember Newton-John’s 1981 smash hit “Physical,” which stayed for 10 weeks at the top of Billboard’s Hot 100 list, longer than any other single in the ’80s.
The suggestive lyrics in “Physical” even made Newton-John blush as she told her would-be lover “There’s nothing left to talk about/Unless it’s horizontally” and finally called out “Let’s get animal! Animal!”
“I recorded it and then suddenly thought, ‘Goodness, maybe I’ve gone too far!’” she told Entertainment Weekly in 2017, recalling how the song had been suggested by manager Roger Davies. “I called Roger and said, ‘We’ve got to pull this song!’ He said, ‘It’s too late. It’s already gone to radio and it’s running up the charts.’ I was horrified!”
She is also well known for her role as Sandy Olsson in “Grease” and was passionate about the environment and animal rights.
“Grease” co-star John Travolta reacted to news of Newton-John’s death in a social media post Monday:
My dearest Olivia, you made all of our lives so much better. Your impact was incredible. I love you so much. We will see you down the road and we will all be together again. Yours from the first moment I saw you and forever!
John Travolta
Your Danny, your John!
Newton-John’s recent albums included “Stronger Than Before”; a holiday collaboration with Travolta, “This Christmas,” and the autobiographical “Gaia: One Woman’s Journey,” inspired by her battle with cancer and by the loss of her father.
Newton-John married John Easterling, founder of the Amazon Herb Company, in 2008. She was involved in numerous charitable causes, serving as goodwill ambassador for the United Nations Environment Programme and as national spokeswoman for the Children’s Health Environmental Coalition. She also founded the Olivia Newton-John Cancer and Wellness Centre in Melbourne, Australia.
She is survived by her husband; daughter Chloe Lattanzi; sister Sarah Newton-John; brother Toby Newton-John; and several nieces and nephews.
See Easterling’s full statement below:
Dame Olivia Newton-John (73) passed away peacefully at her Ranch in Southern California this morning, surrounded by family and friends. We ask that everyone please respect the family’s privacy during this very difficult time.
Olivia has been a symbol of triumphs and hope for over 30 years sharing her journey with breast cancer. Her healing inspiration and pioneering experience with plant medicine continues with the Olivia Newton-John Foundation Fund, dedicated to researching plant medicine and cancer. In lieu of flowers, the family asks that any donations be made in her memory to the Olivia Newton-John Foundation Fund.
Olivia is survived by her husband John Easterling; daughter Chloe Lattanzi; sister Sarah Newton-John; brother Toby Newton-John; nieces and nephews Tottie, Fiona and Brett Goldsmith; Emerson, Charlie, Zac, Jeremy, Randall, and Pierz Newton-John; Jude Newton-Stock, Layla Lee; Kira and Tasha Edelstein; and Brin and Valerie Hall.
The Associated Press contributed to this report. | https://www.kark.com/entertainment-news/olivia-newton-john-dies-at-73-husband-says/ | 2022-08-08T21:40:50Z | https://www.kark.com/entertainment-news/olivia-newton-john-dies-at-73-husband-says/ | false |
LINCOLN, Neb., Aug. 8, 2022 /PRNewswire/ -- Nelnet (NYSE: NNI) today reported GAAP net income of $85.1 million, or $2.26 per share, for the second quarter of 2022, compared with GAAP net income of $83.9 million, or $2.16 per share, for the same period a year ago.
Net income, excluding derivative market value adjustments1, was $54.4 million, or $1.44 per share, for the second quarter of 2022, compared with $85.1 million, or $2.20 per share, for the same period in 2021.
"Our strong second quarter results reflect our long-term focus," said Jeff Noordhoek, chief executive officer of Nelnet. "In the quarter, we made several investments for long-term growth and value creation, including product and technology investments to serve our customers well into the future. Our core loan servicing and payment processing businesses increased revenue, added customers, and made investments in product development, which also compressed near-term margins. We will continue to deploy capital to create long-term value in our existing businesses, including investments to support ALLO's expansion, Nelnet Bank, and our solar capabilities with the recent acquisition of GRNE Solar."
Nelnet currently operates four primary business segments, earning interest income on loans in its Asset Generation and Management (AGM) and Nelnet Bank segments, and fee-based revenue in its Loan Servicing and Systems and Education Technology, Services, and Payment Processing segments.
Asset Generation and Management
The AGM operating segment reported net interest income of $70.7 million during the second quarter of 2022, compared with $81.3 million for the same period a year ago. The company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility. The company recognized income from derivative settlements of $4.6 million during the second quarter of 2022, compared with an expense of $5.4 million for the same period in 2021. Derivative settlements for each applicable period should be evaluated with the company's net interest income. Net interest income and derivative settlements decreased to $75.3 million in the second quarter of 2022, compared with $75.9 million for the same period in 2021, due to the expected decrease in the average balance of loans outstanding from $19.0 billion to $16.4 billion, respectively. This decrease was partially offset by an increase in core loan spread.
Core loan spread2, which includes the impact of derivative settlements, increased to 1.61 percent for the quarter ended June 30, 2022, compared with 1.41 percent for the same period in 2021. Core loan spread was positively impacted for the three months ended June 30, 2022 by an increase in interest rates during the quarter. In an increasing interest rate environment, student loan spread increases in the short term because of the timing of interest rate resets on the company's assets occurring daily in contrast to the timing of the interest rate resets on the company's debt that occurs either monthly or quarterly.
AGM recognized a provision for loan losses in the second quarter of 2022 of $8.8 million ($6.7 million after tax), compared with $0.3 million ($0.2 million after tax) in the second quarter of 2021. In addition, in the second quarter of 2022, AGM recognized $40.4 million ($30.7 million after tax) in income related to changes in the fair value of derivative instruments that do not qualify for hedge accounting, and in the second quarter of 2021 recognized a gain of $15.3 million (or $11.6 million after tax, or $0.30 per share) from the sale of a portfolio of consumer loans.
Net income after tax for the AGM segment was $75.5 million for the three months ended June 30, 2022, compared with $60.0 million for the same period in 2021.
Nelnet Bank
As of June 30, 2022, Nelnet Bank had a $423.6 million loan portfolio, consisting of $346.1 million of private education loans and $77.4 million of Federal Family Education Loan (FFEL) Program loans, and had $751.3 million of deposits. Nelnet Bank's net income after tax for the quarter ended June 30, 2022 was $0.4 million, as compared to a net loss of $0.2 million for the same period in 2021.
Loan Servicing and Systems
Revenue from the Loan Servicing and Systems segment increased to $124.9 million for the second quarter of 2022, compared with $112.1 million for the same period in 2021, due primarily to an increase in the number of borrowers serviced under the company's contracts with the Department of Education (Department).
As of June 30, 2022, the company was servicing $589.5 billion in government-owned, FFEL Program, private education, and consumer loans for 17.4 million borrowers, as compared to $506.6 billion in servicing volume for 15.5 million borrowers as of June 30, 2021.
The Loan Servicing and Systems segment reported net income after tax of $10.3 million for the three months ended June 30, 2022, compared with $11.8 million for the same period in 2021. Operating margin decreased in the second quarter of 2022 as compared to the same period in 2021 due to costs incurred to prepare for the expected May 1, 2022 expiration of the CARES Act benefits on government-owned student loans, which was extended to August 31, 2022.
Education Technology, Services, and Payment Processing
For the second quarter of 2022, revenue from the Education Technology, Services, and Payment Processing operating segment was $91.0 million, an increase from $76.7 million for the same period in 2021. Revenue less direct costs to provide services for the second quarter of 2022 was $60.2 million, as compared to $55.0 million for the same period in 2021.
Net income after tax for the Education Technology, Services, and Payment Processing segment was $11.2 million for the three months ended June 30, 2022, compared with $13.1 million for the same period in 2021. Operating margin decreased for the second quarter of 2022 as compared to the same period in 2021 due to increased expenses to support customer growth and investments in the development of new technologies.
Share Repurchases
During the six months ended June 30, 2022, the company repurchased a total of 938,310 Class A common shares for $78.9 million ($84.12 per share), including 558,257 shares repurchased during the second quarter of 2022 for $46.0 million ($82.46 per share).
Board of Directors Declares Third Quarter Dividend
The Nelnet Board of Directors declared a third quarter cash dividend on the company's outstanding shares of Class A common stock and Class B common stock of $0.24 per share. The dividend will be paid on September 15, 2022, to shareholders of record at the close of business on September 1, 2022.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of federal securities laws. The words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "may," "plan," "potential," "predict," "scheduled," "should," "will," "would," and similar expressions, as well as statements in future tense, are intended to identify forward-looking statements. These statements are based on management's current expectations as of the date of this release and are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: risks and uncertainties related to the severity, magnitude, and duration of the COVID-19 pandemic, including changes in the macroeconomic environment and consumer behavior, restrictions on various activities intended to combat the pandemic, and volatility in market conditions resulting from the pandemic; risks related to the ability to successfully maintain and increase allocated volumes of student loans serviced by the company under existing and any future servicing contracts with the Department, which current contracts accounted for 29 percent of the company's revenue in 2021; risks to the company related to the Department's initiatives to procure new contracts for federal student loan servicing, including the pending and uncertain nature of the Department's procurement process, risks that the company may not be successful in obtaining any of such potential new contracts, and risks related to the company's ability to comply with agreements with third-party customers for the servicing of loans; risks related to the company's loan portfolio, such as interest rate basis and repricing risk and changes in levels of loan repayment or default rates; the use of derivatives to manage exposure to interest rate fluctuations; uncertainties regarding the expected benefits from purchased FFEL Program, private education, and consumer loans, or investment interests therein, and initiatives to purchase additional FFEL Program, private education, and consumer loans; financing and liquidity risks, including risks of changes in the interest rate environment, such as risks from the recent increases in interest rates resulting from inflationary pressures and the transition from LIBOR to an alternative reference rate, and changes in the securitization and other financing markets for loans; risks from changes in the terms of education loans and in the educational credit and services markets resulting from changes in applicable laws, regulations, and government programs and budgets, such as changes resulting from the CARES Act and the expected decline over time in FFEL Program loan interest income due to the discontinuation of new FFEL Program loan originations in 2010, and government initiatives or proposals to consolidate FFEL Program loans to Federal Direct Loan Program loans, otherwise encourage or allow FFEL Program loans to be refinanced with Federal Direct Loan Program loans, and/or create additional loan forgiveness or broad debt cancellation programs; risks and uncertainties of the expected benefits from the November 2020 launch of Nelnet Bank operations, including the ability to successfully conduct banking operations and achieve expected market penetration; risks and uncertainties related to other initiatives to pursue additional strategic investments (and anticipated income therefrom), acquisitions, and other activities, including activities that are intended to diversify the company both within and outside of its historical core education-related businesses; risks from changes in economic conditions and consumer behavior; and cybersecurity risks, including disruptions to systems, disclosure of confidential information, and/or damage to reputation resulting from cyber-breaches.
For more information, see the "Risk Factors" sections and other cautionary discussions of risks and uncertainties included in documents filed or furnished by the company with the Securities and Exchange Commission, including the cautionary information about forward-looking statements contained in the company's supplemental financial information for the second quarter ended June 30, 2022. All forward-looking statements in this release are as of the date of this release. Although the company may voluntarily update or revise its forward-looking statements from time to time to reflect actual results or changes in the company's expectations, the company disclaims any commitment to do so except as required by law.
Non-GAAP Performance Measures
The company prepares its financial statements and presents its financial results in accordance with U.S. GAAP. However, it also provides additional non-GAAP financial information related to specific items management believes to be important in the evaluation of its operating results and performance. Reconciliations of GAAP to non-GAAP financial information, and a discussion of why the company believes providing this additional information is useful to investors, is provided in the "Non-GAAP Disclosures" section below.
Non-GAAP Disclosures
(Dollars in thousands, except share data)
(unaudited)
Non-GAAP financial measures disclosed by management are meant to provide additional information and insight relative to business trends to investors and, in certain cases, to present financial information as measured by rating agencies and other users of financial information. These measures are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other companies. The company reports this non-GAAP information because the company believes that it provides additional information regarding operational and performance indicators that are closely assessed by management. There is no comprehensive, authoritative guidance for the presentation of such non-GAAP information, which is only meant to supplement GAAP results by providing additional information that management utilizes to assess performance.
Core loan spread
The following table analyzes the loan spread on AGM's portfolio of loans, which represents the spread between the yield earned on loan assets and the costs of the liabilities and derivative instruments used to fund the assets. The spread amounts included in the following table are calculated by using the notional dollar values found in the "Net interest income, net of settlements on derivatives" table on the following page, divided by the average balance of loans or debt outstanding.
Net interest income, net of settlements on derivatives
The following table summarizes the components of "net interest income" and "derivative settlements, net" from the AGM segment statements of income.
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SOURCE Nelnet, Inc. | https://www.kalb.com/prnewswire/2022/08/08/nelnet-reports-second-quarter-2022-results/ | 2022-08-08T21:41:35Z | https://www.kalb.com/prnewswire/2022/08/08/nelnet-reports-second-quarter-2022-results/ | true |
- Business combination with Maersk Drilling anticipated to close October 3, 2022
- Q2 Total Revenue of $275 million, an increase of 31% quarter-over-quarter
- Q2 Net Income of $37 million and Adjusted EBITDA of $84 million
- Q2 Cash Flow from Operations of $88 million and Free Cash Flow of $56 million
SUGAR LAND, Texas, Aug. 8, 2022 /PRNewswire/ -- Noble Corporation (NYSE: NE, "Noble", or the "Company") today reported second quarter 2022 results.
Robert W. Eifler, President and Chief Executive Officer of Noble Corporation, stated, "The second quarter marks an important inflection in Noble's financial results. As signaled previously, we expect to produce meaningful step-ups in earnings as we move through 2022, and we delivered on the first step-up during this quarter. Our second quarter results, which are underpinned by strong operational performance, highlight the ability of the Noble platform to deliver long-term value for our shareholders. As our organization prepares to complete the business combination with Maersk Drilling, we remain focused on providing world class service to our customers and operating safely every day."
Second Quarter Results
Contract drilling services revenue for the second quarter of 2022 totaled $262 million compared to $195 million in the first quarter. Marketed fleet utilization was 85 percent in the three months ended June 30, 2022 compared to 75 percent in the previous quarter. Contract drilling services costs for the second quarter were $178 million, up from $166 million in the first quarter of 2022.
Adjusted EBITDA for the three months ended June 30, 2022 was $84 million compared to $27 million in the first quarter of 2022. Capital expenditures totaled $31 million in the second quarter.
Net cash provided by operating activities for the three months ended June 30, 2022 was $88 million and free cash flow was $56 million for the same period.
Operating Highlights and Backlog
Noble's marketed floater fleet was 100% contracted in the second quarter. The Noble Faye Kozack was awarded a one-well contract with LLOG for work in the U.S. Gulf of Mexico at a rate of $420,000 per day. The contract includes managed pressure drilling services and is expected to commence in late 2022 or early 2023. In Suriname, APA Corp executed its second option for the Noble Gerry de Souza and is expected to novate the rig to TotalEnergies for one well. The Noble Globetrotter I recently concluded with Shell and demobilized to complete routine maintenance following that 10-year contract. Following its brief out-of-service period, the rig is scheduled to mobilize to Mexico during the third quarter to commence work for CNOOC and Petronas. Additionally, during the second quarter the four drillships under the Commercial Enabling Agreement were awarded 7.4 years of incremental term in connection with the sanctioning of the Yellowtail development in Guyana.
In the second quarter, the Noble Regina Allen commenced operations in Guyana for Repsol and, after completion of its current program, is scheduled to return to Trinidad and Tobago to drill six firm wells with a different operator. In the U.K. North Sea, the Noble Sam Hartley is preparing to commence its program for TotalEnergies. Additionally, the Noble Houston Colbert mobilized to the Middle East and is now preparing for its 3.5-year campaign in Qatar.
Noble's estimated revenue backlog was approximately $2.1 billion as of June 30, 2022. This excludes the 3.5 year firm term contracts for both the Noble Mick O'Brien and Noble Houston Colbert, which were signed after the quarter end.
Maersk Drilling Business Combination Update
The Danish public tender exchange offer process in connection with Noble's business combination with The Drilling Company of 1972 A/S ("Maersk Drilling") has now commenced. The tender exchange offer period for outstanding Maersk Drilling shares is set for August 10 to September 8, 2022.
As previously announced, the Company has entered into an asset purchase agreement to sell five jackup rigs for $375 million to a newly formed subsidiary ("Buyer") of Shelf Drilling, Ltd. to address the potential concerns identified by the UK Competition and Markets Authority ("CMA") in the Phase I review of the proposed business combination with Maersk Drilling. The rigs are the Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert, and Noble Lloyd Noble. Publication of the CMA's final decision on the divestment's adequacy in addressing their competition concerns is scheduled for September 1, 2022. If the Buyer and related sale agreement are accepted by the CMA, closing of the Business Combination is expected to occur on October 3, 2022, with the jackup divestment sale expected to close promptly thereafter.
Outlook
Noble's guidance for full year 2022 remains unchanged from what was previously provided on May 2, 2022.
Commenting on Noble's outlook for the second half of 2022, Mr. Eifler stated, "Demand for offshore drilling is increasing in all our key operating regions, and we expect this positive momentum to continue despite global economic concerns. Tender activity remains at attractive levels and our customers have a robust pipeline of opportunities for our rigs. We look forward to completing the business combination with Maersk Drilling in early October and creating a dynamic leader in offshore drilling. I'm confident in Noble's ability to deliver on the key transaction rationale, which include enhancing the customer experience and executing on our commitment to return capital to shareholders."
Fleet Status Report
In conjunction with second quarter results, the Company has also provided an updated "Fleet Status Report" which reflects the current status and contract information for each of its rigs. The updated report can be found under the "Our Fleet" section of the Company's website.
Conference Call
Noble will host a conference call related to its second quarter 2022 results on Tuesday, August 9, 2022, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 929-203-0901 and refer to conference ID 31391 approximately 15 minutes prior to the scheduled start time. Alternatively, a live webcast link will be available on the Investor Relations section of the Company's website. A webcast replay will be accessible for a limited time following the scheduled call.
For additional information, visit www.noblecorp.com or email investors@noblecorp.com
About Noble Corporation
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.
Additional Information and Where to Find It
In connection with the proposed transactions (the "Business Combination") contemplated by the Business Combination Agreement, dated as of November 10, 2021, by and among Noble, Noble Finco Limited ("Topco"), Noble Newco Sub Limited and The Drilling Company of 1972 A/S ("Maersk Drilling"), Topco has filed a Registration Statement on Form S-4 (which Registration Statement was declared effective on April 11, 2022) with the U.S. Securities and Exchange Commission (the "SEC") that includes a proxy statement of Noble that also constitutes a prospectus for Topco and an offering prospectus of Topco used in connection with Topco's offer to exchange shares in Maersk Drilling for Topco shares. Noble mailed the proxy statement/prospectus to its shareholders in connection with the vote to approve the merger of Noble with a wholly-owned subsidiary of Topco, and Topco distributed the offering prospectus in connection with the exchange offer. Topco also filed an offer document with the Danish Financial Supervisory Authority (Finanstilsynet). This communication does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed Business Combination. INVESTORS AND SHAREHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS AND THE OFFERING DOCUMENT RELATING TO THE PROPOSED BUSINESS COMBINATION IN ITS ENTIRETY AND ANY OTHER DOCUMENTS FILED BY EACH OF TOPCO AND NOBLE WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT TOPCO, MAERSK DRILLING AND NOBLE, THE PROPOSED BUSINESS COMBINATION AND RELATED MATTERS.
Investors and shareholders can obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by Noble and Topco through the website maintained by the SEC at www.sec.gov. In addition, investors and shareholders can obtain free copies of the proxy statement/prospectus and other documents related thereto on Maersk Drilling's website at www.maerskdrilling.com or on Noble's website at www.noblecorp.com or by written request to Noble at Noble Corporation, Attn: Richard B. Barker, 13135 Dairy Ashford, Suite 800, Sugar Land, Texas 77478.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction, in each case in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act and applicable European or UK, as appropriate, regulations. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including, without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.
Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical facts included in this communication, including those regarding future guidance, the offshore drilling market and momentum, contract commitments, commencements, novations, extensions or renewals, contract tenders, plans and objectives of management for future operations, rig mobilizations and scheduling, industry conditions, worldwide economic conditions, the anticipated timings associated with the Business Combination and the Danish tender exchange offer, the divestment of drilling rigs in connection with the CMA's review of the transaction, and benefits or results of acquisitions or dispositions are forward-looking statements. When used in this communication, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "prepare," "project," "schedule," "should," "shall" and "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. We have identified factors, including, but not limited to, the business combination with Maersk Drilling (including but not limited to the risk that the business combination may not be completed in a timely manner or at all, the failure to satisfy the conditions to the consummation of the business combination, the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement, the effect of the announcement or pendency of the business combination on Noble's business relationships, performance and business generally, the risk that the proposed business combination disrupts current plans and potential difficulties in employee retention as a result of the proposed business combination, the outcome of any legal proceedings that may be instituted against related to the proposed business combination, requirements, conditions or costs that may be imposed in connection with obtaining regulatory approvals of the business combination, the ability to implement business plans, forecasts, and other expectations (including with respect to synergies and financial and operational metrics, such as EBITDA and free cash flow) after the completion of the proposed business combination, and to identify and realize additional opportunities, the failure to realize anticipated benefits of the proposed business combination, the potential impact of announcement or consummation of the proposed business combination on relationships with third parties, and risks associated with assumptions that parties make in connection with the parties' critical accounting estimates and other judgments), the effects of public health threats, such as the ongoing outbreak of COVID-19, and the adverse impact thereof on our business, financial condition and results of operations (including but not limited to our operating costs, supply chain, availability of labor, logistical capabilities, customer demand for our services and industry demand generally, our liquidity, the price of our securities, our ability to access capital markets, and the global economy and financial markets generally), the effects of actions by, or disputes among OPEC+ members with respect to production levels or other matters related to the price of oil, market conditions, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting our drilling contracts, including duration, downtime, dayrates, operating hazards and delays, risks associated with operations outside the US, actions by regulatory authorities, credit rating agencies, customers, joint venture partners, contractors, lenders and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, violations of anti-corruption laws, shipyard risk and timing, delays in mobilization of rigs, hurricanes and other weather conditions, and the future price of oil and gas, that could cause actual plans or results to differ materially from those included in any forward-looking statements. These factors include those "Risk Factors" referenced or described in the Company's most recent Form 10-K, Form 10-Q's, and other filings with the SEC. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us.
NOBLE CORPORATION AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
Certain non-GAAP measures and corresponding reconciliations to GAAP financial measures for the Company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. The Company defines "Adjusted EBITDA" as net income (loss); interest income and other, net; gain (loss) on extinguishment of debt, net; interest expense, net of amounts capitalized; loss on impairment; reorganization items, net; certain corporate projects and legal matters; certain infrequent operational events; and depreciation and amortization expense. We believe that the Adjusted EBITDA measure provides greater transparency of our core operating performance. We prepare Adjusted Diluted Earnings (Loss) per Share by eliminating from Diluted Earnings per Share the impact of a number of non-recurring items we do not consider indicative of our on-going performance. We prepare Adjusted Net Income (Loss) by eliminating from Net Income (Loss) the impact of a number of non-recurring items we do not consider indicative of our on-going performance.
In order to fully assess the financial operating results, management believes that the results of operations, adjusted to exclude the following items, which are included in the Company's press release issued on August 8, 2022, are appropriate measures of the continuing and normal operations of the Company:
For the quarter ended June 30, 2022, the Company disclosed free cash flow as a non-GAAP liquidity measure. Free cash flow of $56 million was calculated as Net cash provided by operating activities of $88 million less cash paid for capital expenditures of $32 million for the quarter ended June 30, 2022.
These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling cost, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments.
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SOURCE Noble Corporation | https://www.kalb.com/prnewswire/2022/08/08/noble-corporation-reports-second-quarter-2022-results/ | 2022-08-08T21:41:43Z | https://www.kalb.com/prnewswire/2022/08/08/noble-corporation-reports-second-quarter-2022-results/ | false |
-- Revenue of $132.6 million, up 11% Year over Year –
-- Adjusted EBITDA at the high end of guidance –
-- Signed 45 new logo deals, including one of the largest new logo deals in LivePerson's history --
-- Maintains expectation of positive cash flow in the fourth quarter --
NEW YORK, Aug. 8, 2022 /PRNewswire/ -- LivePerson, Inc. (NASDAQ: LPSN) ("LivePerson" or the "Company"), a global leader in conversational AI, today announced financial results for the second quarter ended June 30, 2022.
Second Quarter Highlights
Total revenue was $132.6 million for the second quarter of 2022, an increase of 11% as compared to the same period last year. Within total revenue, business operations revenue for the second quarter of 2022 increased 12% year over year to $123.4 million, and revenue from consumer operations decreased 7% year over year to $9.1 million.
LivePerson signed 5 seven-figure deals and 104 deals in total for the second quarter, comprising of 45 new and 59 existing customer contracts. Trailing-twelve-months average revenue per enterprise and mid-market customer increased 23% for the second quarter to another record high of $660,000, up from approximately $535,000 for the comparable prior-year period.
"For the second quarter, LivePerson delivered on its commitments to re-accelerate new logo growth while cutting costs. We signed 104 total deals in the second quarter, including 45 new logos, which was up 55% Year over Year and up 73% sequentially, and achieved adjusted EBITDA at the top end of our guidance range," said founder and CEO Robert LoCascio. "We continue to make substantial changes to our P&L — focusing on the most differentiated, high value components of our business — intended to drive high gross margins, strong operating margins, and high quality revenue growth. We believe we are putting the right operating framework in place to drive innovation and grow the company in a strong and sustainable way."
"Our second quarter results demonstrate strong execution against our profitable growth plan, " added CFO John Collins. "In addition to expense reductions, we have begun eliminating low-quality sources of revenue in order to further optimize the overall health of the P&L. While we expect the magnitude of both the expense reductions and the elimination of low-quality revenue to impact near-term growth, we believe these strategic moves will set a long term foundation for a best-in-class gross margin, significant free cash flow generation, and a return to a Rule of 40 framework."
Customer Expansion
During the second quarter, the Company signed 5 seven-figure deals out of 104 total deals for the quarter with new customers, including:
- Capitec, the largest retail bank in South Africa
- The largest bank in Canada
- One of the largest Automotive OEM finance companies in the United States
- A global leader in household appliances
The Company also expanded business with:
- One of the world's largest telecommunications companies
- A major airline
- One of the largest consumer banks in the midwest
- The largest telecommunications company in the UK
Net Loss and Adjusted Operating (Loss) Income
Net loss for the second quarter of 2022 was $75.4 million or $0.98 per share, as compared to a net loss of $21.1 million or $0.31 per share for the second quarter of 2021. Adjusted operating loss, a non-GAAP financial metric, for the second quarter of 2022 was $12.6 million, as compared to an adjusted operating income of $6.4 million for the second quarter of 2021. Adjusted operating (loss) income excludes amortization of purchased intangibles and finance leases, stock-based compensation, other litigation and consulting costs, restructuring costs, contingent earn-out adjustments, acquisition costs, interest income (expense), and other expense (income).
Adjusted EBITDA (Loss)
Adjusted EBITDA, a non-GAAP financial measure, for the second quarter of 2022 was $(5.5) million as compared to $13.4 million for the second quarter of 2021. Adjusted EBITDA excludes amortization of purchased intangibles and finance leases, stock-based compensation, depreciation, other litigation and consulting costs, restructuring costs, contingent earn-out adjustments, provision for (benefit from) income taxes, acquisition costs, interest income (expense), and other expense (income).
A reconciliation of non-GAAP financial measures to GAAP measures has been provided in the financial tables included in this press release. An explanation of the non-GAAP financial measures and how they are calculated is included below under the heading "Non-GAAP Financial Measures."
Cash and Cash Equivalents
The Company's cash balance was $425.9 million at June 30, 2022, as compared to $521.8 million at December 31, 2021.
Financial Expectations
The following forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially from these forward-looking measures. The Company does not present a quantitative reconciliation of the forward-looking non-GAAP financial measures, adjusted EBITDA, adjusted EBITDA margin, and non-GAAP gross margin to the most directly comparable GAAP financial measures (or otherwise present such forward-looking GAAP measures) because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized. In particular, these non-GAAP financial measures exclude certain items, including amortization of purchased intangibles, stock-based compensation, depreciation, other litigation and consulting costs, restructuring costs, contingent earn-out adjustments, benefit from income taxes, interest income (expense), and other expense (income), which depend on future events that the Company is unable to predict. Depending on the size of these items, they could have a significant impact on the Company's GAAP financial results.
In the short term, due to the P&L optimizations we are undertaking as we execute on our profitable growth plan, including reduction in costs and intentional elimination of low margin revenue, and our ramping sales force, we are revising down our 2022 revenue guidance from $544.8 million - $563.3 million to $507.1 million - $518.3 million, or 8% to 10% growth year-over-year. The revenue guidance range for the third quarter is $120.5 million to $123.6 million, or 1.8% to 4.5% growth year-over-year.
With the strong cost out results of the second quarter demonstrating early signs of building leverage in the business and the Company's commitment to execution on its profitable growth strategy, the Company is maintaining its 2022 adjusted EBITDA guidance to a range of $1.0 million to $10.0 million, or a 0.0% - 2.0% adjusted EBITDA margin. By reaffirming full year guidance for adjusted EBITDA, the implication for operating expenses is approximately $507 million at the midpoint, a reduction of $57 million in-year. The Company is guiding for third quarter adjusted EBITDA in a range of $0 million - $4.3 million or a 0% - 3.5% adjusted EBITDA margin.
Third Quarter 2022
Full Year 2022
The Company is raising guidance of non-GAAP gross margin from 70% - 72% to 72% - 74% for the full year 2022 and the third quarter of 2022.
Stock-Based Compensation
Included in the accompanying financial results are expenses related to stock-based compensation, as follows:
Amortization of Purchased Intangibles and Finance Leases
Included in the accompanying financial results are expenses related to the amortization of purchased intangibles and finance leases, as follows:
Supplemental Second Quarter 2022 Presentation
LivePerson will post a presentation providing supplemental information for the second quarter 2022 on the investor relations section of the Company's web site at www.ir.liveperson.com.
Earnings Teleconference Information
The Company will discuss its second quarter 2022 financial results during a teleconference today, August 8, 2022. To participate via telephone, callers should dial in five to ten minutes prior to the 5:00 p.m. Eastern start time; domestic callers (U.S. and Canada) should dial 1-877-407-0784, while international callers should dial 1-201-689-8560, and both should reference the conference ID "13731592."
The conference call will also be simulcast live on the Internet and can be accessed by logging onto the investor relations section of the Company's web site at www.ir.liveperson.com.
If you are unable to participate in the live call, the teleconference will be available for replay approximately two hours after the call. To access the replay, please call 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (international). Please reference the conference ID "13731592." A replay will also be available on the investor relations section of the Company's web site at www.ir.liveperson.com.
About LivePerson
LivePerson (NASDAQ: LPSN) is a global leader in customer engagement solutions. We create AI-powered digital experiences that feel Curiously Human. Our customers — including leading brands like HSBC, Orange, and GM Financial — have conversations with millions of consumers as personally as they would with one. Our Conversational Cloud platform powers nearly a billion conversational interactions every month, providing a uniquely rich data set to build connections that reduce costs, increase revenue, and are anything but artificial. Fast Company named us the #1 Most Innovative AI Company in the world. To talk with us or our Conversational AI, please visit liveperson.com.
Non-GAAP Financial Measures
Investors are cautioned that the following financial measures used in this press release are "non-GAAP financial measures": (i) adjusted EBITDA, or earnings/(loss) before (benefit from) income taxes, interest income (expense), other expense (income), depreciation, amortization, stock-based compensation, restructuring costs, acquisition costs and other costs; (ii) adjusted EBITDA margin, or earnings/(loss) before (benefit from) income taxes, interest income (expense), other expense (income), depreciation, amortization, stock-based compensation, restructuring costs, acquisition costs and other costs divided by revenue; (iii) adjusted operating (loss) income, or operating income (loss) excluding amortization, stock-based compensation, restructuring costs, acquisition costs, deferred tax asset valuation allowance, and other costs; (iv) free cash flow, or net cash provided by operating activities less purchases of property and equipment, including capitalized software; and (v) non–GAAP gross profit and non–GAAP gross margin, or GAAP gross profit and GAAP gross margin, respectively, adjusted to exclude, as applicable, certain expenses as presented the Reconciliation of Adjusted EBITDA.
Non-GAAP financial information should not be construed as an alternative to any other measures of performance determined in accordance with GAAP, or as an indicator of our operating performance, liquidity or cash flows generated by operating, investing and financing activities as there may be significant factors or trends that it fails to address. We present non-GAAP financial information because we believe that it is helpful to some investors as one measure of our operations.
Forward-Looking Statements
Statements in this press release and on our earnings call regarding LivePerson that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including but not limited to financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. It is routine for our internal projections and expectations to change as the quarter and year progress, and therefore it should be clearly understood that the internal projections and beliefs upon which we base our expectations may change. Although these expectations may change, we are under no obligation to inform you if they do. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: major public health issues, and specifically the pandemic caused by the spread of COVID-19, and their effects on the U.S. and global markets; our ability to retain key personnel, attract new personnel and to manage staff attrition; strain on our personnel resources and infrastructure from supporting our existing and growing customer base; the ability to successfully integrate past or potential future acquisitions; our ability to secure additional financing to execute our business strategy; delays in our implementation cycles; payment-related risks; potential fluctuations in our quarterly revenue and operating results; limitations on the effectiveness of our controls; non-payment or late payment of amounts due to us from a significant number of customers; volatility in the capital markets; recognition of revenue from subscriptions; customer retention and engagement; the migration of existing customers to our new platform; our ability to attract new customers and new consumer users of our consumer services; our ability to develop and maintain successful relationships with social media and other third-party consumer messaging platforms and endpoints; the highly competitive markets in which we operate; general economic conditions; privacy concerns relating to the Internet that could result in new legislation or negative public perception; new regulatory or other legal requirements that could materially impact our business; governmental export controls and economic sanctions; industry-specific regulation and unfavorable industry-specific laws, regulations or interpretive positions; future regulation of the Internet or mobile devices; greater than anticipated income, non-income and transactional tax liabilities; failures or security breaches in our services, those of our third party providers, or in the websites of our customers; regulation or possible misappropriation of personal information belonging to our customers' Internet users; technology systems beyond our control and technology-related defects that could disrupt the LivePerson services; our dependence on the continued viability of the Internet; our ability to protect our intellectual property rights or potential infringement of the intellectual property rights of third parties; the use of AI in our product offerings; the presence of, and difficulty in correcting, errors, failures or "bugs" in our products; our ability to license necessary third party software for use in our products and services, and our ability to successfully integrate third party software; potential adverse impact due to foreign currency and cryptocurrency exchange rate fluctuations; additional regulatory requirements, tax liabilities, currency exchange rate fluctuations and other risks as we expand internationally, as we expand into new offerings including AI-assisted healthcare and/or as we expand into direct-to-consumer services; risks related to our operations in Israel and Ukraine, and the civil and political unrest and potential for armed conflict in those regions; potential failure to meeting service level commitments to certain customers; legal liability and/or negative publicity for the services provided to consumers via our technology platforms; technological or other defects that could disrupt or negatively impact our services; our ability to maintain our reputation; our lengthy sales cycles; changes in accounting principles generally accepted in the United States; natural catastrophic events and interruption to our business by man-made problems; potential limitations on our ability to use net operating losses to offset future taxable income; risks related to our common stock being traded on more than one securities exchange; and other factors described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 28, 2022. This list is intended to identify only certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the Company's reports and documents filed from time to time by us with the Securities and Exchange Commission for a discussion of these and other important factors that could cause actual results to differ from those discussed in forward-looking statements.
Investor Relations contact
ir-lp@liveperson.com
212-609-4214
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Second Quarter 2022 Financial Highlights
- Record second quarter 2022 revenue of $184.2 million, a 41% increase year-over-year
- Second quarter 2022 Telecom segment revenue of $175.2 million, a 48.5% increase year-over-year
- Telecom adjusted EBITDA margins continue to expand as expected
- Reported 24-month backlog at the end of Q2 2022 is $2.3 billion
BLUE BELL, Pa., Aug. 8, 2022 /PRNewswire/ -- QualTek Services Inc. ("QualTek" or the "Company") (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization, and renewable energy sectors, announced today strong 2022 second quarter financial results of its subsidiary QualTek HoldCo, LLC.
Second quarter 2022 revenue was $184.2 million, compared to $130.6 million for the second quarter of 2021, a 41% increase. The increase in revenue was attributable to significant volume increases in 5G and Fiber rollouts in the Company's Telecom segment. Net loss for the second quarter 2022 was $25.6 million compared to $21.8 million for the prior year period. The increase is largely driven by public company readiness costs, stock compensation, and costs related to being a public company, which did not exist in the same quarter prior year. Second quarter 2022 adjusted EBITDA was $10.2 million compared to $6.4 million, inclusive of discontinued Canadian operations, for the second quarter of 2021, a 59% increase. Backlog at the end of the second quarter 2022 was $2.3 billion, up from year-end 2021 of $2.1 billion and up from first quarter 2022 of $2.2 billion. As previously discussed, the Company will issue updated guidance after Q3.
Scott Hisey, QualTek's Chief Executive Officer, said "We continue to experience unprecedented demand for our services. In this past quarter, we recorded the highest second quarter revenue in the Company's history, up 41% year-over-year. It's important to note that 96% of revenue was generated under Master Service Agreements. This growth, coupled with our estimated $2.3 billion backlog, has positioned QualTek to capitalize on what we continue to believe will be the largest telecommunications 5G and fiber builds in our nation's history."
Management will hold a conference call to discuss these results on Tuesday, August 9, 2022, at 9:00 a.m. Eastern Time. The call-in number for the conference call is 1 (888) 330 – 2454 or 1 (240) 789 - 2714 using passcode 2965812. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at qualtekservices.com.
The following tables set forth the financial results for the periods ended July 2, 2022, and July 3, 2021:
Adjusted EBITDA
Adjusted EBITDA represents net loss before the provision for management fees, transaction expenses, share based compensation, depreciation and amortization, interest expense, loss on extinguishment of convertible notes, integration, public company readiness and close out costs and other items that are included in net income for the period that the Company does not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period.
The following table presents our calculation of Adjusted EBITDA for the three and six months ended July 2, 2022, and July 3, 2021 and reconciles these measures to our Net loss for the same periods:
About QualTek
Founded in 2012, QualTek is a leading technology-driven provider of infrastructure services to the 5G wireless, telecom, power grid modernization, and renewable energy sectors across North America. QualTek has a national footprint with more than 80 operation centers across the U.S. and a workforce of over 5,000 people. QualTek has established a nationwide operating network to enable quick responses to customer demands as well as proprietary technology infrastructure for advanced reporting and invoicing. The Company reports within two operating segments: Telecommunications and Renewables and Recovery. For more information, please visit qualtekservices.com.
Forward Looking Statements
This communication contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, earnings outlook and prospects of QualTek. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of QualTek and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by QualTek.
Should one or more of the risks or uncertainties materialize or should any of the assumptions made by the management of QualTek prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All pro forma numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
All subsequent written and oral forward-looking statements concerning the matters addressed in this communication and attributable to QualTek or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this communication. Except to the extent required by applicable law or regulation, QualTek undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this communication to reflect the occurrence of unanticipated events.
Media Contact:
QualTek IR/Communications
Gianna Lucchesi
PR@qualtekservices.com
(484) 804 - 4585
Use of Non-GAAP Financial Measures
Non-GAAP results are not presentations made in accordance with U.S. generally accepted accounting principles ("GAAP") and are presented only as a supplement to our financial statements based on GAAP. Non-GAAP financial information is provided to enhance the reader's understanding of our financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP. They are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial measures or results of operations calculated or determined in accordance with GAAP.
We use non-GAAP measures in our operational and financial decision-making. We believe that such measures allow us to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations and we also believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of GAAP financial disclosures. However, non-GAAP measures have limitations as analytical tools and because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.
Definitions and reconciliations of non-GAAP measures, such as Adjusted EBITDA, to the most directly comparable GAAP measures are provided within the schedules attached to this release. Our presentation of non-GAAP measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in their entirety or at all.
