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Starbucks on Tuesday reported record revenue in the April-June period, benefitting from higher prices and hundreds of new store openings over the last year.
The Seattle-based coffee giant exceeded sales expectations despite continuing store closures and reduced hours in China due to coronavirus measures. Starbucks said its same-store sales in China __ its second-largest market after the U.S. __ were down 44% in its fiscal third quarter.
Starbucks' revenue rose 9% to $8.2 billion, a quarterly record. That surpassed Wall Street’s forecast of $8.1 billion, according to analysts polled by FactSet.
Global same-store sales, or sales at stores open at least a year, rose 3%, which was just shy of Wall Street’s expectations. Store traffic was down but customers spent more when they visited.
New stores, including many more focused on drive-thru and curbside service, are helping sales. The company said it has opened 298 net new stores in its North America region since June 2021 and 1,355 new stores in international markets.
Starbucks said its net income fell 21% to $912.9 million as it spent more on labor, worker training and supply chain costs. Last fall, the company announced a $1 billion investment in employee wages and benefits in an effort to lift U.S. workers’ pay to at least $15 per hour by this summer.
Adjusted for one-time items, Starbucks earned 84 cents per share. That was higher than the 77-cent profit Wall Street forecast.
Starbucks shares rose nearly 2% in after-hours trading. | https://www.journal-news.com/nation-world/starbucks-reports-record-revenue-as-store-count-prices-rise/TDKUYPU32NFHDDE26YPWOHL7OU/ | 2022-08-02T21:41:50 | en | 0.968861 |
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Uber's effort to meld its pioneering ride-hailing service with food and freight delivery showed progress during the past quarter even though the company sustained a huge loss stemming from a sharp decline in its outside investments.
Looking past Uber's second-quarter loss of $2.6 billion announced Tuesday, Wall Street celebrated a significant milestone that raised hopes that Uber is on the verge of becoming a self-sustaining business.
The good news arrived Tuesday in the form of a key metric known as free cash flow. Uber generated $382 million in cash during the April-June period, the first quarter in the company's 13-year history that it didn't hemorrhage money.
Uber has now been profitable for four consecutive quarters under a financial yardstick called EBIDTA, or “adjusted earnings before interest, taxes, depreciation and amortization.”
By that measure, Uber earned $364 million during the second quarter, breezing past industry analyst projections of $277 million, according to FactSet Research.
Uber still sustained a massive loss that translated into $1.33 per share primarily caused by declines in Uber's stake in Aurora, a self-driving car company, and a Singapore transportation service called Grab.
CEO Dara Khosrowshahi said Tuesday that he is confident the company will build upon its momentum and possibly surpass a previously set goal of generating $1 billion in free cash flow annually.
Khosrowshahi said he now believes Uber is in its strongest position since he was hired as the company's top executive nearly five years ago. Khosrowshahi took over after co-founder Travis Kalanick was pushed out amid a series of scandals, from sexual harassment claims and cover-ups, to allegations of stealing self-driving car technology.
Shares of Uber Technologies Inc., based in San Francisco, jumped nearly 19% to close Tuesday at $29.25. The stock is still down by 30% this year, and far below its peak of about $64 reached early last year.
The downturn largely reflects ongoing skepticism about whether Uber will be able to keep charging high enough prices for rides and food delivery to consistently make money over the long term. Through most of its history, Uber had been able to lure customers to its services with low prices that were subsidized by the billions of dollars that it raised from venture capitalists and other investors before becoming a publicly traded company in 2019.
Less than a year later, the pandemic hit and demand evaporated as government lockdowns corralled millions at home and people stopped driving.
Uber's ride-hailing service has now surpassed its pre-pandemic levels, even though Khosrowshahi told analysts Tuesday that demand remains suppressed in several major U.S. cities such as San Francisco, Los Angeles and Seattle where large numbers of people continue to work remotely.
Elsewhere, passengers are returning to Uber in droves and appear willing to pay for the higher fares that the service is charging even in the face of soaring inflation.
Passengers took a total of 1.87 billion trips on Uber during the spring and early summer, a 24% increase compared with the same time last year. That’s about 21 million trips per day, on average. The volume also surpassed the 1.68 billion passenger trips that Uber provided during the second quarter of 2019 before the pandemic upended everything.
Wedbush Securities analyst Daniel Ives said the second quarter suggests Uber can “produce profits while navigating inflationary pressures and pockets of driver shortages that still linger in some cities."
The surge in ridership helped Uber more than double its revenue from the same time last year to nearly $8.1 billion.
Uber's higher fares and other incentives are making driving for the service a more attractive option, too. Drivers who work exclusively for the ride-hailing service are now making about $37 per hour while those that also spend some of the time on the food delivery side. | https://www.journal-news.com/nation-world/ubers-stock-surges-on-positive-trends-despite-big-q2-loss/U5IOULPYTFCR5I7Q2ROC56ETAU/ | 2022-08-02T21:42:02 | en | 0.971748 |
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FORT LAUDERDALE, Fla. (AP) — A grieving father erupted in anger Tuesday as he told jurors about the daughter Florida school shooter Nikolas Cruz murdered along with 16 others four years ago, his voice rising as he recounted her "infectious laugh that I can only get to watch now on TikTok videos.”
Dr. Ilan Alhadeff's emotional testimony about his 14-year-old daughter Alyssa marked a second day of tears as families, one after another, took the witness stand to give heartrending statements about their loved ones who died at Parkland's Marjory Stoneman Douglas High School on Feb. 14, 2018.
He and his wife, Lori, described Alyssa's role as captain of her soccer team, the friend others always turned to for advice or a shoulder to cry on, and her plans to become a business lawyer. He cried as he recounted how he will not dance with his daughter at her wedding or see the children she would have had.
“My first-born daughter, daddy's girl was taken from me!” yelled Alhadeff, an internal medicine physician. “I get to watch my friends, my neighbors, colleagues spend time enjoying their daughters, enjoying all the normal milestones, taking in the normal joys and I only get to watch videos or go to the cemetery to see my daughter.”
He said one of Alyssa's two younger brothers was too young to comprehend her death when it happened, but now “asks to go see his sister at the cemetery from time to time."
"This is not normal!” he said angrily.
Cruz, 23, pleaded guilty to 17 counts of first-degree murder in October; the trial is only to determine whether he is sentenced to death or life without parole. Over the two days of family statements, he has shown little emotion, even as several of his attorneys wiped away tears and Circuit Judge Elizabeth Scherer's voice broke when she gave directions. He mostly stares straight ahead or looks down at the table where he sits.
As one family testifies, others sob in the gallery while awaiting their turn. When finished, they stay to lend support. They exchange packets of tissues, shoulder rubs and, when breaks come, hugs. Some jurors wipe away tears, but most sit stoically.
Some families had statements read for them. The mother of 14-year-old Martin Duque wrote that while he was born in Mexico, he wanted to become a U.S. Navy Seal. The wife of assistant football coach Aaron Feis wrote that he was a doting father to their young daughter and a mentor to many young people.
The mother of 16-year-old Carmen Schentrup wrote that she was a straight-A student whose letter announcing she was a semifinalist for a National Merit Scholarship arrived the day after she died. She wanted to be a doctor who researched amyotrophic lateral sclerosis, commonly known as Lou Gehrig's disease.
Shara Kaplan sobbed as she told the jurors of her two sons' sadness that they weren't there to protect their little sister, 18-year-old Meadow Pollack.
Luke Hoyer’s mom, Gina, said the 15-year-old was her “miracle baby,” her “Lukey Bear.” She said he yelled down that Valentine’s Day morning to thank her for the card and Skittles she’d placed in his bathroom. The gifts stayed there for a year. His father, Tom, said he never saw his son that morning, but yelled up “Have a good day” as he hurried to work. “That is the kind of exchange you have when you think you have tomorrow,” he said.
Fred Guttenberg, who has become a national advocate for tighter gun laws, said he regrets that the last words he said to his 14-year-old daughter Jaime weren't “I love you” but instead, “You gotta go, you are going to be late” as he pushed her and her older brother out the door that morning. He said his son is angry with him for telling him to run when he called in a panic to say there was a gunman at the school instead of having him find his sister, even though it would have made no difference.
His wife, Jennifer Guttenberg, said that while her daughter was known for her competitive dancing, she volunteered with the Humane Society and with special needs children. She planned to be a pediatric physical therapist.
Annika Dworet, her husband Mitch sitting somberly at her side, told the jurors about their son Nick, who was 17 when he died. A star swimmer, he had accepted a scholarship to the University of Indianapolis and was training in hopes of competing for his mother's native Sweden in the 2020 Olympics. His younger brother, Alex, was wounded in the shooting.
“He was always inclusive of everyone. On his last evening with us, he spent time speaking to the younger kids on the swim team, giving them some pointers,” she said.
But now, she said, “our hearts will forever be broken."
"We will always live with excruciating pain. We have an empty bedroom in our house. There is an empty chair at our dining table. Alex will never have a brother to talk or hang out with. They will never again go for a drive, blasting very loud music. We did not get to see Nick graduate from high school or college. We will never see him getting married.
“We will always hesitate before answering the question, ‘How many kids do you have?’” | https://www.wtxl.com/media/v/content/bbb4f1f0317413afbe14a51e90fcdf17 | 2022-08-02T21:43:17 | en | 0.990775 |
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SAVANNAH, Ga. (AP) — The white man who initiated the neighborhood chase that resulted in the fatal shooting of Ahmaud Arbery is asking a federal judge to show leniency when he’s sentenced next week for a federal hate crime conviction.
While Greg McMichael deserves “a substantial period of incarceration,” his defense attorney said in a legal filing, he should be spared a life sentence — though he has already been sentenced to life without parole on a separate murder conviction. McMichael also wants the judge to transfer him to a federal prison so that he avoids serving time for Arbery’s murder in Georgia’s state prison system, which can’t ensure his safety from attacks by other inmates, the lawyer said.
McMichael, 66, is scheduled to be sentenced Monday in U.S. District Court along with his adult son, Travis McMichael, and their neighbor, William “Roddie” Bryan. A jury convicted all three in February of committing hate crimes, concluding 25-year-old Arbery had been targeted because he was Black.
The McMichaels armed themselves with guns and jumped in a pickup truck to chase Arbery after they spotted him running in their neighborhood outside the port city of Brunswick on Feb. 23, 2020. Bryan joined the pursuit in his own truck and recorded cellphone video of Travis McMichael blasting Arbery with a shotgun.
The McMichaels said they suspected Arbery was a burglar, though investigators determined he was unarmed and had committed no crimes when he was killed. Still, no one was charged until more than two months later, when the graphic video of the shooting leaked online and sparked a national outcry.
The McMichaels and Bryan each face the possibility of an additional life sentence when U.S. District Court Judge Lisa Godbey Wood decides their punishment. They have appealed their November convictions and life sentences for Arbery’s murder in state court, hoping to get them overturned.
Greg McMichael’s defense attorney, A.J. Balbo, in his legal filing Monday didn’t downplay the seriousness of the federal hate crimes case.
“It involved the gruesome and altogether avoidable death of a young man whose last moments are preserved forever in haunting video,” Balbo wrote. “It showcased repugnant text messages and postings that displayed a racist bent that, even after decades of societal progress, still clings to some.”
Still, Balbo asked the judge to show some leniency in sentencing Greg McMichael to 20 years in prison, arguing that his punishment shouldn’t exceed what former Minneapolis police officer Derek Chauvin received in a different federal court for the killing of George Floyd. Chauvin got a 21-year sentence last month after pleading guilty to violating Floyd’s civil rights.
The defense lawyer also asked the judge to order Greg McMichael into the custody of the federal Bureau of Prisons to ensure his “physical safety.” He noted the Justice Department launched an investigation last year into Georgia state prisons with an emphasis on violence between inmates.
“He should not be sent to a state prison system whose very operation may enable inmates to engage in dangerous and even deadly activity,” Balbo wrote.
Arbery’s family has insisted the McMichaels and Bryan should serve their sentences in a state prison, arguing a federal penitentiary wouldn’t be as tough. His parents objected forcefully before the federal trial when both McMichaels sought a plea deal that would have included a request to transfer them to federal prison. The judge ended up rejecting the plea agreement.
“Granting these men their preferred choice of confinement would defeat me,” Arbery’s mother, Wanda Cooper-Jones, told the judge at a hearing Jan. 31. “It gives them one last chance to spit in my face.”
Attorneys for Arbery’s parents did not immediately return phone and email messages seeking comment Tuesday.
Defense attorneys for Travis McMichael and Bryan had not filed sentencing requests with the court as of Tuesday afternoon.
In arguing for leniency for Greg McMichael, Balbo noted his client served three decades in law enforcement and “never received any complaints in his personnel file for racism, harassment, or police brutality.” He also said his client struggles with a litany of health problems — he suffered a stroke several years ago, has heart disease and takes medication for depression and anxiety.
The legal filing included a letter from Greg McMichael’s wife, Leigh, offering Arbery’s family “my deepest sympathies.”
In the letter she implores the judge: “Please have Mercy on Greg. His intention in this tragedy was not to hurt anyone.” | https://www.wtxl.com/news/national-news/ahmaud-arbery-pursuer-seeks-leniency-in-hate-crimes-sentence | 2022-08-02T21:43:24 | en | 0.973665 |
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Airbnb removed a Mississippi listing that was reportedly billed as a "slave cabin."
It drew attention after TikTok user "Lawyer Wynton" criticized the listing.
"The history of slavery in this country is constantly being denied, and now it's being mocked by being turned into a luxurious vacation spot," Wynton Yates said.
In a statement to NBC News, Airbnb apologized for not flagging the listing sooner.
“Properties that formerly housed the enslaved have no place on Airbnb,” the company said. ”We apologize for any trauma or grief created by the presence of this listing, and others like it, and that we did not act sooner to address this issue.”
The host, who said he recently purchased the property, also apologized in a statement to NBC News. Brad Hauser, however, claimed the "slave cabin" wasn't actually old enough to house slaves.
“I apologize for the decision to provide our guests a stay at 'the slave quarters' behind the 1857 antebellum home that is now a bed and breakfast," he said. "I also apologize for insulting African Americans whose ancestors were slaves."
Despite the apology, Wynton was still upset that slavery was being used to promote the property.
"If this was actually not a slave cabin, that does not make it better in any way because it is the further romanticizing of slavery. That makes this even more horrendous that you think slavery is a selling point," he told NBC News.
Hauser told the network he plans to provide a more accurate representation to people who visit the property in the future. | https://www.wtxl.com/news/national/airbnb-removes-listing-advertised-as-slave-cabin | 2022-08-02T21:43:30 | en | 0.983367 |
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ALBANY, N.Y. (AP) — New York state prison authorities have lifted a ban on a book about the 1971 Attica uprising following a First Amendment lawsuit.
Author Heather Ann Thompson, a historian and professor at the University of Michigan, sued the state's prisons in March in Manhattan federal court over the censorship of her 2016 book "Blood in the Water: The Attica Uprising of 1971."
Prison official said last week in a letter to a Manhattan federal judge that they would dismiss the ban but will cut out a two-page map from all copies for security purposes.
The riot began in Attica, New York, on Sept. 9, 1971, when more than 1,300 inmates took over part of the prison to protest years of mistreatment.
The prisoners took 39 guards hostage.
The standoff ended on Sept. 13 when law enforcement officers shot tear gas into a prison yard before shooting into the smoke.
In total, 32 inmates and 11 hostages were killed.
No law enforcement officers were prosecuted for their role in the massacre. | https://www.wtxl.com/news/national/new-york-prisons-lift-ban-on-book-about-attica-uprising | 2022-08-02T21:43:36 | en | 0.969277 |
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Authorities in California raised the death toll to four after two more bodies were found in the path of a raging wildfire.
In a press release, the Siskiyou County Sheriff's Office said search teams located the bodies at a residence along State Route 96 on Monday.
News of the additional bodies found Monday comes after fire crews found two bodies inside a burned vehicle in a driveway west of Klamath River on Sunday.
The names of the deceased have not been released.
The U.S. Forest Service said the McKinney Fire has exploded in size since it began Friday in the Klamath National Forest.
Officials said rain had helped firefighters Monday, but the fire has burned more than 56,000 acres, and none is contained.
According to officials, the Associated Press reported that the state's largest blaze of the year had burned more than 100 homes, sheds, and other buildings.
The McKinney Fire isn't the only fire burning in the national forest.
Crews are battling the China 2 Fire, west Seiad Valley and south of Highway 96, and the Alex Fire, which is at the summit above Doggett Creek.
"While last night’s weather mitigated fire spread, vegetation in the area is extremely dry, and the continued threat of thunderstorms and the associated strong, erratic winds could result in increased fire behavior," the U.S. Forest Service said in an incident report update. "Firefighters will take advantage of the moderated conditions to construct containment lines today while staying aware of the continued threat for convective activity in the area."
Officials said that an investigation of how the fires started is still ongoing. | https://www.wtxl.com/news/national/sheriff-death-toll-in-northern-california-wildfire-path-rises-to-4 | 2022-08-02T21:43:42 | en | 0.975473 |
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Samsung might have a less convoluted name for its next foldable range
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Although the names 'Galaxy Z Fold 4' and 'Flip 4' are not complicated per se, and roll off the tongue easier than, say, 'Qualcomm Snapdragon 8 Plus Gen 1', they are still quite a mouthful and a new rumor says that Samsung is planning to drop the letter Z.
The OG Flip was the first to feature the Z moniker. At that time, the company said:
With the Z Series, we are adopting a new naming convention for our foldable portfolio that shows our commitment to expanding the category to offer a variety of experiences. We chose ‘Z’ for this series because it intuitively communicates the idea of a fold while delivering a dynamic, youthful feel."
That doesn't make it any clearer why Samsung went for Z, as the letter V may have been more fitting. Samsung seems to have realized that though, and will now be using the greater than symbol (>) for the unique form factor of its foldable phones. The symbol will likely not be included in the branding.
Leaker SnoopyTech says that the company's forthcoming foldable phones will not have the letter Z and will simply be called the Galaxy Fold 4 and Flip 4. Samsung has apparently decided to do that because, for some unknown reason, the letter Z has become the symbol of war for Russia and has been hand-painted on the country's tanks and trucks that are in Ukraine. The state network RT even sold Z merchandise like T-shirts and hoodies to show support for troops.
In late March, the company removed the Z moniker from the name of its foldable phones in some European nations such as Estonia, Lithuania, and Latvia and although no official statement was given, it was speculated at that time that the Z branding was removed because the letter had started to represent the conflict.
Samsung suspended shipments of smartphones to Russia in March.
The Galaxy Z Fold 4 and Flip 4 will officially be revealed on August 10. We also expect to see the company's Galaxy Watch 5 duo and Buds 2 Pro at the event. You don't have to wait until then to reserve the devices though and pre-order reservations will also net you some freebies.
Loading Comments... | https://www.phonearena.com/news/samsung-to-remove-z-from-fold-4-flip-4_id141669 | 2022-08-02T21:44:18 | en | 0.965687 |
ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of Cowen Inc.
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by Cowen Inc. (NASDAQ: COWN) and its board of directors concerning the proposed acquisition of the company by TD Bank Group (NYSE: TD). Stockholders will receive $39.00 for each share of Cowen stock that they hold. The transaction is valued at approximately $1.3 billion and is expected to close in the first quarter of 2023.
If you are a stockholder of Cowen Inc. and are interested in obtaining additional information regarding this investigation, please visit us at: http://www.rowleylawpllc.com/investigation/cown/. You may also contact Shane Rowley, Esq. at Rowley Law PLLC, 50 Main Street Suite 1000, White Plains, NY 10606, by email at [email protected], or by telephone at 914-400-1920 or 844-400-4643 (toll-free).
Rowley Law PLLC represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation. For more information about the firm and its attorneys, please visit http://www.rowleylawpllc.com.
Attorney Advertising. Prior results do not guarantee a similar outcome.
SOURCE Rowley Law PLLC | https://www.prnewswire.com/news-releases/alert-rowley-law-pllc-is-investigating-proposed-acquisition-of-cowen-inc-301598253.html | 2022-08-02T21:44:22 | en | 0.930768 |
Commitment breakdown: Oregon lands five-star KJ Evans
Another five-star prospect came off the board on Tuesday, when wing KJ Evans announced his intention to sign with Oregon. The recruiting victory is a massive one for Ducks head coach Dana Altman, as he was able to hold off a charge by red-hot Arizona down the stretch.
Below, Rivals.com has a look at what Oregon is getting as well as what it means for the Ducks’ class.
WHAT OREGON IS GETTING
Evans is absolutely loaded with upside, as his frame and athleticism are the stuff of pro scouts’ dreams. He’s not come close to reaching his ceiling just yet, but the 6-foot-9 wing manages to show at least flashes of greatness every time he takes the floor. When he’s at his best, Evans is capable of taking defenders off the dribble and finishing at the rim with either hand. He feeds off that confidence to knock down looks from the perimeter, where he boasts a smooth shooting stroke. He’s capable of wowing onlookers with stretches of dominance, but sometimes defers for long stretches and fades into the background. Defensively, Evans’ versatility is unmatched. He can defend almost anyone on the floor and stay in front of smaller guards for long stretches. His length and agility make him an impactful shot-blocker in the paint as well as on the perimeter. Evans’ sometimes-erratic performances seem strongly linked to confidence, as he tends to get better when his shot is falling early. His upside is as high as nearly anyone in the 2023 class, however, and he has the necessary tools to make a serious splash in his freshman season at Oregon.
IN HIS WORDS
“I loved the visit and they're just cool people to talk to. The coaches are really easy to talk to, so the communication between them and us is a big plus. It’s great.” – Evans to Rivals.com last month
“I really like Oregon because their coaching staff has been in contact with me more than anyone else recently. I talk to Coach (Chris) Crutchfield the most from there. I like their whole staff and I want to go check it out. I’m planning a visit there soon. They want me to come in and produce right away and they’ll have players there that can help me if I go there. They want to develop me for the NBA because they put some guys in there. They just want to win, too.” – Evans to Rivals.com this spring | https://basketballrecruiting.rivals.com/news/commitment-breakdown-oregon-lands-five-star-kj-evans | 2022-08-02T21:44:23 | en | 0.982576 |
Ranking the Contenders: Kaden Cooper
The No. 36 prospect in the 2023 Rivals150, Kaden Cooper recently trimmed his list to include 10 schools. Not every school on the list has a realistic chance to land the Oklahoma-based wing, however, as a hierarchy has definitely started to form.
Below, Rivals.com’s Rob Cassidy ranks the realistic contenders to land Cooper when it comes time for him to announce his college choice.
*****
PLAYER UPDATES: Boogie Fland | Isaiah Harwell
2023 Rankings: Rivals150 | Team | Position
2024 Rankings: Top 125
Transfer Portal: Latest news
*****
GONZAGA
Cooper has been noticeably excited about Gonzaga since before the Bulldogs offered him and visited the campus just a couple weeks after the offer arrived in June. Since that time, he’s seemed zeroed in on the Zags. The staff held an in-home visit with Cooper this summer, during which they prepared a video reel showcasing the four-star guard’s fit within the offense and possible NBA comparisons. Gonzaga seems to have a decent hold on the top spot here, but calling Cooper to Spokane a “lock” would be a bit presumptuous before he completes all of his official visits.
*****
OKLAHOMA
The in-state school shouldn’t be ignored, as the Sooners seem to be the second-most-likely program to land Cooper’s pledge. An Ada, Oklahoma, native, Cooper grew up an Oklahoma fan and thinks he could make an instant impact on the Sooners should he decide to stay home for college. The Sooners hosted Cooper for an official visit in late June, and things seem to have gone as well as could be expected. OU is just one of two programs to receive an official visit this far. Oklahoma already has 6-foot-6 forward Jacolb Cole in the fold for 2023, but attempting to guess how that might affect Cooper’s process is difficult.
*****
TEXAS
Cooper hasn't taken a visit to Texas yet, but says he will take an official visit this fall. The fact that he’s one of the more high-energy and capable defenders in the country makes him a nice fit for Chris Beard’s system, a fact that’s not lost on Cooper, who has made note of it in several interviews. So much of Cooper’s Texas recruitment will hinge on how a possible future visit shakes out as well as how he fits into the Longhorns’ wing-heavy roster. That said, if UT decides it wants to press it could certainly push its way into the mix down the stretch.
*****
LSU
Another program that has yet to get Cooper on campus but likely will eventually is LSU, which offered in April and conducted an in-home visit in the time since. Cooper seems to like and understand how he fits the Tigers’ system and has a strong bond with the school’s new coaching staff. LSU fans shouldn’t hold their breath here, but stranger things have happened in recruiting. A future official visit would have to shake things up significantly for the Tigers to make a move.
*****
KANSAS
The Jayhawks are a bit of a dark horse, but it was difficult to keep the defending champs off the list completely. There’s definitely mutual interest between the two parties, and Cooper has mentioned a desire to eventually visit Lawrence. Beyond that, it’s unclear where things stand. It seems as though KU has higher priorities for the time being. The Jayhawks have a slew of talented young wings on their roster and are the heavy favorites to land 6-foot-6 Chris Johnson when he announces on Aug. 2. That may or may not have an effect on things. | https://basketballrecruiting.rivals.com/news/ranking-the-contenders-kaden-cooper | 2022-08-02T21:44:27 | en | 0.97226 |
FREMONT, Calif., Aug. 2, 2022 /PRNewswire/ -- Amprius Technologies, Inc. ("Amprius"), the leader in lithium-ion batteries with its Si Nanowire Anode Platform, today announced that management will be presenting at the following investor conferences in the third quarter 2022.
Oppenheimer Technology, Internet & Communications Conference
Presenting virtually on Wednesday, August 10, 2022, at 9:25 a.m. Pacific time
Baird Newly Public Company Virtual Access Day
Presenting virtually on Wednesday, August 17, 2022, at 9:00 a.m. Pacific time
Cowen Annual Global Transportation & Sustainable Mobility Conference
Presenting virtually on Friday, September 9, 2022, at 12:40 p.m. Pacific time
To schedule a one-on-one meeting, request a conference invitation or receive additional information, please contact your conference representative or Amprius' investor relations team at (949) 574-3860 or [email protected].
Amprius announced earlier this year that it would become a public company via a merger with special purpose acquisition company Kensington Capital Acquisition Corp. IV ("Kensington") (NYSE: KCAC.U). The proposed transaction is expected to be completed in the second half of 2022.
About Amprius Technologies, Inc.
Amprius Technologies, Inc. is a leading manufacturer of high-energy and high-power lithium-ion batteries producing the industry's highest energy density cells. The company's corporate headquarters is in Fremont, California where it maintains an R&D lab and a pilot manufacturing facility for the fabrication of silicon nanowire anodes and cells.
