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- Top range efficacy for ACR and PASI scores
- Proportion of patients with resolution of enthesitis appears differentiating
- Supports hypothesis that izokibep offers greater efficacy with high potency and small size
- Supports strategy of evaluating IL-17A inhibition's potential for transformative efficacy across many disease states
- Study results to be presented at EULAR in Copenhagen, on June 3, 2022
LOS ANGELES, SOLNA, Sweden, and SHANGHAI, May 3, 2022 /PRNewswire/ -- ACELYRIN, INC., Affibody AB, and Inmagene Biopharmaceuticals Co., Ltd., today announced that a 16-week, global, Phase 2 clinical trial of izokibep in 135 patients with psoriatic arthritis (PsA) met its primary endpoint of ACR50. Izokibep also achieved secondary endpoints, including PASI response, enthesitis LEEDs improvement, and quality of life improvement on a clinically validated PsA-specific quality of life instrument, the Psoriatic Impact of Disease (PsAID) questionnaire.
The randomized double-blind, placebo-controlled, Phase 2 clinical trial evaluated the safety and efficacy of izokibep dosed 80 mg every two weeks (Q2W) or 40 mg Q2W, versus placebo Q2W, in adult patients with active PsA. The primary endpoint of ACR50 and secondary endpoint of PASI responses were met and were at the top of the range of responses, compared to what has been reported for other medicines approved or in development for PsA. The proportion of patients with resolution of enthesitis appears to be differentiating. A clinically meaningful improvement in disease-specific quality of life was achieved with the patient-reported outcome measure, PsAID. No new safety issues were identified.
"The positive data generated in this Phase 2 trial supports our hypothesis that the high potency and small molecular size of izokibep results in potential for greater exposures and, therefore, greater efficacy. Enhanced drug penetration in dense, poorly vascularized entheseal tissues would be consistent with the differentially greater pain reductions seen with izokibep treatment," said Paul Peloso, MD, chief medical officer (CMO) of ACELYRIN.
"Residual entheseal pain is associated with more severe disease and poorer quality of life. It is exciting to see such improved resolution of enthesitis and patients' improved quality of life," he added.
"Psoriatic arthritis is a painful and debilitating inflammatory disease of the peripheral joints, skin, and nails, and it also can affect the spine. We are pleased this Phase 2 trial highlights the potential of izokibep to offer clinically differentiated efficacy in this area of continued unmet need," noted Prof. Nikolai Brun, MD, PhD, CMO of Affibody. "Importantly, an opportunity remains to continue to explore higher exposures to optimize response and still deliver izokibep as single SC injections."
Shao-Lee Lin, MD, PhD, co-founder and CEO of ACELYRIN, said, "These data underscore our confidence in the previously announced strategy of fully evaluating IL-17A inhibition's potential for transformative efficacy across many disease states."
"The PsA P2 data have positive implications in particular for axial spondyloarthritis (AxSpA) and psoriasis (PsO), given impact on enthesitis and PASI responses. Higher dosing (160mg QW) and Q2W dosing of izokibep will be studied in a PsA P2b/3 pivotal study as a next step in advancement of the program," she added.
David Bejker, CEO of Affibody, said, "These study results are important in demonstrating the opportunity to create best-in-class compounds based on the Affibody® technology."
Details of the PsA Phase 2 trial data will be shared by podium presentation at the European Alliance of Associations for Rheumatology (EULAR) Congress in Copenhagen on June 3, 2022, at 11:05AM CET.
ACELYRIN holds worldwide rights to izokibep except development and commercialization rights by Inmagene in selected Asian countries, including China, Hong Kong, South Korea, and Taiwan, and excluding Japan. Affibody holds commercialization rights in the Nordic countries.
About izokibep
Izokibep is a unique, antibody mimetic, interleukin-17A (IL-17A) inhibitor designed to overcome the limitations of monoclonal antibodies. With extraordinary potency and small molecular size, izokibep can reach high drug exposure levels through a single, subcutaneous injection that monoclonal antibodies require IV administration to achieve. In addition, the small size of izokibep—about a tenth the size of a monoclonal antibody—also enables its potential to reach targeted tissues that may otherwise be inaccessible to the much larger monoclonal antibodies.
About Psoriatic Arthritis
Psoriatic arthritis (PsA) is a chronic, immune-mediated inflammatory musculoskeletal condition affecting the peripheral joints, the skin (with psoriasis), the nails, and in approximately 30 percent of individuals, the spine. Left under-treated, PsA leads to chronic joint pain, swelling, and damage with a high potential for permanent disability. Psoriatic arthritis pathology is dominated by pro-inflammatory T-helper (Th-17) cells that lead to over expression of IL-17, IL-23, and TNF cytokines.
About ACELYRIN
ACELYRIN, INC. is a Los Angeles area-based biopharma company focused on providing patients life-changing new treatment options by identifying, acquiring, and accelerating development and commercialization of promising drug candidates and leveraging its expertise to rapidly advance these medicines to patients. For more information, please visit www.acelyrin.com
About Affibody AB
Affibody AB is a clinical-stage biopharmaceutical company with a broad product pipeline focused on developing innovative bi- and multi-specific next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod®. Affibody AB is a holding of Patricia Industries. For more information, please visit www.affibody.com
About Inmagene Bio
Inmagene Biopharmaceuticals, Ltd., with wholly owned subsidiaries in San Diego, Shanghai, Hangzhou, and Wuhan, is a leading biotech company focused on immunology-related therapeutic areas. Believing in "borderless innovation", the Inmagene team integrates efficient resources worldwide to develop drugs for patients globally. Inmagene is operating twelve "Smart Innovation" programs to create and develop novel drug candidates for the global market. For more information, please visit www.inmagenebio.com.
Disclaimer
This press release contains forward-looking statements. While ACELYRIN, INC., Affibody AB, and Inmagene Bio consider the projections to be based on reasonable assumptions, these forward-looking statements may be called into question by numerous hazards and uncertainties, so that actual results may differ materially from those anticipated in such forward-looking statements.
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SOURCE ACELYRIN | https://www.whsv.com/prnewswire/2022/05/03/acelyrin-inc-affibody-ab-inmagene-bio-announce-positive-results-global-phase-2-trial-izokibep-patients-with-psoriatic-arthritis/ | 2022-05-03T10:36:13Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of C3.ai, Inc. (NYSE: AI) alleging that the Company violated federal securities laws.
This lawsuit is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired: (a) C3.ai Class A common stock pursuant and/or traceable to the documents issued in connection with the Company's initial public offering conducted on or about December 9, 2020; and/or (b) C3.ai securities between December 9, 2020 and February 15, 2022, both dates inclusive.
Lead Plaintiff Deadline: May 3, 2022
No obligation or cost to you.
Learn more about your recoverable losses in AI:
https://www.kleinstocklaw.com/pslra-1/c3-ai-inc-loss-submission-form?id=26583&from=4
C3.ai, Inc. NEWS - AI NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that C3.ai, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) C3.ai's partnership with Baker Hughes was deteriorating; (ii) C3.ai was employing a flawed accounting methodology to conceal the deterioration of its Baker Hughes partnership; (iii) C3.ai faced challenges in product adoption and significant salesforce turnover; (iv) the Company overstated, inter alia, the extent of its investment in technology, description of its customers, its total addressable market, the pace of its market growth, and the scale of alliances with its major business partners; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in C3.ai, Inc. you have until May 3, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased C3.ai, Inc. securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the AI lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/c3-ai-inc-loss-submission-form?id=26583&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/ai-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-3-2022-class-action-filed-behalf-c3ai-inc-shareholders/ | 2022-05-03T10:36:19Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Akebia Therapeutics, Inc. (NASDAQ: AKBA) alleging that the Company violated federal securities laws.
Class Period: June 28, 2018 to September 2, 2020
Lead Plaintiff Deadline: May 13, 2022
No obligation or cost to you.
Learn more about your recoverable losses in AKBA:
https://www.kleinstocklaw.com/pslra-1/akebia-therapeutics-inc-loss-submission-form?id=26586&from=4
Akebia Therapeutics, Inc. NEWS - AKBA NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Akebia Therapeutics, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company's lead investigational product candidate, vadadustat, was not as safe in treating non-dialysis dependent chronic kidney disease patients with anemia as defendants had represented; (ii) as a result, defendants overstated the clinical prospects of a Phase 3 clinical program for vadadustat; (iii) accordingly, defendants also overstated vadadustat's overall commercial and regulatory prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Akebia you have until May 13, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Akebia securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the AKBA lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/akebia-therapeutics-inc-loss-submission-form?id=26586&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/akba-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-13-2022-class-action-filed-behalf-akebia-therapeutics-inc-shareholders/ | 2022-05-03T10:36:26Z |
Allelica and Invitae aim to decrease the gap in polygenic risk score (PRS) performance in individuals from diverse genetic ancestries, ensuring that the life-saving integration of genomic information into breast cancer risk assessments can benefit all women
NEW YORK, May 3, 2022 /PRNewswire/ -- Allelica has formalized a partnership with Invitae Corporation (NYSE: NVTA), a leading medical genetics company, to build a clinical artificial intelligence architecture for breast cancer polygenic risk score (PRS) development and clinical implementation in multiple ancestries.
The partnership will accelerate clinical applications of PRS for individuals of diverse ancestries by combining Invitae's wealth of high-quality genomics data with Allelica's cutting-edge genomics analytics and predictive software tools. This will enable new PRS development and deployment in clinical settings.
"Our partnership with Invitae is an incredible opportunity for us to join forces and leverage our complementary expertise to address one of the most pressing challenges in genomic medicine: closing the diversity gap in healthcare," said Allelica's CSO, Dr. George Busby. "We're eager to work together to provide tools that will ultimately reduce the impact of breast cancer for women of all ancestries."
Allelica's collaboration with Invitae involves the development and validation of a new PRS for breast cancer and its integration with absolute risk models to estimate 10-year and lifetime risk in women of multiple ancestries. PRS for breast cancer can inform when women should begin breast cancer screening and which screening modality they should use in order to detect the disease as early as possible. Polygenic factors and pathogenic variants in moderate- and high-risk genes account for similar proportions of the familial relative risk of breast cancer.
"Fewer than 10% of women referred for hereditary cancer testing are found to have pathogenic variants in known breast cancer susceptibility genes," said Robert Nussbaum, M.D., chief medical officer, Invitae. "This new PRS can address an unmet need for women who are at increased risk due to family history but do not have a positive result on a gene panel. The PRS provides an opportunity to identify individuals with greater-than-average risk who might otherwise be missed."
The companies will combine Allelica's innovative approach for leveraging multiple datasets to improve the prediction of PRS across different genetic ancestries with Invitae's clinical reach, physician network, and development capabilities of innovative genomics products. With this collaboration, Allelica and Invitae aim to decrease the gap in PRS performance in individuals from diverse genetic ancestries, ensuring that the lifesaving integration of genomic information into breast cancer risk assessments can benefit all women.
What is a Polygenic Risk Score (PRS)?
A PRS is a measurement of a person's risk of disease that results from the combined effect of many DNA variants across the genome. It is calculated by combining the effect of these variants, each contributing a small increase or decrease in risk into an overall risk score. This information can be used to stratify individuals based on their risk of disease. By combining PRS with conventional risk factors, Allelica aims to make precision medicine available at scale.
About Invitae
Invitae Corporation (NYSE: NVTA) is a leading medical genetics company whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices. For more information, visit invitae.com.
About Allelica
Allelica is a leading genomic software company that specializes in secure and scalable solutions to implement clinical-grade polygenic risk scores (PRSs). Allelica's technology combines world-class datasets with the most advanced algorithms to build PRSs with the highest predictive power for estimating disease risk. Allelica's tools translate the enormous potential of genomic data into practical tools that can be used to identify individuals with a high genetic susceptibility for life-threatening diseases. Through the incorporation of genetics into disease risk assessments, Allelica is helping to build the foundations of preventive medicine by helping to identify those for whom early intervention and behavior modification could help reduce lifetime risk. To learn more, visit allelica.com.
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SOURCE Allelica, Inc. | https://www.whsv.com/prnewswire/2022/05/03/allelica-collaborates-with-invitae-build-ancestry-informed-polygenic-risk-score-breast-cancer/ | 2022-05-03T10:36:33Z |
FREMONT, Calif., May 3, 2022 /PRNewswire/ -- Amprius Technologies today announced it has received a competitively bid, $3 million contract award from the United States Advanced Battery Consortium LLC (USABC) in collaboration with the U.S. Department of Energy (DOE) for low-cost, fast-charge (LCFC) silicon nanowire battery technology development. The contract includes a 50 percent cost-share by Amprius Technologies.
The new, 30-month contract began in April and will target the development of 80+Ah cells that meet or exceed all 2023 USABC LCFC EV cell characteristics, including exceptional fast charge performance and usable energy. This is Amprius Technologies' second contract with USABC.
"Amprius' silicon technology is designed to provide significant performance advancement," said Dr. Ionel Stefan, Chief Technology Officer at Amprius Technologies. "Specifically, applied to electric vehicles, Amprius is working to address pressing issues, like range anxiety and charging time."
USABC is a subsidiary of the United States Council for Automotive Research LLC (USCAR). Enabled by a cooperative agreement with the U.S. Department of Energy (DOE), USABC's mission is to develop electrochemical energy storage technologies that advance commercialization of next generation electrified vehicle applications. In support of its mission, USABC has developed mid- and long-term goals to guide its projects and measure its progress. For more information, visit http://www.uscar.org/usabc.
About USCAR
USCAR is the collaborative technology company of Ford Motor Company, General Motors and Stellantis. The goal of USCAR is to further strengthen the technology base of the domestic auto industry through cooperative research and development. For more information, visit www.uscar.org.
All USCAR Member companies have joined in becoming signatories of the Responsible Raw Materials Initiative (RRMI, now part of the Responsible Minerals Initiative, RMI) Declaration of Support.
About Amprius Technologies
Amprius Technologies is a leading manufacturer of high-energy and high-capacity 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. Please go to Amprius.com for more information.
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SOURCE Amprius Technologies | https://www.whsv.com/prnewswire/2022/05/03/amprius-technologies-receives-3m-usabc-contract-award-low-cost-fast-charge-silicon-nanowire-battery-technology-development/ | 2022-05-03T10:36:40Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) alleging that the Company violated federal securities laws.
Class Period: May 7, 2021 to February 25, 2022
Lead Plaintiff Deadline: June 14, 2022
No obligation or cost to you.
Learn more about your recoverable losses in AUPH:
https://www.kleinstocklaw.com/pslra-1/aurinia-pharmaceuticals-inc-loss-submission-form?id=26597&from=4
Aurinia Pharmaceuticals Inc. NEWS - AUPH NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Aurinia Pharmaceuticals Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Aurinia was experiencing declining revenues; (ii) Aurinia's 2022 sales outlook for the Company's only product which it offers for the treatment of adult patients with active lupus nephritis, LUPKYNIS, would fall well short of expectations; (iii) accordingly, the Company had significantly overstated LUPKYNIS's commercial prospects; (iv) as a result, the Company had overstated its financial position and/or prospects for 2022; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Aurinia Pharmaceuticals Inc. you have until June 14, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Aurinia Pharmaceuticals Inc. securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the AUPH lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/aurinia-pharmaceuticals-inc-loss-submission-form?id=26597&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/auph-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-14-2022-class-action-filed-behalf-aurinia-pharmaceuticals-inc-shareholders/ | 2022-05-03T10:36:50Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings (NYSE: BKKT) alleging that the Company violated federal securities laws.
This lawsuit is on behalf of persons and entities that purchased or otherwise acquired: (a) Bakkt securities between March 31, 2021 and November 19, 2021, both dates inclusive; and/or (b) Bakkt Class A common stock pursuant and/or traceable to documents issued in connection with the business combination between the Company and Bakkt Holdings, LLC completed on or about October 15, 2021.
Lead Plaintiff Deadline: June 20, 2022
No obligation or cost to you.
Learn more about your recoverable losses in BKKT:
https://www.kleinstocklaw.com/pslra-1/bakkt-holdings-inc-f-k-a-vpc-impact-acquisition-holdings-loss-submission-form?id=26600&from=4
Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings NEWS - BKKT NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings made materially false and/or misleading statements and/or failed to disclose that: (i) the Company had defective financial controls; (ii) as a result, there were errors in the Company's financial statements related to the misclassification of certain shares issued prior to the business combination between the Company and Bakkt Holdings, LLC; (iii) accordingly, the Company would need to restate certain of its financial statements; (iv) the Company downplayed the true scope and severity of these issues; (v) the Company overstated its remediation of its defective financial controls; and (vi) as a result, the documents issued in connection with the business combination and defendants' public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings you have until June 20, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the BKKT lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/bakkt-holdings-inc-f-k-a-vpc-impact-acquisition-holdings-loss-submission-form?id=26600&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/bkkt-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-20-2022-class-action-filed-behalf-bakkt-holdings-inc-fka-vpc-impact-acquisition-holdings-shareholders/ | 2022-05-03T10:37:01Z |
Data on MSC-NTF exosome technology at ISCT 2022 and ISEV 2022 conferences
NurOwn® CFS biomarker analysis to be presented at ALS Drug Development Summit
NEW YORK, May 3, 2022 /PRNewswire/ -- BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a leading developer of cellular therapies for neurodegenerative diseases, today announces presentations at upcoming scientific conferences in May 2022. New data on the company's proprietary MSC-NTF exosome technology will be presented at ISCT 2022 (May 4 to 7 in San Francisco, CA) and at the ISEV 2022 Annual Meeting (May 25 to 29 in Lyon, France). An analysis of CSF biomarkers from the NurOwn® Phase 3 trial will be presented at the ALS Drug Development Summit (May 24 to 26 in Boston, MA).
International Society of Cell & Gene Therapy Meeting
Presentation Details: MSC-NTF derived small extracellular vesicles display superior macrophage immunomodulation compared with vesicles derived from naïve MSCs
Presenter: Dr. Kim Thacker, Senior Vice President, Medical Affairs and Clinical Innovation, Brainstorm Cell Therapeutics
Date/Time Wednesday May 4, 18:30-20:00 (Pacific Time), Exosome/EV session
Conference Link: ISCT 2022
The presentation will highlight results of a preclinical study undertaken to understand the mechanisms underlying the superior preclinical efficacy of Exo MSC-NTF versus Exo-MSC against acute lung injury. The effects of each on macrophage secretion of inflammatory factors were assessed.
ISEV 2022 Annual Meeting, Lyon France
Presentation Details: Therapeutic effect of MSC-NTF exosomes in experimental bleomycin-induced lung injury
Presenter: Haggai Kaspi PhD, Brainstorm Cell Therapeutics.
Date/Time: Thursday May 26, 2022, 16:00- 17:00 (Central European Time)
Conference Link: https://www.isev.org/
Results will be presented from a preclinical study examining the advantage of Exo MSC-NTF over Exo MSC, focusing on different lung injury
ALS Drug Development Summit, Boston MA
Presentation Details: Advancing novel CSF biomarkers to evaluate ALS target engagement & improve therapeutic outcomes
Presenter: Ralph Kern MD MHSc, Brainstorm Cell Therapeutics
Date/Time: May 25, 2022, 0930- 1000 (Eastern Time)
Conference Link: https://www.als-drug-development.com/
The presentation will focus on the use of CSF biomarkers to interrogate multiple neuroinflammatory, neurodegenerative and neuroprotection pathways and confirm the mechanism of action and target engagement of NurOwn (MSC-NTF) cell therapy in Brainstorm's Phase 3 ALS randomized trial.
Dr. Kern will be acting as Conference Chair on Day One of the ALS Drug Development Summit
About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is a leading developer of innovative autologous adult stem cell therapeutics for debilitating neurodegenerative diseases. The Company holds the rights to clinical development and commercialization of the NurOwn® technology platform used to produce autologous MSC-NTF cells through an exclusive, worldwide licensing agreement. Autologous MSC-NTF cells have received Orphan Drug designation status from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for the treatment of amyotrophic lateral sclerosis (ALS). BrainStorm has completed a Phase 3 pivotal trial in ALS (NCT03280056); this trial investigated the safety and efficacy of repeat-administration of autologous MSC-NTF cells and was supported by a grant from the California Institute for Regenerative Medicine (CIRM CLIN2-0989). BrainStorm completed under an investigational new drug application a Phase 2 open-label multicenter trial (NCT03799718) of autologous MSC-NTF cells in progressive multiple sclerosis (MS) and was supported by a grant from the National MS Society (NMSS).
Safe-Harbor Statement
Statements in this announcement other than historical data and information, including statements regarding future clinical trial enrollment and data, constitute "forward-looking statements" and involve risks and uncertainties that could cause BrainStorm Cell Therapeutics Inc.'s actual results to differ materially from those stated or implied by such forward-looking statements. Terms and phrases such as "may," "should," "would," "could," "will," "expect," "likely," "believe," "plan," "estimate," "predict," "potential," and similar terms and phrases are intended to identify these forward-looking statements. The potential risks and uncertainties include, without limitation, BrainStorm's need to raise additional capital, BrainStorm's ability to continue as a going concern, prospects for future regulatory approval of BrainStorm's NurOwn® treatment candidate, the success of BrainStorm's product development programs and research, regulatory and personnel issues, development of a global market for our products and services, the ability to secure and maintain research institutions to conduct our clinical trials, the ability to generate significant revenue, the ability of BrainStorm's NurOwn® treatment candidate to achieve broad acceptance as a treatment option for ALS or other neurodegenerative diseases, BrainStorm's ability to manufacture and commercialize the NurOwn® treatment candidate, obtaining patents that provide meaningful protection, competition and market developments, BrainStorm's ability to protect our intellectual property from infringement by third parties, heath reform legislation, demand for our services, currency exchange rates and product liability claims and litigation; the impacts of the COVID-19 pandemic on our clinical trials, supply chain, and operations; and other factors detailed in BrainStorm's annual report on Form 10-K and quarterly reports on Form 10-Q available at http://www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on BrainStorm's forward-looking statements. The forward-looking statements contained in this press release are based on the beliefs, expectations, and opinions of management as of the date of this press release. We do not assume any obligation to update forward-looking statements to reflect actual results or assumptions if circumstances or management's beliefs, expectations or opinions should change, unless otherwise required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.
CONTACTS
Investor Relations:
John Mullaly
LifeSci Advisors, LLC
Phone: +1 617-429-3548
jmullaly@lifesciadvisors.com
Media:
Uri Yablonka
uri@brainstorm-cell.com
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SOURCE BrainStorm Cell Therapeutics Inc. | https://www.whsv.com/prnewswire/2022/05/03/brainstorm-announces-upcoming-scientific-conference-presentations/ | 2022-05-03T10:37:07Z |
Breakthrough Expands Platform in Europe with Second U.K. Acquisition in 2022
LOS ANGELES and LONDON, May 3, 2022 /PRNewswire/ -- Breakthrough Properties, a leading global developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, today announced it has acquired The Vitrum Building, located on 1.8 acres inside St. John's Innovation Park in Cambridge, England, one of the region's premier clusters for life science innovation.
A leader in development and operations of life science workspaces, Breakthrough Properties creates purpose-built, Class A office and lab environments, promotes elevated user experiences and provides companies with access to its world renowned Scientific Advisory Board (SAB).
St. John's Innovation Park, which sits on 21 acres, provides a campus-style setting close to both the Cambridge town center and major transportation routes. It and the adjacent Cambridge Science Park together form the Northern Cluster, Cambridge's premier life sciences and technology district. The Northern Cluster is already home to many of the UK's most dynamic life science companies, which are developing transformative drugs for patients around the world.
To help meet the growing demand for high-quality lab space in one of the U.K.'s most supply-constrained clusters, Breakthrough intends to work collaboratively with local stakeholders to reposition in a manner that respects and enhances the long-term plan for the St. John's Innovation Park.
"We have strong conviction in the future of the European life sciences market and are actively exploring opportunities to deliver best-in-class research and development facilities to support the continued advancement of life changing discoveries," said Daniel D'Orazi, EVP and Chief Investment Officer, Breakthrough Properties. "We are particularly excited about the prospects for continued growth throughout the Golden Triangle, where the majority of all U.K. life science investment occurs."
Added Tishman Speyer Managing Director Justin Woolf, "Backed by Tishman Speyer's global development expertise and Bellco's deep relationships with the world's leading life sciences research and development firms, Breakthrough Properties is uniquely positioned to conceive, create and maintain premier ecosystems throughout the world. We look forward to collaborating on a redevelopment of the Vitrum Building that aligns with the overall vision for St. John's Innovation Park."
This purchase marks Breakthrough's second U.K. acquisition in 2022. In late January, Breakthrough purchased the 1.7-acre Trinity House site in Oxford, where it intends to create a purpose-built, Class A office and lab environment. With its latest acquisition, Breakthrough now has 4.6 million square feet in its under-construction and near-term development pipeline across the United States and Europe.
Breakthrough puts sustainability at the forefront of all of its initiatives with a particular emphasis on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users. Breakthrough Properties targets BREEAM Outstanding certification in all of its projects across the United Kingdom and EU markets, as well as LEED Gold certification at its United States properties, which stretch from San Diego to Boston.
Formed in 2019 as a joint venture between global real estate owner, developer and investor Tishman Speyer and biotechnology investment firm Bellco Capital, Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. Breakthrough Properties' mission is to acquire, develop and operate the best life science properties in leading urban technology centers around the world and support scientific innovation across biotechnology, agriculture and nutrition. Breakthrough combines Tishman Speyer's decades of global real estate development experience with Bellco Capital's industry-making biotechnology entrepreneurship to reimagine environments where companies can create life-changing therapies for patients.
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SOURCE Breakthrough Properties | https://www.whsv.com/prnewswire/2022/05/03/breakthrough-properties-acquires-st-johns-innovation-park-building-cambridge-uks-premier-life-sciences-technology-cluster/ | 2022-05-03T10:37:14Z |
JAKARTA, Indonesia, May 3, 2022 /PRNewswire/ -- Bank BRI (IDX: BBRI) has partnered with PT Telkom Indonesia Tbk. (IDX: TLKM) to provide access to financial services for 5 million people in Indonesia over the next two years. They synergize to expand the use of digital technology in the financial sector for reliable telecommunication infrastructures to accelerate digital economy.
According to a report by UOB, PwC, and Singapore Fintech Association (SFA), 50% of the population in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam, do not have access to financial services or are unbanked. In Indonesia alone, 28 million people are unbanked.
"The synergy between BRI and Telkom pushes financial inclusion to remote areas in Indonesia. Telkom is here to support BRI's needs of internet network with their expertise," said Erick Thohir, Indonesian Minister of State-Owned Enterprises.
One of the priority agendas of Indonesia's Presidency on this year's G20 Summit is digital transformation that includes providing financial services to remote areas.
As Indonesia is predicted to become the fourth largest country in the world economy, the Ministry will continue to encourage digital transformation for Indonesia's economy in 2045. "Digital transformation carried out by the Ministry is very important for state-owned enterprises to continue to grow in the midst of technological developments," added Eric.
Sunarso, President Director of BRI explained, "BRI's aspires to efficiently serve as many people as possible. The most effective way to reach 17,000 islands in Indonesia is through digitalization. Thus, we collaborate with Telkom to develop the digital infrastructure."
The collaboration from 2020 to 2021 has provided banking access to around 5 million people in Indonesia, or 0.1 percent of the world's population.
Telkom's infrastructure has reached remote and disadvantaged areas in all regions of Indonesia, through their fiber optics, terrestrial networks, base transceiver station and satellites.
"Digital connectivity encourages access of information across all sectors, including the financial sector. Thus, Telkom supports BRI's commitment to providing digital-based banking services to remote areas in Indonesia," said Ririek Adriansyah, President Director of PT Telkom Indonesia.
This is expected to contribute to a larger economy because growth in access to banking finance in Indonesia can contribute to the economic growth Asian region as well.
More information about BRI can be accessed at www.bri.co.id.
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SOURCE PT Bank Rakyat Indonesia Tbk (BRI) | https://www.whsv.com/prnewswire/2022/05/03/bri-telkom-collaboration-opens-financial-access-5-million-people-two-years/ | 2022-05-03T10:37:21Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Celsius Holdings, Inc. (NASDAQ: CELH) alleging that the Company violated federal securities laws.
Class Period: August 12, 2021 to March 1, 2022
Lead Plaintiff Deadline: May 16, 2022
No obligation or cost to you.
Learn more about your recoverable losses in CELH:
https://www.kleinstocklaw.com/pslra-1/celsius-holdings-inc-loss-submission-form?id=26587&from=4
Celsius Holdings, Inc. NEWS - CELH NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Celsius Holdings, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) the Company had improperly recorded expenses for non-cash share-based compensation for second and third quarters of 2021; (2) as a result, the Company's financial statements for those periods would be restated, including to report a net loss for the third quarter of 2021; (3) there was a material weakness in Celsius's internal controls over financial reporting; and (4) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Celsius you have until May 16, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Celsius securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the CELH lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/celsius-holdings-inc-loss-submission-form?id=26587&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/celh-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-16-2022-class-action-filed-behalf-celsius-holdings-inc-shareholders/ | 2022-05-03T10:37:27Z |
CAMBRIDGE, England, May 3, 2022 /PRNewswire/ -- Darktrace, a global leader in cyber security AI, today announced that its IPO has been recognized as one of twelve 'Outstanding Equity Capital Markets Deals of 2021' at GlobalCapital's Equity Capital Markets (ECM) Awards.
GlobalCapital's ECM Awards are the only dedicated awards for equity capital markets activity in EMEA. The awards "commend excellence in the market", applauding transactions which stood out for "success, innovation, or importance", and are chosen through a poll of investment banks active in equity capital markets conducted in early 2022.
"We are honored that our Initial Public Offering has been recognized by GlobalCapital," said Catherine Graham, Chief Financial Officer at Darktrace. "One year on from listing and we are incredibly proud to have delivered a strong financial and operating performance, along with raising guidance for revenue, earnings and other metrics several times. Crucially, we have further invested in R&D, strengthening our ability to develop the world class technologies needed to address today's complex cyber challenge."
About Darktrace
Darktrace (DARK:L), a global leader in cyber security AI, delivers world-class technology that protects over 6,800 customers worldwide from advanced threats, including ransomware and cloud and SaaS attacks. Darktrace's fundamentally different approach applies Self-Learning AI to enable machines to understand the business in order to autonomously defend it. Headquartered in Cambridge, UK, the Group has more than 2,000 employees worldwide. Darktrace was named one of TIME magazine's 'Most Influential Companies' for 2021.
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SOURCE Darktrace | https://www.whsv.com/prnewswire/2022/05/03/darktrace-ipo-wins-award-outstanding-equity-capital-markets-deal-2021/ | 2022-05-03T10:37:34Z |
Shares progress made toward its vision for global corporate citizenship.
DENVER, May 3, 2022 /PRNewswire/ -- Today, DaVita Inc. highlighted its continued commitment to corporate citizenship with the publication of its annual Community Care Environmental Social Governance (ESG) Report.
"I'm humbled reflecting on the incredible and intentional contributions of our teammates to better the world around them," says Javier Rodriguez, CEO of DaVita. "At DaVita, we strive to make a lasting, positive impact on health care and the lives we touch along the way. As we look toward the year ahead, we will continue driving innovations and initiatives that uplift our patients, teammates and the communities we serve."
In 2021, DaVita solidified its commitment to ESG and set goals in five key areas, many of which were aspirational:
- Patient Care: Provide industry-leading care to help patients live their best lives
- Teammate Engagement: Be recognized as an employer of choice
- Environmental Stewardship: Reduce its carbon footprint in alignment with science-based targets
- Healthy Communities: Spread citizen leadership throughout local communities
- Leading with Integrity and Accountability: Continue to operate from a foundation of compliance and ethics
Throughout the year, DaVita teammates made meaningful strides toward these ESG goals. Report highlights from 2021 include:
Caring for Our Patients
Provide industry-leading care to help patients live their best lives
- DaVita administered ~217,000 COVID-19 vaccines and boosters to the dialysis community.
- DaVita closed the COVID-19 vaccination gap for DaVita's Hispanic patients and improved the vaccination gap for DaVita's Black patients from 30% to 5% lower than vaccination rates for its white patients from March 2021 to January 2022.
- ~15% of patients received home dialysis treatments as of December 31, 2021.
- 7,500+ patients received a kidney transplant.
- 30,000+ people participated in a Kidney Smart® class, a record-setting year of engagement for the kidney disease education program.
Caring for Each Other1
Be recognized as an employer of choice and continue to operate from a foundation of compliance and ethics
- 84% of teammates are engaged based on our 2021 survey.
- 78% of teammates are women; 55% are people of color as of December 31, 2021.
- 84% of teammates feel a sense of belonging within the DaVita community based on our 2021 survey.
- 12,500+ teammates participated in a DaVita University professional development course.
- DaVita is one of 8% of companies in the S&P 500 to have a woman serving as the independent board chair, and as of December 31, 2021, 100% of its board committees were led by women or people of color.
1 Data for U.S. Teammates
Caring for Our World
Reduce its carbon footprint in alignment with science-based targets and spread citizen leadership throughout local communities
- 100% of DaVita's U.S. operations are now powered by renewable energy via its virtual power purchase agreements and on-site solar power generation at some DaVita locations.
- DaVita's 2025 climate targets were approved by the Science Based Targets initiative.
- 37,000+ adults participated in type 2 diabetes education through DaVita's support for the American Diabetes Association.
- DaVita deposited $15 million to HOPE Credit Union, which provides banking services and loans to underserved communities.
- More than $910,000 was raised by the Tour DaVita event to benefit Bridge of Life, a nonprofit founded by DaVita with international programs supporting the prevention and treatment of chronic diseases.
To learn more about DaVita's history of caring for its patients, teammates and the communities it serves, or to download the full report, visit DaVita.com/CommunityCare.
Media:
Megan Anthony
Megan.Anthony@DaVita.com
720-631-2170
About DaVita Inc.
DaVita (NYSE: DVA) is a comprehensive kidney care provider focused on transforming care to improve the quality of life for patients globally. The company is one of the largest providers of kidney care services in the U.S. and has been a leader in clinical quality and innovation for more than 20 years. DaVita is working to help increase equitable access to care for patients at every stage and setting along their kidney health journey—from slowing progression of kidney disease to streamlining the transplant process, from acute hospital care to dialysis at home. As of December 31, 2021, DaVita served 203,000 patients at 2,815 outpatient dialysis centers in the U.S. The company operated an additional 339 outpatient dialysis centers in ten countries worldwide. DaVita has reduced hospitalizations, improved mortality and worked collaboratively to propel the kidney care community to adopt an equitable, high-quality standard of care for all patients, everywhere. To learn more, visit DaVita.com/About.
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SOURCE DaVita Inc. | https://www.whsv.com/prnewswire/2022/05/03/davita-celebrates-2021-esg-corporate-social-responsibility-achievements/ | 2022-05-03T10:37:40Z |
- 1Q22 Net Sales of $3.3 billion, increased 9%; organic sales increased 9% versus year-ago period
- 1Q22 GAAP Income from continuing operations of $232 million; operating EBITDA of $818 million increased 2% versus year-ago period
- 1Q22 GAAP EPS from continuing operations of $0.42; adjusted EPS of $0.82 increased 19% versus year-ago period
- $544 million of capital returned to shareholders during the quarter through share repurchases and dividends
- Pricing actions fully offset higher inflationary costs from raw materials, logistics and energy during the quarter
WILMINGTON, Del., May 3, 2022 /PRNewswire/ -- DuPont (NYSE: DD) today announced financial results(1) for the first quarter of 2022.
"In the face of continuing unprecedented global supply chain challenges and cost inflation, further intensified during the quarter by the war in Ukraine, we delivered first quarter financial results well ahead of expectations," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "These results underscore the leading market positions we hold globally and reflect our team's agility while working closely with our suppliers and customers through challenging circumstances."
"This solid start to the year reinforces the enthusiasm we have for our transformation as a premier multi-industrial company poised to provide high-value customer solutions in sectors with compelling long-term secular growth drivers," Breen continued. "Our portfolio actions underway to divest a substantial portion of the historic Mobility & Materials segment and acquire Rogers Corporation are expected to enhance our financial flexibility and enable more consistent value creation for our shareholders by further focusing our portfolio on higher-growth, higher-margin and less cyclical end-markets."
Net sales
- Net sales increased 9% on organic sales growth(2) of 9%; portfolio benefit of 2% was offset by a 2% currency headwind.
- Organic sales(2) growth of 9% consisted of a 6% increase in price and 3% increase in volume.
- 10% organic sales(2) growth in Water & Protection; 9% organic sales(2) growth in Electronics & Industrial.
- Sales growth in all regions globally, including high-teens organic sales(2) growth in U.S & Canada, high single-digit organic sales(2) growth in EMEA and low single-digit organic sales(2) growth in Asia Pacific.
GAAP Income/GAAP EPS from continuing operations
- GAAP income/GAAP EPS from continuing operations declined primarily due to the absence of an income tax benefit recorded in the year-ago period and an asset impairment charge related to an equity method investment, partially offset by higher segment results.
- GAAP EPS from continuing operations benefitted from a lower share count versus the year-ago period.
Operating EBITDA(2)
- Operating EBITDA(2) increased as pricing actions, volume gains, along with earnings associated with Laird Performance Materials more than offset higher inflationary costs from raw materials, logistics and energy, as well as weaker product mix in Water & Protection and the absence of a gain on an asset divestiture in the prior year.
Adjusted EPS(2)
- Adjusted EPS(2) increased primarily due to a lower share count and higher segment earnings.
Operating cash flow
- Operating cash flow in the quarter of $209 million and capital expenditures of $251 million resulted in free cash flow(2) of $(42) million.
Net sales
- Organic sales(2) growth of 9% driven by an 8% increase in volume and 1% increase in price.
- Acquisition of Laird Performance Materials in prior year increased net sales for the segment by 11%; currency translation was a 2% headwind.
Operating EBITDA
- Increase in operating EBITDA driven by volume gains, earnings associated with Laird Performance Materials and higher pricing which more than offset the absence of a gain on an asset divestiture in the prior year, higher raw material and logistics costs and Kapton® plant expansion start-up costs.
- The primary driver of the operating EBITDA margin decline was the absence of a gain on an asset divestiture in the prior year.
Net sales
- Organic sales(2) growth of 10% driven by broad-based pricing actions across the segment. Volumes were flat as gains in Shelter Solutions and Water Solutions were offset by declines in Safety Solutions.
- Currency translation was a 2% headwind to net sales for the segment.
Operating EBITDA
- Operating EBITDA declined as pricing actions taken to offset higher raw material, logistics and energy costs was more than offset by weaker product mix.
- The primary driver of the operating EBITDA margin decline was the impact of price/cost inflation.
"I am pleased with our strong financial results to start the year which reflect positively on the strength of our portfolio and our team's focus on execution," said Lori Koch, Chief Financial Officer of DuPont. "End-market demand remains strong, however, many external uncertainties still exist related to global supply chain challenges, including the impact of the ongoing war in Ukraine and new COVID-related shutdowns in China. Based on our current expectations, our full year 2022 guidance ranges for operating EBITDA and adjusted EPS on a continuing operations basis remain unchanged. We are increasing our estimated full year 2022 net sales range for continuing operations to be between $13.3 billion and $13.7 billion to reflect our current assumption for cost inflation related to raw materials, logistics and energy which we continue to expect to offset with price."
"While underlying demand continues to remain solid and our teams have demonstrated the ability to execute in these unprecedented circumstances, we anticipate key external uncertainties in the macro environment, namely COVID-related shutdowns in China, will further tighten supply chains resulting in slower volume growth and sequential margin contraction in the second quarter 2022."
Conference Call
The Company will host a live webcast of its first quarter earnings conference call with investors to discuss its results and business outlook beginning today at 8:00 a.m. ET. The slide presentation that accompanies the conference call will be posted on the DuPont's Investor Relations Events and Presentations page. A replay of the webcast also will be available on the DuPont's Investor Relations Events and Presentations page following the live event.
About DuPont
DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
DuPont™ and all products, unless otherwise noted, denoted with ™, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.
Overview
On November 2, 2021, DuPont announced it has entered definitive agreements to acquire Rogers Corporation ("Rogers"), (the "Intended Rogers Acquisition"). On January 25, 2022, Rogers's shareholders approved the transaction. Closing, is expected by late in the second quarter 2022 or in early third quarter 2022, subject to regulatory approvals and customary closing conditions.
On February 18, 2022, DuPont announced that it has entered into definitive agreements to divest a majority of its historic Mobility & Materials segment, excluding certain Advanced Solutions and Performance Resins businesses, to Celanese Corporation ("Celanese"), (the "M&M Divestiture"). Closing is expected around the end of 2022, subject to regulatory approvals and customary closing conditions.
The Company also announced on February 18, 2022 that its Board of Directors has approved the divestiture of the Delrin® acetal homopolymer (H-POM) business (the Delrin® business together with the M&M Divestiture businesses, the "M&M Businesses"). In addition to the entry into definitive agreements, the Company anticipates that the closing of the sale of Delrin® would be subject to regulatory approvals and other customary closing conditions, (the "Delrin® Divestiture" and together with the M&M Divestiture, the "M&M Divestitures").
As of March 31, 2022, the results of operations and the assets and liabilities of the businesses in scope for the M&M Divestitures are presented as discontinued operations for all periods presented. The cash flows of these businesses have not been segregated and are included in the Consolidated Statement of Cash Flows. Unless otherwise indicated, the discussion of results, including the financial measures further discussed below, refer only to DuPont's Continuing Operations and do not include discussion of balances or activity of the businesses in scope for the M&M Divestitures.
The Auto Adhesives & Fluids, MultibaseTM and Tedlar® product lines previously within the historic Mobility & Materials segment (the "Retained Businesses") are not included in the scope of the intended divestitures. The Retained Businesses are reported in Corporate & Other. The reporting changes have been retrospectively applied for all periods presented.
Cautionary Statement Regarding Forward Looking Statements
This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions and variations or negatives of these words.
Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the M&M Divestiture to Celanese, including (x) any failure to obtain necessary regulatory approvals, anticipated tax treatment or to satisfy any of the other conditions to the proposed transaction, (y) the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies could impact the value, timing or pursuit of the proposed transaction, and (z) risks and costs and pursuit and/or implementation, timing and impacts to business operations of the separation of business lines in scope for the M&M Divestiture to Celanese, (ii) the timing and outcome of the Delrin® Business Divestiture, including entry into definitive agreements, and the risks, costs and ability to realize benefits from the pursuit of the Delrin® Business Divestiture; (iii) ability to achieve anticipated tax treatments in connection with mergers, acquisitions, divestitures and other portfolio changes actions and impact of changes in relevant tax and other laws; (iv) indemnification of certain legacy liabilities; (v) risks and costs related to each of the parties respective performance under and the impact of the arrangement to share future eligible PFAS costs by and between DuPont, Corteva and Chemours; (vi) failure to timely close on anticipated terms (or at all), realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with mergers, acquisitions, divestitures and other portfolio changes including the Intended Rogers Acquisition and the M&M Divestitures; (vii) risks and uncertainties, including increased costs and the ability to obtain raw materials and meet customer needs, related to operational and supply chain impacts or disruptions, which may result from, among other events, the COVID-19 pandemic and actions in response to it, and geo-political and weather related events; (viii) ability to offset increases in cost of inputs, including raw materials, energy and logistics; (ix) risks, including ability to achieve, and costs associated with DuPont's sustainability strategy including the actual conduct of the company's activities and results thereof, and the development, implementation, achievement or continuation of any goal, program, policy or initiative discussed or expected,; and (x) other risks to DuPont's business, operations; each as further discussed in DuPont's most recent annual report and subsequent current and periodic reports filed with the U.S. Securities and Exchange Commission. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
Non-GAAP Financial Measures
This earnings release includes information that does not conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont's management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP, and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 11 and in the Reconciliation to Non-GAAP Measures on the Investors section of the Company's website. Non-GAAP measures included in this release are defined below. The Company has not provided forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of certain future events. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.
Mobility & Material businesses costs classified as discontinued operations include only direct operating expenses incurred by the M&M Businesses which the Company will cease to incur upon the close of the M&M Divestitures. Indirect costs, such as those related to corporate and shared service functions previously allocated to the M&M Businesses, do not meet the criteria for discontinued operations and remain reported within continuing operations. A portion of these indirect costs include costs related to activities the Company will continue to undertake post-closing of the M&M Divestiture, and for which it will be reimbursed ("Future Reimbursable Indirect Costs"). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from Adjusted EPS and operating EBITDA as defined below. The remaining portion of these indirect costs are not subject to future reimbursement ("Stranded Costs"). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Adjusted EPS and Operating EBITDA.
Adjusted earnings per common share from continuing operations - diluted ("Adjusted EPS"), is defined as earnings per common share from continuing operations - diluted, excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits ("OPEB") credits / costs and Future Reimbursable Indirect Costs. Management estimates amortization expense in 2022 associated with intangibles to be approximately $610 million on a pre-tax basis, or approximately $0.93 per share.
The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.
Significant items are items that arise outside the ordinary course of the Company's business that management believes may cause misinterpretation of underlying business performance, both historical and future, based on a combination of some or all of the item's size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance.
Organic Sales is defined as net sales excluding the impacts of currency and portfolio.
Free cash flow is defined as cash provided by/used for operating activities less capital expenditures. As a result, free cash flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company's primary source of liquidity, cash provided by operating activities. Management believes free cash flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. Free cash flow conversion is defined as free cash flow divided by net income adjusted to exclude the after-tax impact of non-cash impairment charges, gains or losses on divestitures, and amortization expense of intangibles.
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SOURCE DuPont | https://www.whsv.com/prnewswire/2022/05/03/dupont-reports-first-quarter-2022-results/ | 2022-05-03T10:37:47Z |
SAN FRANCISCO, May 3, 2022 /PRNewswire/ -- Censia Talent Intelligence is an honorable mention in Fast Company's 2022 World Changing Ideas Awards in the AI & Data category. The Awards focused on companies that support the growth of positive social innovation, tackling social inequality, climate change, and public health crises.
Censia secured the honorable mention for its work in eliminating bias and providing greater opportunities to the global workforce. Censia's Talent Intelligence methodology is unique in that it gathers, cleans, and structures data on people, companies, industries, and economies, and then uses advanced ethical AI to organize the world's talent data and make it easy to find, keep, and grow the talent that changes the world.
In its sixth year, the World Changing Ideas Awards showcase 39 winners, 350 finalists, and more than 600 honorable mentions—with climate, social justice, AI and data among the most popular categories. A panel of eminent Fast Company editors and reporters selected winners and finalists from a pool of more than 2,997 entries across transportation, education, food, politics, technology, health, social justice, and more. In addition, Fast Company has added several new categories this year, including climate, nature, water, and workplace. The 2022 awards feature entries from across the globe, from Switzerland to Hong Kong to Australia.
"We are incredibly honored to exist among such innovative companies and that Fast Company included Censia Talent Intelligence in their list of World Changing Ideas," says Joanna Riley, CEO, and Co-Founder of Censia. "The world of talent is becoming increasingly difficult to navigate and companies need AI to stay competitive. I am proud that our company has created a truly impactful means of delivering the best talent intelligence and data."
"We are consistently inspired by the novelty and creativity that people are applying to solve some of our society's most pressing problems, from shelter to the climate crisis. Fast Company relishes its role in amplifying important, innovative work to address big challenges," says David Lidsky, interim editor-in-chief of Fast Company. "Our journalists have identified some of the most ingenious initiatives to launch since the start of 2021, which we hope will both have a meaningful impact and lead others to join in being part of the solution."
About the World Changing Ideas Awards
World Changing Ideas is one of Fast Company's major annual awards programs and is focused on social good, seeking to elevate finished products and brave concepts that make the world better. A panel of judges from across sectors choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With the goals of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to start working on solving the problems that affect us all.
About Censia
Censia harnesses the power of deep system intelligence applied to an exceptional master dataset to recruit, develop, and retain a high-quality, diverse workforce and forecast future talent needs. We supercharge talent decisions across multiple industries for the world's hottest companies. For more information, visit www.censia.com.
Related Links:
https://www.censia.com/?utm_medium=referral&utm_source=PR
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SOURCE Censia | https://www.whsv.com/prnewswire/2022/05/03/fast-company-names-censia-2022-world-changing-ideas-honorable-mention/ | 2022-05-03T10:37:54Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Meta Platforms, Inc. (NASDAQ: FB) alleging that the Company violated federal securities laws.
Class Period: March 2, 2021 to February 2, 2022
Lead Plaintiff Deadline: May 9, 2022
No obligation or cost to you.
Learn more about your recoverable losses in FB:
https://www.kleinstocklaw.com/pslra-1/meta-platforms-inc-loss-submission-form?id=26585&from=4
Meta Platforms, Inc. NEWS - FB NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Meta Platforms, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) Apple's iOS privacy changes were having a material impact on Meta's ability to provide the kind of targeted advertising that its customers wanted and, as a result, customer ad spending was dropping precipitously; (2) Meta's mitigation efforts were either not properly implemented or ineffective; (3) measurement of ads was not accurate as mitigation efforts were failing; and (4) Meta did not have a plan in place to properly address the impact of the iOS privacy changes.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Meta Platforms, Inc. you have until May 9, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Meta Platforms, Inc. securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the FB lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/meta-platforms-inc-loss-submission-form?id=26585&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/fb-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-9-2022-class-action-filed-behalf-meta-platforms-inc-shareholders/ | 2022-05-03T10:38:00Z |
LENZING, Austria, May 3, 2022 /PRNewswire/ -- 2022 marks the 30th year of the TENCEL™ brand's commitment to drive the fashion and textile communities' sustainability journeys. The milestone reflects TENCEL™'s commitment to answering the industry's green demands by providing sustainability-driven innovations, reinvigorating generations of wood-based cellulosic fibers and forging the way towards a "true carbon zero" future.
This year, TENCEL™ will be unveiling a series of new initiatives globally as part of the "Feel Good Fibers Since 1992" campaign. The campaign will not only celebrate three decades of achievements, but also outline plans for the coming years to set a higher industry standard for sustainability and reduce the impact of textile production and waste on the environment.
A key priority for the textile supply chain remains achieving total transparency which Lenzing supports through digitization. The TENCEL™ brand will be adding new features to its proprietary Lenzing E-Branding Service to deliver a more accessible and streamlined experience for brand partners. Additionally, TENCEL™ will continue expanding forest-to-fabric offerings through the recent opening of a state-of-the-art production facility in Thailand – the world's biggest lyocell plant.
With the industry's dedication to becoming environmentally responsible, the TENCEL™ brand hopes to continue the positive momentum throughout 2022 and beyond to introduce new sustainability-driven innovations to create a long-lasting impact and carbon-zero future.