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HAMPTON, N.J. (AP) _ Celldex Therapeutics Inc. (CLDX) on Monday reported a loss of $36 million in its second quarter.
The Hampton, New Jersey-based company said it had a loss of 77 cents per share. Losses, adjusted for non-recurring costs, were 58 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 43 cents per share.
The biopharmaceutical company posted revenue of $163,000 in the period.
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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 CLDX at https://www.zacks.com/ap/CLDX | https://www.sfchronicle.com/business/article/Celldex-Q2-Earnings-Snapshot-17359810.php | 2022-08-08T21:43:39Z | https://www.sfchronicle.com/business/article/Celldex-Q2-Earnings-Snapshot-17359810.php | false |
ST. LOUIS (AP) _ Esco Technologies Inc. (ESE) on Monday reported fiscal third-quarter profit of $23.2 million.
On a per-share basis, the St. Louis-based company said it had profit of 89 cents.
The maker of smart meters and filtration products posted revenue of $219.1 million in the period.
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Rates of most types of cancer are higher in men than in women for reasons that are unclear. Results from a recent study published by Wiley online in CANCER, a peer-reviewed journal of the American Cancer Society, suggest that the cause may be underlying biological sex differences rather than behavioral differences related to smoking, alcohol use, diet, and other factors.
Understanding the reasons for sex differences in cancer risk could provide important information to improve prevention and treatment. To investigate, Sarah S. Jackson, PhD, of the National Cancer Institute, part of the National Institutes of Health, and her colleagues, assessed differences in cancer risk for each of 21 cancer sites among 171,274 male and 122,826 female adults aged 50–71 years who were participating in the NIH-AARP Diet and Health study from 1995–2011.
During that time, 17,951 new cancers arose in men and 8,742 in women. Incidence was lower in men than women only for thyroid and gallbladder cancers, and risks were 1.3- to 10.8-times higher in men than women at other anatomic sites. The greatest increased risks in men were seen for esophageal cancer (a 10.8-times higher risk), larynx (a 3.5-times higher risk), gastric cardia (a 3.5-times higher risk), and bladder cancer (a 3.3-times higher risk).
Men had an increased risk of most cancers even after adjusting for a wide range of risk behaviors and carcinogenic exposures. Indeed, differences in risk behaviors and carcinogenic exposures between the sexes only accounted for a modest proportion of the male predominance of most cancers (ranging from 11% for esophageal cancer to 50% for lung cancer).
The findings suggest that biological differences between sexes-;such as physiological, immunological, genetic, and other differences-;play a major role in the cancer susceptibility of men versus women.
Our results show that there are differences in cancer incidence that are not explained by environmental exposures alone. This suggests that there are intrinsic biological differences between men and women that affect susceptibility to cancer."
Dr. Sarah S. Jackson, PhD, National Cancer Institute
An accompanying editorial discusses the study's findings and notes that a multifaceted approach needs to be in place to address sex disparities in cancer. "Strategically including sex as a biological variable should be enforced along the whole cancer continuum from risk prediction and cancer primary prevention, cancer screening and secondary prevention, to cancer treatment and patient management," the authors wrote. "Examining and addressing sex disparities in cancer and other diseases is an ongoing quest. Bench to bedside translational studies which effectively transform the existing research findings into clinical practice is a scalable means within easy reach to achieve precision medicine and will mitigate-;and may ultimately eradicate-;sex disparities in cancer."
Source:
Journal reference:
Jackson, S.S., et al. (2022) Sex disparities in the incidence of 21 cancer types: quantification of the contribution of risk factors. Cancer. doi.org/10.1002/cncr.34390. | https://www.news-medical.net/news/20220808/Biological-sex-differences-may-be-the-reason-behind-higher-cancer-risk-among-men-than-women.aspx | 2022-08-08T21:44:45Z | https://www.news-medical.net/news/20220808/Biological-sex-differences-may-be-the-reason-behind-higher-cancer-risk-among-men-than-women.aspx | false |
SAN FRANCISCO (AP) _ FibroGen Inc. (FGEN) on Monday reported a loss of $72.6 million in its second quarter.
The San Francisco-based company said it had a loss of 78 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 94 cents per share.
The biotech drug developer posted revenue of $29.8 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $36.6 million.
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VANCOUVER, BC, Aug. 8, 2022 /PRNewswire/ - YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) (FSE: HOB) ("YourWay" or the "Company") held it annual general and special meeting (the "Meeting") of shareholders of the Company (the "Shareholders") today. The Meeting was terminated prior to any business being conducted as the Company's audited annual financial statements for the year ended December 31, 2021 and the related management's discussion and analysis (the "Annual Filings") as well as the Company's unaudited interim financial statements for the three months ended March 31, 2022 and the related management's discussion and analysis (the "Interim Filings") have not yet been finalized.
Once the Annual Filings and Interim Filings are completed, the Company will call another meeting of Shareholders and will apply to have the British Columbia Securities Commission and the Ontario Securities Commission (on behalf of the applicable Canadian securities regulatory authorities) revoke the general "failure to file" cease trade order (the "CTO") dated May 9, 2022 pursuant to National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions. YourWay anticipates that trading of the common shares on the Canadian Securities Exchange (the "CSE") will recommence shortly after revocation of the CTO. Further details will be provided to Shareholders in the coming weeks.
YourWay is a publicly traded, multi-state and consumer-centric House of Brands committed to redefining the way consumers and cannabis brands interact, with sales and operations in Arizona and California. Through building their own brands, partnering with others, and supporting retail partners control brand strategy, they are dedicated to expanding their reach; remolding the cannabis industry and ultimately, redefining the way consumers and cannabis brands interact.
YourWay aims to connect with the cannabis consumer on a deeper level, utilizing decades of brand-building expertise and an integral understanding of the customer experience to create an intuitive suite of branded products that closely aligns with consumer need states. The YourWay portfolio is an all-encompassing house of brands designed to create a sense of belonging for every cannabis consumer regardless of their relationship with the plant. Please visit www.yourwaycannabis.com or follow on Twitter at @yourwaycannabis for the latest news and information about YourWay and its brands.
Website: www.yourwaycannabis.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward-looking information" as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to the Meeting. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: the filing of the Annual Filings; the filing of the Interim Filings; the revocation of the CTO; the reinstatement of trading of the common shares on the CSE; and expectations for other economic, business, and/or competitive factors. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the timing for filing the Annual Filings and the Interim Filings; regulatory and licensing risks; changes in consumer demand and preferences; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; the impact of COVID-19; and the risk factors set out in the Company's annual information form dated August 28, 2020, filed with Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com.
The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable United States federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward nonenforcement against individuals and businesses that comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under United States federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company's operations and financial performance.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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AUSTIN, Texas, Aug. 8, 2022 /PRNewswire/ -- Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today second quarter 2022 consolidated net earnings of $30.8 million, or $8.70 per diluted Class A common share, compared with consolidated net earnings of $49.9 million, or $14.11 per diluted Class A common share, for the second quarter of 2021. For the six months ended June 30, 2022, the Company reported consolidated net earnings of $66.9 million, or $18.93 per diluted Class A common share, compared with $112.0 million, or $31.68 per diluted Class A common share, a year ago. The Company's book value per share as of June 30, 2022 was $576.33.
The Company reported total revenues of $117.2 million in the quarter ended June 30, 2022 compared to $222.2 million in the second quarter of 2021. The decline is almost entirely due to fair market value accounting adjustments from investments, including embedded derivatives. These revenue adjustments totaled a downward amount of $(32.5) million in the second quarter of 2022 versus a positive adjustment of $68.3 million in the second quarter of 2021. Mr. Moody observed, "The fair market value adjustments are indicative of current macroeconomic conditions, namely the relatively rapid rise in interest rate levels in conjunction with declines in the equity markets." Mr. Moody added that the Company's investment philosophy of holding debt securities until maturity mitigates concerns associated with interim market value fluctuations.
The Company's net earnings continued to benefit from overall improvement in claim experience over the prior year. Claims reported for which the cause of death was COVID-19 were $1.9 million and $5.7 million in the three and six months ended June 30, 2022, respectively, compared to $8.7 million and $15.4 million in the comparable periods for 2021. Mr. Moody noted, "Reported COVID-19 deaths peaked in the third quarter of last year and have exhibited a downward trend since then. While anecdotal reports suggest non-COVID deaths are up due to tangential effects of the pandemic, our overall mortality experience is in line with our expectations."
Excluding adjustments for fair market value changes recorded directly in stockholders' equity, the Company's "core" book value increased to $657.50 at June 30, 2022 from $639.09 at December 31, 2021. Mr. Moody commented, "We believe the more useful book value metric excludes the effects of temporary swings from market value adjustments. The Company's stockholders' equity included an unrealized gain position on debt securities of $226.2 million at December 31, 2021, which moved to an unrealized loss position of $(287.4) million at June 30, 2022 for the same category of debt securities."
National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company, both stock life insurance companies in aggregate offering a broad portfolio of individual universal life, whole life and term insurance plans, as well as annuity products. At June 30, 2022, the Company maintained consolidated total assets of $13.3 billion, consolidated stockholders' equity of $2.1 billion, and combined life insurance in force of $20.3 billion.
Caution Regarding Forward-Looking Statements:
This press release contains statements which are or may be viewed as forward-looking within the meaning of The Private Securities Litigation Reform Act of 2005. Forward-looking statements relate to future operations, strategies, financial results or other developments, and are subject to assumptions, risks, and uncertainties. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements can be found in the Company's Form 10-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the Company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.
Investor Relations Contact:
Brian M. Pribyl - Senior Vice President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nwlic.com
www.nwlgi.com
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Jackson apartment complex helps community with back to school giveaway
By WAPT Staff
Click here for updates on this story
JACKSON, Mississippi (WAPT) — An apartment complex in Jackson took Saturday afternoon to give back to the community with a back to school giveaway.
Several organizations partnered together to help give away school supplies to parents and children at the Berwood Apartments on Forest Avenue.
“Since they’ve been homeschooled and the COVID and everything that was going on, we wanted them to be well equipped.” said Berwood Apartments property manager Barbara Cox.
“We thought it would be nice to help them out because so much is going on and parents are strapped for money.”
Several back to school events are scheduled for Sunday. School supplies will be given out at Greenway Drive, Valley Street and Lee’s Heavenly BBQ in Edwards. Free back to school haircuts will be available at Hair Explosion in West Jackson.
Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform. | https://kion546.com/cnn-regional/2022/08/08/jackson-apartment-complex-helps-community-with-back-to-school-giveaway/ | 2022-08-08T21:46:08Z | https://kion546.com/cnn-regional/2022/08/08/jackson-apartment-complex-helps-community-with-back-to-school-giveaway/ | true |
BUENOS AIRES, Argentina, Aug. 8, 2022 /PRNewswire/ -- On June 16, 2022, Pampa Energía S.A. ("Pampa" or the "Company") announced the commencement of an offer to exchange (the "Exchange Offer") any and all of the outstanding 7.375% Notes due 2023 (CUSIP Nos. 71647X AA5 and P7873P AE6 ISIN Nos. US71647XAA54 and USP7873PAE62) (the "Old Notes") for newly issued 9.500% Notes due 2026 of Pampa (the "New Notes") and certain cash consideration, upon the terms and subject to the conditions set forth in the exchange offer memorandum dated June 16, 2022 (as amended and supplemented by the announcements made by Pampa on July 7 and 18, 2022, the "Exchange Offer Memorandum"), the related eligibility letter (the "Eligibility Letter") and, where applicable, the related letter of transmittal (together the "Exchange Offer Documents"). Capitalized terms not defined herein shall have the meaning ascribed to them in the Exchange Offer Documents.
The Exchange Offer expired as of 11:59 p.m., New York City time, on July 29, 2022 (the ("Expiration Date"). On August 8, 2022 (the "Settlement Date"), Pampa delivered the Early Exchange Consideration in exchange for the Old Notes validly tendered, together with the Accrued Interest Payment in respect thereof. All conditions described in the Exchange Offer Memorandum that were to be satisfied or waived on or prior to the Settlement Date were duly satisfied. On the Settlement Date, Pampa issued US$292,796,835 aggregate principal amount of New Notes and paid US$122,127,894.75 in cash as total consideration for the Old Notes validly tendered in the Exchange Offer.
Citigroup Global Markets Inc. and Santander Investment Securities Inc. acted as the Joint Global Coordinators and Lead Dealer Managers (the "Joint Global Coordinators and Lead Dealer Managers") for the Exchange Offer. BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC acted as the Joint Dealer Managers (the "Joint Dealer Managers" and, together with the Joint Global Coordinators and Lead Dealer Managers, the "Dealer Managers") for the Exchange Offer. Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A.U and Balanz Capital Valores S.A.U. acted as local placement agents.
Important Notice
This announcement is for informational purposes only and shall not constitute an offer of securities for sale in the United States, and none of the New Notes has been or will be registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities law. They may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the Securities Act. This press release does not constitute an offer of the New Notes for sale, or the solicitation of an offer to buy any securities, in any state or other jurisdiction in which any offer, solicitation or sale would be unlawful. Any person considering making an investment decision relating to any securities must inform itself independently based solely on an offering memorandum to be provided to eligible investors in the future in connection with any such securities before taking any such investment decision.
This announcement is directed only to holders of Old Notes who are (A) "qualified institutional buyers" as defined in Rule 144A under the Securities Act or (B) (x) outside the United States as defined in Regulation S under the Securities Act, (y) if located within a Member State of the European Economic Area ("EEA") or in the United Kingdom, "qualified investors" as defined in Regulation (EU) 2017/1129 (the "Prospectus Regulation") and (z) if outside the EEA or the UK, are eligible to receive this offer under the laws of its jurisdiction. No offer of any kind is being made to any beneficial owner of Old Bonds who does not meet the above criteria or any other beneficial owner located in a jurisdiction where the Exchange Offer solicitation is not permitted by law.
The distribution of materials relating to the Exchange Offer may be restricted by law in certain jurisdictions. The Exchange Offer is void in all jurisdictions where it is prohibited. If materials relating to the Exchange Offer come into your possession, you are required by the Company to inform yourself of and to observe all of these restrictions. The materials relating to the Exchange Offer, including this communication, do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Exchange Offer be made by a licensed broker or dealer and a dealer manager or any affiliate of a dealer manager is a licensed broker or dealer in that jurisdiction, the Exchange Offer shall be deemed to be made by the dealer manager or such affiliate on behalf of the Company in that jurisdiction.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements. These statements are based on expectations and assumptions on the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Risks and uncertainties include, but are not limited to, market conditions, and factors over which the Company has no control. The Company assumes no obligation to update these forward-looking statements, and does not intend to do so, unless otherwise required by law.
Notice to Investors in the European Economic Area and the United Kingdom
The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, (a) a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (the "Prospectus Regulation"); and (b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the New Notes to be offered so as to enable an investor to decide to subscribe for the New Notes. Consequently, no key information document required by Regulation (EU) 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the New Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore otherwise offering or selling the New Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes: (a) the expression retail investor means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA and (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA; and (b) the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to subscribe for the New Notes. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the New Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
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SOURCE Pampa Energía S.A. | https://www.kwch.com/prnewswire/2022/08/08/pampa-energa-sa-announces-final-results-settlement-exchange-offer-its-7375-notes-due-2023/ | 2022-08-08T21:46:16Z | https://www.kwch.com/prnewswire/2022/08/08/pampa-energa-sa-announces-final-results-settlement-exchange-offer-its-7375-notes-due-2023/ | false |
PHOENIX (AP) _ Mesa Air Group Inc. (MESA) on Monday reported a fiscal third-quarter loss of $10 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Phoenix-based company said it had a loss of 28 cents. Losses, adjusted for one-time gains and costs, came to 20 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share.
The regional airline posted revenue of $134.4 million in the period.
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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 MESA at https://www.zacks.com/ap/MESA | https://www.sfchronicle.com/business/article/Mesa-Air-Fiscal-Q3-Earnings-Snapshot-17359794.php | 2022-08-08T21:46:51Z | https://www.sfchronicle.com/business/article/Mesa-Air-Fiscal-Q3-Earnings-Snapshot-17359794.php | false |
LINCOLN, Neb. (AP) _ Nelnet Inc. (NNI) on Monday reported second-quarter earnings of $85.1 million.
On a per-share basis, the Lincoln, Nebraska-based company said it had profit of $2.26. Earnings, adjusted for non-recurring gains, came to $1.44 per share.
The education services company posted revenue of $418.9 million in the period. Its adjusted revenue was $345.2 million.
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LEXINGTON, Ky., Aug. 8, 2022 /PRNewswire/ --
- For the second quarter of 2022, quarterly net income was $33.3 million (diluted EPS of $0.74) and Adjusted EBITDA was $57.9 million, which respectively were 235% and 220% higher than our previous second quarter records.
- We built approximately 90,000 tons of inventory during the second quarter of 2022 due largely to continued logistical issues in the form of slow rail service. This brings the total inventory build for first half of 2022 to over 180,000 tons. Had this coal timely shipped in the first half of 2022 as expected, we believe EPS and Adjusted EBITDA would have been higher by $0.65 per share and $40 million respectively1.
- The Company has booked total 2022 sales of roughly 2.8 million tons as of August 4 at an average sales price of roughly $214 per ton fob mine2. Approximately 200,000 tons of future production is remaining to be placed.
- We estimate that these 2.8 million tons of committed sales currently translate into estimated 2022 net income of over $230 million (EPS of over $5.10) and Adjusted EBITDA of roughly $340 million3.
- We recently contracted for the sale of roughly a quarter of a million tons of our metallurgical coal to European utility customers priced at thermal coal linked index pricing, which translates into a mine netback price of over $250 per short ton FOB mine2.
- The Company announced today that it has entered into an agreement to acquire 100% of the membership interests in Maben Coal LLC ("Maben") with its 30+ million tons of low volatile coal reserves for an aggregate purchase price of $30 million. We estimate that the transaction has a payback of less than 2 years4. We anticipate initial highwall production in late 2022, reaching full production of 250,000 tons of low volatile coal in 2023. The transaction provides future optionality to increase annual production to approximately 1 million tons.
- Our Board recently approved the expansion of the preparation plant capacity at the Elk Creek mining complex to 3.0 million tons from its current 2.1 million ton level. This expansion is expected to be complete in mid-2023.
- We are now guiding to a higher production level of at least 4.3 million tons in 2023, up from the previous guidance of 4.0 million tons. This is as a result of the Maben acquisition and the Elk Creek plant capacity expansion. The Company has also now increased its longer-range production guidance to a future production level of approximately 6.5 million tons by 2025. This level will essentially be three times the 2.2 million tons production level for year-end 2021.
- We have increased our growth-related capital expenditure guidance by roughly $25 million, and now expect total 2022 capital expenditures of $105 - $125 million. This increase reflects the expenditure for the Maben acquisition, the expansion of the Elk Creek processing capacity, as well as the acceleration of various equipment related capital expenditures for enhanced production from 2022 to 2023.
- We are reducing our full-year 2022 production guidance to 2.8 – 3.1 million tons due to the previously announced methane ignition at one of the three mines at our Berwind mine complex. We have also increased our cost guidance to $89 - $97 per ton, reflecting lower expected second half tonnage from Berwind, as well as the combination of continued inflationary increase on labor and some mine costs.
Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco" or the "Company") today reported quarterly net income for the three months ended June 30, 2022, of $33.3 million, or $0.74 per diluted share. This was nearly 240% higher than net income for the three months ended June 30, 2021, of $9.9 million, or $0.23 per diluted share.
The Company's adjusted earnings before interest, taxes, depreciation, amortization, and equity-based compensation ("Adjusted EBITDA") was $57.9 million for the three months ended June 30, 2022. This was 220% higher than $18.1 million of Adjusted EBITDA for the three months ended June 30, 2021. (See "Reconciliation of Non-GAAP Measure" below.)
Key operational and financial metrics are presented below:
Second Quarter 2022 Summary
In the following paragraphs, all references to "quarterly" periods or to "the quarter" refer to the second quarter of 2022, unless specified otherwise.
Year over Year Quarterly Comparison
Overall production in the quarter was 666,000 tons, up 16% from the same period of 2021. The Elk Creek complex produced 482,000 tons. Production from the Berwind and Knox Creek Mining complexes increased from 24,000 tons in 2021 to 184,000 tons this quarter. Overall total sales were 584,000 tons, down from 686,000 tons in the second quarter of 2021. The decline was largely attributable to continued slow rail service. This logistical constraint contributed to an inventory build of almost 90,000 tons during this quarter, and a total inventory build of over 180,000 tons for the first half of 2022.
Cash margins on Company produced coal were $109 per ton during the quarter, up over 275% from the same period of 2021. Quarterly pricing was $215 per ton of Company produced coal sold, which was almost 125% higher compared to the second quarter of 2021. Company produced cash mine costs during this quarter were $106 per ton. Quarterly cash mine costs per ton were 58% higher than for the same period of 2021. This increase in costs is principally attributed to higher sales-related costs, as well as inflationary impacts on overall costs. Cash mine costs at Elk Creek were $100 per ton during the quarter.
Despite current inflationary cost pressures, we are starting to see a decline in key raw material costs such as the price of diesel fuel and steel. We continue to anticipate a meaningful reduction in cash costs per ton in the second half of 2022. This projected decrease would be based upon factors including an increase in second half production over the first half, trucking savings from the commissioning of our Berwind Preparation Plant in the third quarter, and the full impact of royalty savings from the Ramaco Coal transaction.
Sequential Quarter Comparison
Overall production of 666,000 tons in the quarter was flat compared with the first quarter. Total sales volume of 584,000 tons for the quarter was roughly equal to the first quarter of 2022. Cash margins on Company produced coal were $109 per ton during the quarter compared to $133 per ton in the first quarter. The decline in margin was mainly due to lower realized pricing, with revenue per ton of $215 on company produced coal in the second quarter compared to $234 per ton in the first quarter of 2022.
We had previously noted that this quarter was expected to have lower revenue as it was the quarter with the heaviest volume of lower priced domestic sales. The level of that domestic volume however, constituted a higher than expected 80% of our overall coal sales due to the inventory build. Approximately 90,000 tons of the largely rail-related inventory build during the second quarter of 2022 had previously been earmarked for sale into the export market at higher prices. Importantly, we view this as deferred, not lost revenue. A significant portion of this unsold inventory has now been booked for sale in the second half of 2022 to a seaborne customer and priced against the seaborne thermal coal index for delivery.
Additional Financial Results
As of June 30, 2022, the Company had liquidity of $83.1 million, consisting of $43.5 million of cash on hand plus $39.6 million of availability under its revolving credit facility. Compared to March 31, 2022, accounts receivable and inventory increased meaningfully to $85.1 million, while accounts payable decreased to $34.4 million. The net balance sheet impact was a negative $24.0 million movement from March 31, 2022, to June 30, 2022.
Second quarter capital expenditures totaled $34.1 million. This was an increase of 73% versus $19.7 million for the first quarter of 2022 (excluding the Ramaco Coal acquisition). The increase was attributable to the continued development at the Berwind complex of both new mines and the preparation plant renovation, as well as the ongoing plant expansion of the Elk Creek complex.
The Company's effective quarterly tax rate was 22.8%, excluding discrete items. For the second quarter of 2022, we recognized income tax expense of $9.8 million, as compared with $0.2 million in the second quarter of 2021.
The following summarizes key sales, production and financial metrics for the periods noted:
Outlook and Comment
Randall Atkins, Ramaco Resources' Chairman and Chief Executive Officer commented, "The second quarter was another strong quarter, largely in-line with results from our first quarter. We remain poised to have both a record second half and full-year 2022, with financial metrics at multiples of 2021.
Importantly, we continue in our growth mode with a goal to increase our production to meet what we feel will be a continuing future demand for high quality met coal against a constrained growth in supply. We are adjusting our longer-term guidance to reflect a three-year target of now achieving roughly 6.5 million tons of production by 2025. This represents more than three times the output than we achieved last year. This increase will be financed from internally generated cash flow.
Focusing first on current results, this quarter's net income and Adjusted EBITDA were 235% and 220% greater than our previous respective highest second quarter records. Our first half of 2022 Adjusted EBITDA of $122 million and diluted EPS of $1.66 were records, largely driven by strong pricing early in the year.
On sales metrics, we now have booked total sales of roughly 2.8 million tons at an average price of rough $214 per ton5. Approximately 200,000 tons of production remain to be placed.
We estimate that these committed sales currently translate into estimated 2022 net income of over $230 million, EPS of over $5.10 and Adjusted EBITDA of roughly $340 million6. When comparing those figures to year-end 2021, through this July we have already generated results which would be roughly 6x of net income, 5x of EPS and 4x of Adjusted EBITDA. We hope additional sales by year-end will improve those numbers.
Like all our peers, first half delivered sales suffered from poor rail service. This logistical constraint had a direct financial impact on us but was unfortunately outside of our control. As a result, we built almost 90,000 tons of inventory during the second quarter of 2022. This compounded the same logistical issue we had in the first quarter, bringing our first half of 2022 inventory build to over 180,000 tons.
As strong as our results were historically, had the rails performed they would have both been even stronger and closer to consensus projections. We estimate that our first half EPS and Adjusted EBITDA would have been meaningfully higher by $0.65 per share and $40 million respectively7, had that coal shipped.
As we look ahead to the second half, perhaps somewhat propitiously, the first half inventory build may turn out to be a blessing in disguise. Should rail transportation bottlenecks ease as anticipated in the second half of 2022, then that inventory buildup may be able to be sold at higher realized prices for export.
The on-going events in Ukraine have created an unusual dynamic where historical pricing between thermal and certain met coal qualities has inverted. With the European Union set to ban Russian coal imports in a few days, we conjecture that this unique pricing inversion may not be short lived.
Accordingly, in July we entered into a sales contract to a seaborne thermal customer for delivery later this year of roughly 250,000 tons of a lower grade metallurgical coal at index prices linked to the thermal coal curve. At current index pricing, this sale translates into a netback of over $250 per short ton FOB mine to Ramaco, much higher than had it been sold into current met markets.
This is perhaps a good segue into commenting on our forward view on 2023 domestic and export sales strategy. The domestic sales season to U.S. steel customers has already commenced. For 2023, we intend to sell our coal into whatever markets will yield the best netback pricing. We are confident in our operational and logistical flexibility to sell into whatever represents the strongest market, should the pricing dynamic favor export thermal sales over domestic or seaborne metallurgical markets.
Also, as a result of our unfortunate recent Berwind methane ignition incident on July 10th, we reduced our full-year 2022 production guidance, and increased cost guidance. Since discovery of the ignition, we have been working closely with both MSHA and West Virginia MHST to investigate the matter and hopefully will soon begin remediation efforts on the affected mine. As a remainder, our two other mines at the Berwind complex, including our Triad and Laurel Fork mines, have already returned to production.
We are also excited to have announced an agreement to purchase the Maben mine assets in West Virginia with its 33 million tons of low volatile reserves. This fits within our strategic profile of acquiring low-cost, high quality greenfield reserves which can quickly be put into production. This is similar in character to our Amonate acquisition last fall. We anticipate starting initial highwall mine production at Maben in the late fourth quarter of 2022 and in 2023 to be at full production of roughly 250,000 tons of coal from the Sewell seam.
This transaction has an attractive payback of less than 2 years8. It also provides us the optionality to increase future production at Maben to roughly one million tons annually should we elect to pursue a larger deep mine operation in several other underground low-volatile seams.
Regarding other production increases, last month the Board of Directors approved the expansion of the Elk Creek Preparation Plant from 2.1 million tons of capacity to 3.0 million tons by mid-2023. As a reminder, we had already been in the process this year of increasing capacity to 2.5 million tons at the plant. We are increasing our 2022 capital expenditure guidance by $28 million largely on the back of Maben and the plant upgrade and now also anticipate increasing our 2023 production guidance to at least 4.3 million tons.
In closing, despite the challenges this year from our rail difficulties and the recent incident at our Berwind mine, we are on track to have our most profitable and record year in 2022. We remain extremely positive about Ramaco's growth trajectory. We hope over the next few years to transition into an ever-larger enterprise with both even stronger fundamental financial metrics and the continued ability to return capital to our shareholders."
2022 Guidance
(In thousands, except per ton amounts and percentages)
Committed 2022 Sales Volume(a)
(In millions, except per ton amounts)
About Ramaco Resources, Inc.
Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has three active mining complexes in Central Appalachia and one mine not yet in production near Sheridan, Wyoming. Contiguous to the Wyoming mine it operates a research and pilot facility related to the production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of roughly 50 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.
Earnings Conference Call
Ramaco Resources will hold its quarterly conference call and webcast at 9:00 AM Eastern Time (ET) on Tuesday, August 9, 2022. An accompanying slide deck will be available at https://www.ramacoresources.com/investors-center/events-calendar/ immediately before the conference call.
To participate in the live teleconference on August 9, 2022:
Domestic Live: (877) 300-8521
International Live: (412) 317-6026
Conference ID: 10169849
Web link: Click Here
To listen to a replay of the teleconference through August 23, 2022:
Domestic Replay: (844) 512-2921
International Replay: (412) 317-6671
Replay PIN Number: 10169849
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the further decline of demand for coal in export markets and underperformance of the railroads, the expected benefits of the Ramaco Coal and Maben acquisitions to the Company's shareholders, and the anticipated benefits and impacts of the Ramaco Coal and Maben acquisitions. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
Reconciliation of Non-GAAP Measures
Adjusted EBITDA
Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.
We define Adjusted EBITDA as net income plus net interest expense, equity-based compensation, depreciation and amortization expenses and any transaction related costs. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
Non-GAAP revenue and cash cost per ton
Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenue less transportation costs, divided by tons sold. Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as these enable investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs, which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial condition. Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with GAAP and therefore should not be considered as an alternative to revenue and cost of sales under GAAP. The tables below show how we calculate non-GAAP revenue and cash cost per ton:
Non-GAAP revenue per ton
Non-GAAP cash cost per ton(1)
We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.
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SOURCE Ramaco Resources, Inc. | https://www.kwch.com/prnewswire/2022/08/08/ramaco-resources-inc-reports-second-quarter-2022-financial-results/ | 2022-08-08T21:47:29Z | https://www.kwch.com/prnewswire/2022/08/08/ramaco-resources-inc-reports-second-quarter-2022-financial-results/ | false |
First Quarter Revenue Totaled $188.6 Million, Representing Year-over-Year Growth of 19% on an As-Reported Basis and Year-over-Year Growth of 5% on a Pro Forma Basis
First Quarter GAAP Net Income of $15.0 Million and GAAP EPS of $0.15
First Quarter Non-GAAP EPS1 of $0.38 Increased 12% Year-Over-Year; First Quarter Non-GAAP Adjusted EBITDA2 of $51.9 Million Increased 30% Year-Over-Year
AUSTIN, Texas, Aug. 8, 2022 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal first quarter ended June 30, 2022. The Company completed the acquisitions of AdColony Holding AS and Fyber N.V. on April 29 and May 25, 2021, respectively. Specific references made to "pro forma" results in this release provide investors with quarterly results and comparisons as if all acquired businesses were owned for the entirety of the first quarter of fiscal 2022. The Company believes that pro forma results, where applicable, can provide investors with more relevant year-over-year comparisons. The reconciliations between the pro forma and GAAP financial results for the relevant periods are provided in the tables following the Unaudited Consolidated Statements of Cash Flows below.
Recent Financial Highlights:
- Fiscal first quarter of 2023 revenue totaled $188.6 million, representing a 19% increase year-over-year on an as-reported basis as compared to the fiscal first quarter of 2022 and a 5% increase year-over-year on a pro forma basis as compared to the comparable pro forma figure for the fiscal first quarter of 2022.
- GAAP net income for the fiscal first quarter of 2023 was $15.0 million, or $0.15 per share, as compared to GAAP net income for the fiscal first quarter of 2022 of $14.3 million, or $0.14 per share. Non-GAAP adjusted net income1 for the fiscal first quarter of 2023 was $38.6 million, or $0.38 per share, as compared to Non-GAAP adjusted net income1 of $33.4 million, or $0.34 per share, in the fiscal first quarter of 2022.
- Non-GAAP adjusted EBITDA2 for the fiscal first quarter of 2023 was $51.9 million, representing an increase of 30% as compared to Non-GAAP adjusted EBITDA2 of $39.8 million in the fiscal first quarter of 2022.
"Like most companies, we are experiencing challenging macro conditions," said Bill Stone CEO. "However, despite these macro headwinds, I was pleased with the demonstrated emphasis on profitable growth and our continuing progress on several strategic initiatives, such as SingleTap, that should serve as critical growth drivers in the future. It has now been one full year for us operating as 'OneDT', and we have generated a total of $207 million in non-GAAP adjusted EBITDA2 and $144 million in non-GAAP free cash flow3 over the past four quarters while integrating our full array of platform assets. We are focused on maintaining our highly profitable business model amid macro headwinds, while continuing to make strategic investments in a wide range of future growth initiatives, including exploring strategic partnerships with other app distribution platform providers. These investments should position Digital Turbine as a far more versatile and more valuable business for all of our stakeholders."
Fiscal 2023 First Quarter Financial Results
Total revenue for the first quarter of fiscal 2023 was $188.6 million. Total "On-Device Solutions" revenue, which represents revenue derived from the Company's Application Media and Content Media platform products before intercompany eliminations, was mostly flat year-over-year at $118.6 million. Before intercompany eliminations, total revenue from our App Growth Platform, which represents revenue derived from the Fyber and AdColony businesses, increased 13% year-over-year on a pro forma basis to $72.4 million.
GAAP net income for the fiscal first quarter of 2023 was $15.0 million, or $0.15 per share, as compared to GAAP net income of $14.3 million, or $0.14 per share for the first quarter of fiscal 2022. Non-GAAP adjusted net income1 for the first quarter of fiscal 2023 was $38.6 million, or $0.38 per share, as compared to Non-GAAP adjusted net income of $33.4 million, or $0.34 per share, in the first quarter of fiscal 2022.
Non-GAAP adjusted EBITDA2 for the first quarter of fiscal 2023 was $51.9 million, representing an increase of 30% year-over-year when compared to Non-GAAP adjusted EBITDA of $39.8 million in the first quarter of fiscal 2022. The reconciliations between GAAP and Non-GAAP financial results for all referenced periods are provided in the tables immediately following the Unaudited Consolidated Statements of Cash Flows below.
Business Outlook
Based on information available as of August 8, 2022, the Company currently expects the following for the second quarter of fiscal 2023:
- Revenue of between $170 million and $180 million
- Non-GAAP adjusted EBITDA2 of between $46 million and $50 million
- Non-GAAP adjusted EPS1 of $0.32 to $0.34, based on approximately 104 million diluted shares outstanding and an effective tax rate of 25% on non-GAAP net income in the fiscal second quarter
It is not reasonably practicable to provide a business outlook for GAAP net income because the Company cannot reasonably estimate the changes in stock-based compensation expense, which is directly impacted by changes in the Company's stock price, or other items that are difficult to predict with precision.
About Digital Turbine, Inc.
Digital Turbine is the leading independent mobile growth platform and levels up the landscape for advertisers, publishers, carriers and OEMS. By integrating a full ad stack with proprietary technology built into devices by wireless operators and OEMs, Digital Turbine supercharges advertising and monetization. The company is headquartered in Austin, Texas, with global offices in New York, Los Angeles, San Francisco, London, Berlin, Singapore, Tel Aviv and other cities serving top agency, app developer and advertising markets. For additional information visit www.digitalturbine.com.
Conference Call
Management will host a conference call today at 4:30 p.m. ET to discuss its fiscal 2023 first quarter financial results and provide operational updates on the business. To participate, interested parties should dial 855-238-2713 in the United States or 412-542-4111 from international locations. A webcast of the conference call will be available at ir.digitalturbine.com/events.
For those who are not able to join the live call, a playback will be available through August 15, 2022. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 6410980.
The conference call will discuss forward guidance and other material information.
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements presented in accordance with GAAP, Digital Turbine uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP adjusted net income and earnings per share ("EPS"), non-GAAP adjusted EBITDA, non-GAAP free cash flow, and non-GAAP gross profit. Reconciliations to the nearest GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.
Non-GAAP measures are provided to enhance investors' overall understanding of the Company's current financial performance, prospects for the future and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP measures provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results. The Company believes the non-GAAP measures that exclude such items when viewed in conjunction with GAAP results and the accompanying reconciliations enhance the comparability of results against prior periods and allow for greater transparency of financial results. The Company believes non-GAAP measures facilitate management's internal comparison of its financial performance to that of prior periods as well as trend analysis for budgeting and planning purposes. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
1Non-GAAP adjusted net income and EPS are defined as GAAP net income and EPS adjusted to exclude the effect of stock-based compensation expense, amortization of intangibles, and transaction-related expenses and compensation costs. Readers are cautioned that non-GAAP adjusted net income and EPS should not be construed as an alternative to comparable GAAP net income figures determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.
2Non-GAAP adjusted EBITDA is calculated as GAAP net income excluding the following cash and non-cash expenses: net interest income/(expense), income tax provision, depreciation and amortization, stock-based compensation expense, amortization of intangibles, foreign exchange transaction gains/(losses), and transaction-related expenses and compensation costs. Readers are cautioned that non-GAAP adjusted EBITDA should not be construed as an alternative to net income determined in accordance with U.S. GAAP as an indicator of performance, which is the most comparable measure under GAAP.
3Non-GAAP free cash flow, which is a non-GAAP financial measure, is defined as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows), excluding transaction-related expenses and compensation costs, reduced by capital expenditures. Readers are cautioned that free cash flow should not be construed as an alternative to net cash provided by operating activities determined in accordance with U.S. GAAP as an indicator of profitability, performance or liquidity, which is the most comparable measure under GAAP.
4Non-GAAP gross profit is defined as GAAP income from operations adjusted to exclude the effect of product development costs, sales and marketing costs, general and administrative costs, and depreciation of software. Readers are cautioned that non-GAAP gross profit should not be construed as an alternative to income from operations determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.
Non-GAAP adjusted EBITDA, non-GAAP adjusted net income and EPS, non-GAAP free cash flow, and non-GAAP gross profit are used by management as internal measures of profitability and performance. They have been included because the Company believes that the measures are used by certain investors to assess the Company's financial performance before non-cash charges and certain costs that the Company does not believe are reflective of its underlying business.
Forward-Looking Statements
This news release includes "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. Statements in this news release that are not statements of historical fact and that concern future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events, including financial projections and growth in various products are forward-looking statements that speak only as of the date made and which involve known and unknown risks, uncertainties and other factors which may, should one or more of these risks uncertainties or other factors materialize, cause actual results to differ materially from those expressed or implied by such statements. These factors and risks include:
- a decline in general economic conditions nationally and internationally
- decreased market demand for our products and services
- market acceptance and brand awareness of our products
- risks associated with indebtedness
- the ability to comply with financial covenants in outstanding indebtedness
- the ability to protect our intellectual property rights
- risks associated with adoption of our platform among existing customers (including the impact of possible delays with major carrier and OEM partners in the roll out for mobile phones deploying our platform)
- actual mobile device sales and sell-through where our platform is deployed is out of our control
- risks associated with our ability to manage the business amid the COVID-19 pandemic
- the impact of COVID-19 on our partners, digital advertising spend and consumer purchase behavior
- the impact of COVID-19 on our results of operations
- risks associated with new privacy laws, such as the European Union's GDPR and similar laws which may require changes to our development and user interface for certain functionality of our mobile platform
- risks associated with the activities of advertisers
- risks associated with the timing of our platform software pushes to the embedded bases of carrier and OEM partners
- risks associated with end user take rates of carrier and OEM software pushes which include our platform
- new customer adoption and time to revenue with new carrier and OEM partners is subject to delays and factors out of our control
- risks associated with fluctuations in the number of our platform slots across US carrier partners
- required customization and technical integration which may slow down time to revenue notwithstanding the existence of a distribution agreement
- risks associated with delays in major mobile phone launches, or the failure of such launches to achieve the scale
- customer adoption that either we or the market may expect
- the difficulty of extrapolating monthly demand to quarterly demand
- the challenges, given the Company's comparatively small size, to expand the combined Company's global reach, accelerate growth and create a scalable, low-capex business model that drives EBITDA (as well as adjusted EBITDA)
- ability as a smaller company to manage international operations
- varying and often unpredictable levels of orders; the challenges inherent in technology development necessary to maintain the Company's competitive advantage such as adherence to release schedules and the costs and time required for finalization and gaining market acceptance of new products
- changes in economic conditions and market demand
- rapid and complex changes occurring in the mobile marketplace
- pricing and other activities by competitors
- technology management risk as the Company needs to adapt to a rapidly developing mobile device marketplace, complex specifications of different carriers and the management of a complex technology platform given the Company's relatively limited resources
- system security risks and cyberattacks
- risks and uncertainties associated with the integration of the acquisition of AdColony, including our ability to realize the anticipated benefits of the acquisition
- risks and uncertainties associated with the integration of the acquisition of Fyber, including our ability to realize the anticipated benefits of the acquisition
- challenges and risks associated with our rapid growth by acquisitions and resulting significant demands on our management and infrastructure
- challenges and risks associated with our global operations and related business, political, regulatory, operational, financial, and economic risks as a result of our global operations
- other risks including those described from time to time in Digital Turbine's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC), press releases and other communications.