For additional information, please visit amprius.com.
About Kensington Capital Acquisition Corp. IV
Kensington Capital Acquisition Corp. IV (NYSE: KCAC.U) is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with a business in the automotive and automotive-related sector. Kensington's management team of Justin Mirro, Dieter Zetsche, Bob Remenar, Simon Boag and Dan Huber is supported by a board of independent directors including Tom LaSorda, Nicole Nason, Anders Pettersson, Mitch Quain, Don Runkle, and Matt Simoncini.
Kensington's units, subunits and warrants are currently trading on the New York Stock Exchange under the symbols "KCAC.U," "KCA.U," and "KCAC.WS," respectively. Each "KCAC.U" unit contains one subunit and 1 warrant. Each "KCA.U" subunit contains one share of Kensington common stock and 1 warrant. A holder of the subunit will only be able to retain the 1 warrant underlying the subunit if the holder elects not to redeem the subunit in connection with the Business Combination. The subunits will not separate into shares of common stock and warrants until the consummation of the Business Combination.
For additional information, please visit autospac.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, each as amended, including Kensington's or Amprius' or their management teams' expectations, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek" 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 the proposed business combination between Amprius and Kensington (the "Proposed Business Combination") and the expansion of Amprius' manufacturing capabilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Amprius' and Kensington'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 upon by any investors 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 Amprius and Kensington. 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; the inability of the parties to successfully or timely consummate the Proposed Business Combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Business Combination or that the approval of the equity holders of Amprius or Kensington is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; risks related to the rollout of Amprius' business and the timing of expected business milestones; the effects of competition on Amprius' business; supply shortages in the materials necessary for the production of Amprius' products; the termination of government clean energy and electric vehicle incentives or the reduction in government spending on vehicles powered by battery technology; delays in construction and operation of production facilities; the amount of redemption requests made by Kensington's public equity holders; and the ability of Kensington or the combined company to issue equity or equity-linked securities in connection with the Proposed Business Combination or in the future. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Kensington's periodic filings with the Securities and Exchange Commission (the "SEC"), including Kensington's final prospectus for its initial public offering filed with the SEC on March 2, 2022 and the Registration Statement (as defined below) filed in connection with the Proposed Business Combination. 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 neither Amprius or Kensington presently know or that Amprius and Kensington currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Amprius' and Kensington's expectations, plans or forecasts of future events and views as of the date of this press release. Amprius and Kensington anticipate that subsequent events and developments will cause Amprius' and Kensington's assessments to change. However, while Amprius and Kensington may elect to update these forward-looking statements at some point in the future, Amprius and Kensington specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Amprius' or Kensington'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. Neither Amprius, Kensington, nor any of their respective affiliates have any obligation to update this press release other than as required by law.
Important Information and Where to Find It
This communication is being made in respect of the proposed transaction involving Kensington and Amprius. A full description of the terms of the transaction is provided in the registration statement on Form S-4 (File No. 333-265740) (as amended, the "Registration Statement"), filed with the SEC by Kensington. The Registration Statement includes a prospectus with respect to the combined company's securities to be issued in connection with the Proposed Business Combination and a preliminary proxy statement with respect to the shareholder meeting of Kensington to vote on the Proposed Business Combination. Kensington also plans to file other documents and relevant materials with the SEC regarding the Proposed Business Combination. After the Registration Statement is declared effective by the SEC, the definitive proxy statement/prospectus included in the Registration Statement will be mailed to the shareholders of Kensington as of the record date to be established for voting on the Proposed Business Combination. SECURITY HOLDERS OF AMPRIUS AND KENSINGTON ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS AND RELEVANT MATERIALS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THER ENTIRETY WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED BUSINESS COMBINATION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND THE PARTIES TO THE PROPOSED BUSINESS COMBINATION. Shareholders are able to obtain free copies of the proxy statement/prospectus and other documents containing important information about Amprius and Kensington once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. The information contained on, or that may be accessed through the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Kensington and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Kensington in connection with the Proposed Business Combination. Amprius and its officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Kensington's executive officers and directors in the solicitation by reading Kensington's final prospectus filed with the SEC on March 2, 2022, the definitive proxy statement/prospectus, which will become available after the Registration Statement has been declared effective by the SEC, and other relevant materials filed with the SEC in connection with the Proposed Business Combination when they become available. Information concerning the interests of Kensington's participants in the solicitation, which may, in some cases, be different from those of Kensington's shareholders generally, is set forth in the preliminary proxy statement/prospectus included in the Registration Statement.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, or constitute a solicitation of any vote or approval in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Kensington, Amprius or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Contacts:
Investors
Cody Slach and Sophie Pearson
Gateway
949-574-3860
[email protected]
Media
Renée Maler
Philosophy PR
510-499-9746
[email protected]
For Kensington
Dan Huber
Chief Financial Officer
[email protected]
703-674-6514
SOURCE Kensington Capital Acquisition Corp. IV | https://www.prnewswire.com/news-releases/amprius-technologies-sets-its-third-quarter-2022-investor-conference-schedule-301598401.html | 2022-08-02T21:44:28 | en | 0.921493 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/pittsburgh-pirates/articles/40266379 | 2022-08-02T21:44:29 | en | 0.738227 |
DUBLIN, Aug. 2, 2022 /PRNewswire/ -- Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener, and more connected, will present at the J.P. Morgan 2022 Auto Conference, August 9 at 3:05 p.m. Eastern Time.
A simultaneous webcast will be available on the Aptiv Investor Relations website at ir.aptiv.com.
About Aptiv
Aptiv is a global technology company that develops safer, greener and more connected solutions enabling a more sustainable future of mobility. Visit aptiv.com.
SOURCE Aptiv PLC | https://www.prnewswire.com/news-releases/aptiv-to-present-at-the-jp-morgan-auto-conference-301598413.html | 2022-08-02T21:44:34 | en | 0.832729 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/pittsburgh-pirates/articles/40266755 | 2022-08-02T21:44:35 | en | 0.738227 |
Aspen Aerogels, Inc. Appoints James Sweetnam to Board of Directors
NORTHBOROUGH, Mass., Aug. 2, 2022 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced the appointment of James Sweetnam to its Board of Directors, increasing the size of the Board to eight members.
Jim previously served as the President and Chief Executive Officer, and a member of the board, of Dana Corporation, a Fortune 500 world leader in the design and manufacture of driveline components for light, medium and heavy-duty vehicle manufacturers in the automotive, commercial vehicle and off-highway markets. Prior to his tenure with Dana, Jim was Chief Executive Officer - Truck Group at Eaton Corporation, where he had also served as the Operations Vice President - Heavy-Duty Transmissions, Clutch and Aftermarket divisions, and as Vice President - General Manager of the Heavy-Duty Transmissions Division, all businesses he led. Prior to joining Eaton, Jim spent 10 years at Cummins, where he served as Vice President - Cummins Engine Company and Group Managing Director of Holset Engineering Co. Ltd., a Cummins subsidiary and manufacturer of turbochargers, headquartered in England. Prior to that, Jim served as President of Cummins Electronics Company. He has also held management positions with Canadian Liquid Air in Montreal and Calgary, Canada, and held engineering positions with Air Products and Chemicals in Allentown, Pa. and Sao Paulo, Brazil. He began his career as a civil engineer at Olko Engineering in New York, N.Y. Jim received his Bachelor of Science degree from the United States Military Academy at West Point and his MBA from Harvard Business School.
Jim presently serves on the Board of Directors of Republic Airlines, on which he is a member of its Audit and Finance Committee and its Nominating and Governance Committee. He also previously served on the Board of Directors of SunCoke Energy, Inc, as Chair of the Compensation Committee and Chair of the Nominating/Governance Committee and a member of its Audit Committee. Additionally, Jim has served on the Board of Directors of LMI, a private, not-for-profit providing specialized consulting to the federal government, where he served as Chair of its Audit and Finance Committee and a member of its Nominating and Governance Committee. From 2007 until its acquisition by Berkshire Hathaway in 2011, Jim served as an independent director of Lubrizol Corporation, a specialty chemicals company, and a member of its Audit, Nominating & Governance and Organization & Compensation Committees. Jim also served on the Board of Trustees for ideastream, the non-profit public radio, TV and multi-media organization serving northeast Ohio, from 2004 through 2009.
"Jim has an outstanding track record generated through decades of senior leadership and relevant industry experience that will greatly benefit Aspen Aerogels, particularly with respect to our partnerships with automotive OEM customers, where opportunities for growth continue to materialize at a rapid pace," said Donald R. Young, President and Chief Executive Officer. "I, and the members of our Board, welcome his addition as he brings increased depth and breadth of experience that represents a complementary skillset to our Board."
Jim commented, "I am very pleased to be joining Aspen Aerogels' Board at an exciting time in the Company's evolution as it looks to capture a significant opportunity in the electric vehicle market with its proven aerogel technology solutions. I am impressed by the Company's track record of success and innovative culture that provides compelling long-term growth opportunities. I look forward to applying my years of executive leadership and industry experience managing technology businesses to the work of the Board and driving value for Aspen's shareholders."
About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability and electrification solutions. The Company's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen's PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle ("EV") market. Aspen Battery Materials, the Company's carbon aerogel initiative, seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to extend the driving range and reduce the cost of EVs. Aspen's Spaceloft® products provide building owners with industry-leading energy efficiency and fire safety. The Company's Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform™ into additional high-value markets. Headquartered in Northborough, Mass., Aspen manufactures its products at its East Providence, R.I. facilities. For more information, please visit www.aerogel.com.
SOURCE Aspen Aerogels, Inc. | https://www.prnewswire.com/news-releases/aspen-aerogels-inc-appoints-james-sweetnam-to-board-of-directors-301598279.html | 2022-08-02T21:44:40 | en | 0.967739 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/pittsburgh-pirates/articles/40266770 | 2022-08-02T21:44:41 | en | 0.738227 |
Greg Edwards, CEO/President-Catch Des Moines, has information on some EXPLOSIVE events around central Iowa this week! Baseball, Ballet, Balloons, Music, Music and MORE MUSIC along with the biggest fireworks show you may ever see! www.catchdesmoines.com for all the details!
CATCH some explosive events in DES MOINES this week!
Greg Edwards, CEO-Catch Des Moines, has details on non stop activities that you can look forward to this week in central Iowa! | https://www.weareiowa.com/article/entertainment/television/programs/iowa-live/catch-some-explosive-events-in-des-moines-this-week/524-82452d3a-38ae-4aba-a75f-f8d12f26c420 | 2022-08-02T21:44:43 | en | 0.900812 |
Avenida Palm Desert Named Best Age-Qualified Senior Living Community in 2022 Gold Nugget Awards
PALM DESERT, Calif., Aug. 2, 2022 /PRNewswire/ -- Judges selected Avenida Palm Desert as the Best Age-Qualified Senior Living Community in the 2022 Gold Nugget Awards in San Francisco. The annual competition honors design and planning achievements in community and home design, green-built housing, site planning, commercial, retail, mixed-use development, and specialty housing categories. Winners this year were chosen from over 600 entries from around the world.
Now in its 59th year, GNA is the largest and most prestigious competition of its kind in the nation. Grand Award winners, chosen from an elite pool of Merit Award winners, were announced at a Highlight Event of the PCBC 2022 Summer Event on June 22nd at the Moscone Center. "Gold Nugget Award winners reflect our industry's best, brightest and most innovative architects, planners and builder/developers," said Judging Chairman and Gold Nugget ceremonies administrator Lisa Parrish. "We applaud them all."
Avenida Palm Desert is brand new, with luxurious 1- and 2-bedroom mid-century modern apartment residences bringing carefree, maintenance-free living to active adults at a superior value. This resort-inspired boutique community offers a truly unparalleled mix of most-wanted services, 12,000 square feet of amenities, various conveniences, and over eight daily activities. Ideally located near the popular El Paseo shopping and dining district, Avenida Palm Desert radiates vibrance while putting residents in position to experience a lifestyle that's healthy, active, and present.
Enjoy the ever-social Avenida atmosphere and highly engaging enrichment program by taking advantage of the various move-in specials the community is currently offering. Contact our onsite team at 833-427-0072 to learn more or schedule a tour.
Avenida Partners wishes to acknowledge project architect/designer KTGY, civil engineer MSA Consulting, interior designer CDC Design, landscape designer Summers Murphy + Partners and SRG Residential property management as well as Passco Capital, Inc. and lender iStar Inc. We're also grateful for our stellar team of management and sales professionals who have contributed to make Avenida Palm Desert one of the most notable communities in the Coachella Valley and greater Palm Springs area.
Avenida Partners is a national real estate development firm with offices in Newport Beach, California, and Nashville, Tennessee. The award-winning Avenida team specializes in the development of vibrant active adult communities that are thoughtfully designed and expertly constructed for the new generation of seniors. Avenida communities provide the things that matter most in creating a home that promotes a healthy, active, and engaged lifestyle. Avenida Partners' portfolio is comprised of over 2,000 units and 2 million square feet of living and social spaces. Every community reflects the unique architecture of the neighborhood in which it is built and also features a robust mix of amenities, programs, and conveniences. For additional information and to learn more about other Avenida communities, please visit www.avenidapartners.com.
SOURCE Avenida Partners | https://www.prnewswire.com/news-releases/avenida-palm-desert-named-best-age-qualified-senior-living-community-in-2022-gold-nugget-awards-301598409.html | 2022-08-02T21:44:46 | en | 0.936369 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/pittsburgh-pirates/articles/40266969 | 2022-08-02T21:44:47 | en | 0.738227 |
Royce Johns has recently been receiving final mixes of some of the songs that will be included in his upcoming release. We caught up with Royce to see how the songs came about and watch him perform "Wish I Was"...which will be included on the new album.
Royce Johns performs "Wish I Was" and shares story of how the songs were created for his upcoming release
Des Moines Country Music artist Royce Johns has just received some of the final mixes of songs for his upcoming album and shares the song "Wish I Was" | https://www.weareiowa.com/article/entertainment/television/programs/iowa-live/royce-johns-performs-wish-i-was-and-shares-story-of-how-the-songs-were-created-for-his-upcoming-release/524-6716ddb6-a4dd-4bf1-a9fb-2b5e5bc7e6cc | 2022-08-02T21:44:49 | en | 0.992942 |
Increased consideration would include $2.80 per share in cash and $0.28 in equity consideration of Aviat stock, providing a premium of 47% to closing price of Ceragon shares on June 27, 2022
Combination of cash and equity consideration provides balance of immediate and long-term value, allowing shareholders of both Aviat and Ceragon to benefit from the considerable value creation potential of the combined company
New website ValueForCeragon.com provides information about what's at stake and the slate of highly qualified independent directors who will ensure Ceragon pursues opportunities to create value
AUSTIN, Texas, Aug. 2, 2022 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW) ("Aviat"), the leading expert in wireless transport solutions, today announced it has submitted a revised nonbinding proposal ("Revised Proposal") to acquire all the outstanding shares of Ceragon Networks Ltd. (NASDAQ: CRNT) ("Ceragon") to the Ceragon Board. The Revised Proposal provides even greater value than Aviat's June 27, 2022 proposal and is structured to maximize value and certainty for Ceragon and its shareholders, and to address the requests Ceragon shareholders have made for an opportunity to benefit from the value the combined company will provide. Aviat also announced the launch of a new website, ValueforCeragon.com, which provides information about what is at stake for Ceragon shareholders.
Under the terms of the Revised Proposal, which was delivered to Ceragon's Chief Executive Officer today, Ceragon shareholders would receive $2.80 per share in cash and $0.28 in equity consideration of Aviat stock. The combination of cash and equity consideration provides a balance of immediate and long-term value, allowing shareholders of both Aviat and Ceragon to benefit from the significant upside of the combined company. This proposal represents a substantial premium of 47% to the closing price of Ceragon shares on June 27, 2022 of $2.09 (the last close price prior to Aviat's first public offer) and a 64% premium to Ceragon's 60-day volume-weighted average share price of $1.88.
"Since we publicly announced our proposal to acquire Ceragon on June 27, 2022, we have spoken with Wall Street analysts and many Ceragon shareholders, who have recognized the compelling strategic logic of such a combination," said Aviat President and CEO Peter Smith. "In addition to offering immediate and certain value to Ceragon shareholders, our transaction will create significant synergy opportunities, and provide the combined company with the scale and reach to innovate more, expand revenue opportunities, and enhance addressable market capture. Ceragon shareholders have told us clearly that they would also like to benefit from the combination over time. We have addressed this in our revised proposal through the addition of an equity component, which provides Ceragon shareholders with a compelling opportunity for both near and long-term value creation.
"We remain committed to consummating a transaction with Ceragon and taking all the necessary steps to make that happen. Despite the disappointing quarterly results recently announced by Ceragon, which marked the company's sixth consecutive quarter of negative free cash flow, we continue to see value in a combination, and remain committed to doing everything possible to make that happen. We have revised our proposal to provide greater value to Ceragon shareholders and believe they – and Ceragon's Board – will be receptive to our revised proposal."
Ceragon shareholders can visit ValueforCeragon.com for greater detail on the benefits of the proposed transaction, the deficiencies of Ceragon's existing stand-alone strategy, the tremendous value destruction overseen by Ceragon's current Board, and the qualifications of Aviat's five highly qualified Board nominees.
The full text of the letter delivered to Ceragon on August 2, 2022 is included below:
August 2, 2022
Mr. Zohar Zisapel, Chairman of the Board
Mr. Doron Arazi, Chief Executive Officer
Ceragon Networks Ltd.
24 Raoul Wallenberg Street
Tel-Aviv 69719, Israel
Dear Messrs. Zisapel and Arazi:
As a follow-up to our conversation earlier today and based on feedback we received from Ceragon shareholders, Aviat is hereby increasing its offer for all of the outstanding shares of Ceragon to $3.08 per share, consisting of $2.80 in cash and $0.28 in equity consideration of Aviat stock (the "Revised Proposal"). We believe the Revised Proposal represents a compelling and full value proposition to Ceragon shareholders as it represents a 64% premium to Ceragon's 60-day volume-weighted average share price of $1.88 and a 47% premium to Ceragon shareholders based on the closing price on June 27, 2022 of $2.09 (the last closing price prior to our public offer). Moreover, the stock component of our proposal will permit your shareholders to share in the synergies of the combination of our two companies.
We intend to finance the transaction with cash on hand and bank debt. We have re-confirmed with our potential financing sources that each is highly confident in our ability to obtain debt financing at this level. Upon completion of due diligence and drafting the mutually acceptable definitive agreement, which we believe can be accomplished prior to the date of the Ceragon extraordinary general meeting, we would procure binding commitment letters for the full debt financing.
As with our original proposal, the consummation of the transaction is subject to the approval of Ceragon's shareholders, customary regulatory approvals and other standard conditions. The consummation of the transaction would not be subject to any financing condition. No binding obligation or commitment for either of us will arise with respect to this Revised Proposal or any transaction until we have executed a mutually agreeable definitive agreement.
We remain very enthusiastic about a combination of Aviat and Ceragon and will immediately commit the resources to expeditiously move forward. Please do not hesitate to call me if you have any questions.
Sincerely,
Peter Smith
Aviat Networks
President and Chief Executive Officer
Aviat Networks, Inc. is the leading expert in wireless transport solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high-performance products, simplified operations, and the best overall customer experience. Aviat Networks is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Twitter, Facebook and LinkedIn.
The information contained in this document includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include, without limitations, statements regarding the proposed transaction between Aviat and Ceragon, the results of the requested extraordinary general meeting of shareholders of Ceragon, Ceragon's actions in connection therewith, and any potential related litigation. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat and trends in revenue, and other statements identified by the use of forward-looking terminology, including, without limitation, "anticipate," "believe," "plan," "estimate," "expect," "goal," "will," "see," "continue," "delivering," "view," and "intend," or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:
- the impact of COVID-19 on our business, operations and cash flows;
- continued price and margin erosion as a result of increased competition in the microwave transmission industry;
- our ability to realize the anticipated benefits of any proposed or recent acquisitions, including our proposed transaction with Ceragon, within the anticipated timeframe or at all, including the risk that proposed or recent acquisitions will not be integrated successfully;
- the results of the extraordinary general meeting of Ceragon's shareholders;
- the impact of the volume, timing, and customer, product, and geographic mix of our product orders;
- the timing of our receipt of payment for products or services from our customers;
- our ability to meet projected new product development dates or anticipated cost reductions of new products;
- our suppliers' inability to perform and deliver on time as a result of their financial condition, component shortages, the effects of COVID-19 or other supply chain constraints;
- the effects of inflation and the timing and extent of changes in the prices and overall demand for and availability of our inputs;
- customer acceptance of new products;
- the ability of our subcontractors to timely perform;
- weakness in the global economy affecting customer spending;
- retention of our key personnel;
- our ability to manage and maintain key customer relationships;
- uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation;
- our failure to protect our Intellectual property rights or defend against Intellectual property infringement claims by others;
- the results of our restructuring efforts;
- the ability to preserve and use our net operating loss carryforwards;
- the effects of currency and interest rate risks;
- the effects of current and future government regulations, including the effects of current restrictions on various commercial and economic activities in response to the COVID-19 pandemic;
- general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States and other countries where we conduct business;
- the conduct of unethical business practices in developing countries;
- the impact of political turmoil in countries where we have significant business;
- the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; and
- Aviat's ability to implement our stock repurchase program or the extent to which it enhances long-term stockholder value.
For more information regarding the risks and uncertainties for Aviat's business, see "Risk Factors" in Aviat's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on August 25, 2021 as well as other reports filed by Aviat with the SEC from time to time. Aviat does not undertake any obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.
This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer or sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933 or an exemption therefrom.
In connection with any transaction between Aviat and Ceragon that involves the issuance of Aviat shares to the Ceragon shareholders, Aviat will file a registration statement with the SEC. INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT, ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Investors will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC's web site at www.sec.gov.
Investor Contacts
Aviat Networks
Andrew Fredrickson
+1-408-501-6214
[email protected]
Okapi Partners LLC
Bruce Goldfarb / Chuck Garske / Teresa Huang
+1-212-297-0720
[email protected]
Media Contact
Abernathy MacGregor
Sydney Isaacs / Jeremy Jacobs
+1-212-371-5999
[email protected] / [email protected]
SOURCE Aviat Networks, Inc. | https://www.prnewswire.com/news-releases/aviat-networks-revises-proposal-to-acquire-ceragon-networks-to-3-08-per-share-301598309.html | 2022-08-02T21:44:52 | en | 0.93806 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arizona-state-sun-devils-football/articles/40257877 | 2022-08-02T21:44:53 | en | 0.738227 |
In recent months, common foods like Jif peanut butter and strawberries have been recalled. Now, some people are wondering if oat milk is the latest product they need to toss.
Beverage company Lyons-Magnus, whose products include Oatly oat milk and Premier protein shakes, announced a recall of some of its products on July 29 due to a "potential microbial contamination." After the announcement, Google searches about oat milk recalls and symptoms of possible contamination spiked.
VERIFY viewer Melanie emailed asking whether there’s been an oat milk recall, and if so, which brand or brands have been recalled.
Here’s what to know and how to check if you have any impacted products.
THE QUESTION
Is there an oat milk recall?
THE SOURCES
- Lyons-Magnus, contract-manufacturing company of Oatly
- Oatly
- Food and Drug Administration (FDA)
- Centers for Disease Control and Prevention (CDC)
THE ANSWER
Yes, there is a recall for one type of Oatly brand oat milk. Oatly’s contract-manufacturing partner, Lyons-Magnus, has recalled over 50 products, including protein shakes, coffee drinks and creamers.
WHAT WE FOUND
Lyons-Magnus, a contract-manufacturing partner of Oatly, recalled 53 products on July 29 “due to the potential for microbial contamination.” That includes the Barista Edition of Oatly brand oat milk, which is sold both to professional baristas and everyday consumers at the grocery store.
While none of Oatly’s other oat milk products were recalled, some other products from Lyons-Magnus were recalled. The recalled products' best-by dates range from November 2022 to September 2023. For specific expiration dates and lot numbers, check here.
As of August 2, no illnesses or complaints about the products have been reported, according to the FDA. But recalled products should still be thrown out.
In a statement to VERIFY, Oatly said the company requested retailers dispose of potentially affected products “out of an abundance of caution,” saying the batch was produced at the Lyons-Magnus Beloit, WI facility in April 2022.
“Lyons-Magnus, one of our contract manufacturing partners, has initiated a voluntary recall of certain products in cooperation with the FDA that involves several brands, including ours,” it read. “It is important to note that for our brand, this voluntary recall is very specific: it is limited to a single SKU, manufactured in April 2022, and primarily distributed to food service partners.”
Here are the symptoms to look out for
According to the press release, which has since been reposted by the Food and Drug Administration (FDA), Oatly’s oat milk barista edition was among the 53 products potentially contaminated with an organism called Cronobacter sakazakii.
Cronobacter sakazakii is a bacteria that can be deadly for infants, older people and immunocompromised people, according to the Centers for Disease Control and Prevention (CDC). In infants, it can cause sepsis, a severe bloodstream infection, and meningitis as well as even an infection of protective membranes around the brain in infants.
While infection from Cronobacter sakazakii is believed to be rare, doctors and labs are not required to report cases to the state, making case outbreaks difficult to track nationally.
The CDC advises people to look for the following symptoms:
- Worsening of wounds where you may have had surgeries
- Fever
- Vomiting
- Urinary tract infections
- For those over the age of 65, and those who are immunocompromised, potential bloodstream infection symptoms such as fatigue, body aches, high heart rate and rapid breathing
Lyons-Magnus noted in its press release that none of its recalled products are intended for infants, and no illnesses or complaints related to the recalled products have been reported. Lyons-Magnus said the products did not meet commercial sterility specifications, which prompted their recall.
Here are the items affected by the recall:
- Premier Protein shakes in chocolate, vanilla and café latte flavors (330ml. carton)
- Oatly Oat-Milk Barista Edition, (12 ct. 32 oz. in “Slim Packaging”)
- Aloha plant-based protein shakes in coconut, chocolate sea salt, vanilla and iced coffee flavors (330ml. carton)
- Intelligentsia Cold Coffee and Oat Latte in multiple flavors (330ml. carton)
- Glucerna Original in chocolate, strawberry and vanilla (24 ct. club case, 237ml. carton)
- Pirq Plant Protein in multiple flavors (4 and 12 ct., 325 ml. carton)
- Lyons Barista Style non-dairy beverages in oat, coconut and almond (32oz carton)
- Lyons Ready Care Thickened Dairy Drink and Lyons Ready Care 2.0 High Calorie High Protein Nutritional Drink in multiple flavors (32oz cartons)
- Stumptown Cold Brew Coffee with Oat Milk in original, chocolate, horchata (325 ml.cartons) as well as Stumptown’s Cold Brew Coffee with Cream & Sugar in original and chocolate (325ml. carton)
- Kate Farms Pediatric Standard 1.2 in Vanilla (250ml. carton)
- MRE Protein Shakes in milk chocolate, cookies and cream, salted caramel,and vanilla milkshake flavors (330ml carton)
- Imperial Med Plus 2.0 Vanilla Nutritional Drink (12 ct.,32oz carton) Thickened Dairy Drink in various flavors, and MedPlus Nutritional Drink in various flavors
To read the full list of products, lot numbers and expiration dates, as well as photos of brands included in the recall from the FDA, click here.