Some latest TENCEL™ brand stories include:
TENCEL™ celebrates 30 years of sustainable fiber development and strong partnerships
The TENCEL™ brand has played an active role in enhancing sustainability of the supply chain and driving industry collaborations. To celebrate the 30-year milestone of the TENCEL™ brand, few long-term partners of TENCEL™ joined together to share their collaboration journey with the brand and how it helped them to meet their sustainability goals.
Celebrating forest-to-fabric innovation with TENCEL™
The TENCEL™ brand has been committed to driving the evolution of wood-based fiber solutions for the textile sector through innovations, eco-responsible processes and collaborations with stakeholders. Marking its 30th anniversary this year, we look back at the miracles that have been created from forests to TENCEL™ branded fibers.
Lenzing successfully opens world's largest lyocell plant in Thailand
Lenzing has successfully completed production of the world's largest lyocell plant in Thailand, helping to meet the increasing customer demand for its biodegradable fibers. Another step closing to achieving net-zero emissions by 2050, Lenzing's state-of-the-art production plant exemplifies its commitment to becoming a leading supplier of eco-friendly specialty fibers to decarbonize the textile and nonwoven industries.
TENCEL™ brand and RCGD Global spotlight eco-couture at the Oscars® and unveil winning looks of the 2020 and 2021 Global Design Contest
Going into the third year of partnership, TENCEL™ and RCGD Global once again joined hands to spotlight sustainable couture pieces at this year's Oscars®. Further promoting eco-alternatives to the luxury scene, TENCEL™ and RCGD Global also hosted global design contests to empower rising designers.
Lenzing E-Branding Service's new features provide customers added value and improved user experience
With growing number of users globally, innovative features such as the Digital Hangtag were added to the Lenzing E-Branding Service in November 2021 to address the evolving needs of brands and e-commerce platforms. Recently, additional key offerings such as the E-Branding Helpdesk and Expiration Reminders have been introduced as further enhancements.
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SOURCE TENCEL | https://www.whsv.com/prnewswire/2022/05/03/feel-good-fibers-since-1992-tenceltm-celebrates-30-years-forges-ahead-drive-truly-carbon-zero-textile-future/ | 2022-05-03T10:38:06Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Homology Medicines, Inc. (NASDAQ: FIXX) alleging that the Company violated federal securities laws.
Class Period: June 10, 2019 to February 18, 2022
Lead Plaintiff Deadline: May 24, 2022
No obligation or cost to you.
Learn more about your recoverable losses in FIXX:
https://www.kleinstocklaw.com/pslra-1/homology-medicines-inc-loss-submission-form?id=26590&from=4
Homology Medicines, Inc. NEWS - FIXX NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Homology Medicines, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated the efficacy and risk mitigation of its lead product candidate, HMI-102; (ii) accordingly, it was unlikely that the Company would be able to commercialize HMI102 in its present form; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Homology you have until May 24, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Homology securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the FIXX lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/homology-medicines-inc-loss-submission-form?id=26590&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/fixx-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-24-2022-class-action-filed-behalf-homology-medicines-inc-shareholders/ | 2022-05-03T10:38:13Z |
New Brand Reflects the Cumulative Impact of Its Acquisitions, Industry-Leading Thought Leadership, and New Product Enhancements
SAN DIEGO, May 3, 2022 /PRNewswire/ -- FMG Suite, a SaaS company specializing in marketing software and services for financial advisors, today announced the introduction of innovative enhancements to its platform and a refresh of its brand to reflect its increasingly prominent position as a marketing thought-leader. The company also announced its decision to empower customers to purchase its popular marketing and website products separately.
"The role of digital marketing for financial advisors has changed drastically in the last two years. It has gone from being optional to mission-critical, and many advisors are feeling overwhelmed," said Scott White, CEO. "We are addressing this with our new mobile-enabled and AI-powered content tools that make it easy for advisors to access and share timely content from their phones. And for those who would rather delegate, we're introducing a "Do It For Me" offering led by marketing thought leaders Samantha Russell and Susan Theder."
New platform enhancements:
- Mobile App. This award-winning app gives advisors access to FMG's entire customizable content library, including AI-driven curated content from the most well- known media outlets. The app sends the advisor an alert when timely content is posted, and it can be shared to their email lists and social media sites with a simple swipe on their phone.
- "Do It For Me Marketing." FMG thought leaders Samantha Russell and Susan Theder will develop monthly marketing plans for advisors including their recommended social media and email activities. They will personally write the exclusive content as part of the new "Sam and Susan Content Collection" and complement it with their favorite picks from FMG's award-winning library. A team of marketing consultants will then execute the calendar on behalf of the advisor.
- Inline Website Editing. The combination of the FMG and Twenty Over Ten website platforms has created one of the most sophisticated and easy-to-use website editing experiences available in the wealth management industry. Advisors now can edit webpage content in real-time, with no need to preview or edit offline, while still maintaining the ability to create new designs and sections without any coding. Advisors see their edits as they make them, saving significant time and effort.
- Video Blog. Advisors can upload a video blog to the platform, and FMG will automatically create an animated GIF that they can share through email, social media, and websites with the push of a button.
- Reputational Management. FMG's Reputational Management tool – currently in beta with a group of RIAs – can automate the delivery of Net Promoter Score (NPS) surveys to clients. It will also aggregate and categorize the results from negative to positive within a custom dashboard integrated within the FMG platform. To help advisors capitalize on the new SEC Marketing Rule allowing testimonials, the tool can also enable advisors to trigger an email requesting a Google review based on achieving a certain NPS threshold.
Rebrand
The rebrand reflects the cumulative impact of FMG's acquisitions, marketing thought leadership, and new product offerings. The addition of industry executives Samantha Russell and Susan Theder, as well as senior hires in enterprise technology, sales, and relationship management, has enhanced the company's ability to infuse products and technology with marketing best practices and enterprise know-how.
Susan Theder, Chief Marketing and Experience Officer at FMG, said, "Our rebrand coupled with the launch of these cutting-edge capabilities reinforce our mission to make it easy for financial advisors to market authentically and, most importantly, effectively. Our new motto, "Our expertise is showing off yours," captures the essence of what we do for advisors. We are leading with our marketing expertise and have a technology platform that's designed to enable the execution of those best practices across every channel and medium."
In addition to the new brand identity, FMG has also released new product packages that allow customers to purchase its popular marketing automation and website products separately.
"The separation of websites and marketing tools enables us to create an ascendant journey for advisors whether they are just starting out or are at the highest level of marketing sophistication. It simplifies our offering and makes it easy for an advisor to pick the package that best meets their business goals, whether that's marketing their business, modernizing their website, or both," said Dave Christensen, Chief Product Officer of FMG.
About FMG
FMG powers an all-in-one marketing platform that helps more than 40,000 financial advisors and insurance agents attract new leads, stay connected with clients and grow 3 their businesses. FMG creates 200+ new pieces of authentic content for its library each month and delivers more than 25 million emails for their clients monthly. Rated first in market share and customer satisfaction three years in a row by T3 Software Survey Report, FMG helps its customers develop comprehensive marketing strategies and automate their most effective marketing tactics. FMG is headquartered in San Diego, CA, with satellite offices across the United States. For more information, please visit www.FMGsuite.com
Media Contacts:
Susan Theder susan.theder@fmgsuite.com
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SOURCE FMG Suite | https://www.whsv.com/prnewswire/2022/05/03/fmg-suite-rebrands-fmg-announces-new-offerings-financial-advisors/ | 2022-05-03T10:38:19Z |
MENLO PARK, Calif., May 3, 2022 /PRNewswire/ -- Future Today, the leader in ad-supported streaming, with flagship channels Fawesome, HappyKids and iFood, and ranking in the top free channels across every major connected TV (CTV) and over-the-top (OTT) platform, including Roku, Amazon Fire TV and Apple TV, has announced a new collaboration with leading CTV ad server owned by Integral Ad Science (Nasdaq: IAS), Publica, to power its server-side ad insertion (SSAI). By integrating Publica's advanced ad decisioning technology, Future Today has greater control of its ad breaks and can provide advertisers and sponsors with more granular CTV targeting capabilities, delivering greater ROI for ad campaigns while increasing revenue opportunities for content partners.
"Publica has quickly become the standard for CTV SSAI ad insertion, serving some of the biggest streaming publishers and smart TV manufacturers globally," said Vikrant Mathur, CEO, Future Today. "This integration not only delivers structured, dynamic, and hybrid advertising pods for our brand partners, but also enables these features in a true TV-like experience which today's viewers demand."
Publica's solution enables the seamless delivery of CTV advertising by stitching ads directly into the video stream, eliminating ad latency and buffering to deliver targeted and personalized ads in a viewing experience that matches traditional TV.
This superior viewing experience ensures that audiences remain highly engaged throughout ad breaks, which can greatly reduce drop-off rates while increasing brand retention. These features also benefit content providers and channel owners by maximizing their inventory yield and reducing viewer churn.
"We're thrilled to collaborate with Future Today and help maximize their CTV ad revenues," said Ben Antier, Co-Founder and CEO, Publica. "Leveraging Publica's SSAI, Future Today can increase demand, provide programmatic advertisers with better ad break controls, and ensure a premium viewing experience for their streaming audiences."
Future Today delivers content to more than 100 million US households and offers a holistic solution for content owners seeking to launch new streaming channels, grow audiences and monetize their content across a multitude of OTT platforms and services. To accomplish this, the company has developed a proprietary and comprehensive portfolio of streaming technologies, services and solutions that include video management, app development, publishing and maintenance, cross-channel promotion, advertising, monetization and more.
Since launching its first streaming app on Roku in 2011, the company has grown to operate hundreds of top-ranked streaming channels with over 110 million app installs, and manages a library of more than 240,000 film, television and digital content assets in a variety of categories including entertainment, movies, food, lifestyle, animation and kids. The company has had over 60% growth in monetizable ad impressions in the last year.
About Future Today
Future Today is a leader in the ad-supported streaming media universe with its flagship channels – Fawesome, HappyKids and iFood – ranking in the top free channels across nearly every OTT consumer platform. The company's proprietary, cloud-based technology platform manages OTT services for hundreds of content owners, producers, distributors and major media companies helping them launch and monetize complex Connected TV channels across devices in a matter of days. Future Today's comprehensive portfolio of technology and services includes video management, content management and publishing, app development and maintenance, cross-channel promotion, advertising, monetization and more. Learn more about Future Today here.
About Publica
Publica is a leading Connected TV (CTV) Ad Server and works with many of the world's biggest broadcasters, TV manufacturers, and OTT apps. Headquartered in Palo Alto, Publica provides solutions for publishers to maximize their revenue across their CTV inventory through key solutions including a Unified Auction, Ad Pod Management, Audience Management, and Server-Side Ad Insertion (SSAI). Publica serves over 5 billion ads on CTV every month, delivering quality ad experiences for Crunchyroll, E. W. Scripps, Fox, IGN, MLB, Philo, Samsung, ViacomCBS, XUMO, and more. Publica is owned by Integral Ad Science (Nasdaq: IAS), a global leader in digital media quality. For more information, visit https://getpublica.com/
For Publica media inquiries, please contact:
press@getpublica.com
For Future Today media inquiries, please contact:
Caty Posey
caty@crenshawcomm.com
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SOURCE Integral Ad Science, Inc. | https://www.whsv.com/prnewswire/2022/05/03/future-today-integrates-with-publicas-server-side-ad-insertion-tech-meet-growing-ctv-ad-demand/ | 2022-05-03T10:38:26Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Grab Holdings Limited (NASDAQ: GRAB) alleging that the Company violated federal securities laws.
Class Period: November 12, 2021 to March 2, 2022
Lead Plaintiff Deadline: May 16, 2022
No obligation or cost to you.
Learn more about your recoverable losses in GRAB:
https://www.kleinstocklaw.com/pslra-1/grab-holdings-limited-loss-submission-form?id=26588&from=4
Grab Holdings Limited NEWS - GRAB NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Grab Holdings Limited made materially false and/or misleading statements and/or failed to disclose that: (1) Grab's driver supply declined during the third quarter; (2) as a result, Grab continued to invest heavily in driver and consumer incentives to "preemptively recalibrate driver supply"; (3) as a result, the Company's financial results would be adversely impacted, including, among other things, a significant decline in revenue; and (4) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Grab Holdings you have until May 16, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Grab Holdings securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the GRAB lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/grab-holdings-limited-loss-submission-form?id=26588&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/grab-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-16-2022-class-action-filed-behalf-grab-holdings-limited-shareholders/ | 2022-05-03T10:38:33Z |
The American Business Awards are the U.S.A.'s premier business awards program. Stevie winners will be presented their awards on June 11th in New York.
TEMPE, Ariz., May 3, 2022 /PRNewswire/ -- GT Medical Technologies, Inc. announced today it was named Company of the Year for Health Products & Services in the 2022 American Business Awards. This honor acknowledges GT Medical Technologies' pioneering technology GammaTile® Therapy, FDA-cleared for treating newly diagnosed malignant and recurrent brain tumors.
"We are pleased to be recognized by the American Business Awards, said Matthew E. Likens, President & CEO of GT Medical Technologies, Inc. "This is a tribute to all members of the GT Medical Technologies team who are dedicated to our purpose of Improving the Lives of Patients with Brain Tumors. Over 60 hospitals across the United States are now offering GammaTile Therapy as a radiation option for patients with operable brain tumors."
GammaTile, which has been available to patients in the U.S. since 2019, is a Surgically Targeted Radiation Therapy (STaRT) for brain tumors. Tiles are implanted during the last five minutes of brain tumor resection procedures, going to work immediately to eliminate residual tumor cells and precluding the need for weeks and weeks of daily external beam radiation. This one-and-done therapy allows patients to resume their normal life activities rapidly after surgery.
The Gold award follows a Silver Stevie® Award recognition in 2021. More than 230 professionals worldwide participated in the judging process to select this year's Stevie Award winners.
"We are so pleased that we will be able to stage our first ABA awards banquet since 2019 and to celebrate, in person, the achievements of such a diverse group of organizations and individuals," said Maggie Miller, president of the Stevie Awards.
About GT Medical Technologies, Inc.
Driven to overcome the limitations of current treatments for brain tumors and raise the standard of care, a team of brain tumor specialists joined forces and formed GT Medical Technologies with the purpose of improving the lives of patients with brain tumors. Its GammaTile Therapy received FDA 510(k) regulatory clearance for the treatment of all types of recurrent brain tumors and newly diagnosed malignant tumors. 3D, resorbable collagen tiles, embedded with radiation sources, are implanted during the last five minutes of brain tumor resection procedures, providing an immediate, dose-intense treatment to eliminate residual tumor cells. This "one and done" procedure allows patients to receive their course of radiation while going about their daily lives, requiring no additional trips to the hospital or clinic for radiation therapy. GammaTile is available in top brain tumor centers across the United States. For more information or to find a GammaTile center near you, visit https://www.gtmedtech.com/ and follow @GammaTile on Twitter and LinkedIn.
About the Stevie Awards
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
CONTACT: Ashley Hupman, ahupman@gtmedtech.com
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SOURCE GT Medical Technologies | https://www.whsv.com/prnewswire/2022/05/03/gt-medical-technologies-honored-gold-stevie-award-winner-2022-american-business-awards/ | 2022-05-03T10:38:39Z |
Market barriers include pricing, technical limitations, and the difficulty of implementing a holistic system design approach
BOULDER, Colo. , May 3, 2022 /PRNewswire/ -- A new report from Guidehouse Insights analyzes the global market for commercial building ventilation and indoor air quality (IAQ), providing a market outlook through 2031.
Disinfection technology has been under the spotlight since 2020 due to safety concerns resulting from the onset of the coronavirus pandemic. While pre-pandemic IAQ solutions focused on reducing indoor air contaminants caused by outdoor air pollution, for the past two years, public concern regarding virus risk has led to a significant focus on disinfection as the key to IAQ. According to a new report from Guidehouse Insights, global commercial energy efficiency ventilation and IAQ revenue is expected to grow from $6.5 billion in 2022 to $13.6 billion in 2031 at a compound annual growth rate (CAGR) of 8.6%.
"Even though air pollution reduction is still at the core of IAQ management in certain regions or during specific periods, IAQ solutions need to be considered as part of a holistic approach to addressing these issues, rather than focusing on standalone disinfection solutions," says Young Hoon Kim, senior research analyst with Guidehouse Insights.
One market barrier is the waning public interest in complementary solutions (e.g., disinfection solutions) since the risk of COVID-19 and variants is expected to decrease over time. Other barriers include high prices, technical limitations, and the difficulty of implementing a holistic system design approach, according to the report.
The report, Market Data: Commercial Ventilation and Air Qualityhttps://guidehouseinsights.com/reports/market-data-Smart-Streetlighting, examines market trends and analyzes the major ventilation and IAQ management markets. It also includes guidelines as well as technology and industry trends. The global market outlook extends through 2031, broken down by region and segment, including energy efficiency ventilation equipment utilizing energy recovery technology and air purifier and IAQ sensors. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 13,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Commercial Ventilation and Air Quality, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Jennifer Peacock
+1.404.575.3859
jpeacock@guidehouse.com
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SOURCE Guidehouse Insights | https://www.whsv.com/prnewswire/2022/05/03/guidehouse-insights-estimates-commercial-building-ventilation-indoor-air-quality-market-will-grow-nearly-14-billion-by-2031/ | 2022-05-03T10:38:46Z |
RENO, Nev., May 3, 2022 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (OTCQX: IAUCF) ("i-80", or the "Company") is pleased to announce results from the final hole drilled in the Phase 1, 2021, surface drill program focused on delineating the high-grade "South Pacific" extension horizon at the Company's Granite Creek Property ("Granite Creek" or "the Property") located in Humboldt County, Nevada.
The South Pacific Zone ("SPZ") is a new zone of high-grade gold mineralization located immediately north of the underground mine workings at Granite Creek (see Figure 1). In 2021, sixteen (16) holes were drilled to test the SPZ (including one hole that was abandoned prior to reaching target depth), successfully defining multiple fault structures that are demonstrating continuity of mineralization over a strike length of approximately 600 metres and a dip length of approximately 250 metres that remains wide open for expansion along strike and at depth. Hole iGS21-18 was drilled in the southern portion of the horizon, closer to the underground workings, and as in several previous holes returned impressive gold grades and widths of mineralization in multiple horizons.
Highlight results from hole iGS21-18 in the South Pacific Zone (and adjacent horizons):
- 16.3 g/t Au over 15.7 m (0.48 oz/ton Au over 51.5 feet)
- 33.7 g/t Au over 3.7 m (0.98 oz/ton Au over 12.0 feet)
The SPZ is the priority target of the ongoing surface drill program at Granite Creek and will be included in a resource update following the 2022 program. SPZ consists of multiple subvertical fault structures located within both the Upper and Lower Comus rock units that appear to trend north to northeast (see Figures 1 and 2). Continued step-out drilling to expand mineralization both along strike and at depth is being completed in 2022. Table 1 provides a complete summary of results from drilling in the SPZ in 2021.
"When combined with the Ogee Zone, that is the focus of underground drilling at Granite Creek, we are extremely excited by the results to-date in the South Pacific Zone that confirm the significant upside opportunity", stated Tyler Hill, Senior Geologist of i-80. "Drilling in 2022 will continue to step-out along strike and at depth to further expand the mineralized envelope, while at the same time, we are extending the decline to expedite development and mine planning of the SPZ."
High-grade mineralization at Granite Creek occurs in a near-identical geological setting as that at the multi‑million‑ounce Turquoise Ridge Mine located immediately to the north (see Figure 3); proximal to a major regional fault (the Getchell or Range Front fault) on the eastern edge of the large Osgood Mountains intrusive complex. The Granite Creek deposit remains open at depth and along strike from the existing underground workings.
Table 1 – Summary Assay Results from 2021 Surface Drilling in SPZ
The Granite Creek Property is strategically located proximal to Nevada Gold Mines' Turquoise Ridge and Twin Creeks mines at the north end of the Battle Mountain-Eureka Trend, at its intersection with the Getchell gold belt in Nevada.
Investor Day Webcast & Conference Call – May 10, 2022
The Company will host an Investor Day presentation in person at the Toronto Board of Trade on May 10, 2022, commencing at 4:30 pm EDT, providing the opportunity for shareholders, analysts and investors to learn more about the Company's growth plans and ask questions of i-80 Gold's executive team. A live conference call and webcast will also be available to those that are unable to attend in person. Details of the conference call and webcast can be found below.
Conference Call
North American Toll-free: 1-888-204-4368
Confirmation #: 3896886
Webcast Link
Click HERE to access the webcast or visit our website at www.i80gold.com.
Conference Call Replay
A recording of the call can be accessed until May 17, 2022.
North American Toll-free Replay: 1-888-203-1112
Replay Code: 3896886
QAQC Procedures
All samples were submitted to ALS Minerals (ALS) of Sparks, NV, which is ISO 9001 and 17025 certified and accredited laboratories, independent of the Company. Samples submitted through ALS are run through standard prep methods and analyzed using Au-AA23 (Au; 30g fire assay) and ME-ICP41 (35 element suite; 0.5g Aqua Regia/ICP-AES) for ALS. ALS also undertakes their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold Corp's QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results.
Qualified Person
Tim George, PE, Mine Operations Manager, reviewed the technical and scientific information contained in this press release and is a Qualified Person within the meaning of NI 43-101.
About i-80 Gold Corp.
i-80 Gold Corp. is a well-financed, Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within the Company's advanced-stage property portfolio to complement existing gold production from the Ruby Hill open pit.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, the expansion or mineral resources at Granite Creek and the potential of the Granite Creek project. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
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NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of International Business Machines Corporation (NYSE: IBM) alleging that the Company violated federal securities laws.
Class Period: April 4, 2017 to October 20, 2021
Lead Plaintiff Deadline: June 6, 2022
No obligation or cost to you.
Learn more about your recoverable losses in IBM:
https://www.kleinstocklaw.com/pslra-1/international-business-machines-corporation-loss-submission-form?id=26594&from=4
International Business Machines Corporation NEWS - IBM NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that International Business Machines Corporation made materially false and/or misleading statements and/or failed to disclose that: (i) Strategic Imperatives Revenue and growth, CAMSS and CAMSS Components' revenue and growth, and the Company's Segments' revenue and growth were artificially inflated as a result of the wrongful reclassification of revenues from non-strategic to strategic to make those revenues eligible for treatment as Strategic Imperatives Revenue; (ii) the Company's present success and positive future growth prospects concerning its Strategic Imperative business strategy were being fueled by the wrongful reclassification of revenues from non-strategic to strategic to make those revenues eligible for treatment as Strategic Imperative Revenue and, as a result (iii) the Company misled the market by portraying the Company's Strategic Imperative's financial performance and future prospects more favorable than they actually were as a result of the wrongful reclassification of revenues from non-strategic to strategic to make those revenues eligible for treatment as Strategic Imperatives.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in IBM you have until June 6, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased IBM securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the IBM lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/international-business-machines-corporation-loss-submission-form?id=26594&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/ibm-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-6-2022-class-action-filed-behalf-international-business-machines-corporation-shareholders/ | 2022-05-03T10:39:00Z |
SAN FRANCISCO, May 3, 2022 /PRNewswire/ -- IDEAYA Biosciences, Inc. (NASDAQ: IDYA), a synthetic lethality focused precision medicine oncology company committed to the discovery and development of targeted therapeutics, announced its participation in investor conferences in May 2022.
2022 JP Morgan Conference Call Series
Monday, May 16 at 10:00am ET
Fireside chat with Yujiro Hata, Chief Executive Officer, IDEAYA Biosciences, hosted by Anupam Rama, Managing Director US SMID Biotechnology Equity Research
Virtual Guggenheim Synthetic Lethality Day
Monday, May 16 at 12:00pm ET
Fireside chat with Yujiro Hata, Chief Executive Officer, IDEAYA Biosciences, hosted by Charles Zhu, Ph.D. V.P., Biotechnology Equity Research
Monday, May 16 at 12:30pm ET
Biotech Synthetic Lethality Panel participation by Yujiro Hata, Chief Executive Officer, IDEAYA Biosciences moderated by Charles Zhu, Ph.D. V.P., Biotechnology Equity Research
Citi Biopharma Virtual Co-Panel Day
Wednesday, May 18, 2022 at 1:30pm ET
Targeted Oncology Panel participation by Yujiro Hata, Chief Executive Officer, IDEAYA Biosciences, moderated by Yigal Nochomovitz, Ph.D. Director, Biotech Equity Research
A live audio webcast of the event will be available, as permitted by conference host, at the "Investors/News and Events/Investor Calendar" section of the IDEAYA website at https://ir.ideayabio.com/events. A replay of available webcasts will be accessible for 30 days following the live event.
About IDEAYA Biosciences
IDEAYA is a synthetic lethality-focused precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics. IDEAYA's approach integrates capabilities in identifying and validating translational biomarkers with drug discovery to select patient populations most likely to benefit from its targeted therapies. IDEAYA is applying its early research and drug discovery capabilities to synthetic lethality – which represents an emerging class of precision medicine targets.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to participation in and/or presentation at certain investor relations events. IDEAYA undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of IDEAYA in general, see IDEAYA's Annual Report on Form 10-K filed on March 18, 2022 and any current and periodic reports filed with the U.S. Securities and Exchange Commission.
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SOURCE IDEAYA Biosciences, Inc. | https://www.whsv.com/prnewswire/2022/05/03/ideaya-biosciences-participate-investor-conferences-may-2022/ | 2022-05-03T10:39:06Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Innovative Industrial Properties, Inc. (NYSE: IIPR) alleging that the Company violated federal securities laws.
Class Period: May 7, 2020 to April 13, 2022
Lead Plaintiff Deadline: June 24, 2022
No obligation or cost to you.
Learn more about your recoverable losses in IIPR:
https://www.kleinstocklaw.com/pslra-1/innovative-industrial-properties-inc-loss-submission-form?id=26602&from=4
Innovative Industrial Properties, Inc. NEWS - IIPR NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Innovative Industrial Properties, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) Innovative Industrial Properties' focus is to be a cannabis company lender rather than a REIT; (2) that the true values of the Company's properties are significantly lower than Innovative Industrial Properties represents; (3) there are existential issues in its top customers; (4) as a result, its top customers may not be able to continue making payments to Innovative Industrial Properties and the Company would face significant issues replacing these customers; and (5) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Innovative Industrial Properties you have until June 24, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Innovative Industrial Properties securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the IIPR lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/innovative-industrial-properties-inc-loss-submission-form?id=26602&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/iipr-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-24-2022-class-action-filed-behalf-innovative-industrial-properties-inc-shareholders/ | 2022-05-03T10:39:13Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ironnet, Inc. (NYSE: IRNT) alleging that the Company violated federal securities laws.
Class Period: September 15, 2021 to December 15, 2021
Lead Plaintiff Deadline: June 21, 2022
No obligation or cost to you.
Learn more about your recoverable losses in IRNT:
https://www.kleinstocklaw.com/pslra-1/ironnet-inc-loss-submission-form?id=26601&from=4
Ironnet, Inc. NEWS - IRNT NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Ironnet, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company had materially overstated its business and financial prospects; (ii) the Company was unable to predict the timing of significant customer opportunities which constituted a substantial portion of its publicly- issued FY 2022 financial guidance; (iii) the Company had not established effective disclosure controls and procedures to reasonably ensure its public disclosures were timely, accurate, complete, and not otherwise misleading; and (iv) as a result, the Company's public statements were materially false, misleading, and/or lacked any reasonable basis in fact at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Ironnet you have until June 21, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Ironnet securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the IRNT lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/ironnet-inc-loss-submission-form?id=26601&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/irnt-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-21-2022-class-action-filed-behalf-ironnet-inc-shareholders/ | 2022-05-03T10:39:20Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lucid Group, Inc. (NASDAQ: LCID) alleging that the Company violated federal securities laws.
This lawsuit is on behalf of a class of all persons and entities who purchased or otherwise acquired Lucid common stock between November 15, 2021, and February 28, 2022, inclusive.
Lead Plaintiff Deadline: May 31, 2022
No obligation or cost to you.
Learn more about your recoverable losses in LCID:
https://www.kleinstocklaw.com/pslra-1/lucid-group-inc-loss-submission-form?id=26591&from=4
Lucid Group, Inc. NEWS - LCID NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Lucid's business and operations. Specifically, the Company overstated its production capabilities while concealing that "extraordinary supply chain and logistics challenges" were hampering Lucid's operations. As a result of the defendants' wrongful acts and omissions, and the significant decline in the market value of Lucid's common stock, Lucid investors have suffered significant damages.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Lucid you have until May 31, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Lucid securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the LCID lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/lucid-group-inc-loss-submission-form?id=26591&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/lcid-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-31-2022-class-action-filed-behalf-lucid-group-inc-shareholders/ | 2022-05-03T10:39:28Z |
- Revenues of $3.5 billion, up 5% year-over-year
- Net Income of $177 million; Adjusted EBITDA of $358 million
- Diluted Earnings per Share of $1.25, or $1.58 on a non-GAAP basis
- Cash Flows from Operations of $93 million; Free Cash Flow of $65 million
- Net Bookings of $5.4 billion (book-to-bill ratio of 1.6) drive record backlog of $36.3 billion
RESTON, Va., May 3, 2022 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500® science and technology leader, today reported financial results for the first quarter of fiscal year 2022.
Roger Krone, Leidos Chairman and Chief Executive Officer, commented, "Our first quarter marked a strong start to 2022, with record levels of revenues and backlog stemming from our leadership position in the government technology market. We continued to build our reputation and track record of performance in digital technology, cyber, and innovative systems across our diversified, resilient business portfolio. Our strong first quarter results and the improving federal budget picture increase our confidence in delivering on our full-year financial commitments."
Summary Operating Results
Revenues for the quarter were $3.49 billion, up 5% in total and up 4% organically compared to the prior year quarter. Revenues grew across all reportable segments; the largest contributors were the start-up of the Navy Next Generation Enterprise Network Recompete (NGEN-R) Service Management, Integration and Transport (SMIT) contract and the increased deployments on the Defense Healthcare Management System Modernization (DHMSM) program.
Net income was $177 million and diluted EPS was $1.25. Net income and diluted EPS were down 14% and 12% year-over-year, respectively, primarily as a result of the $26 million net benefit from an adjustment to legal reserves related to the Mission Support Alliance (MSA) joint venture recorded in the first quarter of fiscal year 2021. The weighted average diluted share count for the quarter was 140 million compared to 144 million in the prior year quarter. Net income margin decreased from 6.2% to 5.1% year-over-year.
Adjusted EBITDA was $358 million for the first quarter, down 8% year-over-year. Adjusted EBITDA margin decreased from 11.7% to 10.2% over the same period, primarily as a result of the MSA adjustment and a return to more normative indirect spending levels. Non-GAAP net income was $223 million for the first quarter, which was down 10% year-over-year, and non-GAAP diluted EPS for the quarter was $1.58, which was down 9% compared to the first quarter of fiscal year 2021.
Cash Flow Summary
In the first quarter of fiscal year 2022, Leidos generated $93 million of net cash provided by operating activities for an operating cash flow conversion ratio of 53%. After adjusting for payments for property, equipment and software, quarterly free cash flow was $65 million for a free cash flow conversion ratio of 29%.
Leidos used $21 million in investing activities and $519 million in financing activities, which included a $500 million accelerated share repurchase agreement and $51 million in quarterly cash dividends. As of April 1, 2022, Leidos had $297 million in cash and cash equivalents and $5.1 billion of debt.
On April 29, 2022, the Leidos Board of Directors declared that Leidos will pay a cash dividend of $0.36 per share on June 30, 2022 to stockholders of record at the close of business on June 15, 2022.
New Business Awards
Net bookings totaled $5.4 billion in the quarter, representing a book-to-bill ratio of 1.6. As a result, backlog at the end of the quarter was a record $36.3 billion, of which $7.1 billion was funded. Included in the quarterly bookings were several particularly important awards:
- Advanced Enterprise Global Information Technology Solutions (AEGIS). Leidos was awarded a prime contract by the National Aeronautics and Space Administration (NASA) to provide telecommunications, cloud and data center services across all of the agency's centers and facilities. The single award contract has a total estimated value of $2.5 billion and a ten-year period of performance, if all options and award terms are exercised.
- National Airspace Systems (NAS) Integration Support Contract (NISC). Leidos will continue its support of air traffic control modernization efforts to the Federal Aviation Administration (FAA) under a new $1.7 billion, 10-year, single-award indefinite-delivery/indefinite-quantity (ID/IQ) contract. Leidos will perform engineering and technical services to integrate new systems, components and equipment into the National Airspace System, including strategic and transition planning, test-and-evaluation, training, automation, flight procedures, security and safety, business intelligence, data analytics and unmanned aircraft systems.
- Veterans Benefits Administration (VBA) Medical Disability Examinations (MDE) Services. Leidos was awarded the recompete of its contract to support pre-discharge examinations in the U.S. and a new contract to provide disability examinations in 39 locations outside the U.S. Each multiple award ID/IQ contract has a six-month base period with six one-year options; together, they total approximately $1.7 billion in contract value if all options are exercised. Leidos will leverage the infrastructure and capability built over more than two decades to perform medical disability examinations through multiple delivery models to better serve veterans.
- U.S. Navy Surface Combatant Ship Design Engineering Services. The U.S. Navy awarded Gibbs & Cox, a wholly owned subsidiary of Leidos, a contract to provide Surface Combatant Ship Design Engineering Services in support of Future Surface Combatant Programs. Under the contract, Gibbs & Cox will provide services supporting future surface combatants design, with initial focus on the Program Executive Office Ship's DDG(X) Program Office (PMS 460) industry engagement, DDG(X) design development, and technology integration efforts. The award has a potential value of $319 million with a period of performance through 2027, if all options are exercised.
- U.S. Army Gunnery Training Systems Modernization. Leidos was awarded a prime contract by the U.S. Army's Program Executive Office for Simulation, Training, and Instrumentation to modernize the service's gunnery training simulation systems. Under the contract, Leidos will perform technology refresh and concurrency updates to the simulators. The single-award ID/IQ contract has a total estimated value of $104 million and a period of performance of five years.
Forward Guidance
Leidos is maintaining its fiscal year 2022 guidance as follows:
For information regarding adjusted EBITDA margin and non-GAAP diluted EPS, see the related explanations and reconciliations to GAAP measures included elsewhere in this release.
Leidos does not provide a reconciliation of forward-looking adjusted EBITDA margins or non-GAAP diluted EPS to net income attributable to Leidos shareholders, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income attributable to Leidos shareholders may vary significantly based on actual events, Leidos is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income attributable to Leidos shareholders at this time. The amounts of these deductions may be material and, therefore, could result in projected net income attributable to Leidos shareholders and diluted EPS being materially less than projected adjusted EBITDA margins and non-GAAP diluted EPS.
Conference Call Information
Leidos management will discuss operations and financial results in an earnings conference call beginning at 8:00 A.M. eastern time on May 3, 2022. Analysts and institutional investors may participate by dialing +1 (877) 869-3847 (toll-free U.S.) or +1 (201) 689-8261 (international callers).
A live audio broadcast of the conference call along with a supplemental presentation will be available to the public through links on the Leidos Investor Relations website (http://ir.leidos.com).
After the call concludes, an audio replay can be accessed on the Leidos Investor Relations website or by dialing +1 (877) 660-6853 (toll-free U.S.) or +1 (201) 612-7415 (international callers) and entering conference ID 13728784.
About Leidos
Leidos is a Fortune 500® technology, engineering, and science solutions and services leader working to solve the world's toughest challenges in the defense, intelligence, civil and health markets. Leidos' 43,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Va., Leidos reported annual revenues of approximately $13.7 billion for the fiscal year ended December 31, 2021.
For more information, visit www.leidos.com.
Forward-Looking Statements
Certain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "guidance" and similar words or phrases. Forward-looking statements in this release include, among others, estimates of our future growth and financial and operating performance, including future revenues, adjusted EBITDA margins, diluted EPS (including on a non-GAAP basis), and cash flows provided by operating activities, as well as statements about our business contingency plans, uncertainties in tax due to new tax legislation or other regulatory developments, the impact of COVID-19 and related actions taken to prevent its spread, our contract awards, strategy, planned investments, sustainability goals and our future dividends, share repurchases, capital expenditures, debt repayments, acquisitions, dispositions, and cash flow conversion. These statements reflect our belief and assumptions as to future events that may not prove to be accurate.
Actual performance and results may differ materially from those results anticipated by our guidance and other forward-looking statements made in this release depending on a variety of factors, including, but not limited to: the impact of COVID-19 or future epidemics on our business, including the potential for facility closures, re-evaluation of U.S. government spending levels and priorities, delay of new contract awards, supply chain impacts, airline travel levels, our ability to recover costs under contracts, insurance challenges, uncertainty regarding the efficacy of vaccines against variants, booster vaccinations, or the lack of public acceptance of vaccines and low vaccination rates, and laws and regulations with respect to vaccinations; changes to our reputation and relationships with government agencies, developments in the U.S. government defense budget, including budget reductions, implementation of spending limits or changes in budgetary priorities; delays in the U.S. government budget process or approval of raises to the debt ceiling; delays in the U.S. government contract procurement process or the award of contracts or our ability to win contracts; delays or loss of contracts as a result of competitor protests; changes in U.S. government procurement rules, regulations and practices; changes in interest rates and inflation, and other market factors out of our control, including general economic and political conditions; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of Leidos; our reliance on information technology spending by hospitals/healthcare organizations, infrastructure investments by industrial and natural resources organizations and other customer investments related to our business; our ability to attract, train and retain skilled employees, including our management team, and to obtain security clearances for our employees; the mix of our contracts and our ability to accurately estimate costs associated with our firm-fixed-price and other contracts as well as our ability to realize as revenues the full amount of our backlog; cybersecurity, data security or other security threats, systems failures or other disruptions of our business; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; our ability to effectively acquire businesses and make investments and any related contingencies or liabilities to which we may become subject; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts, including complex engineering projects; our ability to obtain necessary components and materials to perform our contracts, including semiconductors and related equipment, on reasonable terms or at all; the failure of our inspection or detection systems to detect threats; changes in business conditions that could impact business investments and/or recorded goodwill or the value of other long-lived assets; the adequacy of our insurance programs designed to protect us from significant product or other liability claims; our ability to manage risks associated with our international business; our ability to declare future dividends or repurchase our stock based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable laws and contractual agreements; changes in accounting, U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks that we face. These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission ("SEC"), including the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" sections of our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, all of which may be viewed or obtained through the Investor Relations section of our website at www.leidos.com.
All information in this release is as of May 3, 2022. Leidos expressly disclaims any duty to update the guidance or any other forward-looking statement provided in this release to reflect subsequent events, actual results or changes in Leidos' expectations. Leidos also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.
Defense Solutions
Defense Solutions revenues of $2,049 million increased by 5% compared to the prior year quarter. The primary drivers of revenue growth were the ramp-up of the Navy NGEN-R SMIT and the Enduring Indirect Fires Protection Capability (IFPC) contracts, which offset the completion of the NASA Human Landing System base contract and the programs supporting operations in Afghanistan. Defense Solutions operating income margin for the quarter was 6.5% compared to 7.8% in the prior year quarter. Non-GAAP operating income margin was 8.1%, compared to 9.2% in the prior year quarter. The decline in segment profitability was primarily attributable to higher investments on developmental programs.
Civil
Civil revenues of $795 million increased by 4% compared to the prior year quarter. The primary driver of revenue growth was increased demand on existing programs with the Department of Energy (DoE) and Federal Aviation Administration (FAA) as well as commercial energy providers. Civil operating income margin for the quarter decreased to 5.4% from 9.7% in the prior year quarter. Non-GAAP operating income margin was 7.7%, compared to 12.0% in the prior year quarter. The decline in segment profitability was primarily attributable to the $26 million MSA net benefit in the first quarter of fiscal year 2021 and a write-down taken on a minority-interest joint venture program.
Health
Health revenues of $650 million increased by 10% compared to the prior year quarter, primarily as a result of increased volumes on the DHMSM program and the ramp up of new programs such as Military and Family Life Counseling (MFLC). Health operating income margin for the quarter improved to 18.2% from 17.3% in the prior year quarter. Non-GAAP operating income margin was 19.2%, compared to 18.6% in the prior year quarter. The improvement in segment profitability was primarily attributable to efficiencies introduced into procurement and delivery on certain contracts.
LEIDOS HOLDINGS, INC.
UNAUDITED BACKLOG BY REPORTABLE SEGMENT
(in millions)
Backlog represents the estimated amount of future revenues to be recognized under negotiated contracts. Backlog value is based on management's estimates about volume of services, availability of customer funding and other factors, and excludes contracts that are under protest. Estimated backlog comprises both funded and negotiated unfunded backlog. Backlog estimates are subject to change and may be affected by several factors including modifications of contracts, non-exercise of options and foreign currency movements.
Funded backlog for contracts with the U.S. government represents the value on contracts for which funding is appropriated less revenues previously recognized on these contracts. Funded backlog for contracts with non-U.S. government entities and commercial customers represents the estimated value on contracts, which may cover multiple future years, under which Leidos is obligated to perform, less revenue previously recognized on the contracts.
Negotiated unfunded backlog represents estimated amounts of revenue to be earned in the future from contracts for which funding has not been appropriated and unexercised priced contract options. Negotiated unfunded backlog does not include unexercised option periods and future potential task orders expected to be awarded under IDIQ, General Services Administration Schedule or other master agreement contract vehicles, with the exception of certain IDIQ contracts where task orders are not competitively awarded or separately priced but instead are used as a funding mechanism, and where there is a basis for estimating future revenues and funding on future anticipated task orders.
The estimated value of backlog as of the dates presented was as follows:
The increase in backlog includes $685 million of backlog acquired through business combinations in our Defense Solutions reportable segment.
LEIDOS HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
Leidos uses and refers to organic growth, non-GAAP operating income, non-GAAP operating margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP diluted EPS, free cash flow and free cash flow conversion, which are not measures of financial performance under generally accepted accounting principles in the U.S. and, accordingly, these measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be read in conjunction with Leidos's consolidated financial statements prepared in accordance with GAAP.
Management believes that these non-GAAP measures provide another measure of the results of operations and financial condition, including its ability to comply with financial covenants. These non-GAAP measures are frequently used by financial analysts covering Leidos and its peers. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.
Organic growth captures the revenue growth that is inherent in the underlying business excluding the impact of acquisitions made within the prior year; it is computed as current revenues excluding acquisition revenues within the last 12 months divided by previous year revenues.
Non-GAAP operating income is computed by excluding the following discrete items from operating income:
- Acquisition, integration and restructuring costs – Represents acquisition, integration, lease termination and severance costs related to acquisitions.
- Amortization of acquired intangible assets – Represents the amortization of the fair value of the acquired intangible assets.
Non-GAAP operating margin is computed by dividing non-GAAP operating income by revenues.
Adjusted EBITDA is computed by excluding the following items from income before income taxes: (i) discrete items as identified above; (ii) interest expense; (iii) interest income; (iv) depreciation expense; and (v) amortization of internally developed intangible assets.
Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenues.
Non-GAAP net income is computed by excluding the discrete items listed under non-GAAP operating income and their related tax impacts.
Non-GAAP diluted EPS is computed by dividing net income attributable to Leidos common stockholders, adjusted for the discrete items as identified above and the related tax impacts, by the diluted weighted average number of common shares outstanding.
Free cash flow is computed by deducting expenditures for property, equipment and software from net cash provided by operating activities.
Free cash flow conversion is computed by dividing free cash flow by non-GAAP net income attributable to Leidos common stockholders; operating cash flow conversion is computed by dividing net cash provided by operating activities by net income attributable to Leidos shareholders.
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SOURCE Leidos | https://www.whsv.com/prnewswire/2022/05/03/leidos-holdings-inc-reports-first-quarter-fiscal-year-2022-results/ | 2022-05-03T10:39:35Z |
NEW YORK , May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. (NYSE: LICY) alleging that the Company violated federal securities laws.
Class Period: February 16, 2021 to March 23, 2022
Lead Plaintiff Deadline: June 20, 2022
No obligation or cost to you.
Learn more about your recoverable losses in LICY:
https://www.kleinstocklaw.com/pslra-1/li-cycle-holdings-corp-loss-submission-form?id=26599&from=4
Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. NEWS - LICY NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. made materially false and/or misleading statements and/or failed to disclose that: (1) Li-Cycle's largest customer, Traxys, is not actually a customer, but merely a broker providing working capital financial to the Company while Traxys tries to sell Li-Cycle's product to end customers; (2) the Company engaged in highly questionable related party transactions; (3) the Company's mark-to-model accounting is vulnerable to abuse and gave a false impression of growth; (4) a significant portion of the Company's reported revenues were derived from simply marking up receivables on products that had not been sold; (5) the Company's gross margins have likely been negative since inception; (6) the Company will require an additional $1 billion of funding to support its planned growth (which is a figure greater than the Company raised via the merger); and (7) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Li-Cycle you have until June 20, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Li-Cycle securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the LICY lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/li-cycle-holdings-corp-loss-submission-form?id=26599&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/licy-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-20-2022-class-action-filed-behalf-li-cycle-holdings-corp-fka-peridot-acquisition-corp-shareholders/ | 2022-05-03T10:39:41Z |
NEW YORK , May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lilium N.V. f/k/a Qell Acquisition Corp. (NASDAQ: LILM) alleging that the Company violated federal securities laws.
Class Period: March 30, 2021 to March 14, 2022
Lead Plaintiff Deadline: June 17, 2022
No obligation or cost to you.
Learn more about your recoverable losses in LILM:
https://www.kleinstocklaw.com/pslra-1/lilium-n-v-f-k-a-qell-acquisition-corp-loss-submission-form?id=26598&from=4
Lilium N.V. f/k/a Qell Acquisition Corp. NEWS - LILM NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Lilium N.V. f/k/a Qell Acquisition Corp. made materially false and/or misleading statements and/or failed to disclose that: (1) Lilium materially overstates the design and capabilities of the Lilium Jet, an electric vertical take-off-and-landing aircraft for use in a new type of high-speed air transport system for people and goods; (2) Lilium materially overstates the likelihood for the Lilium Jet's timely certification; (3) Lilium misrepresents its ability to obtain or create the necessary batteries for the Lilium Jet; (4) the special purpose acquisition company merger would not and did not generate enough cash to commercially launch the Lilium Jet; (5) Qell Acquisition Corp. did not engage in proper due diligence regarding its merger with Lilium GmbH; and (6) as a result, Defendants' public statements and statements to journalists were materially false and/or misleading at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Lilium N.V. f/k/a Qell Acquisition Corp. you have until June 17, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Lilium N.V. f/k/a Qell Acquisition Corp. securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the LILM lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/lilium-n-v-f-k-a-qell-acquisition-corp-loss-submission-form?id=26598&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/lilm-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-17-2022-class-action-filed-behalf-lilium-nv-fka-qell-acquisition-corp-shareholders/ | 2022-05-03T10:39:49Z |
NASHVILLE, Tenn., May 3, 2022 /PRNewswire/ -- Louisiana-Pacific Corporation (LP) (NYSE: LPX) today reported its financial results for the three months ended March 31, 2022.
Key Highlights for the First Quarter, Compared to the First Quarter of the Prior Year
- Net sales increased by 31% to $1,337 million
- Siding Solutions net sales increased by 17% to $330 million
- OSB net sales increased by 38% to $744 million
- Net income attributed to LP increased by $164 million to $484 million ($5.60 per diluted share)
- Adjusted Diluted EPS(1) was $5.08 per share, an increase of $2.07 per share
- Adjusted EBITDA(1) was $636 million, an increase of $174 million
- Cash provided by operating activities was $425 million, an increase of $111 million
(1) This is a non-GAAP financial measure. See "Use of Non-GAAP Information" and "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Income, and Non-GAAP Adjusted Diluted EPS" below.
Capital Allocation Update
- For the quarter, LP paid $104 million to repurchase 1.5 million of its common shares, leaving 84.5 million common shares outstanding at March 31, 2022
- Paid $92 million of capital expenditures during the first quarter
- Paid $19 million in cash dividends during the first quarter
- Cash of $637 million as of March 31, 2022
- Declared a quarterly cash dividend of $0.22 per share
- As of May 3, 2022, LP has paid a further $182 million to repurchase 2.9 million common shares, leaving $214 million remaining under the pre-existing $500 million share repurchase authorization
- Common shares outstanding as of May 3, 2022, 81.6 million
- Additional authorization of $600 million to repurchase LP common stock, bringing total authorized for share repurchases to $814 million as of May 3, 2022
"Siding Solutions sales grew at 17% to set a quarterly record while achieving a 25% EBITDA margin despite inflationary headwinds and simultaneous capacity expansion projects," said LP Chair and Chief Executive Officer Brad Southern. "LP SmartSide siding production began on time at our Houlton, Maine facility. Higher prices for OSB and EWP helped LP achieve its second-highest quarter for adjusted EBITDA, and our ongoing share repurchases resulted in a record quarterly adjusted earnings per share."
First Quarter 2022 Highlights
Net sales for the first quarter of 2022 increased year-over-year by $320 million (or 31%). This included Siding Solutions growth of $48 million (or 17%), a $205 million (38%) increase in OSB revenue (23% higher OSB prices and 12% higher volumes, primarily driven by the Peace Valley mill restart), a $47 million (38%) increase in EWP revenue due to price increases in response to significantly higher input costs, and a $14 million (26%) increase in revenue in South America.
Net income attributed to LP for the first quarter of 2022 increased year-over-year by $164 million (or 51%) to $484 million ($5.60 per diluted share). The increase reflects a $39 million gain associated with the sale of the 50% equity interest in two joint ventures that produce I-Joists, the non-recurrence of debt extinguishment losses of $11 million in the prior year, and a $174 million increase in Adjusted EBITDA.
Segment Results
Siding
The Siding segment serves diverse end markets with a broad product offering of engineered wood siding, trim, and fascia, including LP® SmartSide® Trim & Siding, LP SmartSide® ExpertFinish® Trim & Siding, LP® BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions® (collectively referred to as Siding Solutions).
Segment sales and Adjusted EBITDA for this segment were as follows:
Siding Solutions price increases and higher sales of innovative products drove increases in both average net selling price and sales volume, resulting in 17% growth in Siding Solutions net sales. The decrease in Adjusted EBITDA of $7 million reflects price and volume growth, offset by $26 million of raw material and freight cost inflation and $12 million of discretionary investments in support of future growth, including Houlton start up and sales and marketing costs.