You should not place undue reliance on these forward-looking statements. The Company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Brian Bartholomew
Digital Turbine, Inc.
brian.bartholomew@digitalturbine.com
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SOURCE Digital Turbine, Inc. | https://www.kfyrtv.com/prnewswire/2022/08/08/digital-turbine-reports-fiscal-2023-first-quarter-financial-results/ | 2022-08-08T21:48:01Z | https://www.kfyrtv.com/prnewswire/2022/08/08/digital-turbine-reports-fiscal-2023-first-quarter-financial-results/ | false |
US Navy recovers jet blown off aircraft carrier from bottom of ocean
By Ellie Kaufman, CNN
A US Navy team recovered a military jet from a depth of 9,500 feet in the Mediterranean Sea on August 3 after the aircraft had blown overboard during “unexpected heavy weather” in July, a release from US Naval Forces Europe-Africa said.
The jet was aboard the USS Harry S. Truman, an aircraft carrier, when it blew overboard on July 8, the release said.
The service members who recovered the aircraft used a remotely operated vehicle to attach “specialized rigging and lift lines” to the jet while it was underwater. After attaching the rigging, the recovery team then attached a lifting hook to the rigging to “raise the aircraft to the surface” of the ocean and “hoist it” onto the multi-purpose construction vessel Everest, a separate motor vessel that can be used for a variety of purposes in the ocean, the release said.
Once the aircraft had been recovered from the depths of the ocean and put on the MPV Everest, the team transported the aircraft to a “nearby military installation,” the release said. The aircraft will then be transported from the military installation to the US, the release added.
The team that recovered the aircraft included service members from several different naval units, among them members from Task Force (CTF) 68, Naval Sea Systems Command’s Supervisor of Salvage and Diving, service members assigned to the aircraft carrier Harry S. Truman, Naval Strike Fighter Wing Atlantic and US Sixth Fleet, the release said.
“The rapid response of the combined team… allowed us to conduct safe recovery operations within 27 days of the incident,” Lieutenant Commander Miguel Lewis, US Sixth Fleet salvage officer, said in the statement. “Our task tailored team operated safely and efficiently to meet the timeline.”
The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved. | https://kion546.com/news/2022/08/08/us-navy-recovers-jet-blown-off-aircraft-carrier-from-bottom-of-ocean/ | 2022-08-08T21:48:15Z | https://kion546.com/news/2022/08/08/us-navy-recovers-jet-blown-off-aircraft-carrier-from-bottom-of-ocean/ | true |
The three men found guilty in the death of Ahmaud Arbery received federal sentences. Two – Travis and Greg McMichael – received life sentences. The other – William "Roddie" Bryan – received 35 years.
Copyright 2022 NPR
The three men found guilty in the death of Ahmaud Arbery received federal sentences. Two – Travis and Greg McMichael – received life sentences. The other – William "Roddie" Bryan – received 35 years.
Copyright 2022 NPR | https://www.nepm.org/national-world-news/national-world-news/2022-08-08/men-found-guilty-in-ahmaud-arberys-death-receive-federal-sentences | 2022-08-08T21:49:04Z | https://www.nepm.org/national-world-news/national-world-news/2022-08-08/men-found-guilty-in-ahmaud-arberys-death-receive-federal-sentences | true |
LIVERMORE, Calif. (AP) _ Performant Financial Corp. (PFMT) on Monday reported a loss of $3.2 million in its second quarter.
The Livermore, California-based company said it had a loss of 4 cents per share.
The provider of audit and recovery services posted revenue of $25.7 million in the period.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFMT at https://www.zacks.com/ap/PFMT | https://www.sfgate.com/business/article/Performant-Financial-Q2-Earnings-Snapshot-17359990.php | 2022-08-08T21:49:58Z | https://www.sfgate.com/business/article/Performant-Financial-Q2-Earnings-Snapshot-17359990.php | true |
INDIANAPOLIS (AP) _ The winning numbers in Monday afternoon's drawing of the Indiana Lottery's "Daily Four-Midday" game were:
7-2-1-7, SB: 9
(seven, two, one, seven; SB: nine)
INDIANAPOLIS (AP) _ The winning numbers in Monday afternoon's drawing of the Indiana Lottery's "Daily Four-Midday" game were:
7-2-1-7, SB: 9
(seven, two, one, seven; SB: nine) | https://www.expressnews.com/lottery/article/Winning-numbers-drawn-in-Daily-Four-Midday-game-17359372.php | 2022-08-08T21:52:02Z | https://www.expressnews.com/lottery/article/Winning-numbers-drawn-in-Daily-Four-Midday-game-17359372.php | true |
President Biden toured flood damage in eastern Kentucky with the governor. The president promised increased federal aid and assistance to help the recovery. At least 37 people died in the flooding.
Copyright 2022 NPR
President Biden toured flood damage in eastern Kentucky with the governor. The president promised increased federal aid and assistance to help the recovery. At least 37 people died in the flooding.
Copyright 2022 NPR | https://www.wvasfm.org/politics/politics/2022-08-08/biden-was-in-eastern-kentucky-touring-damage-after-floods-killed-at-least-37 | 2022-08-08T21:53:37Z | https://www.wvasfm.org/politics/politics/2022-08-08/biden-was-in-eastern-kentucky-touring-damage-after-floods-killed-at-least-37 | false |
MEXICO CITY (AP) — Mexico will attempt to send an aquatic drone into a collapsed coal mine where 10 miners have been trapped since last week.
Laura Velázquez, national Civil Defense coordinator, said Monday that images from the drone could help authorities decide whether to send in divers without putting them at risk.
She also said that 25 pumps were working to remove water from the flooded shafts. Water that was once 111 feet (34 meters) deep was now between 55 and 78 feet (17 and 26 meters) deep.
The mine in Sabinas, Coahuila about 70 miles southwest of Eagle Pass, Texas, collapsed last Wednesday with 15 miners inside. Five managed to escape with injuries. Authorities say the miners breached a neighboring space filled with water. There has been no contact with the remaining 10.
The miners’ families are desperate and some complained Sunday that President Andrés Manuel López Obrador gave them little information when he visited the site.
“I appreciate that he has come to take a photo with my pain, the pain of my family and the pain of everyone of us here,” said Lucía Rodríguez, mother of one of the miners, in a video circulated on social media. “I hope that his photographs serve his policy well.”
The president said that as a public servant you have to be willing “to always pay the tax of humiliation,” but that his conscience is clear because the rescue teams arrived to the site in two hours and have been working day and night to rescue the miners.
The state and federal prosecutor’s offices have opened investigations to determine those responsible for the accident. Such small mines are often the result of locals who get concessions and then contract teams of miners. Experts say they seldom have the safety plans and equipment necessary to reduce the risk of accidents.
In June and July of 2021, cave-ins at two Coahuila mines claimed the lives of nine miners.
Mexico’s worst mining accident also occurred in Coahuila on Feb. 19, 2006, when an explosion ripped through the Pasta de Conchos mine while 73 miners were inside. Eight were rescued with injuries including serious burns. The rest died and only two of their bodies were recovered.
López Obrador’s administration promised two years ago to recover the remaining 63 bodies, a highly technical endeavor that has still not begun. | https://www.wowktv.com/news/u-s-world/mexico-to-send-aquatic-drone-into-shaft-with-trapped-miners/ | 2022-08-08T21:54:06Z | https://www.wowktv.com/news/u-s-world/mexico-to-send-aquatic-drone-into-shaft-with-trapped-miners/ | false |
WFO ALBANY Warnings, Watches and Advisories for Monday, August 8, 2022
_____
SPECIAL WEATHER STATEMENT
Special Weather Statement
National Weather Service Albany NY
403 PM EDT Mon Aug 8 2022
...A line or showers and thunderstorms will impact portions of
southeastern Warren and central Washington Counties through 430 PM
EDT...
At 403 PM EDT, Doppler radar was tracking a strong thunderstorm near
Comstock, or 7 miles southwest of Whitehall, moving east at 35 mph.
HAZARD...Winds in excess of 40 mph and heavy rain.
SOURCE...Radar indicated.
IMPACT...Gusty winds could knock down tree limbs and blow around
unsecured objects.
Locations impacted include...
Glens Falls, Hudson Falls, Whitehall, Granville, Hartford, Comstock,
West Glens Falls, Glens Falls North, Queensbury, Kingsbury, Mount
Hope, South Glens Falls, Bolton, Hampton, Lake George, Fort Ann,
Cleverdale, Dunham Basin, Smiths Basin and Adamsville.
This includes Interstate 87 between exits 18 and 21.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
If outdoors, consider seeking shelter inside a building.
LAT...LON 4358 7330 4356 7326 4353 7324 4352 7325
4333 7325 4328 7360 4331 7360 4331 7364
4329 7364 4329 7368 4327 7366 4327 7368
4328 7369 4327 7373 4354 7370 4363 7342
4359 7343 4357 7339 4362 7337 4363 7330
TIME...MOT...LOC 2003Z 269DEG 29KT 4348 7353
MAX HAIL SIZE...0.00 IN
MAX WIND GUST...40 MPH
_____
Copyright 2022 AccuWeather | https://www.sfchronicle.com/weather/article/NY-WFO-ALBANY-Warnings-Watches-and-Advisories-17359797.php | 2022-08-08T21:54:19Z | https://www.sfchronicle.com/weather/article/NY-WFO-ALBANY-Warnings-Watches-and-Advisories-17359797.php | false |
First Quarter Revenue Totaled $188.6 Million, Representing Year-over-Year Growth of 19% on an As-Reported Basis and Year-over-Year Growth of 5% on a Pro Forma Basis
First Quarter GAAP Net Income of $15.0 Million and GAAP EPS of $0.15
First Quarter Non-GAAP EPS1 of $0.38 Increased 12% Year-Over-Year; First Quarter Non-GAAP Adjusted EBITDA2 of $51.9 Million Increased 30% Year-Over-Year
AUSTIN, Texas, Aug. 8, 2022 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal first quarter ended June 30, 2022. The Company completed the acquisitions of AdColony Holding AS and Fyber N.V. on April 29 and May 25, 2021, respectively. Specific references made to "pro forma" results in this release provide investors with quarterly results and comparisons as if all acquired businesses were owned for the entirety of the first quarter of fiscal 2022. The Company believes that pro forma results, where applicable, can provide investors with more relevant year-over-year comparisons. The reconciliations between the pro forma and GAAP financial results for the relevant periods are provided in the tables following the Unaudited Consolidated Statements of Cash Flows below.
Recent Financial Highlights:
- Fiscal first quarter of 2023 revenue totaled $188.6 million, representing a 19% increase year-over-year on an as-reported basis as compared to the fiscal first quarter of 2022 and a 5% increase year-over-year on a pro forma basis as compared to the comparable pro forma figure for the fiscal first quarter of 2022.
- GAAP net income for the fiscal first quarter of 2023 was $15.0 million, or $0.15 per share, as compared to GAAP net income for the fiscal first quarter of 2022 of $14.3 million, or $0.14 per share. Non-GAAP adjusted net income1 for the fiscal first quarter of 2023 was $38.6 million, or $0.38 per share, as compared to Non-GAAP adjusted net income1 of $33.4 million, or $0.34 per share, in the fiscal first quarter of 2022.
- Non-GAAP adjusted EBITDA2 for the fiscal first quarter of 2023 was $51.9 million, representing an increase of 30% as compared to Non-GAAP adjusted EBITDA2 of $39.8 million in the fiscal first quarter of 2022.
"Like most companies, we are experiencing challenging macro conditions," said Bill Stone CEO. "However, despite these macro headwinds, I was pleased with the demonstrated emphasis on profitable growth and our continuing progress on several strategic initiatives, such as SingleTap, that should serve as critical growth drivers in the future. It has now been one full year for us operating as 'OneDT', and we have generated a total of $207 million in non-GAAP adjusted EBITDA2 and $144 million in non-GAAP free cash flow3 over the past four quarters while integrating our full array of platform assets. We are focused on maintaining our highly profitable business model amid macro headwinds, while continuing to make strategic investments in a wide range of future growth initiatives, including exploring strategic partnerships with other app distribution platform providers. These investments should position Digital Turbine as a far more versatile and more valuable business for all of our stakeholders."
Fiscal 2023 First Quarter Financial Results
Total revenue for the first quarter of fiscal 2023 was $188.6 million. Total "On-Device Solutions" revenue, which represents revenue derived from the Company's Application Media and Content Media platform products before intercompany eliminations, was mostly flat year-over-year at $118.6 million. Before intercompany eliminations, total revenue from our App Growth Platform, which represents revenue derived from the Fyber and AdColony businesses, increased 13% year-over-year on a pro forma basis to $72.4 million.
GAAP net income for the fiscal first quarter of 2023 was $15.0 million, or $0.15 per share, as compared to GAAP net income of $14.3 million, or $0.14 per share for the first quarter of fiscal 2022. Non-GAAP adjusted net income1 for the first quarter of fiscal 2023 was $38.6 million, or $0.38 per share, as compared to Non-GAAP adjusted net income of $33.4 million, or $0.34 per share, in the first quarter of fiscal 2022.
Non-GAAP adjusted EBITDA2 for the first quarter of fiscal 2023 was $51.9 million, representing an increase of 30% year-over-year when compared to Non-GAAP adjusted EBITDA of $39.8 million in the first quarter of fiscal 2022. The reconciliations between GAAP and Non-GAAP financial results for all referenced periods are provided in the tables immediately following the Unaudited Consolidated Statements of Cash Flows below.
Business Outlook
Based on information available as of August 8, 2022, the Company currently expects the following for the second quarter of fiscal 2023:
- Revenue of between $170 million and $180 million
- Non-GAAP adjusted EBITDA2 of between $46 million and $50 million
- Non-GAAP adjusted EPS1 of $0.32 to $0.34, based on approximately 104 million diluted shares outstanding and an effective tax rate of 25% on non-GAAP net income in the fiscal second quarter
It is not reasonably practicable to provide a business outlook for GAAP net income because the Company cannot reasonably estimate the changes in stock-based compensation expense, which is directly impacted by changes in the Company's stock price, or other items that are difficult to predict with precision.
About Digital Turbine, Inc.
Digital Turbine is the leading independent mobile growth platform and levels up the landscape for advertisers, publishers, carriers and OEMS. By integrating a full ad stack with proprietary technology built into devices by wireless operators and OEMs, Digital Turbine supercharges advertising and monetization. The company is headquartered in Austin, Texas, with global offices in New York, Los Angeles, San Francisco, London, Berlin, Singapore, Tel Aviv and other cities serving top agency, app developer and advertising markets. For additional information visit www.digitalturbine.com.
Conference Call
Management will host a conference call today at 4:30 p.m. ET to discuss its fiscal 2023 first quarter financial results and provide operational updates on the business. To participate, interested parties should dial 855-238-2713 in the United States or 412-542-4111 from international locations. A webcast of the conference call will be available at ir.digitalturbine.com/events.
For those who are not able to join the live call, a playback will be available through August 15, 2022. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 6410980.
The conference call will discuss forward guidance and other material information.
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements presented in accordance with GAAP, Digital Turbine uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP adjusted net income and earnings per share ("EPS"), non-GAAP adjusted EBITDA, non-GAAP free cash flow, and non-GAAP gross profit. Reconciliations to the nearest GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.
Non-GAAP measures are provided to enhance investors' overall understanding of the Company's current financial performance, prospects for the future and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP measures provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results. The Company believes the non-GAAP measures that exclude such items when viewed in conjunction with GAAP results and the accompanying reconciliations enhance the comparability of results against prior periods and allow for greater transparency of financial results. The Company believes non-GAAP measures facilitate management's internal comparison of its financial performance to that of prior periods as well as trend analysis for budgeting and planning purposes. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
1Non-GAAP adjusted net income and EPS are defined as GAAP net income and EPS adjusted to exclude the effect of stock-based compensation expense, amortization of intangibles, and transaction-related expenses and compensation costs. Readers are cautioned that non-GAAP adjusted net income and EPS should not be construed as an alternative to comparable GAAP net income figures determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.
2Non-GAAP adjusted EBITDA is calculated as GAAP net income excluding the following cash and non-cash expenses: net interest income/(expense), income tax provision, depreciation and amortization, stock-based compensation expense, amortization of intangibles, foreign exchange transaction gains/(losses), and transaction-related expenses and compensation costs. Readers are cautioned that non-GAAP adjusted EBITDA should not be construed as an alternative to net income determined in accordance with U.S. GAAP as an indicator of performance, which is the most comparable measure under GAAP.
3Non-GAAP free cash flow, which is a non-GAAP financial measure, is defined as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows), excluding transaction-related expenses and compensation costs, reduced by capital expenditures. Readers are cautioned that free cash flow should not be construed as an alternative to net cash provided by operating activities determined in accordance with U.S. GAAP as an indicator of profitability, performance or liquidity, which is the most comparable measure under GAAP.
4Non-GAAP gross profit is defined as GAAP income from operations adjusted to exclude the effect of product development costs, sales and marketing costs, general and administrative costs, and depreciation of software. Readers are cautioned that non-GAAP gross profit should not be construed as an alternative to income from operations determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.
Non-GAAP adjusted EBITDA, non-GAAP adjusted net income and EPS, non-GAAP free cash flow, and non-GAAP gross profit are used by management as internal measures of profitability and performance. They have been included because the Company believes that the measures are used by certain investors to assess the Company's financial performance before non-cash charges and certain costs that the Company does not believe are reflective of its underlying business.
Forward-Looking Statements
This news release includes "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. Statements in this news release that are not statements of historical fact and that concern future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events, including financial projections and growth in various products are forward-looking statements that speak only as of the date made and which involve known and unknown risks, uncertainties and other factors which may, should one or more of these risks uncertainties or other factors materialize, cause actual results to differ materially from those expressed or implied by such statements. These factors and risks include:
- a decline in general economic conditions nationally and internationally
- decreased market demand for our products and services
- market acceptance and brand awareness of our products
- risks associated with indebtedness
- the ability to comply with financial covenants in outstanding indebtedness
- the ability to protect our intellectual property rights
- risks associated with adoption of our platform among existing customers (including the impact of possible delays with major carrier and OEM partners in the roll out for mobile phones deploying our platform)
- actual mobile device sales and sell-through where our platform is deployed is out of our control
- risks associated with our ability to manage the business amid the COVID-19 pandemic
- the impact of COVID-19 on our partners, digital advertising spend and consumer purchase behavior
- the impact of COVID-19 on our results of operations
- risks associated with new privacy laws, such as the European Union's GDPR and similar laws which may require changes to our development and user interface for certain functionality of our mobile platform
- risks associated with the activities of advertisers
- risks associated with the timing of our platform software pushes to the embedded bases of carrier and OEM partners
- risks associated with end user take rates of carrier and OEM software pushes which include our platform
- new customer adoption and time to revenue with new carrier and OEM partners is subject to delays and factors out of our control
- risks associated with fluctuations in the number of our platform slots across US carrier partners
- required customization and technical integration which may slow down time to revenue notwithstanding the existence of a distribution agreement
- risks associated with delays in major mobile phone launches, or the failure of such launches to achieve the scale
- customer adoption that either we or the market may expect
- the difficulty of extrapolating monthly demand to quarterly demand
- the challenges, given the Company's comparatively small size, to expand the combined Company's global reach, accelerate growth and create a scalable, low-capex business model that drives EBITDA (as well as adjusted EBITDA)
- ability as a smaller company to manage international operations
- varying and often unpredictable levels of orders; the challenges inherent in technology development necessary to maintain the Company's competitive advantage such as adherence to release schedules and the costs and time required for finalization and gaining market acceptance of new products
- changes in economic conditions and market demand
- rapid and complex changes occurring in the mobile marketplace
- pricing and other activities by competitors
- technology management risk as the Company needs to adapt to a rapidly developing mobile device marketplace, complex specifications of different carriers and the management of a complex technology platform given the Company's relatively limited resources
- system security risks and cyberattacks
- risks and uncertainties associated with the integration of the acquisition of AdColony, including our ability to realize the anticipated benefits of the acquisition
- risks and uncertainties associated with the integration of the acquisition of Fyber, including our ability to realize the anticipated benefits of the acquisition
- challenges and risks associated with our rapid growth by acquisitions and resulting significant demands on our management and infrastructure
- challenges and risks associated with our global operations and related business, political, regulatory, operational, financial, and economic risks as a result of our global operations
- other risks including those described from time to time in Digital Turbine's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC), press releases and other communications.
You should not place undue reliance on these forward-looking statements. The Company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Brian Bartholomew
Digital Turbine, Inc.
brian.bartholomew@digitalturbine.com
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EDEN CONFIDENTIAL: Tome is on my (back) side! Mick Jagger's lady Melanie Hamrick balances book on her buttocks during yoga routine
Sir Mick Jagger took up aerial yoga as part of his exercise regime to maintain his 28in waist.
And the 79-year-old Rolling Stones singer’s girlfriend, Melanie Hamrick, 35, follows an exercise regime that’s almost as challenging.
The former dancer — who has a five-year-old son, Deveraux, with Jagger — is maintaining her ‘ballet alignment’ following a back injury by balancing a book on her backside.
Mick Jagger's girlfriend Melanie Hamrick, 35, a former dancer, is maintaining her ‘ballet alignment’ following a back injury by balancing a book on her backside
The 79-year-old Rolling Stone and girlfriend Melanie Hamrick share a five-year-old son, Devereaux
Lifting her leg and looking at the camera, she managed to keep her book level and back aligned.
Could have been verse...
Jilly mourns ‘huge fun’ Earl, muse for her romping rogue
Ever since Jilly Cooper created the caddish character Rupert Campbell-Black in her 1985 bestseller, Riders, fans of her ‘bonkbusters’ speculated feverishly about the identity of the real-life figure who had inspired her.
Then, in 2016, the novelist admitted there were, in fact, three men who led her to create the lothario who charmed stable girls and upper- class wives at will before winning an Olympic equestrian medal.
Now, however, Cooper is in mourning after the Earl of Suffolk and Berkshire, who was one of her three inspirations, died last week aged 87.
Author Jilly Cooper (left) is mourning her friend Michael Howard (right), Earl of Suffolk and Berkshire, who has died aged 87
‘He was a lovely man — huge fun,’ the author, 85, tells me of the thrice-married Earl, Michael Howard. ‘I first met him when I moved to Gloucester in 1982. Whenever he used to phone, he’d say, “It’s Rupert here”. So I said, “You know there are two more?” And he would say, “Yes, but I’m the real one”.’
The Earl owned Charlton Park estate in Wiltshire, where the Womad music festival is held.
Cooper adds: ‘Despite his title and status, he never made you feel inferior. All the best of Rupert, but without the awful parts.’
First married to Simone Litman in 1960, with whom he has a daughter, he then wed Anita Fugelsang in 1973 and had two children with her. A decade later, he married for the third time, to Linda Paravicini, with whom he also has two children.
The Countess of Suffolk tells me: ‘We would have been married 40 years next year. I’m very lucky to have been able to spend so much time with him. He had enormous charm.’
She adds: ‘He suffered a stroke in April, so it was probably a relief for him in the end.’
Cooper’s other two inspirations for Campbell-Black were Andrew Parker Bowles, 82, the Duchess of Cornwall’s first husband, and fashion designer Rupert Lycett-Green, 83.
Prince Edward and his wife, Sophie, who spent much time with Prince Philip during his final days, made a touching choice for their first foreign holiday since his death last year. I hear the Earl and Countess of Wessex spent a fortnight with their children in Corfu, where the Duke of Edinburgh was born. Nikos Sarakinos, owner of Taverna Galini in Agios Stefanos, says the family dined at his restaurant almost every day of their stay
Eugenie’s birthday wishes for ‘special big sissy’ Bea
Princess Eugenie (right), 32, wished big sister Princess Beatrice (centre) a happy 34th birthday. They were joined by cousin Zara Tindall (left), 41
Princess Beatrice’s 34th birthday was celebrated by her sister, Princess Eugenie, with this jolly selfie.
‘Happy birthday to my special big sissy,’ gushed the Queen’s 32-yearold granddaughter. ‘Love you so much.’ They are joined in the picture by their cousin, Zara Tindall, 41.
Bea’s husband, property developer Edoardo Mapelli Mozzi, 38, sent her a message online in which he declared: ‘You are the best mother in the world.’
Let’s hope the mother of his son, ‘Wolfie’, is not too offended. She’s his form
His biggest hit with The Communards was Don’t Leave Me This Way, and the Rev Richard Coles could have been forgiven for warbling the song again after being trapped in a Waitrose lift. A 999 crew answered his prayers and set the broadcaster, 60, free. ‘Two of my fellow passengers were in their 90s,’ he says. East Sussex Fire Service says: ‘Firefighters from Eastbourne attended and released a small group of people.’ A Waitrose spokesman says: ‘We hope he enjoys a drink on us.
Donald Campbell's final moments are among the most poignant ever captured on celluloid. But 55 years after his fatal run at over 300mph in Bluebird on Coniston Water, a less heroic chapter has begun.
In the latest twist of a long-running dispute, Ruskin Museum, which hopes to display Bluebird at Coniston, has sent a ‘letter of claim’ to Bill Smith, who salvaged Bluebird in 2000 and has been rebuilding the craft. Campbell’s nephew, Don Wales, backs the museum, telling me that he and the family ‘want to protect the Campbell heritage’.
So does Smith. ‘We’re all volunteers; no one’s had wages,’ he tells me. He adds that in 2019 outline agreement was reached: he and his team would operate Bluebird 90 days a year, with the museum displaying her for the rest of the time.
Emma and steamy screen lover Daryl stay cool by the pool
Dame Emma Thompson enjoys a day off in Sydney with her 'Good Luck to You, Leo Grande' co-star Daryl McCormack
Dame Emma Thompson and her co-star, Daryl McCormack, showed they enjoy warm relations off screen as well as they promote their very racy new film.
The Oscar winner, 63, was spotted relaxing by the hotel pool with the 29-year-old actor at their hotel in Sydney, Australia, while on publicity duties for Good Luck To You, Leo Grande.
Dame Emma plays a repressed widow who hires a male escort, played by Peaky Blinders star McCormack | https://www.dailymail.co.uk/tvshowbiz/article-11093227/EDEN-CONFIDENTIAL-Mick-Jaggers-lady-Melanie-Hamrick-balances-book-buttocks.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-08T21:56:13Z | https://www.dailymail.co.uk/tvshowbiz/article-11093227/EDEN-CONFIDENTIAL-Mick-Jaggers-lady-Melanie-Hamrick-balances-book-buttocks.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
Israeli ad-tech company Perion Network (Nasdaq: PERI; TASE: PERI) is transferring the New York activities of Content IQ (CIQ), which it acquired in 2020 for $37.8 million, to its Israeli headquarters in Holon.
When it was acquired, Israeli-US company CIQ had 50 employees in New York, Tel Aviv, and Romania. The latest move involves 20 layoffs --19 in New York and 1 in Israel.
At the end of 2021, Perion had 420 employees, so the round of layoffs represents a 5% cut in the workforce, although the number of employees has probably grown in 2022. News of the layoffs was first published on the "Lastartup" website.
Perion, which is managed by CEO Doron Gerstel, operates in the digital advertising market and provides Internet and advertising search solutions. The company's share price fell 1.43% on Nasdaq yesterday to $20.66, giving a market cap of $950 million. The share price has risen 8% over the past year.
Perion said, "At the start of 2022, after the period in which CIQ's founders were employed, Perion appointed Eliran Ben-Yehuda, formerly of Taboola, to manage CIQ, and to transfer management of the acquired company from New York to Israel.
"This move is being done as part of measures routinely taken for business focus, operational performance, integrating automation tools and maximizing synergy in the company's growing operations. As part of the move to activities in Israel, Perion is laying off 19 employees in New York and one employee in Israel. Perion continues to grow and hire employees, and at this stage has over 30 job vacancies, most of them in Israel.
Published by Globes, Israel business news - en.globes.co.il - on August 8 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022. | https://en.globes.co.il/en/article-Perion-Network-lays-off-20-moves-some-US-activity-to-Israel-1001420801 | 2022-08-08T21:56:38Z | https://en.globes.co.il/en/article-Perion-Network-lays-off-20-moves-some-US-activity-to-Israel-1001420801 | false |
BEDFORD, Mass. (AP) _ Aspen Technology, Inc. (AZPN) on Monday reported fiscal fourth-quarter net income of $57.2 million.
The Bedford, Massachusetts-based company said it had profit of $1.13 per share. Earnings, adjusted for non-recurring costs and stock option expense, came to $2.43 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.15 per share.
The software maker posted revenue of $238.9 million in the period.
Aspen Technology expects full-year earnings in the range of $6.40 to $6.89 per share, with revenue in the range of $1.14 billion to $1.2 billion.
Aspen Technology shares have climbed 36% since the beginning of the year. In the final minutes of trading on Monday, shares hit $207.55, an increase of 40% in the last 12 months.
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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 AZPN at https://www.zacks.com/ap/AZPN | https://www.mrt.com/business/article/Aspen-Technology-Fiscal-Q4-Earnings-Snapshot-17359994.php | 2022-08-08T21:57:48Z | https://www.mrt.com/business/article/Aspen-Technology-Fiscal-Q4-Earnings-Snapshot-17359994.php | true |
SOUTH SAN FRANCISCO, Calif. (AP) _ Atara Biotherapeutics Inc. (ATRA) on Monday reported second-quarter net income of $18.5 million, after reporting a loss in the same period a year earlier.
The South San Francisco, California-based company said it had net income of 18 cents per share. Losses, adjusted for non-recurring gains, were 31 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 91 cents per share.
The drug developer posted revenue of $51.6 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $8.8 million.
In the final minutes of trading on Monday, the company's shares hit $3.63. A year ago, they were trading at $12.64.
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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 ATRA at https://www.zacks.com/ap/ATRA | https://www.mrt.com/business/article/Atara-Biotherapeutics-Q2-Earnings-Snapshot-17359839.php | 2022-08-08T21:57:54Z | https://www.mrt.com/business/article/Atara-Biotherapeutics-Q2-Earnings-Snapshot-17359839.php | true |
MILWAUKEE, Aug. 8, 2022 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), today announced that Shreyans Jain and Richard Chang joined the company and announced the promotions of Danny García-Vélez to Group Vice President – Head of Regional Sales & Marketing and Leslie Schunk to Vice President – Securities Law Counsel.
Mr. Jain joins MGIC as Senior Vice President – Mortgage Risk Analytics, coming from PNC where he was responsible for analytics, strategy, portfolio management and data for a $10B business banking portfolio. Prior to that role, he held the position of Head of Analytics for Consumer Real Estate and Portfolio Management, and prior to joining PNC he was at Fannie Mae.
"Shreyans' strong experience in risk and portfolio management, as well as his collaborative leadership style, position MGIC to effectively compete in an ever-changing landscape," said Steve Thompson, Executive Vice President & Chief Risk Officer. "I welcome Shreyans to MGIC."
Mr. Chang joins MGIC as Vice President – Internal Audit, coming from Fiserv where he was a Director in the Internal Audit group focused on IT. Prior to that, he was at Rockwell Automation where he held various roles in Technology Operations, Information Security, and Internal Audit.
"With an extensive background auditing in technology and financial service environments and deep technical expertise in IT and information security, Rich will be a strong asset to MGIC," said Nathan Colson, Executive Vice President & Chief Financial Officer. "I am excited to bring his expertise and leadership into our organization."
Mr. García-Vélez joined MGIC in 2017 with a rich background in housing policy, community development and product management, and he quickly rose to Vice President – Business Development. With this promotion to Group Vice President – Head of Regional Sales & Marketing, he will be responsible for MGIC's regional business development, inside sales, marketing, and business strategy teams.
"We are excited about Danny's promotion and the ideas he will bring to business development and marketing," said Jay Hughes, Executive Vice President – Sales & Business Development. "He is uniquely qualified to integrate the advances in data & analytics with our highly successful sales team as we look to the future of customer interaction and buying behavior."
Ms. Schunk joined MGIC in 2020 as Lead Corporate Counsel and has been promoted to Vice President – Securities Law Counsel. She holds a J.D. from Marquette University Law School.
"Leslie has quickly proven herself adept at navigating challenging issues, and I could not be more pleased with having her step into this critical responsibility," said Paula Maggio, Executive Vice President, General Counsel & Secretary.
About MGIC
Mortgage Guaranty Insurance Corporation "MGIC" (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing and intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.
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SOURCE MGIC Investment Corporation | https://www.kswo.com/prnewswire/2022/08/08/shreyans-jain-richard-chang-join-mgic-officer-promotions-announced/ | 2022-08-08T21:58:31Z | https://www.kswo.com/prnewswire/2022/08/08/shreyans-jain-richard-chang-join-mgic-officer-promotions-announced/ | true |
CAMBRIDGE, Mass. (AP) _ CarGurus Inc. (CARG) on Monday reported a second-quarter loss of $10.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Cambridge, Massachusetts-based company said it had a loss of 9 cents. Earnings, adjusted for one-time gains and costs, were 32 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The online auto shopping platform posted revenue of $511.2 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $506.8 million.
For the current quarter ending in October, CarGurus expects its per-share earnings to range from 25 cents to 28 cents.
The company said it expects revenue in the range of $460 million to $490 million for the fiscal third quarter.
CarGurus shares have fallen 24% since the beginning of the year. In the final minutes of trading on Monday, shares hit $25.72, a drop of 17% in the last 12 months.
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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 CARG at https://www.zacks.com/ap/CARG | https://www.mrt.com/business/article/CarGurus-Q2-Earnings-Snapshot-17359849.php | 2022-08-08T21:58:50Z | https://www.mrt.com/business/article/CarGurus-Q2-Earnings-Snapshot-17359849.php | true |
WASHINGTON, Aug. 8, 2022 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK; UONE) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the second fiscal quarter of 2022.
The conference call is scheduled for Tuesday, August 09, 2022 at 5:30 p.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-877-226-8163; international callers may dial direct (+1) 234-720-6983. The Access Code is 2993856.
A replay of the conference call will be available from 8:30 p.m. EDT August 09, 2022 until 12:00 a.m. EDT August 12, 2022. Callers may access the replay by calling 1-866-207-1041; international callers may dial direct (+1) 402-970-0847. The replay Access Code is 8046193. Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.
This press release includes 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 represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Urban One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K, S-3 and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.
Urban One, Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 59 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform and inspire a diverse audience of adult Black viewers. As of April 2022, Urban One currently owns and/or operates 64 independently formatted, revenue producing broadcast stations (including 54 FM or AM stations, 8 HD stations, and the 2 low power television stations we operate) branded under the tradename "Radio One" in 13 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. We also have invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George's County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.
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TEL AVIV, Israel (AP) — Israel’s caretaker prime minister took a gamble with his preemptive strike against Islamic Jihad militants in Gaza, less than three months before he is to compete in general elections to retain his job.
Yair Lapid had counted on Gaza’s militant Hamas rulers to stay out of the fight, thus enabling Israel to weaken Hamas’ smaller sister group while avoiding a full-blown escalation. At the same time, he may also have gained political ground ahead of the polls.
With a cease-fire between the sides holding on Monday, after three days of violence, the calculation appears to have been accurate.
Hamas remained on the sidelines as Israeli jets pounded targets in Gaza, killing two Islamic Jihad leaders in targeted attacks, and Israel’s missile shield intercepted many of the hundreds of rockets fired by Islamic Jihad.
Long-suffering Gaza civilians once again bore the brunt of the violence, with 44 Palestinians killed, among them 15 children and four women. Israel said some were victims of rockets falling short.
The Egyptian-brokered cease-fire, which took effect late Sunday, capped one of the shortest rounds of fighting since Hamas took control of Gaza in 2007. Israel and Hamas fought four wars over the past 15 years, as more than 2 million Gazans endured a suffocating Israeli-Egyptian border blockade.
Since the last war in May 2021, Lapid and his governing partner Naftali Bennett have tried to create more incentives for Hamas to maintain quiet along the Gaza border, with the implied acknowledgement that this would cement the militants’ rule.
As part of this strategy, Israel issued permits for 12,000 Gaza workers to enter Israel, with the promise of handing out more if the situation remains calm. Qatar and Egypt have also been engaged in rebuilding Gaza, with Israel’s support.
On Monday morning, Israel partially reopened Gaza crossings that had been closed during the fighting, signaling a quick return to the understandings that were in place before the fighting.
Some said Lapid scored political points at home with the short military campaign.
“Lapid is in a much stronger position than he was before because the main claim against him is he is not experienced enough,” said Gayil Talshir, a political analyst from Jerusalem’s Hebrew University. ”He might also be able to claim that he’s trying to achieve a change of paradigm” underpinning Israel’s Gaza policy.
Going into the Gaza offensive, the centrist Lapid, a former TV host and author, lacked the security credentials that Israelis often seek in their leaders. It was seen as a glaring weakness as he faces off against former Prime Minister Benjamin Netanyahu, who portrays himself as a security hawk, in November elections.
By Monday morning, Lapid appeared to have burnished his security prowess for beating back what he said was an imminent threat from the Palestinian militant group.
“It’s crucial to his campaign,” said Tal Schneider, a veteran Israeli political correspondent. “It’s helpful when you have more of a military activity experience when you go into election.”
The events of the past few days also underscored Hamas’ shifting priorities, as it focuses on governing and staying in power.
“Hamas doesn’t want a war every other day. If it joined publicly, this means destruction of buildings, infrastructure, and the Egyptians played an influential role in preventing Hamas from joining the battle,” said Mkhaimar Abusada, a political science professor at Gaza’s al-Azhar University.
The Israeli work permits are a lifeline for Gaza’s economy, battered by widespread destruction from Israeli strikes over the years and crippling movement restrictions.
The permits are “definitely very important to Hamas as it governs Gaza and has governing responsibilities,” said Hossam al-Dajani, political scientist at the Islamic University of Gaza.
Lapid, meanwhile, has signaled other policy shifts.
Throughout the fighting, Lapid has refrained from mentioning Hamas, diverging from Netanyahu, who held Hamas responsible for any fire emanating from Gaza.
At the same time, the outgoing Lapid-Bennett government struck back at any and all fire from Gaza, including incendiary balloons. And Lapid appears to have gone further than self-styled security buff Netanyahu whose strategy largely involved striking Gaza in response to rocket attacks. Lapid chose a preemptive strike in the most recent round, citing concrete threats by Islamic Jihad.
“This government has a zero tolerance policy for any attempted attacks – of any kind – from Gaza towards Israeli territory,” Lapid said at the onset of the operation Friday.
Lapid was the architect of the outgoing coalition government — an alliance of eight diverse parties spanning the Israeli political spectrum that was bonded largely by their shared antipathy toward Netanyahu.
The coalition, which for the first time in Israeli history also included an Arab party, ended the 12-year reign of Netanyahu, who was Israel’s longest-serving prime minister. His Yesh Atid party is expected to be the second-largest in parliament in the November elections and he could get a chance at forming a government.
Unlike Netanyahu, who served in an elite unit in Israel’s compulsory military in the late 1960s, Lapid was a soldier-journalist at a weekly magazine published by Israel’s military. As prime minister, Netanyahu guided Israel through three wars with Gaza, stepped up a campaign to strike enemy targets in Syria and rattled sabers with Iran over its nuclear program.
Lapid came to prominence promising to address standard of living issues and became a hero for the mainstream, secular middle class, wooed by his telegenic mien and his pledges to stretch their shekels. They cared little about his less-than-heroic military service.
But Lapid has been unable to break through into other constituencies in part because he has little of a security background. In his stints in government, he has served as finance and foreign minister, gaining valuable skills in politics, governance and diplomacy but failing to gain security experience.
In the weeks following the offensive, Netanyahu will likely seek to tear down what is seen in Israel as a military achievement. But after having dragged Israel into three, far costlier wars in Gaza, and being unable to stamp out rocket fire from Gaza throughout his decade-plus in power, Netanyahu might not succeed.