Consumers can identify the recalled products by locating the lot code and best by date at the top of the carton for individual beverages or the side of the case for multi-carton cases. If you do have a recalled product in your possession, you should dispose of it immediately or return it to the place of purchase for a refund.
If you have questions about the recall, call Lyons' 24-hour Recall Support Center line at 1-800-627-0557. | https://www.weareiowa.com/article/life/food/oatly-barista-oatmilk-recall-mre-protein-oatly-lyons-magnus-cronobacter-sakazaii-symptoms/536-53341cb0-531a-4311-b08c-1edae2ed259c | 2022-08-02T21:44:55 | en | 0.935302 |
The boutique coffee chain designates August 5th – August 11th as FUEL Week at all Black Rock Coffee Bar stores in the U.S.
PORTLAND, Ore., Aug. 2, 2022 /PRNewswire/ -- To highlight Black Rock Coffee Bar's popular energy drink brand, FUEL, the growing coffee chain has designated the week of August 5 – August 11th as FUEL Week at its more than 100 stores in the U.S.
During FUEL Week, Black Rock Coffee Bar customers can keep fueled, energized, and refreshed each day by treating themselves to the featured large FUEL drink of the day for just $2.00. Following outlines the daily menu for FUEL Week:
- Friday, August 5: Organic Peach Mango FUEL
- Saturday, August 6: Green Apple Pomegranate FUEL
- Sunday, August 7: Orange Almond Raspberry FUEL
- Monday, August 8: Organic Strawberry Coconut FUEL
- Tuesday, August 9: Blackberry Mango FUEL
- Wednesday, August 10: Organic Lavender Vanilla FUEL
- Thursday, August 11: Passion Fruit Pomegranate Peach FUEL
"We are excited to showcase our popular FUEL drinks as a way to put an exclamation point on the summer season," said Josh Pike, CEO of Black Rock Coffee Bar. "We developed our energy drink, FUEL from the ground up with the help of baristas and customers and know that if you are looking for a fun and refreshing beverage this summer our flavored energy drink will 'FUEL Your Story!' "
Black Rock Coffee Bar offers organic sugar-free and regular FUEL, and over 20 fruit flavors that can be combined to create your own favorite combination. In addition to endless fruit flavors, customers can make their FUEL drink sour and have it over ice or blended.
Black Rock Coffee Bar is known for its premium roasted coffees, teas, smoothies and flavorful blended energy drinks. Founded in 2008 in Portland, Oregon, an area of the Pacific Northwest known for its coffee excellence, Black Rock Coffee Bar has expanded through the west and into the sunbelt, including Arizona, California, Colorado, Idaho, Oregon, Texas and Washington. The boutique coffee chain recently was named the Fastest Growing Private Company in Oregon and SW Washington in 2021 by the Portland Business Journal.
Black Rock Coffee Bar is a national boutique coffee shop that is known for its premium roasted coffees, teas, smoothies and flavorful blended energy drinks. Founded as a family owned and operated business in Oregon in 2008, Black Rock Coffee Bar has grown to more than 100 retail locations in seven states. The Black Rock culture emphasizes personal and professional growth for each Black Rock employee and ensuring that they provide compassionate customer service towards each person who experiences the store.
For more information, visit https://br.coffee/
SOURCE Black Rock Coffee Bar | https://www.prnewswire.com/news-releases/black-rock-coffee-bar-amps-up-the-energy-in-august-with-its-fuel-drink-specials-301598439.html | 2022-08-02T21:44:59 | en | 0.937451 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arizona-state-sun-devils-football/articles/40258432 | 2022-08-02T21:44:59 | en | 0.738227 |
AMES, Iowa — Ames Electric Services is asking residents to reduce electricity consumption amid high temperatures, according to a Monday press release.
“We know that a lot of people are moving over the next few days, and with that comes additional demands on energy,” said Ames Electric Services Director Donald Kom.
In particular, customers should reduce electricity usage between the hours of 4 and 7 p.m. In doing so, they will "lower utility bills, contribute to a lower electric rate over time and avoid the need to build additional generation."
In an effort to encourage the shift, the utility issued an electric use "peak alert" for Tuesday, meaning it may implement its Prime Time Power program.
The opt-in program cycles off air conditioning systems for 7.5 minutes per each half hour in an effort to conserve energy. When customers join the program, Ames Electric Services provides a $5 credit each month for the months of June, July, August and September.
There are still ways for customers who are not part of the program to help conserve energy .
“One easy step to help reduce demand is to not prop doors open for extended periods. If you must leave a door propped, turn off the air conditioning,” Kom said.
Other ways to reduce electric consumption during a peak alert include:
- charging electric vehicles after 8 p.m.
- turning thermostats up 3 to 5 degrees and use fans
- avoiding the use of ovens during the afternoon and early evening; consider grilling instead
- turning off any unnecessary electrical devices
- closing drapes to block out the sun
- washing dishes and clothes in the early morning or later evening
- closing air registers and doors in rooms that aren't being used
For more information, visit www.cityofames.org/SmartEnergy. | https://www.weareiowa.com/article/news/local/ames-electric-services-peak-alert-energy-conservation/524-2e9f4c62-22f0-4b31-a1d3-88fafe1b65c5 | 2022-08-02T21:45:01 | en | 0.929873 |
Second Quarter Total Revenue Increases 15% Year-Over-Year with First Half 2022 Non-GAAP Organic Recurring Revenue Growth of 6%; Updates Full Year 2022 Financial Guidance
CHARLESTON, S.C., Aug. 2, 2022 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading cloud software company powering social good, today announced financial results for its second quarter ended June 30, 2022.
"Our financial results for the quarter and through the first half of 2022 paced ahead of our plan," said Mike Gianoni, president and CEO, Blackbaud. "We are uniquely positioned as a market leader in our space, and we continue to sharpen our focus on delivering a best-in-class experience for our customers, which is resulting in longer term commitments with future opportunity to deepen these relationships and forge new ones. We continue to monitor the macro environment and remain confident in our core business as well as our ability to execute incremental program initiatives already underway as we look to balance operating discipline with strategic investments to drive sustainable growth and improving profitability."
Second Quarter 2022 Results Compared to Second Quarter 2021 Results:
- GAAP total revenue was $264.9 million, up 15.5%, with $252.5 million in GAAP recurring revenue, up 16.4%.
- Non-GAAP organic recurring revenue increased 5.1%.
- GAAP income from operations was $0.1 million, inclusive of security incident-related costs, net of insurance of $8.3 million, with GAAP operating margin of 0.0%, a decrease of 570 basis points.
- Non-GAAP income from operations was $54.5 million, with non-GAAP operating margin of 20.6%, a decrease of 300 basis points.
- GAAP net loss was $3.4 million, with GAAP diluted loss per share of $0.07, down $0.21 per share.
- Non-GAAP net income was $38.9 million, with non-GAAP diluted earnings per share of $0.75, down $0.07 per share.
- Non-GAAP adjusted EBITDA was $70.6 million, up $4.8 million, with non-GAAP adjusted EBITDA margin of 26.6%, an increase of 80 basis points.
- GAAP net cash provided by operating activities was $57.3 million, a decrease of $12.5 million.
- Non-GAAP adjusted free cash flow was $43.9 million, a decrease of $15.1 million, with non-GAAP adjusted free cash flow margin of 16.6%, a decrease of 910 basis points.
"We had a strong quarter posting double-digit total revenue growth, mid single-digit organic recurring revenue growth and achieved 32% on Rule of 40 at constant currency," said Tony Boor, executive vice president and CFO, Blackbaud. "We remain committed to executing our capital allocation strategy and continued our track record of balancing sustainable revenue growth and strong profitability in the quarter. With the first half behind us, we've updated our full year financial guidance primarily to account for the evolving macroeconomic conditions such as unfavorable foreign exchange rate movement and higher interest rates, as well as other unforeseen items like the continued drag on total revenue from our mix shift away from one-time services revenues and also updated sales projections for EVERFI. Overall, we remain confident that continued execution against our plan for 2022 has us well positioned to continue progressing toward our long-term goal of achieving Rule of 40."
An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading "Non-GAAP Financial Measures." A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Recent Company Highlights
- Blackbaud released its 2021 Social Responsibility Report sharing how the company is growing and strengthening the entire social good community, empowering its people, stewarding the environment and expanding responsible business practices.
- Blackbaud hosted its annual Developers' Conference—a three-day event that convenes technology enthusiasts, creators and developers of all levels to reimagine nonprofit technology and build a better world.
- Blackbaud announced strategic organizational updates to its executive leadership team. Kevin Gregoire has been appointed Chief Operating Officer, David Benjamin has been appointed Chief Commercial Officer and Tom Davidson has been appointed Executive Vice President of Corporations. These changes will enable the company to place increased emphasis on product and technology innovation, customer focus and sales productivity.
- Blackbaud announced that Deneen DeFiore, vice president and global chief information security officer for United Airlines, has joined its board of directors, bringing more than 20 years of experience in technology and cybersecurity.
- Blackbaud appointed Chris Singh as Chief Customer Officer. Singh is the first leader to hold the newly created position at Blackbaud, representing a significant next step in the company's commitment to customers and their end-to-end experience.
- TrustRadius recognized Blackbaud Raiser's Edge NXT® in its Top Rated 2022 Awards. Raiser's Edge NXT was named a Top Rated solution in the Nonprofit CRM, Donor Management and Nonprofit Fundraising categories.
- Blackbaud announced the launch of Prospect Insights—a new software tool within Blackbaud Raiser's Edge NXT® that enables social good professionals to access actionable, AI-powered insights to drive more major giving.
- EVERFI announced that it will deploy new educational content specifically designed to support students in developing tools and strategies to avoid reaching the point of a mental health crisis. This content will be supported by EVERFI's strategic partners: HCA Healthcare, Healthy Blue, Johnson County Mental Health Center and National Football League.
Visit www.blackbaud.com/newsroom for more information about Blackbaud's recent highlights.
Financial Outlook
Blackbaud today revised its 2022 full year financial guidance:
- Non-GAAP revenue of $1.05 billion to $1.07 billion
- Non-GAAP adjusted EBITDA margin of 23.7% to 24.2%
- Non-GAAP earnings per share of $2.43 to $2.63
- Non-GAAP adjusted free cash flow of $140 million to $150 million
Included in its 2022 full year financial guidance are the following assumptions:
- Non-GAAP annualized effective tax rate is expected to be 20%
- Interest expense for the year is expected to be approximately $34 million to $37 million
- Fully diluted shares for the year are expected to be in the range of 52 million to 53.5 million
- Capital expenditures for the year are expected to be in the range of $60 million to $70 million, including approximately $50 million to $60 million of capitalized software and content development costs
Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.
In order to provide a meaningful basis for comparison, Blackbaud uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content development, capital expenditures for property and equipment, plus cash outflows, net of insurance, related to the previously disclosed Security Incident discovered in May 2020 (the "Security Incident"). For full year 2022, Blackbaud currently expects net cash outlays of $15 million to $25 million for ongoing legal fees related to the Security Incident. In line with the Company's policy, all associated costs due to third-party service providers and consultants, including legal fees, are expensed as incurred. As of June 30, 2022, Blackbaud has not recorded a loss contingency related to the Security Incident as it is unable to reasonably estimate the possible amount or range of such loss. Please refer to the section below titled "Non-GAAP Financial Measures" for more information on Blackbaud's use of non-GAAP financial measures.
Conference Call Details
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world's leading cloud software company powering social good. Serving the entire social good community—nonprofits, higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies and individual change agents—Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility (CSR) and environmental, social and governance (ESG), school management, ticketing, grantmaking, financial management, payment processing and analytics. Serving the industry for more than four decades, Blackbaud is a remote-first company headquartered in Charleston, South Carolina, with operations in the United States, Australia, Canada, Costa Rica and the United Kingdom. For more information, visit www.blackbaud.com, or follow us on Twitter, LinkedIn, Instagram, and Facebook.
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; cybersecurity and data protection risks and related liabilities; uncertainty regarding the COVID-19 disruption; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Trademarks
All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Non-GAAP Financial Measures
Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud's industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.
The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.
Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. In addition, and in order to provide a meaningful basis for comparison, Blackbaud now uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content development, and capital expenditures for property and equipment, plus cash outflows, net of insurance, related to the Security Incident. Blackbaud believes non-GAAP free cash flow and non-GAAP adjusted free cash flow provide useful measures of the company's operating performance. Non-GAAP adjusted free cash flow is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.
In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis and non-GAAP organic recurring revenue growth, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business' organic revenue growth and revenue run-rate.
Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision; depreciation; amortization of intangible assets from business combinations; amortization of software and content development costs; stock-based compensation; employee severance; acquisition and disposition-related costs; restructuring and other real estate activities; costs, net of insurance, related to the Security Incident; and impairment of capitalized software development costs.
SOURCE Blackbaud, Inc. | https://www.prnewswire.com/news-releases/blackbaud-announces-2022-second-quarter-results-301598324.html | 2022-08-02T21:45:05 | en | 0.948681 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arizona-state-sun-devils-football/articles/40261673 | 2022-08-02T21:45:05 | en | 0.738227 |
DES MOINES, Iowa —
Editor's Note: The above video is from July 11.
The 2022 Iowa State Fair is just over a week away. Whether you’re making the trip to see the Butter Cow, watch a concert or just try the food, here’s the information you need to make your trip a success.
When and where is the fair?
The 2022 Iowa State Fair starts Thursday, Aug. 11, and ends Sunday, Aug. 21. It is held at the Iowa State Fairgrounds at E 30th St and East University Ave in Des Moines.
Daily fair hours are 8 a.m. to midnight.
Where can I purchase tickets?
Tickets for the fair can be purchased in advance at the Iowa State Fair Ticket Office or participating Iowa Hy-Vees, Hy-Vee Drugstores, Dollar Fresh stores, Fareways or Des Moines metro Price Chopper stores.
Looking to save a trip? Buy discounted Iowa State Fair tickets online at this link.
Tickets can also be purchased at the fair.
Here are the prices:
Adult (12 and up): $14 ($9 in advance)
Child (6-11): $8 ($5 in advance)
5 & under: Free
Tickets to the fair are only valid for one admission. There are no refunds, exchanges or replacement tickets.
Pro Tip: Click here to see all discounts and deals available at the fair.
Should I pay with cash or card?
If you are purchasing tickets at the gates, you can use either cash or card.
When it comes to your favorite fair foods, the answer may vary. For the 2021 Iowa State Fair, all food vendors were required to implement a credit or debit card payment system. While this mandate continues, many vendors will continue to accept cash.
ATMs will be available for use throughout the fairgrounds.
Where do I park?
There are three parking lots available for parking at $10 per vehicle. Find a map of each lot on the map below
Motorcycles can park in any lot, but for designated motorcycle parking, check out the northeast corner of the North parking lot, between the Gate 1 and Gate 2 entrances.
Bicycle parking is available inside Gate 11 for free.
Pro Tip: Not feeling like parking at the fairgrounds? Show an advance ticket at one of DART’s three State Fair Park & Ride Locations to receive half off round-trip fare to the fairgrounds. Parking is free at all DART locations from 8:30 a.m. to midnight every day of the fair.
Is there a map of the fairgrounds?
Yes – you can view and download a digital version here.
What new foods should I check out?
There are 53 new foods at the fair this year. While it may be impossible to try them all, a panel of judges (including members of the "Good Morning Iowa" team) determined three foods to be the best of the best. They are:
- "OMG" Chicken Sandwich: Chicken City
- Pork Picnic in a Cup: Iowa Pork Tent
- The Finisher: The Rib Shack
These three foods are finalists in the 2022 Iowa State Fair People's Choice Best New Food contest.
Fairgoers can sample the top three finalists and cast their vote starting Thursday, Aug. 11. Voting ends Monday, Aug. 15.
Who is performing at the Grandstand this year? What about free concerts?
A full list of the free concerts at the fair can be found here.
Tickets to the Grandstand concerts must be purchased separately from your Iowa State Fair tickets.
Grandstand headliners include:
- Thursday, August 11: Skillet
- Friday, August 12: Brooks & Dunn
- Saturday, August 13: Nelly
- Sunday, August 14: Demi Lovato
- Monday, August 15: Alanis Morrissette
- Tuesday, August 16: ZZ Top
- Wednesday, August 17: John Crist
- Thursday, August 18: Kane Brown
- Friday, August 19: Disturbed
- Saturday, August 20: Keith Urban
- Sunday, August 21: Carrie Underwood | https://www.weareiowa.com/article/news/local/state-fair/iowa-state-fair/iowa-state-fair-tickets-parking-address-map-food-grandstand-concerts/524-efd9115a-7c05-468b-829a-d865972b5e09 | 2022-08-02T21:45:08 | en | 0.934558 |
SAN FRANCISCO, Aug. 2, 2022 /PRNewswire/ -- Bosch and Broadly are excited to share the continuation of a two-year partnership providing strategic go-to-market collaboration, uniting the Bosch Module Network, one of the world's largest independent chain of workshops backed by the resources, capabilities and first-class expertise of the Bosch team, with Broadly's unrivaled reputation management and customer engagement tools.
Broadly has helped thousands of local shop owners across the United States grow successful businesses through a variety of high-impact features — including Web Chat, Text Messaging, Automated Review Requests, Appointment and Service Reminders, and Contactless Payments — all aimed at increasing revenue and operational efficiency while delivering meaningful customer experiences.
Through this ongoing collaboration, over 100 Bosch shops have been able to collect high-volume, consistent reviews and capture more leads all while simultaneously improving the experience for their customers. And there is no end in sight for this valuable partnership.
"Bosch is committed to helping our shops pair personal customer service with a high-tech customer experience. Broadly is one of our preferred vendors because of their commitment to a customer-first mindset. The Broadly app helps our shops attract leads, engage with customers, and build stronger online reputations so they can win more business. Our partnership with Broadly allows us to further enrich the auto repair experience for our end-customers." - Jack Ogden, Program Manager, Bosch Automotive Aftermarket
For more information on how you can benefit from Broadly as a Bosch Module Network shop, please visit our website: https://broadly.com/bosch-demo/
The Bosch Group is a leading global supplier of technology and services. It employs over 400,000 associates worldwide with operations divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. The Bosch Group's strategic objective is to facilitate connected living with products and solutions that either contain artificial intelligence (AI) or have been developed or manufactured with its help. Bosch improves the quality of life worldwide with products and services that are innovative and spark enthusiasm.
Additional information is available online at www.bosch.com.
Build a strong, lasting online presence and a reputation that helps you stand out in your area. Broadly helps thousands of local businesses attract leads, connect with and serve customers, and automatically request reviews - all from one easy-to-use app. Consistently provide a 5-star customer experience with a custom-built responsive website, automated web chat, streamlined text and email communication, and flexible mobile payment options. Our app connects with the tools you already use and comes with dedicated, ongoing customer support. Broadly makes it easy for customers to find you, work with you, and rave about you.
Learn more at https://broadly.com/bosch-demo/.
Media Contact:
Chris Deianni
[email protected]
SOURCE Broadly | https://www.prnewswire.com/news-releases/bosch-and-broadly-providing-local-auto-shops-with-a-premium-customer-experience-and-reputation-management-301598465.html | 2022-08-02T21:45:11 | en | 0.933405 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arizona-state-sun-devils-football/articles/40262033 | 2022-08-02T21:45:11 | en | 0.738227 |
AUSTIN, Texas — The father of a 6-year-old killed in the Sandy Hook Elementary School shooting testified Tuesday that conspiracy theorist Alex Jones made his life a “living hell” by pushing claims that the murders were a hoax.
In more than an hour of emotional testimony during which he often fought back tears, Neil Heslin said he has endured online abuse, anonymous phone calls and harassment on the street.
“What was said about me and Sandy Hook itself resonates around the world,” Heslin said. “As time went on, I truly realized how dangerous it was. ... My life has been threatened. I fear for my life, I fear for my safety.”
Heslin said his home and car have been shot at, and his attorneys said Monday that the family had an “encounter” in Austin since the trial started and have been in isolation under security.
Heslin and Scarlett Lewis, the parents of 6-year-old Jesse Lewis, have sued Jones and his media company Free Speech Systems over the harassment and threats they and other parents say they have endured for years because of Jones and his Infowars website. Jones claimed the 2012 attack that killed 20 first-graders and six staffers at the Connecticut school was a hoax or faked.
Heslin and Lewis are seeking at least $150 million in the case.
“Today is very important to me and it’s been a long time coming ... to face Alex Jones for what he said and did to me. To restore the honor and legacy of my son,” Heslin said.
Heslin also said that while he doesn’t know if the Sandy Hook hoax theory originated with Jones, it was Jones who “lit the match and started the fire” with an online platform and broadcast that reached millions worldwide.
Heslin told the jury about holding his son with a bullet hole through his head, even describing the extent of the damage to his son’s body. A key segment of the case is a 2017 Infowars broadcast that said Heslin holding his son didn’t happen.
An apology from Jones wouldn’t be good enough at this point, he said.
“Alex started this fight,” Heslin said, “and I’ll finish this fight.”
Jones wasn't in court during Heslin's testimony, a move the father called “cowardly.” Jones has skipped much of the testimony during the two-week trial and had a cadre of bodyguards in the courtroom when he did attend. Tuesday was the last scheduled day for testimony and Jones was expected to take the stand as the only witness in his defense.
Scarlett Lewis was also called to the witness stand Tuesday. She spoke much of her testimony directly at Jones, who had arrived in the courtroom.
“I am a mother first and foremost, and I know you are a father," Lewis said. "My son existed ... I know you know that."
At one point, Lewis asked Jones, “Do you think I’m an actor?”
“No, I don’t think you’re an actor,” Jones responded, before the judge admonished him to stay quiet until it was his turn to testify.
Heslin and Lewis suffer from a form of post-traumatic stress disorder that comes from constant trauma, similar to that endured by soldiers in war zones or child abuse victims, a forensic psychologist who studied their cases and met with them testified Monday.
Jones has portrayed the lawsuit against him as an attack on his First Amendment rights.
At stake in the trial is how much Jones will pay. The parents have asked the jury to award $150 million in compensation for defamation and intentional infliction of emotional distress. The jury will then consider whether Jones and his company will pay punitive damages.
The trial is just one of several Jones faces.
Courts in Texas and Connecticut have already found Jones liable for defamation for his portrayal of the Sandy Hook massacre as a hoax involving actors aimed at increasing gun control. In both states, judges issued default judgements against Jones without trials because he failed to respond to court orders and turn over documents.
Jones has already tried to protect Free Speech Systems financially. The company filed for federal bankruptcy protection last week. Sandy Hook families have separately sued Jones over his financial claims, arguing that the company is trying to protect millions owned by Jones and his family through shell entities. | https://www.weareiowa.com/article/news/nation-world/sandy-hook-trial-dad-says-alex-jones-made-his-life-a-living-hell/507-26e1f568-565d-4620-a66e-8dc5e3e75b9d | 2022-08-02T21:45:14 | en | 0.988155 |
Record Quarterly Sales of $176.2 million, up 12% year over year
10th Consecutive Quarter of Year over Year Sales Growth
Net Income of $4.1 million and Adjusted EBITDA of $8.3 million
TORRANCE, Calif., Aug. 2, 2022 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading e-commerce providers of automotive parts and accessories, is reporting results for the second quarter ended July 2, 2022.
Second Quarter 2022 Summary vs. Year-Ago Quarter
- Net sales increased 12% year over year to $176.2 million and increased 44% on a two-year stack.
- Gross profit increased 16% to $61.9 million, with gross margin increasing 120 basis points to 35.1%.
- Net income was $4.1 million or $0.07 per diluted share, compared to net income of $2.1 million or $0.04 per diluted share.
- Adjusted EBITDA of $8.3 million vs. $8.3 million.
- Entered into an amended and restated $75 million credit facility with the ability to increase to $150 million, subject to certain terms and conditions. The facility is undrawn as of July 2, 2022.
- For net revenues in the back half of 2022, the company projects double-digit year-over-year growth.
Management Commentary
"Q2 was another record for our company," said David Meniane, CEO of CarParts.com. "We are excited to build a trusted and disruptive platform where we can help our customers solve their auto repair and maintenance needs. Our goal is to become the number one destination for customers that need help fixing their vehicles."
"One of our core strategic pillars is innovation and I'm excited to announce our Do-It-For-Me experience is currently live on our website in certain test markets."
Second Quarter 2022 Financial Results
Net sales in the second quarter of 2022 were $176.2 million compared to $157.5 million in the year-ago quarter. The increase was primarily driven by continued strong demand and the expanded capacity from our Grand Prairie distribution center.
Gross profit in the second quarter increased 16% to $61.9 million compared to $53.3 million in the second quarter last year, with gross margin increasing 120 basis points to 35.1%.
Total operating expenses in the second quarter were $57.6 million compared to $51.0 million in the second quarter last year due to an increase in sales and investments in the business.
Net income in the second quarter was $4.1 million compared to a net income of $2.1 million in the second quarter last year.
Adjusted EBITDA in the second quarter was $8.3 million compared to $8.3 million in the year-ago quarter.
On July 2, 2022, the Company had a cash balance of $15.2 million, no revolver debt and no outstanding trade letters of credit ("LCs"), compared to no revolver debt, no outstanding trade LCs and a $18.1 million cash balance at prior fiscal year-end January 1, 2022.
Conference Call
CarParts.com CEO David Meniane and CFO Ryan Lockwood will host a conference call today to discuss the results, followed by a question and answer period.
Date: Tuesday, August 2, 2022
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Webcast: www.carparts.com/investor/news-events
To listen to the live call, please click the link above to access the webcast. A replay of the audio webcast will be archived on the Company's website at www.carparts.com/investor.
About CarParts.com, Inc.
With over 25 years of experience, and more than 50 million parts delivered, we've streamlined our website and sourcing network to better serve the way drivers get the parts they need. Utilizing the latest technologies and design principles, we've created an easy-to-use, mobile-friendly shopping experience that, alongside our own nationwide distribution network, cuts out the brick-and-mortar supply chain costs and provides quality parts at a budget-friendly price.
CarParts.com is headquartered in Torrance, California.