Oriented Strand Board (OSB)
The OSB segment manufactures and distributes OSB structural panel products including the value-added OSB portfolio known as LP Structural Solutions (LP® TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, and LP® FlameBlock® Fire-Rated Sheathing) and LP® TopNotch® Sub-Flooring. OSB is manufactured using wood strands arranged in layers and bonded with resins.
Segment sales and Adjusted EBITDA for this segment were as follows:
OSB average net selling prices increased year-over-year by 23% and OSB sales volume increased year-over-year by 12%, resulting in 38% net sales growth. The increase in Adjusted EBITDA of $151 million reflects $130 million from higher prices and $42 million from higher sales volumes (primarily Structural Solutions), and $20 million of increased raw material costs.
Engineered Wood Products (EWP)
The EWP segment is comprised of LP® SolidStart® I-Joist (I-Joist), Laminated Veneer Lumber (LVL), and other related products. This segment also includes the sales of plywood produced as an ancillary product of the LVL production process and I-Joist products produced by our two joint venture, in which LP sold its equity stake during the three months ended March 31, 2022.
During 2021, LP ceased production of Laminated Strand Lumber (LSL) at the Houlton, Maine facility to begin the conversion of that facility to Siding Solutions production.
Segment sales and Adjusted EBITDA for this segment were as follows:
Net sales for EWP increased year-over-year primarily due to price increases in response to significantly higher input costs, partially offset by the discontinuation of LSL production. Resulting increases in Adjusted EBITDA reflect the net effect of these price and cost increases.
South America
LP's South America segment manufactures and distributes OSB structural panel and siding products in South America and certain export markets. This segment has manufacturing operations in two countries, Chile and Brazil, and operates sales offices in Chile, Brazil, Peru, Colombia, Argentina, and Paraguay.
Segment sales and Adjusted EBITDA for this segment were as follows:
Net sales in South America increased year-over-year predominantly due to higher OSB and siding prices. Increased Adjusted EBITDA reflects the effect of these price increases, partially offset by higher costs of raw materials.
Q2 2022 Outlook and 2022 Capital Expenditure Guidance
Our guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below under "Forward-Looking Statements."
- Siding Solutions second quarter of 2022 year-over-year revenue growth expected to be greater than 20%
- OSB revenue in the second quarter of 2022 expected to be sequentially lower than the first quarter of 2022 by about 7%, assuming that OSB prices published by Random Lengths remain unchanged from those published on April 29, 2022. This an assumption for modeling purposes and not a price forecast.
- Adjusted EBITDA(2) for the second quarter of 2022 expected to be greater than $540 million
- Siding Solutions full-year 2022 expected year-over-year revenue growth updated to be greater than 20%
- Given our current outlook, capital expenditures for 2022 are expected to be in the range of $400 million to $430 million, including $200 million to $210 million for the mill conversions, $120 million to $130 million for sustaining maintenance, and $80 million to $90 million for other strategic growth projects
(2) This is a non-GAAP financial measure. With respect to Adjusted EBITDA for the second quarter of 2022, certain items that affect net income on a GAAP basis, such as product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items, that would be required to be included in the comparable forecasted GAAP measures without unreasonable effort. As such, the Company is unable to provide a reasonable estimate of GAAP net income, or a corresponding reconciliation of Adjusted EBITDA to net income.
Conference Call
LP will hold a conference call to discuss this release today at 11 a.m. Eastern Time (8 a.m. Pacific Time). Investors will have the opportunity to listen to the conference call live by dialing 855-638-4813 (U.S.) or 704-288-0619 (international) and enter the access code 4028024 or over the internet by going to investor.lpcorp.com and clicking "Events and Presentations" at least 15 minutes early to register and download and install any necessary audio software. For those who cannot listen to the live broadcast, a telephonic replay will be available from 2 p.m. Eastern Time on May 3, 2022 to 2 p.m. Eastern Time on May 10, 2022 by calling 855-859-2056 and entering the access code 4028024, and the replay will also be available on LP's website.
About LP Building Solutions
As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood building products that meet the demands of builders, remodelers, and homeowners worldwide. LP's extensive offerings include innovative and dependable building products and accessories, such as Siding Solutions (LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions®), LP Structural Solutions (LP® TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP® FlameBlock® Fire-Rated Sheathing, LP NovaCore™ Thermal Insulated Sheathing, and more), LP® TopNotch® Sub-Flooring, and oriented strand board (OSB). In addition to product solutions, LP provides industry-leading customer service and warranties. Since its founding in 1972, LP has been Building a Better World™ by helping customers construct beautiful, durable homes while our shareholders build lasting value. Headquartered in Nashville, Tennessee, LP operates 25 plants across the U.S., Canada, Chile, and Brazil. For more information, visit LPCorp.com.
Forward-Looking Statements
This news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the beliefs and assumptions of, and on information available to, our management; assumptions upon which such forward-looking statements are based are also forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following, which may be amplified by the invasion of Ukraine by Russia, the sanctions (including their duration), and other measures being imposed in response to this conflict, as well as any escalation or expansion of economic disruption or the conflict's current scope: impacts from public health issues (including global pandemics, such as the ongoing COVID-19 pandemic) on the economy, demand for our products or our operations, including the actions and recommendations of governmental authorities to contain such public health issues; changes in governmental fiscal and monetary policies, including tariffs, and levels of employment; changes in general economic conditions, including impacts from the ongoing COVID-19 pandemic; changes in the cost and availability of capital; changes in the level of home construction and repair and remodel activity; changes in competitive conditions and prices for our products; changes in the relationship between supply of and demand for building products; changes in the financial or business conditions of third-party wholesale distributors and dealers; changes in the relationship between supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products; changes in the cost and availability of energy, primarily natural gas, electricity, and diesel fuel; changes in the cost and availability of transportation; impact of manufacturing our products internationally; difficulties in the launch or production ramp-up of newly introduced products; unplanned interruptions to our manufacturing operations, such as explosions, fires, inclement weather, natural disasters, accidents, equipment failures, labor shortages or disruptions, transportation interruptions, supply interruptions, public health issues (including pandemics and quarantines), riots, civil insurrection or social unrest, looting, protests, strikes and street demonstrations; changes in other significant operating expenses; changes in currency values and exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, Brazilian real and Chilean peso; changes in, and compliance with, general and industry-specific laws and regulations, including environmental and health and safety laws and regulations, the U.S. Foreign Corrupt Practices Act and anti-bribery laws, laws related to our international business operations, and changes in building codes and standards; changes in tax laws, and interpretations thereof; changes in circumstances giving rise to environmental liabilities or expenditures; warranty costs exceeding our warranty reserves; challenge to or exploitation of our intellectual property or other proprietary information by others in the industry; changes in the funding requirements of our defined benefit pension plans; the resolution of existing and future product-related litigation, environmental proceedings and remediation efforts, and other legal or environmental proceedings or matters; the effect of covenants and events of default contained in our debt instruments; the amount and timing of any repurchases of our common stock and the payment of dividends on our common stock, which will depend on market and business conditions and other considerations; and acts of public authorities, war, civil unrest, natural disasters, fire, floods, earthquakes, inclement weather and other matters beyond our control. For additional information about factors that could cause actual results, events, and circumstances to differ materially from those described in the forward-looking statements, please refer to LP's filings with the Securities and Exchange Commission (SEC). We urge you to consider all of the risks, uncertainties, and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this news release. We cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made today are as of the date of this news release. Except as required by law, LP undertakes no obligation to update any such forward-looking statements to reflect new information, subsequent events, or circumstances.
Use of Non-GAAP Information
In evaluating our business, we utilize non-GAAP financial measures that fall within the meaning of SEC Regulation G and Regulation S-K Item 10(e), which we believe provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP financial measures do not have standardized definitions and are not defined by U.S. GAAP. In this press release, we disclose income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and exclude stock-based compensation expense, loss on impairment attributed to LP, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items as Adjusted EBITDA (Adjusted EBITDA), which is a non-GAAP financial measure. We have included Adjusted EBITDA in this report because we view it as an important supplemental measure of our performance and believe that it is frequently used by interested persons in the evaluation of companies that have different financing and capital structures and/or tax rates. We also disclose income attributed to LP, excluding loss on impairment attributed to LP, product-line discontinuance charges, interest expense outside of normal operations, other operating credits and charges, net, loss on early debt extinguishment, gain (loss) on acquisition, pension settlement charges, and adjusting for a normalized tax rate as Adjusted Income (Adjusted Income). We also disclose Adjusted Diluted EPS, calculated as Adjusted Income divided by diluted shares outstanding. We believe that Adjusted Diluted EPS and Adjusted Income are useful measures for evaluating our ability to generate earnings and that providing these measures should allow interested persons to more readily compare the earnings for past and future periods.
None of Adjusted EBITDA, Adjusted Income, or Adjusted Diluted EPS is a substitute for the U.S. GAAP measures of net income and net income per diluted share or for any other U.S. GAAP measures of operating performance. It should be noted that other companies may present similarly titled measures differently, and therefore, as presented by us, these measures may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS have material limitations as performance measures because they exclude items that are actually incurred or experienced in connection with the operation of our business.
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
The following tables set forth: (1) housing starts, (2) our North American sales volume, and (3) Overall Equipment Effectiveness (OEE). We consider these items to be key performance indicators because LP's management uses these metrics to evaluate our business and trends, measure our performance, and make strategic decisions, and believes that the key performance indicators presented provide additional perspective and insights when analyzing the core operating performance of LP. These key performance indicators should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the U.S. GAAP financial measures presented herein. These measures may not be comparable to similarly-titled performance indicators used by other companies.
We monitor housing starts, which is a leading external indicator of residential construction in the United States that correlates with the demand for many of our products. We believe that this is a useful measure for evaluating our results and that providing this measure should allow interested persons to more readily compare our sales volume for past and future periods to an external indicator of product demand. Other companies may present housing start data differently and therefore, as presented by us, our housing start data may not be comparable to similarly-titled indicators reported by other companies.
The following table sets forth housing starts for the three months ended March 31, 2022, and 2021:
We monitor sales volumes for our products in our Siding, OSB and EWP segments, which we define as the number of units of our products sold within the applicable period. Evaluating sales volume by product type helps us identify and address changes in product demand, broad market factors that may affect our performance, and opportunities for future growth. It should be noted that other companies may present sales volumes differently and, therefore, as presented by us, sales volumes may not be comparable to similarly-titled measures reported by other companies. We believe that sales volumes can be a useful measure for evaluating and understanding our business.
The following table sets forth sales volumes for the three months ended March 31, 2022, and 2021:
We measure OEE of each of our mills to track improvements in the utilization and productivity of our manufacturing assets. OEE is a composite metric that considers asset uptime (adjusted for capital project downtime and similar events), production rates, and finished product quality. It should be noted that other companies may present OEE differently and, therefore, as presented by us, OEE may not be comparable to similarly-titled measures reported by other companies. We believe that when used in conjunction with other metrics, OEE can be a useful measure for evaluating our ability to generate profits, and that providing this measure should allow interested persons to more readily monitor operational improvements. During the quarter, we modified our OEE measure to use a best in LP class targets across all sites. This modification will allow us to optimize capital investments, focus maintenance and reliability improvements, and improve overall equipment efficiency. All previously-reported periods have been adjusted accordingly. OEE for the three months ended March 31, 2022, and 2021 for each of our segments is listed below:
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SOURCE LP Building Solutions | https://www.whsv.com/prnewswire/2022/05/03/lp-building-solutions-reports-first-quarter-2022-results-provides-capital-allocation-update-provides-q2-2022-outlook-announces-an-additional-600-million-share-repurchase-authorization/ | 2022-05-03T10:39:56Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Playstudios, Inc. (NASDAQ: MYPS) alleging that the Company violated federal securities laws.
This lawsuit is on behalf of a class consisting of all persons and entities other than defendants who: (a) purchased, or otherwise acquired securities of Playstudios between June 22, 2021 and March 1, 2022, both dates inclusive, including, but not limited to, those who purchased or acquired Playstudios securities pursuant to the offering of the private investment in public equity; (b) held common stock of Acies as of May 25, 2021, and were eligible to vote at Acies' June 16, 2021 special meeting who exchanged their shares of Acies stock for shares of Playstudios stock pursuant to the merger of Acies and Old Playstudios; and/or (c) purchased or otherwise acquired Playstudios common stock pursuant to or traceable to Acies' documents issued in connection with the June 2021 merger.
Lead Plaintiff Deadline: June 6, 2022
No obligation or cost to you.
Learn more about your recoverable losses in MYPS:
https://www.kleinstocklaw.com/pslra-1/playstudios-inc-loss-submission-form?id=26593&from=4
Playstudios, Inc. NEWS - MYPS NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Playstudios, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Playstudios was having significant problems with its flagship game, Kingdom Boss; (ii) Playstudios would not be releasing Kingdom Boss as expected; and (iii) Playstudios had not revised its financial projections to account for the problems it had encountered with Kingdom Boss. As a result of defendants' wrongful conduct, Class members paid artificially inflated prices for their Playstudios securities and suffered substantial losses and damages.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Playstudios, Inc. you have until June 6, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Playstudios, Inc. securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the MYPS lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/playstudios-inc-loss-submission-form?id=26593&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/myps-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-6-2022-class-action-filed-behalf-playstudios-inc-shareholders/ | 2022-05-03T10:40:03Z |
NEWPORT, Calif., May 3, 2022 /PRNewswire/ --
WHY: Hittelman Strunk, a securities firm, announces an investigation of potential securities claims on behalf of shareholders of Energy Vault Holdings, Inc. f/k/a Novus Capital Corporation II (NYSE: NRGV, NRGV-WT) resulting from allegations that Energy Vault Holdings, Inc. may have issued materially misleading business information to the investing public. There are further allegations the company should have filed additional disclosures regarding shareholder dilution as of April 26, 2022, but have yet to do so with the SEC and did not establish effective controls and procedures to reasonably ensure public disclosures were timely, accurate, complete, and not otherwise misleading. As a result, Energy Vault Holdings, Inc. public statements were materially false, misleading, and/or lacked any reasonable basis in fact at all relevant times.
SO WHAT: If you purchased Energy Vault Holdings, Inc. securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. Hittelman Strunk is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://www.hittelmanstrunk.com/nrgv.
WHAT IS THIS ABOUT: While SPAC investors have the potential to realize significant gains, they are also much more vulnerable to market volatility and other types of fraud. According to the Wall Street Journal, the SPAC process isn't subject to the same rules about disclosure and marketing practices as standard initial public offerings, and may give companies like Energy Vault Holdings, Inc. more leeway to attract investors with projections of future revenue and profit that may not hold up.
Investors may be vulnerable to a variety of SPAC fraud by sponsors, including:
- Misrepresenting material facts related to the SPAC or the company to be acquired;
- Failing to properly investigate or conduct due diligence on the company to be acquired; or
- Engaging in self-dealing or failing to disclose conflicts of interest with the acquisition company.
SPACs are under SEC scrutiny and investor lawsuits against SPACs are on the rise. According to MarketWatch, many of these lawsuits allege SPAC directors failed to disclose sufficient information. As of April 2022, the SEC has proposed new disclosure requirements for SPACs to mitigate these concerns. The Wall Street Journal states that the proposals, if implemented, "would make it harder for SPACs to raise money from investors and execute mergers."
WHY HITTELMAN STRUNK LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience and resources. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. Hittelman Strunk represents investors and concentrates its practice in getting justice for investors.
Contact
Hittelman Strunk LLP
https://www.hittelmanstrunk.com/
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SOURCE Hittelman Strunk | https://www.whsv.com/prnewswire/2022/05/03/nrgv-investigation-alert-hittelman-strunk-announces-investigation-into-energy-vault-holdings-inc-nrgv-nrgv-wt-fka-novus-capital-corporation-ii-investors-encourages-investors-with-losses-inquire-about-securities-class-action-investigation/ | 2022-05-03T10:40:09Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Natera, Inc. (NASDAQ: NTRA) alleging that the Company violated federal securities laws.
This lawsuit is on behalf of a class of all persons and entities who purchased or otherwise acquired Natera common stock between February 26, 2020, and April 19, 2022, inclusive.
Lead Plaintiff Deadline: June 27, 2022
No obligation or cost to you.
Learn more about your recoverable losses in NTRA:
https://www.kleinstocklaw.com/pslra-1/natera-inc-loss-submission-form?id=26603&from=4
Natera, Inc. NEWS - NTRA NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Natera, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) the Company's non-invasive prenatal test, Panorama, was not reliable and resulted in high rates of false positives; (2) the Company's screening test for kidney transplant failure, Prospera, did not have superior precision compared to competing tests; (3) as a result of defendants' false and misleading claims about Natera's technology, the Company was exposed to substantial legal and regulatory risks; (4) Natera relied upon deceptive sales and billing practices to drive its revenue growth; and (5) as a result of the foregoing, defendants' statements about the company's business, operations, and prospects lacked a reasonable basis.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Natera you have until June 27, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Natera securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the NTRA lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/natera-inc-loss-submission-form?id=26603&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/ntra-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-27-2022-class-action-filed-behalf-natera-inc-shareholders/ | 2022-05-03T10:40:16Z |
Virtual Conference Brings Together Key Players Across the High-Tech Industrial and Global Manufacturing Sectors
NEW YORK, May 3, 2022 /PRNewswire/ -- Oppenheimer & Co. Inc. ("Oppenheimer") – a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) – today announced the launch of its much-anticipated Annual Industrial Growth Conference. The two-day virtual event that begins May 3 and concludes May 4 showcases various large and mid-cap industrial growth companies – including WillScot Mobile Mini Holdings, FedEx Corp., A.O. Smith Corp., General Electric, Waste Management, Inc. and Enersys as well as global manufacturers TE Connectivity Ltd., Timken, Arcosa, Inc. and Dover Corp.
Christopher Glynn, Managing Director and Oppenheimer's Senior Analyst for Industrial Multi-Industry, said, "The industrial sector continues to be attractive as overall U.S. economic growth remains steady and the era of a more diversified global supply chain could soon be upon us. Whether we are addressing chemical or plastics manufacturing, metal or mineral mining, investors understand the material-supporting sectors have additional upside potential as economic expansion is sustained in the U.S. and around the world. Amid the new geopolitical challenges and supply chain hurdles facing companies today, Oppenheimer is steering the conversation on potential opportunities as manufacturing and industrials continue to play an integral role in the modernizing and digitizing industrial economy."
The Conference will include company presentations from top industrial growth companies, including Lincoln Electric, Snap-on Inc., IDEX Corp., Evoqua, and Carlisle Companies Inc. – as well as 1-on-1 meetings for investors seeking timely and relevant insights into a variety of end markets as the industrial growth sector heads into second-quarter earnings.
Members of the Oppenheimer equity research team in attendance will include:
- Christopher Glynn, Managing Director, Senior Analyst for Industrial Multi-Industry
- Scott A. Schneeberger, CFA, Managing Director, Senior Analyst for Industrial and Business Services
- Bryan Blair, CFA, Executive Director, Senior Analyst for Industrial Machinery and Flow Control
- Colin Rusch, Managing Director, Senior Analyst for Sustainable Growth and Resource Optimization
- Noah Kaye, Executive Director, Senior Analyst for Sustainable Growth and Resource Optimization
- Kristen Owen, CFA, Executive Director, Senior Analyst for Sustainable Growth and Resource Optimization
- Ian Zaffino, Managing Director, Senior Analyst for Special Situations
Erica L. Moffett, Head of Research Marketing Services and Associate Director of Equity Research at Oppenheimer, said, "As market uncertainty prevails with expectations of a tighter monetary policy, investors are understandably concerned about the impact of recent events on the global supply chain and rising energy prices that could fuel short-term inflation. Oppenheimer continues to monitor these and other factors that are shaping the 'post-COVID' economy as it spearheads a new round of dialogue on the high-tech industrials sector. Expansion in the United States and around the world stands to benefit many industrial players as they make a strategic transition, and Oppenheimer is delighted to welcome key movers and shakers, investors and thought leaders to our 17th Annual Industrial Growth Conference."
Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high net-worth individuals, families, corporate executives, local governments, businesses and institutions.
Media Contacts:
Joseph Kuo / Michael Dugan
Haven Tower Group
424 317 4851 or 424 317 4852
jkuo@haventower.com or mdugan@haventower.com
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SOURCE Oppenheimer & Co. Inc. | https://www.whsv.com/prnewswire/2022/05/03/oppenheimer-amp-co-inc-commences-17th-annual-industrial-growth-conference-highlighting-opportunities-industrials-category/ | 2022-05-03T10:40:22Z |
CLAYTON, Mo., May 3, 2022 /PRNewswire/ -- Perimeter Solutions (NYSE: PRM) ("Perimeter" or the "Company"), producers of PHOS-CHEK® long-term fire retardant and other high-quality firefighting products and oil additives, announced today it will release its financial results for the first quarter 2022 on Monday, May 9, 2022, before the market opens.
The Company will host a conference call to discuss these results at 8:30 a.m. ET on the same day. The presentation will be led by Vice Chairman Haitham Khouri, CEO Edward Goldberg and other members of senior management.
The live webcast of the call can be accessed through Perimeter's investor relations website at https://ir.perimeter-solutions.com/ and as follows:
When: Monday, May 9, 2022, at 8:30 AM (ET)
Dial-in Number: 877-407-9764 (Toll-Free), 201-689-8551 (Toll) (No access code needed)
Conference Name: Perimeter Solutions First Quarter 2022 Earnings Call
Materials Available At: https://ir.perimeter-solutions.com/
Replay Available: Monday, May 9, 2022 to June 9, 2022 (11:59 PM ET)
Replay Number: 877-660-6853 / 201-612-7415
Internet Access: https://event.choruscall.com/mediaframe/webcast.html?webcastid=DvQQ68fG
About Perimeter Solutions
Headquartered in St. Louis, Missouri, Perimeter Solutions (NYSE: PRM) is a premier global solutions provider, producing high-quality firefighting products and lubricant additives. The company develops products that impact critically important issues of life – issues where there often is no room for error and the job doesn't offer second chances. At Perimeter, we characterize the solutions we develop as 'Trusted Solutions that Save' – because it underscores what we are trying to accomplish for our customers and the world at large. Perimeter Solutions produces major brands known throughout the world like PHOS-CHEK® and FIRE-TROL® retardant, foam concentrates and gel products; AUXQUIMIA® and SOLBERG® firefighting foam concentrates; and BIOGEMA® extinguishing agents and retardants. For more info on how we use our experience, responsibility, and integrity to deliver trusted solutions that help improve firefighting performance, visit: www.perimeter-solutions.com.
Investor Relations Contact:
ir@perimeter-solutions.com
Media Contact:
Resource Advantage
Barbara A. Mecchi-Knoll
bmecchi@resourceadvantage.com
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SOURCE Perimeter Solutions | https://www.whsv.com/prnewswire/2022/05/03/perimeter-announces-date-first-quarter-2022-earnings-call/ | 2022-05-03T10:40:32Z |
Port Huron's McMorran Plaza begins free fitness classes and concerts this month
The newly revamped million-dollar McMorran Plaza — partially fenced off during construction for more than a year — may fill up quickly with activity by the end of the month.
And much of that activity, be it exercise classes or live entertainment, is free to the public.
Nancy Winzer, Port Huron parks and recreation director, said a formal opening of the plaza is slated for 1 p.m. May 26. That event, aimed to celebrate the effort with sponsors, will serve as a launching-off point for a busy summer, she said.
Several season-long fitness and wellness programs hosted through the YMCA of the Blue Water Area begin May 31 and run six days a week on the plaza’s McLaren Main Stage. Meanwhile, weekend concert series slated for both the main stage and a beer garden begin the first weekend in June.
“We’ve waited five years,” Winzer said, citing a lengthy fundraising process that preceded construction a year ago.
“I think it’s just really cool that we can be well as a community and do wellness programs together,” she said. “This is going to be the town's square, so we want to try to promote as much as we can on the plaza."
In between programming, the plaza also boasts a splash pad.
“It’s an open green space where people could just come have lunch, can bring their lunch. It’s a great open space, a great open recreation-leisure space.”
Free classes through the Y begin after Memorial Day
According to the city’s schedule, there will be a variety of classes from the Y, with the earliest boot camp and yoga sessions starting at 6 a.m. Monday through Friday.
Additionally, other fitness classes include cardio, pilates, dance, qi gong — a combination of movement, breathing, and meditation — and more.
The city is spending $130,375 in federal COVID stimulus to pay for three summers of wellness classes on the plaza, enabling city residents to register for free. The 14-week season goes through Labor Day.
Josh Chapman, president and CEO of the local YMCA, is excited to “create a culture of wellness” in Port Huron.
Those interested can register online or call (810) 987-6400.
“We will have staff onsite along with instructors to answer questions and register,” Chapman said via email Monday. “I say that in case folks are skittish to do a class for any reason, they can watch or just walk up day of, and we’ll get them in the class with a simple signature.”
Free entertainment begins first weekend in June
Port Huron is working with Harris Restaurants, Inc., headed by Casey Harris of Casey’s Pizza and Subs, to manage food and beverage in McMorran Plaza’s beer garden.
In addition to live music in downtown’s pocket and Quay Street parks, McMorran Plaza will host live entertainment beginning Thursday, June 2, in an on-site beer garden. According to the schedule, Casey’s on the Plaza will first host acoustic pop musician Brandon Pavlov.
Big Pappa and the Machine will be on the McLaren Main Stage from 8 to 10 p.m. Friday, June 3, and Larry B and the Boomers will be on the main stage from 7 to 9 p.m. Saturday, June 4.
Those interested are encouraged to RSVP at mcmorran.com/shows to any of the opening weekend concerts. A lineup is included through August.
For more information on events surrounding McMorran Plaza, visit www.mcmorran.com/plaza.
Contact Jackie Smith at (810) 989-6270 or jssmith@gannett.com. Follow her on Twitter @Jackie20Smith. | https://www.thetimesherald.com/story/news/2022/05/02/mcmorran-plaza-port-huron-free-fitness-classes-concerts-month/9615055002/ | 2022-05-03T10:40:35Z |
ALEXANDRIA, Va., May 3, 2022 /PRNewswire/ -- A private, non-profit organization made up of judges, attorneys, and law professors is about to set back decades of child safety laws.
On May 17, the American Law Institute, or ALI, will vote on sweeping revisions to the Model Penal Code which, if adopted by state legislatures, would roll back child safety laws championed by the National Center for Missing & Exploited Children over the last 38 years.
Initial outrage from NCMEC, the Justice Department, state attorneys general and many others prompted some adjustments, but several egregious proposals remain unaddressed. Under ALI's recommendations:
- The public would no longer have access to state sex-offender registry websites or any information about registered sex offenders.
- Those convicted of sharing images and videos of children being sexually abused, exploited, even raped on the internet would no longer have to register as sex offenders.
- People who purchase children for sex would be immune from state sex trafficking charges and wouldn't be listed on the sex offender registry.
"Buying kids for sex and trading images online of children being sexually abused and raped are 21st century forms of sexual assault of children," said Yiota Souras, general counsel of NCMEC. "ALI's efforts to diminish these laws ignore the reality of how these horrific sex crimes are perpetrated against children today."
ALI's recommendations also go against federal law in place since 2015 and would exclude buyers of children for sex from liability under state trafficking charges. As a rationale for these changes, ALI indicated it has difficulty treating a buyer as participating in the trafficking crime, because "the buyer's encounter with a victim is usually brief."
"No matter how they try to justify it, ALI's rationale is unacceptable and puts the perceived rights of criminals before children victimized by the atrocities of sexual abuse," John Walsh, co-founder of NCMEC and host of In Pursuit with John Walsh said. "We cannot allow this to go on."
Last year alone, NCMEC's CyberTipline received more than 29 million reports of suspected child sexual exploitation, nearly all involving abusive images and videos. With the explosion of CSAM being shared on the internet and child sex trafficking occurring in every corner of America, why is ALI proposing changes to exclude these horrific crimes from the sex offender registry?
The authors of the revised Model Penal Code, which many states rely on to enact and update their criminal laws, have said these revisions are needed to correct the impact of the public's "emotions and intuitions" relating to sexual offenses. They also acknowledge that many of their recommendations represent a "major departure" from current U.S. law.
NCMEC, child advocacy organizations and others are imploring the public and state legislatures to be aware of this and to encourage ALI to reconsider these unnecessary changes to the Model Penal Code.
More information about ALI's proposed changes and a video message from John Walsh regarding the impact are available here:
statelaws.missingkids.org
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SOURCE National Center for Missing & Exploited Children | https://www.whsv.com/prnewswire/2022/05/03/proposed-changes-state-criminal-law-could-put-child-safety-risk/ | 2022-05-03T10:40:40Z |
In 2022 Q1, the share of buyers interested in out-of-state listings grew 4.1 percentage points year-over-year nationwide; six of the top 10 relocation destinations were in the Sun Belt
SANTA CLARA, Calif., May 3, 2022 /PRNewswire/ -- As buyers explore ways to up their odds of success in the face of intensifying cost pressures, new research indicates that home shopper interest in relocating is on the rise. In the first quarter of 2022, 40.5% of prospective buyers on Realtor.com® viewed home listings located outside of their current state, compared to 36.4% in 2021 and 33.4% in 2020.
Where are they heading? The top 10 destinations, in rank order1, were: El Paso, Texas, Albuquerque, N.M., Washington, D.C., Birmingham, Ala., Hartford, Conn, Omaha, Neb., McAllen, Texas, New York, N.Y., Augusta, Ga. and Greensboro, N.C. (see table below).
"After two years of pandemic remote work, offices have started to reopen, but instead of seeing a slowdown in the number of people interested in homes out of state, we're seeing an acceleration," said Realtor.com® Chief Economist Danielle Hale. "Taking a closer look at the top destinations, we see some very different trends driving the desire to live out of state and home shoppers' diverse needs. First, affordability remains a key focus for buyers, with demand for less expensive areas surging in recent months as climbing inflation and mortgage rates compound cost pressures faced by buyers. Next, flexibility enabled by broader adoption of remote work has fueled interest in sunnier climates, such as the Sun Belt. And finally, some people are simply ready to get back to normal, with some buyers' desire to live downtown lifestyles driving two big cities into the top 10."
With tighter budgets, buyers expand search areas in search of affordability
While Americans are expected to have a better chance to find a home in 2022, rapidly intensifying cost pressures are creating a greater sense of urgency for many buyers to find a home in their budget. With climbing inflation and mortgage rates compounding record-high for-sale home prices and rents, 2022 home shoppers have plenty of motivation to explore relatively affordable markets where higher incomes may yield more purchasing power.
And January-March search trends suggest many prospective buyers are doing just that. In eight of the top 10 relocation destinations, listing prices per square foot were lower than the national average ($206). Additionally, although rising demand is fueling double-digit annual growth in the per square foot price in the majority (9) of these markets, half posted lower gains than the 2022 Q1 national rate (+15.7%). For instance, the No. 7 market of McAllen, Texas offered the most affordable home price per square foot among the top 10, at a median of $125. While that represented an increase of 13.8% year-over-year, McAllen's median listing price per square foot was still lower than in its top source of out-of-state buyer demand: Washington, D.C. ($277).
With more flexibility, some home shoppers migrate toward warmer climates
Cost pressures may be a forcing factor for some out-of-state home shoppers, but others could be approaching relocation as an opportunity to explore living in areas they couldn't have before COVID, with this flexibility enabled by trends like the rise in remote work. 2022 Q1 Realtor.com® search trends suggest rising numbers of home shoppers are potentially heading to areas offering warmer climates. In fact, Sun Belt metros accounted for six of the top 10 relocation destinations, all of which posted bigger annual gains in the out-of-state share of listings viewers than the national rate, led by El Paso (+11.6 percentage points).
Further illustrating the rise in demand for housing markets offering warmer climates, five of these six Sun Belt metros counted northern cities as top sources for out-of-state demand. For example, Washington, D.C. and New York, N.Y. were among the top three areas where home shoppers were searching for homes in No. 9 market Augusta, Ga. and No. 10 Greensboro, N.C.
As some buyers pursue the downtown life, big city demand returns
Although some of the top relocation destinations reflect trends that surfaced during COVID, very different factors could potentially be driving demand in others. With offices reopening and everyday life getting back into full swing in many downtown areas, major metros accounted for two of the top 10 relocation destinations: Washington, D.C. at No. 3 and New York, N.Y. at No. 8. Additionally, the No. 5 spot went to Hartford, Conn., which some may view as a commuter city to New York.
Going further back in the Realtor.com® data history, to its 2020 Q1 Cross-Market Demand Report, D.C. and N.Y. were among the 10 where the onset of COVID was most pronounced and home shopping patterns showed the impact. However, in all of these metros, 2022 Q1 data shows interest from home shoppers from other states has not only returned to year-over-year growth, but is at the highest level of any quarter since 2018 Q1.
Hale added, "In addition to the full rebound of out-of-state demand to New York, Washington D.C. and Hartford, the fact that these markets made the top 10 destinations in 2022 Q1 signals the return of some pre-COVID norms. It simply comes down to stage of life, which housing decisions are often tied to, as big cities have historically seen strong inbound demand from young buyers from all over the country looking to establish themselves."
2022 Q1 Cross-Market Demand Metrics – Top 10 Relocation Destinations
2022 Q1 Cross-Market Demand Metrics: Out-of-State Viewers – 100 Largest U.S. Markets
Methodology
This release focuses on year-over-year trends in prospective buyer demand from out of state, nationally and in the 100 largest markets, based on Realtor.com®'s Cross-Market Demand Report for 2022 Q1 (Jan.-March 2022), which analyzes online traffic trends for for-sale properties on Realtor.com®. Read the full report to find additional insights into home shopper migration patterns across the 300 largest markets.
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
1 In this release, which focuses on the 100 largest U.S. markets, top relocation destinations are defined as metros that posted the biggest annual gains (percentage points) in the share of listing viewers from out of the state in 2022 Q1 (January-March).
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SOURCE Realtor.com | https://www.whsv.com/prnewswire/2022/05/03/realtorcom-reveals-top-destinations-out-of-state-home-shoppers/ | 2022-05-03T10:40:47Z |
BOSTON, May 3, 2022 /PRNewswire/ -- Today at 11 am Eastern, The Emancipator, a newly launched antiracist newsroom, hosts a virtual fireside chat with Rep. Ayanna Pressley (D MA-07) on student debt cancellation as a pathway to social justice. Led by Kimberly Atkins Stohr, senior columnist at The Emancipator, the event will reveal urgent ways to transform the student debt crisis as a true form of reparations. Event registration can be found here.
"Any serious conversation about closing the racial wealth gap must involve eliminating student debt," said Kimberly Atkins Stohr, senior columnist at The Emancipator and senior opinion writer for The Boston Globe. "The staggeringly high cost of college and crippling burden of student debt holds society back, particularly Black borrowers, who constitute a disproportionate size of the debt burden. Student loan debt elimination would add billions to the American economy and help accelerate wealth creation for every American."
The fireside chat is part of The Emancipator's debut editorial series which explores key themes at the heart of the racial wealth gap, including credit reporting, student loan relief, entrepreneurship, and access to business capital. The series of virtual events, workshops, and social-first content, can be accessed for free at www.theemancipator.org.
The Emancipator is a collaboration between Boston Globe Media and the Boston University Center for Antiracist Research. Building on the tradition and impact of 19th-century antislavery newspapers that hastened abolition, The Emancipator's mission is to reframe the national conversation on race and present possible solutions toward an antiracist future.
To learn more about The Emancipator visit www.theemancipator.org and sign up for its newsletter, Unbound. For updates on social media, follow The Emancipator on Twitter at @the_emancipator.
About The Emancipator
The Emancipator is the leading nonpartisan and multicultural digital platform for activists, experts, institutions, and the general public to explore social justice perspectives. Through evidenced-based journalism, academic critiques, and community conversations, The Emancipator will resurrect and reimagine the first abolitionist newspapers in the United States for a modern news era.
Press inquiries: info@theemancipator.org
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SOURCE The Emancipator | https://www.whsv.com/prnewswire/2022/05/03/rep-ayanna-pressley-joins-emancipator-fireside-chat-eliminating-student-debt/ | 2022-05-03T10:40:55Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Rivian Automotive, Inc. (NASDAQ: RIVN) alleging that the Company violated federal securities laws.
This lawsuit is on behalf of investors that purchased or otherwise acquired Rivian common stock pursuant and/or traceable to Rivian's initial public offering on November 10, 2021 and/or between November 10, 2021, and March 10, 2022.
Lead Plaintiff Deadline: May 6, 2022
No obligation or cost to you.
Learn more about your recoverable losses in RIVN:
https://www.kleinstocklaw.com/pslra-1/rivian-automotive-inc-loss-submission-form?id=26584&from=4
Rivian Automotive, Inc. NEWS - RIVN NEWS
CLASS ACTION CASE DETAILS: Documents issued in connection with the initial public offering contained representations that were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the R1T electric pickup truck and R1S electric SUV were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO and that these price increases would tarnish Rivian's reputation as a trustworthy and transparent company and would put a significant number of the existing backlog of 55,400 preorders, along with future preorders, in jeopardy of cancellation.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Rivian Automotive, Inc. you have until May 6, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Rivian Automotive, Inc. securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the RIVN lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/rivian-automotive-inc-loss-submission-form?id=26584&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/rivn-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-6-2022-class-action-filed-behalf-rivian-automotive-inc-shareholders/ | 2022-05-03T10:41:04Z |
Former Goldman Sachs Executive Tara Egan Joins SageView Senior Team, Leading HR Efforts
NEWPORT BEACH, Calif., May 3, 2022 /PRNewswire/ -- SageView Advisory Group ("SageView"), one of the nation's leading independent RIA firms, announced today that Tara Egan has joined as Managing Director, Human Resources.
As a member of SageView's executive team, Ms. Egan is responsible for developing and executing the firm's employee programs including diversity, equity and inclusion; employee engagement; people operations; and talent management and acquisition. She will also serve as strategic counsel related to the integration of recently acquired practices into SageView.
Randy Long, SageView's Founder and Managing Principal, said, "Tara's exceptional human resources knowledge provides incredible value to our talented executive team and employees around the country. SageView has made several acquisitions in recent months and Tara's experience with integrating employees will be beneficial as we grow by adding retirement and wealth advisors in key markets nationwide."
Ms. Egan was previously Vice President of Human Capital Management for Goldman Sachs. In a prior role as Senior Vice President of People and Organization for United Capital Financial Advisors, she led the integration of the firm's employees into Goldman Sachs. Ms. Egan has also held HR management roles at Advancial Federal Credit Union, Betafence USA, Sherwin Williams and Ralcorp Holdings. She is certified as a Senior Professional in Human Resources (SPHR®), Senior Certified Professional (SHRM) and Certified Benefits Professional.
Ms. Egan said, "I look forward to working with SageView's employees in its 30 nationwide offices and developing programs that help them feel connected and provide support for professional and organizational growth."
About SageView Advisory Group
SageView Advisory Group is an SEC-Registered Investment Advisory firm (RIA) serving retirement plan sponsors and individuals throughout the United States since 1989. SageView advises on 401(k), 403(b), 457, defined benefit and deferred compensation plans, and provides comprehensive wealth management services to individuals and families. SageView is headquartered in Newport Beach, California, and has more than 30 offices nationwide.
SageView Advisory Group, LLC is a Registered Investment Advisor. Advisory services are only offered to clients or prospective clients where SageView Advisory Group, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future results. No advice may be rendered by SageView Advisory Group, LLC unless a client service agreement is in place.
For more information about SageView, visit www.sageviewadvisory.com or call (800) 814-8742.
Contact: Julie Katsnelson
800.814.8742 | marketing@sageviewadvisory.com
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SOURCE SageView Advisory Group | https://www.whsv.com/prnewswire/2022/05/03/sageview-names-industry-veteran-managing-director-human-resources-support-ongoing-growth-expansion-into-wealth-management/ | 2022-05-03T10:41:11Z |
NEW YORK , May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Stronghold Digital Mining, Inc. (NASDAQ: SDIG) alleging that the Company violated federal securities laws.
This lawsuit is on behalf of persons and entities that purchased or otherwise acquired Stronghold Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's October 2021 initial public offering.
Lead Plaintiff Deadline: June 13, 2022
No obligation or cost to you.
Learn more about your recoverable losses in SDIG:
https://www.kleinstocklaw.com/pslra-1/stronghold-digital-mining-inc-loss-submission-form?id=26596&from=4
Stronghold Digital Mining, Inc. NEWS - SDIG NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Stronghold Digital Mining, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) contracted suppliers, including MinerVa Semiconductor Corp., were reasonably likely to miss anticipated delivery quantities and deadlines; (2) due to strong demand and pre-sold supply of mining equipment in the industry, Stronghold would experience difficulties obtaining miners outside of confirmed purchase orders; (3) as a result of the foregoing, there was a significant risk that Stronghold could not expand its mining capacity as expected; (4) as a result, Stronghold would likely experience significant losses; and (5) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Stronghold Digital Mining, Inc. you have until June 13, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Stronghold Digital Mining, Inc. securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the SDIG lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/stronghold-digital-mining-inc-loss-submission-form?id=26596&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/sdig-alert-klein-law-firm-announces-lead-plaintiff-deadline-june-13-2022-class-action-filed-behalf-stronghold-digital-mining-inc-shareholders/ | 2022-05-03T10:41:18Z |
With 40 years-experience in golf course management, mutual insurer in unique position to protect the needs of course operators
STEVENS POINT, Wis. , May 3, 2022 /PRNewswire/ -- Sentry Insurance has announced that later this year it will begin offering commercial insurance products to golf courses. The set of customizable coverages will help support 18-hole public, semi-private, and country club courses.
Founded in 1904, Sentry is one of the largest and most financially secure mutual insurance groups in the United States. It is also the owner and operator of SentryWorld, Wisconsin's first destination parkland golf course, which opened in 1982 as part of a sports complex that includes indoor tennis courts, banquet space, restaurants, and a new 64-room boutique hotel. At the heart of the 200-acre property lies the championship course, designed by Robert Trent Jones Jr.
In 2023, SentryWorld will host one of the most prestigious golf events in the world, the 43rd U.S. Senior Open. This is the third United States Golf Association (USGA) championship to be played at SentryWorld.
"We've come to realize how well the game of golf aligns with our values, as well as with our commercial lines businesses," said Pete McPartland, Sentry Chairman of the Board, President, and CEO. "In addition to owning and operating our own world-class course, we've invested heavily in golf. Offering golf course insurance is a natural extension of our involvement in the game."
Sentry's commitment to golf
Sentry's deep ties to the game of golf include being the official insurance partner of the USGA, and the presenting sponsor of its handicapping system, GHIN. The company is also the title sponsor of the PGA TOUR's winners-only Sentry Tournament of Champions on Maui through 2030. As a corporate trustee of First Tee, Sentry helps teach economically disadvantaged kids how to play the game of golf and, in the process, learn valuable life lessons the game can teach.
Protection against unique golf course risks
In addition to standard commercial coverages, Sentry will offer specialized insurance to protect against unique golf course risks. Coverage options will include:
- Liquor liability
- Golf and tennis pro professional liability
- Trees, shrubs, and plant coverage
- Pesticide, herbicide, and fertilizer applicator coverage
- Business income, including extra expense
- Cyber liability
- Equipment breakdown
Sentry will offer the insurance coverages through both their direct sales team and independent agents.
For more information, visit sentry.com.
About Sentry
Sentry Insurance is a part of one of the largest and most financially secure mutual insurance groups in the United States, holding a Financial Strength Rating of A+ (superior) from AM Best, current as of June 2021. See ambest.com/ratings/guide.pdf for rating information. Sentry and its subsidiaries sell property and casualty insurance, life insurance, annuities, and retirement programs for business and individuals throughout the country. Headquartered in Stevens Point, Wisconsin, Sentry employs more than 4,300 associates across the country. See a complete list of underwriting companies at sentry.com.
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SOURCE Sentry Insurance | https://www.whsv.com/prnewswire/2022/05/03/sentry-pairs-golf-business-insurance-expertise-offer-commercial-insurance-golf-courses-later-this-year/ | 2022-05-03T10:41:26Z |
PARIS, May 3, 2022 /PRNewswire/ -- Sequans Communications S.A. (NYSE: SQNS), a leading developer and provider of 5G/4G solutions for IoT devices, today announced financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Summary Results Table:
"Sequans is off to a strong start in 2022. First quarter revenue grew by more than 12% year-over-year and, when adjusted to exclude the $1.1 million of the Verizon Jetpack contribution from the first quarter 2021, revenue grew by 23.7% year-over-year," said Georges Karam, CEO of Sequans. "The main revenue growth driver in the quarter was our LTE-M/NB business with our Monarch products family, which grew more than 24% sequentially and 125% year-over-year, driven by design wins moving into mass production. Also, the Broadband category grew 35% year-over-year, attributable to increased services and licensing revenue from our existing 5G agreements with our strategic partner and Renesas. This increase in service and licensing revenue significantly boosted our gross margin in the first quarter to 68.1%, up from 50.1% in the same quarter last year and 57.1% in the prior quarter. The increased margin contribution narrowed our operating loss and reduced our non-IFRS net loss to $1.8 million from a non-IFRS net loss of $5.1 million in the first quarter of 2021.
"We successfully executed an MOU with a new strategic partner that, once concluded, is expected to fully fund the balance of our 5G investment in the Taurus platform," continued Mr. Karam. "The definitive agreement is currently being finalized with the goal of closing by June 30th. In parallel with this new strategic partnership, our strong position in 5G has led to other additional non-exclusive, high-potential strategic discussions. These are opportunities that would further expand our addressable market by increasing penetration in existing markets or providing access to new markets that we do not currently serve. We expect to have further clarity on these initiatives over the course of the year."
Mr. Karam concluded, "We are closely monitoring potential business hurdles for the remainder of 2022, including the recent lockdowns in China, the upsurge in the Russia-Ukraine war, and our wafer supply from TSMC. Regarding the lockdown in China, we have managed to limit the impact on our shipment in Q1 and we continue to monitor this closely. In terms of our small R&D team located in Ukraine, they continue to work and successfully meet their deliverables. The impact of the Ukrainian crisis on our execution was minimal. Lastly, with the help of TSMC, we expect to have sufficient wafers supply to meet our customers' demand for 2022. Sequans has a close working relationship with the team at TSMC, who support our goals and our cellular IoT strategy."
Q2 2022 Outlook
The following statement is based on management's current assumptions and expectations and assumes no increase in the severity or duration of the COVID-19 pandemic. This statement is forward-looking and actual results may differ materially.
Management is targeting sequential growth in the second quarter but continues to monitor potential impacts on revenue of China's pandemic lockdowns and of supply chain disruptions on the timing of product shipments and project advancement. Gross margin is expected to be above 55% in the quarter, driven by a strong component of service and licensing revenue.
Management plans to update the outlook once the strategic 5G agreement is closed.
First Quarter 2022 Highlights:
Revenue: Revenue was $13.9 million, an increase of 0.6% compared to the fourth quarter of 2021 and an increase of 12.7% compared to the first quarter of 2021.
Gross margin: Gross margin was 68.1% compared to 57.1% in the fourth quarter of 2021 and compared to 50.1% in the first quarter of 2021.
Operating loss: Operating loss was $2.0 million compared to $4.0 million in the fourth quarter of 2021 and $5.8 million in the first quarter of 2021.
Net profit / loss: Net profit was $2.0 million, or $0.04 per diluted ADS, compared to net loss of $7.7 million, or ($0.21) per ADS, in the fourth quarter of 2021 and a net loss of $11.4 million, or ($0.33) per ADS, in the first quarter of 2021. Net profit in the first quarter of 2022 includes a $6.4 million gain on the change in fair value of the convertible debt derivative whereas in the fourth quarter of 2021 there was a loss of $1.2 million.
Net loss and diluted loss per ADS: Excluding the non-cash stock-based compensation, the non-cash impact of the fair-value and effective interest adjustments related to the convertible debt with embedded derivatives and other financings, non-IFRS net loss was $1.8 million, or ($0.04) per ADS, compared to $3.5 million, or ($0.09) per ADS in the fourth quarter of 2021, and $5.1 million, or ($0.15) per ADS, in the first quarter of 2021. The non-IFRS net loss includes foreign exchange gains of $370,000, or $0.01 per ADS, in the first quarter of 2022, $135,000, or less than $0.01 per ADS, in the fourth quarter of 2021 and $1.4 million, or $0.04 per ADS, in the first quarter of 2021.
Cash: Cash and cash equivalents and short-term deposits at March 31, 2022 totaled $26.3 million compared to $4.8 million at December 31, 2021.
Conference Call and Webcast
Sequans plans to conduct a teleconference and live webcast to discuss the financial results for the first quarter of 2022 today, May 3, 2022 at 8:00 a.m. ET /14:00 CET. o participate in the live call, analysts and investors should dial 877-407-0792 or +1 201-689-8263 if outside the U.S. When prompted, provide the event title or access code: 13728393. A live and archived webcast of the call will be available from the Investors section of the Sequans website at https://www.sequans.com/company/investor-relations/webcasts-and-presentations/. An audio replay of the conference call will be available until May 24, 2022, by dialing toll free 844-512-2921 or 412-317-6671 from outside the U.S., using the following access code: 13728393.
Forward Looking Statements
This press release contains projections and other forward-looking statements regarding future events, including strategic agreements, or our future financial performance and potential financing sources. All statements other than present and historical facts and conditions contained in this release, including any statements regarding future results of operations and financial positions, business strategy and plans, including financing alternatives for our 5G business and ability to enter into a new 5G strategic agreement, expectations for Massive IoT sales, the impact of the Covid-19 on our supply chain and on customer demand, our expectation for sufficient capacity to meet customer demand in 2022, the impact of component shortages and manufacturing capacity, our ability to convert our pipeline to revenue and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We undertake no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this press release. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not rely on or place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. In addition to the risk factors contained in our Form 20-F for the fiscal year ended December 31, 2021, some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: (i) the contraction or lack of growth of markets in which we compete and in which our products are sold, (ii) unexpected increases in our expenses, including manufacturing expenses, (iii) our inability to adjust spending quickly enough to offset any unexpected revenue shortfall, (iv) delays or cancellations in spending by our customers, (v) unexpected average selling price reductions, (vi) the significant fluctuation to which our quarterly revenue and operating results are subject due to cyclicality in the wireless communications industry and transitions to new process technologies, (vii) our inability to anticipate the future market demands and future needs of our customers, (viii) our inability to achieve new design wins or for design wins to result in shipments of our products at levels and in the timeframes we currently expect, (ix) our inability to enter into and execute on strategic alliances, (x) our ability to meet performance milestones under strategic license agreements, (xi) the impact of natural disasters on our sourcing operations and supply chain, (xii) the impact of Covid-19 on the ability to operate our business and research, production of our products or demand for our products by customers whose supply chain is impacted or whose operations have been impacted by government shelter-in-place or similar orders, (xiii) our ability to raise debt and equity financing, and (xv) other factors detailed in documents we file from time to time with the Securities and Exchange Commission.