“Lapid will be able to claim that the policy he led together with Bennett was more effective than that of the man who is trying to replace him in the prime minister’s office,” Anshel Pfeffer, a columnist, wrote in the Haaretz daily.
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Rose reported from Jerusalem. Associated Press writer Fares Akram contributed to this report from Gaza City, Gaza Strip. | https://www.wowktv.com/top-stories/ap-top-headlines/analysis-israeli-pms-gaza-gamble-seems-to-have-paid-off/ | 2022-08-08T22:00:06Z | https://www.wowktv.com/top-stories/ap-top-headlines/analysis-israeli-pms-gaza-gamble-seems-to-have-paid-off/ | false |
Home → Spiral\nWords of inspriation\nThe fiftysix words below is called Spalir for short-and when said will invoke great positive energy-so use wisely (just have to say that i wrote all to fit for blogging -will do an audio in another- but dont copy!!-think about words of a 7/rather and think well if thats just your type if the spririls.. and then make this into mp The Centers for Disease Control and Prevention (CDC) has reportedly sent a team to New York to investigate a case of polio.
It was detected in person in Rockland County.
A spokesperson for the CDC told ABC News that the agency is assisting with wastewater testing and vaccination efforts.
According to the CDC, polio has essentially been eliminated in the U.S. since the 1970s.
"This means that there is no year-round transmission of wild poliovirus in the United States," the agency says.
There is no cure for the highly-contagious disease, which can cause lifelong paralysis. However, the CDC said it can be prevented with vaccines, which are routine in children.
New Yorkers who were not vaccinated as children are being encouraged to get the vaccine. State health officials say they have vaccinated hundreds of people since the case of polio was first detected in July. | https://www.abcactionnews.com/news/national/cdc-reportedly-investigating-polio-case-in-new-york | 2022-08-08T22:00:08Z | https://www.abcactionnews.com/news/national/cdc-reportedly-investigating-polio-case-in-new-york | true |
Second Quarter 2022 Highlights:
- Domestic EGM Recurring Revenue Increased 1% Y/Y to a Record $46.2 Million
- Premium EGM Installed Base Nearly Doubled Y/Y and Grew by 15% Sequentially
- Domestic EGM RPD Increased 6% Sequentially; Topped $30 for the Fifth Consecutive Quarter
- Generated $1.5 Million of Net Income; First Net Profit Since Q4 2019
- Adjusted EBITDA Increased 6% Y/Y to $34.1 Million
- Table Products Adjusted EBITDA Reached a Record $2 Million
- On Pace to Achieve Year-End 2022 Net Leverage Target of less than 4.0x
LAS VEGAS, Aug. 8, 2022 /PRNewswire/ -- PlayAGS, Inc. (NYSE: AGS) ("AGS", "us", "we" or the "Company"), a designer and developer of equipment and services solutions for the global gaming industry, today reported operating results for the second quarter ended June 30, 2022.
In addressing the Company's second quarter financial performance, AGS President and Chief Executive Officer David Lopez said, "Our second quarter results reflect the growing returns we are realizing as a result of the significant investments made into our R&D, sales and product management teams over the past 24 months. These investments have accelerated the operating momentum we are seeing within the business, as reflected by the material year-over-year growth in our reported Q2 2022 net revenues, net income and Adjusted EBITDA."
Mr. Lopez continued, "Despite swirling uncertainty over the health of the consumer and the direction of the global economy, we have been encouraged by the incredible consistency demonstrated within our business through July. Ultimately, our recurring-revenue focused business model and strong liquidity position fortify the underlying resiliency within our business."
Second Quarter 2022 Financial Results
- Total revenue reached $76.6 million, representing a year-over-year increase of approximately 15%. Revenue growth within the EGM segment outpaced the broader company average, supported by continued successful execution of our premium game growth initiative, realization of early-stage returns on recent R&D investments, continued recovery in North American replacement unit demand, and further improvement in the Mexico macroeconomic environment. Table Product revenues advanced approximately 24% year-over-year to a record $3.5 million, reflecting outsized growth within our progressive installed base, initial installs of our PAX S single-deck card shuffler, a doubling of our AGS Arsenal site license customer account penetration, and the Q1 2022 Lucky Lucky side bet acquisition. Interactive revenues declined modestly year-over-year as we continue to strategically refocus our resources to better capitalize upon growth opportunities in the North American real-money gaming ("RMG") market. Total revenue improved approximately 5% over the $72.9 million delivered in Q1 2022, with revenues increasing sequentially in all three business segments. Q2 2022 marked the sixth consecutive quarter in which we were able to achieve quarterly sequential revenue growth.
- Gaming operations, or recurring revenue, increased to $56.6 million versus $55.0 million and $53.2 million in Q2 2021 and Q1 2022, respectively. Despite facing a challenging prior-year comparison that benefitted from considerable fiscal stimulus and the broad-based easing of COVID-related casino operating restrictions throughout the United States, domestic EGM gaming operations revenue increased approximately 1% year-over-year to a record $46.2 million. Table Products recurring revenue of $3.5 million also reached a new record, supported by organic growth throughout the installed base and Q1 2022 acquisition activity. In aggregate, recurring revenue accounted for approximately 74% of our consolidated Q2 2022 revenue.
- We generated $1.5 million of net income in Q2 2022 compared to a net loss of $3.9 million in the prior year period. The year-over-year increase in our reported net income reflects our improved operating performance and interest expense savings resulting from our Q1 2022 comprehensive debt refinancing. Q2 2022 marked the first quarter in which we were able to generate positive net income since Q4 2019.
- Total Adjusted EBITDA (non-GAAP)(1) increased approximately 6% year-over-year to $34.1 million compared to $32.1 million in Q2 2021. Year-over-year Adjusted EBITDA growth within the Table Products and EGM segments of approximately 40% and 7%, respectively, was partially offset by a decline within the Interactive segment, as we elected to incur modest incremental expense in order to accelerate the flow of new AGS game content into the North American RMG channel. Adjusted EBITDA increased approximately 4% on a quarterly sequential basis versus the $32.8 million delivered in Q1 2022.
- Total Adjusted EBITDA margin (non-GAAP)(1) was 44.6%, relatively consistent with the 45.0% achieved in Q1 2022 and slightly below the 48.0% reached in Q2 2021. The year-over-year compression in our Adjusted EBITDA margin was predominantly driven by a greater mix of EGM unit sales revenues, which carry a lower gross margin as compared to EGM gaming operations revenues, and higher costs related to global supply chain and logistics disruption.
EGM Quarterly Results
Domestic Gaming Operations(3)
- Domestic EGM gaming operations, or recurring revenue, increased approximately 1% year-over-year to a record $46.2 million. Growth within our domestic EGM installed base, supported by a near doubling of our premium EGM units, further execution upon continuous installed base optimization initiatives and a stable gaming macroeconomic backdrop drove our improved quarterly revenue performance versus the prior year. Importantly, we were able to achieve year-over-year revenue growth despite lapping a challenging Q2 2021 comparison, as the prior year period benefitted from meaningful fiscal stimulus and the relaxation of COVID-related casino operating restrictions throughout the United States. Domestic EGM recurring revenue accounted for approximately 71% of our total Q2 2022 domestic EGM revenue.
- Our domestic EGM installed base included 16,027 units at the end of Q2 2022, representing an increase of 581 units year-over-year and 112 units versus the prior sequential quarter. Installed base growth in both the year-over-year and quarterly sequential periods was paced by our ongoing successful penetration of the premium EGM segment, as we continue to benefit from our strong game performance, diverse array of cabinet configurations, enhanced complement of game mechanics, and deep portfolio of premium game content.
- Our premium EGM installed base nearly doubled year-over-year, accounting for 12% of our domestic EGM installed base at the end of Q2 2022 compared to 6% at Q2 2021 quarter end. Our premium EGM installed base increased by approximately 15% on a quarterly sequential basis, marking our tenth consecutive quarter of premium unit growth.
- Domestic EGM revenue per day ("RPD") of $32.55 increased approximately 6% sequentially, exceeding $30 for the fifth consecutive quarter. Outsized premium unit growth, continued improvement in our core content execution, further fleet optimization, and a stable gaming macroeconomic environment paced the sequential strength in our domestic EGM RPD performance. Domestic EGM RPD decreased approximately 2% year-over-year, as the prior year period benefitted from significant U.S. fiscal stimulus and the release of pent up consumer demand as COVID-related operating restrictions were eased throughout the domestic gaming market.
Domestic Equipment Sales
- We sold a total of 858 domestic EGM units in Q2 2022, an increase of 40% compared to the 613 units sold in Q2 2021. The increased depth and breadth of our core game content catalog, the strategic broadening of our customer account penetration, continued success in capturing an outsized share of Historical Horse Racing ("HHR") sales opportunities, and a steady recovery in core North American replacement unit demand combined to drive our improved domestic EGM unit sales performance versus the prior year.
- Domestic average sales price ("ASP") was $19,938 versus $16,902 in Q2 2021, topping $19,000 for the third consecutive quarter. Our improved domestic ASP reflects a greater mix of premium-priced Orion Curve cabinets, which accounted for over 70% of Q2 2022 total domestic units sold compared to 24% in Q2 2021, and continued successful implementation of our price integrity initiative. Domestic ASP increased approximately 4% on a quarterly sequential basis.
- We sold units into 26 U.S. states and two Canadian provinces throughout Q2 2022, as we continue to successfully implement strategic initiatives intended to broaden our customer account penetration.
International EGM's
- International EGM gaming operations, or recurring revenue, totaled $4.3 million compared to $3.5 million in Q2 2021 and improved approximately 6% over Q1 2022 levels, marking the eighth consecutive quarterly sequential increase.
- International EGM RPD increased approximately 44% year-over-year to $6.69 compared to $4.66 in Q2 2021 and improved approximately 8% on a quarterly sequential basis relative to the $6.17 achieved in Q1 2022. An increase in the number of active playable games in casinos and Mexico's continued post-COVID-19 macroeconomic recovery paced our improved International EGM RPD performance in both the year-over-year and quarterly sequential periods.
- Our international EGM installed base totaled 6,769 units at June 30, 2022, representing a quarterly sequential decrease of 428 units. The imposition of a new gaming tax in one Mexican state paced the quarterly sequential installed base decline. As previously disclosed, we made a strategic decision to exit the Philippines market at the end of calendar year 2021, which, combined with the Q2 2022 Mexico removals, drove the majority of the year-over-year decrease within our international EGM installed base. We estimate approximately 93% of our international EGM installed base was active and playable as of June 30, 2022 compared to approximately 80% as of March 31, 2022.
- We sold a total of 76 EGM units internationally in Q2 2022, bringing our year-to-date international EGM sales to 94 units. We have identified additional opportunities to further leverage our GLI-approved EGM products in a variety of international markets.
Product & Market Highlights
- Our Orion Curve Premium installed base increased by over 65% on a quarterly sequential basis, with growth achieved in both Class II and Class III jurisdictions. Curve Premium continues to deliver RPD's nicely above our blended corporate average in both end markets. Looking ahead, we continue to assemble a diverse pipeline of new premium game content, complete with enhanced game play mechanics, and strategically broaden our portfolio of cutting-edge hardware to support our long-term growth initiatives within the higher-yielding premium game segment.
- We remain committed to investing in our R&D organization to strengthen our organizational foundation and support our longer-term growth initiatives in both Class II and Class III markets. These investments should allow us to produce a higher volume of game content with more diverse feature sets, further exploit key competitive Class II product and scale advantages, and strategically expand the reach of our game cabinet and content offerings into new market segments.
- In June 2022, the U.S. Supreme Court ruled in favor of two Texas tribes, the Ysleta del Sur Pueblo and Alabama-Coushatta Indian Tribe of Texas, paving the way for the tribes to continue exercising their sovereign rights to offer non-prohibited gaming on tribal lands within the state. The favorable ruling potentially creates an opportunity for AGS to further leverage its key Class II competitive advantages, including its extensive game content portfolio, unique development capabilities and deeply rooted customer relationships, to strategically broaden the scope of its Class II business within the state.
Table Products Quarterly Results
- Gaming operations, or recurring revenue, grew to a record $3.5 million, surpassing the prior record of $3.4 million, established in Q1 2022, by approximately 3%. Recurring revenue has increased sequentially for eight consecutive quarters, supported by growing customer demand for our industry-leading progressive products, greater customer adoption of our all-inclusive site license offering, the AGS Arsenal, and initial market penetration of our PAX S specialty game card shuffler.
- Our installed base expanded by over 380 units on a quarterly sequential basis to a record 5,765 units, led by a more than 12% increase in our progressive installed base. Our installed base increased by over 1,300 units year-over-year, supported by growth in all Table Product categories, including progressives, side bets, premium games, and shufflers, and the addition of units acquired in conjunction with the Q1 2022 Lucky Lucky side bet acquisition.
- Our average monthly lease price ("ALP") decreased approximately 3% year-over-year to $200. The modest decline in our ALP was predominantly driven by a higher mix of lower-yielding side bet units resulting from the Lucky Lucky acquisition.
- Our progressive installed base grew to over 1,975 units at June 30, 2022 compared to 1,614 units and 1,757 units at the end of Q2 2021 and Q1 2022, respectively. The installed base of our highly anticipated and differentiated Bonus Spin Xtreme ("BSX") progressive more than doubled on a sequential basis to over 235 units. Demand for BSX remains robust, supported by casino operators' growing interest in leveraging the product to activate progressives on latent roulette tables.
- As of June 30, 2022, we had 45 PAX S specialty game card shufflers installed across ten different jurisdictions. We continue to receive encouraging customer feedback on our initial PAX S installs and have started to see initial product adopters request additional units, a true testament to the product's consistency, efficiency and durability. Supported by the receipt of additional jurisdictional regulatory approvals and the product's successful launch-to-date, we expect PAX S demand to accelerate in the back half of 2022.
- We were live with 20 AGS Arsenal site licenses at the end of Q2 2022, a two-fold increase versus the prior year. The Arsenal's compelling value proposition and our organizational commitment to investing in Table Product innovation continues to stimulate interest in our site license offering amongst our casino operator partners.
- Adjusted EBITDA increased approximately 40% year-over-year to a record $2.0 million, supported by year-over-year revenue growth of approximately 24%, which was accompanied by strong flow through. Adjusted EBITDA margin was 57.5% compared to 51.2% in Q2 2021, with the increase largely attributable to the operating leverage we are achieving within the business.
Interactive Quarterly Results
- Interactive segment revenue totaled $2.6 million, representing quarterly sequential growth of over 5% compared to the $2.5 million achieved in Q1 2022. The positive sequential revenue trend reflects the growing momentum within our North American RMG business and stable social gaming revenue performance. Ongoing efforts to strategically refocus our Interactive resources to better capitalize upon growth opportunities within the regulated North American RMG market, including further rationalization and optimization of our international RMG exposure, has led to anticipated compression in our rest of world RMG revenue performance, pushing segment-level revenues slightly lower versus the prior year.
- Real-money gaming revenue increased approximately 7% as compared to the $2.0 million delivered in Q1 2022, supported by sequential North American RMG revenue growth of over 15%. North American-sourced RMG revenues accounted for approximately 85% of our Q2 2022 total RMG revenue mix compared to 66% in Q2 2021 and 78% in Q1 2022. Our growing North American revenue mix reflects early returns from our efforts to strategically refocus our RMG business on North American growth opportunities, the strong performance of player-favorite AGS game themes in the North American RMG channel, distribution of our content into new North American jurisdictions, and broadening of our B2C operator partner relationships.
- Social gaming revenue of $515 thousand was relatively consistent with the prior sequential quarter, as we continue to prioritize stability and profitability within this segment of our business. The year-over-year revenue decline reflects the impact of our strategic decision to moderate player marketing spend, consistent with our profitability focus within the segment.
- Interactive Adjusted EBITDA was $545 thousand, marking the segment's tenth consecutive quarter of positive Adjusted EBITDA performance. Adjusted EBITDA was impacted by a modest increase in our segment-level costs, as we incurred incremental expense to accelerate the flow of new AGS content into North American RMG channel. Although we have increased investments into our RMG operation, we remain fully committed to scaling the business in an Adjusted EBITDA positive manner.
- We achieved our sixth consecutive top-five supplier slot indexing ranking in the July 2022 Eilers and Krejcik Online Game Performance Report, with two AGS game themes achieving a top-20 ranking within the slots category. Our online game content catalog, consisting of over 30 AGS titles, is live in the majority of the most prominent regulated North American online jurisdictions, including PA, MI, NJ, Ontario, and Quebec, and we continue to prepare for scheduled upcoming launches into additional jurisdictions, including CT, WV, British Columbia, and Alberta.
Liquidity and Capital Expenditures
As of June 30, 2022, the Company had an available cash balance of $38.9 million and $40.0 million of availability under its undrawn revolving credit facility, resulting in total available liquidity of $78.9 million.
The total principal amount of debt outstanding, as of June 30, 2022, was $574.3 million compared to $615.7 million at December 31, 2021. Total net debt, which is the principal amount of debt outstanding less cash and cash equivalents, was approximately $535.4 million as of June 30, 2022, conveying a Total Net Debt Leverage Ratio of 4.1 times. (4)
Second quarter 2022 capital expenditures totaled $18.7 million, bringing year-to-date capital expenditures through June 30, 2022 to $30.3 million. Gaming equipment-related investments into our EGM and Table Product installed bases accounted for over 60% of capital expenditures incurred year-to-date. Driven by the accelerating demand we are seeing for our high-performing premium EGM products and the emergence of incremental placement opportunities into the Texas Class II market following the favorable Supreme Court ruling in June, we now expect to incur full-year capital expenditures of $62 to $67 million.
2022 Net Leverage Target
Supported by our solid financial performance through the first six months of 2022, the product momentum building within multiple segments of our business, and the consistency we continue to observe within our day-to-day operations, we remain on pace to deliver upon our previously issued year-end 2022 net leverage target of less than 4.0x.
Conference Call and Webcast
AGS leadership will host a conference call to review the Company's second quarter 2022 results on August 8, 2022, at 5 p.m. EDT. Participants may access a live webcast of the conference call, along with a slide presentation reviewing the quarterly results, at the Company's Investor Relations website http://investors.playags.com. A replay of the webcast will be available on the website following the live event. U.S. and Canadian participants may access the call live by telephone by calling +1 (844) 200-6205, while international participants should call +1 (929) 526-1599. The conference call access code is 403415.
Company Overview
AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Our roots are firmly planted in the Class II tribal gaming market, but our customer-centric culture and remarkable growth have helped us branch out to become one of the most all-inclusive commercial gaming equipment suppliers in the world. Powered by high-performing Class II and Class III slot products, an expansive table products portfolio, highly rated social casino, real-money gaming solutions for players and operators, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more at playags.com.
AGS Investor & Media Contacts:
Brad Boyer, Senior Vice President Corporate Operations and Investor Relations
investors@playags.com
Julia Boguslawski, Chief Marketing Officer
jboguslawski@playags.com
©2022 PlayAGS, Inc. Products referenced herein are sold by AGS LLC or other subsidiaries of PlayAGS, Inc. Solely for convenience, marks, trademarks and trade names referred to in this press release appear without the ® and TM and SM symbols, but such references are not intended to indicate, in any way, that PlayAGS, Inc. will not assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensor to these marks, trademarks and trade names.
Forward-Looking Statement
This release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management's current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as "believe," "will," "may," "might," "likely," "expect," "anticipates," "intends," "plans," "seeks," "estimates," "believes," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of AGS, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in AGS's performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of AGS to maintain strategic alliances, unit placements or installations, grow revenue, garner new market share, secure new licenses in new jurisdictions, successfully develop or place proprietary product, comply with regulations, have its games approved by relevant jurisdictions, the effects of COVID-19 on the Company's business and results of operations and other factors set forth under Item 1. "Business," Item 1A. "Risk Factors" in AGS's Annual Report on Form 10-K, filed with the Securities and Exchange Commission. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. AGS expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
To provide investors with additional information in connection with our results as determined by generally accepted accounting principles in the United States ("GAAP"), we disclose the following non-GAAP financial measures: total Adjusted EBITDA, total Adjusted EBITDA margin, total net debt leverage ratio, and Free Cash Flow. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income (loss), income from operations, cash flows, or any other measure calculated in accordance with GAAP, and may not be comparable to similarly titled measures reported by other companies.
Total Adjusted EBITDA
This press release and accompanying schedules provide certain information regarding Adjusted EBITDA, which is considered a non-GAAP financial measure under the rules of the Securities and Exchange Commission.
We believe that the presentation of total Adjusted EBITDA is appropriate to provide additional information to investors about certain material non-cash items that we do not expect to continue at the same level in the future, as well as other items we do not consider indicative of our ongoing operating performance. Further, we believe total Adjusted EBITDA provides a meaningful measure of operating profitability because we use it for evaluating our business performance, making budgeting decisions, and comparing our performance against that of other peer companies using similar measures. It also provides management and investors with additional information to estimate our value.
Total Adjusted EBITDA is not a presentation made in accordance with GAAP. Our use of the term total Adjusted EBITDA may vary from others in our industry. Total Adjusted EBITDA should not be considered as an alternative to operating income or net income. Total Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation or as a substitute for the analysis of our results as reported under GAAP.
Our definition of total Adjusted EBITDA allows us to add back certain non-cash charges that are deducted in calculating net income and to deduct certain gains that are included in calculating net income. However, these expenses and gains vary greatly, and are difficult to predict. They can represent the effect of long-term strategies as opposed to short-term results. In addition, in the case of charges or expenses, these items can represent the reduction of cash that could be used for other corporate purposes. Due to these limitations, we rely primarily on our GAAP results, such as net income (loss), income from operations, EGM Adjusted EBITDA, Table Products Adjusted EBITDA or Interactive Adjusted EBITDA and use Total Adjusted EBITDA only supplementally.
The total Adjusted EBITDA discussion above is also applicable to its margin measure, which is calculated as total Adjusted EBITDA as a percentage of total revenues.
The following table presents a reconciliation of total Adjusted EBITDA to net loss, which is the most comparable GAAP measure:
Free Cash Flow
This schedule provides certain information regarding Free Cash Flow, which is considered a non-GAAP financial measure under the rules of the Securities and Exchange Commission.
We define Free Cash Flow as net cash provided by operating activities less cash outlays related to capital expenditures. We define capital expenditures to include purchase of intangible assets, software development and other expenditures, and purchases of property and equipment. In arriving at Free Cash Flow, we subtract cash outlays related to capital expenditures from net cash provided by operating activities because they represent long-term investments that are required for normal business activities. As a result, subject to the limitations described below, Free Cash Flow is a useful measure of our cash available to repay debt and/or make other investments.
Free Cash Flow adjusts for cash items that are ultimately within management's discretion to direct, and therefore, may imply that there is less or more cash that is available than the most comparable GAAP measure. Free Cash Flow is not intended to represent residual cash flow for discretionary expenditures since debt repayment requirements and other non-discretionary expenditures are not deducted. These limitations are best addressed by using Free Cash Flow in combination with the GAAP cash flow numbers.
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NASHVILLE, Tenn., Aug. 8, 2022 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter ended June 30, 2022.
- Second quarter consolidated revenue per available unit (RevPAR) increased 10.3% year-over-year.
- Second quarter consolidated weighted average occupancy increased 410 basis points year-over-year.
- Sequentially, net hires were more than 2.5 times higher and the use of contract labor decreased.
- The Company accepted approximately $60.0 million in Phase 4 Provider Relief Fund grants on August 5, 2022.
"For the second quarter, we were pleased to have outperformed the industry in sequential occupancy growth," said Lucinda ("Cindy") Baier, Brookdale's President and CEO. "With our strong occupancy performance, we continue to make significant progress toward accelerating our recovery, even as we continue to navigate the challenging labor environment. To that end, I'm also pleased with the progress we have made in our net hire initiative, which has increased our workforce by 10% since the start of the year. We recently received Phase 4 Provider Relief Fund grants and have updated our guidance to reflect this income and our labor expectations. I want to thank our team members for their extraordinary efforts and dedication to help our residents live their best lives. With greater demographic demand and lower new supply, I'm very excited about the compelling growth trajectory for Brookdale."
Same Community Senior Housing (Independent Living (IL), Assisted Living and Memory Care (AL/MC), and CCRCs)
The table below presents a summary of operating results and metrics of the Company's same community senior housing portfolio.(1)
- Resident fees.
- Same community resident fees increased due to the increases in occupancy and RevPOR.
- The increase in occupancy primarily reflects the impact of the Company's execution on key initiatives to rebuild occupancy lost due to the COVID-19 pandemic.
- The increase in RevPOR was primarily the result of in-place rate increases.
- Same community resident fees increased due to the increase in occupancy, partially offset by lower RevPOR due to discounting and lower resident acuity.
- Same community weighted average occupancy increased 120 basis points, representing the Company's best second quarter sequential occupancy growth in more than ten years.
- Facility operating expense.
- The increase was primarily due to higher labor expense primarily resulting from an increase in the use of contract labor and overtime as well as merit and market wage rate adjustments.
- An increase in food costs due to increased occupancy and higher prices during the period and an increase in repairs and maintenance costs also contributed to the increase in same community facility operating expense.
- The increase in same community facility operating expense was primarily due to an increase in food costs resulting from increased occupancy and higher prices during the period, as well as an increase in marketing costs due to seasonal spending.
- Same community labor expense was nearly flat sequentially as increases in costs from hours worked by associates, recent wage rate adjustments, and an additional day of expense during the second quarter of 2022 were offset by a decreased use of contract labor and a moderation of COVID-19 related labor costs.
Consolidated
The table below presents a summary of consolidated operating results.
- Senior housing resident fee revenue.
The table below sets forth the Company's recent consolidated occupancy trend.
- Other operating income. The Company recognized $8.4 million of government grants and employee retention credits as other operating income during the second quarter of 2022, compared to $0.4 million of government grants during the first quarter of 2022 and $1.3 million of government grants and credits during the second quarter of 2021.
- Senior housing facility operating expense.
- Net income (loss).
- Adjusted EBITDA.
The table below presents a summary of the Company's net cash provided by (used in) operating activities, non-development capital expenditures, net, and Adjusted Free Cash Flow.
- Net cash provided by (used in) operating activities.
- Non-development capital expenditures, net. The increase in non-development capital expenditures, net was primarily attributable to increased investment in the Company's communities due to unit upgrades as the Company increases move-ins and routine maintenance expenditures.
- Adjusted Free Cash Flow.
- Total Liquidity.
The Company updated its full year 2022 Adjusted EBITDA guidance to include approximately $60.0 million in Phase 4 Provider Relief Fund grants accepted on August 5, 2022, which it expects to recognize in income during the third quarter of 2022, and to incorporate year-to-date results and revised expectations for the remainder of 2022. The Company maintains its full year 2022 RevPAR growth guidance.
This guidance excludes the potential impact of any future acquisition or disposition activity. Reconciliation of the non-GAAP financial measure included in the foregoing guidance to the most comparable GAAP financial measure is not available without unreasonable effort due to the inherent difficulty in forecasting the timing or amounts of items required to reconcile Adjusted EBITDA from the Company's net income (loss). Variability in the timing or amounts of items required to reconcile the measure may have a significant impact on the Company's future GAAP results.
The Company will post on its website at www.brookdaleinvestors.com supplemental information relating to the Company's second quarter 2022 results, an updated investor presentation, and a copy of this earnings release. The supplemental information and a copy of this earnings release will also be furnished in a Form 8-K to be filed with the SEC.
Brookdale's management will conduct a conference call to discuss the financial results for the second quarter 2022 on August 9, 2022 at 9:00 AM ET. The conference call can be accessed by dialing (844) 200-6205 (from within the U.S.) or (929) 526-1599 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing the access code "332634".
A webcast of the conference call will be available to the public on a listen-only basis at www.brookdaleinvestors.com. Please allow extra time before the call to download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available through the website following the call.
For those who cannot listen to the live call, a replay of the webcast will be available until 11:59 PM ET on August 16, 2022 by dialing (866) 813-9403 (from within the U.S.) or +44 (204) 525-0658 (from outside of the U.S.) and referencing access code "027713".
Brookdale Senior Living Inc. is the nation's premier operator of senior living communities. The Company is committed to its mission of enriching the lives of the people it serves with compassion, respect, excellence, and integrity. The Company operates independent living, assisted living, memory care, and continuing care retirement communities. Through its comprehensive network, Brookdale helps to provide seniors with care and services in an environment that feels like home. The Company's expertise in healthcare, hospitality, and real estate provides residents with opportunities to improve wellness, pursue passions and stay connected with friends and loved ones. Brookdale operates and manages 674 communities in 41 states as of June 30, 2022, with the ability to serve more than 60,000 residents. Brookdale's stock trades on the New York Stock Exchange under the ticker symbol BKD. For more information, visit brookdale.com or connect with Brookdale on Facebook or Twitter.
RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue from the former Health Care Services segment, revenue for private duty services provided to seniors living outside of the Company's communities, and entrance fee amortization), divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period.
RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue from the former Health Care Services segment, revenue for private duty services provided to seniors living outside of the Company's communities, and entrance fee amortization), divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period.
Certain statements in this press release and the associated earnings call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding the Company's intent, belief or expectations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "project," "predict," "continue," "plan," "target," or other similar words or expressions. These forward-looking statements are based on certain assumptions and expectations, and the Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although the Company believes that expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, the impacts of the COVID-19 pandemic, including the response efforts of federal, state, and local government authorities, businesses, individuals, and the Company on the Company's business, results of operations, cash flow, revenue, expenses, liquidity, and its strategic initiatives, including plans for future growth, which will depend on many factors, some of which cannot be foreseen, including the duration, severity, and breadth of the pandemic and any resurgence or variants of the disease, the impact of COVID-19 on the nation's economy and debt and equity markets and the local economies in the Company's markets, the development, availability, utilization, and efficacy of COVID-19 testing, therapeutic agents, and vaccines and the prioritization of such resources among businesses and demographic groups, government financial and regulatory relief efforts that may become available to business and individuals, including the Company's ability to qualify for and satisfy the terms and conditions of financial relief, perceptions regarding the safety of senior living communities during and after the pandemic, changes in demand for senior living communities and the Company's ability to adapt its sales and marketing efforts to meet that demand, the impact of COVID-19 on the Company's residents' and their families' ability to afford its resident fees, including due to changes in unemployment rates, consumer confidence, housing markets, and equity markets caused by COVID-19, changes in the acuity levels of the Company's new residents, the disproportionate impact of COVID-19 on seniors generally and those residing in the Company's communities, the duration and costs of the Company's response efforts, including increased equipment, supplies, labor, litigation, testing, vaccination clinic, health plan, and other expenses, potentially greater use of contract labor and overtime due to COVID-19 and general labor market conditions, the impact of COVID-19 on the Company's ability to complete financings and refinancings of various assets, or other transactions or to generate sufficient cash flow to cover required debt, interest, and lease payments and to satisfy financial and other covenants in its debt and lease documents, increased regulatory requirements, including the costs of unfunded, mandatory testing of residents and associates and provision of test kits to the Company's health plan participants, increased enforcement actions resulting from COVID-19, government action that may limit the Company's collection or discharge efforts for delinquent accounts, and the frequency and magnitude of legal actions and liability claims that may arise due to COVID-19 or the Company's response efforts; events which adversely affect the ability of seniors to afford resident fees, including downturns in the economy, housing market, consumer confidence, or the equity markets and unemployment among resident family members; changes in reimbursement rates, methods, or timing under governmental reimbursement programs including the Medicare and Medicaid programs; the effects of senior housing construction and development, lower industry occupancy (including due to the pandemic), and increased competition; conditions of housing markets, regulatory changes, acts of nature, and the effects of climate change in geographic areas where the Company is concentrated; terminations of the Company's resident agreements and vacancies in the living spaces it leases, including due to the pandemic; failure to maintain the security and functionality of the Company's information systems, to prevent a cybersecurity attack or breach, or to comply with applicable privacy and consumer protection laws, including HIPAA; the Company's ability to complete its capital expenditures in accordance with its plans; the Company's ability to identify and pursue development, investment, and acquisition opportunities and its ability to successfully integrate acquisitions; competition for the acquisition of assets; the Company's ability to complete pending or expected disposition, acquisition, or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and the Company's ability to identify and pursue any such opportunities in the future; risks related to the implementation of the Company's strategy, including initiatives undertaken to execute on the Company's strategic priorities and their effect on its results; limits on the Company's ability to use net operating loss carryovers to reduce future tax payments; delays in obtaining regulatory approvals; disruptions in the financial markets or decreases in the appraised values or performance of the Company's communities that affect the Company's ability to obtain financing or extend or refinance debt as it matures and the Company's financing costs; the Company's ability to generate sufficient cash flow to cover required interest, principal, and long-term lease payments and to fund its planned capital projects; the effect of the Company's non-compliance with any of its debt or lease agreements (including the financial covenants contained therein), including the risk of lenders or lessors declaring a cross default in the event of the Company's non-compliance with any such agreements and the risk of loss of the Company's property securing leases and indebtedness due to any resulting lease terminations and foreclosure actions; the effect of the Company's indebtedness and long-term leases on the Company's liquidity and its ability to operate its business; increases in market interest rates that increase the costs of the Company's debt obligations; the Company's ability to obtain additional capital on terms acceptable to it; departures of key officers and potential disruption caused by changes in management; increased competition for, or a shortage of, associates (including due to the pandemic or general labor market conditions), wage pressures resulting from increased competition, low unemployment levels, minimum wage increases and changes in overtime laws, and union activity; environmental contamination at any of the Company's communities; failure to comply with existing environmental laws; an adverse determination or resolution of complaints filed against the Company, including putative class action complaints; the cost and difficulty of complying with increasing and evolving regulation; costs to respond to, and adverse determinations resulting from, government reviews, audits and investigations; changes in, or its failure to comply with, employment-related laws and regulations; unanticipated costs to comply with legislative or regulatory developments; the risks associated with current global economic conditions and general economic factors such as inflation, the consumer price index, commodity costs, fuel and other energy costs, competition in the labor market, costs of salaries, wages, benefits, and insurance, interest rates, and tax rates; the impact of seasonal contagious illness or an outbreak of COVID-19 or other contagious disease in the markets in which the Company operates; actions of activist stockholders, including a proxy contest; as well as other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including those set forth in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect management's views as of the date of this press release and/or associated earnings call. The Company cannot guarantee future results, levels of activity, performance or achievements, and, except as required by law, it expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained in this press release and/or associated earnings call to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.
This earnings release contains the financial measures Adjusted EBITDA and Adjusted Free Cash Flow, which are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company's performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, or net cash provided by (used in) operating activities. The Company cautions investors that amounts presented in accordance with the Company's definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. The Company urges investors to review the following reconciliations of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, cost reduction, or organizational restructuring items that management does not consider as part of the Company's underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include non-cash impairment charges, gain/loss on facility operating lease termination, operating lease expense adjustment, non-cash stock-based compensation expense, and transaction and organizational restructuring costs. Transaction costs include those directly related to acquisition, disposition, financing, and leasing activity, and are primarily comprised of legal, finance, consulting, professional fees, and other third-party costs. Organizational restructuring costs include those related to the Company's efforts to reduce general and administrative expense and its senior leadership changes, including severance.
The Company believes that presentation of Adjusted EBITDA as a performance measure is useful to investors because (i) it is one of the metrics used by the Company's management for budgeting and other planning purposes, to review the Company's historic and prospective core operating performance, and to make day-to-day operating decisions; (ii) it provides an assessment of operational factors that management can impact in the short-term, namely revenues and the controllable cost structure of the organization, by eliminating items related to the Company's financing and capital structure and other items that management does not consider as part of the Company's underlying core operating performance and that management believes impact the comparability of performance between periods; and (iii) the Company believes that this measure is used by research analysts and investors to evaluate the Company's operating results and to value companies in its industry.
Adjusted EBITDA has material limitations as a performance measure, including: (i) excluded interest and income tax are necessary to operate the Company's business under its current financing and capital structure; (ii) excluded depreciation, amortization and impairment charges may represent the wear and tear and/or reduction in value of the Company's communities, goodwill, and other assets and may be indicative of future needs for capital expenditures; and (iii) the Company may incur income/expense similar to those for which adjustments are made, such as gain/loss on sale of assets, facility operating lease termination, or debt modification and extinguishment, non-cash stock-based compensation expense, and transaction and other costs, and such income/expense may significantly affect the Company's operating results.
The table below reconciles the Company's Adjusted EBITDA from net income (loss).
Adjusted Free Cash Flow
Adjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as net cash provided by (used in) operating activities before: distributions from unconsolidated ventures from cumulative share of net earnings, changes in prepaid insurance premiums financed with notes payable, changes in operating lease assets and liabilities for lease termination, cash paid/received for gain/loss on facility operating lease termination, and lessor capital expenditure reimbursements under operating leases; plus: property insurance proceeds and proceeds from refundable entrance fees, net of refunds; less: non-development capital expenditures and payment of financing lease obligations. Non-development capital expenditures are comprised of corporate and community-level capital expenditures, including those related to maintenance, renovations, upgrades, and other major building infrastructure projects for the Company's communities and is presented net of lessor reimbursements. Non-development capital expenditures do not include capital expenditures for: community expansions, major community redevelopment and repositioning projects, and the development of new communities.
The Company believes that presentation of Adjusted Free Cash Flow as a liquidity measure is useful to investors because (i) it is one of the metrics used by the Company's management for budgeting and other planning purposes, to review the Company's historic and prospective sources of operating liquidity, and to review the Company's ability to service its outstanding indebtedness, pay dividends to stockholders, engage in share repurchases, and make capital expenditures, including development capital expenditures; and (ii) it provides an indicator to management to determine if adjustments to current spending decisions are needed.
Adjusted Free Cash Flow has material limitations as a liquidity measure, including: (i) it does not represent cash available for dividends, share repurchases, or discretionary expenditures since certain non-discretionary expenditures, including mandatory debt principal payments, are not reflected in this measure; (ii) the cash portion of non-recurring charges related to gain/loss on facility lease termination generally represent charges/gains that may significantly affect the Company's liquidity; and (iii) the impact of timing of cash expenditures, including the timing of non-development capital expenditures, limits the usefulness of the measure for short-term comparisons.
The table below reconciles Adjusted Free Cash Flow from net cash provided by (used in) operating activities.
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SOURCE Brookdale Senior Living Inc. | https://www.wlbt.com/prnewswire/2022/08/08/brookdale-announces-second-quarter-2022-results/ | 2022-08-08T22:03:25Z | https://www.wlbt.com/prnewswire/2022/08/08/brookdale-announces-second-quarter-2022-results/ | false |
Mississippi ranks 48th overall when it comes to child well-being
JACKSON, Miss. (WCBI) – New data shows that Mississippi ranks 48th overall when it comes to child well-being.
The Annie E. Casey Foundation looked at key areas in child well-being, from education and economic status.
The organization ranked the state 39th in education and 49th in economic well-being.
Mississippi is ranked 50th in health and family and community.
We checked and Alabam was ranked 46th. | https://www.wcbi.com/mississippi-ranks-48th-overall-when-it-comes-to-child-well-being/ | 2022-08-08T22:03:27Z | https://www.wcbi.com/mississippi-ranks-48th-overall-when-it-comes-to-child-well-being/ | true |
U.S. judge weighs Ben & Jerry's claims against owner over Israeli business
By Jessica DiNapoli and Jonathan Stempel
NEW YORK, Aug 8 (Reuters) - A U.S. judge on Monday appeared skeptical that Ben & Jerry's deserved an immediate injunction against its parent Unilever Plc to restrict the marketing of its ice cream in the Israeli-occupied West Bank, which Ben & Jerry's said was against its values.
U.S. District Judge Andrew Carter said at a court hearing in Manhattan that he was unsure Ben & Jerry's had shown it faced "imminent harm" following Unilever's June 29 sale of the ice cream maker's Israeli business to local licensee Avi Zinger.
The unusual dispute shows the challenges Unilever faces as it encourages its brands, which number more than 400, to have social missions that the company says help drive sales.
Ben & Jerry's independent directors sued Unilever on July 5, nearly a year after the maker of Half Baked and Cherry Garcia faced a backlash by deciding to end sales in Israeli-occupied Palestinian territories because it was "inconsistent" with its values.
Although the lawsuit also sought to stop the sale altogether, Monday's hearing focused on whether Ben & Jerry's deserved a temporary injunction barring Zinger from selling new or rebranded products, using its English language trademarks.