Non-GAAP Financial Measures
Regulation G, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide "Adjusted EBITDA," which is a non-GAAP financial measure. Adjusted EBITDA consists of net income (loss) before (a) interest expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; and (e) share-based compensation expense. A reconciliation of Adjusted EBITDA to net income (loss) is provided below.
The Company believes that this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measure reflects an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliation to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company's business and results of operations.
Management uses Adjusted EBITDA as one measure of the Company's operating performance because it assists in comparing the Company's operating performance on a consistent basis by removing the impact of stock compensation expense as well as other items that we do not believe are representative of our ongoing operating performance. Internally, this non-GAAP measure is also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the ongoing operations of companies in our industry.
This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are all unusual, infrequent or non-recurring.
Safe Harbor Statement
This press release contains statements which are based on management's current expectations, estimates and projections about the Company's business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as "anticipates," "could," "expects," "intends," "plans," "potential," "believes," "predicts," "projects," "seeks," "estimates," "may," "will," "would," "will likely continue" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial condition, our potential growth, our ability to innovate, our ability to gain market share, and our ability to expand and improve our product offerings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company's products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company's product costs, the operating restrictions in its credit agreement, the weather and any other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's Annual Report on Form 10‑K and Quarterly Reports on Form 10‑Q, which are available at www.carparts.com/investor and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.
Investor Relations:
Ryan Lockwood, CFA
[email protected]
SOURCE CarParts.com, Inc. | https://www.prnewswire.com/news-releases/carpartscom-reports-record-second-quarter-2022-results-301598431.html | 2022-08-02T21:45:17 | en | 0.953863 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arizona-state-sun-devils-football/articles/40264366 | 2022-08-02T21:45:17 | en | 0.738227 |
WASHINGTON — New research hints that even a simple exercise routine just might help older Americans with mild memory problems.
Doctors have long advised physical activity to help keep a healthy brain fit. But the government-funded study marks the longest test of whether exercise makes any difference once memory starts to slide — research performed amid a pandemic that added isolation to the list of risks to participants' brain health.
Researchers recruited about 300 sedentary older adults with hard-to-spot memory changes called mild cognitive impairment or MCI -- a condition that’s sometimes, but not always, a precursor to Alzheimer’s. Half were assigned aerobic exercises and the rest stretching-and-balance moves that only modestly raised their heart rate.
Another key component: Participants in both groups were showered with attention by trainers who worked with them at YMCAs around the country -- and when COVID-19 shut down gyms, helped them keep moving at home via video calls.
After a year, cognitive testing showed overall neither group had worsened, said lead researcher Laura Baker, a neuroscientist at Wake Forest School of Medicine. Nor did brain scans show the shrinkage that accompanies worsening memory problems, she said.
By comparison, similar MCI patients in another long-term study of brain health -- but without exercise -- experienced significant cognitive decline over a year.
Those early findings are surprising, and the National Institute on Aging cautioned that tracking non-exercisers in the same study would have offered better proof.
But the results suggest “this is doable for everybody” -- not just seniors healthy enough to work up a hard sweat, said Baker, who presented the data Tuesday at the Alzheimer's Association International Conference. ”Exercise needs to be part of the prevention strategies" for at-risk seniors.
Previous research has found regular physical activity of any sort may reduce damaging inflammation and increase blood flow to the brain, said Alzheimer’s Association chief scientific officer Maria Carrillo.
But the new study is especially intriguing because the pandemic hit halfway through, leaving already vulnerable seniors socially isolated -- something long known to increase people’s risk of memory problems, Carrillo said.
It’s a frustrating time for dementia research. Doctors are hesitant to prescribe a high-priced new drug called Aduhelm that was supposed to be the first to slow progression of Alzheimer’s -- but it’s not yet clear if it really helps patients. Researchers last month reported another drug that works similarly -- by targeting amyloid plaques that are an Alzheimer’s hallmark -- failed in a key study.
While amyloid clearly plays a role, it's important that drugmakers increasingly are targeting many other factors that can lead to dementia, Carrillo said, because effective treatment or prevention likely will require a combination of customized strategies.
One example of a new approach: Sometimes in dementia, the brain has trouble processing blood sugar and fats for the energy it needs, John Didsbury of T3D Therapeutics told the Alzheimer's meeting. His company is testing a pill that aims to rev up that metabolism, with results expected next year.
Meanwhile, there’s growing urgency to settle whether steps people could take today -- like exercise -- might offer at least some protection.
How much and what kind of exercise? In Baker’s study, seniors were supposed to get moving for 30 to 45 minutes four times a week, whether it was on a vigorous turn on the treadmill or the stretching exercises. That’s a big ask of anyone who’s sedentary, but Baker said MCI’s effects on the brain make it even harder for people to plan and stick with the new activity.
Hence the social stimulation — which she credited with each participant completing over 100 hours of exercise. Baker suspects that sheer volume might explain why even the simple stretching added up to an apparent benefit. Participants were supposed to exercise without formal support for an additional six months, data Baker hasn't yet analyzed.
“We wouldn’t have done the exercise on our own,” said retired agriculture researcher Doug Maxwell of Verona, Wisconsin, who joined the study with his wife.
The duo, both 81, were both assigned to the stretching classes. They felt so good afterward that when the study ended, they bought electric bikes in hopes of even more activity -- efforts Maxwell acknowledged are hard to keep up.
Next up: Baker is leading an even larger study of older adults to see if adding exercise to other can’t-hurt steps such as a heart-healthy diet, brain games and social stimulation together may reduce the risk of dementia. | https://www.weareiowa.com/article/news/nation-world/simple-exercise-might-be-the-key-to-a-healthy-brain-study-finds/507-904580c8-575d-49df-8710-dee558b95112 | 2022-08-02T21:45:20 | en | 0.952301 |
Chardan NexTech Acquisition 2 Corp. Increases Deposit Amount to Trust Account Related to Business Combination Extension
Special Meeting of Shareholders to be Held on August 5, 2022
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Chardan NexTech Acquisition 2 Corp. (Nasdaq: CNTQ) ("CNTQ" or the "Company") announced today that the Company has amended its Definitive Proxy Statement, filed July 22, 2022, to increase the amount from $100,000 to $200,000 that the Company's insiders, their affiliates or designees will deposit into the Trust Account upon five days' advance notice prior to August 13, 2022, in order to extend the date by which the Company must complete an initial business combination (which can be extended up to three times for an additional one month each time).
As previously announced on May 16, 2022, CNTQ has entered into a merger agreement, as amended on July 12, 2022, for a business combination transaction with Dragonfly Energy Corp. ("Dragonfly"). Dragonfly is a leader in energy storage and producer of deep cycle lithium-ion storage batteries. The transaction is currently expected to close in the second half of 2022.
Chardan NexTech Acquisition 2 Corp. (Nasdaq: CNTQ) is a blank check company led by its Chairman of the Board of Directors, Kerry Propper, its Chief Executive Officer and Director, Jonas Grossman, and its Chief Financial Officer and Director, Alex Weil. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. The Company has focused its search for a target business operating in disruptive technologies. To learn more, visit https://www.cnaq.com/.
Dragonfly Energy Corp., headquartered in Reno, Nevada, is a leading manufacturer of deep cycle lithium-ion batteries, which are sold direct-to-consumers under the Battle Born Batteries™ brand and to original equipment manufacturers, such as Keystone RV. Dragonfly's battery products are designed and assembled in the USA, and the Company's research and development initiatives are revolutionizing the energy storage industry through innovative technologies and manufacturing processes. Today, Dragonfly's non-toxic deep cycle lithium-ion batteries are displacing lead-acid batteries across a wide range of end-markets, including RVs, marine vessels, off-grid installations, and other storage applications. Dragonfly is also focused on delivering an energy storage solution to enable a more sustainable and reliable smart grid through the future deployment of the Company's proprietary and patented solid-state cell technology. To learn more, visit www.dragonflyenergy.com/investors.
Dragonfly previously announced an agreement for a business combination with Chardan NexTech Acquisition 2 Corp. ("CNTQ") (Nasdaq: CNTQ), which is expected to result in Dragonfly becoming a public company listed on the Nasdaq Stock Exchange under the new ticker symbol "DFLI" in the second half of 2022, subject to customary closing conditions.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to the transactions contemplated by the business combination and related agreements, future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Dragonfly, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "targets," "projects," "could," "would," "continue," "forecast" or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Dragonfly or CNTQ) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by CNTQ and its management, and Dragonfly and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal proceedings that may be instituted against Dragonfly, CNTQ, the combined company or others following the announcement of the business combination and the transactions contemplated thereby; 3) the inability to complete the business combination due to the failure to obtain approval of the stockholders of CNTQ, or to satisfy other conditions to closing the business combination; 4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 5) the ability to meet Nasdaq's listing standards following the consummation of the business combination; 6) the risk that the business combination disrupts current plans and operations of Dragonfly as a result of the announcement and consummation of the business combination; 7) the inability to recognize the anticipated benefits of the business combination; 8) ability of Dragonfly to successfully increase market penetration into its target markets; 9) the addressable markets that Dragonfly intends to target do not grow as expected; 10) the loss of any key executives; 11) the loss of any relationships with key suppliers including suppliers in China; 12) the loss of any relationships with key customers; 13) the inability to protect Dragonfly's patents and other intellectual property; 14) the failure to successfully optimize solid state cells or to produce commercially viable solid state cells in a timely manner or at all, or to scale to mass production; 15) costs related to the business combination; 16) changes in applicable laws or regulations; 17) the possibility that Dragonfly or the combined company may be adversely affected by other economic, business and/or competitive factors; 18) Dragonfly's estimates of its growth and projected financial results for 2022 and 2023 and meeting or satisfying the underlying assumptions with respect thereto; 19) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of CNTQ's securities; 20) the risk that the transaction may not be completed by CNTQ's business combination deadline (as may be extended pursuant to CNTQ's governing documents); 21) the impact of the novel coronavirus disease pandemic, including any mutations or variants thereof and the Russian/Ukrainian conflict, and any resulting effect on business and financial conditions; 22) inability to complete the PIPE investment, the term loan and equity line (ChEF) in connection with the business combination; 23) the potential for events or circumstances that result in Dragonfly's failure to timely achieve the anticipated benefits of Dragonfly's customer arrangements with Thor; and 24) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in CNTQ's Form S-1 (File Nos. 333-252449 and 333-253016), Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Report on Form 10-Q for the three months ended March 31, 2022 and registration statement on Form S-4 (File No. 333-266273) filed with the SEC on July 22, 2022, which is subject to change and will include a document that serves as a prospectus and proxy statement of CNTQ, referred to as a proxy statement/prospectus and other documents filed by CNTQ from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither CNTQ nor Dragonfly gives any assurance that either CNTQ or Dragonfly or the combined company will achieve its expected results. Neither CNTQ nor Dragonfly undertakes any duty to update these forward-looking statements, except as otherwise required by law. For additional information, see "Risk Considerations" in the investor presentation, filed on a Current Report on Form 8-K by CNTQ with the SEC and available at www.sec.gov.
Additional Information and Where to Find It
This press release relates to the definitive proxy statement filed by CNTQ with the Securities and Exchange Commission (the "SEC") on July 22, 2022 (the "Definitive Proxy Statement"). The Definitive Proxy Statement was mailed to all CNTQ stockholders on or around July 22, 2022. Before making any voting decision, investors and security holders of CNTQ are urged to read the Definitive Proxy Statement and all other relevant documents filed or that will be filed with the SEC because they contain important information. a proposed transaction between CNTQ and Dragonfly. CNTQ filed a registration statement on Form S-4 (File No. 333-266273) with the SEC on July 22, 2022, which is subject to change and includes a document that serves as a prospectus and proxy statement of CNTQ, referred to as a proxy statement/prospectus. The definitive proxy statement/prospectus will be sent to all CNTQ stockholders. CNTQ has also filed other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of CNTQ are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction because they contain important information about the proposed transaction.
Investors and security holders are able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by CNTQ through the website maintained by the SEC at www.sec.gov.
The documents filed by CNTQ with the SEC also may be obtained by contacting Chardan NexTech Acquisition 2 Corp. at 17 State Street, 21st Floor, New York, New York 10004, or by calling (646) 465-9001.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
Participants in the Solicitation
Dragonfly, CNTQ and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from CNTQ's stockholders in connection with the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination are contained in the definitive proxy statement/prospectus. You may obtain free copies of these documents free of charge by directing a written request to CNTQ or Dragonfly. The definitive proxy statement will be mailed to CNTQ's stockholders as of a record date to be established for voting on the proposed business combination when it becomes available.
No Offer or Solicitation
This press release is and the information contained therein are not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.
Contacts:
Investor Relations– Dragonfly
Sioban Hickie, ICR, Inc.
[email protected]
Public Relations, Media – Dragonfly
Zach Gorin, ICR, Inc.
[email protected]
SOURCE Chardan NexTech Acquisition 2 Corp.; Dragonfly Energy | https://www.prnewswire.com/news-releases/chardan-nextech-acquisition-2-corp-increases-deposit-amount-to-trust-account-related-to-business-combination-extension-301598455.html | 2022-08-02T21:45:23 | en | 0.93719 |
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On July 23, the World Health Organization declared the current monkeypox outbreak a public health emergency of international concern. As of August 2, cases of monkeypox have been detected in at least 80 countries, data from the Centers for Disease Control and Prevention shows.
VERIFY has been fact-checking claims about the monkeypox virus since the first case was detected in the U.S. in May.
One VERIFY viewer messaged us to ask if there have been any monkeypox deaths in the United States since the outbreak first began.
THE QUESTION
Have there been any monkeypox deaths in the U.S.?
THE SOURCES
THE ANSWER
No, there haven’t been any monkeypox deaths reported in the U.S. as of Aug. 2.
WHAT WE FOUND
The World Health Organization publishes situation reports every week on the current monkeypox outbreak. The latest report included data from WHO member countries up to July 22, and was published on July 25.
So far there have been zero confirmed monkeypox deaths in the U.S., according to WHO and the Centers for Disease Control and Prevention (CDC).
Data from the CDC shows that as of August 1, there have been 5,811 confirmed cases of monkeypox in the U.S. Each state, with the exception of Montana and Wyoming, has detected cases of monkeypox.
According to WHO data, as of July 22, there have been 16,016 confirmed monkeypox cases worldwide and five confirmed monkeypox deaths in the African region.
There have been additional monkeypox deaths reported in other regions of the world. Spain has reported two deaths from monkeypox. Brazilian health officials said one man had died, and said that man also suffered from lymphoma and was immunocompromised. In India, health officials confirmed one person died who had contracted the virus while traveling abroad.
Previous monkeypox outbreaks in recent times have had a case fatality rate of about 3-6%, the WHO says. A death rate for the current outbreak worldwide has not been established.
According to WHO, with the exception of areas in Africa where monkeypox has a history of transmission, the current monkeypox outbreak is largely being reported among men who have sex with men, who have had recent sex with one or multiple partners. The CDC says transmission in the United States is being seen among the same community.
According to Mark Slifka, Ph.D., so far the virus has not spread significantly among populations in the U.S. that are more susceptible to severe monkeypox disease.
“Kids are more susceptible to a lethal infection, as well as people who are immunocompromised, for instance, a person with cancer or taking chemotherapy or immunosuppressive drugs or have untreated HIV,” Slifka, who studied infectious diseases and vaccine development during the 2003 monkeypox outbreak that happened in the U.S., told VERIFY.
“The good news is, if there is good news, is that young, healthy adults have a lower risk of mortality. But that doesn't mean this is a disease that you want to ignore. It's very important to reduce these transmissions because it can spread to other household contents, to other family members, including these more susceptible and vulnerable populations,” he said.
If you have a new or unexplained rash or other symptoms, the CDC says it is important to avoid close contact with others, including sex or being intimate with anyone, until you have been checked out by a healthcare provider.
The Food and Drug Administration (FDA) approved a vaccine that would prevent monkeypox and smallpox in 2019. The Jynneos vaccine is administered in two doses and is recommended for individuals 18 and older that are at high risk for monkeypox. The CDC has a list of current eligibility for the vaccine:
1. Known contacts who are identified by public health via case investigation, contact tracing, and risk exposure assessments
2. Presumed contacts who may meet the following criteria:
- Know that a sexual partner in the past 14 days was diagnosed with monkeypox
- Had multiple sexual partners in the past 14 days in a jurisdiction with known monkeypox
Some states have expanded their eligibility criteria beyond what the CDC has recommended. If you have questions about your state’s vaccine eligibility criteria, contact your local health department.
The Associated Press contributed to this report. | https://www.weareiowa.com/article/news/verify/monkeypox-verify/no-monkeypox-deaths-reported-yet-in-the-us/536-aec3907c-9554-451d-9bbc-03e2a96e5bf7 | 2022-08-02T21:45:26 | en | 0.971747 |
OKLAHOMA CITY, Aug. 2, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ: CHK) today reported 2022 second quarter financial and operating results and announced the company is taking actions to solidify its strategic focus on its core Marcellus and Haynesville positions.
- Net cash provided by operating activities of $909 million
- Delivered adjusted EBITDAX(1) of $1,269 million and $494 million in adjusted free cash flow(1)
- Net income totaled $1,237 million, or $8.27 per diluted share; adjusted net income(1) of $729 million, or $4.87 per diluted share
- Increased annual base dividend by 10% to $2.20 per share; total quarterly dividend of $2.32 per common share
- Retired approximately $670 million, or approximately 7.6 million common shares through July 31; $2 billion common stock and warrant repurchase program remains active
- Positioning Haynesville assets for future growth while reducing activity in Eagle Ford position which the company now views as non-core to its future capital allocation strategy
- Entered into gas supply agreement with Golden Pass LNG facilities
- Achieved Grade "A" MiQ and EO100™ certification for responsible energy production in legacy Marcellus operations
Nick Dell'Osso, Chesapeake's President and Chief Executive Officer, commented, "We continue to execute our business and deliver on our leading capital return program. Over the last two months we have doubled our share and warrant repurchase authorization to $2 billion, retired over $580 million in common shares, and increased our base dividend by 10%.
"We are pleased to also announce that we are solidifying our strategic focus on the two premier North American shale gas plays," added Dell'Osso. "Our acreage positions in the Marcellus and Haynesville are truly differentiated with industry leading capital efficiency, deep runways of low breakeven inventory, strong operating margins, and advantaged emissions profiles. Given we now view our Eagle Ford assets as non-core to our future capital allocation strategy, we are increasing our capital allocation to the Haynesville in the second half of the year and into 2023 to position the asset for returns-driven growth. Simply put, we are tightening our strategic focus around our best rock, best operations and lowest emissions footprint to generate the most attractive and sustainable capital returns in the industry and be the leader in answering the call for delivering the affordable, reliable, lower carbon energy the world needs."
Shareholder Return Update
During the second quarter of 2022, Chesapeake generated $909 million of operating cash flow and had $17 million of cash on hand at quarter-end. As a result of its significant free cash flow, Chesapeake is raising its base dividend by 10% to $2.20 per share. Consistent with the company's cash return framework, Chesapeake plans to pay its base and variable dividend on September 1, 2022 to shareholders of record at the close of business on August 17, 2022. The total common stock dividend, including the variable and base components, is calculated as follows:
In June 2022, the company doubled its previously announced repurchase program authorization from $1 billion to up to $2 billion in aggregate value of its common stock and/or warrants through year-end 2023. Through July 31, 2022, Chesapeake has repurchased approximately 7.6 million shares of its common stock for approximately $670 million.
Operations and Marketing Update
Chesapeake's net production in the second quarter of 2022 was approximately 4,125 MMcfe per day (approximately 91% natural gas and 9% total liquids), utilizing an average of 16 rigs to drill 63 wells and placed 57 wells on production. Chesapeake is currently operating 16 rigs including five in the Marcellus, five in the Eagle Ford and six in the Haynesville, with the sixth rig just added in the last week. The company expects to drill 60 to 70 wells and place 40 to 50 wells on production in the third quarter of 2022.
To position the company for additional returns-driven growth from the Haynesville, the company is reallocating capital to the Haynesville and increasing its capital investment program by 15% to $1.75–$1.95 billion (previous guidance was $1.5–$1.8 billion). The move reflects industry-wide inflation as well as the addition of two operated Haynesville rigs with the sixth rig added in early August and a seventh rig before year-end. Chesapeake intends to reduce planned activities and investments in the Eagle Ford which includes dropping to three rigs by the end of August and exiting the year with two rigs.
Chesapeake is also working with midstream partners to increase our gas gathering and treating capacity in the Haynesville. The company expects to have incremental capacity available beginning in first quarter of 2023, growing through the end of 2023 to correspond with the volume growth generated by the projected increased rig activity.
Additionally, Chesapeake has entered into a term gas supply agreement (GSA) with Golden Pass LNG Terminal LLC ("Golden Pass") to deliver 300 mmcf per day of Responsibly Sourced, independently certified gas, from the Haynesville to Golden Pass's liquefied natural gas terminal on the Gulf Coast near Sabine Pass, Texas. The GSA is expected to begin in 2024 with a 36 month term at a NYMEX based price less a fixed differential. For more information on each of its operating areas, including projections for activity, well statistics and pricing, Chesapeake has posted slides on its website at www.chk.com.
ESG Update
Chesapeake achieved certification of its legacy Marcellus operations under the MiQ methane standard and the EO100™ Standard for Responsible Energy Development, which cover a broad range of environmental, social and governance (ESG) criteria. The company previously announced the certification of its Haynesville operations in December 2021, and is the first company to achieve Grade "A" ratings (the highest rating a company can earn) from MiQ across two major shale basins. The company anticipates its recently acquired position in the Marcellus from Chief E&D Holdings, LP and affiliates of Tug Hill, Inc. will achieve certification by year end, resulting in 100% independent certification for produced and marketed volumes across Chesapeake's two industry leading gas plays.
In 2021 and through June 30, 2022, Chesapeake has installed more than 2,000 continuous methane emission monitoring devices and retrofitted 15,000 pneumatic devices across its operations. As part of that effort, all operated new facility construction is engineered today to be 100% vent free using electric device technology, instrument air and vent capture systems. In addition, the company has executed an agreement beginning in the third quarter of 2022 to implement aerial Gas Mapping LiDAR scans to detect and quantify emissions multiple times per year across the entirety of its assets. Finally, the company joined Veritas, a GTI Differentiated Gas Measurement and Verification Initiative designed to accelerate actions that reduce methane leakage from natural gas systems.
Conference Call Information
Chesapeake plans to host a conference call to discuss recent results on Wednesday, August 3, 2022 at 9:00 am EDT. The telephone number to access the conference call is 877-344-7529 or 412-317-0088 for international callers. The passcode for the call is 6061361.
Financial Statements, Non-GAAP Financial Measures and 2022 Guidance and Outlook Projections
The company's 2022 second quarter financial and operational results, along with non-GAAP measures that adjust for items that are typically excluded by securities analysts, are available on the company's website. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on the company's website at www.chk.com. Management's updated guidance for 2022 can be found on the company's website at www.chk.com.
Headquartered in Oklahoma City, Chesapeake Energy Corporation is powered by dedicated and innovative employees who are focused on discovering and responsibly developing our leading positions in top U.S. oil and gas plays. With a goal to achieve net-zero direct GHG emissions by 2035, Chesapeake is committed to safely answering the call for affordable, reliable, lower carbon energy.
Forward-Looking Statements
This news release and the accompanying outlook include "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 are statements other than statements of historical fact. They include statements that give our current expectations, management's outlook guidance or forecasts of future events, expected natural gas and oil growth trajectory, projected cash flow and liquidity, our ability to enhance our cash flow and financial flexibility, dividend plans, future production and commodity mix, plans and objectives for future operations, ESG initiatives, the ability of our employees, portfolio strength and operational leadership to create long-term value, and the assumptions on which such statements are based. Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time.
Factors that could cause actual results to differ materially from expected results include those described under "Risk Factors" in Item 1A of our annual report on Form 10-K and any updates to those factors set forth in Chesapeake's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at http://www.chk.com/investors/sec-filings). These risk factors include: the ability to execute on our business strategy following emergence from bankruptcy; the impact of inflation and commodity price volatility resulting from Russia's invasion of Ukraine, COVID-19 and related supply chain constraints, along with the effect on our business, financial condition, employees, contractors and vendors, and on the global demand for oil and natural gas and U.S. and world financial markets; the acquisitions of Vine Energy Inc. ("Vine") and Chief E&D Holdings, LP and affiliates of Tug Hill, Inc. (together, "Chief"), including our ability to successfully integrate the businesses of Vine and Chief into the Company and achieve the expected synergies from these acquisitions within the expected timeframes; effects of purchase price adjustments and indemnity obligations; the volatility of oil, natural gas and NGL prices; the limitations our level of indebtedness may have on our financial flexibility; our ability to comply with the covenants under our credit facility and other indebtedness; our inability to access the capital markets on favorable terms; the availability of cash flows from operations and other funds to fund cash dividends, repurchases of equity, to finance reserve replacement costs and/or satisfy our debt obligations; write-downs of our oil and natural gas asset carrying values due to low commodity prices; our ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil, natural gas and NGL reserves and projecting future rates of production and the amount and timing of development expenditures; our ability to generate profits or achieve targeted results in drilling and well operations; leasehold terms expiring before production can be established; commodity derivative activities resulting in lower prices realized on oil, natural gas and NGL sales; the need to secure derivative liabilities and the inability of counterparties to satisfy their obligations; adverse developments or losses from pending or future litigation and regulatory proceedings, including royalty claims; charges incurred in response to market conditions; drilling and operating risks and resulting liabilities; effects of environmental protection laws and regulations on our business and legislative, regulatory and environmental, social and governance ("ESG") initiatives, addressing environmental concerns, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal; our ability to achieve and maintain ESG goals and certifications; our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used; impacts of potential legislative and regulatory actions addressing climate change; federal and state tax proposals affecting our industry; potential OTC derivatives regulation limiting our ability to hedge against commodity price fluctuations; competition in the oil and gas exploration and production industry; a deterioration in general economic, business or industry conditions; negative public perceptions of our industry; limited control over properties we do not operate; pipeline and gathering system capacity constraints and transportation interruptions; terrorist activities or cyber-attacks adversely impacting our operations; and an interruption in operations at our headquarters due to a catastrophic event.
In addition, disclosures concerning the estimated contribution of derivative contracts to our future results of operations are based upon market information as of a specific date. These market prices are subject to significant volatility. Our production forecasts are also dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. We caution you not to place undue reliance on our forward-looking statements that speak only as of the date of this news release, and we undertake no obligation to update any of the information provided in this release, except as required by applicable law. In addition, this news release contains time-sensitive information that reflects management's best judgment only as of the date of this news release.