Use of Non-IFRS/non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements prepared in accordance with IFRS, we disclose certain non-IFRS, or non-GAAP, financial measures. These measures exclude the non-cash stock-based compensation and the non-cash impacts of convertible debt amendments, conversions and repayments, effective interest adjustments related to the convertible debt with embedded derivatives and other financings; and deferred tax benefit or expense related to the convertible debt and other financings. We believe that these measures can be useful to facilitate comparisons among different companies. These non-GAAP measures have limitations in that the non-GAAP measures we use may not be directly comparable to those reported by other companies. We seek to compensate for this limitation by providing a reconciliation of the non-GAAP financial measures to the most directly comparable IFRS measures in the table attached to this press release.
About Sequans Communications
Sequans Communications S.A. (NYSE: SQNS) is a leading developer and provider of 5G and 4G chips and modules for IoT devices. For 5G/4G massive IoT applications, Sequans provides a comprehensive product portfolio based on its flagship Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms, featuring industry-leading low power consumption, a large set of integrated functionalities, and global deployment capability. For 5G/4G broadband and critical IoT applications, Sequans offers a product portfolio based on its Cassiopeia 4G Cat 4/Cat 6 and planned high-end Taurus 5G chip platforms, optimized for low-cost residential, enterprise, and industrial applications. Founded in 2003, Sequans is based in Paris, France with additional offices in the United States, United Kingdom, Israel, Hong Kong, Singapore, Finland, Taiwan, South Korea, and China.
Visit Sequans online at www.sequans.com; www.facebook.com/sequans; www.twitter.com/sequans
Media Relations: Kimberly Tassin, +1.425.736.0569, Kimberly@sequans.com
Investor Relations: Kimberly Rogers, +1 385.831-7337, krogers@sequans.com
Condensed financial tables follow
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SOURCE Sequans Communications | https://www.whsv.com/prnewswire/2022/05/03/sequans-communications-announces-first-quarter-2022-financial-results/ | 2022-05-03T10:41:33Z |
SMArtX Closes Series D Round with $30 million Investment; Morningstar's Daniel Needham and Michael Holt Join SMArtX Board
WEST PALM BEACH, Fla., May 3, 2022 /PRNewswire/ -- SMArtX Advisory Solutions ('SMArtX'), a leading innovator in unified managed accounts ('UMA') technology and architect of the SMArtX turnkey asset management platform ('TAMP'), today announced the closure of their Series D round with a $30 million investment by Morningstar Investment Management, LLC , a subsidiary of independent investment research provider Morningstar, Inc. The announcement follows the previous press release sharing that SMArtX will power the Morningstar turnkey asset management platform.
The Morningstar Investment Management capital will assist in the build out of SMArtX's development capabilities, including those that will support Morningstar Investment Management's existing TAMP and its direct indexing solution launching later this year. SMArtX has been hosting direct indexing strategies for over four years and offers one of the largest direct indexing platforms in the industry with 133 strategies.
The investment will also be used to further expand SMArtX's technology and ability to deliver managed account technology to a wider range of firms. Specifically, it will help deepen existing product offerings, expand its API solutions to provide more comprehensive integrations, and expand implementation teams to support SMArtX's future growth. This will result in SMArtX's additional product offerings including fixed income strategies in a UMA, the client's ability to direct trades, improved manager analytics, and an expanded SMArtX Select list of investment strategies.
SMArtX will also welcome Daniel Needham, President of Morningstar's Wealth Management Solutions group, and Michael Holt, Chief Strategy Officer at Morningstar, to its Board of Directors immediately.
"Morningstar has already demonstrated their ability to be a strong collaborator as we work together to set the standard for managed account technology," said Evan Rapoport, CEO of SMArtX. "We continue to build the engine that will help grow Morningstar's TAMP by consolidating its data, research and analytics capabilities into a platform designed for today's advisor."
"We seek out companies like SMArtX that are breaking through the boundaries of traditional technology to bring innovative new solutions to market," said Daniel Needham. "SMArtX has a track record of building products that offer greater flexibility, advisor choice and personalization at scale, which aligns with our mission of empowering investor success."
SMArtX's industry leading, cloud-native, API-first managed account technology was previously chosen by Morningstar Investment Management to power their integrated wealth management solution. SMArtX continues to expand their client base across independent broker-dealers, turnkey asset management platforms, asset managers, and other wealthtech providers who find their respective legacy technologies do not operate efficiently in today's modern, fast-moving markets.
About SMArtX Advisory Solutions
SMArtX Advisory Solutions is the next generation managed accounts technology provider and manages SMArtX, a turnkey asset management platform that automates the investment management process and reduces the administrative burden of overseeing client investment portfolios. The firm also licenses its proprietary managed accounts technology to help firms replace legacy technology and powers several investment platforms for RIAs, broker-dealers, and asset managers. Learn more at www.smartxadvisory.com. Follow SMArtX on Twitter and LinkedIn @SMArtXAdvisory.
About Morningstar's Investment Management group
Morningstar's Investment Management group is a leading provider of discretionary investment management and advisory services. Guided by seven investment principles, the group is committed to focusing on its mission to design portfolios that help investors reach their financial goals. The group's global investment management team works as one to apply a disciplined investment process to its strategies and portfolios, bringing together core capabilities in asset allocation, investment selection, and portfolio construction. This robust process integrates proprietary research and leading investment techniques. As of June 30, 2021, Morningstar's Investment Management group was responsible for approximately $251 billion* in assets under advisement and management across North America, EMEA, and Asia-Pacific.
In addition to advisory services, the group's investment professionals build and manage model portfolios for financial advisors in the United States, United Kingdom, Australia, South Africa and India to create strategies that incorporate a wide variety of investment objectives.
*Includes assets under management and advisement for Morningstar Investment Management LLC, Morningstar Investment Services LLC, Morningstar Investment Management Europe Ltd., Morningstar Investment Management Australia Ltd., Ibbotson Associates Japan, Inc., Morningstar Investment Management South Africa (PTY) LTD, and Morningstar Associates Inc. all of which are subsidiaries of Morningstar, Inc. Advisory services listed are provided by one or more of these entities, which are authorized in the appropriate jurisdiction to provide such services.
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SOURCE SMArtX Advisory Solutions | https://www.whsv.com/prnewswire/2022/05/03/smartx-advisory-solutions-deepens-strategic-commercial-relationship-with-morningstar-investment-management/ | 2022-05-03T10:41:39Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- Social Native, a leading global marketplace providing scalable content solutions for businesses, joins Google as one of four Premier Presenting Partners for Social Media Week North America 2022 (#SMW) taking place in New York May 9-11. Adweek's agenda shows Social Native will head discussion on social commerce, as the event's only end-to-end creator and UGC technology platform.
The company's notable presence at #SMW and the Creator Visionary Awards, coincides with its investment and mission to democratize the $100 billion creator economy. Creators are disrupting traditional branded content ads and elevating brand engagement through authentic storytelling. With 85% of consumers finding UGC more influential than brand-created content, traditional marketing agencies and paid ads alone will no longer be enough to captivate new audiences and capture Gen Z's rising buying power. In this new "era of the creator", brands are seeking scalable solutions to embrace creators and influencers to stay competitive and access the full-funnel value of social commerce, which is set to become a $1.2 trillion channel by 2025.
"Social Native's tech stack empowers brands to harness the authentic power of the creator economy. Together our partners are reinventing the next generation of branded content," says David Shapour, founder & CEO of Social Native.
Social Native set to unveil latest UGC solution at event: TikTok-optimized Shoppable Video Galleries
Consumers who end up on an e-commerce site through a user-generated video are 2X as likely to purchase and spend 45% more. That said, brands' biggest e-commerce challenge is fragmentation—leaving substantial revenue on the table.
Social Native brings the persuasive power of social media to e-commerce, delivering a new e-commerce experience for brands and their customers. Building on the success of its existing shoppable galleries, utilized by top brands like IKEA and H&M, the tech platform will soon release a video optimized, no-code version to help brands leverage organic short-form video at scale.
The interactive shoppable video galleries feature a 9:16 vertical layout for seamless integration on e-commerce category and product pages—effectively shortening the sales funnel for a built-in social shopping experience.
The company plans to demo the breakthrough solution for brands attending the 3-day social media event in New York.
Media Contact
claire.lin@socialnative.com
Investor Relations
erik.rothschild@socialnative.com
About Social Native
Social Native is the leading global marketplace connecting brands to the creator economy - generating an unparalleled selection of branded content. Thousands of global brands like Adidas, Estée Lauder and Airbnb use Social Native to optimize ever-growing content demands across e-commerce and digital media.
Social Native is on a mission to grow and empower creator economies by building scalable content solutions.
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SOURCE Social Native | https://www.whsv.com/prnewswire/2022/05/03/social-native-lead-social-commerce-conversation-adweeks-premier-partner-social-media-week-2022/ | 2022-05-03T10:41:46Z |
NEWARK, Calif., May 3, 2022 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions designed to enhance workplace productivity, is excited to announce that its NFC reader/writer, the S550, is the first cordless reader to achieve CR12 certification from the NFC Forum Certification Program. NFC Forum certification ensures that the S550 can read all NFC Forum compliant tags which number in the billions.
"Achieving NFC Forum certification is a key milestone in the NFC journey, as it guarantees reader/tag compatibility in a highly secure but complex NFC ecosystem. The combination of Socket's NFC hardware and CaptureSDK tools, enables our application partners to avoid the complexity and focus on using NFC data to enhance their application. Our application partners will now have the ability to support a host of NFC centric interactions, such as the tap of a phone with a mobile driver's license for fast, simple and secure electronic age verification, replacing the time consuming and unreliable visual verification system mostly used today," said Dave Holmes, Chief Business Officer at Socket Mobile.
"NFC Forum Certification demonstrates to customers, consumers and partners that a company values product quality and improving the customer experience. The rigorous testing and validation certifies interoperability and performance of all the key components in the NFC eco-system and is fundamental to ensuring consumers enjoy a seamless and trouble free NFC experience when using NFC tags, readers and mobile phones," said Mike McCamon, Executive Director of the NFC Forum. "Congratulations to Socket Mobile for completing the NFC Reader Device CR12 Certification, and in being the first cordless NFC Reader to do so".
Built for easy and painless integration into apps, the S550 is Apple Pay, Google Pay and now NFC Forum certified and is the ideal reader for numerous loyalty, closed loop payments, age verification via mDL or vaccine passport systems. Socket Mobile's mission is to remove complexity and its application partners can use these new capabilities to their advantage in order to enhance the consumer experience. Socket continues to deliver exceptional data capture hardware and software tools for its business application partners, including Socket Mobile's CaptureSDK. CaptureSDK provides Socket partners with reliable and consistent data capture performance, enabling the featured application to focus on the productivity of their solution and enhance the overall customer experience. Implementing CaptureSDK allows application providers to utilize Socket Mobile's entire family of data capture devices (barcode, RFID or NFC reader/writers) interchangeably and select the right device for each customers' requirements.
Socket Mobile's NFC Forum Certified NFC reader/writer is available today on Socket's webstore at https://store.socketmobile.com/products/socketscan-s550-contactless-reader and through Socket Mobile's distribution partners. MSRP is $269, and registered app developers can get a discount through the Socket Mobile developer portal.
Media Contact: David Holmes, David.holmes@socketmobile.com
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SOURCE Socket Mobile, Inc. | https://www.whsv.com/prnewswire/2022/05/03/socket-mobile-s550-cordless-nfc-reader-is-first-receive-nfc-forum-certification/ | 2022-05-03T10:41:52Z |
StrideTech GO Uses Patented Technology to Turn Any Walker into a Smart Walker
BOULDER, Colo., May 3, 2022 /PRNewswire/ -- Stride Tech Medical, Inc., (StrideTech) is proud to announce the USPTO issued a patent for StrideTech GO on March 15, 2022.
StrideTech is a manufacturer of walker attachments whose mission is to provide walker users with safe, confident use, prevent falls and collect data to share with users, caregivers, and families. StrideTech's product, StrideTech GO, is a smart walker attachment which allows any walker to become a smart walker in a matter of minutes. StrideTech GO, uses embedded sensors to detect how the walker user is moving - biofeedback helps people optimize their use and collects data to share with their doctors, PT/OT, families, and caregivers to help inform treatment and care.
"This is an exciting step for StrideTech," stated George Douaire, President & CEO of Stride Tech Medical, Inc. "We are thrilled with the development of our product, the IP protection we have now received from the patent and, most importantly, data showing how much we are helping users improve their safety and confidence."
"Receiving the patent for our StrideTech Go walker attachment was the next step in helping to build confidence, enhance safety, and improve mobility for our growing population of walker users," said Timothy Visos-Ely, Co-Founder & CPO at Stride Tech Medical, Inc.
"We are looking forward to expanding the ways we are able to give back to the senior care industry as we continue to evolve the future of mobility with our products" continued Douaire. "We are now inviting the public to invest in Stride Tech Medical, Inc, through our partnership with StartEngine. For a minimum investment of less than $250, you too can be a part of this exciting product and help change the way walker users live their lives."
About Stride Tech Medical, Inc.
You can own shares in StrideTech for as little as $250 minimum investment. To help us improve mobility and bring walkers into the 21st Century please visit our campaign page.
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SOURCE Stride Tech Medical | https://www.whsv.com/prnewswire/2022/05/03/stridetech-medical-announces-uspto-issued-patent-stridetech-go/ | 2022-05-03T10:41:59Z |
The Company was recognized in the 2022 Cool Vendors in Data Security - Secure and Accelerate Advanced Use Cases
SAN FRANCISCO, May 3, 2022 /PRNewswire/ -- Symmetry Systems, the industry's first hybrid cloud data security provider, today announced it has been included in the 2022 Cool Vendors in Data Security - Secure and Accelerate Advanced Use Cases1 by Gartner.
The report recognizes several startups with innovative products and paradigms focusing on reducing the risk of data exposure, theft or data loss in the cloud, calling attention to the growing need for tooling that addresses basic questions about data security and how it is protected and mapped within organizational systems.
With traditional cloud security solutions, it takes organizations on average 287 days to identify a data breach and 80 days to contain it, leading to a heightened need for visibility into data stores and objects across the industry. Zero trust starts with data -- what do you have, how is it protected, how is it used? Symmetry's DataGuard is a data security platform that brings zero trust to hybrid cloud data stores. Symmetry Systems, through its flagship offering DataGuard, addresses this need and provides unified visibility into data objects across all data stores. DataGuard answers data security and compliance questions that traditional cloud security tools cannot. The platform has been instrumental in driving awareness and credibility for the growing Data Security Posture Management (DSPM) market with key capabilities that easily determine data posture – operation, identity, and object – and bring Zero Trust principles to data security.
DataGuard is the first hybrid cloud data security platform that safeguards data in AWS, GCP, Azure services, and on-premise databases while supporting a Zero Trust model. The platform incorporates zero trust principles into modern data-store security, quickly learns data objects from SQL, NoSQL, and object stores and maps all principals and objects in a user's system. It also provides a risk assessment of all data stores, even as granular as unique objects, and provides alerts with evidence-based notifications during operations to ensure infrastructure engineers have access to identity and access management (IAM) protection recommendations.
"It is very exciting for us to be named a Gartner Cool Vendor and witness the growth of the DSPM category as it is defined," said Mohit Tiwari, Co-Founder and CEO. "Traditionally, data security has fallen under the umbrella of cloud security, so its importance has been minimized despite more and more evidence that cloud security is not enough. No matter the vector, data is the target and requires purpose-built tooling. Data is the foundation to any business, which is why visibility into its security, location, privileges, and usage are paramount."
To learn more about Symmetry Systems and DataGuard, or to request a demo, please visit https://www.symmetry-systems.com/.
Gartner Disclaimer:
Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Symmetry Systems
Symmetry Systems is the industry's first hybrid data security platform that safeguards data in AWS, GCP, Azure services, and on-premise databases while supporting a zero trust model. With Symmetry, security and compliance teams can address threats quickly through AI-driven data security posture management (DSPM). Symmetry provides visibility into data risks from excessive permissions and anomalous data flows while giving organizations the evidence required to demonstrate compliance best practices.
Born from the award-winning Spark Research Lab at UT Austin, Symmetry is backed by leading security investors ForgePoint Capital and Prefix Capital with participation from Accenture Ventures. Symmetry provides solutions for the most demanding security teams. For more information about Symmetry Systems, please visit www.symmetry-systems.com or follow us on Twitter or LinkedIn.
Media Contact:
Allison Arvanitis
Lumina Communications for Symmetry Systems
symmetrysystems@luminapr.com
1 Gartner, "Cool Vendors in Data Security - Secure and Accelerate Use Cases," Joerg Fritsch, Andrew Bales, Ravisha Chugh, Brian Lowans, Mark Horvath, 19 April 2022.
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SOURCE Symmetry Systems | https://www.whsv.com/prnewswire/2022/05/03/symmetry-systems-named-cool-vendor-by-gartner/ | 2022-05-03T10:42:05Z |
Taco Bell's Chief Impact Officer, Lil Nas X, is supporting the Taco Bell Foundation and partner agency, Ashoka, the largest global network of leading social entrepreneurs, to put out a call for game-changing ideas to solve today's most pressing challenges
IRVINE, Calif., May 3, 2022 /PRNewswire/ -- Not everyone knows where to begin when they have a game-changing idea, whether it's to address a local community struggle or uproot a systemic issue. Former Taco Bell team member and Chief Impact Officer Lil Nas X knows better than most what it takes to change the norm, push the boundaries of culture and kickstart new ideas. So, he's supporting Taco Bell, the Taco Bell Foundation and Ashoka in launching the Ambition Accelerator, a new program specifically designed to help young people seeking to make change in their communities and around the world.
"For the past 60 years, we've not only focused on craveable and accessible food, but strived to enact change and drive creativity in our team members and our fans," said Mark King, CEO of Taco Bell and Vice Chairman of the Taco Bell Foundation Board of Directors. "The Ambition Accelerator is yet another way that we're celebrating innovative thinking with accessibility at the core, and I'm excited to hear the bold ideas of our next generation."
Anyone from the U.S. and all U.S. territories aged 16 to 26 are now able to submit ideas for how to tackle society's most pressing issues—whether it's addressing climate change, advocating for social justice, building a more equitable and inclusive society or solving for other critical issues in their communities. This is a chance to receive mentorship and feedback on their projects, grow their changemaking abilities and potentially win up to $25,000 in funding, plus a trip to Taco Bell's headquarters to pitch their ideas. Both Taco Bell fans and team members are encouraged to participate in the program, following suit with the brand's vision of championing ideas from its people and consumers.
Since its inception 60 years ago, Taco Bell has embraced cultural trends, broken conventions and kick-started movements. Now more than ever, there are global challenges that require not only solutions, but for inspired young people to be equipped with skills and mindsets to tackle these issues. Taco Bell and the Taco Bell Foundation are partnering with Ashoka, the largest global network of leading social entrepreneurs, to provide an opportunity for young people to access the resources they need, fuel the ambitions of young leaders and inspire a society that recognizes that the power to shape the future belongs to all of us.
"We have been lucky enough to experience and foster the spectacular ingenuity of young people for decades," said Jennifer Bradbury, Executive Director of the Taco Bell Foundation. "They are changing the world right in front of us, and we have the ability and responsibility to help amplify their efforts, while also learning from them."
The Taco Bell Foundation acknowledges that young people who identify as changemakers, or people with ideas to change the world, often face significant challenges in making their ambitions a reality, especially for Black, LatinX, LGBTQ+, women and other underrepresented groups. The Ambition Accelerator will focus on the challenges that currently impact people of diverse backgrounds, working towards the equitable access that young innovators need to lead society into a better future for all.
"Our goal is to inspire a society that recognizes the power that every individual has to identify problems and take action," said Tia Johnston Brown, Executive Director of Ashoka Youth Years U.S.
Funded by Yum! Brands' Unlocking Opportunity Initiative, this program is open to both the community and Taco Bell team members so they can develop solutions to issues they are passionate about.
"This is a program for the dreamers and disruptors," said Lil Nas X, Chief Impact Officer of Taco Bell. "Be delusional and chase your dreams, and find the right support you need along the way, which just might be from Taco Bell."
Applications are being accepted on https://www.tacobellfoundation.org/ambition-accelerator/ from May 3 through July 21, 2022, with applicants encouraged to apply as a team, as only teams will be eligible for a chance to attend the Taco Bell headquarters summit and to win the grand prize. Ideas will be evaluated on criteria that includes creativity, commitment and connection to the issues they are tackling. All applicants will receive feedback on their ideas, will be invited to virtual learning sessions to deepen their changemaking knowledge and will connect with like-minded peers.
About Taco Bell Foundation
Taco Bell Foundation, Inc. is a 501(c)(3) public charity that helps America's young people pursue their educational goals and career aspirations. Since 1992, the Taco Bell Foundation has reached more than 5 million young people across the country and has awarded more than $130 million in grants and scholarships, focused on education and career readiness. For more information about the Taco Bell Foundation, visit www.tacobellfoundation.org.
About Taco Bell Corp.
For more information about Taco Bell, visit our website at www.TacoBell.com/news or at www.TacoBell.com/popular-links. You can also stay up to date on all things Taco Bell by following us on Facebook, Instagram, Taco Bell's Twitter, Taco Bell News' Twitter, TikTok and subscribing to our YouTube channel. For updates on how Taco Bell is navigating COVID-19, click here.
About Ashoka
Ashoka is the largest global network of leading social entrepreneurs—individuals with new ideas to systemically address the world's biggest challenges and the entrepreneurial skill to transform those ideas into national, regional and global social impact. Over 40 years, Ashoka has supported more than 3,600 social entrepreneurs in 90 countries with solutions addressing society's most pressing issues. Ashoka's vision is a world in which Everyone is a Changemaker—a society that responds quickly and effectively to challenges, and where every individual has the freedom, confidence and societal support to address any social problem. For more information, visit ashoka.org. Follow Ashoka on Instagram, Facebook and Twitter for updates.
Richard Villagomez – Taco Bell Corp.
richard.villagomez@yum.com
Danielle Karnbach – Edelman
danielle.karnbach@edelman.com
Claire Davenport – Ashoka
cdavenport@ashoka.org
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SOURCE Taco Bell Corp. | https://www.whsv.com/prnewswire/2022/05/03/taco-bell-taco-bell-foundation-call-young-people-pitch-their-ideas-change-world/ | 2022-05-03T10:42:11Z |
UltiSat to offer Cobham Satcom tracking systems to provide US and NATO defense organizations enhanced SATCOM capabilities
CONCORD, Calif., May 3, 2022 /PRNewswire/ -- Cobham Satcom, a leading global provider of land and maritime satellite communications solutions to the Government and Enterprise sectors, and UltiSat, Inc., a global provider of end-to-end communications for government, humanitarian-aid, and critical infrastructure, have announced that they have signed a strategic distributor and integrator agreement.
The new agreement enables both companies to expand their market reach and provides the DoD and NATO allies with easy access to a range of advanced satellite tracking systems provided by Cobham Satcom. This includes Cobham's proven multi-orbit, multi-band terminals, bringing new levels of resilience by allowing operation across GEO, MEO and LEO constellations, as well as the newly introduced series of ruggedized Tactical TRACKER terminals for Comms on the Pause (CotP). UltiSat will serve as a preferred technology integration partner, providing equipment sales, installation, field services, lifecycle management and optional connectivity services for Cobham products.
"As a vendor-neutral systems integrator, UltiSat partners with a variety of product providers. We are constantly looking for the right systems that both meet our customers' rigorous requirements and leverage emerging new technologies," said David Myers, President and CEO at UltiSat. " Cobham Satcom's technologies are market-leading. Not only do they provide resilient and secure communication capabilities, but their products are designed with the end-users in mind. Thoughtful features and a common interface, make speed and ease of deployment true benefits for operators in the field. We are excited to welcome the Cobham Satcom family of terminals into the UltiSat solution portfolio."
"We are honored and excited about our strategic agreement with UltiSat, as it underscores our recognized technology leadership in the market", added Manish Gupta, CEO at Cobham Satcom. "Our Government and Defense Solutions (GDS) has a long history of providing critical communications across the world and have recently launched our Tactical TRACKER range of antennas, the first portable MIL-STD terminals supporting multi-orbit tracking across GEO, MEO, and LEO systems."
Media Contacts:
Cobham SATCOM Government and Defense Solutions
Kevin McMahon
Senior Director of Sales
+1 321-586-7034
kevin.mcmahon@cobhamsatcom.com
UltiSat
Lori Hawk
Sales Operations and Marketing Lead
+1 571-246-1418
Lori.hawk@ultisat.com
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SOURCE Cobham Satcom | https://www.whsv.com/prnewswire/2022/05/03/ultisat-cobham-satcom-sign-strategic-distributor-amp-integrator-agreement/ | 2022-05-03T10:42:18Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Volta Inc. (NYSE: VLTA) alleging that the Company violated federal securities laws.
Class Period: August 2, 2021 to March 28, 2022
Lead Plaintiff Deadline: May 31, 2022
No obligation or cost to you.
Learn more about your recoverable losses in VLTA:
https://www.kleinstocklaw.com/pslra-1/volta-inc-loss-submission-form?id=26592&from=4
Volta Inc. NEWS - VLTA NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Volta Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) Volta had improperly accounted for restricted stock units issued in connection with the business combination of Volta Industries, Inc. ("Legacy Volta") and Tortoise Acquisition Corp. II; (2) as a result, the Company had understated its net loss for third quarter 2021; (3) there were material weaknesses in the Company's internal control over financial reporting that resulted in a material error; (4) as a result of the foregoing, the Company would restate its financial statements; (5) as a result of the foregoing, Legacy Volta's founders would imminently exit the Company; (6) as a result, the Company's financial results would be adversely impacted; and (7) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Volta you have until May 31, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Volta securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the VLTA lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/volta-inc-loss-submission-form?id=26592&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
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SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/vlta-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-31-2022-class-action-filed-behalf-volta-inc-shareholders/ | 2022-05-03T10:42:24Z |
NEW YORK, May 3, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Vertiv Holdings Co (NYSE: VRT) alleging that the Company violated federal securities laws.
Class Period: April 28, 2021 to February 23, 2022
Lead Plaintiff Deadline: May 23, 2022
No obligation or cost to you.
Learn more about your recoverable losses in VRT:
https://www.kleinstocklaw.com/pslra-1/vertiv-holdings-co-loss-submission-form?id=26589&from=4
Vertiv Holdings Co NEWS - VRT NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Vertiv Holdings Co made materially false and/or misleading statements and/or failed to disclose that: (1) the Company could not adequately respond to supply chain issues and inflation by increasing its prices; (2) as a result of the increasing costs, Vertiv's earnings would be adversely impacted; and (3) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Vertiv you have until May 23, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Vertiv securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the VRT lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/vertiv-holdings-co-loss-submission-form?id=26589&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
View original content:
SOURCE The Klein Law Firm | https://www.whsv.com/prnewswire/2022/05/03/vrt-alert-klein-law-firm-announces-lead-plaintiff-deadline-may-23-2022-class-action-filed-behalf-vertiv-holdings-co-shareholders/ | 2022-05-03T10:42:30Z |
Serena Ventures, Springdale Ventures, Coyote Ventures and Others Invest in WILE as global Whole Foods Market Rolls Out
wilewomen.com
PORTLAND, Ore., May 3, 2022 /PRNewswire/ -- WILE, a hormonal wellness brand for women 40+, announced today it has closed a $3 million pre-seed round and will debut nine skus in all Whole Foods Market doors this month. Established in 2021, WILE offers clinically backed supplements, tinctures and drinks made with unique herbal and plant formulas, created in partnership with naturopathic doctors and research scientists.
WILE is one of Serena Ventures' first investments since announcing their $111 million raise last month and is one of several companies in women's health and lifestyle that Williams has invested in. "It's astonishing that the market and medicine have ignored 50% of the population in the prime of their lives and frankly, their earning power," said Serena Williams, Managing Partner at Serena Ventures. "It's rare to see an area of opportunity this vast, this underserved and this obvious. As an investor, we see this as a chance to support change in the culture with products women simply need."
Serena Ventures is joined by Springdale Ventures (Better Booch, Judy), angel investor Sara Bright and Coyote Ventures in this raise. Headquartered in Portland, OR, WILE is led by co-founders Gwen Floyd, Corey Scholibo, and Julie Kucinski alongside actress and activist Judy Greer.
"We've laid the groundwork and learned so much about our customers," says CEO and co-founder Gwen Floyd. "This investment makes it possible for us to break through the silence and get her what she needs and wants, where she wants it."
Focused on hormonal health and stress, WILE is the first brand to take a holistic approach to perimenopause. WILE addresses and elevates the 30+ million midlife women who are too often overlooked. "Whole Foods Market has long been a leader in healthy lifestyles. Their recognition of perimenopause, midlife stress and women's health in this life-stage is a significant bellwether for other retailers and the market ahead," says Floyd.
WILE's supplements can be mixed and matched for overall hormonal health and its many unpredictable symptoms. That includes stress, which impacts "aging," health and perimenopause.
The WILE rollout at Whole Foods Market includes:
- Daily herbal supplement capsules ($39.99 retail)
- Concentrated herbal tinctures ($29.99 retail)
- Functional Drink Mixes ($39.99 retail, 10 calories per serving)
About Whole Foods Market
For 40 years, Whole Foods Market has been the world's leading natural and organic foods retailer. As the first certified organic national grocer, Whole Foods Market has more than 500 stores in the United States, Canada and the United Kingdom. To learn more about Whole Foods Market, please visit media.wholefoodsmarket.com.
About WILE
WILE, a plant-powered naturopathic wellness brand for perimenopause and midlife, is shifting hormonal stigmas while looking at women and formulations holistically. Demystifying and embracing the hormonal powers and hidden complexities of grown women from the inside, WILE is founded and formulated by women. Using naturopathic and traditional Chinese medicine, WILE's supplement capsules, tinctures and functional drinks are clinically backed to help grown women 40ish to 60ish feel their best. The products are 100% natural, vegan and gluten-free. To learn more about WILE, please visit wilewomen.com.
MEDIA CONTACTS
REVELE | Public Relations
Marilynne Bell, marilynne@reveleinc.com
Chaz Brewer, chaz@reveleinc.com
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SOURCE WILE | https://www.whsv.com/prnewswire/2022/05/03/wile-closes-3-million-seed-round-with-serena-williams-venture-firm-launches-whole-foods-market-globally-we-are-anything-invisible/ | 2022-05-03T10:42:37Z |
Second funding round led by Insight Partners in one year to drive disruption of $400B post-acute care market, accelerate market penetration of workflow automation technology in home health, hospice, skilled nursing and senior living facilities
SAN JOSE, Calif. , May 3, 2022 /PRNewswire/ -- Element5, the world's first Automation-as-a-Service solution purpose-built for post-acute care, today announced that it has raised $30 million in a Series B funding round led by New York-based global venture capital and private equity firm Insight Partners. The new funding represents the company's second investment from Insight, who also led Element5's $15 million Series A in August 2021. The latest strategic investment is aimed at accelerating the adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market.
"We're overwhelmed with the trust and support provided by Insight Partners, who share our common vision, which is to eliminate the need to perform manual, repetitive work for post-acute care," said Joe Randesi, Co-founder and CEO, Element5. "The post-acute care industry demands improvements in operational efficiency and a means to overcome chronic staffing shortages. Over the last two years, we have witnessed significant growth in the adoption of our automation technology and the next phase of our growth journey is focused on enabling more health organizations to embrace and operationalize the power of automation to reduce administrative costs and enhance patient outcomes."
Founded in 2019, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver pre-built workflow automation solutions for post-acute care organizations. Today's ever-increasing regulatory demands continue to strain and burden teams, forcing them to spend hours manually performing administrative work. Element5's technology allows post-acute care organizations to automate their processes, eliminating highly repetitive, logic-driven administrative work. This enables teams to focus on higher-value tasks, improve operational efficiency and combat the ongoing post-acute care staffing crisis.
"After seeing the game-changing impact that Element5's innovative solution has had on the post-acute care market in such a short period of time, reinvesting was a no-brainer for Insight," said Jared Rosen, Principal, Insight Partners. "We're thrilled to have the opportunity to double down on Element5 and look forward to partnering with Joe and the team on scaling the company to the next level."
"We believe that it takes far too many clicks to complete even some of the simplest tasks in post-acute care workflows," said Eric Gordon, Co-founder and Chief Revenue Officer, Element5. "Element5 is ushering in the era of automation and post-acute care providers are witnessing tremendous value through our offerings. This round of funding is a testament to the enthusiastic demand from customers in this market."
Over the course of the last year, Element5 has gained a dominant position as an automation provider for post-acute care and was named by CB insights as a Digital Health 150 company. Leading home-health, hospice, SNF and senior living facilities trust Element5 to automate everyday processes across intake and admissions, revenue cycle management, clinical records, notifications and authorizations among a broad range of other operational tasks.
With the closing of the Series B funding round, Element5 has raised $48.5 million in total capital to date. Element5 is headquartered in San Jose, Calif., with its APAC headquarters in Chennai, India.
About Element5
Element5 is simplifying work for post-acute care organizations by offering end-to-end workflow Automation-as-a-Service. Using artificial intelligence (AI) and robotic process automation (RPA), Element5 delivers intelligent automation and analytics that help organizations improve operational efficiency, recognize revenue faster and help their resources focus on better patient outcomes.
By automating complex administrative tasks for post-acute care, Element5 frees healthcare personnel from time-consuming and repetitive processes, empowering teams to do more, by doing less.
Built by experts with decades of experience in healthcare and post-acute care, Element5 is headquartered in San Jose, California with offices in Chennai, India. You can learn more about Element5 and RPA at www.e5.ai
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners' regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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SOURCE Element5 | https://www.whsv.com/prnewswire/2022/05/03/workflow-automation-solution-post-acute-care-element5-closes-30m-series-b-round-funding/ | 2022-05-03T10:42:44Z |
Horses and humans have relied on each other for thousands of years. This special connection is what makes equine therapy such a powerful tool to help people heal, both physically and mentally.
Heart Horses is a therapy program that incorporates therapeutic riding and equine assisted therapy. The owner, Sonja Bigalke-Bannan, took us through a mounted and unmounted session to see what the experience is like. “We are going to put you into a therapeutic riding session...and then after that we’ll be on the ground with the horse, and we’ll bring in my equine specialist, so the two of us will work with you to do some kind of learning about yourself.”
We were brought into the stables to see the different types of horses. “We’regonnahave you work with Tracker today for your riding lesson. He’s been with us since the beginning...for 10 years.” Sonja explained that they have horses of all different sizes, body types, and with different gates. The way each horse moves is different, “...and based on the needs of our riders, we really pair them with a particular horse.” These different horses help to provide services for a wide variety of ages, starting at two years old, and their “most senior rider is in his late 70’s.”
In the arena, we learned how to get on the horse and properly use the reins. We focused on our breath and the motion of the horse. After getting more comfortable, we were able to advance to a trot!
After the therapeutic riding session, we transitioned into equine assisted psychotherapy. They allow you to approach the horses, interact with them, and explore. “Once you’ve kind of had some time with them, we’regonnaapproach you and talk about what you’d like to work on,” Sonja guided.
These services are a “wonderful kind of bridge in getting you into therapy, something that we can use to treat a wide variety of diagnoses or life challenges.” The sessions are very grounding and can help bring a sense of calmness. Sonja encourages her clients to “really take a second, really feel the sun on your face, and the wind in your hair...capture that memory so you can tap into that at other times when you’re stressed and you need to just be able to step out of whatever you’re in to remember this moment.”
To learn more about healing and growing through equine therapy, visit: hearthorses.com or call (808) 388-4974.
Interested in featuring your business or organization? Email IslandLife@kitv.com
As Miss Hawaii 2019 & 2020, Nikki was a representative for the Aloha State and was highly involved with the community as she promoted the importance of service. Nikki is the host of KITV's entertainment and culture platform, ISLAND LIFE. | https://www.kitv.com/island-life/health/helping-people-heal-with-equine-therapy-at-heart-horses/article_2cab7f4a-c762-11ec-b0b4-eb3c2603e8cf.html | 2022-05-03T11:20:53Z |
Judge lets Tulsa Race Massacre reparations lawsuit proceed
(AP) - An Oklahoma judge ruled Monday that a lawsuit seeking reparations for the 1921 Tulsa Race Massacre can proceed, bringing new hope for some measure of justice for three survivors of the deadly racist rampage who are now over 100 years old and were in the courtroom for the decision.
Tulsa County District Court Judge Caroline Wall ruled against a motion to dismiss the suit filed by civil rights attorney Damario Solomon-Simmons in 2020. The Tulsa-based attorney said after Wall announced her ruling that it is critical for living survivors Lessie Benningfield Randle, 107, Viola Fletcher, 107, and Hughes Van Ellis, 101.
“We want them to see justice in their lifetime,” he said, choking back tears. “I’ve seen so many survivors die in my 20-plus years working on this issue. I just don’t want to see the last three die without justice. That’s why the time is of the essence.”
The packed courtroom, which Wall noted may have been over capacity, erupted in cheers and tears after she handed down her ruling.
Solomon-Simmons sued under Oklahoma’s public nuisance law, saying the actions of the white mob that killed hundreds of Black residents and destroyed what had been the nation’s most prosperous Black business district continue to affect the city today. The lawsuit also seeks reparations for descendants of victims of the massacre.
“In public nuisance cases, it is clear either criminal acts or destruction of personal property” constitute a nuisance, said Eric Miller, a Loyola Marymount University law professor working with the plaintiffs. Miller said that racial and economic disparities resulting from the massacre continue to this day.
Chamber of Commerce attorney John Tucker said the massacre was horrible, but the nuisance is not ongoing.
“What happened in 1921 was a really bad deal, and those people did not get a fair shake ... but that was 100 years ago,” Tucker said.
Oklahoma sued consumer products giant Johnson & Johnson using the state public nuisance law for its role in the deadly opioid crisis. Initially, a judge ordered the drugmaker to pay the state $465 million in damages. But the Oklahoma Supreme Court overturned the Johnson & Johnson verdict, ruling that the public nuisance law did not apply because the company had no control of the drug after it was sold to pharmacies, hospitals, and physicians’ offices and then prescribed by doctors to patients.
Miller said the state court’s ruling in the Johnson & Johnson case does not affect the lawsuit.
The massacre happened when an angry white mob descended on a 35-block area in Tulsa’s Greenwood District, killing people and looting and burning businesses and homes. Thousands of people were left homeless and living in a hastily constructed internment camp.
The city and insurance companies never compensated victims for their losses, and the massacre ultimately resulted in racial and economic disparities that still exist today, the lawsuit claims. In the years following the massacre, according to the lawsuit, city and county officials actively thwarted the community’s effort to rebuild and neglected the Greenwood and predominantly Black north Tulsa community in favor of overwhelmingly white parts of Tulsa.
Other defendants include the Tulsa County Board of County Commissioners, Tulsa Metropolitan Area Planning Commission, Tulsa County Sheriff and the Oklahoma Military Department.
The lawsuit seeks unspecified punitive damages and calls for the creation of a hospital in north Tulsa, in addition to mental health and education programs and a Tulsa Massacre Victims Compensation Fund.
The massacre received renewed attention in recent years after then-President Donald Trump selected Tulsa as the location for a 2020 campaign rally amid the ongoing racial reckoning over police brutality and racial violence. Trump moved the date of his June rally to avoid coinciding with a Juneteenth celebration in the city’s Greenwood District commemorating the end of slavery.
___
Associated Press writer Terry Wallace in Dallas contributed to this report.
___
This version corrects the spelling of Van Ellis’ first name to Hughes instead of Hugh.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/05/03/judge-lets-tulsa-race-massacre-reparations-lawsuit-proceed/ | 2022-05-03T11:28:45Z |
Missouri execution would be just fifth this year in the US
(AP) - A man whose death sentence for killing a Missouri couple while robbing their home was overturned three times was scheduled to be executed on Tuesday.
Carman Deck, 56, would be just the fifth U.S. inmate to be executed this year if his lethal injection goes ahead. His hopes for a reprieve were all but dashed on Monday when the U.S. Supreme Court turned aside an appeal and Republican Gov. Mike Parson declined Deck’s clemency request, though he could file new appeals.
Deck, who was from the St. Louis area, was a friend of the grandson of James and Zelma Long and knew they kept a safe in their home De Soto, about 45 miles (72 kilometers) southwest of St. Louis, according to court records.
In July 1996, Deck and his sister stopped at the home under the guise of asking for directions. Deck told a detective that he wasn’t surprised to be invited inside by the couple, who were in their late 60s.
“They’re country folks,” Deck said, according to court records. “They always do.”
Once inside, Deck pulled a gun from his waistband. At Deck’s command, Zelma Long opened the safe and removed jewelry, then got $200 from her purse and more money hidden in a canister.
Deck ordered the couple to lie on their stomachs on their bed. Court records said Deck stood there for 10 minutes deciding what to do, then shot James Long twice in the head before doing the same thing to Zelma Long.
A tip alerted police to Deck and he was arrested later that night outside his sister’s apartment building in St. Louis County. The decorative tin canister from the Long home was in his car.
Prosecutors said Deck later gave a full account of the killings. He was sentenced to death in 1998, but the Missouri Supreme Court tossed the sentence due to errors by Deck’s trial lawyer.
He was condemned to death a second time, but the U.S. Supreme Court threw out the sentence in 2005, citing the prejudice caused by Deck being shackled in front of the jury.
He was sentenced to death for a third time in 2008, but U.S. District Judge Catherine Perry overturned that sentence nine years later after she determined that “substantial” evidence arguing against the death penalty during Deck’s first two penalty phases was unavailable for the third because witnesses had died, couldn’t be found or declined to cooperate.
In October 2020, a three-judge panel of the 8th U.S. Circuit Court of Appeals restored the death penalty, ruling that Deck should have raised his concern first in state court, not federal court. Appeals of that ruling were unsuccessful.
Deck’s clemency petition said he suffered sexual abuse and beatings as a child, and that he and his siblings were often left alone without food.
But Parson wasn’t swayed, explaining his rationale for rejecting the petition in a news release: “Mr. Deck has received due process, and three separate juries of his peers have recommended sentences of death for the brutal murders he committed.”
The number of executions in the U.S. has declined significantly since peaking at 98 in 1998. The drop has coincided with a decline in public support for capital punishment that has fallen from a high of 80% in 1994 to 54% in 2021, according to Gallup polls. Since the mid-1990s, opposition to capital punishment has risen from under 20% to about 45%.
Just four people have been executed in 2022 — Donald Anthony Grant and Gilbert Ray Postelle in Oklahoma, Matthew Reeves in Alabama and Carl Wayne Buntion last month in Texas. All four were convicted killers who were put to death by injection. Eleven people were executed in the U.S. last year, which was the country’s fewest executions since 1988.
Use of the death penalty has become concentrated mostly in a few Southern and Plains states. Last year, Texas executed three inmates, Oklahoma executed two, and one each were put to death in Alabama, Mississippi and Missouri. Three federal inmates were executed in January 2021, toward the end of President Donald Trump’s administration.
On Monday, Tennessee Gov. Bill Lee paused executions for the rest of the year to enable a review of lethal injection procedures after a testing oversight forced the state to call off the execution of Oscar Smith an hour before he was to die on April 21.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/05/03/missouri-execution-would-be-just-fifth-this-year-us/ | 2022-05-03T11:28:53Z |
Mom arrested after shooting 2 sons in their beds, officials say
UPPER MAKEFIELD TOWNSHIP, Pa. (Gray News) - A Pennsylvania mother is facing charges after authorities say she shot her two sons and tried to shoot her neighbor. The boys are not expected to survive.
Trinh Nguyen, 38, was arrested in a church parking lot at 11:30 a.m. Monday, hours after the shooting at her home in Upper Makefield Township, Pennsylvania. She faces three counts of attempted homicide, according to Bucks County District Attorney Matt Weintraub.
The incident began when police were dispatched to Nguyen’s home at 7:05 a.m. for a report of an armed subject, said the district attorney’s office in a news release.
Nguyen’s 22-year-old neighbor told police that she handed him a box of photos and asked him to give it to her ex-husband, his co-worker. She then allegedly pulled a gun on him and tried to fire it twice, but the gun did not fire.
The neighbor wrapped Nguyen in a bear hug and disarmed her before she fled the scene, according to the news release.
When police checked Nguyen’s home, they found her two sons, ages 13 and 9, in their beds with gunshot wounds to their heads. Both boys were taken to the hospital, with at least one of them undergoing surgery.
Unfortunately, the boys are not expected to survive. They were being kept on life support Monday night until their organs could be donated, according to the Philadelphia Inquirer.
Nguyen’s charges are then expected to be upgraded to two counts of homicide.
The news release says that when law enforcement found Nguyen at the church, she was also taken to the hospital because she seemed to be under the influence of drugs. Police believe she may have tried to kill herself, the Inquirer reports.
Authorities did not comment on a motive for the shootings, but court records indicate that Nguyen had more than $11,000 in unpaid rent. The family had been ordered to leave their home by Tuesday, according to the Inquirer.
Nguyen was denied bail at her arraignment.
The case is being investigated by Bucks County Detectives and Upper Makefield Township Police.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/05/03/mom-arrested-after-shooting-2-sons-their-beds-officials-say/ | 2022-05-03T11:29:00Z |
Summer-like conditions are expected today
Temperatures will climb into the upper 70s and 80s this afternoon with a few showers and storms possible
A warm front is currently lifting through the region which will warm us up into the upper 70s and 80s this afternoon. This heat and instability will allow for some showers and thunderstorms to pop up this afternoon, although most should stay dry. We will be breezy at times this afternoon with wind gusts possibly over 30 mph at times.
Some scattered showers and storms are possible overnight, otherwise, we will see partly cloudy skies. We will stay unseasonably warm tonight with lows in the upper 50s and low 60s.
Some showers and possibly a thunderstorm will move through the area tomorrow morning as a cold front passes by. We will dry up Wednesday afternoon, but temperatures will be cooler. More seasonable conditions are expected tomorrow with highs in the upper 60s and 70s.
Drier conditions are expected on Thursday, but that doesn’t last long. More widespread rain and thunderstorms move back into the region to finish off the week. That’ll cool temperatures down as well with highs in the 60s over the weekend. Make sure to stay tuned and catch the latest on WVVA.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/05/03/summer-like-conditions-are-expected-today/ | 2022-05-03T11:29:06Z |
British girl Madeleine McCann still missing after 15 years
LISBON, Portugal (AP) — The parents of Madeleine McCann, a British toddler who vanished from an apartment during her family’s vacation in Portugal 15 years ago and captured global interest, say they remain hopeful that efforts by police in three countries to solve the mystery will eventually bring answers.
Kate and Gerry McCann, both British doctors living in England, said in a statement to mark Tuesday’s anniversary of their daughter’s disappearance that “a truly horrific crime” was committed on May 3, 2007.
They said on the website created to help find Madeleine that “our need for answers, for the truth, is essential.”
They thanked British, Portuguese and German police who continue to work on what happened when the 3-year-old disappeared from her bed in southern Portugal’s Algarve region. She was in the same room as her 2-year-old twin brother and sister while her parents had dinner with friends at a nearby restaurant.
Last month, Portuguese prosecutors formally accused the latest suspect in the investigation.
They didn’t name the suspect, in line with Portuguese privacy laws, but said they were acting on a request by German authorities and in coordination with British investigators.
In mid-2020, Germany’s police identified Christian Brueckner, a 45-year-old German citizen who was in the Algarve in 2007, as a suspect in the case. Brueckner has denied any involvement in Madeleine’s disappearance.
The Portuguese accusation prevents the statute of limitations expiring in the case. The expiry would have occurred 15 years after the alleged crime took place, but accusing a suspect halts that count.
Madeleine’s disappearance stirred worldwide interest, with public claims of having spotted her stretching as far away as Australia, and brought the publication of books and television documentaries about the case.
Rewards for finding Madeleine reached several million dollars.
The case involved sensational developments. In one dramatic twist, Madeleine’s parents were briefly named as official suspects after police found traces of blood in their vacation rental car.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/05/03/british-girl-madeleine-mccann-still-missing-after-15-years/ | 2022-05-03T12:05:34Z |
Missouri execution would be just fifth this year in the US
(AP) - A man whose death sentence for killing a Missouri couple while robbing their home was overturned three times was scheduled to be executed on Tuesday.
Carman Deck, 56, would be just the fifth U.S. inmate to be executed this year if his lethal injection goes ahead. His hopes for a reprieve were all but dashed on Monday when the U.S. Supreme Court turned aside an appeal and Republican Gov. Mike Parson declined Deck’s clemency request, though he could file new appeals.
Deck, who was from the St. Louis area, was a friend of the grandson of James and Zelma Long and knew they kept a safe in their home De Soto, about 45 miles (72 kilometers) southwest of St. Louis, according to court records.
In July 1996, Deck and his sister stopped at the home under the guise of asking for directions. Deck told a detective that he wasn’t surprised to be invited inside by the couple, who were in their late 60s.
“They’re country folks,” Deck said, according to court records. “They always do.”
Once inside, Deck pulled a gun from his waistband. At Deck’s command, Zelma Long opened the safe and removed jewelry, then got $200 from her purse and more money hidden in a canister.
Deck ordered the couple to lie on their stomachs on their bed. Court records said Deck stood there for 10 minutes deciding what to do, then shot James Long twice in the head before doing the same thing to Zelma Long.
A tip alerted police to Deck and he was arrested later that night outside his sister’s apartment building in St. Louis County. The decorative tin canister from the Long home was in his car.
Prosecutors said Deck later gave a full account of the killings. He was sentenced to death in 1998, but the Missouri Supreme Court tossed the sentence due to errors by Deck’s trial lawyer.
He was condemned to death a second time, but the U.S. Supreme Court threw out the sentence in 2005, citing the prejudice caused by Deck being shackled in front of the jury.
He was sentenced to death for a third time in 2008, but U.S. District Judge Catherine Perry overturned that sentence nine years later after she determined that “substantial” evidence arguing against the death penalty during Deck’s first two penalty phases was unavailable for the third because witnesses had died, couldn’t be found or declined to cooperate.
In October 2020, a three-judge panel of the 8th U.S. Circuit Court of Appeals restored the death penalty, ruling that Deck should have raised his concern first in state court, not federal court. Appeals of that ruling were unsuccessful.