Ben & Jerry's lawyer Shahmeer Halepota said in court that Zinger could produce new products with the "exact opposite stance," causing consumer confusion.
"Instead of Peace Pops, you could make 'Tank Pops,'" Halepota said, and shoppers would see both walking down a grocery store aisle.
The judge did not immediately rule, but told a Ben & Jerry's lawyer: "I don't hear anything saying that there is anything imminent. It doesn't seem ... anything's going to happen in the next couple of weeks."
He did not say when he would rule.
When Unilever bought Ben & Jerry's in 2000, it let the brand's board retain primary responsibility to oversee the ice cream maker's social mission. Ben & Jerry's board said the sale to Zinger undermined its right to do that. The two Unilever appointees dissented.
"This is an American institution that for the last 40 years has built its credibility on this authenticity of social mission," Halepota said.
Unilever, in contrast, has said it retained the right to make operational decisions for Ben & Jerry's, and that the sale could not be undone because it has irrevocably closed.
"There is just no reason to believe ... that the continued sale of ice cream could cause irreparable harm," Unilever's lawyer David Marriott said.
Ben & Jerry's sales topped 1 billion euros (US $1.02 billion) for the first time last year.
Jeff Furman, who helped build the business and served on Ben & Jerry's board for about 40 years, said the company hadn't sued Unilever before, but once considered it after finding quality issues in the ice cream, which were later resolved.
"We have our fingers in - that's part of the job - to be vigilant and concerned about everything," he said.
Last week, Ben & Jerry's said Unilever had frozen compensation for the independent directors.
Before Monday's hearing, two weeks of mediation to reach an out-of-court settlement broke down. (Reporting by Jonathan Stempel and Jessica DiNapoli in New York; editing by Grant McCool) | https://www.dailymail.co.uk/wires/reuters/article-11093099/U-S-judge-weighs-Ben--Jerrys-claims-against-owner-Israeli-business.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-08T22:04:57Z | https://www.dailymail.co.uk/wires/reuters/article-11093099/U-S-judge-weighs-Ben--Jerrys-claims-against-owner-Israeli-business.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
HARRISBURG, Pa., Aug. 8, 2022 /PRNewswire/ -- Metzger Wickersham is pleased to announce Attorney Catherine "Cat" N. Reeves has been selected to join the 2022-2023 National Asian Pacific American Bar Association (NAPABA) Leadership Advancement Program (LAP). This year-long program helps develop mid-career Asian Pacific American attorneys' skills, while also offering opportunities such as developing peer relationships and networking. The NAPABA Program selects only 24 applicants with at least six to 10 years of experience.
Reeves joined the firm in 2011. She focuses her practice in plaintiff personal injury and plaintiff workers compensation cases, as well as Social Security Disability. From 2016 to 2018, she assisted the homeless population at Columbus House, Inc. in New Haven, Connecticut with Social Security disability applications and appeals.
Reeves is a dedicated and detail-oriented attorney who believes in taking a hands-on approach. She takes much pride in her work and advocates for those that need it most. A recent client stated that, "She is awesome, very thorough and genuinely concerned!"
She received her bachelor's degree from Lehigh University and her law degree from Widener University Commonwealth Law School. Reeves speaks English and Vietnamese both fluently.
When asked why she practices law, Reeves shared that it, "brings honor to my family name and all of my cases are important to me. With every case, I learn something and gain a new understanding of people and the law. For me, cases aren't so much about the outcome; rather, it's about the assistance that I can provide to a person who is feeling overwhelmed by the process. I feel the best about the days that my clients tell me that they feel confident about their case-related decisions due to my information and advice."
Reeves is a member of the Pennsylvania Bar Association, New Jersey State Bar Association, Dauphin County Bar Association and Asian Pacific American Bar Association of Pennsylvania.
Everyone at Metzger Wickersham wishes Cat continued success as she flourishes in a leadership role with the NAPABA Leadership Advancement Program. We look forward to her new insights, skills and the future opportunities that she will offer to the Metzger Wickersham team.
Founded in Harrisburg, Pennsylvania in 1888, Metzger Wickersham has protected citizens' rights for over a century and recovered millions for clients in the process. Aside from the main Harrisburg office, Metzger Wickersham maintains offices in Lancaster, Pottsville, Shippensburg, Wilkes-Barre, Williamsport, and York. For more information, visit www.mwke.com.
CONTACT: Abbey E. Kinard, 717-238-8187, Akinard@mwke.com
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- Over $1 billion sales pipeline
- $300 million Pre-Paid Advance Agreement and $200 million At-the-Market program which reduce cost of capital and increase both capacity and access to capital
- Walmart signed definitive agreement to purchase 4,500 units, beginning with the Lifestyle Delivery Vehicle (LDV), with an option to purchase up to 10,000 units
JUSTIN, Texas, Aug. 8, 2022 /PRNewswire/ -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced its financial results for the second quarter of 2022.
"We have more than $1 billion in our sales pipeline which includes our recently announced commercial order. We have successfully completed 90% of our structural crash testing in the quarter and are now moving to the final phase of Federal Motor Vehicle Safety Standard certification," said Tony Aquila, investor, Chairman and CEO at Canoo. "We have navigated a tough global economic backdrop in the first half, and will continue to take a disciplined, long-term, strategic and focused approach to deliver on our announced built in America vehicles, which are for and by America first with the intent of making EV's available to everyone. We have also introduced phase one of our just in time, milestone based approach to accessing the capital markets which aid us as we continue to build on access to non-dilutive capital. We are advancing to Start of Production in Q4 and, our product resonates with the most discerning customers."
Additional Recent Updates Include:
- Awarded by the U.S. army to supply an electric vehicle for analysis and demonstration
- More than doubled the total number of Gamma properties manufactured to 89
Second Quarter Business Highlights:
- Launched advanced delivery tuning with Walmart to finalize vehicle configuration in the Dallas Fort Worth metroplex
- Completed over 265 tests related to crash and safety in Gamma program
- Gamma fleet has achieved 153,000 miles across real and simulated driving
Second Quarter Financial Highlights:
- As of June 30, 2022, we had access of up to $250 million, including approximately $220 million of unused capacity on our SEPA facility, and cash and cash equivalents of $33.8 million.
- GAAP net loss and comprehensive loss of $164.4 million and $289.8 million for the three and six months ended June 30, 2022, compared to a GAAP net loss and comprehensive loss of $112.6 million and $127.8 million for the three and six months ended June 30, 2021. The GAAP net loss and comprehensive loss for the and June 30, 2022 included a gain of $9.5 million and $24.9 million on the fair value change of the contingent earnout shares liability, respectively.
- Adjusted EBITDA of $(149.8) million and $(267.3) million for the three and six months ended June 30, 2022, compared to $(76.7) million and $(126.5) million for the three and six months ended June 30, 2021, respectively.
- Net cash used in operating activities totaled $237.6 million for the six months ended June 30, 2022, compared to $108.8 million for the six months ended June 30, 2021.
- Net cash used in investing activities was $35.0 million during the six months ended June 30, 2022, compared to net cash used in investing activities of $28.7 million during the six months ended June 30, 2021.
Second Half of 2022 Business Outlook
Based upon our current projections, Canoo expects:
- Operating Expenses (excluding stock-based compensation and depreciation) of: $200 million to $245 million
- Capital Expenditures of: $100 million to $125 million
Conference Call Information
Canoo will host a conference call to discuss the results today, August 8, 2022, at 5:00 PM ET.
To listen to the conference call via telephone dial (877) 407-9169 (U.S.) and (201) 493-6755 (international callers/U.S. toll) and enter the conference ID number 13728979. To listen to the webcast, please click here. A telephone replay will be available until May 24, 2022, at (877) 660-6853 (U.S.) and (201) 612-7415 (international callers/U.S. toll), with Conference ID number 13728979. To listen to the webcast replay, please click here.
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses.
Canoo has teams in California, Texas, Oklahoma and Arkansas. For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit investors.canoo.com.
Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
"EBITDA" is defined as net loss before interest expense, income tax expense or benefit, and depreciation and amortization. "Adjusted EBITDA" is defined as EBITDA adjusted for stock-based compensation, restructuring charges, asset impairments, and other costs associated with exit and disposal activities, acquisition and related costs, changes to the fair value of contingent earnout shares liability, and any other one-time non-recurring transaction amounts impacting the statement of operations during the year. Adjusted EBITDA is intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, GAAP. We believe Adjusted EBITDA, when combined with net loss, and EBITDA, is beneficial to an investor's complete understanding of our operating performance. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA and Adjusted EBITDA we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate EBITDA and Adjusted EBITDA in the same fashion.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We manage our business utilizing EBITDA and Adjusted EBITDA as supplemental performance measures.
Forward-Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding access to capital, estimates and forecasts of financial and performance metrics, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability to meet and/or accelerate anticipated production timelines, Canoo's ability to capitalize on commercial opportunities, current or anticipated customer orders, and expectations regarding the development of facilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo's ability to continue as a going concern; Canoo's ability to access existing and future sources of capital via debt or equity markets, which will impact execution of its business plans and could require Canoo to terminate or significantly curtail its operations; Canoo's history of losses; Canoo's ability to adequately control the costs associated with its operations; Canoo's ability to successfully build and tool its manufacturing facilities, establish or continue a relationship with a contract manufacturer or failure of operation of Canoo's facilities ; the rollout of Canoo's business and the timing of expected business milestones and commercial launch; future market adoption of Canoo's offerings; risks related to Canoo's go-to-market strategy and manufacturing strategy; the effects of competition on Canoo's future business, and those factors discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Canoo's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 1, 2022, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo's Investors Relations website at investors.canoo.com or the SEC's website at www.sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo's expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo's assessments to change. However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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SOURCE Canoo | https://www.kold.com/prnewswire/2022/08/08/canoo-inc-announces-second-quarter-2022-results/ | 2022-08-08T22:06:47Z | https://www.kold.com/prnewswire/2022/08/08/canoo-inc-announces-second-quarter-2022-results/ | false |
Aug. 27 Wyoming, 4 p.m.
Sept. 2 at Indiana, 8 p.m.
Sept. 10 Virginia, 4 p.m.
Sept. 22 Chattanooga, 8:30 p.m.
Oct. 1 at Wisconsin, TBA
Oct. 8 Iowa, TBA
Oct. 15 Minnesota, Noon
Oct. 29 at Nebraska, TBA
Nov. 5 Michigan St., TBA
Nov. 12 Purdue, TBA
Nov. 19 at Michigan, TBA
Nov. 26 at Northwestern, TBA
Sept. 3 at Wisconsin, 7 p.m.
Sept. 10 Valparaiso, 7:30 p.m.
Sept. 17 E. Illinois, 7:30 p.m.
Oct. 1 S. Illinois, 7:30 p.m.
Oct. 8 at N. Iowa, 5 p.m.
Oct. 15 South Dakota, 3 p.m.
Oct. 22 at Indiana St., 1 p.m.
Oct. 29 at N. Dakota St., 3:30 p.m.
Nov. 5 Youngstown St., 3 p.m.
Nov. 12 at S. Dakota St., 3 p.m.
Nov. 19 W. Illinois, 1 p.m.
Sept. 3 S. Illinois, 7 p.m.
Sept. 10 at Nevada, 5:30 p.m.
Sept. 17 at Prairie View, 7 p.m.
Sept. 24 at SE Louisiana, 7 p.m.
Oct. 1 McNeese St., 7 p.m.
Oct. 8 Lamar, 5 p.m.
Oct. 15 at Nicholls, 4 p.m.
Oct. 29 at Texas A&M Commerce, 3 p.m.
Nov. 5 Houston Baptist, 3 p.m.
Nov. 19 at Northwestern St., 3 p.m.
Sept. 2 Illinois, 8 p.m.
Sept. 10 Idaho, 8 p.m.
Sept. 17 W. Kentucky, Noon
Sept. 24 at Cincinnati, TBA
Oct. 1 at Nebraska, TBA
Oct. 8 Michigan, Noon
Oct. 15 Maryland, TBA
Oct. 22 at Rutgers, Noon
Nov. 5 Penn St., TBA
Nov. 12 at Ohio St., TBA
Nov. 19 at Michigan St., TBA
Nov. 26 Purdue, TBA
Sept. 1 North Alabama, 6 p.m.
Sept. 10 at Purdue, 4 p.m.
Sept. 17 Montana, 1 p.m.
Oct. 1 at N. Iowa, 5 p.m.
Oct. 8 N. Dakota St., 1 p.m.
Oct. 15 at Youngstown St., 2 p.m.
Oct. 22 Illinois St., 1 p.m.
Oct. 29 at S. Dakota St., 3 p.m.
Nov. 5 North Dakota, 1 p.m.
Nov. 12 at W. Illinois, 2 p.m.
Nov. 19 Missouri St., 1 p.m.
Sept. 3 S. Dakota St., Noon
Sept. 10 Iowa St., 4 p.m.
Sept. 17 Nevada, 7:30 p.m.
Sept. 24 at Rutgers, TBA
Oct. 1 Michigan, TBA
Oct. 8 at Illinois, TBA
Oct. 22 at Ohio St., TBA
Oct. 29 Northwestern, 3 p.m.
Nov. 5 at Purdue, TBA
Nov. 12 Wisconsin, TBA
Nov. 19 at Minnesota, TBA
Nov. 25 Nebraska, 4 p.m.
Sept. 3 SE Missouri, 2 p.m.
Sept. 10 at Iowa, 4 p.m.
Sept. 17 Ohio, 2 p.m.
Sept. 24 Baylor, TBA
Oct. 1 at Kansas, TBA
Oct. 8 Kansas St., TBA
Oct. 15 at Texas, TBA
Oct. 29 Oklahoma, TBA
Nov. 5 West Virginia, TBA
Nov. 12 at Oklahoma St., TBA
Nov. 19 Texas Tech, TBA
Nov. 26 at TCU, TBA
Sept. 4 Florida A&M, 3 p.m.
Sept. 10 at Tennessee St., 7 p.m.
Sept. 17 Grambling St., 2 p.m.
Sept. 24 MVSU, 2 p.m.
Oct. 8 at Alabama St., 3 p.m.
Oct. 15 at Bethune-Cookman, 1 p.m.
Oct. 22 Campbell, 3 p.m.
Oct. 29 Southern U., 2 p.m.
Nov. 5 at Texas Southern, 7 p.m.
Nov. 12 Alabama A&M, 5 p.m.
Nov. 19 at Alcorn St., 3 p.m.
Aug. 27 Stephen F. Austin, 3:30 p.m.
Sept. 3 Davidson, 2 p.m.
Sept. 10 at Murray St., 7 p.m.
Sept. 17 at Tulsa, 7 p.m.
Sept. 24 at Nicholls, 4 p.m.
Oct. 1 Kennesaw St., 2 p.m.
Oct. 15 at North Alabama, 7 p.m.
Oct. 22 SE Louisiana, 2 p.m.
Oct. 29 at Austin Peay, 4 p.m.
Nov. 12 E. Kentucky, 2 p.m.
Nov. 19 at Cent. Arkansas, 5 p.m.
Sept. 3 Middle Tennessee, 6 p.m.
Sept. 10 Norfolk St., 4 p.m.
Sept. 24 at Appalachian St., TBA
Oct. 1 Texas State, TBA
Oct. 8 at Arkansas St., TBA
Oct. 15 at Georgia Southern, 4 p.m.
Oct. 22 Marshall, TBA
Nov. 5 at Louisville, TBA
Nov. 12 at Old Dominion, TBA
Nov. 19 Georgia St., TBA
Nov. 26 Coastal Carolina, TBA
Sept. 2 Tennessee Tech, 8 p.m.
Sept. 10 at West Virginia, 6 p.m.
Sept. 17 at Houston, 4 p.m.
Sept. 24 Duke, TBA
Oct. 1 Iowa St., TBA
Oct. 8 TCU, TBA
Oct. 15 at Oklahoma, TBA
Oct. 22 at Baylor, TBA
Nov. 5 Oklahoma St., TBA
Nov. 12 at Texas Tech, TBA
Nov. 19 Texas, TBA
Nov. 26 at Kansas St., TBA
Sept. 3 South Dakota, 7 p.m.
Sept. 10 Missouri, Noon
Sept. 17 Tulane, 3 p.m.
Sept. 24 at Oklahoma, TBA
Oct. 1 Texas Tech, TBA
Oct. 8 at Iowa St., TBA
Oct. 22 at TCU, TBA
Oct. 29 Oklahoma St., TBA
Nov. 5 Texas, TBA
Nov. 12 at Baylor, TBA
Nov. 19 at West Virginia, TBA
Nov. 26 Kansas, TBA
Sept. 1 at Samford, 7 p.m.
Sept. 10 at Cincinnati, 3:30 p.m.
Sept. 24 Wofford, 6 p.m.
Oct. 1 at Jacksonville St., 2 p.m.
Oct. 8 North Alabama, 6 p.m.
Oct. 15 Cent. Arkansas, 1 p.m.
Oct. 22 Tennessee Tech, 3 p.m.
Oct. 29 Charleston Southern, 1 p.m.
Nov. 5 at UT Martin, 1 p.m.
Nov. 12 Austin Peay, 1 p.m.
Nov. 19 at E. Kentucky, 3 p.m.
Sept. 3 at Washington, 10:30 p.m.
Sept. 10 at Oklahoma, 7 p.m.
Sept. 17 LIU Brooklyn, Noon
Sept. 24 at Georgia, Noon
Oct. 1 Ohio, 3:30 p.m.
Oct. 8 at Miami (Ohio), 3:30 p.m.
Oct. 15 at Toledo, TBA
Oct. 22 Akron, TBA
Nov. 1 Ball St., TBA
Nov. 9 at Bowling Green, 7 p.m.
Nov. 16 E. Michigan, TBA
Nov. 26 at Buffalo, TBA
Sept. 3 Miami (Ohio), 7 p.m.
Sept. 10 at Florida, 7 p.m.
Sept. 17 Youngstown St., Noon
Sept. 24 N. Illinois, TBA
Oct. 1 at Mississippi, TBA
Oct. 8 South Carolina, TBA
Oct. 15 Mississippi St., TBA
Oct. 29 at Tennessee, TBA
Nov. 5 at Missouri, TBA
Nov. 12 Vanderbilt, TBA
Nov. 19 Georgia, TBA
Nov. 26 Louisville, TBA
Sept. 1 at Toledo, 7 p.m.
Sept. 10 Villanova, 1 p.m.
Sept. 17 at Kent St., Noon
Sept. 24 Bryant, 1 p.m.
Oct. 1 at Merrimack, 1 p.m.
Oct. 15 St. Francis (Pa.), 1 p.m.
Oct. 22 at Wagner, Noon
Oct. 29 at Duquesne, Noon
Nov. 5 CCSU, 1 p.m.
Nov. 12 Stonehill, 1 p.m.
Nov. 19 at Sacred Heart, Noon
Sept. 4 Florida St., 7:30 p.m.
Sept. 10 Southern U., 7:30 p.m.
Sept. 17 Mississippi St., 6 p.m.
Sept. 24 New Mexico, 7:30 p.m.
Oct. 1 at Auburn, TBA
Oct. 8 Tennessee, TBA
Oct. 15 at Florida, TBA
Oct. 22 Mississippi, TBA
Nov. 5 Alabama, TBA
Nov. 12 at Arkansas, TBA
Nov. 19 UAB, TBA
Nov. 26 at Texas A&M, TBA
Sept. 3 Sacred Heart, 12:30 p.m.
Sept. 10 at Temple, 2 p.m.
Sept. 17 William & Mary, 3:30 p.m.
Sept. 24 at Penn, 1 p.m.
Oct. 1 at Bucknell, 3:30 p.m.
Oct. 8 Princeton, 12:30 p.m.
Oct. 22 Holy Cross, 3:30 p.m.
Oct. 29 Georgetown, 12:30 p.m.
Nov. 5 at Colgate, 1 p.m.
Nov. 12 at Fordham, 1 p.m.
Nov. 19 Lehigh, 12:30 p.m.
Sept. 1 at Abilene Christian, 8 p.m.
Sept. 10 at SMU, 7 p.m.
Sept. 17 N. Colorado, 7 p.m.
Sept. 24 at Northwestern St., TBA
Oct. 1 Houston Baptist, 4 p.m.
Oct. 8 at Incarnate Word, 5 p.m.
Oct. 22 Prairie View, 5 p.m.
Oct. 29 Nicholls, 4 p.m.
Nov. 5 SE Louisiana, 4 p.m.
Nov. 12 at New Mexico St., 4 p.m.
Nov. 19 at McNeese St., 8 p.m.
Sept. 2 at Villanova, 6 p.m.
Sept. 10 at Georgetown, 5 p.m.
Sept. 17 Richmond, Noon
Sept. 24 at Princeton, 3 p.m.
Oct. 1 Monmouth (NJ), Noon
Oct. 8 Fordham, Noon
Oct. 15 at Cornell, 1 p.m.
Oct. 22 Bucknell, Noon
Nov. 5 at Holy Cross, Noon
Nov. 12 Colgate, Noon
Nov. 19 at Lafayette, 12:30 p.m.
Sept. 3 at Southern Miss., 7 p.m.
Sept. 10 UAB, 6 p.m.
Sept. 17 at Wake Forest, 5 p.m.
Sept. 24 Akron, TBA
Oct. 1 at Old Dominion, TBA
Oct. 8 at Umass, TBA
Oct. 15 Gardner-Webb, TBA
Oct. 22 BYU, TBA
Nov. 5 at Arkansas, TBA
Nov. 12 at Uconn, Noon
Nov. 19 Virginia Tech, TBA
Nov. 26 New Mexico St., TBA
Sept. 1 at Missouri, 8 p.m.
Sept. 10 Stephen F. Austin, 7 p.m.
Sept. 17 at Clemson, 8 p.m.
Sept. 24 at South Alabama, TBA
Oct. 8 UTEP, 7 p.m.
Oct. 15 at North Texas, 4 p.m.
Oct. 22 Rice, 3 p.m.
Oct. 28 at FIU, 8 p.m.
Nov. 5 Middle Tennessee, 3 p.m.
Nov. 12 at UTSA, 3:30 p.m.
Nov. 19 at Charlotte, 3:30 p.m.
Nov. 26 UAB, 3:30 p.m.
Sept. 3 SE Louisiana, 7 p.m.
Sept. 10 E. Michigan, 7 p.m.
Sept. 17 at Rice, 7:30 p.m.
Sept. 24 at Louisiana-Monroe, 8 p.m.
Oct. 1 South Alabama, TBA
Oct. 12 at Marshall, 7:30 p.m.
Oct. 22 Arkansas St., TBA
Oct. 27 at Southern Miss., 7:30 p.m.
Nov. 5 Troy, TBA
Nov. 10 Georgia Southern, 7:30 p.m.
Nov. 19 at Florida St., TBA
Nov. 26 at Texas State, 5 p.m.
Sept. 3 at Texas, 8 p.m.
Sept. 10 Nicholls, 8 p.m.
Sept. 17 at Alabama, 4 p.m.
Sept. 24 Louisiana-Lafayette, 8 p.m.
Oct. 1 at Arkansas St., TBA
Oct. 8 Coastal Carolina, 8 p.m.
Oct. 15 at South Alabama, TBA
Oct. 22 at Army, Noon
Nov. 5 Texas State, 5 p.m.
Nov. 12 at Georgia St., TBA
Nov. 19 at Troy, 3:30 p.m.
Nov. 26 Southern Miss., 5 p.m.
Sept. 3 at Syracuse, 8 p.m.
Sept. 9 at UCF, 7:30 p.m.
Sept. 16 Florida St., 7:30 p.m.
Sept. 24 South Florida, TBA
Oct. 1 at Boston College, TBA
Oct. 8 at Virginia, TBA
Oct. 22 Pittsburgh, TBA
Oct. 29 Wake Forest, TBA
Nov. 5 James Madison, TBA
Nov. 12 at Clemson, TBA
Nov. 19 NC State, TBA
Nov. 26 at Kentucky, TBA
Sept. 1 at Tarleton St., 8 p.m.
Sept. 10 at Austin Peay, 4 p.m.
Sept. 17 Delta St., 7 p.m.
Sept. 24 at Jackson St., 2 p.m.
Oct. 1 at Florida A&M, 6 p.m.
Oct. 8 Alcorn St., 7 p.m.
Oct. 15 at Alabama St., 3 p.m.
Oct. 22 Bethune-Cookman, 4 p.m.
Nov. 3 Alabama A&M, 7:30 p.m.
Nov. 12 at Southern U., 7 p.m.
Nov. 19 Prairie View, 2 p.m.
Sept. 3 at New Mexico, 8 p.m.
Sept. 10 Colgate, 1 p.m.
Sept. 17 at Boston College, 7:30 p.m.
Oct. 1 Villanova, 1 p.m.
Oct. 8 at Hampton, 2 p.m.
Oct. 15 Monmouth (NJ), 1 p.m.
Oct. 22 at Stony Brook, 3:30 p.m.
Oct. 29 Richmond, 1 p.m.
Nov. 5 at Rhode Island, 1 p.m.
Nov. 12 at Albany (NY), Noon
Nov. 19 New Hampshire, Noon
Sept. 3 Georgetown, Noon
Sept. 17 Columbia, 6 p.m.
Sept. 24 at Drake, 2 p.m.
Oct. 1 St. Thomas (Minn.), 1 p.m.
Oct. 8 at Stetson, 1 p.m.
Oct. 15 Dayton, Noon
Oct. 22 at Butler, 1 p.m.
Oct. 29 Presbyterian, Noon
Nov. 5 at Morehead St., 1 p.m.
Nov. 12 Valparaiso, Noon
Nov. 19 at Bucknell, 1 p.m.
Sept. 3 Norfolk St., 3:30 p.m.
Sept. 10 at Notre Dame, 2:30 p.m.
Sept. 17 at Bowling Green, 5 p.m.
Sept. 24 at Troy, 7 p.m.
Oct. 1 Gardner-Webb, TBA
Oct. 12 Louisiana-Lafayette, 7:30 p.m.
Oct. 22 at James Madison, TBA
Oct. 29 Coastal Carolina, TBA
Nov. 5 at Old Dominion, TBA
Nov. 12 Appalachian St., TBA
Nov. 19 at Georgia Southern, 6 p.m.
Nov. 26 Georgia St., TBA
Sept. 3 Buffalo, Noon
Sept. 10 at Charlotte, 3:30 p.m.
Sept. 17 SMU, 7:30 p.m.
Sept. 24 at Michigan, Noon
Oct. 1 Michigan St., TBA
Oct. 8 Purdue, TBA
Oct. 15 at Indiana, TBA
Oct. 22 Northwestern, 3:30 p.m.
Nov. 5 at Wisconsin, TBA
Nov. 12 at Penn St., TBA
Nov. 19 Ohio St., TBA
Nov. 26 Rutgers, TBA
Sept. 3 at Montana St., 8 p.m.
Sept. 10 at Rice, 7:30 p.m.
Sept. 17 Alcorn St., 8 p.m.
Sept. 24 Mississippi College, 8 p.m.
Oct. 1 at Incarnate Word, 7 p.m.
Oct. 15 Texas A&M Commerce, 8 p.m.
Oct. 22 at Nicholls, 4 p.m.
Oct. 29 SE Louisiana, 8 p.m.
Nov. 5 E. Illinois, 8 p.m.
Nov. 12 at Houston Baptist, 3 p.m.
Nov. 19 Lamar, 8 p.m.
Sept. 3 at Mississippi St., 7:30 p.m.
Sept. 10 at Navy, 3:30 p.m.
Sept. 17 Arkansas St., 7 p.m.
Sept. 24 North Texas, TBA
Oct. 1 Temple, TBA
Oct. 7 Houston, 7:30 p.m.
Oct. 15 at East Carolina, TBA
Oct. 22 at Tulane, TBA
Nov. 5 UCF, TBA
Nov. 10 Tulsa, 7:30 p.m.
Nov. 19 North Alabama, TBA
Nov. 26 at SMU, TBA
Aug. 27 Morehead St., 7 p.m.
Sept. 3 at Auburn, 7 p.m.
Sept. 17 The Citadel, 6 p.m.
Sept. 24 at Gardner-Webb, 6 p.m.
Oct. 1 at Wofford, 1:30 p.m.
Oct. 8 W. Carolina, 4 p.m.
Oct. 15 ETSU, 4 p.m.
Oct. 22 at Chattanooga, 1:30 p.m.
Oct. 29 at VMI, 1:30 p.m.
Nov. 12 Furman, 3 p.m.
Nov. 19 at Samford, 1 p.m.
Sept. 2 Holy Cross, 7 p.m.
Sept. 10 Assumption, 6:30 p.m.
Sept. 16 at Harvard, 7 p.m.
Sept. 24 at Delaware St., 2 p.m.
Oct. 1 LIU Brooklyn, 1 p.m.
Oct. 8 at Duquesne, 1 p.m.
Oct. 15 Wagner, 1 p.m.
Oct. 22 Sacred Heart, 1 p.m.
Oct. 29 at Stonehill, 1 p.m.
Nov. 12 at CCSU, Noon
Nov. 19 St. Francis (Pa.), Noon
Sept. 3 Bethune-Cookman, 3:30 p.m.
Sept. 10 Southern Miss., Noon
Sept. 17 at Texas A&M, 9 p.m.
Sept. 24 Middle Tennessee, TBA
Oct. 8 North Carolina, TBA
Oct. 15 at Virginia Tech, TBA
Oct. 22 Duke, TBA
Oct. 29 at Virginia, TBA
Nov. 5 Florida St., TBA
Nov. 12 at Georgia Tech, TBA
Nov. 19 at Clemson, TBA
Nov. 26 Pittsburgh, TBA
Sept. 3 at Kentucky, 7 p.m.
Sept. 10 Robert Morris, 6 p.m.
Sept. 17 Cincinnati, Noon
Sept. 24 at Northwestern, TBA
Oct. 1 at Buffalo, 3:30 p.m.
Oct. 8 Kent St., 3:30 p.m.
Oct. 15 at Bowling Green, TBA
Oct. 22 W. Michigan, TBA
Oct. 29 at Akron, TBA
Nov. 8 Ohio, TBA
Nov. 16 at N. Illinois, TBA
Nov. 22 Ball St., 7 p.m.
Sept. 3 Colorado St., Noon
Sept. 10 Hawaii, 8 p.m.
Sept. 17 Uconn, Noon
Sept. 24 Maryland, Noon
Oct. 1 at Iowa, TBA
Oct. 8 at Indiana, Noon
Oct. 15 Penn St., TBA
Oct. 29 Michigan St., TBA
Nov. 5 at Rutgers, TBA
Nov. 12 Nebraska, TBA
Nov. 19 Illinois, TBA
Nov. 26 at Ohio St., Noon
Sept. 2 W. Michigan, 7 p.m.
Sept. 10 Akron, 4 p.m.
Sept. 17 at Washington, 7:30 p.m.
Sept. 24 Minnesota, TBA
Oct. 1 at Maryland, TBA
Oct. 8 Ohio St., TBA
Oct. 15 Wisconsin, TBA
Oct. 29 at Michigan, TBA
Nov. 5 at Illinois, TBA
Nov. 12 Rutgers, TBA
Nov. 19 Indiana, TBA
Nov. 26 at Penn St., TBA
Sept. 3 at James Madison, 6 p.m.
Sept. 10 at Colorado St., 4 p.m.
Sept. 17 Tennessee St., 7 p.m.
Sept. 24 at Miami, TBA
Sept. 30 UTSA, 7:30 p.m.
Oct. 8 at UAB, 3:30 p.m.
Oct. 15 W. Kentucky, 3:30 p.m.
Oct. 29 at UTEP, 9 p.m.
Nov. 5 at Louisiana Tech, 3 p.m.
Nov. 12 Charlotte, 3:30 p.m.
Nov. 19 FAU, 3:30 p.m.
Nov. 26 at FIU, 6 p.m.
Sept. 1 New Mexico St., 9 p.m.
Sept. 10 W. Illinois, Noon
Sept. 17 Colorado, 3:30 p.m.
Sept. 24 at Michigan St., TBA
Oct. 1 Purdue, Noon
Oct. 15 at Illinois, Noon
Oct. 22 at Penn St., 7:30 p.m.
Oct. 29 Rutgers, TBA
Nov. 5 at Nebraska, TBA
Nov. 12 Northwestern, TBA
Nov. 19 Iowa, TBA
Nov. 26 at Wisconsin, TBA
Sept. 3 Troy, 4 p.m.
Sept. 10 Cent. Arkansas, 7 p.m.
Sept. 17 at Georgia Tech, 3:30 p.m.
Sept. 24 Tulsa, TBA
Oct. 1 Kentucky, TBA
Oct. 8 at Vanderbilt, TBA
Oct. 15 Auburn, TBA
Oct. 22 at LSU, TBA
Oct. 29 at Texas A&M, TBA
Nov. 12 Alabama, TBA
Nov. 19 at Arkansas, TBA
Nov. 24 Mississippi St., 7 p.m.
Sept. 3 Memphis, 7:30 p.m.
Sept. 10 at Arizona, 11 p.m.
Sept. 17 at LSU, 6 p.m.
Sept. 24 Bowling Green, TBA
Oct. 1 Texas A&M, TBA
Oct. 8 Arkansas, TBA
Oct. 15 at Kentucky, TBA
Oct. 22 at Alabama, TBA
Nov. 5 Auburn, TBA
Nov. 12 Georgia, TBA
Nov. 19 ETSU, TBA
Nov. 24 at Mississippi, 7 p.m.
Sept. 1 Louisiana Tech, 8 p.m.
Sept. 10 at Kansas St., Noon
Sept. 17 Abilene Christian, Noon
Sept. 24 at Auburn, TBA
Oct. 1 Georgia, TBA
Oct. 8 at Florida, TBA
Oct. 22 Vanderbilt, TBA
Oct. 29 at South Carolina, TBA
Nov. 5 Kentucky, TBA
Nov. 12 at Tennessee, TBA
Nov. 19 New Mexico St., TBA
Nov. 25 Arkansas, 3:30 p.m.
Sept. 1 at Cent. Arkansas, 8 p.m.
Sept. 8 UT Martin, 8 p.m.
Sept. 17 at Arkansas, 7 p.m.
Sept. 24 S. Dakota St., 3 p.m.
Oct. 1 at North Dakota, 1 p.m.
Oct. 8 S. Illinois, 3 p.m.
Oct. 22 at N. Iowa, 5 p.m.
Oct. 29 W. Illinois, 3 p.m.
Nov. 5 at South Dakota, 2 p.m.
Nov. 12 Youngstown St., 3 p.m.
Nov. 19 at Indiana St., 1 p.m.
Sept. 1 at New Hampshire, 7 p.m.
Sept. 10 Fordham, 1 p.m.
Sept. 17 Georgetown, 1 p.m.
Sept. 24 at Villanova, 3:30 p.m.
Oct. 1 at Lehigh, Noon
Oct. 8 Albany (NY), 1 p.m.
Oct. 15 at Maine, 1 p.m.
Oct. 22 Rhode Island, 1 p.m.
Oct. 29 Towson, 1 p.m.
Nov. 5 at Delaware, 1 p.m.
Nov. 19 Stony Brook, Noon
Sept. 3 Northwestern St., 3 p.m.
Sept. 10 South Dakota, 3 p.m.
Sept. 17 at Indiana St., 1 p.m.
Sept. 24 Portland St., 4 p.m.
Oct. 1 at Idaho St., 3 p.m.
Oct. 15 Idaho, 3 p.m.
Oct. 22 at Sacramento St., 11 p.m.
Oct. 29 at Weber St., 3 p.m.
Nov. 5 Cal Poly, 8 p.m.
Nov. 12 E. Washington, 3 p.m.
Nov. 19 at Montana St., 2 p.m.
Sept. 3 McNeese St., 8 p.m.
Sept. 10 Morehead St., 3 p.m.
Sept. 17 at Oregon St., 8 p.m.
Sept. 24 at E. Washington, 4 p.m.
Oct. 1 UC Davis, 10:15 p.m.
Oct. 8 Idaho St., 4 p.m.
Oct. 15 at N. Colorado, 3 p.m.
Oct. 22 Weber St., 3 p.m.
Nov. 5 at N. Arizona, 4 p.m.
Nov. 12 at Cal Poly, 8 p.m.
Nov. 19 Montana, 2 p.m.
Aug. 27 at Mercer, 7 p.m.
Sept. 10 at Montana St., 3 p.m.
Sept. 17 Kentucky Christian, 6 p.m.
Sept. 24 at Stetson, 1 p.m.
Oct. 1 Presbyterian, 1 p.m.
Oct. 15 at Davidson, 1 p.m.
Oct. 22 Valparaiso, 3 p.m.
Oct. 29 at Butler, Noon
Nov. 5 Marist, 1 p.m.
Nov. 12 at Dayton, 1 p.m.
Nov. 19 San Diego, 1 p.m.
Sept. 3 at Georgia Southern, 6 p.m.
Sept. 10 at Towson, 7 p.m.
Sept. 17 Sacred Heart, Noon
Oct. 1 Va. Lynchburg, Noon
Oct. 8 Norfolk St., 1 p.m.
Oct. 13 at NC Central, 7:30 p.m.
Oct. 22 at Delaware, 3 p.m.
Oct. 29 SC State, Noon
Nov. 5 at Stony Brook, 1 p.m.
Nov. 12 at Delaware St., 2 p.m.
Nov. 19 Howard, Noon
Sept. 3 at Texas Tech, 8 p.m.
Sept. 10 Jacksonville St., 7 p.m.
Sept. 17 at Ball St., 2 p.m.
Sept. 24 E. Illinois, 5 p.m.
Oct. 1 at SE Louisiana, 7 p.m.
Oct. 8 UT Martin, 3 p.m.
Oct. 15 at Austin Peay, 4 p.m.
Oct. 22 at Lindenwood (Mo.), 2 p.m.
Oct. 29 Tennessee St., 3 p.m.
Nov. 12 Robert Morris, 2 p.m.
Nov. 19 at SE Missouri, 2 p.m.
Sept. 1 at Arizona St., 10 p.m.
Sept. 10 at Sam Houston St., 7 p.m.
Sept. 17 North Dakota, 4 p.m.
Sept. 24 Idaho, 4 p.m.
Oct. 1 at Portland St., 5 p.m.
Oct. 8 Cal Poly, 4 p.m.
Oct. 15 at UC Davis, 7 p.m.
Oct. 22 at Idaho St., 3 p.m.
Nov. 5 Montana St., 4 p.m.
Nov. 12 at N. Colorado, 2 p.m.
Nov. 19 Weber St., 4 p.m.
Sept. 3 Houston Baptist, 4 p.m.
Sept. 10 at Wyoming, 4 p.m.
Sept. 17 at Lamar, 7 p.m.
Sept. 24 Idaho St., 3 p.m.
Oct. 1 at Idaho, 9 p.m.
Oct. 8 at Sacramento St., 9 p.m.
Oct. 15 Montana St., 3 p.m.
Oct. 22 UC Davis, 3 p.m.
Nov. 5 at Portland St., 5 p.m.
Nov. 12 N. Arizona, 2 p.m.
Nov. 19 at E. Washington, 4 p.m.
Sept. 3 Drake, 3:30 p.m.
Sept. 10 NC A&T, 3:30 p.m.
Sept. 17 at Arizona, 11 p.m.
Sept. 24 at South Dakota, 2 p.m.
Oct. 1 Youngstown St., 2 p.m.
Oct. 8 at Indiana St., 1 p.m.
Oct. 15 S. Dakota St., 3:30 p.m.
Oct. 29 Illinois St., 3:30 p.m.
Nov. 5 at W. Illinois, 2 p.m.
Nov. 12 at S. Illinois, 2 p.m.
Nov. 19 North Dakota, 3:30 p.m.
Sept. 1 E. Illinois, 8 p.m.
Sept. 10 at Tulsa, 7 p.m.
Sept. 17 Vanderbilt, 3:30 p.m.
Sept. 24 at Kentucky, TBA
Oct. 1 at Ball St., TBA
Oct. 8 Toledo, 3:30 p.m.
Oct. 15 at E. Michigan, TBA
Oct. 22 at Ohio, TBA
Nov. 2 Cent. Michigan, 7 p.m.
Nov. 9 at W. Michigan, 7 p.m.
Nov. 16 Miami (Ohio), TBA
Nov. 26 Akron, TBA
Sept. 3 at Air Force, 1 p.m.
Sept. 10 at North Dakota, 4 p.m.
