HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) announced today that it has been awarded a two-year contract with Esso Exploration Angola, an affiliate of ExxonMobil, offshore Angola for drillship VALARIS DS-9. The rig is currently preservation stacked in the Canary Islands, where it will be reactivated and then mobilized to Angola ahead of the anticipated contract commencement in June 2022.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

Cautionary Statements

Statements contained in this press release that are not historical facts 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. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," “should,” “will” and similar words. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the Company’s liquidity and ability to access financing sources, debt restrictions that may limit our liquidity and flexibility, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, the volatility in oil prices caused in part by the COVID-19 pandemic and the decisions by certain oil producers to reduce export prices and increase oil production, and cancellation, suspension, renegotiation or termination of drilling contracts and programs. In particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company’s business and financial condition. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10- Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619

Microsoft outlines net zero action plan to help UK leaders hit Government 2050 target

• 74% of UK organisations currently have "one foot in and one foot out" on sustainability
• UK leaders report top three stumbling blocks to carbon reduction: Turning strategy into action; clear government guidance; in-house skills
• Just 17% of employees believe their workplace is as environmentally friendly as their own home
• UK leaders eye carbon measurement, machine learning and ‘digital twin’ technologies to accelerate journey to net zero

LONDON--(BUSINESS WIRE)--Just 41% of UK organisations are on track to meet the Government’s target for net zero carbon emissions by 2050, according to new research released today by Dr Chris Brauer, Goldsmiths, University of London in partnership with Microsoft.

The findings reveal strong ambition and strategic vision on sustainability within UK organisations, but most leaders are struggling to translate that intent into action, with almost three quarters (74%) described as having “one foot in and one foot out” on sustainability.

Based on online surveys of 1,707 UK business leaders and 2,153 employees, the research report includes insights from leading British organisations, as well as prominent sustainable business experts from across government, industry and academia.

The ambition-action gap has not gone unnoticed by UK workers. According to the survey, the majority (72%) of employees surveyed felt that environmental sustainability should be a top priority for businesses over the next five years, yet only 19% report that their employer implements their current sustainability plan efficiently. Tellingly, only 17% of employees believe their work premises are as environmentally friendly as their own home. This is important, as almost half (48%) of employees surveyed said the strength of a firms’ sustainability plan would impact where they choose to work.

The challenges for business and a blueprint for net zero

The report points to the most pressing sustainability challenges identified by UK leaders in meeting net zero goals and outlines a practical blueprint of short- and long-term actions to overcome them. When asked to identify their top three most pressing challenges in the next five to 10 years, the top challenges highlighted by organisations surveyed include:

• Actioning the strategy – Concerns about having a clear organisational sustainability strategy (43%)
• Guidance – 41% of respondents cited clear government guidance as a challenge, but the report points to the need for whole systems thinking, including collaboration between government, commerce, academia and NGOs to collectively address barriers to net zero
• Skills – Having in-house expertise and skills to support a sustainability strategy (40%)
• Financing – Having access to funding to implement their sustainability plan (36%)
• Getting the most out of technology –The availability of technology to support sustainability initiatives (33%)

The Sustainability Leaders

The research team developed a scorecard against which to benchmark UK organisations’ progress on environmental sustainability. Based on the results, organisations were categorised into one of three groups:

• Sustainability Leaders – just 11% of UK organisations – distinctive in their ability to unlock funding and develop technology to meet sustainability goals, with highly supportive leadership and strong stakeholder buy in. This group is on track to meet net zero targets.
• Aspirational – 74% of organisations – better at raising their ambitions and designing strategies for sustainability than executing them. They have the operational potential to reach net zero, but faster transformation is needed.
• Stragglers – only 15% of organisations – have embedded sustainability within their strategy but are currently making very slow progress on goals. This group are unlikely to reach net zero by 2050, unless ambition becomes genuine action.

One factor setting the Sustainability Leaders apart is their ability to harness the potential of technology to amplify and accelerate their net zero strategies. Three quarters of this group are investing in R&D for new technologies (76%), including tech to measure carbon emissions (76%), and many are also building the in-house skills needed to make the most of these technologies.