Deck’s clemency petition said he suffered sexual abuse and beatings as a child, and that he and his siblings were often left alone without food.
But Parson wasn’t swayed, explaining his rationale for rejecting the petition in a news release: “Mr. Deck has received due process, and three separate juries of his peers have recommended sentences of death for the brutal murders he committed.”
The number of executions in the U.S. has declined significantly since peaking at 98 in 1998. The drop has coincided with a decline in public support for capital punishment that has fallen from a high of 80% in 1994 to 54% in 2021, according to Gallup polls. Since the mid-1990s, opposition to capital punishment has risen from under 20% to about 45%.
Just four people have been executed in 2022 — Donald Anthony Grant and Gilbert Ray Postelle in Oklahoma, Matthew Reeves in Alabama and Carl Wayne Buntion last month in Texas. All four were convicted killers who were put to death by injection. Eleven people were executed in the U.S. last year, which was the country’s fewest executions since 1988.
Use of the death penalty has become concentrated mostly in a few Southern and Plains states. Last year, Texas executed three inmates, Oklahoma executed two, and one each were put to death in Alabama, Mississippi and Missouri. Three federal inmates were executed in January 2021, toward the end of President Donald Trump’s administration.
On Monday, Tennessee Gov. Bill Lee paused executions for the rest of the year to enable a review of lethal injection procedures after a testing oversight forced the state to call off the execution of Oscar Smith an hour before he was to die on April 21.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/05/03/missouri-execution-would-be-just-fifth-this-year-us/ | 2022-05-03T12:05:40Z |
"The State of 5G" also shows 23 live Open RAN deployments, and 24 Standalone 5G networks
SCOTTSDALE, Ariz., May 3, 2022 /PRNewswire/ -- Viavi Solutions Inc. (VIAVI) (NASDAQ: VIAV) today released new industry data revealing that the number of cities with 5G networks now stands at 1,947 globally. Despite the pandemic, 5G cities came online at a rate of nearly two per day, with the addition of 635 new 5G cities in 2021, according to the new VIAVI report "The State of 5G," now in its sixth year.
By the end of January 2022, 72 countries had 5G networks in place, with the newest crop of 5G countries comprising Argentina, Bhutan, Kenya, Kazakhstan, Malaysia, Malta and Mauritius, which all came online in the second half of 2021. Europe, Middle East & Africa (EMEA) has overtaken Asia Pacific including Greater China (APAC) to become the region with the most 5G cities at 839. APAC has 689 5G cities and the Americas has 419.
Not surprisingly, the world's two largest economies, the United States and China are the countries with the most 5G cities. China now has 356 5G cities and the United States has 296. The Philippines remained in the third spot globally with a total of 98 5G cities.
Currently, most 5G networks deployed are Non-Standalone (NSA) networks, meaning that 5G equipment is added to existing 4G network infrastructure. There are currently 24 Standalone (SA) 5G networks globally, meaning that they have been built using a new 5G core network. It is widely considered that many of the next-generation use cases and monetization models associated with 5G, beyond enhanced Mobile Broadband (eMBB) will only be possible when Standalone 5G networks built on new 5G core networks are in place.
The State of 5G also highlights the growing Open RAN ecosystem, combining mobile operators as well as software and infrastructure vendors, seeking to develop an open, virtualized Radio Access Network (RAN) with embedded Artificial Intelligence (AI) control. As of March 2022, 64 operators have publicly announced their participation in the development of Open RAN networks. This breaks down to 23 live deployments of Open RAN networks, 34 in the trial phase with a further seven operators that have publicly announced they are in the pre-trial phase.
"5G continued to expand, despite the headwinds of a global pandemic," said Sameh Yamany, CTO, VIAVI Solutions. "What comes next in 5G is the reinforcement of networks. This will take a couple of forms. Firstly, we expect to see more Standalone 5G networks, which will deliver on much of the promise of 5G, both for the operator and for the wider ecosystem of users. And secondly, we expect to see Open RAN continue its rapid development and start to become a de facto standard. VIAVI will continue to play a central role in testing those new networks as they are built and expanded."
The State of 5G infographic is available to download here. The data was compiled from publicly available sources for information purposes only, as part of the VIAVI practice of tracking communication technology trends.
About VIAVI
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for communications service providers, enterprises, network equipment manufacturers, government and avionics. We help these customers harness the power of instruments, automation, intelligence and virtualization to Command the network. VIAVI is also a leader in light management solutions for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, and defense applications. Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn, Twitter, YouTube and Facebook.
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SOURCE VIAVI Solutions | https://www.whsv.com/prnewswire/2022/05/03/635-new-5g-cities-2021-1947-5g-cities-globally-according-viavi/ | 2022-05-03T12:05:46Z |
SANTA CLARA, Calif., May 3, 2022 /PRNewswire/ -- Achronix Semiconductor Corporation, a leader in high-performance field-programmable gate arrays (FPGAs) and embedded FPGA (eFPGA) IP, today announced that President and CEO, Robert Blake, will provide a business update on the Company's record 2021 performance and review its competitive position as the only pure-play provider of high-performance FPGA components and embedded FPGA cores in the industry today at the following upcoming conferences:
- Oppenheimer Emerging Growth Conference - Tuesday, May 10. Virtual investor meetings with management will be held throughout the day.
- Baird Global Consumer, Technology & Services Conferences - Monday, June 6 at the InterContinental Barclay Hotel in New York. Management is scheduled to host a fireside chat at 1:25 p.m. ET and meet with attending investors throughout the day.
- Rosenblatt's Age of AI Scaling Summit - Thursday, June 9. Management will host a virtual fireside chat at 2:00 p.m. ET, followed by group investor meetings.
Interested parties attending these events who would like to schedule a meeting with Achronix should contact the respective firm's equity sales representative.
About Achronix Semiconductor Corporation
Achronix Semiconductor Corporation is a fabless semiconductor corporation based in Santa Clara, California, offering high-end FPGA-based data acceleration solutions, designed to address high-performance, compute-intensive and real-time processing applications. Achronix is the only supplier to have both high-performance, high-density standalone FPGAs and licensed eFPGA IP solutions. Achronix Speedster®7t FPGA and SpeedcoreTM eFPGA IP offerings are further enhanced by ready-to-use VectorPathTM accelerator cards targeting AI, machine learning, networking and data center applications. All Achronix products are fully supported by the Achronix Tool Suite which enables customers to quickly develop their own custom applications. Achronix has a global footprint, with sales and design teams across the U.S., Europe and Asia. For more information, please visit www.achronix.com.
For more information, please visit:
Website: www.achronix.com
The Achronix Blog: /blogs/
Twitter: https://twitter.com/Achronixcorp
LinkedIn: https://www.linkedin.com/company/57668/
Facebook: https://www.facebook.com/achronix/
YouTube: https://www.youtube.com/user/AchronixCorp
Achronix, Speedster and VectorPath are registered trademarks, and Speedcore and Speedchip are trademarks of Achronix Semiconductor Corporation. All other trademarks are the property of their respective owners.
Contacts
Joel Achramowicz, Managing Director
Shelton Group
T: 415-845-9964
sheltonir@sheltongroup.com
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SOURCE Achronix | https://www.whsv.com/prnewswire/2022/05/03/achronix-present-upcoming-financial-conferences/ | 2022-05-03T12:05:53Z |
Seasoned sales leader to drive provider adoption of Ad-Tech's industry-leading electrodes to improve patient outcomes.
OAK CREEK, Wis., May 3, 2022 /PRNewswire/ -- Ad-Tech Medical, a portfolio company of ArchiMed, today announced that Drew Rannells has joined Ad-Tech's sales team. With more than 18-years' experience in healthcare industry sales leadership, Mr. Rannells will be concentrating on the expansion of Ad-Tech's presence in the Intraoperative Neuromonitoring market.
Commenting on the addition to Ad-Tech's leadership team company Chairman, Brian Smith stated "We're thrilled to add Drew's proven industry expertise and unique technical skills to Ad-Tech's management team. As more and more providers adopt neuromonitoring as a best practice for improved patient outcomes in neuro and orthopedic procedures, Drew's clinical know-how and patient focus will be a big asset to us and our customers."
Mr. Rannells added, "I couldn't be more delighted about becoming a part of the distinguished team at Ad-Tech. Everyone in the organization consistently demonstrates a dedication to excellence and an authentic desire to make a positive difference in the lives of the providers and patients we serve. Ad-tech is in a position to expand its impact worldwide, and I can't think of a more worthy aspiration."
Mr. Rannells joins Ad-Tech's sales and leadership teams following a distinguished career that most recently included Zimmer Biomet of Chicago where he was team lead in that company's ortho device group. He earned a bachelors degree from Butler University and can be reached at Ad-Tech's corporate offices in Oak Creek, WI.
About Ad-Tech
Ad-Tech Medical is dedicated to helping surgeons, technicians and other caregivers deliver optimal outcomes for their patients. Physicians count on Ad-Tech's state of the art electrodes for excellent design and engineering, world-class support and groundbreaking innovation. Ad-Tech devices are manufactured in the U.S. and used by healthcare providers worldwide to record, monitor and stimulate subsurface levels of the brain.
About ArchiMed
With offices in the US and Europe, ArchiMed is a leading investment firm focused exclusively on healthcare industries. Its mix of operational, medical, scientific and financial expertise allows ArchiMed to serve as both a strategic and financial partner to North American and European healthcare businesses. Prioritized areas of focus include biopharmaceutical products & services, life science tools, medical devices & technologies, diagnostics, healthtech and consumer health. ArchiMed helps partners internationalize, acquire, innovate and expand their products and services. Over the last twenty years, ArchiMed's leadership team has directly managed and invested in over eighty small to large-size healthcare companies globally, representing over €50 billions of combined value. ArchiMed manages over €5 billion across its various funds. Since inception, ArchiMed has been a committed Impact investor, both directly and through its Eurêka Foundation.
Media contact:
Michael Morrison
mmorrison@chiefoutsiders.com
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SOURCE Ad-Tech Medical Instrument | https://www.whsv.com/prnewswire/2022/05/03/ad-tech-medical-welcomes-healthcare-industry-veteran-drew-rannells-lead-expansion-into-intraoperative-neuromonitoring/ | 2022-05-03T12:06:00Z |
Former CIA officer Mike Castiglione leads group to bridge public/private sectors on critical blockchain national security issues
WASHINGTON, May 3, 2022 /PRNewswire/ -- The Association for Digital Asset Markets (ADAM) and Eventus today announced that ADAM has just appointed Eventus Director of Regulatory Affairs, Digital Assets and former Central Intelligence Agency (CIA) officer Mike Castiglione as Chair of its new National Security Working Group. ADAM created the working group to serve as a bridge between the public and private sectors by acting as a go-to resource for the executive and legislative branches to interface with industry experts on blockchain national security issues.
The ADAM Board of Directors approved Castiglione's selection based on his broad national security experience and Eventus' industry-leading technology in trade surveillance, risk monitoring and transaction monitoring for digital assets.
ADAM CEO Michelle Bond said: "We are very excited to have Mike as the Chair of our National Security Working Group. ADAM has a very deep bench, and we know Mike will add to this, leveraging his experience to guide the working group. He will enable us to continue public-private information sharing to the utmost degree, and we're looking forward to working with him."
Joseph Schifano, Eventus Global Head of Regulatory Affairs, said: "Mike has delivered clear, objective insights on national security challenges during a 15-year career in the U.S. federal government. Eventus is proud to play a role in this working group – which will be a key resource to government and the industry alike – and to collaborate with other experts throughout ADAM's membership to ensure digital asset markets are safe and trusted."
ADAM's National Security Working Group aims to leverage private sector knowledge and expertise to empower policymakers and regulators with insights on anti-money laundering (AML) capabilities and to ensure blockchain technology promotes global growth, open markets, and stability.
"Public-private partnerships are a cornerstone of sound regulation that encourages rapid adoption of emerging technologies. ADAM members are positioned to learn from each other and to build the next suite of products that advances digital assets," Castiglione said.
The ADAM National Security Working Group builds on previous ADAM efforts in the national security space, including its recent comments to FinCEN on Bank Secrecy Act modernization and its testimony to the House Financial Services Subcommittee on National Security, International Development and Monetary Policy.
About the Association for Digital Asset Markets (ADAM)
The Association for Digital Asset Markers is a private, non-profit, membership-based association of firms operating in the digital asset markets and is a standards-setting body and self-governing association committed to promoting market integrity and best practices. ADAM works with leading financial firms, entrepreneurs and regulators to develop industry best practices that facilitate fair and orderly digital asset markets. In this vein, ADAM's objectives are to: (1) protect market participants from fraud and manipulation; (2) provide clear standards for efficient trading, custody, and the clearing and settlement of digital assets; (3) encourage professionalism and ethical conduct by market participants; and (4) increase transparency and provide information to the public and governments about digital asset markets. In furtherance of this, ADAM released a principles-based Code of Conduct in late 2019 that sets certain standards of professional conduct for ADAM members.
ADAM consists of a broad-based industry group that includes a wide variety of market participants, including trading platforms, custodians, investors, asset managers, traders, liquidity providers, brokers, and service providers. ADAM members are firms that are active in digital asset markets or seek to participate in those markets. ADAM members include: Anchorage Digital, N.A.; BitGo; BitOoda; BlockFi; BTIG; CMT Digital; CoinFund; Cumberland; Crowe LLP; Digital Asset Council of Financial Professionals; Dunamis Trading; Eventus; Fireblocks; FTX.com; FTX.us; Galaxy Digital; Genesis; Grayscale; GSR; HRT; Hxro Foundation; Jane Street Capital; Multicoin Capital; Oasis Pro Markets; Parataxis; Paxos; Robinhood Crypto; Sarson Funds; Solidus Capital; Solidus Labs; Symbiont; Symphony; WisdomTree; and XBTO. ADAM law firm partners include Anderson Kill; DLA Piper; DLx Law; Mayer Brown LLP; Morgan Lewis; and McGonigle, P.C.
About Eventus
Eventus is a leading global provider of multi-asset class trade surveillance and market risk solutions. Its powerful, award-winning Validus platform is easy to deploy, customize and operate across equities, options, futures, foreign exchange (FX), fixed income and digital asset markets. Validus is proven in the most complex, high-volume and real-time environments of tier-1 banks, broker-dealers, futures commission merchants (FCMs), proprietary trading groups, market centers, buy-side institutions, energy and commodity trading firms, and regulators. The company's rapidly growing client base relies on Validus and Eventus' responsive support and product development teams to overcome its most pressing regulatory challenges. For more, visit www.eventus.com.
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SOURCE Association for Digital Asset Markets (ADAM) and Eventus | https://www.whsv.com/prnewswire/2022/05/03/adam-selects-eventus-director-regulatory-affairs-digital-assets-chair-new-national-security-working-group/ | 2022-05-03T12:06:06Z |
CONCORD, Mass., May 3, 2022 /PRNewswire/ -- Adiso Therapeutics, Inc., a clinical-stage biotechnology company committed to creating medicines that treat inflammatory diseases and improve the lives of patients and their families, today announced that Scott Megaffin, Chief Executive Officer, will present virtually at BioNJ's 12th Annual BioPartnering Conference.
Conference Date: May 9 – May 13, 2022
Company Presentation: May 10th at 11:00 a.m. (Q&A immediately following)
Virtual 1:1 Partnering: May 9 – May 13, 2022
On-Demand Presentation: Available May 10th, 2022, for 30 days via the BioPartnering Portal
Mr. Megaffin will present the Adiso pipeline of products, and discuss the recent launch with Morningside Ventures and how this supports the Company's overall business strategy and corporate vision. The Adiso pipeline includes two small molecules with novel mechanisms of action and single strain live biotherapeutic products (SS-LBP), rapidly advancing in clinical-stage development programs for ulcerative colitis and c. difficile.
About Adiso:
Adiso is a clinical-stage biopharmaceutical company dedicated to improving the lives of patients and their families by creating new medicines to treat inflammatory diseases. This dedication is epitomized by our lead clinical candidates, ADS024, an oral single strain live biotherapeutic product (SS-LBP) for the treatment of mild-to-moderate ulcerative colitis and prevention of C. difficile recurrence; ADS051, an oral, gut-restricted modulator of neutrophil trafficking and activation for the treatment of moderate-to-severe ulcerative colitis; and ADS032, a dual NLRP3/NLRP1 inflammasome inhibitor initially being developed for inflammatory diseases of the lung. Adiso has built these development programs upon a rich history of institutional and academic collaboration, including the University College Cork, Ireland, the APC Microbiome Institute, the University of Massachusetts Chan Medical School, the Hudson Institute of Medical Sciences Centre for Innate Immunity and Infectious Diseases in Australia and the University of Edinburgh Centre for Inflammation Research. For more information, please visit www.adisotx.com or our LinkedIn page.
Contacts
Argot Partners
Media: Sarah Sutton/Liza Sullivan
IR: Jason Finkelstein
Adiso@argotpartners.com
212.600.1902
Adiso Therapeutics, Inc.
Jennifer Locke, Chief Operating & Business Officer
pr@adisotx.com
978.202.4335
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SOURCE Adiso Therapeutics | https://www.whsv.com/prnewswire/2022/05/03/adiso-therapeutics-present-bionjs-12th-annual-biopartnering-conference/ | 2022-05-03T12:06:13Z |
BERWYN, Pa., May 3, 2022 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced its financial results for the first quarter ended March 31, 2022.
AMETEK's first quarter 2022 sales were $1.46 billion, a 20% increase compared to the first quarter of 2021. Operating income increased 20% to $353.2 million and operating margins were 24.2% in the quarter with strong core margin expansion.
On a GAAP basis, first quarter earnings per diluted share were $1.17. Adjusted earnings in the quarter were $1.33 per diluted share, up 24% from the first quarter of 2021. Adjusted earnings adds back non-cash, after-tax, acquisition-related intangible amortization of $0.16 per diluted share. A reconciliation of reported GAAP results to adjusted results is included in the financial tables accompanying this release and on the AMETEK website.
"AMETEK had a strong start to the year. Our businesses navigated a difficult operating environment, delivering results exceeding our expectations," said David A. Zapico, AMETEK Chairman and Chief Executive Officer. "Our focus on providing customers with differentiated technology solutions drove double digit organic sales growth while AMETEK's operational flexibility allowed us to generate excellent margin expansion and earnings growth. Additionally, end demand remains strong with orders up 22% in the quarter resulting in a record $3.0 billion backlog."
Electronic Instruments Group (EIG)
EIG sales in the first quarter were $987.8 million, up 25% from the first quarter of 2021. EIG's operating income in the quarter increased 18% to $244.8 million and operating income margins were 24.8%.
"EIG delivered fantastic results in the quarter," noted Mr. Zapico. "Strong organic sales growth and contributions from recent acquisitions drove an impressive 25% increase in sales while AMETEK's operational excellence initiatives drove excellent core margin expansion."
Electromechanical Group (EMG)
First quarter EMG sales were $470.8 million, up 11% from the same quarter in 2021. EMG's first quarter operating income was a record $128.2 million, up 22% versus the prior year, while operating income margins were a record 27.2%.
"EMG's first quarter results were outstanding with broad based sales growth and exceptional operating performance resulting in robust margin expansion," added Mr. Zapico.
2022 Outlook
"AMETEK's performance in the first quarter reflects the strength of the AMETEK Growth Model. We remain well positioned to manage successfully in an uncertain environment including supply chain constraints, increased inflation, and the impacts of COVID-19 lockdowns in China. Despite these headwinds we continue to deliver strong and sustainable performance for all stakeholders," continued Mr. Zapico.
"For 2022, we expect overall sales to be up high-single digits compared to 2021. Adjusted diluted earnings per share are now expected to be in the range of $5.34 to $5.44, an increase of 10% to 12% over the comparable basis for 2021. This is an increase from our previous guidance range of $5.30 to $5.42 per diluted share," he added.
"We expect overall sales in the second quarter to be up low to mid-single digits versus the prior year. Adjusted earnings per diluted share are anticipated to be in the range of $1.27 to $1.30, up 10% to 13% compared to the second quarter of 2021," concluded Mr. Zapico.
Conference Call
AMETEK will webcast its first quarter 2022 investor conference call on Tuesday, May 3, 2022, beginning at 8:30 AM ET. The live audio webcast will be available and later archived in the Investors section of www.ametek.com.
About AMETEK
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2021 sales of $5.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500.
Forward-looking Information
Statements in this news release relating to future events, such as AMETEK's expected business and financial performance are "forward-looking statements." Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include risks related to COVID-19 and its potential impact on AMETEK's operations, supply chain, and demand across key end markets; AMETEK's ability to consummate and successfully integrate future acquisitions; risks with international sales and operations, including supply chain disruptions; AMETEK's ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in AMETEK's filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.
Contact:
Kevin Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610.889.5247
Use of Non-GAAP Financial Information
The Company supplements its consolidated financial statements presented on a U.S. generally accepted accounting principles ("GAAP") basis with certain non-GAAP financial information to provide investors with greater insight, increased transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial tables. These non-GAAP financial measures should be considered in addition to, and not as a replacement for, or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.
The Company believes that these measures provide useful information to investors by reflecting additional ways of viewing AMETEK's operations that, when reconciled to the comparable GAAP measure, helps our investors to better understand the long-term profitability trends of our business, and facilitates easier comparisons of our profitability to prior and future periods and to our peers.
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SOURCE AMETEK, Inc. | https://www.whsv.com/prnewswire/2022/05/03/ametek-announces-first-quarter-results/ | 2022-05-03T12:06:22Z |
Fast-growing CRO will bring together quality processes, content, and training to streamline quality management and accelerate preclinical validation for cutting-edge medicines
PLEASANTON, Calif., May 3, 2022 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced that AmplifyBio is building a foundation for advanced quality, study execution, and reporting with Veeva Vault Quality Suite. Using a modern quality system with built-in industry best practices, the company will streamline and automate processes to increase the efficiency of its preclinical drug testing.
"At AmplifyBio, we generate and report critical data through short and long duration studies that go into FDA submissions for many of our clients at a key stage in developing medicines," said Jerry Hacker, executive vice president and chief commercial officer at AmplifyBio. "With our state-of-the-art facility and Veeva Vault Quality Suite, we will deliver data our clients can rely on while keeping up with the most rigorous GLP requirements."
AmplifyBio is a contract research organization (CRO) focused on toxicology, safety pharmacology, and efficacy testing to accelerate innovation across pharmaceutical modalities. The company will use Veeva Vault QMS to execute core quality processes, Veeva Vault QualityDocs to manage and share SOPs and other GLP documents, and Veeva Vault Training to ensure role-based qualifications. By managing end-to-end quality in a single system, AmplifyBio will be able to ensure quality excellence across its departments and suppliers.
"As a trusted partner, we're proud to support AmplifyBio's vision of advancing medical breakthroughs and cures for disease," said Ashley Wentworth, senior director, Veeva Vault Quality strategy. "With Veeva Vault Quality Suite, AmplifyBio will have a technology foundation that can scale and keep up with evolving customer and market needs."
Vault Quality Suite includes Vault QMS, Veeva Vault Product Surveillance, Vault QualityDocs, Veeva Vault Validation Management, Veeva Vault Station Manager, Vault Training, Veeva LearnGxP, and Veeva Vault LIMS to automate and harmonize quality processes globally. Vault Quality Suite enables companies to easily manage quality in one unified solution and delivers the power and scalability needed across the life sciences value chain.
Additional Information
For more on Veeva Vault Quality Suite, visit: veeva.com/VaultQuality Connect with Veeva on LinkedIn: linkedin.com/company/veeva-systems Follow @veevasystems on Twitter: twitter.com/veevasystems
About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com.
Veeva Forward-looking Statements
This release contains forward-looking statements regarding Veeva's products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-K for the period ended January 31, 2022, which you can find here (a summary of risks which may impact our business can be found on pages 13 and 14), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Deivis Mercado
Veeva Systems
925-226-8821
deivis.mercado@veeva.com
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SOURCE Veeva Systems | https://www.whsv.com/prnewswire/2022/05/03/amplifybio-drive-quality-excellence-with-veeva-vault-quality-suite/ | 2022-05-03T12:06:29Z |
Arjuna's Rhuleave-K® demonstrates fast-action pain relief of acute musculoskeletal pain following exercise in new clinical study
KOCHI, India, May 3, 2022 /PRNewswire/ -- Results of a new, randomized, placebo-controlled, multicenter study demonstrate Arjuna Natural Pvt. Ltd.'s Rhuleave-K®, a proprietary blend of extracts of turmeric (Curcuma longa) and frankincense (Boswellia serrata) Rhuleave-K® offers natural, rapid relief of acute musculoskeletal pain in multiple body parts following exercise.
Joint and muscle pain continues to be one of the leading reasons for hospital visits. In fact, pain management has evolved over recent years into a major area of specialty, gaining recognition as a medical discipline in its own right.
Acute musculoskeletal pain commonly occurs as a result overexertion in sports, or other strenuous activities like lifting weights, brisk walking, squats, running, etc., and can be a major cause of discomfort or even degradation in quality of life.
"People will typically reach for over-the-counter pain relief agents, for managing acute pain because of the swift action," explains Benny Antony, PhD, Joint Managing Director for Arjuna. "Consumers are also increasingly turning to complementary medicine including traditional herbal remedies and natural supplements for pain relief. However, they tend to be slow acting and can take anywhere from a few days to several weeks to take effect."
Arjuna leads a relatively young category in the nutraceutical industry, having crafted a holistic solution to rapid pain relief by joining two classic anti-inflammatory botanicals—curcuminoids and boswellia—into a proprietary, high-dissolution composition. The formula is bound by a black sesame oil base, which acts as an effective carrier and is known for its own wellness properties. The novel SPEEDTECHTM technology is applied to ensure rapid, uniform dispersal of the actives, resulting in a fast-action mechanism.
The new clinical study, published in the Journal of Applied Medical Sciences (March 2022) evaluated the effect of Rhuleave-K in 232 healthy individuals suffering from acute musculoskeletal pain of the head and neck, upper and lower limbs, trunk, and general body following exercise. Pain intensity was measured using a numerical rating scale (NRS) in which 0 represents no pain and 10 represents the worst pain possible. Only participants with a screening score of 5 or greater were enrolled. Moreover, pain levels were assessed at rest, on the movement of the affected part, and on the application of pressure.
The study, led by Meghan Murthy, PhD, and colleagues was conducted in India across six different regional sites. Participants were given 1,000mg of Rhuleave-K in two softgels, or a placebo.
While the placebo group experienced no significant decrease in any of the five location categories of pain, the Rhuleave-K group reported fast pain recovery. Pain alleviation could be felt as early as 40 minutes following supplementation, with complete pain relief achieved by as early as 160 minutes. Subjects in the head and neck category experienced the fastest relief. The maximum length of time reported for reaching meaningful total pain relief was 216 minutes, predominantly among those subjects suffering from pain in the trunk, specifically the chest, pelvis, abdomen, and back. Rhuleave-K also elicited improved range of movement.
This study served as a follow up to encouraging results demonstrated in a study conducted in 2020 in which Rhuleave-K was shown to act almost on par with acetaminophen in reducing musculoskeletal pain.
"We developed Rhuleave-K to offer consumers a natural and safe botanical aid that can deliver an immediate pain alleviation effect. Turmeric root and frankincense gum resin naturally harbor a range of biological actives and have been used for centuries in traditional medicines to relieve joint pain and inflammationon," adds Antony.
The analgesic and anti-inflammatory action of turmeric is attributed to the active curcuminoid compounds, although the exact mechanism is unknown. It is believed that curcuminoids can inhibit the multisensory receptors involved in pain mediation as well as put the brakes on inflammatory pathways, mainly COX2. Previous experimental models have documented the dose dependent pain-relieving activity for acetyl ketoboswellic acid (AKBA), the active component of boswellia.
Visit us at Vitafoods, Geneva, May 10-12, booth #A84
For further information please contact:
Company Contact
Arjuna Natural Pvt
Benny Antony, PhD
Joint Managing Director
Email: benny@arjunanatural.com
Website: www.arjunanatural.com
Twitter: @ArjunaExtracts
Press Contact
NutriPR
Liat Simha
Tel: +972-9-9742893
E-mail: liat@nutripr.com
Website: www.nutripr.com
Twitter: @LiatSimha
Photo- https://mma.prnewswire.com/media/1809787/Arjuna_Natural.jpg
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SOURCE Arjuna Natural Ltd. | https://www.whsv.com/prnewswire/2022/05/03/arjunas-novel-natural-blend-helps-give-fast-relief-workout-pain/ | 2022-05-03T12:06:35Z |
Undergraduates put in-class Oracle Hospitality OPERA Cloud Service training to work in Alabama's first luxury teaching hotel
AUSTIN, Texas, May 3, 2022 /PRNewswire/ -- Auburn University is opening a world-class concierge-level teaching hotel with the support of Ithaka Hospitality Partners, the property's operating manager, and Oracle Hospitality OPERA Cloud Service. The Laurel Hotel & Spa is part of Auburn's Tony & Libba Rane Culinary Science Center (RCSC). The exciting destination will not only provide guests an enticing place to stay, but also act as the home of the university's hospitality management program. Students will first learn OPERA Cloud in their coursework and apply this knowledge with hands-on training in the hotel when it opens later this year.
"The Laurel Hotel & Spa will offer groundbreaking technical advantages for students, staff, and visitors alike," said Hans van der Reijden, founder and CEO, Ithaka Hospitality Partners. "OPERA Cloud will provide the property with industry-leading technology to run efficiently, but even more importantly, will deliver an immersive educational experience that blends hands-on learning with cross-functional coursework to prepare students to be leaders in the hospitality industry."
The entire Laurel environment will be specially designed and built for student learning. Using OPERA Cloud – a global leader in cloud property management systems – undergraduates will gain hands-on, practical experience in all aspects of hotel operations. The experience will further position Auburn's hospitality management students to become future leaders in the industry.
"With OPERA Cloud integrated throughout lodging and IT related courses in the curriculum, hospitality management students not only gain a competitive learning advantage over their peers at other institutions, but also have the distinction of studying the platform across functional, operational and strategic goals of The Laurel Hotel & Spa," said Alecia Douglas, associate professor of hospitality management, Auburn University College of Human Sciences. "Such an experience is above and beyond the passive learning from the current mode of instruction and gives students first-hand knowledge of the technology thereby making abstract concepts much more relatable."
Top-notch property, top-notch tech
The Laurel Hotel & Spa will feature 16 luxurious rooms, 10 suites, six residences, a spa, fitness studio, rooftop pool, and yoga pavilion giving Auburn University students the ability to treat guests to a truly top-notch experience. In addition, guests have access to 1856, a culinary residence; a microbrewery; a rooftop terrace and garden; culinary laboratories; coffee bar and roaster; and Hey Day Market Food Hall.
The university's existing on-campus hospitality facility, The Hotel at Auburn University & Dixon Conference Center, has used OPERA 5 since 2014, making the upgrade to OPERA Cloud a natural fit. OPERA Cloud will help to integrate hotel operations, reduce on-site equipment and IT management needs, and most importantly, enrich students' learning opportunities with exposure to a modern, cloud-based system.
"Staffing is one of the largest obstacles facing hospitality today, making what Auburn University and Ithaka Hospitality Partners are doing not only invaluable for students, but essential for our industry," said Alex Alt, senior vice president and general manager, Oracle Hospitality. "OPERA Cloud will provide The Laurel Hotel & Spa with leading-edge industry innovations to help deliver concierge-level service and offer students a strong educational foundation that will prepare them for a long and rewarding career in hospitality."
Learn more about the facility
The Laurel Hotel & Spa
Tony & Libba Rane Culinary Science Center (RCSC)
The Rane Story
About Ithaka Hospitality Partners
Ithaka Hospitality Partners is a hospitality management company focused on all aspects of hotel, resort, restaurant, and food hall management as well as special event and catering management. Ithaka consults with owners and developers to deliver strategic and tactical methods to achieve overall profitability, guest satisfaction and employee engagement. Additionally, Ithaka is proud to partner with the Hospitality Management Program at Auburn University to assist in educating the next generation of leaders in our industry. For additional information, visit www.ithakahp.com.
About Oracle Hospitality
Oracle Hospitality brings more than 40 years of experience in providing technology solutions to independent hoteliers, global and regional chains, gaming, and cruise lines. Our hardware, software, and services enable customers to act on rich data insights that deliver personalized guest experiences, maximize profitability, and encourage loyalty.
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.
Trademarks
Oracle, Java, and MySQL are registered trademarks of Oracle Corporation.
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SOURCE Oracle | https://www.whsv.com/prnewswire/2022/05/03/auburn-university-ithaka-hospitality-partners-offer-hands-on-learning-future-hoteliers-with-oracle-cloud/ | 2022-05-03T12:06:42Z |
NOV03 Met Primary Endpoints for Signs and Symptoms of Dry Eye Disease Associated with Meibomian Gland Dysfunction in Both Phase 3 Trials
VAUGHAN, ON and LAVAL, QC and HEIDELBERG, Germany, May 3, 2022 /PRNewswire/ -- Bausch + Lomb, a leading global eye health business of Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health") and Novaliq GmbH, a biopharmaceutical company focusing on first- and best-in-class ocular therapeutics, today announced that data from the second pivotal Phase 3 trial (MOJAVE) of investigational treatment NOV03 (perfluorohexyloctane) were presented virtually yesterday at the Association for Research in Vision and Ophthalmology (ARVO) annual meeting. NOV03 is being investigated as a first-in-class treatment with a novel mechanism of action to treat the signs and symptoms of dry eye disease (DED) associated with Meibomian gland dysfunction (MGD).
"The findings show that NOV03 met both efficacy endpoints, which reinforces the results from the first pivotal Phase 3 clinical trial and builds upon the growing body of evidence in support of NOV03 as a potential first-in-class treatment for dry eye disease associated with Meibomian gland dysfunction," said Joseph C. Papa, chairman and CEO, Bausch Health. "If approved, NOV03 would be the first pharmaceutical therapy available in the United States with a novel mechanism of action designed to alleviate both signs and symptoms for those suffering with dry eye disease associated with Meibomian gland dysfunction."
DED is one of the most common ocular surface disorders, causing discomfort for approximately 18 million Americans.1,2 MGD is a major cause of the development and progression of evaporative DED, which is caused by a deficient tear film lipid layer that leads to increased tear evaporation.3 In one trial, it was found that approximately 86% of patients with DED had MGD involvement.4
The data presented from the second Phase 3, multicenter, randomized, hypotonic saline-controlled, double masked trial show NOV03 met both primary efficacy endpoints: total Corneal Fluorescein Staining (tCFS), a measure of assessing damage to the eye, and VAS eye dryness endpoints at day 57.
"We are excited to see consistent data on multiple fronts across both Phase 3 studies of NOV03. In addition to meeting each of the primary sign and symptom efficacy endpoints, NOV03 continues to appear to be well tolerated in this population," said John Sheppard, M.D., professor of Ophthalmology, Eastern Virginia Medical School, Norfolk, Va., EyeCare Partners Mid-Atlantic Medical Director and NOV03 trial investigator. "Treatment options for dry eye disease associated with Meibomian gland dysfunction in the United States are currently limited to mechanical methods, such as medical devices, warm compresses, lid scrubs and massage. If approved, NOV03 would offer eye care professionals a promising new therapeutic pharmaceutical approach for these patients."5
The data was based on results from 620 participants ages 18 years and older who were randomized to either receive treatment with NOV03 four times daily or hypotonic saline solution four times daily (n=311 NOV03; n=309 saline). Key points from the trial include:
- On day 57, change from baseline in total Corneal Fluorescein Staining (tCFS) was statistically significant in the NOV03 arm compared to the control saline group (-2.3 [2.8] vs. -1.1 [2.9]) (P<0.001) (primary endpoint).
- Additionally on day 57, VAS eye dryness score was statistically significantly improved in the NOV03 arm compared to control group (-29.5 [28.6] vs. -19.0 [27.2]) (P<0.001) (primary endpoint).
- tCFS and VAS eye dryness score were also statistically significant at day 15 (secondary endpoints).
In the trial, NOV03 was well tolerated with few subjects experiencing ocular adverse events (AE) in the study eye (9.6% NOV03 group, 9.7% control group). Blepharitis, mostly mild, was the only AE that occurred in a >1% higher proportion of subjects treated with NOV03 versus control (1.6% vs 0.3%).
"These results reaffirm the safety and efficacy data of NOV03 as a potential treatment option for patients with dry eye disease associated with Meibomian gland dysfunction," said Christian Roesky, Ph.D., CEO, Novaliq. "In collaboration with Bausch Health and Bausch + Lomb, we look forward to submitting NOV03 for FDA approval during the second quarter of 2022 with the potential to bring a novel drug option for this condition to the United States."
About NOV03 (perfluorohexyloctane) Ophthalmic Solution
NOV03 is an investigational, proprietary, water-free, single-component preservative-free eye drop.6 In 2019, Bausch Health and Bausch + Lomb acquired an exclusive license for the commercialization and development of NOV03 in the United States and Canada. In addition to data from the MOJAVE trial, data from the first pivotal Phase 3 trial (GOBI) was presented at the American Society of Cataract and Refractive Surgery (ASCRS) annual meeting in Washington, D.C. on April 24, 2022. Results from the pivotal Phase 2 trial (SEECASE) was published in Cornea: The Journal of Cornea and External Disease in September 2021.7 The clinical development program for NOV03 is expected to conclude with an ongoing multi-center, open-label, single-arm, 12-month safety extension trial (KALAHARI).
About Novaliq
Novaliq is a biopharmaceutical company focusing on the development and commercialization of first- and best-in-class ocular therapeutics based on EyeSol®, the worldwide first water-free technology. Novaliq offers an industry-leading portfolio addressing today's unmet medical needs of millions of patients with eye diseases. Novaliq GmbH is headquartered in Heidelberg, Germany and Novaliq Inc. has an office in Cambridge, MA, USA. The long-term shareholder is dievini Hopp BioTech holding GmbH & Co. KG, an active investor in Life and Health Sciences companies. More on www.novaliq.com.
About Bausch + Lomb
Bausch + Lomb, a leading global eye health business of Bausch Health Companies, Inc., is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life. Its comprehensive portfolio of more than 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with more than 12,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario with corporate offices in Bridgewater, New Jersey. For more information, visit www.bausch.com and connect with us on Twitter, LinkedIn, Facebook and Instagram.
About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. For more information, visit www.bauschhealth.com and connect with us on Twitter and LinkedIn.
Forward-looking Statements
This news release may contain forward-looking statements, which may generally be identified by the use of the words "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch Health's most recent annual report on Form 10-K and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, and the fear of that pandemic and its potential effects, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on Bausch Health, including but not limited to its project development timelines, launches and costs (which may increase). Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
References
- Leonardi, A., Modugno, R. L., & Salami, E. (2021). Allergy and Dry Eye Disease. Ocular immunology and inflammation, 29(6), 1168–1176. https://doi.org/10.1080/09273948.2020.1841804.
- 2020 Dry Eye Products Market Report: A global Analysis for 2019 to 2025. Market Scope. Retrieved from https://www.market-scope.com/pages/reports/250/2020-ophthalmic-landscape-report-global-analysis-for-2019-to-2025-april-2021#reports.
- Findlay, Q., & Reid, K. (2018). Dry eye disease: when to treat and when to refer. Australian prescriber, 41(5), 160–163. https://doi.org/10.18773/austprescr.2018.048.
- Lemp, M. A., Crews, L. A., Bron, A. J., Foulks, G. N., & Sullivan, B. D. (2012). Distribution of aqueous-deficient and evaporative dry eye in a clinic-based patient cohort: a retrospective study. Cornea, 31(5), 472–478. doi.org/10.1097/ICO.0b013e318225415a.
- Meibomian Gland Dysfunction and Treatment. American Association for Pediatric Opthalmology and Strabismus. Retrieved from https://aapos.org/glossary/meibomian-gland-dysfunction-and-treatment. Accessed 4/21/22.
- In December 2019, Bausch Health acquired the rights from Novaliq GmbH to pursue development and commercialization of NOV03 for DED and combination products based on NOV03 in additional ophthalmic indications in the United States and Canada.
- Tauber J, Wirta DL, Sall K, Majmudar PA, Willen D, Krösser S; SEECASE study group. A Randomized Clinical Study (SEECASE) to Assess Efficacy, Safety, and Tolerability of NOV03 for Treatment of Dry Eye Disease. Cornea. 2021; 40(9):1132-1140.
All product/brand names and/or logos are trademarks of the respective oweners.
© 2022 Bausch & Lomb Incorporated or its affiliates.
BLNP.0031.USA.22
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Each of BBTV's Content Management, Direct Advertising and Mobile Gaming Apps see revenue increase exceeding 40% year over year in Q1 2022, contributing to overall Plus Solutions revenue growth exceeding 60% for the quarter
VANCOUVER, BC, May 3, 2022 /PRNewswire/ - BBTV Holdings Inc. (TSX: BBTV) (OTCQX: BBTVF) (Frankfurt: 64V) ("BBTV" or the "Company"), the leading creator monetization company with a mission to help creators become more successful, today is providing a corporate update highlighting a revenue increase exceeding 40% year over year for each of the Company's Content Management, Direct Advertising and Mobile Gaming Apps divisions in Q1 2022. BBTV's overall Plus Solutions revenue growth exceeded 60% year over year in Q1 2022.
- As highlighted in the Company's prior release on April 13th, 2022, each of BBTV's Plus Solutions revenue streams, including Content Management, Direct Advertising Sales and Mobile Gaming Apps, are ahead of BBTV's guided 23% sustainable annual revenue growth rate for Plus Solutions.
- The Company's Plus Solutions growth is driven in part by strong performance of its Content Management division, which saw the highest percentage of growth in Q1 2022. BBTV expanded and deepened key relationships with its leading portfolio of new and existing Content Management clients throughout the last several quarters, including the NBA, Sony Pictures, Paramount Global (formerly ViacomCBS), Riot Games, CMF, and TEGNA among others.
- Several of BBTV's long-standing Content Management clients have expanded beyond the offering to more integrated partnerships, such as the NBA Playmakers basketball culture network formed in 2016, and the Company's recent collaboration with Paramount on the launch of the Jackass Human Slingshot mobile gaming app.
- The Company has maintained a strong retention rate of over 90% since inception for media company clients within its Content Management division, illustrating the strength of BBTV's solutions for some of the most recognized brands in the world.
- The Company's full Financial Statements and MD&A for Q1 2022 will be released in the coming weeks.
"Over the past 17 years, BBTV has built a business that reaches and engages 600 million people around the globe, and our investment in Plus Solutions is a core part of our strategy to maximize high-margin revenue streams for our creators and for the business. The results of this investment are showing," commented Shahrzad Rafati, Chairperson and CEO, BBTV. "While Content Management has been a key segment of the business for more than a decade, providing valuable solutions to some of the world's largest household media brands, this momentum showcases promising room for growth and expansion for a reliable re-occurring revenue stream for BBTV."
BBTV's Content Management solutions include comprehensive Rights Management and Channel Management. The Company's Rights Management solutions help media companies and independent content creators identify, claim, and manage fan uploaded copies of their content to monetize, collect data, or remove content. Through its Channel Management solutions, BBTV develops and executes content strategies and manages official video channels to help media companies grow highly engaged audiences.
BBTV is a global media and technology company headquartered in Vancouver, Canada. The Company's mission is to help content creators become more successful. With creators ranging from individuals to global media brands, BBTV provides comprehensive, end-to-end Solutions to increase viewership and drive revenue powered by its innovative technology, while allowing creators to focus on their core competency – content creation. In December 2021, BBTV had the fourth most unique monthly viewers among digital platforms with more than 600 million globally, who consumed more than 35 billion minutes of video content [1]. (www.bbtv.com)
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information is not information about historical facts but instead represents the Company's intentions, beliefs, plans, goals, objectives and strategies regarding future events and results. Forward-looking information contained in this press release includes statements that BBTV has provided guidance that Plus Solutions will have a 23% sustainable annual revenue growth rate; and that Content Management's growth momentum showcases promising room for growth and expansion for a reliable re-occurring revenue stream for BBTV. Forward-looking information is necessarily based on a number of estimates and assumptions that the Company considered appropriate and reasonable as of the date such information is given, including but not limited to the Company's assumptions that that the Company's current growth plans will not change in any material respect; that its internal financial forecasts and models, including its estimates of costs and revenue are accurate; that its assumptions regarding continued growth, changes and trends in the Company's industry and the global economy will be met; that the Company's Plus Solutions revenue will continue to grow as expected; that the Company will enter into an increasing number of agreements and initiatives with creators and other third parties for its Plus Solutions; the timely receipt of required regulatory approvals and strategic partner support; the absence of new laws, regulations, rules or policies of governments, platforms and other strategic partners, that may negatively impact the business of BBTV; our ability to build our market share, enter new markets and maintain and expand geographic scope; our ability to obtain and maintain financing on acceptable terms; as well as the Company's assumptions regarding foreign exchange rates. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors, many of which are beyond the Company's control, that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk that the Company's assumptions on which its forward-looking information is based may not be accurate; the effect of competition; that the Company has a history of losses and negative cash flow; that the Company's agreements with platforms, creators or others may terminate early or not be renewed either on similar terms or at all; that the Company's Plus Solutions may not continue to be attractive to creators and may not realize our expectations; the regulatory environment; the Company's reliance on one digital media platform; the Company's need for additional financing; litigation risk; intellectual property risks; the Company's need for timely performance by its creators and strategic partners; and the impact of the continuing COVID-19 pandemic; as well as the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 29, 2022 and its prospectus dated October 22, 2020, both filed on Sedar at www.sedar.com, and in the Company's other filings with the Canadian securities regulatory authorities at www.sedar.com. The Company does not undertake any obligation to update any forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Contacts:
Media Relations
Mark Funston
Head of Marketing and PR
778-288-4950
mfunston@bbtv.com
Investor Relations
ir@bbtv.com
Ron Shuttleworth
Partner
Oak Hill Financial Inc
(647)–500–7371
rshuttleworth@oakhillfinancial.ca
BBTV-C
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-- Achieved $23.8 million in AYVAKIT® (avapritinib) net product revenues, and $62.7 million in total revenues --
-- AYVAKYT® (avapritinib) launch in Germany underway following European Commission approval for advanced SM on March 25 --
-- First patients dosed in BLU-701, BLU-451, and BLU-222 clinical trials; trial cohort initiated for BLU-945 in combination with osimertinib --
-- On track to report topline data for registration-enabling PIONEER trial of AYVAKIT in non-advanced SM in late summer 2022 --
CAMBRIDGE, Mass., May 3, 2022 /PRNewswire/ -- Blueprint Medicines Corporation (NASDAQ: BPMC) today reported financial results and provided a business update for the first quarter ended March 31, 2022.
"The first quarter was marked by a number of important milestones across our business. We have strong momentum in our commercial execution, our pipeline is advancing rapidly, and we continue to build on our scientific leadership," said Kate Haviland, Chief Executive Officer of Blueprint Medicines. "Our ongoing global launch of AYVAKIT®/AYVAKYT® (avapritinib) in the U.S. and now also in Europe is establishing a new standard of care for the treatment of advanced SM, targeting the underlying cause of the disease. We are on track to have topline data from our registration-enabling PIONEER trial in late summer, further expanding our leadership in SM as we potentially bring the first and only medicine to patients with the non-advanced form of the disease. In addition, we continue to progress our pipeline of innovative investigational medicines in difficult-to-treat and prevalent cancers such as non-small cell lung cancer and breast cancer. At the American Association for Cancer Research (AACR) Annual Meeting, we presented five abstracts highlighting data across four programs within our EGFR and CDK2 franchises, while earlier in the quarter we announced a targeted protein degradation discovery collaboration with Proteovant Therapeutics. The strength of this past quarter demonstrates that we are well on our way of delivering on our 2022 goals while also building the foundation to drive further value for the years ahead."
First Quarter 2022 Highlights and Recent Progress
AYVAKIT®/AYVAKYT® (avapritinib): advanced systemic mastocytosis (SM) and PDGFRA gastrointestinal stromal tumor (GIST)
- Recorded global net product revenues of $23.8 million for the first quarter of 2022.
- Received European Commission approval for AYVAKYT for the treatment of adult patients with advanced SM, including aggressive SM, SM with an associated hematological neoplasm, or mast cell leukemia, after at least one systemic therapy, and treated the first commercial patients in Germany. Read the press release here.
GAVRETO® (pralsetinib): RET-altered cancers
- As previously recorded and reported by Roche, GAVRETO product sales for their region were 5 million CHF, which excludes sales in the Greater China territory driven by CStone Pharmaceuticals.
BLU-945, BLU-701 and BLU-451 (formerly LNG-451): EGFR-driven NSCLC
- Reported proof-of-concept data at AACR from the Phase 1/2 SYMPHONY clinical trial of BLU-945, showing early evidence of safety and clinical activity, with dose-dependent decreases in circulating tumor DNA (EGFR variant allele fractions) and radiographic tumor reductions, including an unconfirmed partial response (PR) in a patient treated with 400 mg once daily (QD). BLU-945 was generally well-tolerated, with no significant adverse events (AEs) associated with wild-type EGFR inhibition. The maximum tolerated dose and recommended Phase 2 dose have not yet been identified, and dose escalation is continuing. These results support plans to expand the development of BLU-945 in combination with multiple agents, including osimertinib, with the goal of preventing or treating tumor resistance to prolong patient benefit. Read the press release here.
- Entered into a clinical trial supply agreement with AstraZeneca (LSE/STO/Nasdaq:AZN), under which Blueprint Medicines will evaluate BLU-945 and BLU-701 in combination with osimertinib in the ongoing SYMPHONY and HARMONY trials, respectively.
- Also at AACR, reported preclinical data supporting the development of BLU-451 in EGFR exon 20 insertion-positive NSCLC.
- Initiated patient dosing in the CONCERTO trial, a Phase 1/2 trial of BLU-451 in patients with EGFR-driven NSCLC harboring exon 20 insertion mutations.
BLU-222: breast, ovarian, and other CDK2-vulnerable cancers, including CCNE1-amplified tumors
- Reported preclinical data in a CCNE1-amplified ovarian tumor model at AACR supporting the development of BLU-222 in CDK2-vulnerable cancers.
- Initiated the VELA trial, a Phase 1/2 trial of BLU-222 in CDK2-vulnerable cancers, including estrogen-receptor-positive breast cancer and a range of other CCNE1-amplified tumors, and dosed the first patient in Part 1 dose escalation.
Corporate
- Announced strategic collaboration with Proteovant Therapeutics to advance novel targeted protein degrader therapies to address important areas of medical need. Under the terms of the collaboration, the companies will jointly research important targets and advance up to four novel protein degrader therapies into development candidates. Read the press release here.