Sept. 17 Sacramento St., 5 p.m.
Sept. 24 at W. Illinois, 4 p.m.
Oct. 1 Indiana St., 5 p.m.
Oct. 8 Illinois St., 5 p.m.
Oct. 15 Dixie St., 5 p.m.
Oct. 22 Missouri St., 5 p.m.
Oct. 29 at S. Illinois, 3 p.m.
Nov. 5 S. Dakota St., 5 p.m.
Nov. 19 at South Dakota, 2 p.m.
Sept. 3 at NC Central, 7:30 p.m.
Sept. 10 at N. Dakota St., 3:30 p.m.
Sept. 17 at Duke, 6 p.m.
Sept. 24 SC State, 7 p.m.
Oct. 1 Bryant, 7 p.m.
Oct. 15 Edward Waters, 1 p.m.
Oct. 22 at Robert Morris, Noon
Oct. 29 Campbell, 1 p.m.
Nov. 5 Norfolk St., Noon
Nov. 12 Charleston Southern, Noon
Nov. 19 at Gardner-Webb, 1:30 p.m.
Sept. 3 NC A&T, 7:30 p.m.
Sept. 10 Winston-Salem, 6 p.m.
Sept. 17 at New Hampshire, 6 p.m.
Sept. 24 Va. Lynchburg, 4 p.m.
Oct. 1 at Campbell, 6 p.m.
Oct. 13 Morgan St., 7:30 p.m.
Oct. 22 at SC State, 1:30 p.m.
Oct. 29 at Delaware St., 2 p.m.
Nov. 5 Howard, 2 p.m.
Nov. 12 at Norfolk St., 2 p.m.
Nov. 19 at Tennessee Tech, 2:30 p.m.
Sept. 3 at East Carolina, Noon
Sept. 10 Charleston Southern, 12:30 p.m.
Sept. 17 Texas Tech, 7 p.m.
Sept. 24 Uconn, TBA
Oct. 1 at Clemson, TBA
Oct. 8 Florida St., TBA
Oct. 15 at Syracuse, TBA
Oct. 27 Virginia Tech, 7:30 p.m.
Nov. 5 Wake Forest, TBA
Nov. 12 Boston College, TBA
Nov. 19 at Louisville, TBA
Nov. 25 at North Carolina, TBA
Sept. 3 Delaware, Noon
Sept. 10 Memphis, 3:30 p.m.
Sept. 24 at East Carolina, TBA
Oct. 1 at Air Force, Noon
Oct. 8 Tulsa, 3:30 p.m.
Oct. 14 at SMU, 7:30 p.m.
Oct. 22 Houston, Noon
Oct. 29 Temple, 3:30 p.m.
Nov. 5 at Cincinnati, TBA
Nov. 12 Notre Dame, Noon
Nov. 19 at UCF, TBA
Dec. 10 at Army, 3 p.m.
Aug. 27 at Northwestern, 12:30 p.m.
Sept. 3 North Dakota, 3:30 p.m.
Sept. 10 Georgia Southern, 7:30 p.m.
Sept. 17 Oklahoma, Noon
Oct. 1 Indiana, TBA
Oct. 7 at Rutgers, 7 p.m.
Oct. 15 at Purdue, TBA
Oct. 29 Illinois, TBA
Nov. 5 Minnesota, TBA
Nov. 12 at Michigan, TBA
Nov. 19 Wisconsin, TBA
Nov. 25 at Iowa, 4 p.m.
Aug. 27 at New Mexico St., TBA
Sept. 3 Texas State, 5:30 p.m.
Sept. 10 Incarnate Word, 5:30 p.m.
Sept. 17 at Iowa, 7:30 p.m.
Sept. 23 at Air Force, 8 p.m.
Oct. 7 Colorado St., 10:30 p.m.
Oct. 16 at Hawaii, 12 a.m.
Oct. 22 San Diego St., 10:30 p.m.
Oct. 29 at San Jose St., 10:30 p.m.
Nov. 12 Boise St., 10:30 p.m.
Nov. 19 Fresno St., 10:30 p.m.
Nov. 26 at UNLV, TBA
Sept. 1 Monmouth (NJ), 7 p.m.
Sept. 10 at Albany (NY), 7 p.m.
Sept. 17 NC Central, 6 p.m.
Sept. 24 at Towson, 4 p.m.
Oct. 1 at W. Michigan, TBA
Oct. 8 Stony Brook, 3:30 p.m.
Oct. 15 at Dartmouth, 1:30 p.m.
Oct. 22 Elon, 1 p.m.
Nov. 5 at Richmond, 3:30 p.m.
Nov. 12 Rhode Island, 1 p.m.
Nov. 19 at Maine, Noon
Sept. 3 Maine, 8 p.m.
Sept. 9 Boise St., 9 p.m.
Sept. 17 UTEP, 8 p.m.
Sept. 24 at LSU, 7:30 p.m.
Sept. 30 at UNLV, 11 p.m.
Oct. 8 Wyoming, 7 p.m.
Oct. 15 at New Mexico St., 8 p.m.
Oct. 22 Fresno St., TBA
Nov. 5 at Utah St., 3:30 p.m.
Nov. 12 at Air Force, 3:30 p.m.
Nov. 18 San Diego St., TBA
Nov. 25 at Colorado St., 3:30 p.m.
Aug. 27 Nevada, TBA
Sept. 1 at Minnesota, 9 p.m.
Sept. 10 at UTEP, 9 p.m.
Sept. 17 at Wisconsin, 3:30 p.m.
Sept. 24 Hawaii, 8 p.m.
Oct. 1 FIU, 8 p.m.
Oct. 15 New Mexico, 8 p.m.
Oct. 22 San Jose St., 6 p.m.
Oct. 29 at Umass, TBA
Nov. 12 Lamar, 4 p.m.
Nov. 19 at Missouri, TBA
Nov. 26 at Liberty, TBA
Sept. 3 at South Alabama, 5 p.m.
Sept. 10 at Louisiana-Monroe, 8 p.m.
Sept. 17 at SE Missouri, 3 p.m.
Sept. 24 Jacksonville St., 4 p.m.
Oct. 1 at Northwestern St., TBA
Oct. 8 at Houston Baptist, 7 p.m.
Oct. 15 Incarnate Word, 4 p.m.
Oct. 22 McNeese St., 4 p.m.
Oct. 29 at Lamar, 4 p.m.
Nov. 12 Texas A&M Commerce, 4 p.m.
Nov. 17 SE Louisiana, 7 p.m.
Sept. 3 at Marshall, 3:30 p.m.
Sept. 10 at James Madison, 4 p.m.
Sept. 17 Hampton, 2 p.m.
Sept. 24 St. Francis (Pa.), 2 p.m.
Oct. 1 at Sacred Heart, 1 p.m.
Oct. 8 at Morgan St., 1 p.m.
Oct. 15 Delaware St., 2 p.m.
Oct. 29 Howard, 2 p.m.
Nov. 5 at NC A&T, Noon
Nov. 12 NC Central, 2 p.m.
Nov. 19 at SC State, 1:30 p.m.
Sept. 1 at Indiana St., 6 p.m.
Sept. 10 Virginia-Wise, 7 p.m.
Sept. 17 at Chattanooga, 6 p.m.
Sept. 24 Tarleton St., 7 p.m.
Oct. 8 at Kennesaw St., 6 p.m.
Oct. 15 Jacksonville St., 7 p.m.
Oct. 22 at E. Kentucky, 3 p.m.
Oct. 29 at Cent. Arkansas, 5 p.m.
Nov. 5 Austin Peay, 5 p.m.
Nov. 12 Tennessee Tech, 5 p.m.
Nov. 19 at Memphis, TBA
Aug. 27 Florida A&M, 8:15 p.m.
Sept. 3 at Appalachian St., Noon
Sept. 10 at Georgia St., Noon
Sept. 24 Notre Dame, TBA
Oct. 1 Virginia Tech, TBA
Oct. 8 at Miami, TBA
Oct. 15 at Duke, TBA
Oct. 29 Pittsburgh, TBA
Nov. 5 at Virginia, TBA
Nov. 12 at Wake Forest, TBA
Nov. 19 Georgia Tech, TBA
Nov. 25 NC State, TBA
Sept. 3 at Nebraska, 3:30 p.m.
Sept. 10 N. Iowa, 4 p.m.
Sept. 17 at N. Arizona, 4 p.m.
Sept. 24 at S. Illinois, 3 p.m.
Oct. 1 Missouri St., 1 p.m.
Oct. 8 at Youngstown St., 6 p.m.
Oct. 22 S. Dakota St., 4 p.m.
Oct. 29 Abilene Christian, 4 p.m.
Nov. 5 at Indiana St., 1 p.m.
Nov. 12 South Dakota, 1 p.m.
Nov. 19 at N. Dakota St., 3:30 p.m.
Aug. 27 at UTEP, 9 p.m.
Sept. 3 SMU, 7:30 p.m.
Sept. 10 Texas Southern, 7:30 p.m.
Sept. 17 at UNLV, 3 p.m.
Sept. 24 at Memphis, TBA
Oct. 1 FAU, 4 p.m.
Oct. 15 Louisiana Tech, 4 p.m.
Oct. 22 at UTSA, 3:30 p.m.
Oct. 29 at W. Kentucky, 3:30 p.m.
Nov. 5 FIU, 4 p.m.
Nov. 12 at UAB, 3:30 p.m.
Nov. 26 Rice, 2 p.m.
Aug. 27 Nebraska, 12:30 p.m.
Sept. 10 Duke, Noon
Sept. 17 S. Illinois, Noon
Sept. 24 Miami (Ohio), TBA
Oct. 1 at Penn St., TBA
Oct. 8 Wisconsin, TBA
Oct. 22 at Maryland, 3:30 p.m.
Oct. 29 at Iowa, 3 p.m.
Nov. 5 Ohio St., TBA
Nov. 12 at Minnesota, TBA
Nov. 19 at Purdue, TBA
Nov. 26 Illinois, TBA
Sept. 3 at Montana, 3 p.m.
Sept. 10 at Grambling St., TBA
Sept. 17 at Southern Miss., 7 p.m.
Sept. 24 Lamar, TBA
Oct. 1 Nicholls, TBA
Oct. 8 at E. Illinois, 3 p.m.
Oct. 15 at Houston Baptist, 7 p.m.
Oct. 22 SE Missouri, TBA
Nov. 5 at Texas A&M Commerce, 3 p.m.
Nov. 12 at SE Louisiana, 7 p.m.
Nov. 19 Incarnate Word, 3 p.m.
Sept. 3 at Ohio St., 7:30 p.m.
Sept. 10 Marshall, 2:30 p.m.
Sept. 17 California, 2:30 p.m.
Sept. 24 at North Carolina, TBA
Oct. 8 BYU, 7:30 p.m.
Oct. 15 Stanford, 7:30 p.m.
Oct. 22 UNLV, 2:30 p.m.
Oct. 29 at Syracuse, TBA
Nov. 5 Clemson, 7:30 p.m.
Nov. 12 at Navy, Noon
Nov. 19 Boston College, 2:30 p.m.
Nov. 26 at Southern Cal, TBA
Sept. 3 FAU, 6 p.m.
Sept. 10 at Penn St., Noon
Sept. 17 at Iowa St., 2 p.m.
Sept. 24 Fordham, TBA
Oct. 1 at Kent St., 3:30 p.m.
Oct. 8 Akron, 2 p.m.
Oct. 15 at W. Michigan, 3:30 p.m.
Oct. 22 N. Illinois, TBA
Nov. 1 Buffalo, TBA
Nov. 8 at Miami (Ohio), TBA
Nov. 15 at Ball St., 7 p.m.
Nov. 22 Bowling Green, 7 p.m.
Sept. 3 Notre Dame, 7:30 p.m.
Sept. 10 Arkansas St., Noon
Sept. 17 Toledo, 7 p.m.
Sept. 24 Wisconsin, TBA
Oct. 1 Rutgers, 3:30 p.m.
Oct. 8 at Michigan St., TBA
Oct. 22 Iowa, TBA
Oct. 29 at Penn St., TBA
Nov. 5 at Northwestern, TBA
Nov. 12 Indiana, TBA
Nov. 19 at Maryland, TBA
Nov. 26 Michigan, Noon
Sept. 3 UTEP, 3:30 p.m.
Sept. 10 Kent St., 7 p.m.
Sept. 17 at Nebraska, Noon
Sept. 24 Kansas St., TBA
Oct. 1 at TCU, TBA
Oct. 8 Texas, TBA
Oct. 15 Kansas, TBA
Oct. 29 at Iowa St., TBA
Nov. 5 Baylor, TBA
Nov. 12 at West Virginia, TBA
Nov. 19 Oklahoma St., TBA
Nov. 26 at Texas Tech, TBA
Sept. 1 Cent. Michigan, 7 p.m.
Sept. 10 Arizona St., 7:30 p.m.
Sept. 17 Ark.-Pine Bluff, 7 p.m.
Oct. 1 at Baylor, TBA
Oct. 8 Texas Tech, TBA
Oct. 15 at TCU, TBA
Oct. 22 Texas, TBA
Oct. 29 at Kansas St., TBA
Nov. 5 at Kansas, TBA
Nov. 12 Iowa St., TBA
Nov. 19 at Oklahoma, TBA
Nov. 26 West Virginia, TBA
Sept. 2 Virginia Tech, 7 p.m.
Sept. 10 at East Carolina, 6 p.m.
Sept. 17 at Virginia, 2 p.m.
Sept. 24 Arkansas St., TBA
Oct. 1 Liberty, TBA
Oct. 15 at Coastal Carolina, TBA
Oct. 22 Georgia Southern, TBA
Oct. 29 at Georgia St., TBA
Nov. 5 Marshall, TBA
Nov. 12 James Madison, TBA
Nov. 19 at Appalachian St., TBA
Nov. 26 at South Alabama, TBA
Sept. 3 at Georgia, 3:30 p.m.
Sept. 10 E. Washington, 8:30 p.m.
Sept. 17 BYU, 3:30 p.m.
Sept. 24 at Washington St., TBA
Oct. 1 Stanford, TBA
Oct. 8 at Arizona, TBA
Oct. 22 UCLA, TBA
Oct. 29 at California, TBA
Nov. 5 at Colorado, TBA
Nov. 12 Washington, TBA
Nov. 19 Utah, TBA
Nov. 26 at Oregon St., TBA
Sept. 3 Boise St., 10:30 p.m.
Sept. 10 at Fresno St., 10:30 p.m.
Sept. 17 Montana St., 8 p.m.
Sept. 24 Southern Cal, TBA
Oct. 1 at Utah, TBA
Oct. 8 at Stanford, TBA
Oct. 15 Washington St., TBA
Oct. 22 Colorado, TBA
Nov. 4 at Washington, 10:30 p.m.
Nov. 12 California, TBA
Nov. 19 at Arizona St., TBA
Nov. 26 Oregon, TBA
Sept. 17 Colgate, 1 p.m.
Sept. 24 Lafayette, 1 p.m.
Sept. 30 at Dartmouth, 7 p.m.
Oct. 8 at Georgetown, 2 p.m.
Oct. 15 Columbia, 1 p.m.
Oct. 22 Yale, 1 p.m.
Oct. 29 at Brown, 12:30 p.m.
Nov. 5 at Cornell, 1 p.m.
Nov. 12 Harvard, 1 p.m.
Nov. 19 at Princeton, 1 p.m.
Sept. 1 at Purdue, 8 p.m.
Sept. 10 Ohio, Noon
Sept. 17 at Auburn, 3:30 p.m.
Sept. 24 Cent. Michigan, TBA
Oct. 1 Northwestern, TBA
Oct. 15 at Michigan, TBA
Oct. 22 Minnesota, 7:30 p.m.
Oct. 29 Ohio St., TBA
Nov. 5 at Indiana, TBA
Nov. 12 Maryland, TBA
Nov. 19 at Rutgers, TBA
Nov. 26 Michigan St., TBA
Sept. 1 West Virginia, 7 p.m.
Sept. 10 Tennessee, 3:30 p.m.
Sept. 17 at W. Michigan, 7:30 p.m.
Sept. 24 Rhode Island, TBA
Oct. 1 Georgia Tech, TBA
Oct. 8 Virginia Tech, TBA
Oct. 22 at Louisville, TBA
Oct. 29 at North Carolina, TBA
Nov. 5 Syracuse, TBA
Nov. 12 at Virginia, TBA
Nov. 19 Duke, TBA
Nov. 26 at Miami, TBA
Sept. 1 at San Jose St., 10:30 p.m.
Sept. 10 at Washington, 4 p.m.
Sept. 24 at Montana, 4 p.m.
Oct. 1 N. Arizona, 5 p.m.
Oct. 8 Lincoln University (CA), 5 p.m.
Oct. 15 Weber St., 5 p.m.
Oct. 22 at Idaho, 3 p.m.
Oct. 29 at E. Washington, 4 p.m.
Nov. 5 N. Colorado, 5 p.m.
Nov. 11 Sacramento St., 10 p.m.
Nov. 19 at Cal Poly, 8 p.m.
Sept. 3 Texas Southern, 7 p.m.
Sept. 10 at Abilene Christian, 8 p.m.
Sept. 17 Incarnate Word, 7 p.m.
Sept. 24 at Alabama St., 6 p.m.
Oct. 1 at Grambling St., 7 p.m.
Oct. 8 Southern U., 5 p.m.
Oct. 22 at Lamar, 5 p.m.
Oct. 29 Bethune-Cookman, 3 p.m.
Nov. 4 Alcorn St., 7:30 p.m.
Nov. 12 at Ark.-Pine Bluff, 3 p.m.
Nov. 19 at MVSU, 2 p.m.
Sept. 3 at Austin Peay, 7 p.m.
Sept. 10 Va. Lynchburg, 1 p.m.
Sept. 17 at W. Carolina, 3:30 p.m.
Sept. 24 Davidson, 7 p.m.
Oct. 1 at Morehead St., 1 p.m.
Oct. 8 Valparaiso, 1 p.m.
Oct. 15 at San Diego, 5 p.m.
Oct. 22 St. Thomas (Minn.), 1 p.m.
Oct. 29 at Marist, Noon
Nov. 5 Dayton, 1 p.m.
Nov. 19 at Stetson, 1 p.m. | https://www.expressnews.com/sports/article/Schedule-1st-Add-17359643.php | 2022-08-08T22:07:00Z | https://www.expressnews.com/sports/article/Schedule-1st-Add-17359643.php | true |
CONCORD, N.H. (AP) — A 2019 collision that killed seven members of a Marine motorcycle club would've happened even if the truck was in the middle of its lane because the lead biker was “headed in that direction,” a crash reconstruction expert said Monday on the final day of testimony in the truck driver's trial.
Closing arguments are set for Tuesday in the trial of Volodymyr Zhukovskyy, 26, who faces negligent homicide, manslaughter and reckless conduct charges in connection with the June 21, 2019, crash in Randolph, New Hampshire.
Prosecutors have argued that Zhukovskyy, who had taken heroin, fentanyl and cocaine that day, repeatedly swerved back and forth before the head-on crash and told police he caused it. But a judge dismissed eight charges related to whether he was impaired, and his attorney blames the lead biker, Albert “Woody” Mazza, saying he lost control of his motorcycle and collided with the truck while driving drunk.
Testifying for the defense, William Howerton of Scientific Boston, Inc., was asked where the collision between Mazza's motorcycle and Zhukovskyy's truck occurred.
“The impact occurred on the double yellow line, directly over,” he said. “The left front wheel of the pickup truck was just a little bit left of center of the double yellow line, still on the yellow line.”
Howerton also said that based on his analysis, the truck was aligned with the road while the motorcycle was angled toward the center line just before impact. Asked if the crash would've happened had the truck been in the middle of its lane, he said, “ If the truck was in the middle of its lane, would the crash still have happened, he said, “Yes. The motorcycle was headed in that direction.”
The motorcyclists who died were members of the Jarheads Motorcycle Club from New Hampshire, Massachusetts and Rhode Island and ranged in age from 42 to 62. They were part of a larger group that had just left a motel along the highway and were headed to an American Legion Post in Gorham for a fundraiser.
Killed were Mazza, of Lee, New Hampshire; Edward and Jo-Ann Corr, a couple from Lakeville, Massachusetts; Michael Ferazzi, of Contoocook, New Hampshire; Desma Oakes, of Concord, New Hampshire; Daniel Pereira, of Riverside, Rhode Island; and Aaron Perry, of Farmington, New Hampshire.
The trial in Coos County Superior Court in Lancaster started July 26. | https://www.mrt.com/news/article/Testimony-ends-in-deadly-motorcycle-crash-trial-17360001.php | 2022-08-08T22:08:04Z | https://www.mrt.com/news/article/Testimony-ends-in-deadly-motorcycle-crash-trial-17360001.php | false |
WFO ALBANY Warnings, Watches and Advisories for Monday, August 8, 2022
_____
HEAT ADVISORY
URGENT - WEATHER MESSAGE
National Weather Service Albany NY
1250 PM EDT Mon Aug 8 2022
...HEAT ADVISORY REMAINS IN EFFECT UNTIL 8 PM EDT THIS EVENING...
...HEAT ADVISORY IN EFFECT FROM 10 AM TO 8 PM EDT TUESDAY...
* WHAT...Heat index values in the mid 90s to lower 100s.
* WHERE...In Connecticut, Litchfield County. In Massachusetts,
Southern Berkshire County. In New York, Eastern Greene,
Columbia, Ulster and Dutchess Counties.
* WHEN...For the first Heat Advisory, until 8 PM EDT this
evening. For the second Heat Advisory, from 10 AM to 8 PM EDT
Tuesday.
* IMPACTS...Hot temperatures and high humidity 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.
* WHERE...In New York, the Mohawk Valley, Capital District,
Saratoga region and Washington County. In Vermont, eastern
Windham County.
* WHEN...Until 8 PM EDT this evening.
_____
Copyright 2022 AccuWeather | https://www.expressnews.com/weather/article/NY-WFO-ALBANY-Warnings-Watches-and-Advisories-17359187.php | 2022-08-08T22:09:40Z | https://www.expressnews.com/weather/article/NY-WFO-ALBANY-Warnings-Watches-and-Advisories-17359187.php | true |
Opening a new credit card account? Here's what you should know before you start charging
With so many options to consider, choosing a new credit card can be daunting. But for most Americans, it's a necessary step to establishing credit.
About 92 million Americans have little to no credit history, according to Equifax. With scant information to go on, it's harder for credit bureaus to assess the likelihood that a person will be able to pay back a loan or line of credit.
One way to build your credit history is by opening and using a credit card.
So how do you decide which card is right for you?
Here are the most important factors to consider when shopping for a new card:
Is your credit score high enough?
Most cards have credit score requirements, among other criteria, so it's important to figure out what your score is and whether it's good enough for you to be approved.
But what exactly constitutes a good credit score?
Ted Rossman, senior industry analyst at Bankrate.com, explains that an excellent credit score is "generally defined [as] 740 or higher on the FICO scale, which goes from 300 to 850." The FICO score represents how likely you are to pay back your credit card bill based off previous payments.
Although many credit cards have a FICO score cutoff of 670, it's not a strict limit.
"The average FICO score is 716, so most people are in the right ballpark for most cards," said Rossman.
If you want to raise your credit score, Rossman said the key is paying your credit card bills on time, keeping your balance low and proving that you can successfully manage various types of credit over the long haul. And that can take time.
"Much of this is a marathon, not a sprint," he noted.
For those who are trying to improve a lower credit score or who are seeking to build credit, Rossman suggests secured cards, which are backed by a security deposit and are often held in a linked bank account. This functions as collateral should you fail to pay your monthly bill.
These cards also have strict limits and do not allow cardholders to spend more money than they deposited upfront. So if your security deposit was $500, your spending limit will be $500.
What rewards does it offer?
There are three main types of credit card rewards — cash back, points and miles.
Cash back rewards pay cardholders a percentage of what they have spent on purchases. The cash accumulated can typically be redeemed in the form of a check or direct deposit, applied to future balances as a statement credit, or sometimes used to make purchases.
Points and miles rewards cards give cardholders the option to redeem their rewards for travel, and other products and services.
Whichever form of rewards you choose, you'll want to make sure it enables you to get the most out of your purchases.
Start by considering how you spend your money. While some cards offer more rewards for spending categories like travel and dining, others offer better benefits for grocery store purchases and gas. Others will rotate the categories that offer the highest rewards, or even let you choose.
Many people prefer cash back rewards because they are easier to navigate and do not require tracking purchase categories, according to Rossman. He suggests finding a card that gives 2% cash back on every purchase.
If you're willing to dabble with different cards in order to chase more rewards, Rossman recommends having a cash back card for general purchases, and then layering in other cards for more specific categories.
"Use something like [a general cash back card] as a floor, guaranteeing you'll never get less than 2% cash back on a given purchase, and lean into categories in which you spend a lot of money," said Rossman.
Be mindful of fees
While many banks won't charge you anything just to have a credit card, some rewards cards will charge annual fees, typically ranging from $95 per year to as much as $695.
"For the most part, the better the rewards, the more annual fees," said David Lord, general manager at Credit.com.
While some of those fees might seem high, they can be worth it if you know you will use all the benefits the card offers.
"These are often travel cards with premium perks," said Rossman. "The annual fee might be well worth it if you're going to make good use of the airport lounge, the free checked bags or other perks, but not if you rarely travel."
Another common fee is the foreign transaction fee — which typically adds 3% to the purchase price of products and services bought in other countries. If you travel abroad often, you'll want to avoid cards that charge such fees.
Most cards will also charge late payment fees.
"Up to $30 for the first offense and up to $41 for subsequent offenses within six billing cycles," said Rossman.
Another important fee to consider is a cash advance fee. But Rossman advises against using a credit card to get cash. "There's a separate fee, plus interest starts accruing immediately at a higher rate than normal purchases."
How high are the interest rates?
While credit card interest rates can go as high as 36%, the average credit card charges about 17%, according to Bankrate. These fees can really add up if you don't pay off your balance every month. For those who carry a balance, the accrued interest can easily cancel out any rewards the card offers.
"It doesn't make sense to pursue 1%, 2% or even 5% in cash back (or an equivalent amount of airline miles or hotel points) if you're paying a high interest rate" said Rossman.
But figuring out the interest rate might not be as simple as it sounds. Cards often charge different rates on purchases versus balance transfers or cash advances. And most credit card issuers offer variable rates, which means they can change over time.
Many cards will also offer an introductory rate — some as low as 0% — for a certain period of time. But cardholders need to be aware that the rate can skyrocket when the period ends.
As long as you're diligent about paying the card off before the introductory period expires, a 0% rate on purchases can prove to be a big financial benefit. That's especially true for people looking to make a few big purchases — like a vacation or wedding — early in the term but need a little more time to pay it off.
"You can divide what you owe by the number of months remaining and try to stick to it," said Rossman. "I think this makes more sense than constantly making a series of purchases with the 0% card."
Overall, when picking that new plastic, there is no such thing as one-size-fits-all. Instead, it's about doing the research and finding what works best for you.
"[The] devil is in the details, review the fine print," said Lord. | https://www.wmur.com/article/what-to-know-before-opening-a-new-credit-card/40836756 | 2022-08-08T22:14:26Z | https://www.wmur.com/article/what-to-know-before-opening-a-new-credit-card/40836756 | false |
FINDLAY, Ohio, Aug. 8, 2022 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $1,000,000,000 in aggregate principal amount of 4.950% senior notes due 2032 (the "Notes") in an underwritten public offering. The Notes were offered at a price to the public of 99.433% of par.
MPLX intends to use the net proceeds from this offering to repay, redeem or otherwise retire some or all of its (i) 3.500% senior notes due December 2022 (including the portion of such notes for which Andeavor Logistics LP is the obligor) and (ii) 3.375% senior notes due March 2023, and in the interim may use such net proceeds for general partnership purposes.
The closing of this offering is expected to occur on Aug. 11, 2022, subject to satisfaction of customary closing conditions.
Barclays Capital Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for this offering.
This offering is being made only by means of a prospectus and related prospectus supplement, which may be obtained for free by visiting the Securities and Exchange Commission's website at http://www.sec.gov. Alternatively, copies may be obtained by contacting the following, who are acting as representatives of the underwriters:
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Toll-Free: 1-888-603-5847
Email: barclaysprospectus@broadridge.com
Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, NY 10020
Attn: Debt Capital Markets
Toll-free: 1-866-271-7403
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Attn: WFS Customer Service
Toll-free: 1-800-645-3751
Email: wfscustomerservice@wellsfargo.com
This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins.
Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President
Jamie Madere, Manager
Isaac Feeney, Analyst
Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager
View original content:
SOURCE MPLX LP | https://www.wsaz.com/prnewswire/2022/08/08/mplx-lp-prices-10-billion-senior-notes-offering/ | 2022-08-08T22:15:52Z | https://www.wsaz.com/prnewswire/2022/08/08/mplx-lp-prices-10-billion-senior-notes-offering/ | true |
PHILADELPHIA (WPVI) -- A man has been arrested and charged after a woman was found stabbed to death inside a minivan in West Philadelphia on Saturday morning.
Raymond Thompson, 34, of the 2900 block of Kensington Avenue, is charged with murder and possessing instruments of crime in the death of Ashley Lockhart.
According to police, Lockhart's body was found around 8:25 a.m. in the passenger seat of a gold Honda Odyssey in the 5300 block of Chestnut Street.
She had multiple stab wounds to her neck and arms, police said.
Lockhart was pronounced dead at the scene.
Police said she had a valid protection order against Thompson.
Police believe the killing stemmed from a domestic dispute. | https://6abc.com/west-philadelphia-stabbing-woman-stabbed-chestnut-street-police/12110146/ | 2022-08-08T22:16:57Z | https://6abc.com/west-philadelphia-stabbing-woman-stabbed-chestnut-street-police/12110146/ | false |
MIAMI, Aug. 8, 2022 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) (the "Company") today announced that it closed its offering of $1.15 billion aggregate principal amount of 6.00% Convertible Senior Notes due 2025 (the "Convertible Notes"), including $150 million aggregate principal amount of the Convertible Notes issued pursuant to the exercise in full of the initial purchasers' option to buy additional Convertible Notes. The Convertible Notes will mature on August 15, 2025.
The Company used the proceeds from the sale of the Convertible Notes to repurchase $800 million aggregate principal amount of its 4.25% convertible senior notes due June 15, 2023 and $350 million aggregate principal amount of its 2.875% convertible senior notes due November 15, 2023 (the "Existing Convertible Notes") in privately negotiated transactions. The Company retired the Existing Convertible Notes so repurchased.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Convertible Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Convertible Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The Convertible Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding revenues, costs and financial results for 2022 and beyond. Words such as "anticipate," "believe," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the global incidence and continued spread of COVID-19, which has had and will continue to have a material adverse impact on our business, liquidity and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: governmental and self-imposed travel restrictions and guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business including the conflict between Ukraine and Russia, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; our COVID-19 protocols and any other health protocols we may develop in response to infectious diseases may be costly and less effective than we expect in reducing the risk of infection and spread of such disease on our cruise ships; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; an increase in concern about the risk of illness on our ships or when travelling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the impact of foreign currency exchange rates, the impact of higher interest rate and fuel prices; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States.
In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. It is not possible to predict or identify all such risks.
Forward-looking statements should not be relied upon as a prediction of actual results. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 10 ships on order as of June 30, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.
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HOLLISTON, Mass., Aug. 8, 2022 /PRNewswire/ -- Biostage, Inc. (OTCQB: BSTG) ("Biostage" or the "Company"), a cell-therapy biotechnology company with successful first-in-human experience in treating esophageal cancer (conducted at the Mayo Clinic and published last August) and FDA approval to commence a clinical trial of the Biostage Esophageal Implant for severe esophageal disease including cancer, today announced the appointment of Joseph Damasio as the company's new Chief Financial Officer.
Joe provides Biostage with considerable experience in raising capital and running operations for small-cap biotech companies. Recently his experience has included CFO, VP Finance and Controller roles at: Inhibikase Therapeutics, Cue Biopharma and Pressure Biosciences. He has managed multiple capital raises, both private and public, including uplisting to NASDAQ. Joe holds a BS in Accounting from the University of Massachusetts (Dartmouth), an MS in Finance from Boston College and an MBA from Boston College. He is a Massachusetts-licensed CPA, a former auditor with PriceWaterhouseCoopers and formerly served in the U.S. Navy.
David Green, Biostage's founder, Chair of the Board and interim Chief Executive Officer said, "Joe's skills and experience will help Biostage with its intended relisting on NASDAQ, its future capital raises and its operational management as we prepare for our clinical trial in patients with severe esophageal disease."
"I very much look forward to joining the highly motivated team at Biostage and contributing to future progress," said Mr. Damasio. "Biostage is well positioned to achieve its strategic goals with the first-in-human clinical trial starting soon. The product candidate has a significant commercial potential as the best-in-class therapy to fill the unmet need."
Biostage is a clinical-stage biotech company that uses cell therapy to regenerate organs inside the human body to treat cancer, trauma and birth defects. We have performed the world's first regeneration of an esophagus in a human cancer patient. This surgery was performed at Mayo Clinic and was published in August 2021.
Biostage has eight issued U.S. patents, two issued China patents, two orphan-drug designations (which provide seven years of market exclusivity in addition to any patents), and the possibility of two Priority Review Vouchers from the FDA.
Biostage's current goals include raising capital, uplisting from the OTC bulletin board to NASDAQ and beginning its clinical trial for patients requiring short-segment esophageal replacement in adults.
Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements in this press release include, but are not limited to, statements relating to the capabilities and performance of our products and product candidates; our capital raising plans and expectations, including uplifting to NASDAQ; development expectations and regulatory approval of any of the Company's products, including those utilizing its Biostage Esophageal Implant technology, by the U.S. Food and Drug Administration, the European Medicines Agency or otherwise, which expectations or approvals may not be achieved or obtained on a timely basis or at all; and success with respect to any collaborations, clinical trials and other development and commercialization efforts of the Company's products, which such success may not be achieved or obtained on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, the Company's inability to obtain needed funds in the immediate future; the Company's ability to obtain and maintain regulatory approval for its products; plus other factors described under the heading "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 or described in the Company's other public filings. The Company's results may also be affected by factors of which the Company is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
Investor Relations Contact
Shunfu Hu
Vice President of Business Development
and Operations
774-233-7300
shu@biostage.com
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- Over $1 billion sales pipeline
- $300 million Pre-Paid Advance Agreement and $200 million At-the-Market program which reduce cost of capital and increase both capacity and access to capital
- Walmart signed definitive agreement to purchase 4,500 units, beginning with the Lifestyle Delivery Vehicle (LDV), with an option to purchase up to 10,000 units
JUSTIN, Texas, Aug. 8, 2022 /PRNewswire/ -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced its financial results for the second quarter of 2022.
"We have more than $1 billion in our sales pipeline which includes our recently announced commercial order. We have successfully completed 90% of our structural crash testing in the quarter and are now moving to the final phase of Federal Motor Vehicle Safety Standard certification," said Tony Aquila, investor, Chairman and CEO at Canoo. "We have navigated a tough global economic backdrop in the first half, and will continue to take a disciplined, long-term, strategic and focused approach to deliver on our announced built in America vehicles, which are for and by America first with the intent of making EV's available to everyone. We have also introduced phase one of our just in time, milestone based approach to accessing the capital markets which aid us as we continue to build on access to non-dilutive capital. We are advancing to Start of Production in Q4 and, our product resonates with the most discerning customers."
Additional Recent Updates Include:
- Awarded by the U.S. army to supply an electric vehicle for analysis and demonstration
- More than doubled the total number of Gamma properties manufactured to 89
Second Quarter Business Highlights:
- Launched advanced delivery tuning with Walmart to finalize vehicle configuration in the Dallas Fort Worth metroplex
- Completed over 265 tests related to crash and safety in Gamma program
- Gamma fleet has achieved 153,000 miles across real and simulated driving
Second Quarter Financial Highlights:
- As of June 30, 2022, we had access of up to $250 million, including approximately $220 million of unused capacity on our SEPA facility, and cash and cash equivalents of $33.8 million.
- GAAP net loss and comprehensive loss of $164.4 million and $289.8 million for the three and six months ended June 30, 2022, compared to a GAAP net loss and comprehensive loss of $112.6 million and $127.8 million for the three and six months ended June 30, 2021. The GAAP net loss and comprehensive loss for the and June 30, 2022 included a gain of $9.5 million and $24.9 million on the fair value change of the contingent earnout shares liability, respectively.
- Adjusted EBITDA of $(149.8) million and $(267.3) million for the three and six months ended June 30, 2022, compared to $(76.7) million and $(126.5) million for the three and six months ended June 30, 2021, respectively.
- Net cash used in operating activities totaled $237.6 million for the six months ended June 30, 2022, compared to $108.8 million for the six months ended June 30, 2021.
- Net cash used in investing activities was $35.0 million during the six months ended June 30, 2022, compared to net cash used in investing activities of $28.7 million during the six months ended June 30, 2021.
Second Half of 2022 Business Outlook
Based upon our current projections, Canoo expects:
- Operating Expenses (excluding stock-based compensation and depreciation) of: $200 million to $245 million
- Capital Expenditures of: $100 million to $125 million
Conference Call Information
Canoo will host a conference call to discuss the results today, August 8, 2022, at 5:00 PM ET.
To listen to the conference call via telephone dial (877) 407-9169 (U.S.) and (201) 493-6755 (international callers/U.S. toll) and enter the conference ID number 13728979. To listen to the webcast, please click here. A telephone replay will be available until May 24, 2022, at (877) 660-6853 (U.S.) and (201) 612-7415 (international callers/U.S. toll), with Conference ID number 13728979. To listen to the webcast replay, please click here.
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses.
Canoo has teams in California, Texas, Oklahoma and Arkansas. For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit investors.canoo.com.
Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
"EBITDA" is defined as net loss before interest expense, income tax expense or benefit, and depreciation and amortization. "Adjusted EBITDA" is defined as EBITDA adjusted for stock-based compensation, restructuring charges, asset impairments, and other costs associated with exit and disposal activities, acquisition and related costs, changes to the fair value of contingent earnout shares liability, and any other one-time non-recurring transaction amounts impacting the statement of operations during the year. Adjusted EBITDA is intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, GAAP. We believe Adjusted EBITDA, when combined with net loss, and EBITDA, is beneficial to an investor's complete understanding of our operating performance. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA and Adjusted EBITDA we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate EBITDA and Adjusted EBITDA in the same fashion.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We manage our business utilizing EBITDA and Adjusted EBITDA as supplemental performance measures.
Forward-Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding access to capital, estimates and forecasts of financial and performance metrics, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability to meet and/or accelerate anticipated production timelines, Canoo's ability to capitalize on commercial opportunities, current or anticipated customer orders, and expectations regarding the development of facilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo's ability to continue as a going concern; Canoo's ability to access existing and future sources of capital via debt or equity markets, which will impact execution of its business plans and could require Canoo to terminate or significantly curtail its operations; Canoo's history of losses; Canoo's ability to adequately control the costs associated with its operations; Canoo's ability to successfully build and tool its manufacturing facilities, establish or continue a relationship with a contract manufacturer or failure of operation of Canoo's facilities ; the rollout of Canoo's business and the timing of expected business milestones and commercial launch; future market adoption of Canoo's offerings; risks related to Canoo's go-to-market strategy and manufacturing strategy; the effects of competition on Canoo's future business, and those factors discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Canoo's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 1, 2022, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo's Investors Relations website at investors.canoo.com or the SEC's website at www.sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo's expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo's assessments to change. However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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CORAL GABLES, Fla., Aug. 8, 2022 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) (the "Company") announced its commencement of a private exchange offer to certain Eligible Holders (as defined herein) (the "Exchange Offer") for any and all outstanding 6.625% Senior Notes due August 15, 2029 (the "IEA Existing Notes") issued by IEA Energy Services LLC (the "IEA Issuer"), a subsidiary of Infrastructure and Energy Alternatives, Inc. ("IEA"), for up to an aggregate principal amount of $300,000,000 of new 6.625% MasTec Senior Notes due August 15, 2029 issued by the Company (the "MTZ Exchange Notes").
The Exchange Offer and Consent Solicitation (as defined herein) are being conducted in connection with, and are conditioned upon the completion of, the previously announced merger in which IEA would become a wholly owned subsidiary of the Company (the "Merger"), which is currently expected to close in the fourth quarter of 2022, subject to customary closing conditions, regulatory approvals and approval by the stockholders of IEA.