SOURCE Chesapeake Energy Corporation | https://www.prnewswire.com/news-releases/chesapeake-energy-corporation-reports-2022-second-quarter-results-and-announces-it-is-solidifying-its-strategic-focus-on-core-marcellus-and-haynesville-positions-301598303.html | 2022-08-02T21:45:29 | en | 0.943473 |
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CLA Nearly Triples Office Space with ESRT at One Grand Central Place
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm in the United States, expanded to lease the entire 51st floor of One Grand Central Place for a total of 12,422 square feet. CLA is tripling in size at the building after moving in less than two years ago.
"We are excited about our growth with Empire State Realty Trust at One Grand Central Place and the additional opportunities we'll be able to create in this space," said Jen Leary, CEO, CLA. "Our expansion was a turnkey, enjoyable process thanks to ESRT, and is a testament to the dedication and forward-looking vision of our professionals."
One Grand Central Place offers premier tenant office spaces and amenities which include a tenant-only conference center, multiple dining options, and in-building access to Grand Central Terminal's five subway lines, commuter trains, and retailers.
"We are pleased to accommodate CLA's growth at One Grand Central Place," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. "We continue to serve the market's flight to quality with our extensive in-building amenities and fully modernized spaces that deliver a premier environment with unparalleled convenience."
Andrew Blaustein and Ben Shapiro of Newmark represented CLA in the lease negotiations. Scott Klau, Neil Rubin, Erik Harris, and William Cohen of Newmark represented the property owner.
More information about One Grand Central Place can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the Empire State Building, the World's Most Famous Building, and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1 attraction in the U.S. and #3 attraction in the world, the newly reimagined and iconic Empire State Building Observatory. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of June 30, 2022, ESRT's portfolio is comprised of approximately 9.2 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 residential units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.
About CLA
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, outsourcing, audit, tax, and consulting services. With more than 7,500 people, 121 U.S. locations, and a global vision, we promise to know you and help you. For more information, visit CLAconnect.com. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT's control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT's and ESROP's filings with the SEC, including those set forth in each of ESRT's and ESROP's Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk Factors." Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Empire State Realty Trust, Inc. | https://www.prnewswire.com/news-releases/cla-nearly-triples-office-space-with-esrt-at-one-grand-central-place-301598308.html | 2022-08-02T21:45:35 | en | 0.930426 |
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The hospitality veteran holds over 30 years of experience in hospitality operations, strategy, and management
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Today Common, the global residential manager making city living easier for renters, announced that Karlene Holloman has been appointed CEO. Holloman will replace Brad Hargreaves, the founder of Common, who will remain as Common's Chief Creative Officer and chairman of the board.
Karlene Holloman previously held executive roles as CEO of Point Hospitality Group and SVP of Operations at Commune Hotels and Resorts. She brings over 30 years of experience in the hospitality industry to the role, spanning all aspects of operations, including acquisitions, financial management, revenue and marketing, human resources, employee relations, training and development, diversity, equity, and inclusion (DEI) initiatives, and administration.
Brad Hargreaves founded Common in 2015 in response to the global housing crisis across major cities, and led the company's expansion from a small startup to a nationwide leader in the coliving space. As Common's Chief Creative Officer and Chairman, Brad will continue his work on building out the future of city living, working closely with Common's Studio, Real Estate, and Marketing teams to drive new business and innovations in rental housing.
"Since its founding seven years ago, Common has grown to 7,000+ units under management and 18K+ under development across over two dozen cities in the US and Canada," Brad Hargreaves said, "We've become the established leader in the coliving sector, providing affordability and community for many tens of thousands of members. In addition, we've built a great management business generating superior returns for many dozens of real estate owners and developers nationwide."
Common is a global residential manager making city living easier for renters through the thoughtful use of technology and design. Common delivers exceptional experiences for thousands of residents across coliving, microunits, and traditional apartments. They are the preferred choice for residents looking for stress-free city living from a trusted brand, and for real estate owners seeking reliable, above-market returns. To work with us, visit our partners page or follow us on Instagram at @common.living.
Media Contact:
[email protected]
SOURCE Common | https://www.prnewswire.com/news-releases/common-names-karlene-holloman-ceo-301598441.html | 2022-08-02T21:45:41 | en | 0.950023 |
- Fresenius Medical Care and CytoSorbents have expanded their partnership via a multi-stage collaboration designed to seize new sales opportunities and jointly develop future innovations
- CytoSorb will be featured on Fresenius Medical Care's critical care platforms for the removal of cytokines, bilirubin, and myoglobin
- Fresenius Medical Care will be responsible for the specific worldwide marketing and combined promotion of CytoSorb with its critical care products utilizing multiple highly visible and prominent marketing channels and campaigns
- CytoSorbents' proprietary hemoadsorption CytoSorb therapy expands the dimensions of blood purification of the Fresenius Medical Care critical care product portfolio
BAD HOMBURG V.D. HÖHE, GERMANY and PRINCETON, N.J., Aug. 2, 2022 /PRNewswire/ -- Fresenius Medical Care (NYSE: FMS; Frankfurt Stock Exchange: FME) and CytoSorbents Corporation (NASDAQ: CTSO) have expanded their partnership by establishing a multi-stage global collaboration to combat life-threatening diseases in critical care for an initial term of three years. The new agreement provides for the combined marketing and promotion of CytoSorb® with Fresenius Medical Care's critical care products by Fresenius Medical Care's marketing organization worldwide, excluding the United States. Compared to the prior co-marketing agreement, this agreement increases the commitments from both parties and ensures an ongoing and consistent level of marketing and promotional activity specifically focused around CytoSorb, where Fresenius Medical Care will actively market and promote CytoSorb as the featured blood purification therapy for removal of cytokines, bilirubin, and myoglobin on its critical care platforms. Over the next three years, various Fresenius Medical Care-led in-person, virtual, social media, and web-based marketing programs and events will feature CytoSorb therapy and highlight the cooperation between the two companies in the field of critical care.
"As part of Fresenius Medical Care's commitment to providing our customers with leading solutions for their critical care patients, we are pleased to announce this new global collaboration with CytoSorbents," said Dr. Olaf Schermeier, CEO of Critical Care at Fresenius Medical Care. "With the ability to seamlessly integrate CytoSorb with our multiFiltratePRO acute dialysis platform that is routinely used throughout the world today, we have the opportunity to positively impact patient care for various life-threatening conditions such as sepsis, liver failure, trauma, lung injury, and many others."
Dr. Christian Steiner, Executive Vice President of Sales and Marketing of CytoSorbents commented, "CytoSorb adds a powerful new dimension of blood purification to Fresenius Medical Care's critical care portfolio. It is specifically designed to reduce toxic levels of cytokines, bilirubin, and myoglobin that can lead to organ failure. The process is similar to hemodialysis, mastered by Fresenius Medical Care to treat kidney failure, which removes accumulated small to medium-sized, water-soluble molecules and toxins from the bloodstream. However, CytoSorb adds the ability to remove large molecules and toxins that are poorly removed by hemodialysis. Combined, the two therapies work together in a complementary manner to provide treatment for a broad range of conditions in the intensive care unit."
Dr. Steiner went on to highlight the importance of this collaboration stating, "Together with Fresenius Medical Care, we now have the ability to broadly and consistently communicate the benefits of CytoSorb therapy to customers throughout the world. In addition, it enables us to execute targeted marketing campaigns in collaboration with Fresenius Medical Care which will help to accelerate the introduction and adoption of CytoSorb. Overall, I believe this will be the starting point for further exciting developments on both the medical and business fronts."
Mr. Chris Cramer, Vice President of Business Development at CytoSorbents commented, "We are excited to expand our relationship with our long-standing partner, Fresenius Medical Care. This agreement promotes a stronger collaboration with Fresenius Medical Care's global commercial organization to more effectively bring our CytoSorb therapy to more customers around the world as a featured blood purification solution on Fresenius Medical Care's critical care platforms. We believe the synergy has the potential to create sustained and broader growth for both companies over time and is just the first of multiple opportunities to offer our combined critical care solutions."
In addition to strengthening and expanding the global marketing of CytoSorb, CytoSorbents and Fresenius Medical Care also plan to work together to bring new innovative solutions to the market. The agreement also includes the certification of compatibility between CytoSorb and Fresenius Medical Care's current critical care platforms. To help support the increased marketing and promotional efforts of the expanded collaboration, CytoSorbents has agreed to subsidize a portion of the marketing costs through a royalty payment to Fresenius Medical Care based on CytoSorb sales in the intensive care unit on Fresenius Medical Care platforms, excluding the United States.
About Fresenius Medical Care (NYSE: FMS; Frankfurt Stock Exchange: FME)
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 3.8 million patients worldwide regularly undergo dialysis treatment. Through its network of 4,163 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approximately 346,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Along with its core business, the Renal Care Continuum, the Company focuses on expanding in complementary areas and in the field of critical care. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in the intensive care unit and in cardiac surgery through blood purification. Its lead product, CytoSorb®, is approved in the European Union and distributed in more than 70 countries worldwide. It is an extracorporeal cytokine adsorber that reduces "cytokine storm" or "cytokine release syndrome" in common critical illnesses that can lead to massive inflammation, organ failure and patient death. In these diseases, the risk of death can be extremely high, and there are few, if any, effective treatments. CytoSorb is also used during and after cardiothoracic surgery to remove inflammatory mediators that can lead to postoperative complications, including multiple organ failure. As of June 30, 2022, more than 179,000 CytoSorb devices have been used cumulatively. CytoSorb was originally launched in the European Union under CE mark as the first cytokine adsorber. Additional CE mark extensions were granted for bilirubin and myoglobin removal in clinical conditions such as liver disease and trauma, respectively, and for ticagrelor and rivaroxaban removal in cardiothoracic surgery procedures. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically ill COVID-19 patients with impending or confirmed respiratory failure. The DrugSorb™-ATR antithrombotic removal system, based on the same polymer technology as CytoSorb, also received two FDA Breakthrough Device Designations, one for the removal of ticagrelor and another for the removal of the direct oral anticoagulants (DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass circuit during urgent cardiothoracic procedures. The company has initiated two FDA-approved pivotal studies to support FDA marketing approval of DrugSorb-ATR in the United States. The first is the randomized, controlled STAR-T (Safe and Timely Antithrombotic Removal-Ticagrelor) study of 120 patients at 30 centers to evaluate whether intraoperative use of DrugSorb-ATR can reduce the perioperative risk of bleeding in patients receiving ticagrelor and undergoing cardiothoracic surgery. The second study is the STAR‑D (Safe and Timely Antithrombotic Removal-Direct Oral Anticoagulants) randomized, controlled trial of 120 patients at 30 centers evaluating the intraoperative use of DrugSorb-ATR to reduce perioperative bleeding risk in patients undergoing cardiothoracic surgery and taking direct oral anticoagulants, including apixaban and rivaroxaban.
CytoSorbents' purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other body fluids through pore entrapment and surface adsorption. The company's technologies have received more than $39.5 million in non-dilutive grants, contracts and other non-dilutive funding from DARPA, the U.S. Department of Health and Human Services (HHS), the National Institutes of Health (NIH), the National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM), Air Force Material Command (USAF/AFMC) and others. The company has numerous marketed and in-development products based on this unique blood purification technology protected by numerous issued U.S. and international patents and registered trademarks, as well as several pending patent applications, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ®, K+ontrol™, DrugSorb™, DrugSorb™-ATR, ContrastSorb and others. For more information, please visit the company's websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.
Forward-looking statements
This press release contains forward-looking statements that fall within the safe harbor of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our plans, objectives, future goals and prospects for our business, expectations regarding the future impact of COVID-19 or the ongoing conflict between Russia and Ukraine, representations and assertions, and are not historical facts and are generally identified by the use of words such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar terms, although some forward-looking statements are worded differently. You should be aware that the forward-looking statements in this press release reflect management's current beliefs and expectations, but that our actual results, events and performance may differ materially from those in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks disclosed in our Annual Report on Form 10-K filed with the SEC on March 10, 2022, our Quarterly Reports on Form 10-Q and the press releases and other communications to stockholders that we issue from time to time seeking to inform interested parties of the risks and factors that may affect our business. We caution you not to place undue reliance on such forward-looking statements. We are under no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws.
Contacts Fresenius Medical Care AG & Co. KGaA
Investor Relations:
Else-Kröner-Straße 1
61346 Bad Homburg
Germany
+49 (0) 6172 609-0
[email protected]
Contacts CytoSorbents Corp.
Company Contact:
Amy Vogel
305 College Road East
Princeton, NJ 08540
+1 (732) 329-8885
[email protected]
Public Relations Europe:
Marcus Schult
kommponisten
+49 69 13823 ext. 960
+49 172 4238938
[email protected]
CytoSorbents Europe GmbH:
Josephine Kraus
PA by Dr. Christian Steiner
+49 30 765 84 66 23
[email protected]
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PRINCETON, N.J., Aug. 2, 2022 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification via its proprietary polymer adsorption technology, today reported unaudited financial and operating results for the quarter ended June 30, 2022.
Second Quarter 2022 Financial Results
- Total Q2 2022 revenue, including product sales and grant income, was $8.5 million versus $12.0 million in Q2 2021, a decrease of 29%
- Q2 2022 product sales were $7.3 million (negligible COVID-related sales) versus $11.4 million (includes $1.7 million in COVID-related sales) in Q2 2021. The decrease in the average Euro to U.S. dollar exchange rate lowered Q2 2022 product sales by approximately $840,000. On a constant currency basis, Q2 2022 core non-COVID sales would have been approximately $8.2 million, which represents a 15% decrease from approximately $9.7 million in core non-COVID sales a year ago, but comparable to the average currency adjusted core non-COVID sales over the prior three quarters
- As expected, COVID-19 related sales during the quarter were negligible reflecting the low severity of current COVID-19 illness resulting from high rates of vaccination and natural immunity
- Product gross margins were approximately 67% in Q2 2022, versus 82% in Q2 2021. The decrease in the gross margin percentage was due primarily to manufacturing inefficiencies from a scheduled 4-week production hiatus as we relocated to our new production facility during the quarter
- The Company maintains a healthy balance sheet with cash and cash equivalents of $31.9 million (which includes $1.7 million in restricted cash) as of June 30, 2022, and no debt
Recent Operating Highlights:
- More than 179,000 cumulative CytoSorb devices have been utilized worldwide as of June 30, 2022, compared to more than 143,000 devices utilized cumulatively a year ago
- Announced today the signing of an expanded global marketing agreement with Fresenius Medical Care where CytoSorb® will become a featured blood purification therapy on Fresenius Medical Care Critical Care platforms
- Entered into a 3-year preferred supplier agreement with Asklepios Group, one of the largest private hospital operators in Germany
- Partnered with Nikkiso to distribute the PureAdjust® hemoperfusion blood pump and supplies in a total of 14 countries, a key part of CytoSorbents' standalone device and machine strategy to expand the market for its products
- Hosted the 2022 CytoSorb World Users' Meeting that highlighted the broad market potential of CytoSorb as an interdisciplinary therapeutic approach for a wide range of life-threatening illnesses
- Multiple scientific papers were published on the positive use of CytoSorb in the areas of antithrombotic drug removal during acute aortic dissection and in vitro whole blood removal, Ex vivo lung perfusion for lung transplantation, Normothermic regional perfusion of Donation after Circulatory Death (DCD) human liver and kidney donors for organ transplant, Severe acute pancreatitis (PACIFIC study), Treatment of hyperbilirubinemia in acute liver dysfunction patients, A reduction in sepsis-associated mortality in left-sided acute infective endocarditis, and many others.
- Relocated and established our Company headquarters and state of the art manufacturing facility in our new Princeton, New Jersey mixed-use facility
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "Our second quarter core non-COVID product sales on a constant currency basis were $8.2 million and stable to the average currency adjusted core product sales for the prior three quarters. Although not the growth we are seeking, we achieved this despite continued softness in the German market, as the weakened healthcare system worked to recover from the massive COVID surge in the prior quarter and grappled with a myriad of problems. These include, for example, staffing shortages, budget issues, elective procedures restrictions, and a major 11-week hospital strike in western Germany that spanned a fifth of the population, postponing more than 10,000 operations and closing hospital wards. Year-over-year results were further impacted by a lack of COVID-19 related revenue due to a lessening in disease severity globally, and a drop of 12% in the Euro, to near parity with the U.S. dollar.
"Like most international companies, including those in the medical device and blood purification industries, we are dealing with not only fallout from the COVID pandemic, but also a storm of global macroeconomic and geopolitical uncertainty. That said, although our numbers do not yet reflect it, we are seeing some early but encouraging signs of improvement in key markets:
- Continued strong and positive feedback from customers in both our direct and international territories, highlighted by the success of our recent in-person CytoSorb World User's meeting, with nearly 300 of the world's leading critical care physicians and research scientists from 40 countries participating
- Marked improvement in sales representative access to hospitals in Germany, with 40% more sales visits during the quarter as compared to the prior quarter, though still down from pre-pandemic levels
- Increasing levels of activity, interest, and in-person attendance of healthcare professionals at medical congresses in Europe and Latin America, and specific countries such as India, Spain, and Portugal
- Strong pipeline of positive data being submitted and published by the international user community on CytoSorb use in a wide variety of areas
- Though early, the Nikkiso expansion has triggered broad interest by customers in our stand-alone hemoperfusion pump offering, with initial placements, pump evaluations underway, and scheduled demonstrations at a number of hospitals
- Growing synergy with our sales and medical affairs teams, and internal therapy area vertical leadership in critical care, cardiac surgery, and liver and kidney applications with a prioritization on sales support and clinical data
- Recent preferred supplier agreement with Asklepios Group, one of the largest private hospital networks in Germany, making CytoSorb available without restrictions to all hospitals in the network
- The potential for future sales acceleration, particularly in Germany, based upon the expansion of the Fresenius Medical Care global marketing partnership announced today, as further discussed below
Dr. Chan continued, "As we work to restore sales growth, we continue to advance our other key initiatives.
- U.S. STAR-T and STAR-D clinical trials – These trials remain our top clinical priority with each trial now having a critical mass of more than 20 centers active and screening for enrollment. As we expand to 30 sites for each trial, recently approved by the FDA, the majority of our operational plans, resources, and focus have shifted from study start-up activities (Phase I) to activities driving enrollment (Phase II). For our lead study STAR-T, enrollment continues and we are targeting the first Data Safety Monitoring Board (DSMB) review at 40 patients enrolled, expected to be achieved with a slight delay in the next few months. STAR-D is underway also, with the rapid activation of trial sites
- U.S. Manufacturing - Buildout of our new Princeton, NJ manufacturing facility is now complete with production of commercial devices split between our older production facility and our new facility, and final certification expected before the end of this year. Product gross margins dropped from 82% to 67%, driven mainly by production inefficiencies incurred by a scheduled 4- week production hiatus as we transitioned from our old to new manufacturing facilities, and lower sales volumes. We expect gross margins to return to previous levels as we complete the relocation to the new facility, eliminate the costs of the Monmouth Junction, NJ facility later this year, and begin to capture manufacturing efficiencies driven by an expected improvement in market conditions and increased product demand
- Partnerships - Today we are pleased to announce an expanded global marketing agreement with long-time partner, Fresenius Medical Care ("Fresenius"), the world's leading provider of products and services for patients with renal diseases with headquarters and a strong sales and marketing footprint in Germany. Under the terms of the agreement, CytoSorb will become a featured blood purification therapy on Fresenius Medical Care's critical care blood purification platforms for the removal of cytokines, bilirubin, and myoglobin in critically ill patients, helping to expand the dimensions of blood purification beyond hemodialysis. Fresenius will be responsible for the specific worldwide marketing and combined promotion of CytoSorb with its critical care products across Fresenius-led in-person, virtual, social media, and web-based marketing programs and events during the term of the collaboration. In addition to strengthening and expanding the global marketing of CytoSorb, we plan to work together to bring new innovative solutions to the market. To help support the increased marketing and promotional efforts of the expanded collaboration, CytoSorbents has agreed to subsidize a portion of the marketing costs through a royalty payment to Fresenius Medical Care, with the royalty rate being based on certain assumptions regarding CytoSorb sales in the intensive care unit on Fresenius Medical Care platforms, excluding the United States, and subject to further adjustment should these assumptions change. Additional information can be found in the Form 8-K filed today.
Dr. Chan concluded, "We are excited about the many opportunities that we have to drive our business forward, but are proceeding conservatively, recognizing there is a seasonality to European business in general in the third quarter, driven by a lull in business activity as much of Europe takes vacation in July and August. Because of this, we are focused on executing our game plan, while controlling costs and conserving cash. We believe the high cash burn in Q2 2022 was an anomaly with a number of non-recurrent expenditures. These include, for example, the final $4.8 million payment related to the construction, capital equipment, and other costs of our new manufacturing facility (with the exception of approximately $300K in costs for the remainder of 2022), an approximate $1 million reduction in gross margin driven mainly by inefficiencies caused by scheduled production shutdowns associated with the relocation to our new manufacturing facilities, and lower sales volumes, and a $0.6 million increase in grant and accounts receivables during the quarter. Excluding these factors, our cash burn for Q2 2022 would have been approximately $6.5 million."
'In addition, we have $5 million (based on cost of goods) in working capital tied up in CytoSorb inventory that we have strategically built over several quarters to buffer against any potential disruption in production with the transition to the new facility. With fairly good visibility that the new manufacturing facility will come on-line as expected, we plan to release and monetize a portion of this inventory, which we expect could contribute an additional $1 million to our second half 2022 cash flow. Finally, we retain financial flexibility to add debt from our $15 million term loan with Bridge Bank if desired."
Results of Operations
Comparison for the three months ended June 30, 2022 and 2021:
Revenues:
Total revenue, including product revenue and grant income, for the second quarter of 2022 was $8.5 million, down 39% from $12.0 million in the second quarter of 2021. Revenue from product sales was approximately $7.3 million in the three months ended June 30, 2022, as compared to approximately $11.4 in the three months ended June 30, 2021, a decrease of approximately $4.0 million, or 36%. The decrease in the average exchange rate of the Euro to the U.S. dollar negatively impacted 2022 product sales by approximately $0.8 million. For the three months ended June 30, 2022, the average exchange rate of the Euro to the U.S. dollar was $1.06 as compared to an average exchange rate of $1.21 for the three months ended June 30, 2021. We estimate that demand for CytoSorb to treat COVID-19 patients was de minimis in the second quarter of 2022 as compared to approximately $1.7 million in the second quarter of 2021. Overall direct sales declined by approximately $3.4 million resulting primarily from lower sales in Germany due to COVID-19 pandemic-driven market conditions. COVID-19 restrictions remain in place at many hospitals throughout Germany and these restrictions continue to limit our access to hospital personnel, particularly the physicians.
Cost of Revenues:
For the three months ended June 30, 2022 and 2021, cost of revenue was approximately $3.6 million and $2.7 million, respectively. Product gross margins were approximately 67% for the three months ended June 30, 2022 as compared to approximately 82% for the three months ended June 30, 2021. The decrease in the gross margin percentage in 2022 was due primarily to inefficiencies associated with relocation of our production activities to our new manufacturing facility during the second quarter of 2022.
Operating Expenses:
For the three months ended June 30, 2022, operating expenses were approximately $13.3 million, as compared to approximately $14.2 million for the three months ended June 30, 2021, a decrease of approximately $0.9 million or 6%. Selling, general and administrative (SG&A) expenses decreased approximately 14% to $8.4 million in the quarter from $9.8 million in the prior year. This decrease was due to a decrease in royalty expenses of approximately $0.4 million due to the decrease in product sales, a decrease in non-cash restricted stock expense of approximately $1.5 million related to restricted stock units granted to the Company's executive officers and a decrease in non-cash stock compensation expense of approximately $0.8 million. This was offset by increases in salaries, commissions, and related costs of approximately $0.2 million, an increase in sales and marketing costs, which include advertising and conference attendance of approximately $0.4 million, an increase in travel and entertainment costs of approximately $0.3 million and an increase in occupancy costs of approximately $0.4 million related to the rent expense on our new manufacturing facility. Research and development expenses increased by approximately $0.5 million primarily due to costs related to our STAR-T and STAR-D trials in the United States.
Gain (Loss) on Foreign Currency Transactions:
For the three months ended June 30, 2022, the loss on foreign currency transactions was approximately $2.5 million as compared to a gain of approximately $0.2 million for the three months ended June 30, 2021. The 2022 loss was directly related to the decrease in the spot exchange rate of the Euro to the U.S. dollar at June 30, 2022 as compared to March 31, 2022. The spot exchange rate of the Euro to the U.S. dollar was $1.05 per Euro at June 30, 2022, as compared to $1.11 per Euro at March 31, 2022.
Comparison for the six months ended June 30, 2022 and 2021:
Revenues:
Total revenues were approximately $17.2 million for the six months ended June 30, 2022, as compared to total revenues of approximately $22.6 million for the six months ended June 30, 2021, a decrease of approximately $5.4 million, or 24%. Revenue from product sales was approximately $15.3 million in the six months ended June 30, 2022, as compared to approximately $21.5 million in the six months ended June 30, 2021, a decrease of approximately $6.2 million or 29%. The decrease in the average exchange rate of the Euro to the U.S. dollar negatively impacted 2022 product sales by approximately $1.4 million. For the six months ended June 30, 2022, the average exchange rate of the Euro to the U.S. dollar was $1.09 as compared to an average exchange rate of $1.21 for the six months ended June 30, 2021. Though difficult to quantify, we estimate that approximately $0.3 million of total product sales in the six months ended June 30, 2022 was due to the demand for CytoSorb to treat COVID-19 patients as compared to $3.5 million in the six months ended June 30, 2021. Overall direct sales declined by of approximately $5.4 million resulting primarily from lower sales in Germany due to COVID-19 pandemic-driven market conditions. COVID-19 restrictions remain in place at many hospitals throughout Germany and these restrictions continue to limit our access to hospital personnel, particularly the physicians.
Cost of Revenues:
For the six months ended June 30, 2022 and 2021, cost of revenue was approximately $5.8 million and $5.5 million, respectively, an increase of approximately $0.3 million. Product gross margins were approximately 74% for the six months ended June 30, 2022 and approximately 79% for the six months ended June 30, 2021. The reduction in product gross margin is due primarily to inefficiencies associated with the relocation of our production activities to our new manufacturing facility during the second quarter of 2022.