- Recognized a $30 million milestone payment from Clementia related to the initiation of a Phase 2 trial of BLU-782, which is now called IPN60130, our out-licensed ALK2 inhibitor in development for the rare bone disease fibrodysplasia ossificans progressiva.
Key Upcoming Milestones
The company plans to achieve the following near-term milestones:
- Report topline data from the registration-enabling Part 2 of the PIONEER trial of AYVAKIT in non-advanced SM in late summer 2022 and submit a supplemental new drug application to the U.S. Food and Drug Administration for AYVAKIT in non-advanced SM in the second half of 2022.
- Present initial data from the dose escalation cohort of the Phase 1/2 SYMPHONY trial evaluating BLU-945 in combination with osimertinib in the second half of 2022.
- Present initial clinical data from the Phase 1/2 HARMONY trial of BLU-701 in the second half of 2022.
- Present initial data from Part 1 of the HARBOR trial of BLU-263 in non-advanced SM in the second half of 2022.
- Share the company's research and portfolio vision, including scientific platform expansion plans, at an R&D Day in the second half of 2022.
First Quarter 2022 Results
- Revenues: Revenues were $62.7 million for the first quarter of 2022, including $23.8 million of net product revenues from sales of AYVAKIT/AYVAKYT and $38.9 million in collaboration revenues. Blueprint Medicines recorded revenues of $21.6 million in the first quarter of 2021, including $7.1 million of net product revenues from sales of AYVAKIT/AYVAKIT, $1.8 million of net product revenues from sales of GAVRETO and $12.6 million in collaboration revenues.
- Cost of Sales: Cost of sales was $5.1 million for the first quarter of 2022, as compared to $0.1 million for the first quarter of 2021.
- R&D Expenses: Research and development expenses were $103.1 million for the first quarter of 2022, as compared to $79.7 million for the first quarter of 2021. This increase was primarily due to increased costs associated with the progression of our clinical trials, increased costs related to early discovery efforts, and a decrease in reimbursement from the global development cost sharing arrangement under our collaboration with Roche for GAVRETO. Research and development expenses included $10.0 million in stock-based compensation expenses for the first quarter of 2022.
- SG&A Expenses: Selling, general and administrative expenses were $57.1 million for the first quarter of 2022, as compared to $42.0 million for the first quarter of 2021. This increase was primarily due to increased costs associated with expanding our commercial infrastructure for commercialization of AYVAKIT/AYVAKYT. General and administrative expenses included $13.4 million in stock-based compensation expenses for the first quarter of 2022.
- Net Loss: Net loss was $106.0 million for the first quarter of 2022, or a net loss per share of $1.79, as compared to a net loss of $99.7 million for the first quarter of 2021, or a net loss per share of $1.72.
- Cash Position: As of March 31, 2022, cash, cash equivalents and investments were $893.4 million, as compared to $1,034.6 million as of December 31, 2021.
Financial Guidance
Blueprint Medicines continues to anticipate approximately $180 to $200 million in total net revenues in 2022, including approximately $115 to $130 million in AYVAKIT net product revenues. The company continues to expect that its existing cash, cash equivalents and investments, together with anticipated future product revenues, will provide sufficient capital to enable the company to achieve a self-sustainable financial profile.
Conference Call Information
Blueprint Medicines will host a live conference call and webcast at 8:30 a.m. ET today to discuss first quarter 2022 financial results and recent business activities. The conference call may be accessed by dialing 844-200-6205 (domestic) or 929-526-1599 (international), and referring to conference ID 694684. A webcast of the call will also be available under "Events and Presentations" in the Investors & Media section of the Blueprint Medicines website at http://ir.blueprintmedicines.com/. The archived webcast will be available on Blueprint Medicines' website approximately two hours after the conference call and will be available for 30 days following the call.
Upcoming Investor Conferences
Blueprint Medicines will participate in three upcoming investor conferences:
- Jefferies Healthcare Conference on Tuesday, June 9, 2022 in New York, NY.
- JMP Securities 2022 Life Sciences Conference on Thursday, June 16, 2022 in New York, NY.
- Goldman Sachs 43rd Annual Global Healthcare Conference on Thursday, June 16, 2022 in Rancho Palos Verdes, CA.
A live webcast of each presentation will be available by visiting the Investors & Media section of Blueprint Medicines' website at http://ir.blueprintmedicines.com. A replay of the webcasts will be archived on Blueprint Medicines' website for 30 days following each presentation.
About Blueprint Medicines
Blueprint Medicines is a global precision therapy company that invents life-changing therapies for people with cancer and blood disorders. Applying an approach that is both precise and agile, we create medicines that selectively target genetic drivers, with the goal of staying one step ahead across stages of disease. Since 2011, we have leveraged our research platform, including expertise in molecular targeting and world-class drug design capabilities, to rapidly and reproducibly translate science into a broad pipeline of precision therapies. Today, we are delivering approved medicines directly to patients in the United States and Europe, and we are globally advancing multiple programs for systemic mastocytosis, lung cancer and other genomically defined cancers, and cancer immunotherapy. For more information, visit www.BlueprintMedicines.com and follow us on Twitter (@BlueprintMeds) and LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding plans, strategies, timelines and expectations for Blueprint Medicines' current or future approved drugs and drug candidates, including timelines for marketing applications and approvals, the initiation of clinical trials and trial cohorts, or the results of ongoing and planned clinical trials; expectations regarding the standard of care for the treatment of advanced SM; Blueprint Medicines' plans, strategies and timelines to nominate development candidates; the anticipated benefits of the preclinical profiles of Blueprint Medicines' drug candidates; plans and timelines for additional marketing applications for avapritinib and pralsetinib and, if approved, commercializing avapritinib and pralsetinib in additional geographies or for additional indications; the potential benefits of any of Blueprint Medicines' current or future approved drugs or drug candidates in treating patients; the potential benefits of Blueprint Medicines' collaborations; and Blueprint Medicines' financial performance, strategy, goals and anticipated milestones, business plans and focus. The words "aim," "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks and uncertainties related to the impact of the COVID-19 pandemic to Blueprint Medicines' business, operations, strategy, goals and anticipated milestones, including Blueprint Medicines' ongoing and planned research and discovery activities, ability to conduct ongoing and planned clinical trials, clinical supply of current or future drug candidates, commercial supply of current or future approved products, and launching, marketing and selling current or future approved products; Blueprint Medicines' ability and plans in continuing to establish and expand a commercial infrastructure, and successfully launching, marketing and selling current or future approved products; Blueprint Medicines' ability to successfully expand the approved indications for AYVAKIT/AYVAKYT and GAVRETO or obtain marketing approval for AYVAKIT/AYVAKYT in additional geographies in the future; the delay of any current or planned clinical trials or the development of Blueprint Medicines' current or future drug candidates; Blueprint Medicines' advancement of multiple early-stage efforts; Blueprint Medicines' ability to successfully demonstrate the safety and efficacy of its drug candidates and gain approval of its drug candidates on a timely basis, if at all; the preclinical and clinical results for Blueprint Medicines' drug candidates, which may not support further development of such drug candidates either as monotherapies or in combination with other agents or may impact the anticipated timing of data or regulatory submissions; the timing of the initiation of clinical trials and trial cohorts at clinical trial sites and patient enrollment rates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; Blueprint Medicines' ability to obtain, maintain and enforce patent and other intellectual property protection for AYVAKIT/AYVAKYT, GAVRETO or any drug candidates it is developing; Blueprint Medicines' ability to develop and commercialize companion diagnostic tests for AYVAKIT/AYVAKYT, GAVRETO or any of its current and future drug candidates; Blueprint Medicines' ability to successfully expand its operations, research platform and portfolio of therapeutic candidates, and the timing and costs thereof; Blueprint Medicines' ability to realize the anticipated benefits of its executive leadership transition plan; and the success of Blueprint Medicines' current and future collaborations, partnerships or licensing arrangements. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Blueprint Medicines' filings with the Securities and Exchange Commission (SEC), including Blueprint Medicines' most recent Annual Report on Form 10-K, as supplemented by its most recent Quarterly Report on Form 10-Q and any other filings that Blueprint Medicines has made or may make with the SEC in the future. Any forward-looking statements contained in this press release represent Blueprint Medicines' views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Blueprint Medicines explicitly disclaims any obligation to update any forward-looking statements.
Trademarks
Blueprint Medicines, AYVAKIT, AYVAKYT, GAVRETO and associated logos are trademarks of Blueprint Medicines Corporation.
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BISMARCK, N.D., May 3, 2022 /PRNewswire/ -- BNCCORP, INC. (BNC or the Company) (OTCQX Markets: BNCC) today announced that its Board of Directors has declared a special, one-time cash dividend of $1.75 per share of BNCCORP, INC. common stock. The dividend is payable on June 21, 2022, to holders of record on June 1, 2022. The aggregate payment to be made in connection with the dividend will be approximately $6.3 million.
BNC Chairman Michael Vekich said, "The special cash dividend reflects a capital management philosophy that includes the return of capital to shareholders in excess of what is invested to maintain our businesses, deployed for profitable investments, or retained as a capital reserve and liquidity buffer for the Company and BNC National Bank. The special dividend also demonstrates our continuing confidence in our financial strength despite a volatile economy and a competitive banking environment."
About BNCCORP, INC
BNCCORP, INC., headquartered in Bismarck, N.D., is a registered bank holding company dedicated to providing banking and wealth management services to businesses and consumers in its local markets. The Company operates community banking and wealth management businesses in North Dakota and Arizona, from 11 locations. BNC also conducts mortgage banking from 11 locations in Illinois, Kansas, Missouri, Michigan, Arizona, and North Dakota.
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance, capital allocation, return of capital to shareholders and business of BNC. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of our management and on information currently available to management are generally identifiable by the use of words such as "expect", "believe", "anticipate", "at the present time". "plan", "optimistic", "intend", "estimate", "may", "will", "would", "could", "should", "future" and other expressions relating to future periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations regarding future capital allocation and return of capital to shareholders, future market conditions and our ability to capture opportunities and pursue growth strategies, our expected operating results such as revenue growth and earnings and our expectations of the effects of the regulatory environment or the current pandemic on our earnings for the foreseeable future. Forward-looking statements are neither historical facts nor assurances of future performance. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to: the impact of the current and future pandemics, the impact of current and future regulation; the risks of loans and investments, including dependence on local and regional economic conditions; competition for our customers from other providers of financial services; possible adverse effects of changes in interest rates, including the effects of such changes on mortgage banking revenues and derivative contracts and associated accounting consequences; risks associated with our acquisition and growth strategies; and other risks which are difficult to predict and many of which are beyond our control. In addition, all statements in this news release, including forward-looking statements, speak only of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
FOR FURTHER INFORMATION:
WEBSITE: www.bnccorp.com
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SOURCE BNCCORP, INC. | https://www.whsv.com/prnewswire/2022/05/03/bnccorp-inc-announces-special-175-per-share-cash-dividend/ | 2022-05-03T12:07:08Z |
Increasing Fiscal Year 2022 Adjusted EPS Growth Guidance to 13-15% from 11-15%
Recurring Revenues grew 16%
Diluted EPS was $1.49 and Adjusted EPS grew 10% to $1.93
Year-to-Date Closed sales grew 42%
NEW YORK, May 3, 2022 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE:BR) today reported financial results for the third quarter ended March 31, 2022 of its fiscal year 2022. Results compared with the same period last year were as follows:
"Broadridge delivered another strong quarter, with 16% recurring revenue and 10% Adjusted EPS growth," said Tim Gokey, Broadridge's CEO. "Our growth is being propelled by long-term trends and by the continued execution of our strategy.
"Broadridge is poised to deliver another year of strong growth. Based on our strong performance to date and visibility into our seasonally larger fourth quarter, we continue to expect fiscal year 2022 recurring revenue growth at the high end of our 12-15% range and are increasing our expectations for Adjusted EPS growth to 13-15%, up from 11-15% previously.
"Our strong fiscal year 2022 results are building on the double-digit top- and bottom-line growth we delivered in fiscal year 2021, and Broadridge is well positioned to deliver at the higher end of our three-year growth objectives."
Financial Results for Third Quarter Fiscal Year 2022 compared to Third Quarter Fiscal Year 2021
- Total revenues increased 10% to $1,534 million from $1,390 million in the prior year period.
- Operating income was $246 million, an increase of $7 million, or 3%. Operating income margin decreased to 16.0%, compared to 17.2% for the prior year period due to higher amortization expense from acquired intangible assets, an increase in low-margin distribution revenues, growth investments and other expenses, more than offsetting growth in recurring fee revenues.
- Interest expense, net was $20 million, an increase of $8 million, primarily due to an increase in debt outstanding related to the May 2021 acquisition of Itiviti.
- The effective tax rate was 21.0% compared to 23.9% in the prior year period. The decrease in the effective tax rate was driven by higher total discrete tax items.
- Net earnings increased 7% to $177 million and Adjusted Net earnings increased 10% to $228 million.
Segment and Other Results for Third Quarter Fiscal Year 2022 compared to Third Quarter Fiscal Year 2021
Investor Communication Solutions ("ICS")
- ICS total revenues were $1,161 million, an increase of $64 million, or 6%.
- ICS earnings before income taxes were $221 million, an increase of $5 million, or 3%. The increase was due to an increase in recurring fee revenues. Pre-tax margins decreased to 19.0% from 19.6%. Amortization expense from acquired intangibles decreased to $16 million in the third quarter of fiscal year 2022 from $21 million in the prior period.
Global Technology and Operations ("GTO")
- GTO recurring fee revenues were $381 million, an increase of $85 million, or 29%, driven by 27pts of growth from recent acquisitions, primarily Itiviti, as well as 3pts of Net New Business from onboarding of new clients, partially offset by a 1pt reduction in Internal Growth primarily resulting from a decline in Internal Trade Growth.
- GTO earnings before income taxes were $50 million, a decrease of $6 million, or 10%. The decrease was driven primarily by an increase of $86 million in operating costs from acquisitions, primarily as a result of the Itiviti acquisition, as compared to revenue from acquisitions of $81 million. Pre-tax margins decreased to 13.1% from 18.7%. Amortization expense from acquired intangibles increased to $47 million in the third quarter of fiscal year 2022 from $11 million in the prior year period primarily as a result of the Itiviti acquisition.
Other
- Other loss before income tax decreased to $45 million from $51 million in the prior year period, primarily due to $19 million in lower acquisition-related costs resulting from the fiscal year 2021 acquisition of Itiviti, partially offset by $8 million in higher interest expense due to an increase in average debt outstanding related to the fiscal 2021 acquisition of Itiviti.
Financial Results for the Nine Months Fiscal Year 2022 compared to the Nine Months Fiscal Year 2021
- Total revenues increased 15% to $3,986 million from $3,462 million in the prior year period.
- Operating income was $418 million, an increase of $21 million, or 5%. Operating income margin decreased to 10.5%, compared to 11.5% for the prior year period due to higher amortization expense from acquired intangible assets, an increase in low-margin distribution revenues, growth investments and other expenses, more than offsetting growth in recurring and event-driven fee revenues and the absence of the real estate realignment charge that occurred in the prior year period.
- Interest expense, net was $64 million, an increase of $27 million, primarily due to an increase in debt outstanding related to the May 2021 acquisition of Itiviti.
- The effective tax rate was 17.7% compared to 20.2% in the prior year period. The decrease in the effective tax rate was driven by higher total discrete tax items.
- Net earnings increased 1% to $291 million and Adjusted Net earnings increased 11% to $452 million.
Segment and Other Results for the Nine Months Fiscal Year 2022 compared to the Nine Months Fiscal Year 2021
ICS
- ICS total revenues were $2,908 million, an increase of $290 million, or 11%.
- ICS earnings before income taxes were $362 million, an increase of $53 million, or 17%. The increase was driven by higher recurring and event-driven fee revenues. Amortization expense from acquired intangibles decreased to $53 million in the first nine months of fiscal year 2022 from $66 million in the prior period. Pre-tax margins increased to 12.4% from 11.8%.
GTO
- GTO recurring fee revenues were $1,093 million, an increase of $231 million, or 27%, driven primarily by 23pts of growth from recent acquisitions, primarily Itiviti, as well as 3pts of Net New Business from onboarding of new clients.
- GTO earnings before income taxes were $103 million, a decrease of $71 million, or 41%. The decrease was primarily driven by an increase of $250 million in operating costs from acquisitions primarily as a result of the Itiviti acquisition, as compared to revenue from acquisitions of $198 million, as well as increased investments to implement and support new business. Pre-tax margins decreased to 9.4% from 20.2%. Amortization expense from acquired intangibles increased to $143 million in the first nine months of fiscal year 2022 from $32 million in the prior year period primarily as a result of the fiscal 2021 Itiviti acquisition.
Other
- Other loss before income tax improved to $106 million from $114 million in the prior year period, primarily due to lower real estate realignment charges of $32 million related to the Company's closure of certain real estate facilities in response to the Covid-19 pandemic, and $18 million in lower acquisition-related costs driven primarily by the fiscal 2021 acquisition of Itiviti, partially offset by higher interest expense of $27 million due to an increase in average debt outstanding related to the fiscal 2021 acquisition of Itiviti, and $10 million in lower net investment gains.
Earnings Conference Call
An analyst conference call will be held today, May 3, 2022 at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the live event and access the slide presentation, visit Broadridge's Investor Relations website at www.broadridge-ir.com prior to the start of the webcast. To listen to the call, investors may also dial 1-877-328-2502 within the United States and international callers may dial 1-412-317-5419.
A replay of the webcast will be available and can be accessed in the same manner as the live webcast at the Broadridge Investor Relations site. Through May 10, 2022, the recording will also be available by dialing 1-877-344-7529 within the United States or 1-412-317-0088 for international callers, using passcode 3051064 for either dial-in number.
Explanation and Reconciliation of the Company's Use of Non-GAAP Financial Measures
The Company's results in this press release are presented in accordance with U.S. GAAP except where otherwise noted. In certain circumstances, results have been presented that are not generally accepted accounting principles measures ("Non-GAAP"). These Non-GAAP measures are Adjusted Operating income, Adjusted Operating income margin, Adjusted Net earnings, Adjusted earnings per share, and Free cash flow. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company's reported results.
The Company believes our Non-GAAP financial measures help investors understand how management plans, measures and evaluates the Company's business performance. Management believes that Non-GAAP measures provide consistency in its financial reporting and facilitates investors' understanding of the Company's operating results and trends by providing an additional basis for comparison. Management uses these Non-GAAP financial measures to, among other things, evaluate our ongoing operations, and for internal planning and forecasting purposes. In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company's Compensation Committee of the Board of Directors incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.
Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Earnings and Adjusted Earnings Per Share
These Non-GAAP measures reflect Operating income, Operating income margin, Net earnings, and Diluted earnings per share, each as adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items the exclusion of which management believes provides insight regarding our ongoing operating performance. Depending on the period presented, these adjusted measures exclude the impact of certain of the following items: (i) Amortization of Acquired Intangibles and Purchased Intellectual Property, (ii) Acquisition and Integration Costs, (iii) Real Estate Realignment and Covid-19 Related Expenses, (iv) Investment Gains, (v) Software Charge, and (vi) Loss on Acquisition-Related Financial Instrument. Amortization of Acquired Intangibles and Purchased Intellectual Property represents non-cash amortization expenses associated with the Company's acquisition activities. Acquisition and Integration Costs represent certain transaction and integration costs associated with the Company's acquisition activities. Real Estate Realignment and Covid-19 Related Expenses are comprised of two major components: Real Estate Realignment Expenses, and Covid-19 Related Expenses. Real Estate Realignment Expenses are expenses associated with the exit of certain of the Company's leased facilities in response to the Covid-19 pandemic, which consist of the impairment of certain right of use assets, leasehold improvements and equipment, as well as other related facility exit expenses directly resulting from, and attributable to, the exit of these leased facilities. Covid-19 Related Expense are direct and incremental expenses incurred by the Company to protect the health and safety of Broadridge associates during the Covid-19 outbreak, including expenses associated with monitoring the temperatures for associates entering our facilities, enhancing the safety of our office environment in preparation for workers to return to Company facilities on a more regular basis, ensuring proper social distancing in our production facilities, personal protective equipment, enhanced cleaning measures in our facilities, and other safety related expenses. Investment Gains represent non-operating, non-cash gains on privately held investments. Software Charge represents a charge related to an internal use software product that is no longer expected to be used. Loss on Acquisition-Related Financial Instrument represents a non-operating loss on a financial instrument designed to minimize the Company's foreign exchange risk associated with the acquisition of Itiviti.
We exclude Acquisition and Integration Costs, Real Estate Realignment and Covid-19 Related Expenses, Investment Gains, the Software Charge and the Loss on Acquisition-Related Financial Instrument from our Adjusted Operating income (as applicable) and other adjusted earnings measures because excluding such information provides us with an understanding of the results from the primary operations of our business and enhances comparability across fiscal reporting periods, as these items are not reflective of our underlying operations or performance. We also exclude the impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, as these non-cash amounts are significantly impacted by the timing and size of individual acquisitions and do not factor into the Company's capital allocation decisions, management compensation metrics or multi-year objectives. Furthermore, management believes that this adjustment enables better comparison of our results as Amortization of Acquired Intangibles and Purchased Intellectual Property will not recur in future periods once such intangible assets have been fully amortized. Although we exclude Amortization of Acquired Intangibles and Purchased Intellectual Property from our adjusted earnings measures, our management believes that it is important for investors to understand that these intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Free Cash Flow
In addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities plus Proceeds from asset sales, less Capital expenditures as well as Software purchases and capitalized internal use software.
Reconciliations of such Non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP can be found in the tables that are part of this press release.
Forward-Looking Statements
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be," "on track," and other words of similar meaning, are forward-looking statements. In particular, information appearing in the "Fiscal Year 2022 Financial Guidance" section and statements about our three-year objectives are forward-looking statements.
These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors described and discussed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended June 30, 2021 (the "2021 Annual Report"), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2021 Annual Report.
These risks include:
- the potential impact and effects of the Covid-19 pandemic ("Covid-19") on the business of Broadridge, Broadridge's results of operations and financial performance, any measures Broadridge has and may take in response to Covid-19 and any expectations Broadridge may have with respect thereto;
- the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients;
- Broadridge's reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge's services with favorable pricing terms;
- a material security breach or cybersecurity attack affecting the information of Broadridge's clients;
- changes in laws and regulations affecting Broadridge's clients or the services provided by Broadridge;
- declines in participation and activity in the securities markets;
- the failure of Broadridge's key service providers to provide the anticipated levels of service;
- a disaster or other significant slowdown or failure of Broadridge's systems or error in the performance of Broadridge's services;
- overall market, economic and geopolitical conditions and their impact on the securities markets;
- Broadridge's failure to keep pace with changes in technology and demands of its clients;
- Broadridge's ability to attract and retain key personnel;
- the impact of new acquisitions and divestitures; and
- competitive conditions.
Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. We deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. In addition, Broadridge's technology and operations platforms underpin the daily trading of on average more than U.S. $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is a part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information about Broadridge, please visit www.broadridge.com.
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SOURCE Broadridge Financial Solutions, Inc. | https://www.whsv.com/prnewswire/2022/05/03/broadridge-reports-third-quarter-fiscal-2022-results/ | 2022-05-03T12:07:15Z |
New Name and Branding Reflect Company's Mission to Help Bring Next-Generation Therapies to Light
News Summary
- Rebranding comes after a series of strategic acquisitions, most recently Pharm-Olam
- Company's newly combined services address clinical development and consulting needs of small and mid-sized biotechs
- New name unites worldwide experienced workforce in its singular mission
CARY, N.C., May 3, 2022 /PRNewswire/ --
Global biopharmaceutical services leader, CATO SMS, today unveiled its new name, Allucent, with bold branding to emphasize the company's spotlight on serving the specialized needs of small and mid-sized biotech companies.
This move follows a three-year series of strategic acquisitions*, most recently of clinical research provider, Pharm-Olam, that doubled the company's size, strengthened and deepened its capabilities, and expanded its global reach. Now, Allucent is a unified organization with more than 30 years of experience, built to support small and mid-sized biotech companies with achieving breakthrough science.
Currently, smaller companies hold approximately 70% of the biopharmaceutical industry's intellectual property and often benefit from third-party experts possessing clinical and regulatory experience and capabilities to ensure their innovations have the best chance of success. Allucent was formed to address this need, offering full-service clinical trial capabilities, deep therapeutic expertise, product development and consulting services.
Derived from the Latin verb alluceo, Allucent means to shine a light upon something or create an opportunity. The new name and branding unite the company and its people under one purpose — putting the spotlight on smaller, innovative biopharmaceutical companies and helping them deliver on their potential.
Mark A. Goldberg, M.D., chairman and chief executive officer, Allucent, said:
"In three short years, we've transformed our company to meet the unique needs of small and mid-sized biotechs. Our new name, Allucent, puts the focus on the clients we exist to serve and aligns our people under our shared passion of helping to bring new therapies to light. As we continue our growth journey, we're committed to making sure we remain big enough to deliver, but small enough to care."
Anchored by deep expertise and a high-touch partnership model, Allucent offers a breadth of specialized services and therapeutic experience geared toward small and mid-sized biotech companies, including:
- Flexible clinical and regulatory solutions to successfully navigate the complexities of managing multi-national programs across early and late-stage development, including clinical trial operations; biometrics; decentralized trial capabilities; and clinical pharmacology, modeling and simulation.
- A team of global consultants, focused on strategic product development, regulatory affairs and regulatory submissions with extensive health authority expertise in clinical, non-clinical, CMC and GxP compliance.
- Robust scientific and drug development expertise in key and complex therapeutic areas and modalities with a focus on oncology, cell and gene therapy, rare disease and vaccines.
- A global workforce of 1,200+ employees possessing deep clinical and technical experience with a passion for remaining close to breakthrough science.
- Wide geographic coverage in 60+ countries across North America, Latin America, Europe, India and the Middle East.
*Recent acquisitions include Array Biostatistics in 2020, Nuventra in 2021, and Pharm-Olam in 2022
About Allucent
Allucent is on a mission to help bring new therapies to light by solving the distinct challenges of small and mid-sized biotech companies. The company is purpose-built through the convergence of leading providers to address this unmet need. Today, Allucent is a global provider of comprehensive drug development solutions, including consulting, clinical operations, biometrics and clinical pharmacology across a variety of therapeutic areas. With more than 30 years of experience in over 60 countries, Allucent's individualized partnership approach provides experience-driven insights and expertise to assist its clients in successfully navigating the complexities of delivering novel treatments to patients. Visit Allucent.com for more information.
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CHICAGO, May 3, 2022 /PRNewswire/ -- Climate Vault, an award-winning non-profit founded at the University of Chicago, was today named a finalist in the Climate category of Fast Company's 2022 World Changing Ideas Awards honoring products, concepts, companies, policies, and designs that innovate for the good of society and the planet. Fast Company is recognizing Climate Vault's innovative, market-based climate solution that negates carbon footprints while supporting technologies for removing carbon dioxide from the atmosphere.
"We're proud to join such a prestigious list of Fast Company honorees," said Michael Greenstone, Co-Founder of Climate Vault and Milton Friedman Distinguished Service Professor of Economics at the University of Chicago, and former Chief Economist for President Obama's Council of Economic Advisers. "Climate Vault has pioneered a transparent, verifiable, and inexpensive market-based carbon offset solution that in one year has already reduced allowable CO2 emissions by over 730,000 tons in compliance markets. And we're preparing to use the financial value of those offsets to accelerate carbon dioxide removal technologies."
Climate Vault is a 501(c)(3) that works with organizations to reduce carbon emissions through a two-step, market-based approach. Climate Vault first purchases and "vaults" carbon pollution permits from government-regulated compliance markets. Because the number of permits is capped, keeping them off the market decreases CO2 emissions and provides a quantifiable, verifiable offset. Then, Climate Vault will use the value of vaulted permits to support breakthrough CDR enterprises, vetted by its world-class Technology Experts Chamber, to remove carbon from the atmosphere. Climate Vault's innovative climate solutions are trusted by leading organizations including Morningstar, TPG, Gemini and Vanderbilt among others. More information on Climate Vault's innovative approach can be found here.
"We are consistently inspired by the novelty and creativity that people are applying to solve some of our society's most pressing problems, from shelter to the climate crisis. Fast Company relishes its role in amplifying important, innovative work to address big challenges," says David Lidsky, interim editor-in-chief of Fast Company. "Our journalists have identified some of the most ingenious initiatives to launch since the start of 2021, which we hope will both have a meaningful impact and lead others to join in being part of the solution.
Now in its sixth year, the World Changing Ideas Awards showcases winners across a wide variety of categories, highlighting businesses, policies, projects, and concepts that are actively engaged in and deeply committed to pursuing innovation when it comes to solving health and climate crises, social injustice, or economic inequality. A panel of eminent Fast Company editors and reporters selected the winners and finalists from a pool of more than 4,000 entries across transportation, education, food, politics, technology, and more. The award winners will be featured in the Summer 2022 issue of Fast Company magazine.
About Climate Vault
Founded at the University of Chicago, Climate Vault is a CDP-accredited 501(c)(3) that helps organizations and individuals neutralize their footprint by using government-regulated compliance markets to purchase and "vault" CO2 permits while supporting carbon removal technologies to remove pollution already in the atmosphere. Thanks to its supporters, Climate Vault has vaulted more than 730,000 metric tons of CO2 to-date. Visit www.ClimateVault.org to learn more, calculate your individual footprint, and help your organization or financial portfolio reach net zero. Join the climate conversation by following us on Facebook, Twitter, and LinkedIn.
Contacts
Climate Vault
press@climatevault.org
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SOURCE Climate Vault | https://www.whsv.com/prnewswire/2022/05/03/climate-vault-named-finalist-fast-companys-world-changing-ideas-awards/ | 2022-05-03T12:07:29Z |
- Highest-ever April ADV
- Overall ADV increased 26% year-over-year
- Record SOFR options ADV and OI
- Equity Index ADV up 42%, led by growth in E-mini S&P 500 options
CHICAGO, May 3, 2022 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today reported its April 2022 market statistics, showing average daily volume (ADV) increased 26% to 20.8 million contracts during the month. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
April 2022 ADV across asset classes includes:
- Interest Rate ADV of 9.6 million contracts
- Equity Index ADV of 6.6 million contracts
- Options ADV of 3.6 million contracts
- Energy ADV of 2 million contracts
- Agricultural ADV of 1.3 million contracts
- Foreign Exchange ADV of 811,000 contracts
- Metals ADV of 470,000 contracts
Additional April 2022 product highlights compared to April 2021 include:
- Equity Index ADV increased 42%
- Interest Rate ADV increased 36%
- Options ADV increased 24%
- Foreign Exchange ADV increased 21%
- Energy ADV increased 5%
- Ether futures ADV increased 74%
- Micro Products ADV
- ADV outside the United States increased 16% to 5.5 million contracts, including 54% growth in Latin America, 34% in APAC and 8% in EMEA
- BrokerTec U.S. Treasury average daily notional value (ADNV) increased 41% to $143B, U.S. Repo ADNV increased 35% to $288B and European Repo ADNV increased 13% to €334B
- EBS Spot FX ADNV increased 8% to $66B
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
CME-G
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SOURCE CME Group | https://www.whsv.com/prnewswire/2022/05/03/cme-group-reports-april-2022-monthly-market-statistics/ | 2022-05-03T12:07:36Z |
CMS Energy Announces Strong First Quarter Results, Reaffirms 2022 Adjusted EPS Guidance
Published: May. 3, 2022 at 7:30 AM EDT|Updated: 37 minutes ago
JACKSON, Mich., May 3, 2022 /PRNewswire/ -- CMS Energy announced today reported earnings per share of $1.21 for the first quarter of 2022, compared to $1.21 per share for the same quarter in 2021. The company's adjusted earnings per share for the first quarter of 2022 were $1.20, compared to $1.09 per share for the same quarter in 2021.
CMS Energy reaffirmed its 2022 adjusted earnings guidance of $2.85 to $2.89* per share (*See below for important information about non-GAAP measures) and reaffirmed long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end of the adjusted EPS growth range.
"The settlement agreement recently filed for our 2021 Integrated Resource Plan strengthens our financial outlook and serves as a proof point of our plan for net zero carbon emissions by 2040 in our electric business. As one of the first utilities in the country to eliminate coal generation by 2025, we are leading the clean energy transformation," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy.
CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.
CMS Energy will hold a webcast to discuss its 2022 first quarter results and provide a business and financial outlook on Tuesday, May 3 at 9:00 a.m. (EDT). To participate in the webcast, go to CMS Energy's homepage (cmsenergy.com) and select "Events and Presentations."
Important information for investors about non-GAAP measures and other disclosures.
This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments recognized in net income related to CMS Enterprises' interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.
This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.
For more information on CMS Energy, please visit our website at cmsenergy.com. To sign up for email alert notifications, please visit the Investor Relations section of our website.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.whsv.com/prnewswire/2022/05/03/cms-energy-announces-strong-first-quarter-results-reaffirms-2022-adjusted-eps-guidance/ | 2022-05-03T12:07:42Z |
CoinShares continues to generate strong results despite negative price action in digital assets in the first half of the quarter and ongoing regulatory uncertainty across Europe and the US.
SAINT HELIER, Jersey, May 3, 2022 /PRNewswire/ -- CoinShares International Limited (Nasdaq First North Growth Market: CS; US OTCQX: CNSRF) ("CoinShares"), Europe's largest and longest standing digital asset investment firm today announced preliminary financial results for its first quarter ended 31 March 2022 and provided an update on its corporate strategy.
Q1 2022 financial highlights
- Combined revenue, gains and other income of £27.96 million (Q1 2021: £39.91 million)
- Adjusted EBITDA of £18.7 million (31 March 2021: £34.2 million).
- Total comprehensive income of £20.2 million (31 March 2021: £32.1 million).
- ETP assets under Management ("AUM") as at 31 March 2022 of £3.07 billion (31 March 2021: £3.4 billion)
- CoinShares Blockchain Global Equity Index (BLOCK Index) assets under Management ("AUM") as at 31 March 2022 of £0.88 billion.
- Net asset position of the Group as at 31 March 2022 of £221 million (December 2021: £200.5 million).
Q1 2022 operational highlights
- Important steps taken towards the Group's long-term strategy, including progressing plans to uplist to the Nasdaq Stockholm Main Market, hiring a Group Head of Marketing and Communications with a dedicated team and integrating consumer platform, Napoleon.
- Investment into key growth areas, including growing the staff base, which as at 31 March 2022 stands at 95 individuals (up from 42 as at 1 January 2020).
- Ongoing diversification of the Group's asset management platform through the launch of 4 additional products within the CoinShares Physical product suite.
- A diversification in activities of the Capital Markets team, whose performance was driven by, among other things, the deployment of capital into DeFi protocols to generate staking rewards and yield.
- Continued deployment of Principal Investments arm, including increased stake in Swiss digital bank, FlowBank.
Commenting on Q1 2022's results, Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:
"CoinShares has delivered a good first quarter with strong financial and operational progress. We delivered resilient EBITDA of £18.7 million, all while making considerable steps to advance our long-term strategy. This includes work towards our imminent uplisting to Stockholm's main market, significantly growing our headcount, including a new Group Head of Marketing and a dedicated team to support the Group's enlarged footprint, and integrating our consumer platform, Napoleon.
"We are continuing to invest in our long-term future, and the Group is well positioned to navigate the shifting global regulatory landscape for digital assets in 2022."
ABOUT COINSHARES
CoinShares is Europe's largest and longest standing digital asset investment firm, managing billions of dollars of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class. CoinShares is publicly listed on the Nasdaq First North Growth Market under the ticker CS and the OTCQX under the ticker CNSRF.
For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com
Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.seThis information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out above, at 8:00 am GMT on 3 May 2022
PRESS CONTACT
Maitland/amo
Freddie Barber / Alasdair Todd
coinshares@maitland.co.uk
+44 (0) 207 379 5151
Forward-looking statements
The report contains certain forward-looking statements and opinions. Forward looking statements are statements that do not relate to historical facts and events, and such statements and opinions pertaining to the future that, for example, contain wordings such as "believes", "estimates", "anticipates", "expects", "assumes", "forecasts", "intends", "could", "will", "should", "would", "according to estimates", "is of the opinion", "may", "plans", "potential", "predicts", "projects", "to the knowledge of" or similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements and opinions in the report concerning future financial returns, plans and expectations with respect to the business and management of the Company, future growth and profitability, and the general economic and regulatory environment, and other matters affecting the Company.
Forward-looking statements are based on current estimates and assumptions made according to the best of the Company's knowledge. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, including the Company's cash flow, financial position, and operating profit, to differ from the information presented in such statements, to fail to meet expectations expressly or implicitly assumed or described in those statements or to turn out to be less favourable than the results expressly or implicitly assumed or described in those statements. Accordingly, prospective investors should not place undue reliance on the forward-looking statements contained herein and are strongly advised to read the entire report. The Company cannot give any assurance regarding the future accuracy of the opinions set forth herein or as to the actual occurrence of any predicted developments.
In light of the risks, uncertainties and assumptions associated with forward-looking statements, it is possible that the future events mentioned in the report may not occur. Moreover, the forward-looking estimates and forecasts derived from third party studies referred to in the report may prove to be inaccurate. Actual results, performance or events may differ materially from those presented in such statements due to, without limitation, changes in general economic conditions, in particular economic conditions in the markets in which the Company operates, changes affecting interest rate levels, changes affecting currency exchange rate, changes in levels of competition and changes in laws and regulations.
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Published: May. 3, 2022 at 7:45 AM EDT|Updated: 23 minutes ago
---Record quarterly and annual revenue ---
--- Fourth quarter software and products revenue up 12% year over year ---
--- Fourth quarter recurring revenue up 19% year over year ---
---Annualized recurring revenue (ARR) up 13% year over year ---
TINTON FALLS, N.J., May 3, 2022 /PRNewswire/ --
Fourth quarter and Fiscal 2022 highlights include:
Commvault (NASDAQ: CVLT) today announced its financial results for the fourth quarter and fiscal year ended March 31, 2022.
"We are pleased to have delivered another record quarter to cap off the best year in our history," said Sanjay Mirchandani, President and CEO. "Demand is strong for our differentiated portfolio, our team is executing, and we are taking market share. We are excited about our growth prospects in the new fiscal year."
Total revenues for the fourth quarter of fiscal 2022 were $205.9 million, an increase of 8% year over year. Total recurring revenue was $173.2 million, an increase of 19% year over year. For the full fiscal year, total revenues were $769.6 million, an increase of 6% from fiscal year 2021.
Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $583.3 million as of March 31, 2022, up 13% from March 31, 2021. Software and products revenue in the fourth quarter was $100.5 million, an increase of 12% year over year. The year over year increase in software and products revenue was driven by a 19% increase in revenue from larger deals (deals greater than $0.1 million in software and products revenue).
Larger deal revenue represented 73% of our software and products revenue in the three months ended March 31, 2022. The number of larger deal revenue transactions increased 14% year over year to 226 deals for the three months ended March 31, 2022. The average dollar amount of larger deal revenue transactions was approximately $327,000, representing a 4% increase from the prior year quarter.
Software and products revenue for the full fiscal year was $356.5 million, an increase of 9% from fiscal 2021. The year-over-year increase in software and products revenue was driven by a 13% increase in revenue from larger deals.
Larger deal revenue represented 72% of our software and products revenue in fiscal year 2022. The number of larger deal revenue transactions increased 19% from fiscal year 2021 to 799 deals. The average dollar amount of larger deal revenue transactions was approximately $320,000, representing a 4% decrease from the prior year.
Services revenue in the quarter was $105.5 million, up 3% year over year. For the full fiscal year, services revenue was $413.1 million, up 4% from fiscal 2021. Services revenue growth was driven by Commvault's software-as-a-service offerings.
On a GAAP basis, income from operations (EBIT) was $11.4 million for the fourth quarter compared to $10.3 million in the same period of the prior year. Non-GAAP EBIT was $46.6 million in the quarter compared to $38.8 million in the prior year.
On a GAAP basis, income from operations (EBIT) for the full fiscal year was $41.6 million compared to loss of $22.3 million in fiscal year 2021. Non-GAAP income from operations (EBIT) was $161.7 million in fiscal 2022 compared to $137.5 million in the prior fiscal year quarter.
For the fourth quarter of fiscal 2022, Commvault reported net income of $8.0 million. Non-GAAP net income for the quarter was $34.6 million, or $0.75 per diluted share.
For the full fiscal year, Commvault reported a net income of $33.6 million. Non-GAAP net income for the full fiscal year was $118.7 million, or $2.51 per diluted share.
Operating cash flow totaled $87.1 million for the fourth quarter of fiscal 2022 compared to $64.7 million in the prior year quarter. For the full fiscal year, operating cash flow was $177.2 million, compared to $124.0 million for fiscal year 2021. Total cash and short-term investments were $267.5 million as of March 31, 2022 compared to $397.2 million as of March 31, 2021. There were no borrowings against the revolving line of credit.
During the fiscal fourth quarter, Commvault repurchased approximately 600,000 shares of its common stock totaling $39.8 million at an average price of approximately $66.29 per share. During the full fiscal year, Commvault repurchased approximately 4.3 million shares of its common stock totaling $305.2 million at an average price of approximately $70.87 per share.
On April 21, 2022, the Board of Directors approved a new share repurchase program of up to $250.0 million. The Board's authorization permits Commvault to make purchases of its common stock from time to time in the open market or through privately negotiated transactions, subject to market and other conditions. The Board's authorization has no expiration date.
"We continue to believe that the strength of our balance sheet, coupled with the current and long-term outlook for our business, provides an opportunity to create value for our long-term shareholders," said Mr. Mirchandani.
A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. An explanation of these measures is also included below under the heading "Use of Non-GAAP Financial Measures."
Use of Non-GAAP Financial Measures
Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share and annualized recurring revenue (ARR). This financial information has not been prepared in accordance with GAAP. Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault's ongoing operational performance. Commvault believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault's industry, many of which present similar non-GAAP financial measures to the investment community. Commvault has also provided software and products, services and total revenues on a constant currency basis. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table IV included in this press release.
Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards. Commvault has also excluded restructuring costs, certain costs related to key employees of Hedvig, the noncash amortization of intangible assets, acquisition costs related to TrapX, the gain on the sale of its equity method investment in Laitek, Inc. and, for fiscal year 2021, the noncash impairment of intangible assets from its non-GAAP results. These expenses are further discussed in Table IV. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault's core operating results over multiple periods. When evaluating the performance of Commvault's operating results and developing short- and long-term plans, Commvault does not consider such expenses.
Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault's operating results and those of other companies.
There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault's operating results. In addition, noncash stock-based compensation is an important part of Commvault's employees' compensation and can have a significant impact on their performance. Lastly, the components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures.
Due to the limitations related to the use of non-GAAP measures, Commvault's management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault's management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.
Non-GAAP net income and non-GAAP diluted earnings per share (EPS). In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 27%.
Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.
Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault's use of non-GAAP net income and non-GAAP EPS.
Conference Call Information
Commvault will host a conference call today, May 3, 2022 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss its financial results. To access this call, dial 844-742-4247 (domestic) or 661-378-9470 (international). The live webcast can be accessed under the "Events" section of Commvault's website. An archived webcast of this conference call will also be available following the call.
About Commvault
Commvault (NASDAQ: CVLT) liberates business and IT professionals to do amazing things with their data by ensuring the fundamental integrity of their business. Its industry-leading Intelligent Data Services Platform empowers these professionals to store, protect, optimize, and use their data, wherever it lives. Delivering the ultimate in simplicity and flexibility to customers, its Intelligent Data Services Platform is available as software subscription, an integrated appliance, partner-managed, and software as a service—a critical differentiator in the market. For 25 years, more than 100,000 organizations have relied on Commvault, and today, Metallic is accelerating customer adoption to modernize their environments as they look to SaaS for the future. Driven by its values—Connect, Inspire, Care, and Deliver—Commvault employs more than 2,800 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
Safe Harbor Statement
This press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault's business, see "Item IA. Risk Factors" in our annual report in Form 10-K and "Item 1A. Risk Factors" in our most recent quarter report in Form 10-Q. Statements regarding Commvault's beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.whsv.com/prnewswire/2022/05/03/commvault-announces-fiscal-2022-fourth-quarter-financial-results/ | 2022-05-03T12:08:01Z |
CANONSBURG, Pa., May 3, 2022 /PRNewswire/ -- Today, CONSOL Energy Inc. (NYSE: CEIX) reported financial and operating results for the period ended March 31, 2022.
First Quarter 2022 Highlights Include:
- GAAP net loss of ($4.5) million;
- Net income after adjusting for the impact of unrealized mark-to-market losses on commodity derivative instruments1 came in at $72.0 million;
- Quarterly adjusted EBITDA1 of $169.2 million;
- Itmann low-vol metallurgical coal project remains on track for a 2H2022 start-up;
- Net cash provided by operating activities of $148.2 million;
- Quarterly free cash flow1 of $118.0 million;
- Coal shipments improve to 6.5 million tons;
- 2023 contracted position improved to 16.3 million tons;
- Cash and cash equivalents of $222.9 million plus $46.1 million in restricted cash as of March 31, 2022;
- Debt repayments, excluding premiums, of $38.5 million during 1Q22, including $25.0 million of second lien notes; and
- Net leverage ratio1 drops below 1.0x as of March 31, 2022.
Management Comments
"CEIX delivered a very strong 1Q22 performance across all of our business segments, shipping 6.5 million tons out of the Pennsylvania Mining Complex (PAMC) and 3.6 million tons from the CONSOL Marine Terminal (CMT), generating $118 million in free cash flow and increasing our unrestricted cash position by more than $70 million, while making debt repayments of nearly $39 million. Our operations ran very well in the quarter, as we moved past the geological issues we encountered in the second half of 2021 and have seen an ongoing improvement in railroad performance since the end of 2021. Additionally, our CONSOL Marine Terminal recorded its highest quarterly terminal revenue in its history. We continued to take advantage of the ongoing strength in the coal markets and layered in additional contract tons for 2023 and beyond. Finally, our Itmann preparation plant remains on schedule with start-up expected in the second half of 2022."
"On the safety front, our Harvey Mine, Bailey Preparation Plant and CONSOL Marine Terminal each had ZERO employee recordable incidents during the first quarter of 2022. Our 1Q22 total recordable incident rate of 0.52 at the PAMC continues to track significantly and consistently below the national average for underground bituminous coal mines."
Pennsylvania Mining Complex Review and Outlook
PAMC Sales and Marketing
Our sales team sold 6.5 million tons of PAMC coal during the first quarter of 2022 generating coal revenue of $473.0 million for the PAMC segment. After adjusting for the effect of settlements on commodity risk derivative instruments, the PAMC generated an average realized coal revenue per ton sold1 of $59.60, compared to 6.9 million tons at an average realized coal revenue per ton sold1 of $41.39 in the year-ago period. The significant improvement in the average realized coal revenue per ton sold1 was due to substantial improvements in the coal, natural gas, and electric power markets compared to the prior-year quarter.
On the domestic front, the commodity markets continued their upward trend during the first quarter of 2022 compared to the prior-year period and resulted in some of the highest quarterly commodity pricing levels we've seen since becoming an independent publicly traded company. Henry Hub natural gas spot prices averaged $4.67/mmBtu in 1Q22, a 33% improvement compared to the prior-year period. PJM West day-ahead power prices averaged $55.58/MWh in the quarter, an improvement of 82% compared to 1Q21, and the highest average quarterly level we've witnessed since becoming an independent public company. Despite the ongoing strength in domestic demand and commodity pricing, supply tightness has remained a consistent theme. The U.S. Energy Information Administration (EIA) estimates in its latest Short-Term Energy Outlook that domestic coal consumption will increase to 560 million tons in 2022; however, total primary supply and waste coal production, after accounting for estimated export tons, will be 535 million tons, which requires an inventory drawdown of approximately 25 million tons at domestic power plants. The EIA estimates that the U.S. will finish 2022 with 70 million tons of coal inventory at domestic power plants, compared to 95 million tons at the end of 2021. The majority of our domestic customers' stockpiles remain below target levels, and demand for our product remains robust.
On the export front, seaborne thermal coal markets remained volatile in the first quarter of 2022, with API2 prices averaging $234/ton compared to $67/ton in the first quarter of 2021. Global LNG prices remained elevated with the Asian spot market benchmark price (JKM) averaging $31.30/mmBtu in 1Q22, a 240% increase compared to the prior-year period. The lack of supply response has continued to be a general theme in the coal space since early 2021; however, the ongoing conflict between Russia and Ukraine, and the subsequent response to it, could contribute to extending the duration of this market tightness. Wood Mackenzie estimates that with Russia supplying 26% of the seaborne high calorific value market, "actions by individual buyers will keep the market tight". Wood Mackenzie also points out that they expect Europe to adopt a number of short term strategies to end its dependence on Russian energy, one of which is a focus on increasing coal-fired generation. Additionally, it expects European utilities to postpone plant closures with energy flows being impacted at least through 2023.
We have continued to secure additional coal sales contracts, and, as such, we remain near fully-contracted for 2022 and have increased our 2023 sold position to 16.3 million tons.
Operations Summary
During the first quarter of 2022, we had a strong operating performance and ran our four available longwalls at the PAMC at a normalized run-rate after encountering operational and geological issues during 3Q21 and early 4Q21. Additionally, the transportation delays that limited our production in 4Q21 have steadily improved throughout 1Q22, as our transportation partners continued to improve staffing levels and move past their COVID-related labor issues. The PAMC produced 6.4 million tons in 1Q22, marking the second consecutive quarter in which we have increased our production. This compares to 7.0 million tons in the year-ago quarter. The reduction compared to the prior-year was due to running our five available longwalls in 1Q21, compared to four available longwalls in 1Q22 as we pulled back development of our fifth longwall during the COVID-19 related demand decline in 2020.
CEIX's total costs and expenses during the first quarter of 2022 were $366.5 million, compared to $310.6 million in the year-ago quarter, and CEIX's total coal revenue during the first quarter of 2022 was $476.4 million, compared to $285.5 million in the year-ago period. Including the effects of settlements of commodity derivative instruments at a loss of $86.3 million, total realized coal revenue1 in 1Q22 was $390.1 million. The significant improvement in total realized coal revenue1, despite lower production and sales volumes compared to the prior-year quarter, was the result of an $18.21 improvement in average realized coal revenue per ton sold1 at the Pennsylvania Mining Complex as demand for our product specifically and coal markets generally have steadily strengthened since the prior-year period. Additionally, total revenue in 1Q22 was impacted by a $101.9 million pre-tax unrealized mark-to-market loss related to commodity derivative instruments, as the forward API2 curve remained volatile in the quarter. Average cash cost of coal sold per ton1 for the first quarter of 2022 was $29.91, compared to $24.44 in the year-ago quarter. The increase was due to a combination of factors, including the ongoing development work associated with the fifth longwall, significant inflationary pressures that continued to weigh on our input costs such as labor, maintenance, supply, contractor and project expenses and lower operating leverage due to less sales tonnage.