The following table sets forth the Exchange Consideration (as defined herein), Early Tender Premium (as defined herein) and Total Consideration (as defined herein) for the MTZ Exchange Notes:
As part of the Exchange Offer, the Company is soliciting consents (the "Consent Solicitation") with respect to the IEA Existing Notes, to eliminate or modify certain of the covenants, restrictive provisions and events of default (the "Proposed Amendments") in the indenture, dated as of August 17, 2021, governing the IEA Existing Notes (the "IEA Existing Indenture"). The Proposed Amendments require the consent of the holders of not less than a majority in principal amount of IEA Existing Notes, excluding IEA Existing Notes held by certain affiliated holders of IEA. For each $1,000 principal amount of IEA Existing Notes validly tendered (and not validly withdrawn) at or prior to the Consent Revocation Deadline, Eligible Holders of IEA Existing Notes will be eligible to receive a consent payment of $2.50 in cash (the "Consent Payment"); provided that if the IEA Supplemental Indenture is executed at or prior to 5:00 p.m., New York City time on August 19, 2022, then the Consent Payment will be paid to each Eligible Holder that validly tenders (and does not validly withdraw) their IEA Existing Notes at or prior to 5:00 p.m., New York City time on August 19, 2022. At any time before the Expiration Date, if the Company receives valid consents sufficient to effect the Proposed Amendments to the IEA Existing Indenture, the IEA Issuer has agreed that the IEA Issuer, IEA and the trustee of the IEA Existing Notes will execute and deliver a supplemental indenture relating to the Proposed Amendments (the "IEA Supplemental Indenture"), which will be effective upon execution but will only become operative upon the settlement date of the Exchange Offer (the "Settlement Date"). An Eligible Holder that validly tenders (and does not validly withdraw) its IEA Existing Notes and validly delivers (and does not validly revoke) a consent prior to the Consent Revocation Deadline, but validly withdraws such IEA Existing Notes after the Consent Revocation Deadline but prior to the Expiration Date, will receive the Consent Payment, even if such Eligible Holder is no longer the beneficial owner of such IEA Existing Notes at the Expiration Date, but will not receive the Early Tender Premium or the Exchange Consideration.
The Company, at its option, may complete the Exchange Offer even if valid consents sufficient to effect the Proposed Amendments are not received. Any amendment or waiver of the terms of or conditions with respect to the Exchange Offer by the Company will automatically amend or waive such terms or conditions with respect to the Consent Solicitation unless expressly stated otherwise.
The Exchange Offer and Consent Solicitation are being made pursuant to the terms and subject to the conditions set forth in the offering memorandum, dated August 8, 2022 (the "Offering Memorandum"), and are conditioned upon the closing of the Merger, which condition may not be waived by the Company, and certain other conditions that may be waived by the Company. The Exchange Offer and Consent Solicitation will expire at 5:00 p.m., New York City time on September 30, 2022, unless extended or terminated (such date and time with respect to the Exchange Offer, as may be extended for such Exchange Offer, the "Expiration Date").
For each $1,000 principal amount of IEA Existing Notes validly tendered (and not validly withdrawn) at or prior to 5:00 p.m., New York City time on August 19, 2022, or, if the IEA Supplemental Indenture is executed later than such date, at or prior to the Consent Revocation Deadline, Eligible Holders of IEA Existing Notes will be eligible to receive the total consideration set out in the table above (the "Total Consideration"), which consists of the Exchange Consideration, the Consent Payment and an early tender premium, payable in MTZ Exchange Notes, equal to $50.00 (the "Early Tender Premium"). To be eligible to receive the Total Consideration, Eligible Holders must (i) validly tender (and not validly withdraw) their IEA Existing Notes at or prior to the Early Tender Date, (ii) validly deliver (and not validly revoke) their consent in the Consent Solicitation at or prior to 5:00 p.m., New York City time on August 19, 2022 or, if the IEA Supplemental Indenture is executed later than such date, at or prior to the Consent Revocation Deadline and (iii) beneficially own such IEA Existing Notes at the Expiration Date. For the avoidance of doubt, for each $1,000 principal amount of IEA Existing Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date but after 5:00 p.m., New York City time on August 19, 2022 or, if the IEA Supplemental Indenture is executed later than such date, after the Consent Revocation Deadline, Eligible Holders will be eligible to receive only the Exchange Consideration and the Early Tender Premium.
The principal amount of MTZ Exchange Notes to be received by an Eligible Holder in the Exchange Offer for each $1,000 principal amount of IEA Existing Notes will in no event exceed $1,000, unless the Exchange Offer is amended.
For each $1,000 principal amount of IEA Existing Notes validly tendered and not validly withdrawn prior to the Expiration Date, Eligible Holders of IEA Existing Notes will be eligible to receive $950 principal amount of MTZ Exchange Notes (the "Exchange Consideration").
Tenders of IEA Existing Notes may be validly withdrawn at any time prior to the Expiration Date; however the related consent delivered by such Eligible Holder may not be validly withdrawn after the earlier of (i) 5:00 p.m., New York City time on the Early Tender Date and (ii) the date the IEA Supplemental Indenture is executed (the earlier of (i) and (ii), the "Consent Revocation Deadline"), except in certain limited circumstances. A valid withdrawal of tendered IEA Existing Notes prior to the Consent Revocation Deadline will also constitute the revocation of the related consent to the Proposed Amendments to the IEA Existing Indenture. Tendered IEA Existing Notes may be validly withdrawn at any time before the Expiration Date; however, a valid withdrawal of tendered IEA Existing Notes before the Expiration Date but after the Consent Revocation Deadline will not be deemed a revocation of the consent, and such consent will continue to be deemed delivered.
No accrued and unpaid interest is payable upon acceptance of the IEA Existing Notes in the Exchange Offer and Consent Solicitation, including, for the avoidance of doubt, if the Settlement Date falls between a regular record date and interest payment date under the IEA Existing Indenture. The first interest payment on the MTZ Exchange Notes will include the accrued and unpaid interest on the IEA Existing Notes tendered in exchange therefor, such that a tendering Eligible Holder will receive the same interest payment it would have received had its IEA Existing Notes not been tendered in the Exchange Offer and Consent Solicitation; provided that for any portion of an interest period after the Settlement Date, interest will only accrue with respect to the aggregate principal amount of MTZ Exchange Notes an Eligible Holder receives, which will be less than the principal amount of the IEA Existing Notes tendered for exchange if such Eligible Holder validly tenders (and does not validly withdraw) its IEA Existing Notes after the Early Tender Date. For the avoidance of doubt, to the extent an interest payment date occurs prior to the Settlement Date, Eligible Holders who validly tendered and did not validly withdraw IEA Existing Notes in the Exchange Offer and Consent Solicitation will receive accrued and unpaid interest on such interest payment date as required by the terms of the IEA Existing Indenture.
The MTZ Exchange Notes will be the general senior unsecured obligations of the Company and rank equally in right of payment with all of the Company's existing and future senior unsecured indebtedness.
Documents relating to the Exchange Offer and Consent Solicitation will only be distributed to persons who certify that they are (a) a "Qualified Institutional Buyer," as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or (b) a person that is not a U.S. person (as defined in Regulation S under the Securities Act) (such persons, "Eligible Holders"). The complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Offering Memorandum, copies of which may be obtained by contacting D.F. King & Co., Inc., the exchange agent and information agent in connection with the Exchange Offer and Consent Solicitation, by telephone at (800) 549-6864 (U.S. toll-free) or (212) 269-5550 (banks and brokers), or by email at mastec@dfking.com. The eligibility certification may be completed at www.dfking.com/mastec or is also available by contacting D.F. King & Co., Inc. using the information above.
The MTZ Exchange Notes have not been, and will not be, registered with the Securities and Exchange Commission under the Securities Act, or any state or foreign securities laws. The MTZ Exchange Notes may not be offered or sold in the United States or to any U.S. person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
This press release is provided for informational purposes only and does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offer and Consent Solicitation are being made solely pursuant to the Offering Memorandum and only to such persons and in such jurisdictions as are permitted under applicable law.
About MasTec, Inc.
MasTec is a leading infrastructure construction company operating mainly throughout North America across a range of industries. MasTec's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: power delivery services, including transmission and distribution, wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline infrastructure, including natural gas pipeline and distribution infrastructure; heavy civil; and industrial infrastructure. MasTec's customers are primarily in these industries. The information contained on the Company's website is not incorporated into this press release.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of the Company or IEA; the projected impact and benefits of IEA on the Company's operating or financial results; expectations regarding the Company's or IEA's business or financial outlook; expectations regarding the Company's plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the potential strategic benefits and synergies expected from the acquisition of IEA; the development of and opportunities with respect to future projects, including renewable and other projects designed to support transition to a carbon-neutral economy; the Company's ability to successfully integrate the operations of IEA; the expected closing of, and financing sources for, the acquisition of IEA; the impact of inflation on the Company's costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: risks related to completed or potential acquisitions, including the acquisition of Henkels & McCoy Group, Inc., as well as the ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; risks related to timely completion, or completion at all, of the Exchange Offer; risks related to the Company's ability to obtain consents under the Consent Solicitation; risks that conditions to the closing of the proposed transaction are not satisfied or waived at all or on the anticipated timeline; risks related to the impact of inflation on costs as well as economic activity, customer demand and interest rates, risks related to adverse effects of health epidemics and pandemics or other outbreaks of communicable diseases, such as the COVID-19 pandemic, including its effect on supply chain or inflationary issues, as well as, the potential effects of related health mandates and recommendations; market conditions, technological developments, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers' industries; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the COVID-19 pandemic on economic activity generally, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the industries we serve and the impact on our customers' expenditure levels caused by fluctuations in commodity prices, including for oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; restrictions imposed by our credit facility, senior notes and any future loans or securities; our ability to obtain performance and surety bonds; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; as well as a small number of our existing shareholders have the ability to influence major corporate decisions. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
Additional Information and Where to Find It
In connection with the Merger, the Company intends to file relevant materials with the SEC, including a Registration Statement on Form S-4 to be filed by the Company that will include a preliminary proxy statement of the Company and also constitute a prospectus with respect to the shares of common stock of the Company to be issued in the Merger.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
These materials (when they are available) and other documents filed with the SEC may be obtained free of charge at the SEC's website, www.sec.gov. Copies of documents filed with the SEC by the Company (when they become available) may be obtained free of charge at MasTec's website at MasTec.com or (305) 406-1815. Copies of documents filed with the SEC by IEA (when they become available) may be obtained free of charge on IEA's website at iea.net or (765) 828-2653.
View original content:
SOURCE MasTec, Inc. | https://www.valleynewslive.com/prnewswire/2022/08/08/mastec-inc-announces-commencement-exchange-offer-consent-solicitation/ | 2022-08-08T22:25:42Z | https://www.valleynewslive.com/prnewswire/2022/08/08/mastec-inc-announces-commencement-exchange-offer-consent-solicitation/ | true |
WFO EL PASO Warnings, Watches and Advisories for Monday, August 8, 2022
_____
AREAL FLOOD ADVISORY
Flood Advisory
National Weather Service El Paso Tx/Santa Teresa NM
311 PM MDT Mon Aug 8 2022
...FLOOD ADVISORY IN EFFECT UNTIL 515 PM MDT THIS AFTERNOON...
* WHAT...Flooding caused by excessive rainfall is expected.
* WHERE...A portion of western Texas, including the following
county, Hudspeth.
* WHEN...Until 515 PM MDT.
* IMPACTS...Minor flooding in low-lying and poor drainage areas.
Dangerous flows over low-water crossings. Overflowing poor
drainage areas.
* ADDITIONAL DETAILS...
- At 310 PM MDT, Doppler radar indicated heavy rain due to
thunderstorms. Minor flooding is ongoing or expected to begin
shortly in the advisory area. Up to 0.5 inches of rain have
fallen.
- Some locations that will experience flooding include...
mainly rural areas of Central Hudspeth County
- http://www.weather.gov/safety/flood
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Turn around, don't drown when encountering flooded roads. Most flood
deaths occur in vehicles.
_____
Copyright 2022 AccuWeather | https://www.milfordmirror.com/weather/article/TX-WFO-EL-PASO-Warnings-Watches-and-Advisories-17360012.php | 2022-08-08T22:26:12Z | https://www.milfordmirror.com/weather/article/TX-WFO-EL-PASO-Warnings-Watches-and-Advisories-17360012.php | true |
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MONARCH CASINO & RESORT INC Quarterly Report (Form10)
Accepted:
Form Type:
10-Q
Accession Number:
0001558370-22-012392 | https://www.benzinga.com/secfilings/22/08/28380272/monarch-casino-resort-inc-quarterly-report-form10 | 2022-08-08T22:30:59Z | https://www.benzinga.com/secfilings/22/08/28380272/monarch-casino-resort-inc-quarterly-report-form10 | false |
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We've placed cookies on your device to improve your browsing experience. They're safe and don't contain sensitive information. | https://tj.news/times-and-transcript/101937903 | 2022-08-08T22:31:24Z | https://tj.news/times-and-transcript/101937903 | true |
Clemson football ranked No. 4 in preseason USA TODAY Sports AFCA Coaches Poll
Clemson football is back as one of the favorites to make the the College Football Playoff.
The Tigers were ranked No. 4 Monday in the USA TODAY Sports AFCA Coaches Poll, coming in behind Alabama, Ohio State and Georgia, respectively.
Clemson was second last preseason but fell out of the rankings for the first time since 2014 after losses to Georgia and N.C. State. The Tigers were 4-3 after losing to Pitt but rebounded to win their last six, including the Cheez-It Bowl against Iowa State. They missed the four-team playoff for the first time in five years and the second time in seven. Clemson won national championships in 2016 and 2018.
More Clemson football
- Perspective:Even as Freshman All-American, Will Shipley said 'moment was sometimes too big'
- Competition:Most intriguing position battles of preseason practice
- Sympathy:Dabo Swinney on Lannden Zanders's career-ending injury: 'My heart breaks'
Notre Dame is ranked fifth, followed by Michigan, Texas A&M, Utah, Oklahoma and Baylor, respectively. The second 10 are Oklahoma State, Oregon, N.C. State, Michigan State, Southern Cal, Pitt, Miami, Texas, Wake Forest and Wisconsin. The last five are Kentucky, Cincinnati, Arkansas, Ole Miss and Houston.
Clemson opens its season Sept. 5 at Georgia Tech (8 p.m., ESPN) with the home opener Sept. 10 against Furman (3:30 p.m.). The Tigers play Sept. 24 at Wake Forest, Oct. 1 at home against N.C. State Nov. 5 at Notre Dame and Nov. 19 at home against Miami
Todd Shanesy covers Clemson athletics for the USA TODAY Network. | https://www.greenvilleonline.com/story/sports/college/clemson/2022/08/08/clemson-football-ranking-preseason-usa-today-coaches-poll-2022/10265713002/ | 2022-08-08T22:36:03Z | https://www.greenvilleonline.com/story/sports/college/clemson/2022/08/08/clemson-football-ranking-preseason-usa-today-coaches-poll-2022/10265713002/ | true |
New contract makes LPD Officers highest paid in state
LINCOLN, Neb. (Press Release) -Mayor Leirion Gaylor Baird and Police Chief Teresa Ewins thanked the City Council on Monday for unanimously approving a new contract that will make Lincoln Police Department officers the highest paid in the state. The Council passed the resolution at its meeting this afternoon. The three-year contract was negotiated by the Lincoln Police Union and a City team that included staff from the Lincoln-Lancaster County Human Resources Department, LPD, and the City Attorney’s office.
“Ensuring the safety and security of Lincoln residents is my administration’s highest priority,” said Mayor Gaylor Baird. “Providing a competitive wage and benefits package positions the City of Lincoln to retain and recruit top police talent to keep our community safe, while continuing to strengthen accountability and equity measures that guide their work.”
“We continue to compete nationally for public safety professionals, and this contract will help LPD stand out from the competition,” said Chief Ewins. “In addition to the salary increases, this contract includes improvements to our benefit package that will also help us to us attract and keeps personnel. The contract enhances our reputation as an agency that is committed to excellence in every area of operations.”
The investments in public safety pay and benefits represent about $3.2 million in the first year of the Mayor’s proposed biennial budget and nearly $5 million in the second year.
Highlights of the proposed contract include:
- The pay increases include an 8% increase for police officers and a 10% increase for sergeants in the first year, a 6.5% increase for police officers and a 4.5% increase for sergeants in the second year, and 3% increase for police officers and sergeants in the third year.
- Retention efforts are enhanced with provisions for lump sum payments and an increase in longevity pay.
- The contract uses gender neutral terms and strengthens provisions that benefit women and families, such as clarifying leave provisions for pregnancy and childbirth as well as increasing health and life insurance benefits.
- A longer probationary period will increase accountability by adding more time for increased training and personnel assessment
More information on LPD Is available at police.lincoln.ne.gov.
Copyright 2022 KOLN. All rights reserved. | https://www.1011now.com/2022/08/08/new-contract-makes-lpd-officers-highest-paid-state/ | 2022-08-08T22:41:35Z | https://www.1011now.com/2022/08/08/new-contract-makes-lpd-officers-highest-paid-state/ | true |
DULUTH, Ga. (AP) _ Primerica Inc. (PRI) on Monday reported second-quarter net income of $107.9 million.
The Duluth, Georgia-based company said it had profit of $2.79 per share. Earnings, adjusted for non-recurring costs, were $2.86 per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.02 per share.
The life insurance and financial products company posted revenue of $668.7 million in the period. Its adjusted revenue was $671.8 million, also missing Street forecasts. Four analysts surveyed by Zacks expected $687.1 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRI at https://www.zacks.com/ap/PRI | https://www.ourmidland.com/business/article/Primerica-Q2-Earnings-Snapshot-17360185.php | 2022-08-08T22:43:30Z | https://www.ourmidland.com/business/article/Primerica-Q2-Earnings-Snapshot-17360185.php | true |
Love to start Packers preseason opener, Rodgers won’t play at least first 2 exhibitions
Darnell Savage will be held out of practice at least this week with hamstring injury
GREEN BAY, Wis. (WBAY) - On Monday, we learned that Jordan Love will start at quarterback for the Packers in their preseason opener Friday at San Francisco. As for Aaron Rodgers?
Matt LaFleur will make a determination about the 4-time MVP playing in any exhibition action after the Saints game at the end of next week. Safety Darnell Savage will be held out of practice all week after a hamstring injury knocked him out of Family Night last Friday. As for practice #11? The defense won the day again. It may have actually been their best practice. And most noteworthy? The one-on-one drills between the wide receivers and defensive backs, which were definitely slanted towards those DBs. Sammy Watkins went against Eric Stokes time and time again. Watkins has been through a lot of training camps in a lot of different NFL cities. How does this competition stack up?
“It is real,” Watkins said. “Because we have a heck of a defense. We have a lot of dogs. They are going to compete. They are going to talk trash. I think that is going to make both of us better on both sides of the ball. The receivers, we have to step up and make those plays. It feels great going out there each day knowing I have no choice but to get better.”
“Me and Sammy are always going at it,” Stokes said. “There is just something about his game that is very unique and I love going against him. He has a veteran side to him. He can pull a lot of savvy moves and little things. I love going against Sammy. And Sammy loves going against me.” As for the players trying to work back from injuries, rookie receiver Christian Watson was doing a lot more rehab today as he is looking to get back from his offseason knee procedure that has kept him out for all of training camp so far.
Copyright 2022 WBAY. All rights reserved. | https://www.wbay.com/2022/08/08/love-start-packers-preseason-opener-rodgers-wont-play-least-first-2-exhibitions/ | 2022-08-08T22:49:01Z | https://www.wbay.com/2022/08/08/love-start-packers-preseason-opener-rodgers-wont-play-least-first-2-exhibitions/ | false |
PLEASANTON, Calif. (AP) _ 10x Genomics Inc. (TXG) on Monday reported a loss of $64.5 million in its second quarter.
On a per-share basis, the Pleasanton, California-based company said it had a loss of 57 cents.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 40 cents per share.
The life science technology company posted revenue of $114.6 million in the period.
10x Genomics expects full-year revenue in the range of $500 million to $520 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TXG at https://www.zacks.com/ap/TXG | https://www.seattlepi.com/business/article/10x-Genomics-Q2-Earnings-Snapshot-17360116.php | 2022-08-08T22:50:26Z | https://www.seattlepi.com/business/article/10x-Genomics-Q2-Earnings-Snapshot-17360116.php | true |
MARKET REPORT: Boom times for recruitment firms coming to an end as employers start to worry about risk of recession
The boom times for recruitment firms are coming to an end as employers start to worry about the risk of recession.
Headhunter Page Group issued a sparkling set of half-year results but saw its shares tumble 7.2 per cent, or 32.6p, to 419p after it revealed 'a slight slowing' in some of its markets in July.
Sector peers Robert Walters and Hays also declined, with the former shedding 1.5 per cent, or 8p, to 510p and the latter sliding 4.9 per cent, or 6.2p, to 120.8p.
Scrutiny: Page Group issued a sparkling set of half-year results but saw its shares tumble 7.2 per cent, or 32.6p, to 419p after it revealed 'a slight slowing' in some of its markets in July
Page Group said the July performance was not enough to warrant a change to its full-year guidance but the firm is monitoring its clients closely.
Last week, a KPMG survey found that employers were taking on workers at their slowest pace in 17 months amid concerns over the economic outlook.
Recruiters have been buoyed by the buoyant labour market over the past year, which has pushed wages higher and meant larger fees for companies such as Page Group. Its performance in the first half of the year, however, was strong. Revenue jumped by more than a quarter to £977.3m while profit soared by 79.8 per cent to £114.5m from £63.7m the year before. The interim dividend was up to 4.91p from 4.7p and as per last year, the recruiter declared a special dividend of 26.71p.
'The company benefited from wage inflation and increased fee rates resulting from the high demand and short supply of candidates,' said Steve Ingham, Page Group's chief executive.
Despite last week's less than impressive results from Hargreaves Lansdown, analysts at Deutsche Bank and Barclays still gave them the thumbs up. Both banks increased their price targets for the stock. Deutsche thinks the shares are worth 940p (up from 900p) while Barclays raised its target to a punchy 1225p from 1175p. The shares rose 7.2 per cent, or 63.6p, to 949.4p.
The FTSE100 rose 0.6 per cent, or 42.63 points, to 7482.37 and the FTSE250 climbed 0.3 per cent, or 66.96 points, to 20,118.44.
The Footsie was lifted by enthusiasm for miners after China reported a record trade surplus in July. Exports from the country were 18 per cent above the July 2021 level, which was comfortably above economists' expectations of a 14 per cent increase, as China works its way through a backlog of orders that built up during the most recent Covid-related lockdowns.
Rio Tinto was up 0.6 per cent, or 30p, to 4957.5p, Anglo American gained 1.8 per cent, or 52p, to 2949p and Antofagasta rose 1.6 per cent, or 18.5p, to 1189p.
But shares in shipping broker Clarkson sank 3.2 per cent, or 115p, to 3440p despite it saying the second half of the year had started encouragingly. Profit in the first half leapt 53.5 per cent to £42.2m from £27.5m the year before, in line with the company's mid-July trading update.
'The outlook for the business remains strong due to the structural supply shortage in the global shipping fleet,' said chief executive Andi Case.
And more tales of High Street woes came from The Works, the arts, crafts, toys, books and stationery retailer.
The shares slumped 26.7 per cent, or 12.4p, to 34.1p after a gloomy update. Trading in the 13 weeks to the end of July saw sales decline by 2.5 per cent from a year earlier, despite its brick-and-mortar stores seeing sales growth of 1.4 per cent. The online side saw sales decline by 28.6 per cent.
The firm was quick to point out that online sales were still 40 per cent higher than pre-Covid levels.
Jupiter Fund Management has halved its stake in the e-commerce retailer THG. The fund said it had reduced its holding from 8.94pc to 4.97 per cent.
Shares in THG rose 0.9 per cent, or 0.62p, to 66.24p.
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- Financial calculators | https://www.dailymail.co.uk/money/markets/article-11092405/MARKET-REPORT-Boom-times-recruitment-firms-coming-end.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-08T22:51:18Z | https://www.dailymail.co.uk/money/markets/article-11092405/MARKET-REPORT-Boom-times-recruitment-firms-coming-end.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
NASCAR Power Rankings: Kevin Harvick snaps winless streak at Michigan originally appeared on NBC Sports Washington
The 2022 NASCAR season only gets wilder by the week.
Just when the playoff picture looked to be clearing up, Kevin Harvick crashed the party with a much-needed win at Michigan. It was Harvick’s sixth career victory in the Irish Hills, but none were bigger than Sunday, which snapped a 65-race winless streak to punch his playoff ticket.
Harvick is the 15th driver to win a race in 2022, leaving only one playoff spot available as the series heads to Richmond Raceway this weekend.
Who’s the driver to beat with just three regular-season races to go? Here’s our power rankings:
1. Chase Elliott
Sports
In partnership with NBC Sports Philadelphia
Last week: 1
It was clear that Elliott didn’t have the same speed at Michigan that he’s had all summer. After running outside the top-15 for most of the race, he salvaged an 11th-place finish. Those are the types of days that help you maintain a 119-point lead, and Elliott is in position to clinch the regular-season title at Richmond.
2. Ross Chastain
Last week: 2
Chastain had a top-five run going before colliding with Christopher Bell late in the race. Unlike most of Chastain’s previous run-ins this year, it wasn’t his fault. Bell drifted up into him and ruined both of their races. Chastain now has three straight finishes outside the top-20.
3. Kyle Larson
Last week: 3
There were moments at Michigan where Larson looked quick enough to challenge for the win. But the speed wasn’t consistent from run-to-run, and he ended up finishing seventh. Larson remains fifth in the points standings, and it still feels like he’s on the verge of a hot streak.
4. Ryan Blaney
Last week: 5
The good news? Blaney finished fifth at Michigan. The bad news? Harvick’s win bumped Blaney to the playoff bubble, just 19 points above the cutline despite being second in the overall standings. If Blaney doesn’t win one of the next three races, he is at risk of missing the playoffs for the first time since his rookie season in 2016.
5. Christopher Bell
Last week: 4
Bell has nobody but himself to blame after he threw away a near-guaranteed top-five finish. He was well off the pace after the incident with Chastain, finishing seven laps down in 26th. On the bright side, he won the first stage and continues to look like a legitimate championship threat.
6. Denny Hamlin
Last week: 9
Speaking of throwing away a potential win, look no further than Hamlin’s No. 11 team. A late pit road penalty forced Hamlin to restart at the back with 35 laps to go. He charged to finish third, showing that Hamlin clearly had one of the fastest cars. All these mistakes could come back to bite Hamlin’s team in the playoffs, as they’ve thrown away plenty of regular-season races (the No. 11 has a series-high 31 pit road penalties in 23 races this year).
7. Martin Truex Jr.
Last week: 7
The biggest loser from Harvick’s victory is Truex, who now sits outside the playoffs. He’s clearly running well enough to make it, as he sits fourth in the overall standings, but Truex is in trouble without a win. Unless he can find victory lane or make up 19 points on Blaney, the 42-year-old veteran will be left out.
8. Kevin Harvick
Last week: first four out
Harvick reminded everyone why he is nicknamed “The Closer” after his clutch victory at Michigan. At 46 years old, it was fair to wonder if we had seen Harvick’s last victory back in 2020. But now, he is as dangerous as any driver entering the playoffs. Harvick has more experience than anyone, and that could prove useful in a chaotic season like this one.
9. Joey Logano
Last week: 10
For the first time since April, Logano has scored consecutive top-10 finishes. He was fourth at Michigan, which moved him up to sixth in the points standings. Even if the consistency hasn’t always been there this season, Logano should be a contender when the playoffs begin.
10. Kyle Busch
Last week: 5
Make it eight straight weeks without a top-10 for Busch, the longest streak since the first eight races of his career in 2004-05. Michigan wasn’t his fault, as he got caught up in an early wreck despite having a fast car. Richmond, where Busch has six wins, is a good place to turn things around.
First four out: Tyler Reddick, William Byron, Bubba Wallace, Alex Bowman | https://www.nbcphiladelphia.com/news/sports/nascar-power-rankings-kevin-harvick-snaps-winless-streak-at-michigan/3329503/ | 2022-08-08T22:52:49Z | https://www.nbcphiladelphia.com/news/sports/nascar-power-rankings-kevin-harvick-snaps-winless-streak-at-michigan/3329503/ | true |
DALLAS (KDAF) — “I’ll take a #2 meal please!”
Texas’ favorite burger place is turning 72 today: Whataburger. No matter whether you like their burgers, patty melts or breakfast the most, we can all agree that there is something delicious for everyone to enjoy at this iconic burger restaurant.
Harmon Dobson opened the first Whataburger in Corpus Christi all the way back on Aug. 8 in 1950 at the beginning of the golden age of drive-ins and the American automobile industry. Dobson opened a burger stand that was offering something the competitors didn’t; a burger so big you had to hold it with both hands when you ate it.
Now Whataburger has almost 900 different locations across the country and has expanded its menu to breakfast, chicken and signature items like Patty Melts and more.
Whataburger is celebrating the day on Twitter. “Today we turn 72 and we couldn’t be more proud of where we have come from, or where we are headed! Want to celebrate with us? Comment the reason you love Whataburger in 72 characters or less and we might hook you up with a free Whataburger reward on us,” they said. | https://cw33.com/news/local/happy-72nd-birthday-whataburger/ | 2022-08-08T22:54:18Z | https://cw33.com/news/local/happy-72nd-birthday-whataburger/ | true |
NEW YORK (AP) _ Lument Finance Trust, Inc. (LFT) on Monday reported second-quarter profit of $3.3 million.
On a per-share basis, the New York-based company said it had net income of 4 cents. Earnings, adjusted for non-recurring costs, came to 5 cents per share.
The real estate investment trust posted revenue of $12.4 million in the period. Its adjusted revenue was $6.2 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LFT at https://www.zacks.com/ap/LFT | https://www.seattlepi.com/business/article/Lument-Q2-Earnings-Snapshot-17360234.php | 2022-08-08T22:54:46Z | https://www.seattlepi.com/business/article/Lument-Q2-Earnings-Snapshot-17360234.php | true |
BBC BACKLASH: Icons Des Lynam, John Motson and Mark Lawrenson demand return of radio football results amid widespread outrage after Sportsmail revealed British institution has been AXED
- BBC decided to get rid of the traditional reading of classified football results
- Multiple figures from the BBC's football coverage have bemoaned the decision
- The national broadcaster is facing mounting pressure to reinstate the tradition
The BBC is facing mounting pressure to reinstate the classified football results on its flagship Sports Report radio programme after the 'cheap' decision to drop them.
On Sunday night, Sportsmail revealed that the broadcaster had unceremoniously ditched the long-standing, Saturday 5pm British institution, loved by generations.
And as the backlash grew on Monday, BBC icons Des Lynam, John Motson and Liverpool legend Mark Lawrenson called for an immediate rethink by Radio 5 Live bosses.
BBC are facing a backlash after axing their reading of the classified football results - with bosses saying the decision had been made to save on time
Lynam, who presented Sports Report from 1970 to 1977, said: 'It seems cheap. It has been going for 50 to 60 years, so why change it at all? It feels like change for change's sake.'
The 79-year-old, whose BBC links go back to 1968, added: 'Some people feel like they have to make changes and freshen things up; new department heads putting their stamp on things. I remember someone came in and changed the theme tune to Match of the Day. They almost burned down Television Centre!
'The BBC soon changed their mind on that and hopefully they will do so here.'
The scores had been read out on Sports Report since the 1950s. All major English and Scottish matches were broadcast with a famous inflection giving a hint as to which side had won.
James Alexander Gordon took over in 1974 before hanging up the microphone in 2013 and his replacement, Charlotte Green, has been in place for close to a decade.
Des Lynam (pictured at Wimbledon last month) has described the BBC's decision as 'cheap'
BBC insiders disclosed that there was no consultation with bemused staff, who have privately questioned the move. In a statement to this newspaper yesterday, the broadcaster claimed the decision was made because Sports Report had been condensed following the addition of the 5.30pm Premier League match.
They added a comprehensive goal service was provided 'on air, on the BBC Sport website and Final Score on BBC One'. Motson, 77, who spent 50 years with the BBC before retiring in 2018, responded: 'I'm very disappointed. I've been a fan of Sports Report for 60 years and I will miss the classified results very deeply.'
Lawrenson, 65, a former Match of the Day regular, added: 'I worked for the BBC for 25 years and I love it. I also understand it, or at least I thought I did. Certain things should be sacrosanct and this is one of them.
The BBC said their position had not changed despite the pressure to reinstate the tradition
'The BBC make some strange decisions these days. I loved all my years there and have absolutely no axe to grind.
'The Beeb has been part of my life. But I was shocked when I read about this in Monday's Daily Mail.
'What really winds me up is that somebody from the BBC sports department has actually agreed to this. They have thought it is a good idea. How can anyone even think that?'
The BBC said their position had not changed when contacted for further comment on Monday night. | https://www.dailymail.co.uk/sport/sportsnews/article-11093181/BBC-facing-multiple-calls-reinstate-reading-classified-results.html?ns_mchannel=rss&ito=1490&ns_campaign=1490 | 2022-08-08T22:55:59Z | https://www.dailymail.co.uk/sport/sportsnews/article-11093181/BBC-facing-multiple-calls-reinstate-reading-classified-results.html?ns_mchannel=rss&ito=1490&ns_campaign=1490 | false |
SHREVEPORT, La. (AP) — The mayor of Shreveport cannot run for reelection because he signed up for this fall's elections using the wrong address, a Louisiana appeals court ruled Monday.
The 2nd Circuit Court of Appeals agreed with a state district judge who ruled last week that Mayor Adrian Perkins cannot be on the Nov. 8 ballot. The ruling came in a lawsuit that said Perkins, who was elected mayor in 2018, is disqualified because when he signed up, he did not use the address of a residence he bought in 2019, where he now claims a homestead tax exemption.
Perkins used another address for a property he owns in a different part of the city.
Perkins, who ran unsuccessfully for U.S. Senate in 2020, is expected to take the case to the state Supreme Court.
When asked in court last week if he read the guidelines regarding the address issue, Perkins said he had been in a rush to sign up for the race and was distracted by news cameras.
The appeals court rejected arguments that Perkins should be allowed to run because both his residences are in Shreveport, and that he made a mistake on the qualifying papers that was not legally significant.
“Thus, the fact that both of Perkins’s residences at issue are located within the City of Shreveport does not by itself warrant qualification for candidacy for the office of Mayor where the candidate made false certifications on his Notice of Candidacy," the ruling said. | https://www.seattlepi.com/news/article/Appeal-court-Shreveport-mayor-disqualified-from-17360013.php | 2022-08-08T22:57:46Z | https://www.seattlepi.com/news/article/Appeal-court-Shreveport-mayor-disqualified-from-17360013.php | true |
LONDON, Aug. 8, 2022 /PRNewswire/ -- NatWest Group plc ("NatWest Group") and NatWest Markets N.V. ("NWM N.V.") (each an "Offeror" and, together, the "Offerors") are each today announcing, in respect of their previously announced separate tender offers to purchase for cash (with respect to the tender offers launched by NatWest Group, the "NatWest Group Offer", and with respect to the tender offers launched by NWM N.V., the "NWM N.V. Offer", and collectively, the "Offers") any and all of certain series of their respective U.S. dollar denominated notes set out in the table below (collectively, the "Notes", and each a "Series"), the relevant Reference Yield and the relevant Purchase Price for each series of Notes validly tendered and accepted for purchase in respect of such Offers.
The NatWest Group Offer is being made on the terms and subject to the conditions set out in NatWest Group's offer to purchase dated August 1, 2022 and the related Notice of Guaranteed Delivery (the "NatWest Group Offer to Purchase"), and the NWM N.V. Offer is being made on the terms and subject to the conditions set out in NWM N.V.'s offer to purchase dated August 1, 2022 and the related Notice of Guaranteed Delivery (the "NWM N.V. Offer to Purchase" and, together with the NatWest Group Offer to Purchase, the "Offers to Purchase"). Capitalized terms with respect to the NatWest Group Offer not otherwise defined in this announcement have the same meaning as in the NatWest Group Offer to Purchase and capitalized terms with respect to the NWM N.V. Offer not otherwise defined in this announcement have the same meaning as in the NWM N.V. Offer to Purchase.
Pricing for the NatWest Group Offer:
The Reference Yield in respect of each Series of Notes listed below was determined at 2:00 p.m., New York City time, today. The Purchase Price for each Series of Notes listed below is based on the relevant Reference Yield plus the relevant Fixed Spread as set forth in the table below:
(1) Currently NatWest Group plc.
Pricing for the NWM N.V. Offer:
The Reference Yield in respect of each Series of Notes listed below was determined at 2:00 p.m., New York City time, today. The Purchase Price for each Series of Notes listed below is based on the relevant Reference Yield plus the relevant Fixed Spread as set forth in the table below:
(1) NatWest Markets N.V. (formerly known as ABN AMRO Bank N.V., of which ABN AMRO Bank N.V., New York Branch, was a part).
Each Offer will expire at 5:00 p.m., New York City time, on August 8, 2022, unless extended (in respect of each Offer, such date and time, as the same may be extended, the "Expiration Deadline") or earlier terminated. Holders must validly tender and not validly withdraw their Notes at or prior to the relevant Expiration Deadline in order to be eligible to receive the relevant Purchase Price. Notes validly tendered may be withdrawn at any time prior to the relevant Withdrawal Deadline, but not thereafter.
In addition to the relevant Purchase Price, holders of the Notes accepted for purchase pursuant to the relevant Offer(s) will also receive, on the relevant Settlement Date, any accrued and unpaid interest on each $1,000 principal amount of such Notes (rounded to the nearest cent) from, and including, the last interest payment date up to, but not including, the relevant Settlement Date ("Accrued Interest"). Holders whose Notes are tendered and accepted for purchase pursuant to the Guaranteed Delivery Procedures will not receive payment in respect of any interest for the period from and including the relevant Settlement Date to the relevant Guaranteed Delivery Settlement Date. Accrued Interest for each $1,000 principal amount of such Notes validly tendered and accepted for purchase will be rounded to the nearest $0.01, with $0.005 being rounded upwards, in accordance with the conditions of such Notes.
FURTHER INFORMATION
Copies of each Offer to Purchase are available at the following web address: https://deals.is.kroll.com/natwest
This announcement and each Offer to Purchase (including the documents incorporated by reference therein) contain important information which should be read carefully before any decision is made with respect to the relevant Offer. If you are in any doubt as to the contents of this announcement or the relevant Offer to Purchase or the action you should take, you are recommended to seek your own financial and legal advice, including as to any tax consequences, immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Offers. None of the Offerors, the Dealer Managers, the Tender Agent, the fiscal agent or the trustee (as applicable) with respect to the Notes (or any of their respective directors, employees or affiliates) make any recommendation as to whether holders should tender Notes pursuant to the Offers.
European Economic Area ("EEA")
The communication of this announcement, the Offers to Purchase and any other documents or materials relating to the Offers do not constitute an offer of securities to the public for the purposes of Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation") and accordingly the requirement to produce a prospectus under the Prospectus Regulation does not apply to the Offers.
United Kingdom
The communication of this announcement, the Offers to Purchase and any other documents or materials relating to the Offers are not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). Accordingly, this announcement, the Offers to Purchase and such other documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of the Offers to Purchase and such other documents and/or materials is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that they are only being distributed to and are only directed at persons to whom they can lawfully be circulated outside the United Kingdom or to: (i) persons in the United Kingdom having professional experience in matters relating to investments falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order")); (ii) persons falling within Article 43 of the Order; or (iii) any other persons to whom the relevant Offer to Purchase and such other documents and/or materials may otherwise lawfully be communicated under the Order (all such persons together being referred to as "relevant persons"). This announcement and the Offers to Purchase and such documents and/or materials are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement and the Offers to Purchase relate is available only to relevant persons and will be engaged in only with relevant persons.
The communication of this announcement, the Offers to Purchase and any other documents or materials relating to the Offers do not constitute an offer of securities to the public for the purposes of s of Regulation (EU) 2017/1129 (as amended) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA) (the "UK Prospectus Regulation") and accordingly the requirement to produce a prospectus under the UK Prospectus Regulation does not apply to the Offers.