Operating Expenses:
For the six months ended June 30, 2022, operating expenses were approximately $27.5 million as compared to approximately $24.9 million for the six months ended June 30, 2021, an increase of approximately $2.6 million, or 10%, for the six months ended June 30, 2022. Research and development expenses were approximately $8.4 million as compared to approximately $6.0 million for the six months ended June 30, 2021, an increase of approximately $2.4 million or 40%. This increase was due to an increase in costs associated with our STAR-T and STAR-D trials in the United States. Selling, general and administrative expenses were approximately $17.6 million for the six months ended June 30, 2022, as compared to $17.5 million for the six months ended June 30, 2021, an increase of $0.1 million. This increase is related to an increase in salaries, commissions and related costs of approximately $1.2 million, an increase in sales and marketing costs, which include advertising and conference attendance of approximately $0.7 million, an increase in travel and entertainment costs of approximately $0.5 million and an increase in occupancy costs of approximately $0.7 million related to the rent expense on our new manufacturing facility. These increases were offset by a decrease in royalty expenses of approximately $0.5 million, a decrease in non-cash restricted stock expense of approximately $1.7 million related to restricted stock units granted to the Company's executive officers, a decrease in non-cash stock compensation expense of approximately $0.7 million.
Gain (Loss) on Foreign Currency Transactions:
For the six months ended June 30, 2022, the loss on foreign currency transactions was approximately $3.7 million as compared to a loss of approximately $1.1 million for the six months ended June 30, 2021. The 2022 loss was directly related to the decrease in the spot exchange rate of the Euro to the U.S. dollar as of June 30, 2022 as compared to December 31, 2021. The spot exchange rate of the Euro to the U.S. dollar was $1.05 per Euro as of June 30, 2022, as compared to $1.14 per Euro at December 31, 2021.
Liquidity and Capital Resources
Since inception, our operations have been primarily financed through the issuance of debt and equity securities. As of June 30, 2022, we had current assets of approximately $41.6 million including unrestricted cash on hand of approximately $30.2 million and current liabilities of approximately $10.6 million. As of June 30, 2022, $25 million of our total shelf amount was allocated to our ATM facility, all of which is still available. In addition, we have $15 million of debt availability, providing financial flexibility, if needed. In April 2022, we received approximately $0.7 million in cash from the approved sale of our net operating losses and research and development credits from the State of New Jersey.
We are also managing our resources proactively, continuing to invest in key areas such as our U.S. pivotal STAR-T and STAR-D trials. In April 2022, we began instituting tighter cost controls which are expected to reduce our planned cash burn by an additional $2 million per quarter. We are currently actively engaged in making further reductions to our operating costs to reduce our future cash burn.
We believe that we have sufficient cash to fund the Company's operations beyond twelve months from the issuance of these financial statements.
2022 Outlook Guidance
The macro environment in which we operate remains difficult to predict given the complex drivers of our business, the global nature of our operations, and external factors such as the COVID-19 pandemic, the Russia-Ukraine war, inflation, foreign currency exchange rate volatility, and other factors that are not under our direct control. Because of this, we expect that our business, and in particular product sales, may continue to see challenges for the remainder of 2022. However, we expect a gradual recovery of normalized hospital activity and sales access in Germany and other key countries in the coming quarters. With improved access and other growth initiatives, we expect a resumption of growth in our core non-COVID-19 product sales.
For additional information, please see the Company's Form 10-Q for the period ended June 30, 2022 filed on August 2, 2022 on http://www.sec.gov.
Conference Call
The Company will conduct its second quarter 2022 results call today at 4:30 p.m. Eastern time.
Conference Call Details:
Date: Tuesday, August 2, 2022
Time: 4:30 PM Eastern Time
Toll free: 1-877-451-6152
International: 1-201-389-0879
Conference ID: 13731826
Live Presentation Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1561029&tp_key=ddc6a4af76
It is recommended that participants dial in approximately 10 minutes prior to the start of the call. There will also be a simultaneous live webcast of the conference call that can be accessed through the following audio feed link: https://viavid.webcasts.com/starthere.jsp?ei=1561029&tp_key=ddc6a4af76
An archived recording of the conference call will be available under the Investor Relations section of the Company's website at http://cytosorbents.com/investor-relations/financial-results/.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in intensive care and cardiac surgery using blood purification. Its flagship product, CytoSorb®, is approved in the European Union with distribution in more than 70 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure and patient death. These are conditions where the risk of death can be extremely high, yet few to no effective treatments exist. CytoSorb is also being used during and after cardiothoracic surgery to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. More than 179,000 cumulative CytoSorb devices have been utilized as of June 30, 2022. CytoSorb was originally introduced into the European Union under CE-Mark as a first-in-kind cytokine adsorber. Additional CE-Mark label expansions were received for the removal of bilirubin and myoglobin in clinical conditions such as liver disease and trauma, respectively, and both ticagrelor and rivaroxaban during cardiothoracic surgery. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically ill COVID-19 patients with imminent or confirmed respiratory failure. The DrugSorb™-ATR Antithrombotic Removal System, which is based on the same polymer technology as CytoSorb, has also been granted FDA Breakthrough Designation for the removal of ticagrelor, as well as FDA Breakthrough Designation for the removal of the direct oral anticoagulant (DOAC) drugs, apixaban and rivaroxaban, in a cardiopulmonary bypass circuit during urgent cardiothoracic surgery. The Company has initiated two FDA approved pivotal trials designed to support U.S. marketing approval of DrugSorb-ATR. The first is the 120-patient, 30 center STAR-T (Safe and Timely Antithrombotic Removal-Ticagrelor) randomized, controlled trial evaluating the ability of intraoperative DrugSorb-ATR use to reduce perioperative bleeding risk in patients on ticagrelor undergoing cardiothoracic surgery. The second is the 120-patient, 30 center STAR-D (Safe and Timely Antithrombotic Removal-Direct Oral Anticoagulants) randomized, controlled trial, evaluating the intraoperative use of DrugSorb-ATR to reduce perioperative bleeding risk in patients undergoing cardiothoracic surgery on direct oral anticoagulants, including apixaban and rivaroxaban.
CytoSorbents' purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Its technologies have received non-dilutive grant, contract, and other funding of more than $39.5 million from DARPA, the U.S. Department of Health and Human Services (HHS), the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM), Air Force Material Command (USAF/AFMC), and others. The Company has numerous marketed products and products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and registered trademarks, and multiple patent applications pending, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ®, K+ ontrol™, DrugSorb™, DrugSorb™-ATR, ContrastSorb, and others. For more information, please visit the Company's websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.
Forward-Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, future targets and outlooks for our business, expectations regarding the future impacts of COVID-19 or the ongoing conflict between Russia and the Ukraine or other macroeconomic factors, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 10, 2022, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.
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U.S. Company Contact:
Amy Vogel
305 College Road East
Princeton, NJ 08540
+1 (732) 329-8885
[email protected]
European Company Contact:
Josephine Kraus
+49 30 765 84 66 23
[email protected]
Public Relations Europe:
Marcus Schult
commponists
+49 69 13823 ext. 960
+49 172 4238938
[email protected]
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HIGHLANDS RANCH, Colo., Aug. 2, 2022 /PRNewswire/ -- Destination Pet, one of the largest connected care pet companies in the U.S., announced today that Dr. Jennifer Strickland Fowler has joined the company as its Chief Executive Officer to lead its next phase of growth. Dr. Fowler, a veteran of the human health industry, most recently served as the Chief Operating Officer for Tenet Physician Resources, a division of Tenet Healthcare (NYSE: THC). She started in her new role on Aug. 1, 2022.
"We are pleased to welcome Dr. Fowler to the Destination Pet team," said Stefan Linn, Chairman of the Board and Managing Partner of L1 Health. "Dr. Fowler has a track record of building operational capabilities and growing companies through acquisitions. With her experience, she is well positioned to accelerate our growth and scale up our service infrastructure to extend our leadership position in the industry."
Before Dr. Fowler joined Tenet, she served as Chief Executive Officer of Millennium Health, turning around operations and accelerating growth. She has also held executive leadership roles within Millennium Health in Medication Monitoring and Genetics, and roles in Plus Delta Technologies and Lakeland Regional Medical Center.
As a registered Pharmacist, Dr. Fowler began her career as a Pain Management and Palliative Care Specialist at H. Lee Moffitt Cancer Center and later as Clinical Pharmacist at Helios Pain and Psychiatry Center. She earned her Prepharmacy degree and Doctor of Pharmacy degree at the University of Florida.
"I am thrilled to join the Destination Pet team," said Dr. Fowler. "Destination Pet has an incredibly unique position in the pet industry, bringing connected care together seamlessly for pet parents. As we continue our growth trajectory, I am excited to foster a culture of innovation and expand Destination Pet across the United States. I can't wait to help elevate the loves and lives of pet families with the Destination Pet team."
Destination Pet is a leading pet services company combining pet and medical care and operating in 23 states across the United States. Focused on the complete well-being of the pet, the company's connected care approach delivers high quality pet care and a streamlined customer experience for pet parents. With convenient access points, Destination Pet's extensive services include veterinary medicine, overnight and day care, grooming, and training. Destination Pet is led by a world-class management team with more than a century of combined pet care experience and a legacy of innovation in the industry. For more information, please visit www.destinationpet.com
Contact: Susannah Thompson, [email protected]
SOURCE Destination Pet | https://www.prnewswire.com/news-releases/dr-jennifer-strickland-fowler-joins-destination-pet-as-ceo-to-lead-the-companys-next-phase-of-growth-301598418.html | 2022-08-02T21:45:55 | en | 0.955544 |
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EARLY LEARNING COALITION OF HILLSBOROUGH COUNTY CEO ANNOUNCES RETIREMENT
TAMPA, Fla., Aug. 2, 2022 /PRNewswire/ -- The Early Learning Coalition of Hillsborough County (ELCHC) Chief Executive Officer Gordon L. Gillette announced his retirement to the ELCHC Board of Directors on Monday, August 1, 2022. After four years of dedicated service as the CEO of the ELCHC and more than three decades at TECO, Gillette plans to enjoy his retirement.
Gillette said, "I came to the Coalition after retiring with 36 years of service from TECO, where much of my non-profit volunteer work had been in education. It has been my distinct pleasure to work with a strong leadership team to serve the families and children of Hillsborough County. With 90% of brain development occurring before age 5, this work is of paramount importance for every child. We have made great progress in early learning in our County, and I am proud to have led the Coalition during this time."
Under Gillette's leadership, the Coalition reduced the waitlist from several thousand to zero, decreasing the time families wait for services, created new local programming aimed at preparing children for kindergarten. He led the Coalition during the COVID-19 pandemic, helping child care business owners stay in business, including raising rates four times to increase the amount per child received by child care programs participating in the School Readiness program. Gillette is also credited with bringing INCENTIVE$ to the Coalition, resulting in more than $1MM in wage supplements to early education teachers in the County.
Established by the State Legislature, the Early Learning Coalition of Hillsborough County (ELCHC) is a 501(c)(3) organization focused on promoting school and life success for young children and their families through quality school readiness services and supports. The ELCHC administers School Readiness and VPK (Voluntary Prekindergarten) programs in Hillsborough County, offers teacher trainings and coaching, and provides Child Care Resource and Referral (CCR&R) along with other services that daily serve more than 20,000 children and their families.
Contact: Alison Fraga
Phone: 813-205-6205
Email: [email protected]
SOURCE Early Learning Coalition of Hillsborough County | https://www.prnewswire.com/news-releases/early-learning-coalition-of-hillsborough-county-ceo-announces-retirement-301598415.html | 2022-08-02T21:46:01 | en | 0.962589 |
NASHVILLE, Tenn., Aug. 2, 2022 /PRNewswire/ -- ELITE SPORTS MEDICINE + ORTHOPEDICS, Middle Tennessee's premier orthopedic group, has opened a new location at 1001 Health Park Drive Suite 220, Brentwood, TN. The new Elite location can be found in TriStar's Health Park medical office building located off Old Hickory Blvd.
"We have long awaited a location in this area to better serve our patients and make quality orthopedic care convenient for all." Said Dr. David Moore, co-founder of Elite Sports Medicine + Orthopedics and MPOWER Physical Therapy.
The new location includes on-site physical therapy with MPOWER Physical Therapy, MRI, 12 patient exam rooms, and shared space with Southern Joint Replacement Institute, a close partner of Elite Sports Medicine + Orthopedics.
The Brentwood location advances Elite's patient-centered approach to orthopedics, which combines relationship-driven care, clinical excellence, and superior facilities. Many of Elite's twelve (12) orthopedists will practice at the new facility along with numerous physician's assistants, nurse practitioners, and physical and occupational therapists.
Established in 2006 by Dr. Burton F. Elrod, Dr. David R. Moore, and Dr. Jeffrey D. Willers, Elite Sports Medicine + Orthopedics provides patient-driven, integrative care for people experiencing musculoskeletal pain and impairments. Elite's team of twelve (12) board-certified subspecialized orthopedic surgeons are uniquely experienced in diagnosing and treating a wide variety of injuries and conditions affecting joints, muscles, bones, ligaments, and tendons. The practice serves many professional and amateur athletes but emphasizes exceptional care for patients from all walks of life across its six (6) Nashville and Franklin locations.
SOURCE Elite Sports Medicine + Orthopedics | https://www.prnewswire.com/news-releases/elite-sports-medicine--orthopedics-opens-new-brentwood-location-301598454.html | 2022-08-02T21:46:03 | en | 0.898219 |
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EnerCom Denver - The Energy Investment Conference August 7-10, 2022 puts Spotlight on Oil and Gas Companies from US, Canada, South America and Africa
Lunch Keynote Presentations Feature BPX Energy, Vivek Ramaswamy with Strive Wealth Management and Petrie Partners
Panels include discussions on Capital Allocation, Responsibly Sourced Gas, Private Capital, Carbon Capture, Renewable Natural Gas, ESG, Private Companies and Commodity Market Outlook
DENVER, Aug. 2, 2022 /PRNewswire/ -- EnerCom, Inc. announced today that the EnerCom Denver investment conference will feature management team presentations, breakout Q&A and One-on-One meetings with oil and gas companies from the US, Canada, South America and Africa.
Lunch keynote presentations will feature BPX Energy, Vivek Ramaswamy with Strive Wealth Management and Petrie Partners. Conference panels will feature participants from Xcel Energy, Tallgrass Energy, Summit Carbon, NGVAmerica, Civitas, Denbury, Carbonvert, Chevron, Milestone Carbon and more.
"Oil and gas companies have posted record profits over the past few weeks which marks an impressive turnaround from the spring of 2020. The EnerCom Denver conference is an invaluable opportunity for investors to meet with leading E&P, oilfield service and midstream companies to hear their plans for drilling and production and discuss financial and ESG guidance for the balance of 2022 and into 2023," said Blanca Andrus, Chairwoman and CFO of EnerCom, Inc.
Institutional investors, private equity, hedge funds, family offices, portfolio managers, financial analysts, CIOs, high net worth investors and other investment industry professionals can still register to attend the EnerCom Denver conference and request One-on-One meetings with the senior management teams of participating companies on the conference website.
Panel topics will include discussions on key industry topics of Capital Allocation, Responsibly Sourced Gas, Private Capital, Carbon Capture, Renewable Natural Gas, ESG, Private Companies and Commodity Market Outlook.
Preliminary presentation times for presenting companies and a complete list of events can be found on the conference website at www.enercomdenver.com.
2022 is EnerCom's 27th annual Denver investment conference and will be an in-person event hosted at the Westin Denver Downtown. EnerCom Denver is the largest independent energy-focused investor conferences and will take place August 7-10, 2022. The conference provides extensive networking opportunities for all attendees at several sponsored events the week of the conference.
EnerCom encourages attendees to check the website for the most current information. A sample of the companies that are scheduled to participate at EnerCom Denver on August 7-10, 2022 include:
- AEGIS Hedging Solutions - aegis-hedging.com
- APA Corporation (Nasdaq: APA) - apacorp.com
- Aureus Energy Services - aureusenergy.com
- B3 Insight - b3insight.com
- Battalion Oil (NYSE American: BATL) - battalionoil.com
- Bayswater Exploration & Production - bayswater.us
- Baytex Energy Corporation (TSX: BTE) - baytexenergy.com
- BDO - bdo.com
- BPX Energy (NYSE: BP) (LON: BP) - bp.com
- CAC Specialty - cacspecialty.com
- Caerus Oil & Gas - caerusoilandgas.com
- Camino Natural Resources - caminoresources.com
- Canacol Energy - canacolenergy.com
- Carbonvert - carbonvert.com
- Civitas Resources (NYSE: CIVI) - civitasresources.com
- Comstock Resources (NYSE: CRK) – comstockresources.com
- Cowboy Clean Fuels - cowboycleanfuels.com
- Cureton Midstream - curetonmidstream.com
- Denbury (NYSE: DEN) - denbury.com
- Donovan Ventures - dv-llc.com
- Earthstone Energy (NYSE: ESTE) - earthstoneenergy.com
- Eckard Enterprises - eckardenterprises.com
- Empire Petroleum Corporation (NYSE American: EP) - empirepetroleumcorp.com
- EnerCom, Inc.- enercominc.com
- Engage - engagemobilize.com
- ESG Dynamics- esg-dynamics.com
- Evolution Petroleum (NYSE American: EPM) - evolutionpetroleum.com
- FactSet (NYSE: FDS,NASDAQ: FDS) - factset.com
- Fitch Ratings - fitchratings.com
- Five States Energy - fivestates.com
- Fundare Resources - fundareresources.co
- FutEra Power - futerapower.com
- Greenfield Environmental Solutions Group - greenfieldesg.com
- Haynes Boone - haynesboone.com
- Independence Contract Drilling (NYSE: ICD) - icdrilling.com
- Kolibri Global Energy (TSX: KEI,OTCQB: KGEIF) - kolibrienergy.com
- Landgate- landgate.com
- Liberty Energy (NYSE: LBRT) - libertyfrac.com
- Milestone Carbon, LLC - milestonecarbon.com
- Mobius Risk Group - mobiusriskgroup.com
- Netherland, Sewell & Associates, Inc. - netherlandsewell.com
- NCS Multistage (NASDAQ: NCSM) - ncsmultistage.com
- Newpark Resources (NYSE: NR) - newpark.com
- NGV America - ngvamerica.org
- Northern Oil and Gas (NYSE: NOG) - northernoil.com
- Now, Inc. (NYSE: DNOW) - distributionnow.com
- NuVista Energy (TSX: NVA) - nuvistaenergy.com
- Parex Resources (TSE: PXT)- parexresources.com
- PDC Energy (Nasdaq: PDCE) - pdce.com
- Petrie Partners - petrie.com
- PetroTal Corp. (TSX-V: TAL, AIM: PTAL andOTCQX: PTALF) - petrotal-corp.com
- Prairie Provident Resources (TSX: PPR) - ppr.ca
- Project Canary - projectcanary.com
- PureWest Energy - purewest.com
- ReconAfrica (TSX-V: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) - reconafrica.com
- ResFrac - resfrac.com
- Ring Energy - (NYSE American: REI) - ringenergy.com
- ROK Resources – (TSX-V: ROK) - rokresources.ca
- SandRidge Energy (NYSE: SD) - sandridgeenergy.com
- Select Energy Services (NYSE: WTTR) - selectenergy.com
- SilverBow Resources (NYSE: SBOW) - sbow.com
- SM Energy (NYSE: SM) - sm-energy.com
- Steel Reef Infrastructure - steelreef.ca
- Strive Asset Management - striveassetmanagement.com
- Summit Carbon Solutions - summitcarbonsolutions.com
- Surge Energy (TSX: SGY) - surgeenergy.ca
- Tallgrass Energy (NYSE: TGE) – tallgrass.com
- Talos Energy (NYSE: TALO) - talosenergy.com
- Tamarack Valley Energy (TSX: TVE) - tamarackvalley.ca
- Three Crown Petroleum - threecrownpetroleum.com
- Total Helium (TSXV: TOH) - totalhelium.com
- Trido Solutions - tridosolutions.com
- W&T Offshore (NYSE: WTI) - wtoffshore.com
- Wasatch Energy Management - wemenergy.com
- Xcel Energy (NASDAQ: XEL) – xcelenergy.com
Investor presentations begin daily at 8:00 a.m. and run through 5:00 p.m. Mountain Time. The complete schedule of presenters can be found on the website (presenters, days, times are subject to change).
How to Register: Investment professionals and oil and gas companies may register for the event through the conference website.
Conference Details: EnerCom Denver - The Energy Investment Conference in Denver offers investment professionals a unique opportunity to listen to company senior management teams across the energy value chain update investors on their operational and financial strategies and learn how the leading energy companies are building value in 2022. The event features public and private oil and gas companies with operations around the world including the U.S. shale basins, the Gulf of Mexico and Canada.
Conference Dates: August 7 - 10, 2022. EnerCom will host its annual charity golf outing on August 7 and host formal presentations and meetings on August 8 – 10.
Venue: The Westin Denver Downtown. Click here to book your hotel room under the discounted conference rate.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, family offices, research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue.
Founded in 1994, EnerCom, Inc. is an internationally recognized management consultancy advising companies on Environmental, Social & Governance (ESG), investor relations, corporate strategy/board advisory, marketing, analysis and valuation, media, branding and visual communications design. Headquartered in Denver, EnerCom and its team of experts are passionate about the energy industry and its work to provide clients with a wide range of services to build brand recognition that drives valuation and returns.
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit https://netherlandsewell.com/.
Moss Adams is a fully integrated professional services firm dedicated to assisting clients with growing, managing, and protecting prosperity.
With more than 3,400 professionals and staff across more than 25 locations in the West and beyond, we work with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. For more information, please visit www.MossAdams.com
Haynes Boone, LLP is an energy focused corporate law firm, providing a full spectrum of legal services and solutions to clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. Lawyers from our Denver office and 15 other offices work as a team to meet the legal needs of our domestic and international clients involved in oil and gas. We represent private and public oil and gas companies, financial institutions, investment funds and other investors. Our team of more than 100 energy lawyers and landmen understands the physical and financial energy markets, and the firm has been helping both operators and lenders complete some of the largest financings and M&A transactions in recent years. The BTI Industry Power Rankings, published by BTI Consulting Group, Inc., named Haynes and Boone a "Leading Recommended" firm for the energy industry in 2017, ranking our firm among the top three percent of all law firms. For more information, please visit www.haynesboone.com/.
BDO delivers assurance, tax, and financial advisory services to clients throughout the country and around the globe. We offer numerous industry-specific practices, world-class resources, and an unparalleled commitment to meeting our clients' needs. We currently serve more than 400 publicly traded domestic and international clients. For more information, please visit: www.bdo.com.
Mobius Risk Group is an independent commodity and physical energy risk advisory firm. Founded in 2002, Mobius provides strategic advisory services including financial, physical, and commodity risk management and valuation, carbon strategy development, and regulated energy oversight for producers, consumers, distributors and capital providers backed by its proprietary C/ETRM, RiskNet. For more information, please visit: www.mobiusriskgroup.com.
Project Canary is a climate tech company that provides trusted, independent, and verified environmental data to track, measure, and score the "E" in ESG across an enterprise's operational value chain. They are the leaders in providing dynamic environmental ratings using real-time monitoring data at the facility level to assess and improve operating practices and provide a science-based and technology-enabled measurement of emission profiles, including methane. Formed as a Public Benefit Corporation, Project Canary's team of scientists, engineers, and seasoned industry operators have earned recognition for their uncompromising standards, including being named "Best for the World" B Corp. For more information, please visit: www.projectcanary.com.
Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence.
Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is owned by Hearst. For additional information, please visit www.fitchratings.com.
CAC Specialty is an employee-owned risk solutions company of seasoned and proactive industry leaders, operating as a nimble and collaborative partner who puts you and your business first. With a knowledge-driven approach informed by industry data and decades of honed instinct, CAC brings an innovative vision to insurance broking and merchant banking by providing solutions to solve your risk challenges – from the simple to the previously unsolvable. Backed by a $40B AUM asset manager and not constrained by traditional risk transfer thinking, CAC can expand the range of risk transfer through access to private debt and alternative pools of risk capital. For additional information, please visit www.cacspecialty.com.
Preng & Associates is the world's leading executive search firm totally dedicated to the energy industry. Over our 40 years, we have assisted more than 750 management teams and boards in 75 countries and conducted over 3,700 engagements. Our mission continues to be helping companies and boards identify and attract talent around the world that will impact shareholder value. For additional information, please visit www.preng.com.
We have been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables. We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth2 with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune's 2020 rankings of America's largest corporations.
FactSet (NYSE:FDS,NASDAQ:FDS) delivers superior content, analytics, and flexible technology to help more than 170,000 users see and seize opportunity sooner. We give investment professionals the edge to outperform with informed insights, workflow solutions across the portfolio lifecycle, and industry-leading support from dedicated specialists. We're proud to have been recognized with multiple awards for our analytical and data-driven solutions, with the distinction of having been recently added to the S&P 500, and repeatedly scored 100 by the Human Rights Campaign® Corporate Equality Index for our LGBTQ+ inclusive policies and practices. Subscribe to our thought leadership blog to get fresh insight delivered daily at insight.factset.com. Learn more at www.factset.com and on Twitter: www.twitter.com/factset.
AEGIS Hedging Solutions enables companies to manage their commodity price and interest rate risk through leading software and advisory capabilities. AEGIS develops and executes cash flow protection strategies and manages all hedge program activities through an award-winning SaaS platform. AEGIS was recently named the Hedge Advisor of the Year for an unprecedented fourth consecutive year.
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
SOURCE EnerCom, Inc. | https://www.prnewswire.com/news-releases/enercom-denver---the-energy-investment-conference-august-7-10-2022-puts-spotlight-on-oil-and-gas-companies-from-us-canada-south-america-and-africa-301598420.html | 2022-08-02T21:46:09 | en | 0.898891 |
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Announces Four Operating Partner Additions
WASHINGTON, Aug. 2, 2022 /PRNewswire/ -- Evolent Health, Inc. (NYSE: EVH), a health care company that delivers proven clinical and administrative solutions to payers and providers, today announced financial results for the quarter ended June 30, 2022.
Highlights from the second quarter of 2022 announcement include:
Quarter ended June 30, 2022:
- Revenue of $319.9 million, an increase of $97.9 million, or 44.1%, from the three months ended June 30, 2021.
- Net loss attributable to common shareholders of Evolent Health, Inc. of $4.6 million resulting in a net loss margin of (1.43)%.
- Achieved Adjusted EBITDA of $21.7 million resulting in an Adjusted EBITDA margin of 6.8%.
- Total Lives on Platform of 21.9 million as of June 30, 2022, composed of 2.1 million Evolent Health Services Lives on Platform and 19.8 million Clinical Solutions Lives on Platform.
Also today, Evolent announced the following partnership additions:
- Molina Healthcare will launch New Century Oncology Performance Suite for their Medicaid, Medicare, and Marketplace membership, initially in three states by the end of 2022.
- Evolent Health Services will provide quality and care gap technology services Medicare Advantage and Commercial Exchange lines of business for a major midwestern Blue Cross Blue Shield plan.