Technologies enabling sustainability

The report also explores the role of technology in the journey to net zero. Where the business case is proven to make a meaningful contribution to sustainability, organisations are investing in the greenest solutions. Examples include business productivity technologies (used by 89% of firms), collaboration technologies (70%), cloud technologies (69%) and carbon emissions measurement technologies (33%).

And there is appetite for increasingly sophisticated technology over the next five years to reduce carbon emissions. Business leaders will shift their focus to more intensive use of carbon emissions measurement technology (56%), Robotic Process Automation (RPA, 51%), machine learning (53%), and ‘digital twin’ technologies (55%) – a rapidly growing territory for digital simulation of business processes and strategies at scale without the real-world waste.

Clare Barclay, CEO of Microsoft UK, comments: “If the UK is to meet its net zero ambitions, public and private sectors need to join forces to define the meaning of real net zero, agree how to measure progress and build markets that can deliver a just, prosperous future for everyone.

“Technology will play a key role in addressing these challenges and it’s clear from our research that those organisations that have embedded technology in the heart of their strategies are the ones that have made the most significant progress against their sustainability goals. And whilst it is encouraging that so many of the organisations surveyed are taking the threat of climate change seriously, the time has come to move from ambition to action. We must work collectively to accelerate our journey to net zero.”

Dr Chris Brauer, Director of Innovation, Institute of Management Studies (IMS) at Goldsmiths, University of London, comments: “UK organisations have strong net zero ambitions. But to truly address the climate emergency before us, actions must speak louder than words. Today’s findings don’t just call for progress, they outline a practical short- and long-term blueprint to help organisations accelerate net zero progress. If organisations can prioritise areas such as cross-sector collaboration, stakeholder buy-in, in-house expertise and technology to track carbon reduction progress, the positive environmental impact could be seismic.”

Sam Kimmins, Head of RE100 at The Climate Group, adds, "These figures can and must increase, with large organisations using their scale and influence to lead the way. Companies need to really work with their suppliers to drive shared sustainability goals fast. If a large firm greens a supply chain that is also supplying 30 other companies, you get a positive multiplier effect.”

Please visit aka.ms/UKSustainability to download a copy of the report.

-Ends-

Notes to Editors

Microsoft is accelerating progress toward a more sustainable future by reducing its own environmental footprint, pledging to be carbon negative by 2030, accelerating research and advocating for policies that benefit the environment.

By 2050 the company will remove from the atmosphere all the carbon dioxide it has emitted (either directly or through electricity consumption) since being founded in 1975. It will also be zero waste and water positive by the end of this decade.

For more information on Microsoft’s sustainability initiatives please visit: https://www.microsoft.com/en-us/sustainability

About the research

The research was conducted in summer and autumn 2021 by Microsoft in partnership with Dr Chris Brauer, Director of Innovation, Goldsmiths, University of London leading a team of economists, data scientists, environmental scientists and social scientists. They used a mixed method approach to build a model, scorecard and blueprint for carbon reduction in UK businesses. This included:

• An in-depth literature review of academic, industry and media knowledge and data sources.
• Barometer surveys conducted by YouGov among 1,707 leaders that are senior decision makers and above and 2,153 adults that are full time employees. Fieldwork was undertaken between 30th July - 18th August 2021. The survey was carried out online.
• Using survey findings, the researchers developed a scorecard to differentiate companies and indicate how close they are to achieving their decarbonisation objectives. The criteria for this scorecard were grouped in two categories – sustainability and innovation – and enabled an in-depth sustainability mapping exercise, using the results of the survey, to place organisations on a scale between varying levels of adoption.
• To be able to extrapolate results from the scorecard to the economy, results were weighted by the share of organisations in the total economy, assuming a standard normal distribution of the population, and veracity of responses. The results are within statistical confidence and the numbers presented were rounded for simplicity.
• Qualitative exploration – interviews with a variety of academics, professionals and UK company case study leaders around both the research model and the findings of this project. Quotes were analysed and used as evidence to support hypotheses.