CONSOL Marine Terminal Review
For the first quarter of 2022, throughput volumes at the CMT were 3.6 million tons, compared to 4.1 million tons in the year-ago period. Terminal revenues and CMT total costs and expenses were $21.4 million and $10.5 million, respectively, compared to $18.2 million and $9.5 million, respectively, during the year-ago period. Despite lower throughput tonnage, terminal revenue was significantly improved in 1Q22 compared to 1Q21 as the throughput rate per ton was substantially improved due to increased export demand and commodity pricing strength. As a result, 1Q22 marked the highest terminal revenue in the history of the CMT. CMT operating cash costs1 were $5.9 million in 1Q22, compared to $5.3 million in 1Q21. CONSOL Marine Terminal net income and CONSOL Marine Terminal Adjusted EBITDA1 were $11.6 million and $14.5 million, respectively, in the first quarter of 2022 compared to $9.1 million and $12.0 million, respectively, in the year-ago period.
Itmann Update
Our Itmann project continued to progress according to expectations during the first quarter of 2022, and the project remains on track, with preparation plant start-up and scale-up to full run-rate production expected during the second half of 2022.
- Relocation of the existing prep plant to the Itmann site is proceeding on schedule, with disassembly of the existing plant complete and approximately 80% of the structure and equipment has already been transported to Itmann.
- The main Itmann plant building foundations are complete and significant progress was made with structural steel erection and plant circuitry installation during 1Q22.
- The new rail siding and mainline construction activities are well underway and are on target to meet the overall project schedule.
- The mine produced approximately 44,000 tons of low-vol metallurgical coal (on a clean coal equivalent basis) and sold approximately 19,000 tons in 1Q22. Most of the unsold inventory from 1Q22 is scheduled for export shipment through the CMT in 2Q22.
- We continue to grow staffing levels consistent with our production ramp-up plan for 2022.
Debt Repurchases Update
During the first quarter of 2022, CEIX made mandatory repayments of $6.5 million, $6.3 million and $0.7 million on our equipment financed debt, Term Loan A and Term Loan B, respectively. Additionally, CEIX spent $26.4 million to repurchase $25.0 million in principal amount of its second lien notes, as we continued to execute on our stated goal of reducing our total debt levels. This brings our total debt repayments and repurchases in the quarter to $38.5 million (excluding the premium paid on the second lien notes).
2022 Guidance and Outlook
Based on our current contracted position, estimated prices and production plans, we are providing the following financial and operating performance guidance for full fiscal year 2022:
- 2022 targeted PAMC coal sales volume of 23.0-25.0 million tons
- PAMC average realized coal revenue per ton sold2 expectation of $58.00-$61.00
- PAMC average cash cost of coal sold per ton2 expectation of $29.00-$31.00
- Capital expenditures (including Itmann development): $162-$195 million
- Expect to produce between 0.3 and 0.5 million tons of coal at the Itmann Mine (on a clean coal equivalent basis) with the majority of it in 2H2022
First Quarter Earnings Conference Call
A conference call and webcast, during which management will discuss the first quarter 2022 financial and operational results, is scheduled for May 3, 2022 at 11:00 AM eastern time. Prepared remarks by members of management will be followed by a question and answer session. Interested parties may listen via webcast on the "Events and Presentations" page of our website, www.consolenergy.com. An archive of the webcast will be available for 30 days after the event.
Availability of Additional Information
Please refer to our website, www.consolenergy.com, for additional information regarding the company. In addition, we may provide other information about the company from time to time on our website.
We will also file our Form 10-Q with the Securities and Exchange Commission (SEC) reporting our results for the period ended March 31, 2022 on May 3, 2022. Investors seeking our detailed financial statements can refer to the Form 10-Q once it has been filed with the SEC.
Footnotes:
1 "Adjusted EBITDA", "Free Cash Flow", "Net Leverage Ratio", "CONSOL Marine Terminal Adjusted EBITDA", "CMT Operating Cash Costs", "Total Realized Coal Revenue", "Total Cash Cost of Coal Sold" and "Net Income Adjusted for the Effect of Unrealized Mark-to-Market Losses on Commodity Derivative Instruments" are non-GAAP financial measures and "Average Realized Coal Revenue per Ton Sold", "Average Cash Cost of Coal Sold per Ton" and "Average Cash Margin per Ton Sold" are operating ratios derived from non-GAAP financial measures, each of which are reconciled to the most directly comparable GAAP financial measures below, under the caption "Reconciliation of Non-GAAP Financial Measures".
2 CEIX is unable to provide a reconciliation of Average Realized Coal Revenue per Ton Sold and Average Cash Cost of Coal Sold per Ton guidance, operating ratios derived from non-GAAP financial measures, due to the unknown effect, timing and potential significance of certain income statement items.
About CONSOL Energy Inc.
CONSOL Energy Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based producer and exporter of high-Btu bituminous thermal coal and metallurgical coal. It owns and operates some of the most productive longwall mining operations in the Northern Appalachian Basin and is developing a new metallurgical coal mine (the Itmann project) in the Central Appalachian Basin. CONSOL's flagship operation is the Pennsylvania Mining Complex, which has the capacity to produce approximately 28.5 million tons of coal per year and is comprised of 3 large-scale underground mines: Bailey, Enlow Fork, and Harvey. The company also owns and operates the CONSOL Marine Terminal, which is located in the port of Baltimore and has a throughput capacity of approximately 15 million tons per year. In addition to the ~612 million reserve tons associated with the Pennsylvania Mining Complex and the ~21 million reserve tons associated with the Itmann project, the company also controls approximately 1.4 billion tons of greenfield thermal and metallurgical coal reserves and resources located in the major coal-producing basins of the eastern United States. Additional information regarding CONSOL Energy may be found at www.consolenergy.com.
Contacts:
Investor:
Nathan Tucker, (724) 416-8336
nathantucker@consolenergy.com
Media:
Kurt Salvatori, (724) 416-8319
kurtsalvatori@consolenergy.com
Reconciliation of Non-GAAP Financial Measures
We evaluate our cost of coal sold and cash cost of coal sold on an aggregate basis. We define cost of coal sold as operating and other production costs related to produced tons sold, along with changes in coal inventory, both in volumes and carrying values. The cost of coal sold includes items such as direct operating costs, royalty and production taxes, direct administration costs, and depreciation, depletion and amortization costs on production assets. Cost of coal sold excludes any indirect costs, such as selling, general and administrative costs, freight expenses, interest expenses, depreciation, depletion and amortization costs on non-production assets and other costs not directly attributable to the production of coal. The cash cost of coal sold includes cost of coal sold less depreciation, depletion and amortization costs on production assets. We define average cash cost of coal sold per ton as cash cost of coal sold divided by tons sold. The GAAP measure most directly comparable to cost of coal sold, cash cost of coal sold and average cash cost of coal sold per ton is total costs and expenses.
The following table presents a reconciliation of cost of coal sold, cash cost of coal sold and average cash cost of coal sold per ton to total costs and expenses, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands, except per ton information).
We evaluate our average realized coal revenue per ton sold, average margin per ton sold and average cash margin per ton sold on a per-ton basis. We define average realized coal revenue per ton sold as total coal revenue, net of settlements of commodity derivatives divided by tons sold. We define average margin per ton sold as average realized coal revenue per ton sold, net of average cost of coal sold per ton. We define average cash margin per ton sold as average realized coal revenue per ton sold, net of average cash cost of coal sold per ton. The GAAP measure most directly comparable to average realized coal revenue per ton sold, average margin per ton sold and average cash margin per ton sold is total coal revenue.
The following table presents a reconciliation of average realized coal revenue per ton sold, average margin per ton sold and average cash margin per ton sold to total coal revenue, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands, except per ton information).
We define CMT operating costs as operating and other costs related to throughput tons. CMT operating costs exclude any indirect costs, such as freight expense, selling, general and administrative costs, (loss) gain on debt extinguishment, depreciation, depletion and amortization of non-throughput assets, direct administration costs, interest expenses, and other costs not directly attributable to throughput tons. CMT operating cash costs include CMT operating costs, less depreciation, depletion and amortization costs on throughput assets. The GAAP measure most directly comparable to CMT operating costs and CMT operating cash costs is total costs and expenses.
The following table presents a reconciliation of CMT operating costs and CMT operating cash costs to total costs and expenses, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).
We define adjusted EBITDA as (i) net income (loss) plus income taxes, net interest expense and depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as stock-based compensation and unrealized mark-to-market gains or losses on commodity derivative instruments. The GAAP measure most directly comparable to adjusted EBITDA is net income (loss).
The following tables present a reconciliation of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).
We define net income after adjusting for the impact of unrealized mark-to-market losses on commodity derivative instruments as net (loss) income adjusted for the impact of current period unrealized mark-to-market gains or losses related to commodity derivatives. The GAAP measure most directly comparable to net income after adjusting for the impact of unrealized mark-to-market losses on commodity derivative instruments is net (loss) income.
The following table presents a reconciliation of net income after adjusting for the impact of unrealized mark-to-market losses on commodity derivative instruments to net (loss) income, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).
We define net leverage ratio as the ratio of net debt to the last twelve months' ("LTM") earnings before interest expense and depreciation, depletion and amortization, adjusted for certain non-cash items, such as stock-based compensation, unrealized mark-to-market loss on commodity derivative instruments, amortization of debt issuance costs and capitalized interest.
The following table presents a reconciliation of net leverage ratio (in thousands).
Free cash flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations and non-core asset sales after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand CONSOL's asset base and are expected to generate future cash flows from operations. It is important to note that free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The following table presents a reconciliation of free cash flow to net cash provided by operations, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws. With the exception of historical matters, the matters discussed in this press release are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties that could cause actual results to differ materially from results projected in or implied by such forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe our expectations with respect to the Itmann Mine or any other strategy that involves risks or uncertainties, we are making forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Specific risks, contingencies and uncertainties are discussed in more detail in our filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this press release and CEIX disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.
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SOURCE CONSOL Energy Inc. | https://www.whsv.com/prnewswire/2022/05/03/consol-energy-announces-results-first-quarter-2022/ | 2022-05-03T12:08:07Z |
ARLINGTON, Va., May 3, 2022 /PRNewswire/ -- RiskSpan, a leading provider of residential mortgage and structured product data and analytics, has appointed Daniel Fleishman as Managing Director within its recently announced Mortgage Servicing Rights unit.
Fleishman's career includes 17 years at BlackRock where he worked extensively with banks, mortgage companies and REITs to support MSR valuation, risk measurement and hedging practices. In that role, Fleishman gained deep expertise in MSR cash flow and mortgage modeling as well as experience managing diverse client needs ranging from model validation to MSR acquisition analysis. Earlier in his career, he also spent more than a decade at the Federal Reserve Bank of New York.
"Dan's extensive expertise with mortgage and MSR analytics is a wonderful complement to our Edge Platform," said Bernadette Kogler, CEO of RiskSpan. "With the MSR application starting to gain real traction, Dan is just the person to help ensure our clients are getting all they can out of the capability."
"I am delighted about this opportunity to be a part of such a dynamic company in this new role," said Fleishman. "I look forward to helping Edge users manage multiple loan-level datasets with ease and visualize servicing cash flows and analytics rapidly and with granularity."
As announced last week, RiskSpan's cloud-native MSR application is a new component of its award-winning Edge Platform. It enables investors to price MSRs and run cash flows on the fly at the loan level, opening the door to a virtually limitless array of scenario-based analytics. The flexibility afforded by RiskSpan's parallel computing framework allows for complex net cash flow calculations on hundreds of thousands of individual mortgage loans simultaneously. The speed and scalability this affords makes the Edge Platform ideally suited for pricing even the largest portfolios of MSR assets and making timely trading decisions with confidence.
About RiskSpan, Inc.
RiskSpan offers end-to-end solutions for data management, trading risk management analytics, and visualization on a highly secure, fast, and fully scalable platform that has earned the trust of the industry's largest firms. Combining the strength of subject matter experts, quantitative analysts, and technologists, RiskSpan's Edge platform integrates a range of datasets – structured and unstructured – and off-the-shelf analytical tools to provide you with powerful insights and a competitive advantage. Learn more at www.riskspan.com.
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SOURCE RiskSpan, Inc. | https://www.whsv.com/prnewswire/2022/05/03/daniel-fleishman-joins-riskspans-msr-team/ | 2022-05-03T12:08:15Z |
Novel Body Cream with Defensin-Molecules Delivers Visible Tightening and Firming Results
CARLSBAD, Calif., May 3, 2022 /PRNewswire/ -- DefenAge® Skincare, the manufacturer and distributor of revolutionary, evidence-based, anti-aging products, is thrilled to announce that its new 10 Luxe Hand & Body Cream is the winner of a Good Housekeeping 2022 Beauty Award and is named Best in the 'Best-in-Class Body' category, celebrating the luxe all-over moisturizer for its breakthrough Age-Repair Defensins® technology and efficacy.
This year, Good Housekeeping painstakingly evaluated a record 955 innovations, formulas, tools, and treatments using the latest in advanced technology including the Corneometer device, for measuring skin moisture levels; the Visia Complexion Analyzer, for tracking changes in the skin, including wrinkles and hyperpigmentation; and the Cutometer, for gauging skin firmness. These assessments, along with staff testing, reveal the best products you can buy, ones that truly deliver.
With 19 clinical studies to support the safety and efficacy of DefenAge's formulas and Age-Repair Defensins®, DefenAge 10 Luxe Hand & Body Cream withstood this rigorous testing to stand out from the competition.
The 10 Luxe Hand & Body Cream is specifically designed to carry the power of defensin-molecules from the neck down in a multi-functional manner. It enhances visible firmness and cosmetic elasticity, addresses crepey skin, boosts long-lasting hydration and radiance, improves the look, softness, and textural feel of the skin on the elbows and knees, smooths and softens the skin on hands, and pairs well with body contouring procedures and skin rejuvenation treatments.
One Good Housekeeping staff tester remarks, "My hands look younger and brighter."
The award is backed by a clinical study that was just accepted for publication in the peer-reviewed Journal of Cosmetic Dermatology. The study shows that the use of the 10 Luxe Hand & Body Cream resulted in dramatic improvement in multiple qualities of the skin. The full study data will become available for the public in the nearest term.
In addition to youth-enhancing defensin-molecules, the product is formulated with enhanced clean beauty and safety standards in mind and complies with DefenAge's ban on any human- or animal- derived ingredients, cells or their parts, or media collected from living cells.
"DefenAge is beyond proud to be included in this illustrious round-up of the industry's best treatments," shares Nikolay Turovets, Ph.D., CEO of DefenAge. "This is the first-ever body cream that contains defensin-molecules, and it encompasses seven years of research collected on the clinical performance of defensins."
The 10 Luxe Hand & Body Cream retails online at the brands website, www.defenage.com, and through DefenAge-authorized dermatologists, aesthetic surgeons, and other aesthetic service providers.
About DefenAge®:
DefenAge is an American company founded in 2014 by a team of regenerative medicine experts whose anti-aging discovery became the heart and soul of its formulas. DefenAge's products are widely recommended by dermatologists as a high-performing, anti-aging cosmetic skincare for visible skin rejuvenation and as a safe alternative for retinol. DefenAge complies with or exceeds the Clean Beauty standards and its products have never been tested on animals. Honesty, transparency, and excelling in every way possible are the company's standards.
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SOURCE DefenAge | https://www.whsv.com/prnewswire/2022/05/03/defenage-10-luxe-hand-amp-body-cream-wins-good-housekeeping-beauty-award-best-anti-aging-body-cream/ | 2022-05-03T12:08:25Z |
- Reported first quarter net income attributable to all partners of $39.5 million
- EBITDA of $66.0 million represented an increase of 12% y/y
- First quarter distributable cash flow coverage ratio of 1.21x and total leverage ratio of approximately 3.3x
- Declared first quarter distribution of $0.98 per limited partner unit; reflects 6.5% increase y/y
- Planned acquisition of 3Bear builds size and scale, offers geographic and product mix diversity and increases 3rd party revenue
- Permian Gathering business witnessing strong producer activity
- Delivered 37 consecutive quarters of distribution growth with recent quarterly increase to $0.98/unit
- DKL volumes expected to benefit from a lack of major planned turnaround activity in Delek US system in 2022
BRENTWOOD, Tenn., May 3, 2022 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the first quarter 2022. For the three months ended March 31, 2022, Delek Logistics reported net income attributable to all partners of $39.5 million, or $0.91 per diluted common limited partner unit. This compares to net income attributable to all partners of $36.3 million, or $0.83 per diluted common limited partner unit, in the first quarter 2021. Net cash from operating activities was $47.9 million in the first quarter 2022 compared to $61.7 million in the first quarter 2021. Distributable cash flow was $51.7 million in the first quarter 2022, compared to $52.5 million in the first quarter 2021.
For the first quarter 2022, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $66.0 million compared to $58.7 million in the first quarter 2021.
Uzi Yemin, Chairman, President and Chief Executive Officer of Delek Logistics' general partner, remarked: "Strong producer demand is prompting significant volume growth in our Permian Gathering System and we expect momentum to continue throughout the year. Complementing our existing gathering business is the planned acquisition of 3Bear Delaware Holding – NM, LLC. This transaction improves size and scale, increases third party revenue, diversifies geographic footprint within the Permian Basin, expands the product mix and is expected to be immediately accretive to distributable cash flow ratios."
Mr. Yemin continued, "With ongoing consolidation in the MLP space, DKL should screen more attractively to investors as a larger, more diversified company with increasing third-party revenue and a long track record of increasing shareholder returns. The recent announcement to increase the quarterly distribution to $0.98/unit marks the 37th consecutive increase in the quarterly distribution. The outlook for the company is bright with both organic and inorganic growth opportunities underway and a lack of major turnaround activity planned at Delek US in 2022, should translate into strong volumes throughout our system this year."
Distribution and Liquidity
On April 25, 2022, Delek Logistics declared a quarterly cash distribution of $0.98 per common limited partner unit for the first quarter 2022, which equates to $3.92 per common limited partner unit on an annualized basis. This distribution will be paid on May 12, 2022 to unitholders of record on May 5, 2022. This represents a 0.5% increase from the fourth quarter 2021 distribution of $0.975 per common limited partner unit, or $3.90 per common limited partner unit on an annualized basis, and a 6.5% increase over Delek Logistics' first quarter 2021 distribution of $0.92 per common limited partner unit, or $3.68 per common limited partner unit annualized. For the first quarter 2022, the total cash distribution declared to all partners was approximately $42.6 million, resulting in a distributable cash flow coverage ratio of 1.21x.
As of March 31, 2022, Delek Logistics had total debt of approximately $905.5 million and cash of $2.7 million. Additional borrowing capacity, subject to certain covenants, under the $850.0 million credit facility was $585.9 million. The total leverage ratio was well within the requirements of the maximum allowable leverage ratio under the credit facility.
Financial Results
Contribution margin in the first quarter 2022 was $62.3 million compared to $56.9 million in the first quarter 2021. Overall performance benefited from an increase in utilization on assets supporting the Big Spring Refinery and increased throughput on joint venture pipelines.
Pipelines and Transportation Segment
Contribution margin in the first quarter 2022 was $43.2 million which is broadly in line compared to $41.7 million in the first quarter 2021.
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Wholesale Marketing and Terminalling Segment
During the first quarter 2022, contribution margin was $19.0 million compared to $15.2 million in the first quarter 2021. The increase was primarily driven by strong volumes at the Big Spring marketing and terminalling facilities.
Investments in Pipeline Joint Ventures Segment
During the first quarter 2022, income from equity method investments was $7.0 million compared to $4.0 million in the first quarter 2021, primarily driven by increased volumes at both Caddo and Red River.
First Quarter 2022 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its first quarter 2022 results on Tuesday, May 3, 2022 at 9:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.
Investors may also wish to listen to Delek US Holdings, Inc.'s (NYSE: DK) ("Delek US") first quarter 2022 earnings conference call on Tuesday, May 3, 2022 at 11:00 a.m. Central Time and review Delek US' earnings press release. Market trends and information disclosed by Delek US may be relevant to Delek Logistics, as it is a consolidated subsidiary of Delek US. Investors can find information related to Delek US and the timing of its earnings release online by going to www.DelekUS.com.
About Delek Logistics Partners, LP
Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US and owns, operates, acquires and constructs crude oil, natural gas and refined products logistics and marketing assets.
Safe Harbor Provisions Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These statements contain words such as "possible," "believe," "should," "could," "would," "predict," "plan," "estimate," "intend," "may," "anticipate," "will," "if," "expect" or similar expressions, as well as statements in the future tense, and can be impacted by numerous factors, including the fact that a substantial majority of Delek Logistics' contribution margin is derived from Delek US, thereby subjecting us to Delek US' business risks; risks relating to the securities markets generally; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; the impact of the COVID-19 outbreak on the demand for crude oil, refined products and transportation and storage services; uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; scheduled turnaround activity; the results of our investments in joint ventures; adverse changes in laws including with respect to tax and regulatory matters; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. Forward-looking statements include, but are not limited to, statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth of 5% or at all. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation
Non-GAAP Disclosures:
Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:
- Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income before net interest expense, income tax expense, depreciation and amortization expense, including amortization of customer contract intangible assets, which is included as a component of net revenues in our accompanying condensed consolidated statements of income.
- Distributable cash flow - calculated as net cash flow from operating activities plus or minus changes in assets and liabilities, less maintenance capital expenditures net of reimbursements and other adjustments not expected to settle in cash. Delek Logistics believes this is an appropriate reflection of a liquidity measure by which users of its financial statements can assess its ability to generate cash.
- EBITDA and distributable cash flow are non GAAP supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
- Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;
- the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
- Delek Logistics' ability to incur and service debt and fund capital expenditures; and
- the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
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Delek Logistics believes that the presentation of EBITDA, distributable cash flow and distributable cash flow coverage ratio provide useful information to investors in assessing its financial condition, its results of operations and the cash flow its business is generating. EBITDA, distributable cash flow and distributable cash flow coverage ratio should not be considered in isolation or as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP.
Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net income and net cash provided by operating activities. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in its industry, Delek Logistics' definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.
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Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (ir.deleklogistics.com), news webpage (www.deleklogistics.com/news) and its Twitter account (@DelekLogistics).
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SOURCE Delek Logistics | https://www.whsv.com/prnewswire/2022/05/03/delek-logistics-partners-lp-reports-first-quarter-2022-results/ | 2022-05-03T12:08:31Z |
Delek US Holdings Reports First Quarter 2022 Results
Published: May. 3, 2022 at 7:30 AM EDT|Updated: 38 minutes ago
Reported first quarter net income of $6.6 million or $0.09 per share and Adjusted EBITDA of $172.8 million
Completed $64 million share acquisition from the Icahn Group at $18.30/share, reducing shares outstanding by ~5%
Planned acquisition of 3Bear places us well on-track to achieve midstream EBITDA target of $365 - $395 million
Accelerating Permian Gathering activity provides growth opportunities and potential for attractive crude discounts
Positioned to capture robust energy environment with no major turnaround activity planned in 2022
Retrospectively transitioned Tyler, TX refinery from LIFO to FIFO inventory accounting methodology
Maintained strong balance sheet with $854 million of cash as of March 31, 2022
BRENTWOOD, Tenn., May 3, 2022 /PRNewswire/ -- Delek US Holdings, Inc. (NYSE: DK) ("Delek US") today announced financial results for its first quarter ended March 31, 2022. Delek US reported a first quarter 2022 net income of $6.6 million, or $0.09 per share, versus net loss of $(70.0) million, or $(0.95) per share, for the quarter ended March 31, 2021. On an adjusted basis, Delek US reported Adjusted net income of $42.9 million, or $0.58 per share, for the first quarter 2022. This compares to Adjusted net loss of $(80.2) million, or $(1.08) per share, in the prior year. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") was $172.8 million for the first quarter compared to Adjusted EBITDA of $12.6 million in the prior year.
Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US, stated, "The refining landscape has improved dramatically from the pandemic driven downturn over the past couple of years and our team is optimistic on the outlook for 2022. Our refining portfolio has no major planned maintenance this year, positioning us well to capture elevated margins. The robust macro environment provided us with confidence to repurchase ~5% of Delek stock from the Icahn Group in March. We will continue to look for opportunities to enhance our balance sheet and return cash to shareholders throughout the year."
Mr. Yemin continued, "Permian Gathering activity at Delek Logistics Partners is reflecting a significant ramp-up sequentially and we expect volumes to approximately double from the fourth quarter of last year to the fourth quarter of this year. Strong producer demand and increasing drilling activity paves the way for attractive crude discounts into the future and also helps underpin DKL's planned acquisition of 3Bear Delaware Holding – NM, LLC. This transaction puts DK on pace to achieve its consolidated midstream EBITDA target of $365 - $395 million, increases DKL third-party revenue, helps DKL become a larger, more scalable entity, diversifies its geography within the Permian Basin and expands the company's product mix. Delek's assets are performing well and we are back to a position of pursuing growth through both organic and inorganic opportunities."
Liquidity
As of March 31, 2022, Delek US had a cash balance of $854.1 million and total consolidated long-term debt of $2,212.8 million, resulting in Net debt of $1,358.7 million. As of March 31, 2022, Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") had $2.7 million of cash and $905.5 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had approximately $851.4 million in cash and $1,307.3 million of long-term debt, or a $455.9 million Net debt position.
Consolidated Results
Net income attributable to Delek in the first quarter 2022 was $6.6 million compared to $(70.0) million net loss in the first quarter 2021. On an adjusted basis, Adjusted net income was $42.9 million in the first quarter 2022 compared to Adjusted net loss of $(80.2) million in the first quarter 2021. The $123.1 million improvement in Adjusted net income is primarily attributable to improvements in refining operating results and contribution margins compared to the prior year quarter, including the impact of higher refining utilization rates during the current quarter compared to the prior period, where last year we had outages related to turnaround activities, a fire at our El Dorado refinery and the effects of Winter Storm Uri, combined with significantly improved crack spreads. See below for further discussion of operating results and contribution margin across our segments.
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Refining Segment Results
Refining contribution margin increased to $96.9 million in the first quarter 2022 from $10.4 million in the first quarter 2021, while Adjusted segment contribution margin was $152.9 million in the first quarter 2022 compared to $(3.9) million in the first quarter 2021. On a year-over-year basis, our refining segment results were favorably impacted by increased demand, attributable in part to low clean product inventories and continued macroeconomic improvements around the pandemic combined with the impact of sanctions on Russian oil supply, as well as the corresponding improvements in crack spreads. Absent significant outages (such as those caused by Winter Storm Uri, the refinery fire and turnaround activities in first quarter 2021), we experienced marked improvements in our refining utilization rates compared to the prior year period. Additionally, during the first quarter 2022, Delek US's benchmark crack spreads were up an average of approximately 84.2% from prior-year levels, though the refineries' ability to capture crack spread increases continues to be negatively impacted by higher RIN costs year over year and the continued burden of the RFS program on our small refineries.
Logistics Segment Results
The logistics segment contribution margin in the first quarter 2022 was $62.3 million compared to $56.9 million in the first quarter 2021, where Adjusted segment contribution margin was $62.1 million compared to $56.7 million in the prior year quarter. Overall performance benefited from an increase in utilization on assets supporting the Big Spring Refinery and increased throughput on joint venture pipelines.
Retail Segment Results
For the first quarter 2022, contribution margin, on both a GAAP and Adjusted basis, was $13.8 million compared to $16.7 million and $16.7 million on a GAAP and Adjusted basis, respectively, in the prior-year period for the retail segment. Merchandise sales were approximately $69.7 million with an average retail margin of 34.6% in the first quarter 2022, compared to merchandise sales of approximately $74.6 million with an average retail margin of 32.7% in the prior-year period. Approximately 39.5 million retail fuel gallons were sold at an average margin of $0.31 per gallon in the first quarter 2022 compared to 39.8 million retail fuel gallons sold at an average margin of $0.35 per gallon in the first quarter 2021. In the first quarter 2022, the average merchandise store count was 248 compared to 253 in the prior-year period. On a same-store-sales basis in the first quarter 2022, merchandise sales decreased (5.2)% and fuel gallons sold increased 0.8% compared to the prior-year period.
Corporate and Other Activity
Contribution margin from Corporate, Other and Eliminations was a loss of $33.3 million in the first quarter 2022 compared to a loss of $19.9 million in the prior-year period, where Adjusted contribution margin was a $30.9 million loss compared to a $19.7 million loss in the same quarter of 2021, and where these amounts include inter-segment eliminations.
The Wink-to-Webster crude oil pipeline, currently flowing through the consolidated equity method investment line, is expected to ratably increase throughout the year. The 36-inch diameter pipeline, which is fully contracted with minimum volume commitments ("MVCs"), will originate in the Permian Basin and have destination points in the Houston market.
First Quarter 2022 Results | Conference Call Information
Delek US will hold a conference call to discuss its first quarter 2022 results on Tuesday, May 3, 2022 at 11:00 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days.
Investors may also wish to listen to Delek Logistics' (NYSE: DKL) first quarter 2022 earnings conference call that will be held on Tuesday, May 3, 2022 at 9:30 a.m. Central Time and review Delek Logistics' earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, renewable fuels and convenience store retailing. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.
The logistics operations primarily consist of Delek Logistics Partners, LP (NYSE: DKL). Delek US Holdings, Inc. and its affiliates own approximately 78.9% (including the general partner interest) of Delek Logistics Partners, LP at March 31, 2022. Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets.
The convenience store retail segment operates approximately 248 convenience stores in West Texas and New Mexico.
This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These statements contain words such as "possible," "believe," "should," "could," "would," "predict," "plan," "estimate," "intend," "may," "anticipate," "will," "if", "potential," "expect" or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding throughput at the Company's refineries; crude oil prices, discounts and quality and our ability to benefit therefrom; cost reductions; growth; scheduled turnaround activity; investments into our business; the performance and execution of our midstream growth initiatives, including the Permian Gathering System, the Red River joint venture and the Wink to Webster long-haul crude oil pipeline, and the flexibility, benefits and the expected returns therefrom; RINs waivers and tax credits and the value and benefit therefrom; cash and liquidity; emissions reductions; opportunities and anticipated performance and financial position.
Investors are cautioned that the following important factors, among others, may affect these forward-looking statements. These factors include, but are not limited to: uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; uncertainty relating to the impact of the COVID-19 outbreak on the demand for crude oil, refined products and transportation and storage services; Delek US' ability to realize cost reductions; risks related to Delek US' exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Permian Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; the ability of the joint venture to construct the Wink to Webster long haul crude oil pipeline; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks described in Delek US' filings with the United States Securities and Exchange Commission (the "SEC"), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and reports with the SEC.
Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation.
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Non-GAAP Disclosures:
Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:
Adjusting items - certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends;
Adjusted net income (loss) - calculated as net income attributable to Delek US adjusted for relevant Adjusting items recorded during the period;
Adjusted net income (loss) per share - calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution;
Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income attributable to Delek adjusted to add back interest expense, income tax expense, depreciation and amortization;
Adjusted EBITDA - calculated as EBITDA adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and adjusted to include income (loss) attributable to non-controlling interests;
Adjusted segment contribution margin - calculated as Segment contribution margin adjusted for the identified Adjusting Items in Adjusted net income (loss) that impact Segment contribution margin;
Refining margin - calculated as the difference between total refining revenues and total cost of materials and other;
Adjusted refining margin - calculated as refining margin adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that impact refining margin and that, where applicable, can be identified and/or are measured and recognized at the refinery level;
Refining margin per sales barrel - calculated as refining margin divided by our average refining sales in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period;
Adjusted refining margin per sales barrel - calculated as adjusted refining margin divided by our average refining sales in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; and
Net debt - calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date.
We believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. "Net debt," also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet.
Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and adjusted EBITDA, and Adjusted Segment Contribution Margin or any of our other identified non-GAAP measures may be defined differently by other companies in its industry, Delek US' definition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.
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Significant Transactions During the Quarter Impacting Results:
Change in Accounting Principle
As of January 1, 2022, we changed our method for accounting for inventory held at the Tyler Refinery to the first-in, first-out ("FIFO") cost method from the last-in, first-out ("LIFO") cost method. This change in accounting method will conform the Company's refining inventory to a single method of accounting, and will eliminate the inherent volatility in the LIFO valuation of inventory attributable to increments and decrements in historical LIFO layers, which can impact comparability between periods as well as to market conditions and crack spreads. For these reasons, we expect that the newly adopted accounting principle will improve financial reporting by providing better consistency, better transparency, and recognition that better reflects the physical flow of inventory and more accurately reflects the current value of inventory. The effects of this change have been retrospectively applied to all periods presented with a cumulative effect adjustment reflected in the January 1, 2021 beginning retained earnings.
Stock Purchase and Cooperation Agreement
On March 7, 2022, Delek entered into a stock purchase and cooperation agreement (the "Agreement") with IEP Energy Holding LLC, a Delaware limited liability company, American Entertainment Properties Corp., a Delaware corporation, Icahn Enterprises Holdings L.P., a Delaware limited partnership, Icahn Enterprises G.P. Inc., a Delaware corporation, Beckton Corp., a Delaware corporation, and Carl C. Icahn, (collectively, the "Icahn Group") pursuant to which the Company purchased an aggregate of 3,497,268 shares of common stock of the Company at a price per share of $18.30, the closing price of a share of Company common stock on the New York Stock Exchange on March 4, 2022, the last trading day prior to the execution of the Agreement, which equals an aggregate purchase price of $64.0 million. The Company funded the transaction from cash on hand. The 3,497,268 shares were cancelled at the time of the transaction.
In addition to the foregoing, under the terms of the Agreement, the Icahn Group withdrew its nomination notice for the nomination of nominees for election to the Company's board of directors for the Company's 2022 annual meeting of stockholders. Under the terms of the Agreement, the Icahn Group agreed to standstill restrictions, which requires, among other things, that until the completion of the Company's 2023 annual meeting of stockholders, the Icahn Group will refrain from acquiring additional shares of the Company common stock.
Membership Interest Purchase Agreement
On April 8, 2022, DKL Delaware Gathering, LLC (the "Purchaser"), a subsidiary of Delek Logistics, entered into a Membership Interest Purchase Agreement with 3 Bear Energy – New Mexico LLC (the "Seller") to purchase 100% of the limited liability company interests in 3 Bear Delaware Holding – NM, LLC (the "Purchased Interests"), related to Seller's crude oil and gas gathering, processing and transportation businesses, as well as water disposal and recycling operations, in the Delaware Basin in New Mexico (the "Purchase Agreement"). The purchase price for the Purchased Interests is $624.7 million, subject to customary adjustments under the Purchase Agreement for net working capital and indebtedness. The Purchaser paid a deposit under the Purchase Agreement of approximately $31.2 million. The transactions contemplated by the Purchase Agreement are expected to close around mid-year 2022.
Insurance Recoveries
During the first quarter 2022, we received insurance recoveries related to the fire and freeze events that occurred during the first quarter 2021, and which unfavorably impacted our results during the first two quarters of 2021. The majority of our property and loss claims incurred during that time period were recovered through insurance claims recognized during the third and fourth quarters of 2021, as were $9.9 million ($7.7 million after-tax) of our business insurance claims. For the three months ended March 31, 2022, we have recognized an additional $10.0 million ($7.8 million after-tax) of business interruption insurance recoveries, which were recorded in other operating income on the consolidated statement of income, and we have additional business interruption claims that are outstanding and still pending which are expected to be recognized in future quarters. Because business interruption losses are economic in nature rather than recognized, the related insurance recoveries are included as an Adjusting item in Adjusted net income and Adjusted EBITDA.
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Information about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), news webpage (www.delekus.com/news) and its Twitter account (@DelekUSHoldings).
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.whsv.com/prnewswire/2022/05/03/delek-us-holdings-reports-first-quarter-2022-results/ | 2022-05-03T12:08:41Z |
Lead program DNTH103 to be accelerated to the clinic this year as a highly differentiated and potent monoclonal antibody designed to selectively target the active form of complement C1s
Led by biotech veterans Marino Garcia as Chief Executive Officer and Lonnie Moulder as Chairman of the Board
Financing co-led by 5AM Ventures, Avidity Partners, and Fidelity Management & Research Company with strong investor syndicate
WALTHAM, Mass. and NEW YORK, May 3, 2022 /PRNewswire/ -- Dianthus Therapeutics, a biotechnology company dedicated to advancing the next generation of antibody complement therapeutics, today announced the completion of its $100 million Series A financing led by 5AM Ventures, Avidity Partners, and Fidelity Management & Research Company, with participation from additional investors including Wedbush Healthcare Partners and founding investors Fairmount, Tellus BioVentures, and Venrock Healthcare Capital Partners. The financing will be used to expand leadership and scientific teams, advance the company's lead program, DNTH103, to the clinic this year, and to accelerate additional discovery pipeline programs for people living with severe and rare autoimmune diseases. DNTH103 is a potent, next-generation monoclonal antibody that selectively targets the active form of complement C1s, potentially enabling a lower dosing volume and a less frequent subcutaneous administration that is further enhanced with half-life extension technology.
Dianthus also announced the appointment of Marino Garcia as President and Chief Executive Officer, joining in November 2021, and Simrat Randhawa, M.D., M.B.A., as Chief Medical Officer. Mr. Garcia, a veteran dealmaker and strategist, brings more than 25 years of industry experience in business development and operational leadership roles at top biotech and pharma companies, most recently as Senior Vice President, Corporate and Business Development at Zealand Pharma. Dr. Randhawa brings over 20 years of clinical practice and pharmaceutical industry experience to Dianthus, including senior leadership roles focused in the autoimmune and rare disease spaces. He most recently served as Senior Vice President of Clinical and Medical Affairs at Aurinia Pharmaceuticals.
"We are committed to improving the lives of people living with severe and rare autoimmune diseases and are confident that our selective antibodies have the potential to be best-in-class therapeutics," said Marino Garcia, President and Chief Executive Officer, Dianthus Therapeutics. "We are privileged to have a strong syndicate of leading biotech investors, experienced Board members, and accomplished leaders and scientists as we advance our lead candidate into the clinic later this year, further develop our discovery pipeline, and expand our team in the coming months. Dianthus is positioned to become a leading, next-generation complement company guided by a deep understanding of the needs of patients."
Dianthus harnesses the power of selectivity in complement pathways to create potent monoclonal antibodies with the potential to overcome the limitations of current complement therapeutics. Unlike current antibody therapies that bind to both inactive and active complement proteins, DNTH103 selectively targets only the active form of the C1s complement protein, enabling a lower dosing volume and less frequent administration. Its half-life extension technology also further reduces dosing frequency. With these differentiated attributes and high potency inhibition of C1s, DNTH103 is designed to relieve the burden of high-volume, frequent administration with IV infusions or inconvenient, frequent subcutaneous dosing. Accelerating the development of a more convenient subcutaneous therapy could be transformative in expanding the potential patient populations that could benefit from complement therapies, while reducing the discomfort and disruptions that pervade the lives of patients today – ultimately allowing more patients to live healthier lives to their fullest potential.
"We are proud to support Dianthus Therapeutics in advancing the discovery and development of next-generation, potent, and highly differentiated antibody complement therapeutics," said Paula Soteropoulos, Board Director of Dianthus and Strategic Advisor to 5AM Ventures. "With the leadership of the recently appointed President and CEO Marino Garcia, and a talented team of seasoned biotech executives and entrepreneurs who hold an extensive track record of success, we look forward to seeing Dianthus bring their novel therapies to patients living with severe and rare autoimmune diseases."
Dianthus is currently led by an accomplished team of veteran scientists and biotech entrepreneurs, including:
- Marino Garcia, President and Chief Executive Officer
- Simrat Randhawa, M.D., Chief Medical Officer
- Evan Thompson, Ph.D., Chief Operating Officer
- Edward Carr, Chief Accounting Officer
- Rivka Gluck, Senior Vice President, Head of Clinical Operations
- Robert McGarr, Ph.D., Vice President, Program & Alliance Management
- Kristina Maximenko, Head of Human Resources
Dianthus is also supported by an experienced Board of Directors, including:
- Lonnie Moulder, Chairman of the Board at Dianthus, Founder and Managing Member of Tellus BioVentures
- Paula Soteropoulos, Chairman of the Board at Ensoma and former CEO of Akcea Therapeutics
- Lei Meng, Senior Therapeutics Analyst, Avidity Partners
- Tomas Kiselak, Managing Member of Fairmount
- Jonathan Violin, Ph.D., Co-founder and Chief Executive Officer of Viridian Therapeutics
- Marino Garcia, President and Chief Executive Officer, Dianthus Therapeutics
Jefferies LLC served as financial advisor to Dianthus.
Dianthus Therapeutics is a biotechnology company dedicated to designing and delivering novel, best-in-class monoclonal antibodies with improved selectivity and potency over existing complement therapies. Based in Waltham, Mass. and New York City, Dianthus is comprised of an expert team of biotech and pharma executives who are leading the next generation of antibody complement therapeutics to deliver transformative medicines for patients with severe and rare autoimmune diseases. To learn more, please visit www.dianthustx.com.
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SOURCE Dianthus Therapeutics | https://www.whsv.com/prnewswire/2022/05/03/dianthus-therapeutics-launches-with-100m-develop-selective-antibody-complement-therapeutics-treat-severe-rare-autoimmune-diseases/ | 2022-05-03T12:08:50Z |
DTEN ONboard and DTEN Mate both received the prestigious international honor, citing hybrid collaboration technology, intuitive use, and distinctive design.
SAN JOSE, Calif., May 3, 2022 /PRNewswire/ -- DTEN, the fast-growing provider of all-in-one video collaboration solutions, is the 2022 winner of two Red Dot Awards for Product Design. DTEN ONboard and DTEN Mate both received the respected international award that spotlights the most inventive, user-friendly, and aesthetically pleasing new products.
"DTEN is committed to providing best-in-class collaboration solutions that are well-designed, easy-to-use, and superior in quality," says the company's founder and CEO, Wei Liu. "Being honored with prestigious 2022 Red Dot Awards, for DTEN ONboard and DTEN Mate, recognizes our continued dedication to innovation and excellence."
In fact, good design and innovation are the guiding principles considered by the jury who selected the Red Dot winners. This year's judges consisted of 48 members from 23 countries, all distinguished by their design expertise as professors, consultants, industrial designers, or journalists. With approximately 20,000 submissions, the Red Dot Award is one of the largest design competitions in the world. DTEN winners for 2022 are:
DTEN ONboard, Designed For The New Zoom Advanced Whiteboard – 2022 Red Dot Award Winner
DTEN ONboard is recognized as a "digital hub for inclusive collaboration, an interactive display designed to maximize team innovation from anywhere in the world." Perfected for the hybrid workplace, DTEN ONboard gives remote and in-office participants equal access to the shared whiteboard. The touch-driven device offers a persistent canvas inspiring engagement before, during, and after a meeting. Native to the new Zoom Advanced Whiteboard, DTEN ONboard also easily works with other major collaboration platforms. It can also be easily configured for receptions, interactive kiosks, and presentations. For more information, visit https://www2.dten.com/onboard-notify.
DTEN Mate, Optimizing The Zoom Rooms Experience – 2022 Red Dot Award Winner
DTEN Mate is distinguished for delivering "easy access and control for Zoom Rooms, regardless of hardware." The lightweight and ergonomic controller allows users to spend less time managing meeting logistics and more time participating in collaborations. Completely wireless, it allows meeting leaders to always remain in full view for remote participants. Additionally, DTEN Mate is the only wireless, touchscreen compatible appliance to support Zoom Rooms Controller (ZRC). It may be also used as a Zoom Rooms Scheduling Display, to reserve spaces, check room availability, and streamline bookings. For more information, visit https://dten.com/dten-mate-dock.
"In this year of the competition, I have been particularly struck by the exceptional creativity shown by the award-winning products," said Professor Dr. Peter Zec, founder and CEO of Red Dot. "It is really impressive and praiseworthy that there are still designs out there that can surprise us with their form and functionality."
In recent years, DTEN has also received Red Dot Awards for the DTEN D7 and DTEN ME.
About Red Dot
The Red Dot Design Award is one of the biggest design competitions in the world. In three disciplines, participants submit products, communication projects and brands as well as prototypes and concepts. The distinction "Red Dot" is an internationally recognized seal of excellent design.
About DTEN
DTEN is changing the way people connect and collaborate through immersive, video-first devices and subscription services. Our solutions are found in businesses, schools, homes, and hybrid environments worldwide, delivering intuitive, high-quality, and real-life video conference experiences for every meeting space. As recipient of multiple international awards, DTEN is recognized for plug-and-play simplicity, superior audiovisual clarity, and fluent, elegant designs. DTEN was founded in 2015 and headquartered in San Jose, California; Zoom Video Communications, Inc. is an investor. Find more at www.DTEN.com.
For more information, please contact smckenzie@tropospheremarketing.com or pr@dten.com.
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SOURCE DTEN | https://www.whsv.com/prnewswire/2022/05/03/dten-wins-two-red-dot-awards-product-design-continuing-industry-recognition-superior-user-experience-innovation/ | 2022-05-03T12:08:57Z |
VANCOUVER, BC, May 3, 2022 /PRNewswire/ - Elevation Gold Mining Corp. (TSXV: ELVT) (OTCQX: EVGDF) (the "Company" or "Elevation Gold") is pleased to provide an update on the Company's multi-phase infill and resource expansion drilling program at the Moss Mine in northwestern Arizona (see Figure 1: Moss Project Drilling Location ). Results discussed include those from infill drilling below the active West Pit as well as from condemnation drilling in the proposed 3B leach pad area (see Figure 2: Drillhole Location Map ).
Michael G. Allen, President of Elevation Gold, stated "We anticipate that this drilling will result in the delineation of additional mineral resources and mineral reserves in the West Pit. With the excellent metallurgy at the Moss Mine, the results further demonstrate the potential for reducing the strip ratio in the West Pit. The scale of these results highlights the potential for Moss to grow into a multi-million-ounce gold system."
Drilling beneath the active West Pit intersected broad intervals of stockwork and vein-hosted epithermal gold-silver mineralization from surface down to almost 280 meters in depth.
- Drillhole AR21-562R intersected 344.42 meters of hanging wall stockwork mineralization grading 0.31 g/t gold and 1.12 g/t silver, starting at surface.
- Drillhole AR21-560R intersected 137.16 meters of hanging wall stockwork mineralization grading 0.30 g/t gold and 1.92 g/t silver starting at surface, including 22.86 meters grading 0.47 g/t gold and 1.35 g/t silver.
- Drillhole AR21-545R intersected 88.39 meters grading 0.40 g/t gold and 4.29 g/t silver in the Moss Vein and associated hanging wall stockwork starting at surface, including 27.43 meters grading 0.67 g/t gold and 7.13 g/t silver.
- Drillhole AR21-570R, a condemnation drillhole drilled in the proposed 3B Leach Pad area intersected 48.77 meters of stockwork and vein hosted mineralization grading 0.36 g/t gold and 0.82 g/t silver, including 3.05 meters grading 0.71 g/t gold and 0.90 g/t silver, 10.67 meters grading 0.47 g/t gold and 1.60 g/t silver, and 4.57 meters grading 0.65 g/t gold and 0.47 g/t silver. This mineralization is likely associated with the Rattan Vein system mapped to the west of the current West Pit (see Figure 1: Moss Project Drilling Location ). Additional drilling is being planned to follow up on these results.
A complete list of the latest results from Elevation Gold's infill and near-mine exploration drilling at the Moss Mine is provided in Table 1.
Warwick S. Board, Vice President, Exploration of Elevation Gold, commented, "The broad zones of silicification and stockwork veining intersected below the current West Pit are reflective of the surface outcrop of the pre-mining surface in this area. Additional similar zones of silicification and stockwork veining crop out in the Midwest and Far West Extension areas of the Moss Property, approximately 750 meters to 1,500 meters, respectively, to the west of the active West Pit, highlighting the potential of finding additional mineralization to the west of the West Pit. Furthermore, recent modelling has suggested that the Moss and Ruth Veins appear to diverge west of the Center Pit, further enhancing the potential for a westward widening of the broad stockwork zones between the two veins to the west of the current mine."
Infill and near-mine drilling continues at the Moss Mine with two Reverse Circulation (RC) drill rigs currently active. The drilling presented in this news release is focused on infill and resource expansion drilling targeting the Moss and Ruth Veins and associated hanging wall stockwork beneath and adjacent to the West Pit, as well as condemnation drilling in the proposed 3B Leach Pad area (see Figure 2: Drillhole Location Map ).
Assay results from 29 RC drillholes, including 23 drillholes from the West Pit area and six condemnation drillholes from the proposed 3B Leach Pad area, are presented in Table 1. Assay results are pending for numerous additional holes drilled as part of the infill and near-mine drilling program and will be released upon receipt and compilation.
West Pit Drilling
Infill drilling beneath the West Pit indicates the presence of broad intersections of stockwork and vein-hosted mineralization across a strike length of approximately 350 meters at depths ranging from surface down to almost 280 meters beneath the active West Pit (see Figure 2: Drillhole Location Map ; Figure 3: Cross-Section: Lines 7W and 8W ). Drilling beneath and adjacent to the West Pit appears to indicate a westward widening of the lower grade hanging wall stockwork mineralization to the west of the Center Pit.
3B Leach Pad Condemnation Drilling
Two of the six condemnation drillholes drilled in the proposed 3B Leach Pad area intersected stockwork and vein-hosted gold and silver mineralization (AR21-570R and AR21-571R), starting at a depth of approximately 35 meters below the current surface. The mineralization intersections appear to be part of the Rattan Vein system, which is aligned along a similar trend to the Ruth Vein, and which crops out on surface approximately 500 meters to the west of the active West Pit. Additional drilling is being planned to follow up on these results.