Seth Blackley, Chief Executive Officer, and Co-Founder of Evolent Health stated, "Evolent's strong financial results for the second quarter as well as on a year-to-date basis clearly demonstrate that our team is creating value for our shareholders, clients, patients and employees. Our financials reflect both an increasing number of successful partnerships with our payer and provider clients as well as deeper and broader relationships across our solutions. This year, we have added 10 new operating partnerships in 2022, already exceeding our annual goal of 6-to-8 additions for the second year in a row.
Mr. Blackley continued, "In addition to strong financial performance this quarter, yesterday we closed the acquisition of IPG, announced on June 28. This transaction marks a significant step in Evolent's goal to be a go-to partner with a deep and highly integrated specialty value-based care platform."
Financial Results of Evolent Health, Inc.
In our earnings releases, prepared remarks, conference calls, slide presentations and webcasts, we may use or discuss non-GAAP financial measures. Definitions of the non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings release. See Financial Statement Presentation and Non-GAAP Financial Measures for more information.
Reported Results
Evolent Health, Inc. reported the following results in accordance with U.S. generally accepted accounting principles ("GAAP"):
- Revenue of $319.9 million and $222.1 million for the three months ended June 30, 2022 and 2021, respectively.
- Cost of revenue of $249.7 million and $172.1 million for the three months ended June 30, 2022 and 2021, respectively.
- Selling, general and administrative expenses of $59.0 million and $42.7 million for the three months ended June 30, 2022 and 2021, respectively.
- Net loss attributable to common shareholders of Evolent Health, Inc. of $(4.6) million and $(9.1) million for the three months ended June 30, 2022 and 2021, respectively.
- Net loss margin of (1.4)% and (4.1)% for the three months ended June 30, 2022 and 2021, respectively.
- Loss attributable to common shareholders of Evolent Health, Inc., per basic and diluted share, of $(0.05) and $(0.11) for the three months ended June 30, 2022 and 2021, respectively.
Segment Highlights: Clinical Solutions
- Revenue of $227.6 million, up 54.6%, from $147.2 million from the three months ended June 30, 2021.
- Adjusted EBITDA of $13.5 million and $13.6 million for the three months ended June 30, 2022 and 2021, respectively.
- Adjusted EBITDA margin of 5.9% and 9.2% for the three months ended June 30, 2022 and 2021, respectively.
- Clinical Solutions Lives on Platform in our Performance suite was 2.5 million with a quarterly Clinical Solutions Performance suite Average PMPM of $34.58 and in our New Century Health Technology and Services suite Lives on Platform was 17.3 million with a quarterly New Century Health Technology and Services suite Average PMPM of $0.36 as of June 30, 2022.
Segment Highlights: Evolent Health Services
- Revenue of $92.3 million, up 23.3%, from $74.9 million from the three months ended June 30, 2021.
- Adjusted EBITDA of $15.1 million and $6.5 million for the three months ended June 30, 2022 and 2021, respectively.
- Adjusted EBITDA margin of 16.3% and 8.7% for the three months ended June 30, 2022 and 2021, respectively.
- Evolent Health Services Lives on Platform was 2.1 million with a quarterly Evolent Health Services Average PMPM of $14.58 as of June 30, 2022.
Total cash and cash equivalents was $193.1 million as of June 30, 2022.
Adjusted Results
- Adjusted cost of revenue of $248.5 million and $171.1 million for the three months ended June 30, 2022 and 2021, respectively.
- Adjusted selling, general and administrative expenses of $49.7 million and $37.6 million for the three months ended June 30, 2022 and 2021, respectively.
- Adjusted EBITDA of $21.7 million and $13.3 million for the three months ended June 30, 2022 and 2021, respectively.
- Adjusted EBITDA margin of 6.8% and 6.0% for the three months ended June 30, 2022 and 2021, respectively.
- Adjusted income (loss) attributable to common shareholders of $9.4 million and $(1.9) million for the three months ended June 30, 2022 and 2021, respectively.
- Adjusted income (loss) per share attributable to common shareholders of $0.10 and $(0.02) for the three months ended June 30, 2022 and 2021, respectively.
Business Outlook
The guidance numbers below reflect the estimated impact of the acquisition of IPG from the date of close.
Third Quarter 2022 Guidance
For the three months ending September 30, 2022, revenue is expected to be in the range of approximately $343.0 million to $363.0 million. Adjusted EBITDA is expected to be in the range of approximately $24.0 million to $29.0 million.
Full Year 2022 Guidance
Revenue for the year ending December 31, 2022 is expected to be in the range of approximately $1.32 billion to $1.36 billion. Adjusted EBITDA is expected to be in the range of approximately $95.0 million to $105.0 million.
This "Business Outlook" section contains forward-looking statements, and actual results may differ materially. Factors that may cause actual results to differ materially from our current expectations are set forth below in "Forward Looking Statements - Cautionary Language" and Evolent Health, Inc.'s filings with the Securities and Exchange Commission ("SEC").
Additional Outlook Information
Cash deployed for software development is expected to be in the range of $30 million - $35 million for the year ended December 31, 2022.
Web and Conference Call Information
As previously announced, Evolent Health, Inc. will hold a conference call to discuss its second quarter performance this evening, August 2, 2022, at 5:00 p.m., Eastern Time. To listen to a live broadcast via the internet and view the accompanying materials, please visit the Company's Investor Relations website at http://ir.evolenthealth.com. To participate by telephone, dial 855.940.9467 or 412.317.6034 for international callers, and ask to join the "Evolent Health call." Participants are advised to dial in at least fifteen minutes prior to the call to register. The call will be archived on the company's website for one week and will be available beginning later this evening. Evolent Health invites all interested parties to attend the conference call.
About Evolent Health
Evolent Health (NYSE: EVH) delivers proven clinical and administrative solutions that improve whole-person health while making health care simpler and more affordable. Our solutions encompass total cost of care management, specialty care management, and administrative simplification. Evolent serves a national base of leading payers and providers, is the first company to receive the National Committee for Quality Assurance's Population Health Program Accreditation, and is consistently recognized as a top place to work in health care nationally. Learn more about how Evolent is changing the way health care is delivered by visiting evolenthealth.com.
Contacts:
Seth Frank
Investor Relations
[email protected]
Non-GAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with GAAP, we present and discuss Adjusted Cost of Revenue, Adjusted Selling, General and Administrative Expenses, Adjusted Depreciation and Amortization Expenses, Adjusted Total Operating Expenses, Adjusted Operating Income (Loss), Adjusted EBITDA, Adjusted Earnings (Loss) Available to Common Shareholders and Adjusted Earnings (Loss) per Share Available to Common Shareholders, which are all non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental operational performance.
Adjusted Cost of Revenue and Adjusted Selling, General and Administrative Expenses are defined as cost of revenue and selling, general and administrative expenses, respectively, adjusted to exclude the impact of stock-based compensation expenses, severance costs, amortization of contract cost assets recorded as a result of a one-time ASC 606 transition adjustment, acquisition-related costs related to acquisitions and business combinations, securities offerings, discontinued operations, strategy and shareholder advisory services and certain one-time adjustments. Management uses Adjusted Cost of Revenue and Adjusted Selling, General and Administrative Expenses as supplemental performance measures, which are also useful to investors, because they facilitate an understanding of our long-term operational costs while removing the effect of costs that are not expected to reoccur frequently (e.g. acquisition-related costs) and non-cash (e.g. stock-based compensation expenses) in nature. Additionally, these supplemental performance measures facilitate understanding a breakdown of our Adjusted Total Operating Expenses. Adjustments for acquisition-related costs incurred generally represent professional service fees and direct expenses related to acquisitions. Because we do not acquire businesses on a predictable cycle, we do not consider the amount of acquisition-related costs to be a representative component of the day-to-day operating performance of our business.
Adjusted Depreciation and Amortization Expenses is defined as depreciation and amortization expenses adjusted to exclude the impact of amortization expenses related to intangible assets acquired through asset acquisitions and business combinations. Management uses Adjusted Depreciation and Amortization Expenses as a supplemental performance measure because it reflects a complete view of the operational results. The measure is also useful to investors because it facilitates understanding a breakdown of our Adjusted Total Operating Expenses.
Adjusted Total Operating Expenses is defined as the sum of Adjusted Cost of Revenue, Adjusted Selling, General and Administrative Expenses and Adjusted Depreciation and Amortization Expenses, and reflects the adjustments made in those non-GAAP measures. Adjusted Total Operating Expenses is further adjusted to exclude the impact of (gain) loss on disposal of assets and items arising from acquisitions and business combinations, such as changes in fair value of contingent consideration.
Adjusted Operating Income (Loss) is defined as Adjusted Revenue less Adjusted Total Operating Expenses, and reflects the adjustments made in those non-GAAP measures. Management uses Adjusted Total Operating Expenses and Adjusted Operating Income (Loss) because the removal of acquisition costs, one-time or non-cash items (e.g. depreciation, amortization and stock-based compensation expenses) allows us to focus on operational performance, and believes these measures are useful to investors because they give investors insight into our core operating performance.
Adjusted EBITDA is defined as net loss attributable to common shareholders of Evolent Health, Inc. before interest income, interest expense, provision (benefit) for income taxes, depreciation and amortization expenses, adjusted to exclude gain on transfer of membership, loss on repayment of debt, gain from equity method investees, changes in fair value of contingent consideration, other income (expense), net, repositioning costs, stock-based compensation expense, severance costs, amortization of contract cost assets, strategy and shareholder advisory services, acquisition-related costs and gain from discontinued operations.
Management uses Adjusted EBITDA as a supplemental performance measure because the removal of acquisition-related costs, one-time or non-cash items (e.g. depreciation, amortization and stock-based compensation expenses) allows us to focus on operational performance. We believe that this measure is also useful to investors because it allows further insight into the period over period operational performance in a manner that is comparable to other organizations in our industry and in the market in general.
Adjusted EBITDA Margin is as defined Adjusted EBITDA divided by Revenue. Management uses Adjusted EBITDA margin as a supplemental performance measure because it allows the investor to understand operational performance compared to revenues over time. We believe that this measure is also useful to investors because it allows further insight into the period over period operational performance in a manner that is comparable to other organizations in our industry and in the market in general.
Adjusted Earnings (Loss) Available to Common Shareholders is defined as net loss attributable to common shareholders of Evolent Health, Inc. adjusted to exclude gain from equity method investees, other income (expense), net, gain on transfer of membership, loss on repayment of debt, changes in fair value of contingent consideration, purchase accounting adjustments, repositioning costs, stock-based compensation expenses, severance costs, amortization of contract cost assets recorded as a result of a one-time ASC 606 transition adjustment, gain from discontinued operations, strategy and shareholder advisory services and acquisition-related costs.
Adjusted Earnings (Loss) per Share Available to Common Shareholders is defined as Adjusted Earnings (Loss) Available to Common Shareholders divided by Weighted-Average Common Shares, and reflects the adjustments made in those non-GAAP measures.
Management uses Adjusted Earnings (Loss) Available to Common Shareholders and Adjusted Earnings (Loss) per Share Available to Common Shareholders because excluding non-cash items (e.g. depreciation, amortization and stock-based compensation expenses) allows us to focus on operational performance. We believe that these measures are also useful to investors for the same reason.
These adjusted measures do not represent and should not be considered as alternatives to GAAP measurements, and our calculations thereof may not be comparable to similarly entitled measures reported by other companies. A reconciliation of these adjusted measures to their most comparable GAAP financial measures is presented in the tables below. We believe these measures are useful across time in evaluating our fundamental core operating performance.
Lives on Platform and Per Member Per Month ("PMPM") Fee
Total Lives on Platform are calculated by summing our Evolent Health Services Lives on Platform and our Clinical Solutions Lives on Platform. Evolent Health Services Lives on Platform are calculated by summing members on our value-based care and comprehensive health plan administrative platform. Clinical Solutions Lives on Platform are calculated by summing the Clinical Solutions Lives on Platform in our Performance suite and New Century Health Technology and Services suite Lives on Platform. Clinical Solutions Lives on Platform in our Performance suite are calculated by summing members covered for oncology specialty care services and members covered for cardiology specialty care services for contracts not under ASO arrangements. New Century Health Technology and Services suite Lives on Platform are calculated by summing members covered for oncology specialty care services, members covered for cardiology specialty care services and members covered for advance care planning services for contracts under ASO arrangements. Members covered for more than one category are counted in each category.
Evolent Health Services average per member per month ("PMPM") fee is defined as platform and operations revenue pertaining to the Evolent Health Services segment during the period reported divided by the average of the beginning and ending Evolent Health Services segment membership during the period reported divided by the number of months in the period. Clinical Solutions Performance suite Average PMPM fee is defined as platform and operations services revenue pertaining to our Clinical Solutions Performance suite during the period reported divided by the average of the beginning and ending Clinical Solutions Performance suite membership during the period reported divided by the number of months in the period. New Century Health Technology and Services suite Average PMPM fee is defined as platform and operations revenue pertaining to the New Century Health Technology and Services suite during the period reported divided by the average of the beginning and ending New Century Health Technology and Services suite membership during the period reported divided by the number of months in the period.
Management uses lives on platform and PMPM fees because we believe that they provide insight into the unit economics of our services. We believe that these measures are also useful to investors because they allow further insight into the period over period operational performance. We believe that these measures are also useful to investors because they allow further insight into the period over period operational performance.
The guidance reconciliation provided above reconciles the midpoint of the respective guidance ranges to the most comparable GAAP measure.
FORWARD-LOOKING STATEMENTS - CAUTIONARY LANGUAGE
Certain statements made in this report and in other written or oral statements made by us or on our behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: "believe," "anticipate," "expect," "estimate," "aim," "predict," "potential," "continue," "plan," "project," "will," "should," "shall," "may," "might" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to our ability to grow our impact significantly throughout this year and beyond, future actions, trends in our businesses, prospective services, new partner additions/expansions, our guidance and business outlook and future performance or financial results, and the closing of pending transactions and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.
These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements involve risks and uncertainties that may cause actual results, level of activity, performance or achievements to differ materially from the results contained in the forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements, include, among others:
- the significant portion of revenue we derive from our largest partners, and the potential loss, non-renewal, termination or renegotiation of our relationship or contract with any significant partner, or multiple partners in the aggregate;
- evolution in the market for value-based care;
- uncertainty in the health care regulatory framework, including the potential impact of policy changes;
- our ability to offer new and innovative products and services;
- risks related to completed and future acquisitions, investments, alliances and joint ventures, including our acquisition of the Implantable Provider Group, Inc., which could divert management resources, result in unanticipated costs or dilute our stockholders;
- the financial benefits we expect to receive as a result of the sale of certain assets of Passport may not be realized;
- the growth and success of our partners, which is difficult to predict and is subject to factors outside of our control, including governmental funding reductions and other policy changes, enrollment numbers for our partners' plans, premium pricing reductions, selection bias in at-risk membership and the ability to control and, if necessary, reduce health care costs;
- risks relating to our ability to maintain profitability for our total cost of care and New Century Health's performance-based contracts and products, including capitation and risk-bearing contracts;
- our ability to effectively manage our growth and maintain an efficient cost structure, and to successfully implement cost cutting measures;
- changes in general economic conditions nationally and regionally in our markets, including inflation and economic and business conditions and the impact thereof on the economy resulting from the COVID-19 pandemic and other public health emergencies;
- our ability to recover the significant upfront costs in our partner relationships;
- our ability to attract new partners and successfully capture new growth opportunities;
- the increasing number of risk-sharing arrangements we enter into with our partners;
- our ability to estimate the size of our target markets;
- our ability to maintain and enhance our reputation and brand recognition;
- consolidation in the health care industry;
- competition which could limit our ability to maintain or expand market share within our industry;
- risks related to governmental payer audits and actions, including whistleblower claims;
- our ability to partner with providers due to exclusivity provisions in our contracts;
- risks related to our offshore operations;
- our ability to contain health care costs, implement increases in premium rates on a timely basis, maintain adequate reserves for policy benefits or maintain cost effective provider agreements;
- our dependency on our key personnel, and our ability to attract, hire, integrate and retain key personnel;
- the impact of additional goodwill and intangible asset impairments on our results of operations;
- our indebtedness, our ability to service our indebtedness, and our ability to obtain additional financing;
- our ability to achieve profitability in the future;
- the impact of litigation, including the ongoing class action lawsuit;
- material weaknesses in the future may impact our ability to conclude that our internal control over financial reporting is not effective and we may be unable to produce timely and accurate financial statements;
- restrictions and penalties as a result of privacy and data protection laws;
- data loss or corruption due to failures or errors in our systems and service disruptions at our data centers;
- restrictions and penalties as a result of privacy and data protection laws;
- adequate protection of our intellectual property, including trademarks;
- any alleged infringement, misappropriation or violation of third-party proprietary rights;
- our use of "open source" software;
- our ability to protect the confidentiality of our trade secrets, know-how and other proprietary information;
- our reliance on third parties and licensed technologies;
- our ability to use, disclose, de-identify or license data and to integrate third-party technologies;
- our reliance on Internet infrastructure, bandwidth providers, data center providers, other third parties and our own systems for providing services to our partners;
- our reliance on third-party vendors to host and maintain our technology platform;
- our obligations to make payments to certain of our pre-IPO investors for certain tax benefits we may claim in the future;
- our ability to utilize benefits under the tax receivables agreement described herein;
- our obligations to make payments under the tax receivables agreement that may be accelerated or may exceed the tax benefits we realize;
- the terms of agreements between us and certain of our pre-IPO investors;
- the conditional conversion features of the 2024 and 2025 convertible notes, which, if triggered, could require us to settle the 2024 or 2025 convertible notes in cash;
- the potential volatility of our Class A common stock price;
- the potential decline of our Class A common stock price if a substantial number of shares are sold or become available for sale;
- provisions in our second amended and restated certificate of incorporation and third amended and restated by-laws and provisions of Delaware law that discourage or prevent strategic transactions, including a takeover of us;
- the ability of certain of our investors to compete with us without restrictions;
- provisions in our second amended and restated certificate of incorporation which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees; and
- our intention not to pay cash dividends on our Class A common stock.
The risks included here are not exhaustive. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Our Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K") and other documents filed with the SEC include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.
Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this report.
SOURCE Evolent Health | https://www.prnewswire.com/news-releases/evolent-health-announces-second-quarter-2022-results-301598232.html | 2022-08-02T21:46:15 | en | 0.946619 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/clemson-tigers-football/articles/40267559 | 2022-08-02T21:46:17 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/clemson-tigers-football/articles/40267562 | 2022-08-02T21:46:19 | en | 0.738227 |
SALT LAKE CITY, Aug. 2, 2022 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, announced operating results for the three and six months ended June 30, 2022.
Highlights for the three months ended June 30, 2022:
- Achieved net income attributable to common stockholders of $1.73 per diluted share, representing a 38.4% increase compared to the same period in the prior year.
- Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $2.12 per diluted share. FFO, excluding adjustments for transaction related costs ("Core FFO"), was $2.13 per diluted share, representing a 29.9% increase compared to the same period in the prior year.
- Increased same-store revenue by 21.7% and same-store net operating income ("NOI") by 26.0% compared to the same period in the prior year.
- Reported same-store occupancy of 95.9% as of June 30, 2022, compared to 96.9% as of June 30, 2021.
- Acquired 12 operating stores and three stores at completion of construction (a "Certificate of Occupancy store" or "C of O store") and completed one development for a total cost of approximately $231.4 million.
- In conjunction with joint venture partners, acquired 16 operating stores for a total cost of approximately $332.1 million, of which the Company invested $57.6 million.
- Originated $70.3 million in mortgage and mezzanine bridge loans and sold $44.7 million in mortgage bridge loans.
- Added 40 stores (gross) to the Company's third-party management platform. As of June 30, 2022, the Company managed 864 stores for third parties and 304 stores in joint ventures, for a total of 1,168 managed stores.
- Paid a quarterly dividend of $1.50 per share.
Highlights for the six months ended June 30, 2022:
- Achieved net income attributable to common stockholders of $3.24 per diluted share, representing a 16.1% increase compared to the same period in the prior year.
- Achieved FFO of $4.13 per diluted share. Core FFO was $4.14 per diluted share, representing a 31.8% increase compared to the same period in the prior year.
- Increased same-store revenue by 21.7% and same-store net NOI by 26.7% compared to the same period in the prior year.
- Acquired 23 operating stores and six C of O stores and completed one development for a total cost of approximately $456.4 million.
- In conjunction with joint venture partners, acquired 18 operating stores for a total cost of approximately $374.6 million, of which the Company invested $61.9 million.
- Originated $208.0 million in mortgage and mezzanine bridge loans and sold $85.7 million in mortgage bridge loans.
- Added 77 stores (gross) to the Company's third-party management platform.
Joe Margolis, CEO of Extra Space Storage Inc., commented: "We had another strong quarter, matching last quarter's record same-store revenue growth of 21.7% and achieving same-store NOI growth of 26.0%. We were active in all of our external growth channels. We continue to find accretive investments through our deep industry relationships, and expand our diversified portfolio. We achieved FFO growth of 29.9%, allowing us to increase our annual FFO guidance for the second time this year."
FFO Per Share:
The following table (unaudited) outlines the Company's FFO and Core FFO for the three and six months ended June 30, 2022 and 2021. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):
Operating Results and Same-Store Performance:
The following table (unaudited) outlines the Company's same-store performance for the three and six months ended June 30, 2022 and 2021 (amounts shown in thousands, except store count data)1:
Same-store revenues for the three and six months ended June 30, 2022 increased compared to the same periods in 2021 due to higher average rates to existing customers and higher other operating income partially offset by lower occupancy.
Same-store expenses increased for the three and six months ended June 30, 2022 compared to the same periods in 2021 due to increases in payroll, credit card processing fees, repairs and maintenance, utilities and insurance, partially offset by lower property taxes due to successful appeals of prior period taxes.
Details related to the same-store performance of stores by metropolitan statistical area ("MSA") for the three and six months ended June 30, 2022 are provided in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.
Investment and Property Management Activity:
The following table (unaudited) outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands):
The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all.
Bridge Loans:
During the three months ended June 30, 2022, the Company originated $70.3 million in bridge loans. The Company has an additional $402.9 million in bridge loans that closed subsequent to quarter end or are under agreement to close in 2022. During the three months ended June 30, 2022, the Company sold $44.7 million in bridge loans. Additional details related to the Company's loan activity and balances held are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.
Other Investments:
On June 1, 2022 the Company completed the acquisition of Bargold Storage Systems, LLC ("Bargold") for a purchase price of approximately $180.0 million. Bargold leases space in apartment buildings, primarily in New York City and its boroughs, builds out the space as storage units, and subleases the units to resident tenants. As of June 1, 2022, Bargold had approximately 17,000 storage units.
Dispositions:
The Company disposed of two properties during the three months ended June 30, 2022 for approximately $41.0 million, resulting in a gain of approximately $14.2 million.
Property Management:
As of June 30, 2022, the Company managed 864 stores for third-party owners and 304 stores owned in joint ventures, for a total of 1,168 stores under management. The Company is the largest self-storage management company in the United States.
Balance Sheet:
In conjunction with the Bargold acquisition, the Company issued 91,743 common OP units at an average price of $174.40 per share (a total value of $16.0 million) and 240,000 preferred OP units at a stated value of $25.00 per share (a total value of $6.0 million).
During the three months ended June 30, 2022, the Company repurchased 381,786 shares of common stock using its stock repurchase program at an average price of $165.01 per share for a total cost of $63.0 million including transaction costs. As of June 30, 2022, the Company had authorization to purchase up to an additional $337.0 million under the plan.
As of June 30, 2022, the Company's percentage of fixed-rate debt to total debt was 74.8%. The weighted average interest rates of the Company's fixed and variable-rate debt were 3.1% and 2.9%, respectively. The combined weighted average interest rate was 3.1% with a weighted average maturity of approximately 5.5 years.
Subsequent to quarter end, on July 29, 2022, the Company completed an accordion transaction in its credit facility, and added a $175.0 million unsecured debt tranche maturing January 2028 and a $425.0 million unsecured debt tranche maturing July 2029. The current interest rates for the tranches are Adjusted Term SOFR/Adjusted Daily Simple SOFR ("SOFR") + 0.95% and SOFR + 1.25%, respectively.
Dividends:
On June 30, 2022, the Company paid a second quarter common stock dividend of $1.50 per share to stockholders of record at the close of business on June 15, 2022.
Outlook:
The following table outlines the Company's current and initial FFO estimates and annual assumptions for the year ending December 31, 20221:
FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company's estimates are forward-looking and based on management's view of current and future market conditions. The Company's actual results may differ materially from these estimates.
Supplemental Financial Information:
Supplemental unaudited financial information regarding the Company's performance can be found on the Company's website at www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on "Investor Relations," then under the "Financials & Stock Information" navigation menu click on "Quarterly Earnings." This supplemental information provides additional detail on items that include store occupancy and financial performance by portfolio and market, debt maturity schedules and performance of lease-up assets.
Conference Call:
The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday, August 3, 2022, to discuss its financial results. Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dial-in number and PIN: Pre-registration Link.
A live webcast of the call will also be available on the Company's investor relations website at https://ir.extraspace.com. To listen to the live webcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
A replay of the call will be available for 30 days on the investor relations section of the Company's website beginning at 5:00 p.m. Eastern Time on August 3, 2022.
Forward-Looking Statements:
Certain information set forth in this release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning the benefits of store acquisitions, developments, favorable market conditions, our outlook and estimates for the year and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, the competitive landscape, plans or intentions relating to acquisitions and developments and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
- adverse changes in general economic conditions, the real estate industry and the markets in which we operate;
- failure to close pending acquisitions and developments on expected terms, or at all;
- the effect of competition from new and existing stores or other storage alternatives, which could cause rents and occupancy rates to decline;
- potential liability for uninsured losses and environmental contamination;
- the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing real estate investment trusts ("REITs"), tenant reinsurance and other aspects of our business, which could adversely affect our results;
- disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
- impacts from the COVID-19 pandemic or the future outbreak of other highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results;
- our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse, any of which could adversely affect our business and results;
- increases in interest rates;
- reductions in asset valuations and related impairment charges;
- our lack of sole decision-making authority with respect to our joint venture investments;
- the effect of recent or future changes to U.S. tax laws;
- the failure to maintain our REIT status for U.S. federal income tax purposes; and
- economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan.