For more information, please contact:
Fergus Franklin
Assembly for Microsoft
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EVgo Continues Expansion in Colorado with Six New Fast Chargers in Partnership with Regency Centers, Colorado Energy Office, and General Motors

LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, announced today the opening of a new EV charging station comprised of six new EVgo public direct current fast chargers (DCFC) at Lloyd King Center, located at 6350 Sheridan Boulevard in Arvada, Colorado.

Today, there are 86 EVgo chargers in the state of Colorado, including 39 Level 2 and 47 DCFC chargers. Four of the new EVgo public fast chargers are high powered 350 kW, capable of delivering approximately 180 miles in 15 minutes and two of the new chargers are 100 kW, capable of delivering approximately 90 miles in 15 minutes.^* Through EVgo’s 100% renewable-powered network, the new fast chargers will provide zero emission charging to EV drivers and support Colorado’s Zero Emission Vehicle (ZEV) targets, reducing pollution and accelerating the transition to clean transportation. The state of Colorado has long been a leader in its commitment to EV adoption, establishing the Charge Ahead Colorado funding program in 2013, which encourages development of EV charging stations across the state.

“The Polis-Primavera administration is committed to doing our part to enhance clean air efforts and save drivers money by expanding EV adoption statewide,” said Lt. Governor Dianne Primavera. “EVgo’s new fast charging station at Lloyd King Center adds momentum behind expanding the state’s accessible EV charging infrastructure and will help accelerate the adoption of EVs statewide. As the proud driver of an EV, I know how frustrating it can be to need a charging station but be unable to find one; we are thrilled to bring greater charging accessibility to communities across our state.”

“EVgo is building fast charging stalls across the country, and we recognize that making Electric for All a reality takes great partners like the ones that made this new station in Arvada possible,” said Jonathan Levy, Chief Commercial Officer of EVgo. “Colorado is a critical and fast-growing market for electric vehicles, and EVgo is thrilled to keep expanding our network to help accelerate the transition to e-mobility and even cleaner Rocky Mountain air for all Coloradans.”

“Regency Centers is happy to provide EVgo fast chargers as an amenity to our tenants and their customers across 11 of our retail properties,” said Mark Peternell, VP of Sustainability at Regency Centers. “Regency Centers believes in being a good steward and leader in sustainability, and helping accelerate EV adoption through this partnership is another way for us to put words into practice.”

“The city of Arvada is thrilled to be a part of this collaboration between such great organizations. These new EV fast chargers will help further advance Colorado’s electrification and climate goals and expand valuable access to public charging for residents and travelers alike,” says Marc Williams, Mayor of Arvada.

“The opening of another EVgo charging station in Colorado builds upon GM and EVgo’s effort to accelerate charging infrastructure build out by adding more than 2,700 DC fast charging stations. Along with all the Ultium-ready chargers at EVgo stations, GM customers can leverage charging capabilities up to 350-kilowatts,” said Alex Keros, Lead Architect, EV Infrastructure at General Motors. “We are excited to partner with EVgo to expand charging access here in the Rocky Mountain State and across the country.”

"EVgo is a great partner for our Charge Ahead Colorado and EV Plazas programs," said Will Toor, Colorado Energy Office Executive Director. "Each of these sites represents progress toward our goal of a robust network of fast-charging infrastructure in the metro area and throughout the state---and also helps deliver on the Polis administration's commitment to taking bold action on climate and improving air quality."

The new EVgo chargers were unveiled today, October 26^th, as part of a ribbon cutting ceremony at Lloyd King Center, hosted by Dianne Primavera, Lieutenant Governor of Colorado, alongside Jonathan Levy, Chief Commercial Officer of EVgo, Alex Keros, Lead Architect, EV Infrastructure at General Motors , Mark Peternell, VP of Sustainability at Regency Centers, Marc Williams, Mayor of Arvada, Megan Gilman, Colorado PUC Commissioner, Will Toor, Executive Director of Colorado Energy Office and Adrienne Benavidez, Colorado State Representative.