Belgium (in respect of the NatWest Group Offer only)
Neither this announcement (in so far as it relates to the NatWest Group Offer), the NatWest Group Offer to Purchase nor any other documents or materials relating to the NatWest Group Offer have been submitted to or will be submitted for approval or recognition to the Financial Services and Markets Authority (Autorité des services et marchés financiers / Autoriteit voor financiële diensten en markten) and, accordingly, the NatWest Group Offer may not be made in Belgium by way of a public offering, as defined in Articles 3 and 6 of the Belgian Law of April 1, 2007 on public takeover bids as amended or replaced from time to time. Accordingly, the NatWest Group Offer may not be advertised and the NatWest Group Offer will not be extended, and neither this announcement, the NatWest Group Offer to Purchase nor any other documents or materials relating to the NatWest Group Offer (including any memorandum, information circular, brochure or any similar documents) have been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than "qualified investors" in the sense of Article 2(e) of the Prospectus Regulation, acting on their own account. This announcement (in so far as it relates to the NatWest Group Offer) and the NatWest Group Offer to Purchase have been issued only for the personal use of the above qualified investors and exclusively for the purpose of the NatWest Group Offer. Accordingly, the information contained in this announcement (in so far as it relates to the NatWest Group Offer) and the NatWest Group Offer to Purchase may not be used for any other purpose or disclosed to any other person in Belgium.
France
This announcement, the Offers to Purchase and any other documents or offering materials relating to the Offers may not be distributed in the Republic of France except to qualified investors (investisseurs qualifiés) as defined in Article 2(e) of the Prospectus Regulation. This announcement and the Offers to Purchase have not been and will not be submitted for clearance to the Autorité des marchés financiers.
Italy
None of the Offers, this announcement, the Offers to Purchase or any other documents or materials relating to the Offers has been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa ("CONSOB"), pursuant to applicable Italian laws and regulations.
The Offers are being carried out in the Republic of Italy ("Italy") as an exempted offer pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of February 24, 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of May 14, 1999, as amended (the "Issuers' Regulation"). The Offers are also being carried out in compliance with article 35-bis, paragraph 7 of the Issuers' Regulation.
Holders or beneficial owners of the Notes located in Italy can tender the Notes through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of February 15, 2018, as amended from time to time, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.
Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Notes and the Offers.
The Offers do not constitute an offer to buy or the solicitation of an offer to sell Notes (and offers to sell will not be accepted from the holders) in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities or other laws require the Offers to be made by a licensed broker or dealer or similar and any of the Dealer Managers or any of the Dealer Manager's respective affiliates is such a licensed broker or dealer in that jurisdiction, the Offers shall be deemed to be made by such Dealer Manager or affiliate, as the case may be, on behalf of the relevant Offeror in such jurisdiction.
Each holder participating in the Offers will be deemed to give certain representations in respect of the jurisdictions referred to above and generally as set out in the relevant Offer to Purchase. Any tender of Notes pursuant to an Offer to Purchase from a holder that is unable to make these representations will be rejected. Each of the Offerors, the Dealer Managers and Kroll Issuer Services Limited reserves the right, in its absolute discretion (and without prejudice to the relevant holder's responsibility for the representations made by it), to investigate in relation to any tender of Notes, whether any such representation given by a holder is correct and, if such investigation is undertaken and as a result the relevant Offeror determines (for any reason) that such representation is not correct, such offer to sell will be rejected.
Each Offeror and their respective affiliates expressly reserve the right at any time or from time to time following completion or termination of the Offers made by it, to purchase or exchange or offer to purchase or exchange Notes or to issue an invitation to submit offers to sell Notes (including, without limitation, those tendered pursuant to the relevant Offer(s) but not accepted for purchase by it) through open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise, in each case on terms that may be more or less favorable than those contemplated by the relevant Offer(s). In addition, each Offeror also reserves the right to issue new debt securities from time to time, including during the term of the Offers made by it.
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR NATWEST GROUP PLC, FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (MAR) AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. THIS ANNOUNCEMENT IS MADE BY ALEXANDER HOLCROFT, HEAD OF INVESTOR RELATIONS FOR NATWEST GROUP PLC.
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR NatWest Markets N.V., FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (MAR). FOR THE PURPOSES OF MAR AND ARTICLE 2 OF COMMISSION IMPLEMENTING REGULATION (EU) 2016/1055, THIS ANNOUNCEMENT IS MADE BY Vasileios TSAGRIS, TREASURER OF NatWest Markets N.V.
From time to time, the Offerors may make statements, both written and oral, regarding our assumptions, projections, expectations, intentions or beliefs about future events. These statements constitute "forward-looking statements". The Offerors caution that these statements may and often do vary materially from actual results. Accordingly, the Offerors cannot assure you that actual results will not differ materially from those expressed or implied by the forward-looking statements. You should read the sections entitled "Risk Factors" in the relevant Offer to Purchase, in the Annual Report and H1 2022 Interim Report of the relevant Offeror which is incorporated by reference therein and "Forward-Looking Statements" in the Annual Report and H1 2022 Interim Report of the relevant Offeror, which is incorporated by reference in the relevant Offer to Purchase.
Any forward-looking statements made herein or in the documents incorporated by reference herein speak only as of the date they are made. Except as required by the U.K. Financial Conduct Authority (the "FCA") or the Dutch Authority for the Financial Markets (the "AFM"), as applicable, any applicable stock exchange or any applicable law, the Offerors expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in the relevant Offer to Purchase or the documents incorporated by reference herein to reflect any changes in expectations with regard thereto or any new information or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, (i) with respect to NatWest Group consult any additional disclosures that NatWest Group has made or may make in documents that NatWest Group has filed or may file with the U.S. Securities and Exchange Commission and (ii) with respect to NWM N.V. consult any additional disclosures that NWM N.V. has made or may make in documents that NWM N.V. has filed or may file with the AFM.
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SOURCE NatWest Markets N.V.; NatWest Group plc | https://www.wbrc.com/prnewswire/2022/08/08/natwest-group-plc-natwest-markets-nv-pricing-separate-cash-tender-offers-certain-their-respective-outstanding-notes/ | 2022-08-08T22:58:20Z | https://www.wbrc.com/prnewswire/2022/08/08/natwest-group-plc-natwest-markets-nv-pricing-separate-cash-tender-offers-certain-their-respective-outstanding-notes/ | true |
Mandan man accused of arranging drug deal with undercover officer in Bismarck
Published: Aug. 8, 2022 at 5:24 PM CDT|Updated: 33 minutes ago
BISMARCK, N.D. (KFYR) - Police arrested a Mandan man Sunday after they say he attempted to deal fentanyl in Bismarck.
An undercover officer says he communicated with 26-year-old Deshawn Taylor, who was using the name Ebk Woosa, on Facebook and text to arrange a drug deal. They say Taylor planned to deliver fentanyl to the undercover officer in Bismarck but fled at the meet-up and crashed into an unmarked cop car.
Taylor is charged with conspiracy to deliver fentanyl.
In October 2021, Taylor was indicted by a federal grand jury on drug charges. He had been on pretrial release at the time of the Bismarck incident.
He’s in custody on a $100,000 cash bond.
Copyright 2022 KFYR. All rights reserved. | https://www.kfyrtv.com/2022/08/08/mandan-man-accused-arranging-drug-deal-with-undercover-officer-bismarck/ | 2022-08-08T22:59:52Z | https://www.kfyrtv.com/2022/08/08/mandan-man-accused-arranging-drug-deal-with-undercover-officer-bismarck/ | true |
PRETORIA, South Africa — On his tour of African nations this week, Secretary of State Antony Blinken has an recurring message for the continent’s leaders: Washington won’t push you to choose between America and its global rivals, even as Russia and China make inroads across the continent.
“The United States will not dictate Africa’s choices, and neither should anyone else,” Blinken said in an address at the University of Pretoria. “The right to make these choices belongs to Africans, and Africans alone.”
Blinken’s declaration lands at a challenging moment, as Russia’s protracted war in Ukraine, now in its sixth month, tests the resolve of even Kyiv’s biggest backers. His visit to three African nations comes days after Blinken’s Russian counterpart, Foreign Minister Sergei Lavrov, completed his own regional tour, blaming Western sanctions for a severe global food crisis and courting local leaders with the prospect of military aid with few strings attached.
African nations’ increasingly complex set of economic and political ties was apparent from Blinken’s first stop, where South African officials underscored their right to pursue their country’s core interests rather than following cues from larger, more prosperous states. And in Rwanda, ahead of his visit later this week, the government is preemptively pushing back against U.S. pressure over a high-profile detainee.
Naledi Pandor, South Africa’s minister for international relations and cooperation, dismissed the importance of Russian influence in South Africa but blasted what she said was a “patronizing” attempt by some European and other nations to bring African nations in line on Ukraine.
“One thing I definitely dislike is being told either you choose this — or else,” she told reporters alongside Blinken following bilateral talks. “I definitely will not be bullied in that way, nor would I expect any African country worth its salt to agree.”
Pandor said the United States was not guilty of such an offense. But she did push back against what she described as the inconsistent application of the principles that Western powers have championed in Ukraine, making an implicit criticism of U.S. policy on the Israeli-Palestinian conflict as she called for the equal defense of Palestinians’ and Ukrainians’ right to self-determination.
“We’ve not seen an evenhanded approach in utilization of the prescripts of international law,” she said. “This is what at times leads to cynicism about international bodies and a lack of belief in their ability to protect the weakest and most marginalized.”
South Africa was among more than a dozen African nations that abstained from a key vote at the United Nations in March, when the United States and other backers of Ukraine sought global support for a resolution condemning Russia’s role in starting the war. Another group of African nations chose not to be present for that vote.
The divisions apparent in New York in the early weeks of the war were a reminder of the limits of Western influence across the vast continent as China expands its role as financier of major infrastructure projects coveted by some African leaders.
While Russia has far less clout, it now ranks as the continent’s biggest arms supplier, selling its weapons without the onerous vetting involved in the U.S. process. Russia is a major source of grain and fertilizer to African nations. U.S. officials meanwhile have accused Wagner mercenaries of human rights abuses in the African countries where they operate, which have included Mali, the Central African Republic, Sudan and Mozambique.
Blinken’s visit comes as Africa struggles with the punishing economic effects of the coronavirus pandemic and experiences a democratic crisis, with a series of coups over the last 18 months in countries including Mali, Sudan, Burkina Faso and Chad.
Richard Gowan, U.N. director for the International Crisis Group, said a flurry of Western-backed U.N. resolutions that sought to isolate Russia following President Vladimir Putin’s invasion had left African countries resentful of what they saw as Western pressure. “This is drawing out a real strategic dilemma for a lot of African countries,” he said.
He said the United States had responded to those concerns more quickly than other nations. In May, when Washington held the rotating presidency of the U.N. Security Council, Blinken convened a summit on food insecurity, a phenomenon that has hurt African nations more than most.
Analysts say the Biden administration faces an extra challenge in dealing with Africa after four years in which the Trump administration paid little heed to the region, allowing Russia and China to further build influence.
Mvemba Phezo Dizolele, director of the Africa program at the Center for Strategic and International Studies in Washington, said the expectation of automatic allegiance overlooked the determination of African nations, despite myriad problems including corruption and poverty, to set their own course.
“It fails to recognize the fundamentals of realpolitik, which is: ‘What have you done for me lately?’” he said.
Describing the Biden administration’s new blueprint, Blinken said the United States would support democracy and help combat climate change in Africa. But he acknowledged the United States’ own governance challenges and developed nations’ oversize role in causing the warming crisis.
Blinken said Washington instead would protect civil society and spur innovation including on vaccines. “The U.S. is there for African countries in this unprecedented crisis, because that’s what partners do for each other,” he said.
U.S. officials are quick to point out that China, unlike the United States, can direct state funds to roads and other projects. The United States cannot order private companies in the same way.
African nations however say that recent U.S.- and European-backed steps to loosen licensing of vital medicines are inadequate. Pandor also condemned a bill recently passed by the U.S. House of Representatives, which she said would punish African nations for failing to exhibit sufficient deference with the West over Russia. She called on the Senate to reject it.
Ebenezer Obadare, a senior fellow at the Council on Foreign Relations, said that while many African leaders seek gain in playing China or Russia against the West, most Africans remain drawn to Western values and lifestyles. He cited U.S. soft power, including music and the allure of the U.S. economic model.
“To the extent there’s a struggle, that’s taking place at the level of leadership,” he said. “And there’s a lot of cynicism associated with it.” | https://www.washingtonpost.com/national-security/2022/08/08/blinken-africa-russia/ | 2022-08-08T23:01:09Z | https://www.washingtonpost.com/national-security/2022/08/08/blinken-africa-russia/ | false |
'Please, just give us our daughter back': Mother of missing California girl Kiely Rodni says captor must have taken her from campground party as friends reveal she was 'too drunk' to drive herself but her SUV is nowhere to be found after three days
- Kiely Rodni's mother Lindsey told DailyMail.com on Monday her daughter had never gone missing before
- She last texted her at 11.30pm on Friday to say she would be driving home in 45 minutes
- Her final text was: 'I love you, mom': Kiely then vanished and neither she nor her car has been seen since
- She was at an end-of-school party at the Prosser Campground, a site just 12 miles from her family home
- The party attracted 100 people from different towns and states, some of whom Kiely had never met before
- Family friend Anna Larson, whose daughter was also there, tells DailyMail.com Kiely was in no state to drive
- Despite searching the vast rural area with drones and vans, there is still no sign of Kiely or her car
- Anyone with information is urged to call Placer County Sheriff's Office on 530-886-5375
Kiely Rodni, 16, has not been seen since around 12.30am on Saturday. She was seen at an end-of-high school party at the Prosser Family Campground in Truckee in her Honda CRV, but has not been heard from since
The family of missing California teen Kiely Rodni pleaded with her 'captor' to let her go, telling DailyMail.com on Monday of their fears that she was taken against her will and is now being held hostage.
Kiely has not been since 12.30am on Saturday morning when she was last seen at a party at the Prosser Family Campground, 12 miles from her home in Truckee, California.
She had driven herself to the party and last texted her mother, Lindsey, at 11.30pm to tell her she would soon be driving herself home.
She was last seen alive at 12.30am at the party and had told friends that she was too inebriated to drive herself home.
The other kids left the party - which drew over 100 kids, including some she'd never met before - and Kiely hasn't been seen since.
She was due to meet up with her friends at a Starbucks on Saturday morning at 9am to set off on a camping trip but she didn't show up, sparking fear among her friends and prompting her mother Lindsey to call 911.
Speaking to DailyMail.com on Monday afternoon, Lindsey said: 'I am terrified. My mind reels and my sleep is plagued with nightmares... thoughts that I just can't get out of my head.'
She revealed the FBI had now joined the search for her daughter and that while galling, she is relieved the case is now being investigated ferociously.
'They've changed it to an abduction which makes me feel validated. My daughter is not the runaway type - not to stigmatize kids who are - but my daughter is not. She had the resources to run away and would have done if she wanted to.'
Kiely had been excited to attend the party after graduating early from high school. Aged 16, she was younger than most of the kids graduating.
'I last saw her on Friday morning, she was going to meet us to go to a vintage car show but then she changed her mind and wanted to go to this party instead.
'I extended her curfew , I had done it before and felt safe. She texted me at 11.30pm to say she would be leaving at 12.15am to come home.
'She said 'I love you, mom.' That was the last I heard from her'.
Lindsey said she has no idea if Kiely left the party willingly with someone she either knew or had just met, or if she was taken by a stranger.
In a message to whoever is with her daughter, she pleaded: 'Just please give us our daughter back. I don't even care about you. Just give us our daughter back.'
She added her daughter had never gone missing before.
Kiely was at a party at the Prosser Family Campground, along with 100 other kids. The police say there were kids from multiple states there. She was driving her Honda but neither she or the vehicle have been located
Kiely was last seen leaving the party in her Honda CRV. The car remains missing, along with her
'She is kind, outgoing, compassionate.. she's beautiful,' she said.
Anna Larson is the mother of one of Kiely's best friends, and is also Lindsey's best friend. She told DailyMail.com that Kiely was too drunk to be able to drive herself home.
She and others involved in the search do not believe that she could have had an accident because they still haven't found her vehicle - a 2014 Honda CRV.
'We did a thorough search of the woods where the party was and now we're going to smaller towns. We believe she was taken. Nobody we know left with her, nobody else is missing from the party.
'She wasn't in a state where she could have driven very far. She was inebriated.
'We don't know if it was someone who was attending the party or a predator. We also don't know if there's someone she planned to go and meet who we don't know about yet. It is a nightmare.'
Says she doesn't know if family hotel had any guests staying at the time, and that the parents keep Kiely apart from guests as a 'rule'. Cops are not, however, pursuing that as a line of inquiry – at least not yet.
Kiely was due to meet friends at 9am on Saturday to set off for a camping trip but she didn't show up. She had texted her mother at midnight, seemingly coherent, saying she was the designated driver.
Kiely Rodni has been missing since the early hours of Saturday morning
'It was a big party. It wasn't too often these kids out here would have them and they can be small but this one was very big. There were kids from high schools in Reno, North Tahoe… I even got an email from a girl who said she'd come from San Francisco.
'Because of fire restrictions, it was also very dark.
'I've heard through the rumour mill that some boys saw an older man there in his forties but he's.
'There were kids that stayed the night there but nobody saw her or her car there in the morning.
'She's confident in the outdoors she grew up in this lodge that you have to snowmobile in and out of in the winter… she was a safe and confident driver. One time a year ago my daughter was ill and I asked can you bring her home and she said 'no' because she had been drinking.
'She was pretty self aware. She is 16, she is a really smart girl, really outgoing dynamic beautiful girl. '
She said they don't believe that she crashed her car because they've searched the area with drones and found nothing. She also said it is out of character for Kiely to vanish.
'Her phone's off, her credit card hasn't been used, she didn't take the cash that she knows her parents keep at home and nobody heard any whispers about her planning to leave.
'We were going from the beginning – this isn't right.'
A website has been set up for tips - it can be found here.
A GoFundMe has also been set up to raise money to use as a reward for information. It can be found here. | https://www.dailymail.co.uk/news/article-11093253/Friends-say-missing-Kiely-Rodni-drunk-drive-home-campground-party.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-08T23:02:49Z | https://www.dailymail.co.uk/news/article-11093253/Friends-say-missing-Kiely-Rodni-drunk-drive-home-campground-party.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | false |
FOSHAN, China, Aug. 8, 2022 /PRNewswire/ -- Bright Scholar Education Holdings Limited ("Bright Scholar," the "Company," "we" or "our") (NYSE: BEDU), a global premier education service company, today announced that it will change the ratio of its American Depositary Shares ("ADSs") to Class A ordinary shares from one (1) ADS representing one (1) Class A ordinary share to one (1) ADS representing four (4) Class A ordinary shares.
For Bright Scholar's ADS holders, this ratio change will have the same effect as a 1-for-4 reverse ADS split. There will be no change to Bright Scholar's Class A ordinary shares. Furthermore, no physical action by ADS holders will be required to effect the ratio change, as the change will be effected on the books of the depositary. The effect of the ratio change on the ADS trading price on the New York Stock Exchange is expected to take place at the open of business on August 19, 2022 (U.S. Eastern Time). Any fractional ADSs will be sold and the net proceeds from the sale of fractional ADSs will be distributed to the holders entitled thereto.
As a result of the change in the ADS ratio, the ADS price is expected to increase proportionally, although Bright Scholar can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than four times the ADS price before the change.
About Bright Scholar Education Holdings Limited
Bright Scholar is a global premier education service company, which primarily provides quality international education to global students and equip them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Bright Scholar also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's business plans and development, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
IR Contact:
GCM Strategic Communications
Email: BEDU.IR@gcm.international
Media Contact:
Email: media@brightscholar.com
Phone: +86-757-6683-2507
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SOURCE Bright Scholar Education Holdings Ltd. | https://www.wagmtv.com/prnewswire/2022/08/08/bright-scholar-announces-ads-ratio-change/ | 2022-08-08T23:07:50Z | https://www.wagmtv.com/prnewswire/2022/08/08/bright-scholar-announces-ads-ratio-change/ | false |
Delta Goodrem left heartbroken as her 'mentor and friend' Olivia Newton-John dies aged 73 following her 30-year battle with breast cancer: 'I love you forever, you were like family to me'
Delta Goodrem has paid tribute to her beloved friend Olivia Newton-John after the Australian star's death at the age of 73 following her lengthy cancer battle.
The 37-year-old singer shared a series of pictures of herself hugging the icon in happier times, calling the Grease star her 'mentor and friend' and 'like family' to her.
'I love you forever,' Delta wrote in her moving post. 'The whole world will feel this heartbreak today because the entire world felt Olivia's unmatched light. A force for good. A force of nature. Strong and kind,' Delta began.
Heartbroken Delta Goodrem has shared a tribute to her 'mentor and friend' Olivia Newton-John after the Grease star died following a 30 year battle with cancer: 'I love you forever'
'My mentor, my friend, my inspiration, someone who always guided me… she was always there for me. Family to me.'
She added: 'I don't have all the words I would like to say today but I hope everyone will join in celebrating our beloved Olivia, her heart, soul, talent, courage, grace… I love you forever ❤️.'
'The whole world will feel this heartbreak today because the entire world felt Olivia's unmatched light. A force for good. A force of nature. Strong and kind,' Delta began
Delta and Olivia were close, having recorded songs in the studio together.
The Lost Without You star also played the icon in the 2018 TV miniseries Olivia Newton-John: Hopelessly Devoted to You.
The pair bonded together after their respective battles with cancer, with Delta diagnosed with Hodgkins lymphoma at the age of 18.
Olivia's death was announced by her husband John Easterling on Monday on her social media pages, saying she died surrounded by family and friends.
Delta and Olivia were close, having recorded songs in the studio together, while Delta also played the icon in the 2018 TV miniseries Olivia Newton-John: Hopelessly Devoted to You. The pair were also bonded together after their respective battles with cancer
Olivia's death was announced by her husband John Easterling on Monday on her social media pages, saying she died surrounded by family and friends
Olivia had been battling stage-four metastatic breast cancer for years.
'Dame Olivia Newton-John (73) passed away peacefully at her Ranch in Southern California this morning, surrounded by family and friends.
'We ask that everyone please respect the family's privacy during this very difficult time.
'Olivia has been a symbol of triumphs and hope for over 30 years sharing her journey with breast cancer.
Olivia had been battling stage-four metastatic breast cancer for years
'Her healing inspiration and pioneering experience with plant medicine continues with the Olivia Newton-John Foundation Fund, dedicated to researching plant medicine and cancer,' he said.
The family asked for donations to be made to her cancer organization, the Olivia Newton-John Foundation Fund, instead of flowers.
She is survived by her 36-year-old daughter, Chloe Lattanzi, 36.
The actress famously beat breast cancer twice but was diagnosed again in 2017.
She spent the last few years at home, campaigning for animals' rights and raising money for her charity online.
She also was a strong campaigner for the use of medical cannabis for treatment in Australia.
She is survived by her 36-year-old daughter, Chloe Lattanzi, 36. The actress famously beat breast cancer twice but was diagnosed again in 2017
In a haunting interview with The Guardian in 2020, she said of the disease: 'It's been a part of my life for so long.
'I felt something was wrong. It's concerning when it comes back, but I thought 'I'll get through it again''.
In other interviews, when asked how she battled the disease so bravely, she said: 'I've had and am having an amazing life so I have no complaints.
'I really don't. Everyone goes through something. We all have something we need to go through in life. This has been my challenge.'
Earlier this year, Olivia said how she tries to keep positive amid her battle, telling Who magazine: 'I focus on the positive side of things, no matter what the challenge.'
In light of her diagnosis, Olivia said at the time that she doesn't focus on statistics or time limits.
'Positive thinking is so important to living a healthy and happy life,' she said.
Earlier this year, Olivia said how she tries to keep positive amid her battle, telling Who magazine: 'I focus on the positive side of things, no matter what the challenge' | https://www.dailymail.co.uk/tvshowbiz/article-11093245/Heartbroken-Delta-Goodrem-shares-tribute-mentor-friend-Olivia-Newton-John-death.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-08T23:07:57Z | https://www.dailymail.co.uk/tvshowbiz/article-11093245/Heartbroken-Delta-Goodrem-shares-tribute-mentor-friend-Olivia-Newton-John-death.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
NEW YORK, Aug. 8, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of SOL tokens ("SOL securities") between March 24, 2020 and the present, inclusive (the "Class Period"), of the important September 6, 202 lead plaintiff deadline in the securities class action lawsuit against Solana Labs, Inc., the Solana Foundation, Anatoly Yakovenko, Multicoin Capital Management LLC, Kyle Samani, and FalconX LLC (together, "Defendants").
SO WHAT: If you purchased SOL securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the SOL class action, go to https://rosenlegal.com/submit-form/?case_id=7539 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 6, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, Solana issues securities that are required to be, but are not, registered with the U.S. Securities and Exchange Commission. Throughout the Class Period, defendants promoted SOL securities (SOL tokens) and sold them to investors, who has suffered losses from purchasing SOL securities.
To join the SOL class action, go to https://rosenlegal.com/submit-form/?case_id=7539 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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SOURCE Rosen Law Firm, P.A. | https://www.kalb.com/prnewswire/2022/08/08/rosen-leading-investor-counsel-encourages-solana-investors-secure-counsel-before-important-deadline-securities-class-action-sol/ | 2022-08-08T23:09:53Z | https://www.kalb.com/prnewswire/2022/08/08/rosen-leading-investor-counsel-encourages-solana-investors-secure-counsel-before-important-deadline-securities-class-action-sol/ | false |
The presiding judge in the Kristin Smart murder trial has now ruled that the majority of the records in the case can be unsealed, and that process is underway right now. A media coalition led by the San Luis Obispo Tribune filed the motion to get those records unsealed, and they hope to get them publicly accessible online next.
The trial for the highly-publicized and long-running case is ongoing at the Monterey County Superior Court in Salinas.
The trial was moved up to Monterey County after a SLO County judge ruled its widespread public attention here would not make for an impartial trial. That concern over media coverage may be the reason why most records in this case have been sealed until now.
But SLO Tribune courts reporter Chloe Jones, who started the media coalition, said it’s really not clear why.
"It's just unclear as to why so many of the sealing orders were granted. So that's not something I can exactly speak to, but I am very curious," she said.
Jones started the media coalition, which includes the Los Angeles Times, ABC News and the Associated Press along with the SLO Tribune. They filed the legal motion on July 14, and Monterey County Superior Court Judge Jennifer O’Keefe moved to unseal most of the records on July 29. A hearing with the media coalition happened on August 5.
Jones said the media coalition argues that the prior sealing of all these records was unusual, unjustified and a violation of California law.
"The news coalition argue that this gag order was being used to obstruct constitutional access to this case," Jones said. "The judge is now reviewing the gag order and is going to modify it so that it's narrowly tailored and cannot be used as a blanket seal."
Jones said the media coalition feels the access issue is a barrier to public knowledge of records related to evidence and legal actions in this case. She said it’s made her own reporting harder.
"There was a day where I went to the computer room in Salinas during a short recess, and I wanted to check on records to update the database that I have," she said. "And I went to the computer room, and there's only two computers in there, and both were taken."
That meant her reporting had to wait.
"I couldn't access the records in the one-hour break that we had, because those two computers were taken. And so then that put back my reporting, because of course had to go back to the courtroom," Jones said.
Jones said the next step for the coalition is to push for free online access to these records, so setbacks like that don't happen for both journalists and the public. Some documents, though, are or will be partially redacted.
"[That's] various reasons, whether it's personal information, sexual assault survivor names, that kind of stuff. Those are in the process of being redacted so that they can be publicly available without violating individual rights or victims rights," Jones said.
Right now, the main way to access these records is by physically requesting them at the courthouse. They can also be requested by mail, but there’s a cost to that, and so Jones said the most affordable way to do it right now is in person.
"The most financially frugal way is probably going physically into the courthouse. But of course, not everybody can do that."
So, Jones said the coalition is pushing for this case to be deemed “extraordinary” by the courts. That’s not an assessment of the case’s social impact or moral value, but rather a legal term that has to do with the strain on court staff to handle in-person records requests.
"Not only does it put a burden on the public, it puts a burden on the court staff, because they're going to have to be dealing with all these people coming into their computer rooms, or all these mail requests for all of these documents," she said.
Paul and Ruben Flores are charged with murder and accessory to murder, respectively, for their alleged role in Cal Poly SLO student Kristin Smart’s dissappearance in 1996. Both men were present at Thursday’s hearing, according to the SLO Tribune.
Until this development, nearly all of this case’s records were sealed, meaning journalists and the public weren’t able to even know what the hundreds of records dealt with. Jones said the public will have much greater access if the records go online for free.
"That could be decided on in a future hearing. There is a hearing on September 2 to go through the documents that the defense and prosecution want to be remained sealed, and to rule on whether those deserve to be sealed or not."
Jones said there’s also an August 25 deadline for both legal teams to submit a list of which records they want to remain sealed, which the court will consider.
It’s not clear if the September 2 hearing will see the case deemed “extraordinary” and the records released online, but the coalition says that’s a critical public and media access issue in this case. | https://www.kcbx.org/central-coast-news/2022-08-08/monterey-court-unsealing-kristin-smart-records-after-motion-by-slo-tribune-led-media-coalition | 2022-08-08T23:10:54Z | https://www.kcbx.org/central-coast-news/2022-08-08/monterey-court-unsealing-kristin-smart-records-after-motion-by-slo-tribune-led-media-coalition | true |
SÃO PAULO, Aug. 8, 2022 /PRNewswire/ -- ITAÚ UNIBANCO HOLDING S.A. informs its stockholders that its Board of Directors has approved, at the meeting held on this date, the payment of interest on capital, in the amount of R$0.306500 per share, with income tax withholding at a rate of 15%, resulting in net interest of R$0.260525 per share, except for the corporate stockholders able to prove that they are immune or exempt from such withholding. Such payment will be made on August 30, 2022, based on the final stockholding position recorded on August 18, 2022, with their shares traded ex-rights starting August 19, 2022.
For further information, please visit www.itau-unibanco.com.br/investor-relations, as follows: investor services > contact IR > IR services.
São Paulo (SP), August 8, 2022.
RENATO LULIA JACOB
Group Head of Investor Relations and Market Intelligence
Note: The amounts paid per share as interest on capital are the same for common shares (ITUB3) and preferred shares (ITUB4).
Contact:
Itaú Unibanco
Comunicação Corporativa
Telefone: (11) 5019-8880 / 8881
E-mail: imprensa@itau-unibanco.com.br
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SOURCE Itaú Unibanco Holding S.A. | https://www.kxii.com/prnewswire/2022/08/08/ita-unibanco-material-fact-payment-interest-capital/ | 2022-08-08T23:14:46Z | https://www.kxii.com/prnewswire/2022/08/08/ita-unibanco-material-fact-payment-interest-capital/ | true |
LARAMIE – Andrew Peasley’s lead appears to be shrinking.
After spending four years at Utah State and playing some meaningful snaps in a handful of Mountain West games, Peasley entered the quarterback competition at Wyoming as the clear favorite to win the starting job.
But Evan Svoboda is gaining ground as fall camp wears on.
The Snow College transfer has stood out to UW head coach Craig Bohl in recent practices while filling out Josh Allen’s old No. 17 jersey with his 6-foot-5, 240-pound frame.
“It would be interesting to take him out there and have him throw as far as he can throw or (try) some of the things I saw Josh do,” Bohl said after Monday’s practice. “I don’t know if he’s in that realm, but he’s not far. He’s at least a guy you look at and go, OK, that’s a live arm.”
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Peasley completed 53.8% of his passes for 830 yards with seven touchdowns and five interceptions in 18 appearances at Utah State. During UW's spring game, the fifth-year junior passed for 201 yards with a 67-yard touchdown to tight end Jackson Marcotte and a 35-yard touchdown to wide receiver Jaylen Sargent.
Svoboda, Hank Gibbs and Jayden Clemons were a combined 12-for-34 passing for 97 yards in the spring game.
No. 17 is physically ready to play in the MW and did his homework over the summer trying to close the gap on Peasley’s experience learning offenses.
“You have to know a lot, but it’s not impossible,” Svoboda said. “I’m definitely capable of it. I know I’m young, but I just have to continue to get the experience and continue to improve each and every day.”
There was another interesting detail about the spring game: Peasley wore a protective blue jersey indicating he was off limits to contact while the other quarterbacks were fair game.
Svoboda hopes that’s still the case during this Saturday’s scrimmage, which will be a key evaluating tool for the staff as the coaches map out the two-deep before the Aug. 27 opener at Illinois.
“I think it’s fair to have us get the experience and keep (Peasley) protected a little bit,” Svoboda said. "They keep us all protected in a sense, but it's always nice to go out and take a couple hits from these guys."
Peasley, who ran for 510 yards and three touchdowns with the Aggies, including a 62-yard touchdown against New Mexico in 2020, still has a leg up on leading the Pokes against the Illini.
But the race isn’t over quite yet with Svoboda also getting snaps with the No. 1 offense.
“We’ve seen good progress with (Svoboda),” Bohl said. “He has taken some reps with the ones, and during that time he didn’t alter anything, he didn’t panic. I thought he handled things well. He’s still a young pup, but physically he’s really gifted.” | https://trib.com/sports/college/wyoming/football/wyoming-cowboys-qb-competition-heating-up-as-evan-svoboda-makes-strides/article_1e135e2e-175a-11ed-9e03-37ab4fd5ecf5.html | 2022-08-08T23:15:20Z | https://trib.com/sports/college/wyoming/football/wyoming-cowboys-qb-competition-heating-up-as-evan-svoboda-makes-strides/article_1e135e2e-175a-11ed-9e03-37ab4fd5ecf5.html | false |
WHITE PLAINS, N.Y. (AP) _ Turtle Beach Corp (HEAR) on Monday reported a second-quarter loss of $17.8 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the White Plains, New York-based company said it had a loss of $1.08. Losses, adjusted for non-recurring costs, came to 77 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 38 cents per share.
The audio technology company posted revenue of $41.3 million in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $50.7 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HEAR at https://www.zacks.com/ap/HEAR | https://www.sfchronicle.com/business/article/Turtle-Beach-Q2-Earnings-Snapshot-17360181.php | 2022-08-08T23:17:37Z | https://www.sfchronicle.com/business/article/Turtle-Beach-Q2-Earnings-Snapshot-17360181.php | false |
Steak’s off the table: Inflation-weary shoppers are switching to chicken
By Nathaniel Meyersohn, CNN Business
Inflation-weary shoppers are pulling back on buying pricey steaks and switching to cheaper chicken at the grocery store.
Tyson, the meat processing giant, said Monday that “demand for chicken is extremely strong,” while demand for its higher-priced cuts of beef has softened.
The company said its average sales price for chicken grew during its latest quarter, while the average price for beef and pork fell as consumers balked at some premium cuts. Meat prices skyrocketed in 2021, but some items have fallen in recent months.
Consumer demand for meat remained strong, Tyson said, but consumers are shifting between meats because of inflation. The company plans to launch new lower-priced options and also add new larger package sizes for consumers searching for value.
Tyson is not the only company to note shifts in shoppers’ purchasing habits. Consumers are dealing with the highest inflation in more than 40 years and many are making trade-offs.
Kroger said in June that that budget-constrained shoppers were buying fewer items in stores, favoring Kroger’s cheaper store brands instead of name brands, and switching from buying beef to pork.
Walmart in May said some consumers were switching from buying gallons of milk to half-gallons and switching from name-brand lunch and deli meat, bacon and dairy products to store brands.
Treehouse Foods, a leading manufacturer of store brands for Walmart and other retailers, also said Monday that private labels were becoming a more appealing option for shoppers squeezed by inflation.
The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved. | https://kion546.com/money/cnn-business-consumer/2022/08/08/steaks-off-the-table-inflation-weary-shoppers-are-switching-to-chicken/ | 2022-08-08T23:17:52Z | https://kion546.com/money/cnn-business-consumer/2022/08/08/steaks-off-the-table-inflation-weary-shoppers-are-switching-to-chicken/ | false |
ST PAUL, Minn. — Close to 500 flights nationwide have already been canceled Monday, and more delays are expected.
But airline experts say there may be some relief on the horizon.
"The beginning of summer, was some of the worst we've seen in the U.S.," said Gunnar Olson, a flight deal analyst and reporter with Thrifty Traveler.
Olson says there are several factors affecting airlines like weather and staffing shortages, as thousands of flights were canceled or delayed over the weekend.
"What we are seeing is the slack has fallen out of the system for a lot of these airlines, they don't have the staff to make sure they can fly every single one of their scheduled flights," he said.
Nearly 2,000 flights had been delayed across the U.S. by midday Monday, after more than 8,000 were delayed Sunday.
"There's going to be summer weather which impacts flight delays and cancellations broadly," Olson said. "And obviously a delay in Dallas impacts flights coming out of MSP, Chicago."
The delays come days after the U.S. Department of Transportation proposed new rules for travelers entitled to refunds if their travel plans were disrupted, which includes if an airline changes the arrival or departure airport, the arrival/departure time by more than three hours or if they add an additional layover.
"In the U.S., if you're flight is cancelled, you are due a refund no matter what," Olson said. "Longer delays, the airlines don't necessarily have to take care of you if you have a major delay." He added that "We've seen some lawmakers make a push to garner extra protections and we've pushed for it, too."
But for those who still don't want to risk an added headache at the airport, Olson says you should "book the very first flight of the day," as well as avoiding checked bags and layovers. "Booking non-stop takes an extra connection out of airlines hands and puts the trip back in your control," he said.
Although things may seem rough now, Olson says there is a light at the end of the tunnel, as travel demands slow down in time for back-to-school and the fall.
"There are still woes ahead, so prepare and protect yourself where you can," he said.
The DOT will hold a virtual public meeting of the Aviation Consumer Protection Advisory Committee to discuss the new proposed airline refund rules August 22. For more details, visit the link here.
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Watch the latest local news from the Twin Cities in our YouTube playlist: | https://www.kare11.com/article/news/national/thousands-of-cancellations-and-delays-over-the-weekend/89-aea2edc1-dc17-4169-b810-9b4a64f1a560 | 2022-08-08T23:18:40Z | https://www.kare11.com/article/news/national/thousands-of-cancellations-and-delays-over-the-weekend/89-aea2edc1-dc17-4169-b810-9b4a64f1a560 | false |
Joy Lea Beard 1932 - 2022
Joy Lea Beard passed away August 1, 2022, with her husband, James V. Beard, by her side. She was 90 years old. She was born June 6, 1932, in Platte, South Dakota, the daughter of Leonard and Thelma Branson. In 1941, the family moved to McMinnville, Oregon. Joy graduated from McMinnville High School in June of 1950. After graduation, Joy got a job with the phone company. On June 15, 1952, Joy married her high school sweetheart, Jim Beard, who was employed by Davison Auto Parts. Following graduation, Joy continued working at the phone company for a few years longer and later was hired by VKV Lumber Company. She later went on to work at McMinnville School District #40 until she retired from there at the age of 62.
Joy loved her retirement years. She enjoyed working out in her yard, taking care of her flower and vegetable garden. Joy had a greenhouse where she would start all her plants from seeds. She had quite a green thumb. Joy and Jim had season tickets to the Portland Trail Blazers and would attend all home games without fail. She enjoyed playing her piano and organ, was an avid reader, made quilts for her children and grandkids, and enjoyed crocheting. Joy was on a bowling team and bowled for many years. She enjoyed playing Mahjong every month for years as well. For 13 years, Joy and Jim would travel to Arizona and stay for 60 days during the winter months. In addition, they went to Burns, Oregon, in July of every year to visit family. This was a very special time for her being able to visit her family, and they would go camping at Prineville or other campgrounds they had as favorites.
Joy is survived by her husband, Jim Beard; son, Gary Beard; daughter, Paula Kiger-Beard; brother, Doyle Branson of Council, Idaho; sister, Deanna Clark of Sacramento; nine grandchildren; and 14 great-grandchildren.
She was preceded in death by her daughter, Lori Jo Compton; sister, Saundra Bennett; brother, Jerry Branson; grandson, Matt Compton; and great-grandson, Tyson Mehus.
Joy’s love for her family never wavered.
Her service will be held at 1 p.m. Saturday, August 13, 2022, at Macy & Son Funeral Chapel. Online condolences can be left at www.macyandson.com | https://newsregister.com/article?articleTitle=joy-lea-beard-1932-2022--1659976851--43879-- | 2022-08-08T23:19:36Z | https://newsregister.com/article?articleTitle=joy-lea-beard-1932-2022--1659976851--43879-- | true |
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