All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
Definition of FFO:
FFO provides relevant and meaningful information about the Company's operating performance that is necessary, along with net income and cash flows, for an understanding of the Company's operating results. The Company believes FFO is a meaningful disclosure as a supplement to net income. Net income assumes that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company's real estate assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as net income computed in accordance with U.S. generally accepted accounting principles ("GAAP"), excluding gains or losses on sales of operating stores and impairment write downs of depreciable real estate assets, plus depreciation and amortization related to real estate and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. The Company believes that to further understand the Company's performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements. FFO should not be considered a replacement of net income computed in accordance with GAAP.
For informational purposes, the Company also presents Core FFO. Core FFO excludes revenues and expenses not core to our operations and non-cash interest. Although the Company's calculation of Core FFO differs from NAREIT's definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding revenues and expenses not core to our operations and non-cash interest charges, stockholders and potential investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. Core FFO by the Company should not be considered a replacement of the NAREIT definition of FFO. The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of the Company's performance, as an alternative to net cash flow from operating activities as a measure of liquidity, or as an indicator of the Company's ability to make cash distributions.
Definition of Same-Store:
The Company's same-store pool for the periods presented consists of 870 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to occupancy, rental revenue (growth), operating expenses (growth), net operating income (growth), etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of June 30, 2022, the Company owned and/or operated 2,177 self-storage stores in 41 states and Washington, D.C. The Company's stores comprise approximately 1.6 million units and approximately 168.0 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.
SOURCE Extra Space Storage Inc. | https://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2022-second-quarter-results-301598386.html | 2022-08-02T21:46:21 | en | 0.952706 |
Fidelity National Financial, Inc. Announces Quarterly Cash Dividend of $0.44
JACKSONVILLE, Fla., Aug. 2, 2022 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) today announced that its Board of Directors has declared a quarterly cash dividend of $0.44 per share. The dividend will be payable September 30, 2022, to stockholders of record as of September 16, 2022.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at www.fnf.com.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.
FNF-G
SOURCE Fidelity National Financial, Inc.; FGL Holdings | https://www.prnewswire.com/news-releases/fidelity-national-financial-inc-announces-quarterly-cash-dividend-of-0-44--301598329.html | 2022-08-02T21:46:23 | en | 0.908583 |
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NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Figue and Tuluminati announced today a limited-edition capsule collection of iconic hats. The collection features a series of unique hats embodying the adventurous spirit of Figue with the unique styling and craftsmanship of Tuluminati.
CEO and Creative Director Liz Lange said "when I had the chance to collaborate with Tuluminati, I immediately jumped on it. Tuluminati's style, quality, and brand are a perfect complement to Figue, and I couldn't be more excited by our collection."
The collection features three hats, the Katuk Palm Hat -- handcrafted from 100% fine palm leaf, the Katuk is adorned with a braided cotton band interlaced with jute fabric and a handstitched logo of the Figue Serpents. The Puka Suede Hat blends shells and suede for a fiercely independent style. Hand-selected Cowrie shells stitched across a jute fabric band accentuate a subtle, 100% suede construction. Embossed with the Figue Serpents on the crown, the Puka Suede Hat comes together to create the perfect accessory for poolside parties or Pacific panoramas. The Soga Suede Hat makes an unforgettable statement. Crafted from 100% white suede, and embossed with the Figue Serpents, the Soga is a hat dedicated to detail. Embellished in an array of avian accessories, the Soga Suede Hat tucks white peacock, ostrich, goose, and silver pheasant feathers behind a cotton rope band adorned with a golden safety pin. With a luxurious look and legendary style, the Soga Suede Hat is a symbol of timeless taste.
The collaboration embodies the shared love and respect for local artisans and craftsmanship that have been at the core of Figue and a continuous source of inspiration for the past decade.
Founded in New York City in 2012 and acquired by current CEO and Creative Director, Liz Lange, in December 2020, Figue is a dreamy combination of luxe and laid back. Figue's free spirit-meets-sophisticate line of ready-to-wear, handbags, footwear, accessories and home design is proudly infused with bohemian gorgeousness. Our soulful spirit and global sensibility are expressed through our mix of unique prints, layered textures, pom poms, hand-cut tassels and artisanal beadwork. Welcome to the multi-colored magic of Figue.
@figuelove #figuelove #summeroffigue
SOURCE Figue Acquisition LLC | https://www.prnewswire.com/news-releases/figue-and-tuluminati-release-limited-edition-hat-collection-301598406.html | 2022-08-02T21:46:29 | en | 0.89267 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/boston-red-sox/articles/40266430 | 2022-08-02T21:46:32 | en | 0.738227 |
Stuart McWhorter stepping down as director
NASHVILLE, Tenn., Aug. 2, 2022 /PRNewswire/ -- Stuart McWhorter is stepping down as chairman of the board of directors of Nashville-based FB Financial Corporation. He is rejoining Governor Bill Lee's administration and replacing Bob Rolfe as commissioner of the Tennessee Department of Economic and Community Development.
McWhorter will be succeeded as chair by William F. (Bill) Carpenter III, one of the nation's most accomplished health care executives. Carpenter was a founding employee of LifePoint Health, a leading healthcare company which, under his leadership, grew to become a Fortune 500 business. He served as LifePoint's Chief Executive Officer from 2006 to 2018 and was chair of its board of directors from 2010 to 2018.
"I have enjoyed my time serving FirstBank and am leaving to continue working to advance Tennessee's economic future with Governor Lee's administration," said McWhorter. "Bill Carpenter has a proven track record for many influential industry organizations, and I have full confidence in his ability to fill this seat." Prior to joining LifePoint, Carpenter was a partner at the law firm of Waller Lansden Dortch & Davis, LLP, where his practice consisted primarily of corporate finance transactions, mergers and acquisitions and health care regulatory matters. While at Waller Lansden Dortch & Davis, he also served as head of the firm's health law group.
"We have the utmost gratitude and respect for Stuart and his commitment to FirstBank, and we wish him all the best in his new role as commissioner," said Chris Holmes, President and CEO. "Bill's decades of legal and corporate experience and invaluable knowledge of the Nashville community make him an ideal fit for this role. We anticipate a seamless transition in leadership and look forward to continuing FirstBank's success under his leadership."
Throughout his professional career, Carpenter has been a devout community leader through his involvement in various organizations and boards. Additionally, Carpenter is a past member of the board of directors of the American Hospital Association, the past chairman of the boards of directors of Federation of American Hospitals and Nashville Health Care Council and past member of the board of directors of Nashville Public Radio. In addition, Mr. Carpenter has served on the boards of directors of many local community organizations, including NashvilleHealth, the Center for Medical Interoperability and United Way of Greater Nashville. He currently serves as Chairman of the Board of Trust at Montgomery Bell Academy.
About FirstBank
Nashville-based FirstBank, a wholly owned subsidiary of FB Financial Corporation (NYSE: FBK), is the third largest Tennessee-headquartered bank, with 82 full-service branches across Tennessee, South Central Kentucky, Alabama and North Georgia, and a national mortgage business with offices across the Southeast. The bank serves five of the major metropolitan markets in Tennessee and, with approximately $12.6 billion in total assets, has the resources to provide a comprehensive variety of financial services and products.
Contact:
Staci Kirpach
[email protected]
SOURCE FB Financial Corporation | https://www.prnewswire.com/news-releases/firstbank-elects-bill-carpenter-as-chairman-of-the-board-of-directors-301598399.html | 2022-08-02T21:46:35 | en | 0.97393 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/boston-red-sox/articles/40266590 | 2022-08-02T21:46:38 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/boston-red-sox/articles/40266733 | 2022-08-02T21:46:40 | en | 0.738227 |
First half performance driven by strong pricing actions and robust market demand
Second Quarter 2022 Highlights
- Revenue of $1.45 billion, an increase of 17 percent versus Q2 2021 and up 21 percent organically1
- Consolidated GAAP net income of $131 million, down 35 percent versus Q2 2021
- Adjusted EBITDA of $360 million, up 3 percent versus Q2 2021
- Consolidated GAAP earnings of $1.06 per diluted share, down 32 percent versus Q2 2021
- Adjusted earnings per diluted share of $1.93, up 7 percent versus Q2 2021
Full-Year Outlook2
- Raises revenue outlook to a range of $5.5 to $5.7 billion, reflecting 11 percent growth at the midpoint versus 2021
- Narrows adjusted EBITDA outlook to a range of $1.36 to $1.44 billion, reflecting 6 percent growth at the midpoint versus 2021
- Narrows adjusted earnings per diluted share outlook to a range of $7.00 to $7.70, reflecting 6 percent growth at the midpoint versus 2021, excluding any impact from potential 2022 share repurchases
- Narrows free cash flow outlook to a range of $565 to $685 million
PHILADELPHIA, Aug. 2, 2022 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today reported second quarter 2022 revenue of $1.45 billion, an increase of 17 percent versus second quarter 2021, driven by strong market demand and pricing. Excluding the impact of foreign currencies, organic revenue grew 21 percent year-over-year. On a GAAP basis, the company reported earnings of $1.06 per diluted share in the second quarter. This compares to GAAP earnings of $1.56 per diluted share in the second quarter of 2021. The impact of FMC's exit from Russia was $0.60 per diluted share in the quarter. Second quarter adjusted earnings were $1.93 per diluted share, an increase of 7 percent versus second quarter 2021.
"FMC's first half performance reflects our ability to price for the value we offer as well as robust demand for our innovative products worldwide. The company's performance was further supported by our operational agility and focus on execution in a dynamic global environment," said Mark Douglas, FMC president and chief executive officer.
FMC revenue growth in the second quarter was driven by a 14 percent contribution from volume and a 7 percent contribution from price, offset partially by a 4 percent currency headwind.
Sales in North America grew 26 percent versus the second quarter of 2021. Demand for both herbicides and insecticides grew double-digits. In Canada, high insect pressure supported the successful launch of Coragen® MaX, an insecticide powered by Rynaxypyr® active. Latin America sales grew 42 percent organically, and 44 percent including FX, year-over-year in the quarter, driven by volume gains and significant price increases across soy, corn, cotton and sugarcane. Brazil led growth in the region with strong sales of diamides and biologicals. In Asia, revenue was up 4 percent organically versus the prior year period. Including FX, Asia was down 1 percent. Demand for Benevia® insecticide grew in India for application on fruits and vegetables. In Australia, Overwatch® herbicide continued to outperform competing products in cereals. Sales in EMEA grew 15 percent organically and 3 percent including FX. Aside from strong pricing, results were driven by increased demand for Exirel® insecticide and Verimark® insecticide, as well as selective herbicides. Plant Health continued its growth momentum with revenue growing 20 percent in the quarter compared to previous year, led by biologicals which grew nearly 40 percent year-over-year.
Second quarter adjusted EBITDA was $360 million, an increase of 3 percent from the prior-year period. Volume benefits and pricing gains across all regions more than offset significant cost and currency headwinds in the quarter.
Full Year 2022 Outlook2
FMC's solid performance in the first half supports continued confidence in strong revenue and adjusted EBITDA growth for the full year which is reflected in a narrower updated guidance range. Full-year 2022 revenue is now forecasted to be in the range of $5.5 billion to $5.7 billion, representing an increase of 11 percent at the midpoint versus 2021 driven by volume and price growth in all regions partially offset by foreign currency impact in EMEA and Asia. Full-year adjusted EBITDA range has been narrowed and is now expected to be $1.36 billion to $1.44 billion, representing 6 percent year-over-year growth at the midpoint. The company expects the highest cost increases of the year in the third quarter with continued, but lower, cost inflation in the fourth quarter. The company's decision to cease operations and business in Russia will also be a headwind. The range for 2022 adjusted earnings per share is narrowed and it is now expected to be $7.00 to $7.70 per diluted share, representing an increase of 6 percent year-over-year at the midpoint. Interest expense is now expected to be $135 million to $155 million. Adjusted earnings per share excludes any impact from potential 2022 share repurchases and assumes weighted average diluted shares outstanding (WADSO) of approximately 127 million. Full-year free cash flow is expected to be $565 million to $685 million.
Second Half Outlook2
Sales in the second half of 2022 are expected to be in the range of $2.70 billion to $2.90 billion, representing 7 percent growth at the midpoint compared to the same period last year. Adjusted EBITDA is forecasted to be $646 million to $726 million, representing 2 percent growth at the midpoint versus a very strong second half 2021.
Third quarter revenue is expected to be in the range of $1.31 billion to $1.39 billion, representing a 13 percent increase at the midpoint compared to third quarter 2021. Adjusted EBITDA will be impacted by the highest cost increases this year as cost of materials purchased earlier in the year flow through the P&L. Adjusted EBITDA is forecasted to be in the range of $235 million to $255 million, representing a 16 percent decrease at the midpoint versus third quarter 2021. FMC expects adjusted earnings per diluted share to be in the range of $1.00 to $1.20 in the third quarter, a decrease of 23 percent at the midpoint versus third quarter 2021.
Fourth quarter revenue is expected to be in the range of $1.39 billion to $1.51 billion, a 2 percent increase at the midpoint compared to a very strong fourth quarter 2021. Adjusted EBITDA in the fourth quarter is expected to benefit as price and volume growth continues while cost increases begin to ease. Adjusted EBITDA is forecasted to be in the range of $411 million to $471 million, representing a 17 percent increase at the midpoint versus fourth quarter 2021. FMC expects adjusted earnings per diluted share to be in the range of $2.18 to $2.70 in the fourth quarter, which represents growth of 13 percent at the midpoint versus fourth quarter 2021.
"We continue to benefit from a robust market backdrop and customer demand for our innovative products and solutions. Strong pricing and demand through the second half of the year are expected to more than offset cost inflation and currency headwinds," said Douglas.
Supplemental Information
The company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers, crop advisers and turf and pest management professionals to address their toughest challenges economically while protecting the environment. With approximately 6,400 employees at more than 100 sites worldwide, FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn® and Twitter®.
Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, Rynaxypyr, Benevia, Overwatch, Coragen MaX, Exirel and Verimark are trademarks of FMC Corporation or an affiliate.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors included within FMC's 2021 Form 10-K and similar risk factors and cautionary statements in other reports and forms filed with the SEC. Moreover, investors are cautioned to interpret many of these factors as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. Such terms include adjusted EBITDA, adjusted earnings, free cash flow and organic revenue growth. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
- Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.
- Although we provide forecasts for adjusted earnings per share, adjusted EBITDA and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
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SOURCE FMC Corporation | https://www.prnewswire.com/news-releases/fmc-corporation-delivers-solid-second-quarter-2022-results-raises-full-year-revenue-guidance-301598274.html | 2022-08-02T21:46:41 | en | 0.947833 |
FNF Reports Second Quarter 2022 Financial Results
JACKSONVILLE, Fla., Aug. 2, 2022 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) (the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through FNF's wholly-owned subsidiary, F&G, today reported financial results for the second quarter ended June 30, 2022.
Net earnings attributable to common shareholders for the second quarter of $382 million, or $1.37 per diluted share (per share), compared to $552 million, or $1.92 per share, for the second quarter of 2021. Net earnings attributable to common shareholders for the second quarter of 2022 includes $80 million of net unfavorable mark-to-market effects and $68 million of other unfavorable items; all of which are excluded from adjusted net earnings attributable to common shareholders.
Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the second quarter of $530 million, or $1.90 per share, compared to $593 million, or $2.06 per share, for the second quarter of 2021. The decrease from the prior year quarter was primarily a result of Title's decline in refinance volume, representing trough level activity versus the record levels set in the prior year period; partially offset by higher average fee per file, steady volume of commercial orders closed and higher earnings from F&G. F&G's adjusted net earnings for the second quarter of 2022 were $128 million, including $36 million of net favorable items primarily as a result of actuarial assumption updates, compared to $92 million, including $22 million of net favorable items, for the second quarter of 2021.
Company Highlights
- Solid Title Revenue: For the Title segment, total revenue of $2.6 billion, compared with $3.0 billion in total revenue in the second quarter of 2021. Total revenue, excluding recognized gains and losses, of $2.8 billion, compared with $3.0 billion in the second quarter of 2021
- Growth strategy drives strong sales for F&G: Total sales of $3.1 billion for the second quarter, a 15% increase over second quarter 2021 and a 19% increase over first quarter 2022; reflects successful execution of F&G's diversified growth strategy and a disciplined approach to pricing
- Partial spin-off of F&G remains on track: Pursuant to the previously announced transaction to distribute 15% ownership of F&G to FNF shareholders on a pro rata basis, F&G has filed its confidential Form 10 registration statement with the U.S. Securities and Exchange Commission for the partial spin-off. The filing represents a significant milestone in the transaction process, which remains on track to close early in the fourth quarter of 2022, subject to customary approvals. As expected, the Company executed on the conversion of the $400 million intercompany term loan into F&G equity during the second quarter
- Ample deployable capital supports shareholder value: FNF has repurchased 4.3 million shares for $172 million, at an average price of $39.76 per share, in the second quarter and paid common dividends at $0.44 per share for $122 million. FNF ended the second quarter with $1.6 billion in cash and short-term liquid investments at the holding company
William P. Foley, II, commented, "As we continue to navigate the market volatility due to rising interest rates and the ongoing economic uncertainty, we are proud of our second quarter results where we delivered total revenue of $2.6 billion, reflecting a moderation from the record setting mortgage market activity experienced in the year ago second quarter. Our Title business performed well and reflects management's execution and flexible operating model designed to rapidly adapt to changing market conditions. F&G delivered near record sales in the second quarter, as investors sought safe haven investments given the sharp increase in market volatility, which generated growth in assets under management to $40.3 billion at June 30, 2022. F&G's performance in the current market environment continues to support our acquisition thesis given their countercyclical business model which benefits from higher interest rates and provides a balance to our business as Title revenues begin to contract given higher mortgage rates."
Mr. Foley concluded, "Looking forward, we remain optimistic that the F&G partial spin-off is on track for the fourth quarter of this year and, once completed, will highlight the value creation that has occurred at F&G over the last two years. This planned transaction represents the Board's and management's commitment to delivering value to our shareholders. Our capital allocation strategy is another lever that we utilize to provide a steady stream of capital to our shareholders through our quarterly dividend while maintaining our share repurchase program as we deploy our strong free cash flow. During the quarter, we accelerated our buyback activity having repurchased $172 million of stock as compared to $134 million in the first quarter. Year to date, we have repurchased $306 million of stock while returning $245 million through our quarterly dividend."
Summary Financial Results
Segment Financial Results
Title
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty products.
Second Quarter 2022 Highlights
Mike Nolan, Chief Executive Officer, said, "Our Title business produced a strong performance in the second quarter, despite the housing market experiencing headwinds from higher mortgage rates which has impacted residential refinance and purchase volumes. We are pleased with our adjusted pre-tax title earnings of $529 million and adjusted pre-tax title margin of 18.9% during the second quarter as we continue to benefit from strength in the commercial market combined with stability in the purchase market, both as compared to the first quarter of 2022, while our refinance volumes appear to be bottoming. Though the economic outlook and near-term market trends are uncertain, we will continue to manage the business the way we have through prior cycles, effectively managing margin by adjusting expenses to align with trends in opened and closed order volumes. We will also be opportunistic and use market dislocation to continue expanding our business through attractive acquisitions and recruiting of established and experienced producers."
- Total revenue of $2.6 billion, compared with $3.0 billion in total revenue in the second quarter of 2021
- Total revenue, excluding recognized gains and losses, of $2.8 billion, a 7% decrease compared with the second quarter of 2021
- Direct title premiums of $859 million, a 5% decrease from second quarter of 2021
- Agency title premiums of $1.2 billion, a 4% decrease from second quarter of 2021
- Commercial revenue of $436 million, a 26% increase from second quarter of 2021
- Purchase orders opened decreased 12% on a daily basis and purchase orders closed decreased 11% on a daily basis from the second quarter of 2021
- Refinance orders opened decreased 67% on a daily basis and refinance orders closed decreased 68% on a daily basis from second quarter of 2021
- Commercial orders opened decreased 7% and commercial orders closed decreased 6% from second quarter of 2021
- Total fee per file of $3,557 for the second quarter, a 46% increase over second quarter of 2021
Second Quarter 2022 Financial Results
- Pre-tax title margin of 10.5% and industry leading adjusted pre-tax title margin of 18.9% for the second quarter of 2022, compared to 21.5% and 22.7%, respectively, in the second quarter of 2021
- Pre-tax earnings from continuing operations in Title for the second quarter of $267 million, compared with $644 million for the second quarter of 2021
- Adjusted pre-tax earnings in Title for the second quarter of $529 million compared with $688 million for the second quarter of 2021. The decrease from the prior year quarter was primarily a result of the considerable decline in refinance volume representing trough level activity versus the record levels set in the prior year period; partially offset by higher average fee per file and steady volume of commercial orders closed
F&G
This segment consists of operations of FNF's wholly-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.
Second Quarter 2022
Chris Blunt, President and Chief Executive Officer of F&G, commented, "F&G had a terrific quarter, demonstrated by our top line and bottom line results. We generated total gross sales of $3.1 billion which, in turn, drove our assets under management to $40.3 billion. In the retail channels, we generated a record $2.2 billion of sales, up 34% from the prior year quarter. Our retail sales volumes reflect expanding relationships with new and existing distribution partners, traction from a comprehensive product portfolio that meets a broad range of consumer needs, and increased demand given higher interest rates. Momentum continues in our institutional channels as we issued nearly $0.9 billion in funding agreements, even amidst a challenging rate environment for that space. On the bottom line, we delivered adjusted net earnings of $128 million, including $36 million of favorable notable items, which comprised 24% of FNF's consolidated adjusted net earnings."
Regarding the recently announced transaction to distribute 15% ownership of F&G to FNF shareholders, Mr. Blunt said, "We are making progress toward a targeted closing early in the fourth quarter of 2022. Overall, we are well positioned for future growth opportunities and view the transition to being a publicly traded company as a vote of confidence for our business."
- Total gross sales of $3.1 billion for the second quarter, an increase of 15% over the second quarter 2021 and an increase of 19% over first quarter 2022; reflects successful execution of F&G's diversified growth strategy and a disciplined approach to pricing
- Record Retail sales of $2.2 billion for the second quarter, a 34% increase over second quarter of 2021 and 53% increase over first quarter 2022 as sales resumed our planned growth trajectory, following moderated volume in first quarter from an inflection point in pricing actions taken in response to the macro environment
- Institutional sales of approximately $0.9 billion funding agreement issuances, compared to $1.0 billion funding agreement issuances for the second quarter 2021
- Average assets under management (AAUM) of $39.3 billion for the second quarter, an increase of 29% from $30.4 billion in the second quarter 2021, driven by net new business asset flows. Ending assets under management were $40.3 billion as of June 30, 2022
- Net earnings attributable to common shareholders for F&G of $230 million for the second quarter, compared to $82 million for the second quarter of 2021
- Adjusted net earnings for F&G of $128 million for the second quarter, compared to $92 million for the second quarter of 2021. Adjusted net earnings excluding notable items were $92 million in the second quarter, an increase of $22 million or 31% compared to $70 million in the prior year quarter, primarily driven by growth in assets under management
- Net favorable items in second quarter of 2022 were $36 million, primarily as a result of actuarial assumption updates; we have updated assumptions for our fixed indexed annuity guaranteed minimum withdrawal benefits, based on utilization experience relative to our more conservative assumptions, as well as our net earned rate assumptions which we will continue to monitor in response to significant changes in the macro environment
- Net favorable items in second quarter of 2021 were $22 million, primarily as a result of favorable CLO redemptions
Conference Call
We will host a call with investors and analysts to discuss FNF's second quarter 2022 results on Wednesday, August 3, 2022, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com. The telephone replay will be available from 2:00 p.m. Eastern Time on August 3, 2022, through August 10, 2022, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13730096. An expanded quarterly financial supplement providing F&G segment results is available on the FNF Investor Relations website.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), net investment spread, assets under management (AUM), average assets under management (AAUM) and sales.
Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.
The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: the potential impact of the consummation of the F&G transaction on relationships, including with employees, suppliers, customers and competitors; changes in general economic, business, political and COVID-19 conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission (SEC).
FNF-E
SOURCE: Fidelity National Financial, Inc.; FGL Holdings
Adjusted net earnings include $36 million and $20 million of net favorable items in the three and six months ended June 30, 2022, respectively, and $22 million and $34 million of net favorable items in the three and six months ended June 30, 2021, respectively.
The table below provides summary financial highlights.
The table below provides a summary of sales highlights.
Footnotes:
- Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.
- Amounts are net of offsets related to value of business acquired (VOBA), deferred acquisition cost (DAC), deferred sale inducement (DSI) amortization, and unearned revenue (UREV) amortization, as applicable.
- Adjusted return on assets is calculated on a year to date ("YTD") basis.
- Institutional sales include funding agreements (FABN/FHLB) and pension risk transfer.
DEFINITIONS
The following represents the definitions of non-GAAP measures used by the Company.
Adjusted Net Earnings Attributable to Common Shareholders (Adjusted Net Earnings)
Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) from continuing operations attributable to common shareholders to eliminate:
- Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment ("OTTI") losses, recognized in operations; the impact of market volatility on the alternative asset portfolio that differ from management's expectation of returns over the life of these assets; and the effect of changes in fair value of the reinsurance related embedded derivative;
- Indexed product related derivatives: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost;
- Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset (VODA)) recognized as a result of acquisition activities;
- Transaction costs: the impacts related to acquisition, integration and merger related items;
- Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances in our Title and Corporate and Other segments; and
- Other "non-recurring", "infrequent" or "unusual items": Management excludes certain items determined to be "non-recurring", "infrequent" or "unusual" from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years.
Adjustments to adjusted net earnings are net of the corresponding impact on amortization of intangibles, as appropriate. The income tax impact related to these adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.
Net Investment Spread
Net investment spread is the excess of net investment income, adjusted for market volatility on the alternative asset investment portfolio, earned over the sum of interest credited to policyholders and the cost of hedging our risk on indexed product policies. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the performance of the Company's invested assets against the level of investment return provided to policyholders, inclusive of hedging costs.
Assets Under Management (AUM)
AUM is calculated as the sum of:
- total invested assets at amortized cost, excluding derivatives, net of reinsurance qualifying for risk transfer in accordance with GAAP;
- related party loans and investments;
- accrued investment income;
- the net payable/receivable for the purchase/sale of investments, and
- cash and cash equivalents excluding derivative collateral at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on assets available for reinvestment.
Average Assets Under Management (AAUM)
AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on assets available for reinvestment.
Adjusted Return on Assets
Adjusted Return on Assets is calculated by dividing annualized adjusted net earnings by year-to-date AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM.
Sales
Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e. contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.
SOURCE Fidelity National Financial, Inc.; FGL Holdings | https://www.prnewswire.com/news-releases/fnf-reports-second-quarter-2022-financial-results-301598359.html | 2022-08-02T21:46:43 | en | 0.940017 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/boston-red-sox/articles/40266957 | 2022-08-02T21:46:47 | en | 0.738227 |
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