* Actual charging speeds depend on the capability of the vehicle.

About EVgo

EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 300,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943

For Media:
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DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today third quarter 2021 financial and operational results and acquisition of PropX.

Summary Results and Highlights

• Revenue of $654 million, representing a 12% sequential increase, and net loss¹ of $39 million, or $0.22 fully diluted loss per share for the quarter ended September 30, 2021
• Adjusted EBITDA² of $32 million
• Announced the acquisition of Proppant Express Investments, LLC (“PropX”), a provider of proppant delivery equipment, logistics and software solutions
• Executed multi-year arrangements to deploy Liberty’s digiFrac™ electric fleet in 2022
• Announced an amendment to its secured asset-based revolving credit facility (“ABL Facility”) that provides for a $100 million increase in aggregate commitment to $350 million and extends the maturity date until October 2026
• Achieved 24 hours of continuous plug and perforation pumping time on two occasions

“Liberty achieved solid momentum in the third quarter. Total revenues increased 12% sequentially as activity and service pricing rose during the period. The underlying growth was a testament to the Liberty team’s focus on customer engagement, service quality and technology. We were able to deliver strong growth while navigating integration activities, cost inflation and the disruptive impact of the pandemic on global supply chains and labor availability,” commented Chris Wright, Chief Executive Officer. “The third quarter benefited from service price increases, but Liberty was not immune to the serious supply chain issues the world faces today as faster cost increases more than offset higher prices during the period. Increased transportation costs and driver shortages, maintenance personnel and supply chain constraints and integration costs hurt margins in the period. For instance, we estimate that rapidly increasing logistics costs that were not passed through to customers in the quarter were approximately $12 million, and maintenance costs were $8 million higher than normal due to integration and Covid related disruptions. While we expect the supply chain, logistics and integration challenges to continue into the fourth quarter, we are actively working to moderate their effect on margins.”

“Activity and momentum are expected to continue to strengthen in the fourth quarter and into 2022 supported by strong industry fundamentals and demand for Liberty. Against this backdrop, Liberty is excited to announce the execution of the first two multi-year arrangements to deploy Liberty’s digiFrac electric fleets in 2022 with long-standing Liberty customers. The technical ingenuity and design of the first purpose-built electric frac fleet has been well-received by E&P operators and we are developing our multi-year deployment strategy in conjunction with our customer partners,” continued Mr. Wright.

PropX Acquisition

Liberty announced today it has acquired PropX for an aggregate purchase price of approximately $90.0 million, subject to normal closing adjustments, consisting of $13.5 million in cash and the equivalent of 5.8 million shares of Liberty’s common stock valued at $76.5 million based on a 30-day average closing share price of $13.08 on October 25, 2021.

Founded in 2016, PropX is a leading provider of last-mile proppant delivery solutions including proppant handling equipment and logistics software across North America. PropX offers innovative environmentally friendly technology with optimized dry and wet sand containers and wellsite proppant handling equipment that drive logistics efficiency and reduce noise and emissions. PropX wet sand handling technology is a key enabler of the next step of cost and emissions reductions in the proppant industry. PropX also offers customers the latest real-time logistics software, PropConnect, for sale or as hosted SaaS service. PropX will continue to sell and deliver these solutions industry-wide.

The transaction positions Liberty as an integrated provider of completion services with proppant, equipment, logistics and integrated software that will improve Liberty’s operational and logistics efficiency. We also expect the leading-edge wet sand handling technology to reduce the environmental impact and cost of completions for Liberty’s frac customers and the industry.