Table 1: Latest Results from Elevation Gold's West Pit Infill, Exploration, and Condemnation Drilling at the Moss Mine
Dr. Warwick Board, P.Geo., Vice President Exploration of Elevation Gold, is the Qualified Person as defined by NI 43-101 responsible for the Moss Regional Exploration Project and has reviewed and approved the scientific and technical information in this news release related thereto.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING CORPORATION
"Michael G. Allen"
President
Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States. Elevation Gold's common shares are listed on the TSX Venture Exchange ("TSXV") in Canada under the ticker symbol ELVT and on the NASDAQ OTC in the United States under the ticker symbol EVGDF. The Company's principal operation is the 100% owned Moss Mine in Mohave County, Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine plans; anticipated exploration and development activities at the Company's projects; net present value; design parameters; economic potential; processing mineralized material; the potential of robust economic potential at the Moss Mine Project. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of gold, silver and other metals; anticipated costs; ability to achieve goals; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: risks inherent in mining, including, but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; global financial conditions and inflation; changes in the Company's share price, and volatility in the equity markets in general; volatility and fluctuations in metal and commodity prices; the threat associated with outbreaks of viruses and infectious diseases, including the COVID-19 virus; delays or the inability to obtain, retain or comply with permits; risks related to negative publicity with respect to the Company or the mining industry in general; health and safety risks; exploration, development or mining results not being consistent with the Company's expectations; unavailable or inaccessible infrastructure and risks related to ageing infrastructure; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits, including, but not limited to, models relating thereto; ore processing efficiency; information technology and cybersecurity risks; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices; regulatory investigations, enforcement, sanctions and/or related or other litigation; estimates of future production andoperations; estimates of operating cost estimates; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; risks related to the environmental regulation and environmental impact of the Company's operations and products and management thereof; exchange rate fluctuations; climate change; risks relating to attracting and retaining of highly skilled employees; compliance with environmental, health and safety laws; counterparty and credit risks and customer concentration; litigation; changes in laws, regulations or policies including, but not limited to, those related to mining regimes, permitting and approvals, environmental and tailings management, and labour; internal controls; challenges or defects in title; funding requirements and availability of financing; dilution; risks relating to dividends; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; uncertainty of meeting anticipated program milestones; and other risks and uncertainties including but not limited to those described the Company's public disclosure documents which are available on SEDAR at www.sedar.com under the Company's profile. All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward–looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
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SOURCE Elevation Gold Mining Corp. | https://www.whsv.com/prnewswire/2022/05/03/elevation-gold-intersects-34442-meters-grading-031-gt-gold-112-gt-silver-stockwork-mineralization-below-west-pit-moss-mine/ | 2022-05-03T12:09:04Z |
Calls for Full Strategic Review, Separation of Flash Business
Sees $100+ per Share by 2023, ~100% Potential Upside
Offers $1+ Billion of Incremental Equity Capital to Facilitate Separation
Full Letter Available at ElliottLetters.com/WesternDigital
WEST PALM BEACH, Fla., May 3, 2022 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 billion investment in Western Digital Corporation (NASDAQ: WDC) (the "Company" or "Western Digital"), today sent a letter to the Board of Directors of Western Digital. The letter called on the Board to conduct a full strategic review of the value that could be created by separating its two vastly different businesses, hard disk drives ("HDD") and NAND flash memory ("Flash").
According to the letter, Western Digital has underperformed—operationally, financially and strategically—as a direct result of the challenges of operating both the HDD and Flash businesses as part of the same company. In its letter, Elliott argued that a full separation of the Flash business would allow both HDD and Flash to be more successful while also unlocking significant value. By executing on a separation, Elliott believes Western Digital's stock price could reach $100+ per share by the end of 2023, representing uniquely attractive upside of approximately 100%.
In addition to its public investment in Western Digital, Elliott is also offering $1+ billion of incremental equity capital into the Flash business at an enterprise value of $17 to $20 billion (a valuation close to the Company's entire current enterprise value), to be utilized either in a spin-off transaction or as equity financing in a sale or merger with a strategic partner. This investment proposal underscores Elliott's conviction on the merits of a separation.
The letter can be downloaded at ElliottLetters.com/WesternDigital.
The full text of the letter follows:
Western Digital Corporation
5601 Great Oaks Parkway
San Jose, CA 95119
Dear Members of the Board:
We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (together, "Elliott" or "we"), which have an investment of approximately $1 billion and representing over 6% of Western Digital Corporation (the "Company" or "Western Digital"), making us one of the Company's largest investors.
Western Digital serves a critical role in providing fundamental technology to support the ongoing growth of data in two market-leading franchises—hard disk drives ("HDD") and NAND flash memory ("Flash"). In the HDD market, Western Digital has a strong competitive position as the #2 player in an industry that today represents a compelling opportunity, as the demand for near-line HDDs has come to outweigh the steady decline in client PC HDDs. In the Flash market, Western Digital's successful partnership with Kioxia provides technology leadership and important scale benefits as Flash continues its long-term, secular growth.
It has been nearly six years since these two businesses came together through the $19 billion acquisition of SanDisk in 2016. The acquisition was nothing less than transformative. With a single transaction, Western Digital diversified its nearly five-decade business away from HDD and became one of the largest Flash players in the industry. The stated rationale for the deal was the expected synergistic effects of combining a broad portfolio of technologies, improved strategic positioning with customers and an enhanced financial profile.
Unfortunately for the Company and its shareholders, none of these benefits have been realized. By any objective measure, Western Digital has underperformed—operationally, financially and strategically—as a direct result of the challenges of operating two vastly different businesses as part of the same company. This underperformance is particularly disappointing given the Company's great potential in both businesses.
It is important to emphasize that Western Digital's underperformance long predates CEO David Goeckeler and his leadership team, nearly all of whom were hired in 2020 or later. David and his team have steered the Company through a challenging operating environment, and to their credit, they made the important decision in September 2020 to separate the operations of HDD and Flash into separate business units. While this separation was a positive step, the hope that it would lead to better execution has not materialized, and Western Digital's current valuation makes clear that the investment community has not been persuaded that this necessary-but-insufficient step has solved the problem.
We believe a full separation of the Flash business can allow both HDD and Flash to be more successful and unlock significant value. By executing on a separation, we believe Western Digital's stock price could reach $100+ per share by the end of 2023, representing uniquely attractive upside of approximately 100%.
In addition to our public investment in Western Digital, Elliott is also offering $1+ billion of incremental equity capital into the Flash business at an enterprise value of $17 to $20 billion (a valuation close to the Company's entire current enterprise value), which can be utilized either in a spin-off transaction or as equity financing in a sale or merger with a strategic partner. This investment proposal underscores our conviction on the merits of a separation as well as our belief in the long-term prospects of the Flash business.
Today, we are calling on the Board to conduct a full strategic review of these ideas, confident in our view that a comprehensive, independent exploration of the value potential will point decisively toward a separation of HDD and Flash. Though the majority of this Board and management team were not involved in the SanDisk decision, it is nevertheless this Board's responsibility to address current market realities and set the Company on the right course. We are making our perspectives on these matters public, as we want to be transparent and provide all constituents with the opportunity to weigh in for the Board's consideration. At the same time, our goal is to align with you and work closely with the Company to determine the best path forward. To that end, we would welcome a meeting at your convenience to discuss the vision outlined in this letter.
Our letter today is organized as follows:
- Our Investment in Western Digital
- How We Got Here
- Western Digital's Strategic Scorecard
- Path to $100+ per Share
- Working Together
Our Investment in Western Digital
Founded in 1977, Elliott is an investment firm that today manages approximately $51.5 billion of capital for both institutional and individual investors. We are a multi-strategy firm, and investing in the technology sector is one of our most active and successful efforts. Within our technology practice, our team has extensive experience investing in enterprise technology, including prior successful investments across the storage and computing industry. Our experience over the last 15 years includes working with many of the largest companies in this market, including Dell Technologies, EMC and NetApp. We have also been highly active in other relevant areas, including storage software (Commvault, Symantec/Veritas) and data-center infrastructure (Switch, Ark Data Centres).1 Our investing background provided us with broad perspective and insight as we considered how Western Digital must navigate a dynamic market environment.
Elliott's approach to its investments is distinguished by its intensive due diligence, and our efforts on Western Digital have followed this same approach. We enlisted former executives, industry experts, lawyers, accountants and consultants in an exhaustive research process on the Company's strategic position and growth opportunity, as well as considerations for a Flash separation. We believe that this time- and resource-intensive diligence effort has given us a thorough understanding of Western Digital's history and prospects. Our considerable technology-investing experience and comprehensive diligence have informed our perspective that Western Digital is deeply undervalued and that a separation of HDD and Flash is the right path forward.
How We Got Here
With nearly $20 billion of revenue, Western Digital is one of the largest providers of storage components for data infrastructure globally. This end-market is made especially attractive by a confluence of major technology trends that are driving exponential growth in the amount of data requiring storage. Western Digital, along with a small number of competitors, serves a mission-critical role in the development and manufacturing of these products for large enterprises, hyperscale data centers, OEMs and individual consumers.
Over the course of five decades and multiple technological evolutions—including the transition from tape drives to HDDs and the evolving use-cases of HDDs and NAND flash memory—Western Digital has built a highly successful HDD business and earned its industry-leading role alongside Seagate Technology. But with the advent of NAND flash memory, the HDD industry began a slow decline in 2013 as desktop and notebook PCs transitioned toward NAND flash solid-state drives (SSDs), drawn by the latter's superior speed performance. By 2015, the HDD industry was in decline. Many industry analysts predicted the eventual death of HDDs and that Flash would become the prevailing storage medium in the computing industry.
Against this backdrop, Western Digital announced its acquisition of SanDisk for $19 billion in 2015 to diversify its business away from HDDs and to enter the higher-growth Flash industry. This monumental decision represented an "all-in" bet on the synergy benefits of a combined HDD/Flash portfolio—Western Digital was acquiring a $19 billion equity value company when its own market cap was only $20 billion.
In the six years following the SanDisk acquisition, the HDD industry rebounded and went through a critical change: Demand for high-capacity HDDs ("near-line") from hyperscale data centers and enterprise customers accelerated. As client PC HDDs continued to decline, near-line became the dominant HDD category, and today comprises more than half of the industry. This dramatic change has led the HDD industry to become a growth market once again, and Western Digital is one of the two dominant providers of this technology.
See "HDD Revenues By Application, $bn and HDD Revenue Market Share, %" image.
In the Flash industry, demand for SSDs has been robust, as desktop/notebook PC penetration is approaching 75%, smartphones have become ubiquitous and enterprise SSDs are the standard in use-cases where high speed is required. In the last five years, NAND flash has transitioned from 2D NAND to 3D NAND, and the capital requirements for NAND semiconductor fabs have increased substantially. Western Digital, through SanDisk's two-decade JV relationship with Kioxia (formerly Toshiba Memory), enjoys essential scale benefits as one of the largest combined investors in NAND technology, resulting in the lowest cost per bit in the industry. While NAND pricing can be volatile, the industry has grown by more than 2x, from $32 billion in 2015 to more than $68 billion in 2021.
See "NAND Revenues By Application, $bn and NAND Revenue Market Share, %" image.
When Western Digital acquired SanDisk, the articulated rationale was the synergy benefit of a combined portfolio through technology sharing, manufacturing best practices, distribution leverage and customer intimacy. What is truly remarkable is that Western Digital stands alone as the only company today that operates in both HDD and NAND flash, at a time when the rest of the industry has made the opposite bet. Seagate is #1 in HDD and has remained a pure-play with no captive NAND manufacturing business. Toshiba sold its NAND business to an investor group in 2017 (now known as Kioxia) and today is the #3 player in HDD. Samsung is #1 in NAND and exited its HDD business to Seagate in 2011. Micron and SK Hynix, both active acquirers, have declined to enter the HDD business and have instead focused on complementary DRAM and NAND technologies.
See "Competitive Landscape In Memory Sectors" image.
Western Digital's Strategic Scorecard
Our diligence affirmed that Western Digital operates in attractive end-markets with admirable competitive positions in both HDD and Flash. However, with the benefit of nearly six years of performance since the acquisition of SanDisk, we can assess Western Digital's track record operating as a combined HDD/Flash business. We can see whether the strategic objectives of this transformational decision were achieved. And we can determine whether the Company and its shareholders have been rewarded along the way.
Unfortunately, the conclusion from this evaluation is clear: Western Digital has underperformed its strategic aspirations, and investors' profound lack of confidence in the Company is evident in the extraordinary discount at which they value its stock. In the following section, we briefly review our assessment:
Strategic Initiatives
Over the last six years, Western Digital has attempted to deliver on the strategic synergies of a combined HDD and Flash portfolio. As we have highlighted earlier in this letter, we believe Western Digital is well positioned in each of its markets. Critically, however, we believe that ownership of HDD and Flash together has not created tangible strategic benefits, but rather significant detriment. The evidence over the last six years of Western Digital's performance demonstrates that attempting to manage highly complex, vertically integrated businesses such as HDD and Flash together has resulted in execution missteps and conflicting go-to-market approaches.
To start, we can look at the evolving market share during this period: Western Digital has consistently lost share in HDD, while Seagate, its pure-play competitor, has gained share. In Flash, Western Digital has also lost share, as its bet on leveraging the HDD combination has failed to yield any benefit. In contrast, Seagate is #1 in HDD without a NAND business, and Samsung is #1 in NAND after having sold its HDD business to Seagate a decade ago.
In order to understand why this combination has not succeeded, we can review several of the most heavily emphasized areas of strategic benefit that Western Digital has articulated to defend its strategy. The first is the concept of "customer intimacy," which suggests that Western Digital can foster deeper customer relationships if its product portfolio is larger and it can sell both HDDs and Flash SSDs to the same customer. This concept had the potential to be most relevant and strategic for high-growth data-center use-cases, in which customers buy both near-line HDDs and enterprise SSDs. Western Digital has even argued that its "competitive position within the data center is unrivaled, built on the breadth of our product portfolio" and that the "ability to offer both hard drive and flash-based solutions differentiates us from our competitors."
Over the course of our diligence—and based on our customer interviews and review of the actual results—we have concluded that the customer-intimacy argument is dramatically overstated. Since completing the SanDisk deal, Western Digital has failed to gain market share in either near-line HDDs or enterprise SSDs, nor is it #1 in either business, despite its status as the only company with an integrated portfolio. And finally, Western Digital has publicly and frequently conceded that its enterprise SSD efforts have disappointed for years, despite having previously claimed that this area represented the most exciting growth opportunity from the SanDisk acquisition. At the "Benefits of Developing Flash and Hard Drive Technology" event last year, Western Digital admitted "a very difficult period with respect to our enterprise SSD products."
See "Capacity Optimized HDD Revenue Market Share, % and Enterprise SSD Revenue Market Share, %" image.
The second area of strategic benefit that Western Digital has frequently highlighted has been its ability to "move up the stack" and offer customers integrated solutions rather than underlying storage components. Western Digital has referred to this category as "data center solutions" and has promised significant growth and opportunity in an area where it claimed to have a "unique advantage." This opportunity was featured as one of the five pillars of its transformation at the 2016 Investor Day and was emphasized again when discussing the "cloud opportunity" for these products at the 2018 Investor Day. After years of investment and poor traction, Western Digital finally announced its exit from this initiative in 2019 and sold its main product, ActiveScale, to Quantum Corporation in 2020 for only $2 million.
Execution & Financial Results
In 2020, CEO David Goeckeler announced that Western Digital would form separate business units for HDD and Flash. This was the right decision and underscored the challenge of managing this diverse portfolio of assets. HDD and Flash are entirely different technologies: spinning mechanical disks versus leading-edge semiconductor devices. The manufacturing processes are separate and conducted in dedicated facilities. While the businesses share common customers, the products can be in competition in certain use-cases. It is unfortunate that this decision occurred only after years of execution issues as an integrated business. Goeckeler explained this reality when he stated, "There are technical dynamics between flash and HDD that are very different" and that an operational separation would "lead to better execution." However, even the operational separation has not yielded tangible improvement. As Stifel noted in a report published just last week, "[W]e believe WD has to improve its execution in both businesses in order to capitalize on market opportunities. Some are within its control, some are not, but over the past year, execution has been shaky at best."
The operational missteps over the last six years have consistently led to unfulfilled financial targets. An important rationale of the SanDisk acquisition was that a larger enterprise with greater scale, vertical integration, G&A consolidation, go-to-market overlap and R&D efficiency would generate significant financial synergies. These benefits were laid out in an attractive array of long-term financial targets—a profile that Western Digital claimed would not be possible as a standalone HDD business. At the 2016 Investor Day and again at the Investor Day in 2018, Western Digital outlined these long-term targets to the investment community. As Western Digital's shareholders know well, none of these targets were achieved.
See "Western Digital Performance Against Investor Day Targets" image.
These missed targets are especially disappointing because Western Digital has claimed that ownership of both HDD and Flash provides greater "understanding" and "predictability." At the same investor event titled, "Benefits of Developing Flash and Hard Drive Technology," a long-time executive claimed, "We can see storm clouds gathering or winds gathering behind our back well ahead of anyone else." Regrettably, the Company's track record would suggest otherwise.
Enterprise Value & Valuation Multiples
Today, Western Digital has an enterprise value of $21 billion with revenue of $19 billion—a 1.1x multiple. This valuation compares to the combined $34 billion pro forma enterprise value of Western Digital and SanDisk when they announced the acquisition six years ago, representing $13 billion of value loss. By contrast, in the same period, Seagate grew its enterprise value from $17 billion to $22 billion, with revenue of $12 billion—a 1.8x multiple. Despite having 60% more revenue than Seagate, including $10 billion of Flash revenue, Western Digital's enterprise value is now well below Seagate's.
See "Western Digital EV Evolution, $bn and Seagate EV Evolution, $bn" image.
Given that Western Digital and Seagate operate highly comparable HDD businesses with similar financial profiles (discussed more fully in the following section), comparing valuation multiples over time between these companies is instructive. In the chart below, we illustrate their respective P/E multiples over the last decade, highlighting the stark change in the relationship in 2015. The takeaway is unambiguous: Western Digital traded at a premium P/E multiple prior to the SanDisk deal and has since traded at a substantial discount. Interestingly, the discount has not narrowed despite Western Digital having had many years to improve its operational performance and to demonstrate the merit of its strategy. Hiring a new leadership team has also failed to tighten the discount.
See "Forward P/E Over Time and Western Digital vs. Seagate P/E Multiple Premium/Discount" image.
Stock-Price Performance
When Western Digital announced its acquisition of SanDisk, its stock was trading at $75 per share. Six years later, the stock has declined by nearly 30% to $53 per share. In the same time period, the S&P 500 and NASDAQ increased by 103% and 190%, respectively. More importantly, we can look to Western Digital's direct peers in Seagate for HDD and Micron in NAND/DRAM for relative performance. As noted above, Seagate has remained a pure-play HDD player and has outperformed Western Digital by a spectacular magnitude: 229% since the SanDisk acquisition announcement and 278% over the last decade. Micron, led by the former CEO of SanDisk, has also outperformed Western Digital substantially.
See "Relative Shareholder Returns (USD)" image.
In addition, it is important to highlight that Western Digital's stock-price performance has not improved with a new leadership team. CEO David Goeckeler and his team have performed well despite the challenges of COVID, and we commend the long-overdue decision to separate the HDD and Flash business units operationally and to hire new general managers of each. The fact that the Company's stock-price performance has not improved despite this operational change reflects, in our view, continued skepticism regarding the Company's ability to execute on its strategy with this combined portfolio.
Strategic Scorecard Summary
In our diligence process on Western Digital, we evaluated whether its SanDisk acquisition succeeded and whether HDD and Flash should remain together. The evidence overwhelmingly suggests that the combination has not succeeded and that the business should separate. Western Digital did not realize the touted benefits of acquiring SanDisk, and its valuation and shareholder returns have suffered as a result. Indeed, Western Digital's valuation today reflects the market's view that owning HDD and Flash together yields a dis-synergy in terms of operational and financial performance.
When a strategy has so clearly failed to meet its objectives, we believe it is time to consider other alternatives. In the following section, we outline our perspectives on a better path forward that we believe Western Digital's Board should pursue.
Path to $100+ per Share
Today, we are recommending a strategic review at Western Digital. We believe that the Board should immediately commence an evaluation of the benefits of separating the Flash business, which may include a wide range of potential transactions.
Western Digital is in the enviable position of owning two industry-leading businesses in attractive markets with significant scale and profitability. Both the HDD and Flash businesses can stand alone as successful industry leaders, and both demonstrated superior performance prior to Western Digital and SanDisk coming together in 2016. We have high conviction that this is the best path forward for each business' long-term success and position in the industry. For shareholders, we believe this course of action can deliver exceptional results, with the potential for value of $100+ per share by the end of 2023.
Of course, what we are suggesting is not novel. We are confident that many shareholders agree with our view and have likely communicated the same proposal directly to management and the Board. The equity research community also frequently highlights the value upside from a separation, and many analysts use a sum-of-the-parts analysis to value Western Digital. The excerpted quotes below are a sampling of this commentary:
- "The board of directors, senior management and shareholders should be aware of the potential value unlocking via the sum of the parts, splitting up the company, and perhaps the most likely course of action of simply getting its internal operations to post consistent solid results." – Citi, March 2022
- "[W]e would also highlight continued SOTP valuation support from a Kioxia IPO later this year…as well as a potential bidding war for Toshiba (suggesting PE buyers see value in NAND/HDD). With all of these factors in mind, we continue to see WDC as a TOP PICK with fair value of at least $100" – Evercore, May 2021
Valuation of HDD
Over the last two decades, the HDD industry has consolidated to three companies: Seagate, Western Digital and Toshiba. Today, Seagate and Western Digital dominate the industry, with a combined market share of more than 80%. While each company has its strengths and weaknesses, Seagate and Western Digital HDD are highly comparable companies with significant scale, vertical integration and industry-leading technology. With the benefit of a pure-play, publicly traded HDD business in Seagate, we have a strong benchmark for the potential valuation of Western Digital's HDD business (in addition to the valuation history of Western Digital prior to the SanDisk acquisition).
See "Western Digital Vs. Seagate HDD Positioning" image.
Western Digital is currently valued at an enterprise value of $21 billion, representing a multiple of 1.1x LTM revenue and 3.4x LTM gross profit. This valuation compares to Seagate's $22 billion valuation and multiples of 1.8x LTM revenue and 6.1x LTM gross profit. Given the comparability of these businesses, Western Digital's HDD business can be valued at an enterprise value of approximately $17 billion, largely based on Seagate's revenue and gross profit multiples and using March 2022 LTM metrics. The implications are extraordinary for investors: Western Digital's HDD business would be worth more than 80% of the Company's entire current enterprise value, implying approximately $4 billion in value for Flash (or 0.4x Flash revenue). Even if we apply punitive discounts to the HDD business, we believe the market-implied valuation for Flash is highly compelling.
See "Current Multiples and Western Digital Current EV & Implied NAND EV" image.
Valuation of Flash
The Flash industry has grown tremendously over the last decade and is expected to continue growing at a 12% annual rate over the next several years. Interestingly, long-rumored consolidation has been slow to develop, as numerous scale players remain. These include Samsung, Kioxia (formerly Toshiba Memory), Western Digital, SK Hynix (including its ownership of Intel NAND), Micron and YMTC. None of the publicly traded companies are pure-play NAND businesses, which makes valuation comparisons between these companies difficult.
Instead, we can review the history of NAND M&A transaction multiples for valuation guidance. We can begin with Western Digital's own acquisition of SanDisk in 2016 for $17 billion in enterprise value, representing a multiple of 3.0x LTM revenue. In 2017, an investor group led by Bain Capital paid $18 billion for Toshiba Memory (now called Kioxia) at a valuation of 1.9x LTM revenue. In 2020, SK Hynix bought Intel's NAND business for $9 billion, representing 1.8x LTM revenue in total cash consideration.
We believe the valuation for Kioxia is most informative given its special relationship as the JV partner to Western Digital's Flash business. Together, Kioxia and Western Digital share extensive R&D development and manufacturing facilities in Japan and enjoy differentiated technology and scale advantages. Western Digital's interest in acquiring Kioxia is well documented over the years, including the $14 billion bid proposal in 2017 (1.8x LTM revenue) and the rumored $20 billion transaction value last year (1.7x LTM revenue). In the last five years, Kioxia has been publicly rumored to receive interest from a long list of other strategic and financial parties, including Micron, Broadcom, SK Hynix, Foxconn, Kingston, Softbank, KKR and Silver Lake.
See "NAND M&A Precedents, EV/LTM Revenue" image.
We also have the benefit of SanDisk's trading history as an independent public company prior to Western Digital's acquisition. Before the transaction announcement, SanDisk generated $1.2 billion of operating profit on $6 billion of revenue and was valued at an enterprise value of $12 billion. Since then, the NAND flash industry has continued to grow, and Western Digital's Flash business now generates $10 billion of revenue with strong gross margins. This scale, in conjunction with the differentiation of its two-decade partnership with Kioxia, would position the Flash business for success as a standalone company once again.
Based on our review of precedent transactions, the trading history and our perspectives on the NAND industry over the next several years, we believe Western Digital's Flash business can be worth $17 to $20 billion, or 1.5x to 1.75x 2023 revenue. We believe there could be meaningful upside to this valuation based on the long track record of synergy realization in analogous consolidation transactions within the HDD and DRAM industries.
Proposed Direct Investment in Flash
To demonstrate our own conviction in the value of a standalone and focused Flash business ("FlashCo"), Elliott is proposing to invest $1+ billion of equity capital into FlashCo at the same valuation range of $17 to $20 billion with proceeds to be used for continued growth and the next generation of manufacturing facilities. This capital could be utilized either in a spin-off transaction or as equity financing in a sale or merger with a strategic partner. We would welcome the opportunity to make this direct investment, as we believe the need for future NAND capacity is attractive and can generate strong returns. In addition, we believe there are likely other strategic and financial parties who would have an interest in participating in a transaction as well.
With Western Digital's decision to withdraw its dividend, the Company has de-levered to less than 1.4x credit-agreement EBITDA (and 0.9x on a net debt basis). This de-leveraging since the SanDisk acquisition provides flexibility for the potential capital structures of the HDD and Flash businesses. In conjunction with our proposed $1+ billion equity investment, we strongly believe that both businesses would have conservative capital structures to fund organic investment and the ability to initiate a new capital-return program for shareholders.
Unique Value Opportunity
We believe the value opportunity at Western Digital is uniquely compelling. While both business units experience cyclicality in demand and pricing, we believe they both can continue to grow with their markets and generate solid profitability and free cash flow over the next several years. In the analysis below, we illustrate the path to $100+ per share by the end of 2023, representing a total return of approximately 100% during the period. Our 2023 valuation assumes that HDD is worth $17.8 billion (1.9x CY23E revenue), that Flash is worth $18.1 billion (1.6x CY23E revenue) and that Western Digital generates more than $2 billion of free cash flow through the end of 2023 (after separation costs and the IRS settlement).
See "Western Digital CY23 EV Bridge, $bn and Western Digital CY23 Target Price Bridge, $ per share" image.
We rarely identify opportunities with such an attractive risk-return profile, especially in situations where a Board can take clear, value-maximizing action. This level of upside would far outweigh any potential costs incurred to facilitate the separation. In addition, any collaboration that occurs today between HDD and Flash can be maintained through a thoughtfully constructed commercial agreement to ensure both businesses can succeed independently without sacrificing initiatives that would benefit from ongoing partnership. These agreements are common in numerous examples of spin-offs and sale transactions involving a business unit.
Finally, Western Digital reminds us of similar companies where we have seen substantial strategic, financial and operational benefits from a separation. A highly relevant and recent example is the spin-off of Dell Technologies' interest in VMware. Elliott had a long-term investment in this situation dating back to EMC in 2014, when we advocated the separation of EMC's interest in VMware. After Dell acquired EMC in 2016, Dell integrated EMC into its core business and began a multi-year effort to leverage the scale and capabilities of Dell, EMC and VMware. Eventually, Dell determined the best path for both companies was a spin-off of its interest in VMware in 2021. Of particular relevance to Western Digital, Dell and VMware also entered into a commercial agreement to maintain their strategic relationship, co-engineer solutions and align on sales and marketing activities. The results were exceptional: Dell's stock has earned a 78% total return since the announcement of a spin-off exploration.
Working Together
In closing, we have great respect for Western Digital's history and the critical role it plays in the computing and storage industry. Few companies can claim five decades of success through tidal waves of technological change. This achievement was made possible through the effort and ingenuity of Western Digital's leadership and employees over multiple generations. Western Digital's people and products are industry leading; with the right strategic course correction, the Company will be well positioned for its next decade of success.
As a next step, we look forward to discussing our recommendations with you over the next several weeks. Our goal is to align with the Board on this path forward, and Elliott would welcome the opportunity to engage closely with the Company throughout this process. We appreciate your consideration and will make ourselves available at your convenience for further discussions.
Best regards,
Jesse Cohn
Managing Partner
Jason Genrich
Senior Portfolio Manager
About Elliott
Elliott Investment Management L.P. manages approximately $51.5 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
1 Elliott's involvement in this market dates to our 2006 investment in Flash provider, Lexar, which was acquired by Micron. Over the course of our investment, we engaged with numerous industry players, including the leadership team of SanDisk at the time.
Media Contact:
Stephen Spruiell
Elliott Investment Management L.P.
(212) 478-2017
sspruiell@elliottmgmt.com
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- Exro will supply Vicinity Motor Corp. with high-voltage Coil Drive Systems, beginning with a pilot in Q2 2022.
- The multiyear agreement includes a first lot purchase order of 100 units with up to 2,500 units planned for delivery over the 36-month term.
- Vicinity electric vehicles optimized with Exro Coil Driver™ technology will make electric buses for public transit more sustainable, cost-effective, and efficient.
- Exro will also provide electric vehicle design and engineering services from its Vehicle Systems division for additional revenue.
- The deal marks a milestone in Exro's work to accelerate the transition toward electrification in mobility by solving performance-cost trade-offs for the North American electric bus manufacturer.
CALGARY, AB, May 3, 2022 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean technology company that has developed a new class of power electronics for electric motors and batteries, announced today that it has reached an agreement for up to 2,500 units with electric bus manufacturer Vicinity Motor Corp. (NasdaqCM: VEV) ("Vicinity").
Vicinity Motor Corp. is a leading supplier of advanced shuttle transportation vehicles for public and commercial use. Its flagship product, the Vicinity Lightning™, is a purpose-built electric bus that is revolutionizing public transit using sustainable and affordable components. Vicinity maintains a majority market share in the mid-size heavy-duty bus segment in Canada and will be able to produce more than 1,000 electric vehicle ("EV") units annually from its facilities in Ferndale, Washington and Aldergrove, British Columbia.
Under this multiyear sales and service agreement (the "agreement"), Vicinity will purchase high-voltage Coil Drive System units from Exro, along with a production slot, system pricing and commissioning services. Exro's Vehicle Systems division will provide system engineering consulting services to integrate the electric powertrain for Vicinity's fleet of next-generation electric buses. News of this deal follows a previously announced supply agreement under which the companies have completed nearly 12 months of development and testing to conduct operational validation for the Vicinity Lightning™ electric bus.
The agreement commences with a first lot purchase order of 100 units. Over the 36-month term of the agreement, Exro will plan to deliver an increasing volume of its Coil Drive System for up to 2,500 units that includes both a Coil Driver™ and an electric motor, which were designed to meet Vicinity's specific requirements to deploy clean, affordable and accessible electric buses across North America.
Coil Driver™ is an award-winning dynamic smart controller that can eliminate the need for multiple motors across all EVs, allowing manufacturers, like Vicinity, to achieve more acceleration, gradeability, high-speed torque and better efficiencies while reducing the number of costly power electronics inside the vehicle. Automotive-grade Coil Driver™ units will be manufactured at Exro's state-of-the-art manufacturing facility in Calgary. The 37,000 square foot facility is unique in North America and utilizes clean energy solutions including solar power and battery energy storage with a net-zero carbon emissions objective.
Exro will also support the development of Vicinity's electric motor chassis for Class 5/6 bus configurations and provide engineering services to enable AC fast-charging using Coil Driver™. Upon complete execution, Vicinity Lightning™ buses optimized with Coil Driver™ are expected to be on the road in the near term and accessible for private and public transit use in several forward-looking cities across North America.
"We're pleased to advance our partnership with Exro, a leader in the space for e-mobility power electronics," said William Trainer, founder, and CEO of Vicinity Motor Corp. "I look forward to working closely with Exro's talented team of engineers to make our electric buses, equipped with their intelligent power optimization systems, synonymous with North American public transit."
"Exro is thrilled to partner with Vicinity, with its strong foothold in the Canadian bus market, to bring affordable electric buses to North American cities," said Sue Ozdemir, CEO of Exro Technologies. "Our work with Vicinity demonstrates our ability to customize and scale our Coil Drive System to meet heavy-duty bus requirements and meet net-zero manufacturing requirements with our world-class Calgary facility. Together with Vicinity we're optimizing government investments in zero-emissions transportation, providing electric buses that perform better and last longer even in the toughest weather conditions."
Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries. Exro enables the application to achieve more with less energy consumed.
Exro's advanced motor control technology, the Coil Driver™, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring their technology to the electric mobility industries and beyond.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at www.exro.com/investors. Visit us on social media @exrotech.
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2021, and financial statements and related MD&A for the financial year ended December 31, 2021, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.
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SOURCE Exro Technologies Inc. | https://www.whsv.com/prnewswire/2022/05/03/exro-technologies-signs-multiyear-agreement-with-vicinity-motor-corp-supply-coil-drivers-enhance-electric-bus-powertrains/ | 2022-05-03T12:09:16Z |
WASHINGTON, May 3, 2022 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today reported its first quarter financial results and filed its first quarter 2022 Form 10-Q with the Securities and Exchange Commission. The filing provides condensed consolidated financial statements for the quarter ended March 31, 2022. The following documents are now available on Fannie Mae's website at www.fanniemae.com.
- Press release reporting first quarter 2022 financial results
- Fannie Mae's Form 10-Q for the quarter ended March 31, 2022
- Q1 2022 Financial Supplement
Fannie Mae will host a conference call to discuss the company's results today at 8:00 a.m., ET. Participants may join the conference call in listen-only mode via the webcast link below.
Listen-only webcast:
https://event.webcasts.com/starthere.jsp?ei=1542630&tp_key=b6d60ce976
Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the "Listen by Phone" button on the webcast player and dial the number provided.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog
Fannie Mae Newsroom
https://www.fanniemae.com/news
Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif
Fannie Mae Resource Center
1-800-2FANNIE
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SOURCE Fannie Mae | https://www.whsv.com/prnewswire/2022/05/03/fannie-mae-reports-net-income-44-billion-first-quarter-2022/ | 2022-05-03T12:09:23Z |
GI Alliance enters Kansas and Missouri markets
DALLAS, May 3, 2022 /PRNewswire/ -- GI Alliance, the nation's largest independent gastroenterology practice, is pleased to announce a partnership with Digestive Health Specialists in Kansas City, Missouri. This is the first practice in Missouri and Kansas to join GI Alliance's network of physician practices.
Digestive Health Specialists (DHS) is the leading GI provider in the greater Kansas City metro area, and the largest independent practice in Missouri, consisting of nineteen gastroenterologists and nine advanced practice providers in 5 locations. DHS was formed in 2015 through the merger of Consultants of Gastroenterology, Digestive Health Specialists of St. Joseph, and Summit Gastroenterology. DHS serves patients in the greater Kansas City market, including patients from Iowa and Kansas.
"The DHS physicians and advanced practice providers perfectly complement the GI Alliance network," said Jim Weber, M.D., CEO of GI Alliance. "Our ability to provide operational oversight allows the DHS physicians and team the ability to focus on providing exemplary patient care."
"GI Alliance's vision directly aligns with our focus on being patient-focused, doctor-driven delivery of high-quality health care for all GI needs," said Thomas Shireman, M.D., Digestive Health Specialists. "Our partnership will help drive efficiencies and best-in-class care."
About GI Alliance
GI Alliance is a physician-led and majority physician-owned GI practice with over 670 independent gastroenterologists operating in Texas, Arkansas, Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Utah, and Washington. GI Alliance practices focus on providing the highest-quality care to their patients. In addition to providing operational support for practices, GI Alliance is working to unite gastroenterologists nationwide by aligning interests and improving patient care.
Contact: Dee Dee Brooks
GI Alliance
214.998.3434
deedee.brooks@GIAlliance.com
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SOURCE GI Alliance | https://www.whsv.com/prnewswire/2022/05/03/gi-alliance-partners-with-digestive-health-specialists/ | 2022-05-03T12:09:29Z |
As girls of all ages face increased mental wellness challenges and educators/mental health experts are stretched to their limits, parents can rely on local Girl Scout troops for crucial support.
NEW YORK, May 3, 2022 /PRNewswire/ -- This Mental Health Awareness Month, Girl Scouts of the USA (GSUSA) announces a new and upcoming slate of innovative mental wellness resources, programming, and training curated specifically to support girls and the adults who interact with them through Girl Scouts. Studies show that girls are disproportionally affected by the increasing mental health crisis in America and new National Alliance on Mental Illness (NAMI) data shows nearly 90% of parents are now prioritizing their child's mental health over academic achievement, yet teachers are tapped and therapists have patient waitlists up to a year long. GSUSA has strengthened its commitment to supplement traditional resources for girls and their caregivers by enhancing current programming, offering new adult training to identify potential issues, helping foster skills and behaviors that lead to a better well-being, and preparing older Girl Scouts with the tools to help friends and classmates in appropriate ways. With these new offerings, millions more girls could potentially receive much-needed support in an environment of inclusion and sisterhood, encouraging a healthier and happier existence for them moving forward.
Early Intervention: It has become clear that youths of all ages are experiencing an uptick in mental health needs—not just older kids. In 2020, mental health-related emergency department visits increased 24% among youths ages 5–11 compared to the same period in 2019. Early intervention that helps youths build social-emotional skills, healthy behaviors, and social support systems in a safe environment promotes resiliency and greater well-being. With this in mind, GSUSA is updating their Daisy petal badges, specifically made for Girl Scouts in kindergarten and first grade, for the first time in over a decade with a stronger focus on inclusion, sisterhood, and the development of age-appropriate social and emotional skills. The updated content—which was developed in partnership with Diversity, Equity, Inclusion, Accessibility (DEIA) experts and mapped to education standards—elevates learnings centered around celebrating differences, standing up for what is right, making others feel included, equity versus equality, validating feelings, and more.
Prioritizing Inclusion: Young people who experience connectedness—or a sense of care, support, and belonging within their communities—may have a lower risk of mental health problems in adulthood. Identifying inclusion as an important component of mental wellness, Girl Scout troop leaders will receive new training on inclusion with intentional focus on best practices for creating inclusive environments. By practicing inclusive and equitable language to support all youths and foster a cohesive troop mindset, troop leaders will be better prepared to support a happy and healthy troop environment. The updated content—which was developed in partnership with DEIA experts—elevates learnings around topics like gender, race, disability inclusion, cultural appropriation, and more.
GSUSA's new partnerships with expert organizations in the field of mental wellness will help youths and adults across the country better prepare for and deal with the mental health crisis personally, as mentors, and as peers.
- By working with the National Council on Mental Wellbeing, GSUSA, in partnership with The David and Lura Lovell Foundation, will provide Youth Mental Health First Aid (YMHFA) training to adults across the Movement, including Girl Scout council staff and troop leaders. The first step will be training local Girl Scout staff to become YMHFA Instructors starting summer 2022, which will prepare them to train council staff and volunteers across the country moving forward, ensuring long-term sustainability of the program. This model will eventually arm thousands of adult volunteers and troop leaders with the tools to address common youth mental health and substance use challenges by learning about typical adolescent development alongside a five-step action plan that details how to help young people in both crisis and non-crisis situations.
- A national partnership with NAMI will strengthen local relationships between Girl Scout councils and state and local NAMI affiliates to provide access to NAMI's resources and expertise. This partnership will build capacity to support the mental well-being of young people, volunteers, and families, while providing more resources and experiences to Girl Scout troops.
- A series of workshops for Girl Scouts in grades 4–12, made possible by HCA Healthcare Foundation, will help girls better understand mental wellness and provide them with skills to strengthen their resilience. The high school workshop will also equip Girl Scouts with peer support techniques to help friends and classmates. Developed with the understanding that girls are especially impacted by societal pressures and the current youth mental health crisis, the workshops, which roll out summer 2023, are created with NAMI subject matter experts.
- Mental Wellness 101, made possible by The David and Lura Lovell Foundation, is a foundational training course to help Girl Scout volunteers and staff better understand mental health and the different stages of social-emotional development. This training course will equip adults with the tools needed to spot signs of mental health issues and support girls' psychological well-being. It will be available summer 2022.
"Leisure activities, social support from peers and adults, social-emotional skill-building, and a physically and psychologically safe space are key to mental well-being," says Kimberly Belmonte, vice president, Girl Scout Research Institute. "Our data shows that we meet these needs for girls, and now Girl Scouts is looking to expand our impact in even more ways in support of girls' positive mental wellness. We are doing this through updating existing programming and providing new programs; focusing on diversity, inclusion; and making sure girls of all ages and the adults who support them receive relevant information and resources on mental wellness."
"Helping to further Girl Scouts' work in mental wellness has huge potential for the mental health of girls in America," says Daniel H. Gillison, Jr., CEO of the National Alliance on Mental Illness. "We are keenly focused on early intervention for our nation's youth, especially as we see the harmful impact the pandemic is having on them. We are excited to work with an organization as large as Girl Scouts to support girls and the adults who regularly interact with them. This work will introduce youth support training to prepare older girls with the tools they need to develop active listening skills and hold courageous conversations with their peers."
Launched in November 2021 in response to the pandemic, Girl Scouts' Resilient. Ready. Strong. patch program, which reaches girls from kindergarten all the way through 12th grade, quickly became the #1 downloaded patch program since its release, showing the need for and enthusiasm around activities tied to mental wellness. With 20 activities tied to social-emotional skills like sharing emotions, connecting with animals, finding meaning, and more, Girl Scouts ages five to 17 can choose what they want to do to help boost their resilience, lift their mood, and face challenges. They also earn a patch upon completion.
To access valuable resources to support girls' mental well-being and join Girl Scouts, visit www.girlscouts.org/mentalwellness.
We Are Girl Scouts of the USA
Girl Scouts bring their dreams to life and work together to build a better world. Through programs from coast to coast, Girl Scouts of all backgrounds and abilities can be unapologetically themselves as they discover their strengths and rise to meet new challenges—whether they want to climb to the top of a tree or the top of their class, lace up their boots for a hike or advocate for climate justice, or make their first best friends. Backed by trusted adult volunteers, mentors, and millions of alums, Girl Scouts lead the way as they find their voices and make changes that affect the issues most important to them. To join us, volunteer, reconnect, or donate, visit girlscouts.org.
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SOURCE Girl Scouts of the USA | https://www.whsv.com/prnewswire/2022/05/03/girl-scouts-addresses-urgent-need-prioritize-girls-mental-wellness-with-new-enhanced-mental-wellness-resources-programming-training/ | 2022-05-03T12:09:37Z |
Reaching more than 180,000 Palm Beach County residents and nearly 200 local communities experiencing food insecurity
WESTON, Fla., May 3, 2022 /PRNewswire/ -- Golden Grail Tech Beverages (OTC: GOGY) www.GoldenGrailBeverages.com is a fast-growing company with a strategic mission to innovate, build and streamline the growth of its beverage portfolio through fiscally responsible investing announces they donated pallets of Trevi Essence Water (www.DrinkTrevi.com) to Palm Beach County Food Bank.
Palm Beach County Food Bank procures food from grocers, farmers, food distributors, wholesalers, and food drives for nearly 200 local community partners, including food pantries, soup kitchens, and residential housing programs. Since its humble beginnings ten years ago, as a locally-led community food truck operation, Palm Beach County Food Bank programs have reached families, children, and seniors and connected those in need with available services and resources. Partner agencies distribute the products received, including culturally appropriate food and household essentials. This process ensures families have access to food and supplies when they need them most.
"We rely heavily on contributions from our community to reach the more than 180,000 Palm Beach County residents experiencing food insecurity," said Jamie Kendall, CEO of the Palm Beach County Food Bank. "We are extremely grateful for Golden Grail Technology's donation of Trevi Essence Water, especially with the hotter days ahead."
"Being able to provide bottles of water to our local communities in their time of need, means so much to Golden Grail. Part of our culture is to serve our communities in a positive way and contribute in ways we can. Donating pallets of premium flavored water brings purpose and fulfillment to our mission," Erin Heit, Chief Marketing Consultant, Golden Grail Beverages.
Golden Grail Tech Beverages (OTC: GOGY) www.GoldenGrailBeverages.com is a fast-growing company with a strategic mission to innovate, build and streamline the growth of its beverage portfolio through fiscally responsible investing. The company targets brands that have a proven sales history, loyal consumer following, retail presence and strong value proposition who need assistance to get to the next few levels. Golden Grail has been actively acquiring brands within emerging and growing beverage categories. Our robust product offerings include Spider Energy Drink, Trevi Fruit Essence Water, Tickle Water for kids, Sketch Can for Tweens, Cause Water helping reduce global plastic pollution and Scorpion Energy Hemp/CBD.
After an acquisition, the company utilizes a series of operational technologies to apply its business expertise, fiscal techniques and various manufacturing processes know-how to improve the economics and performance of each brand while advancing marketing and distribution for its beverage holdings. The company's focus on sophisticated management and development of beverage brands, coupled with its rapidly growing and recognizable portfolio of healthy, functional beverages sets Golden Grail apart as a leader in acquiring and advancing existing beverage brands.
For more information on Golden Grail Tech Beverages (OTC: GOGY) visit
www.GoldenGrailBeverages.com
https://www.facebook.com/GoldenGrailTechBeverages
https://twitter.com/golden_grail
Podcast: https://epodcastnetwork.com/disruption-in-the-marketplace-with-erin-heit-of-golden-grail-technology-corp
Our Beverages Brands
Cause Water is Pristine Mountain Spring Water with a Cause
Cause Water has three key initiatives be a vessel for change, do your part and encouraging consumers to join the cause, by drinking Cause Water. A fully recyclable aluminum bottle and cap supports its core mission of plastic reduction and ocean preservation. Cause Water can be found in high-end, influential natural food stores along the West Coast.
For more information visit:
https://www.facebook.com/CauseWaterBeverage
https://www.instagram.com/cause_water/
Tickle Water is a premium sparkling water company dedicated to providing honest and clean hydration. Tickle Water is the first sparkling water in the market created specifically for children, yet enjoyed by all ages, complete with delicious flavors and a recyclable can, making it the perfect beverage for any occasion. Every can of Tickle Water is simply made with premium sparkling water and natural flavors without artificial ingredients, sugar, sodium, or preservatives.
For more information visit http://www.drinkticklewater.com
https://www.facebook.com/drinkticklewater
TCKL WTR 'Sketch Can' - The first and only 'sketch can' features a personalization space and a social media hash tag to invite Tickle fans to interact with the brand by drawing on the can and then sharing their custom can on Tik Tok. 'Sketch Can' provides kids with a brand they can call their own. It is a healthy premium sparkling water and natural flavors without artificial ingredients, sugar, sodium, or preservatives. 'Sketch Can' comes in a fully recyclable package, in two delicious flavors Watermelon and Sour Apple. Kids won't be able to resist the urge to sip and sketch.
Trevi Essence Water is a true clean-label beverage with a superior flavor that stays true to the fruit. Trevi has zero sugar, zero calories, no preservatives, no artificial ingredients, gluten free, vegan, kosher and diet friendly. Trevi comes in four delicious flavors Mango Orange, Coconut Lime, Peach and Grapefruit.
For more information visit www.DrinkTrevi.com
https://www.facebook.com/DrinkTrevi
Spider Energy Drink is packed with serious energy. This formula is the perfect balance of energy boosting B-vitamins, Taurine, Guarana, Ginseng, Key Levels of Amino Acids and herbal extracts. Made with 100% real sugar, Spider Energy is known as one of the best tasting with a fresh-citrus, smooth and refreshing flavor, without the medicinal aftertaste associated with most energy drinks.
For more information visit https://spiderenergydrink.com/
https://www.facebook.com/SpiderEnergyDrink
https://www.instagram.com/spiderenergydrink/
Forward-Looking Statements:
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
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SOURCE Golden Grail Technology Corp | https://www.whsv.com/prnewswire/2022/05/03/golden-grail-tech-corp-announces-donating-pallets-trevi-essence-water-palm-beach-county-food-bank/ | 2022-05-03T12:09:47Z |
TORONTO, May 3, 2022 /PRNewswire/ - Great Gulf Group (Great Gulf), together with its partners Westdale Properties and a large Canadian institutional investor, has acquired 787 residential lots across seven master-planned communities in San Antonio, Austin and Houston, TX, from Forestar Group, Inc. (Forestar) to build, own, and operate dedicated single-family rental homes.
"This acquisition provides an excellent entry point into the Houston and Austin markets while increasing Great Gulf's operational scale across our Texas portfolio. Based on demographic trends and customer preference, we believe the demand for professionally managed rental housing is undersupplied," said Aole Ansari, Chief Operating Officer, Great Gulf Build-to-Rent. "Land development and construction activities are underway, and we expect to begin home deliveries to residents in late 2023. We look forward to future investment opportunities and strengthening our relationship with Forestar."
Daniel Bartok, Chief Executive Officer of Forestar, said, "These sites provide an excellent opportunity to include purpose-built single-family rental housing for consumers interested in living in these communities. We are very pleased to bring Great Gulf into our builder program to fulfill the growing demand for this housing option and look forward to growing our relationship."
Great Gulf's investment strategy is primarily focused on US Sun Belt states, whose high population growth is driven by strong job growth, low tax and regulatory burdens, affordable housing, low unemployment, and warmer climates. Together with existing projects in Tampa, FL, Charleston, SC, San Antonio, TX and Dallas, TX, Great Gulf's build-to-rent portfolio is approaching 2,000 lots and homes within one year of operation.
The Great Gulf Group was established in 1975 and has become one of North America's leading real estate organizations with fully integrated activities that span the entire real estate spectrum. Through its various platforms including Ashton Woods and First Gulf, the Great Gulf Group develops, constructs and manages residential and commercial real estate across 18 cities and employs over 1,500 people in North America. The Great Gulf Group has developed over 80,000 residences and 30 million square feet of commercial real estate over its 45-year history. Please visit www.greatgulf.com.
Westdale has owned, managed and developed real estate across North America for over 60 years. Westdale's Canadian portfolio includes approximately 7000 residential units and over 2.5 million square feet of retail, commercial and industrial spaces. In the US, Westdale owns and manages approximately 35,000 residential units in 150 properties and 30 cities, as well as 3 million square feet of retail and commercial space. Please visit www.westdale.com.
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SOURCE Great Gulf Group | https://www.whsv.com/prnewswire/2022/05/03/great-gulf-group-acquires-new-communities-build-to-rent-homes-san-antonio-austin-houston-forestar-group-inc/ | 2022-05-03T12:09:54Z |
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