“We have a relentless focus on building value over the long term, and we are pleased to announce the acquisition of PropX, at a highly accretive valuation multiple. The addition of PropX integrates the latest proppant delivery technologies and software into our supply chain and brings advanced, ESG-friendly wet sand handling technology and expertise that we can bring to the whole industry. Together, we believe these solutions will reduce the environmental impact of last-mile delivery and lower our total delivered cost to our customers,” commented Mr. Wright. “This acquisition exemplifies our strategy of investing for the future and maintaining a clear focus on technology innovation, highly efficient operations and a strong balance sheet to deliver greater value for our shareholders through cycles.”

Outlook

During the third quarter, worldwide economic activity continued to grow, despite supply chain disruptions, materials shortages, labor scarcity, rising costs, and Covid-related uncertainty. The demand for energy continues to outpace the gradual return of supply, as evidenced by the energy crises in Europe and China and low inventories. Global oil and gas supply remains constrained by underinvestment in oil and gas production and associated infrastructure.

Tightness in global commodity markets is bolstering demand for frac services in support of energy consumption. Concurrently, there has been frac industry consolidation, equipment cannibalization and attrition. Customers are in search of modern, environmentally friendly solutions. The shift towards next generation equipment, leading edge engineering solutions and the digitalization of the oilfield is defining the next phase of the cycle. Liberty is in a highly advantaged position with top tier technology innovation, engineering prowess, service quality, and ESG-friendly equipment.

“Today, we have a stronger, more flexible business with greater underlying efficiency resulting from the integration of OneStim®, the opportunistic acquisition of PropX, investment in digiFrac and digital software systems. Our entire team is focused on improving every aspect of our business to maintain and grow our competitive edge in this upcycle,” commented Mr. Wright. “Importantly, we believe the strong momentum will continue, with incremental service price increases that likely manifest more noticeably entering 2022. We are at the early innings of the cycle with the right technology, people, and commitment to excellence, and we believe our relentless focus on providing the best service to our customers sets up for a stronger 2022.”

Third Quarter Results

For the third quarter of 2021, revenue increased 12% to $654 million from $581 million in the second quarter of 2021.

Net loss before income taxes totaled $39 million for the third quarter of 2021 compared to net loss before income taxes of $36 million for the second quarter of 2021.

Net loss¹ (after taxes) totaled $39 million for the third quarter of 2021 compared to net loss¹ of $52 million in the second quarter of 2021. Net loss¹ (after tax) in the second quarter included the impacts of a valuation allowance recorded against a portion of the Company’s deferred tax assets and related remeasurement of the Company’s liability under the tax receivable agreement.

Adjusted EBITDA², decreased to $32 million from $37 million in the second quarter.

Fully diluted loss per share was $0.22 for the third quarter of 2021 compared to $0.29 for the second quarter of 2021.

Balance Sheet and Liquidity

As of September 30, 2021, Liberty had cash on hand of $35 million, an increase from second quarter levels as working capital increased, and total debt of $122 million, including $16 million drawn on the ABL credit facility, net of deferred financing costs and original issue discount. The term loan requires only a 1% annual amortization of principal, paid quarterly. Recently, the term loan maturity date was extended by two years and no substantial payment is due until maturity in September 2024, subject to mandatory prepayments from excess cash flow. Total liquidity, including availability under the credit facility, was $268 million as of September 30, 2021.

In October, 2021, Liberty amended its secured asset-based revolving credit facility. The amendment extends the maturity date of the facility from September 2022 to October 2026 and provides for a $100 million increase in aggregated commitment to $350 million. Availability under the amended ABL Facility is subject to a borrowing base, supported by receivables and inventory. The ABL Facility has a $75 million uncommitted accordion feature which, subject to satisfaction of specific terms and conditions, would provide for increased availability under the credit facility.

Conference Call

Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Wednesday, October 27, 2021. Presenting Liberty’s results will be Chris Wright, Chief Executive Officer, Ron Gusek, President, and Michael Stock, Chief Financial Officer.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Oilfield Services call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 10148935. The replay will be available until November 4, 2021.

About Liberty

Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..

Non-GAAP Financial Measures

This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA and Pre-Tax Return on Capital Employed. We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.

Forward-Looking and Cautionary Statements

The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on February 24, 2021 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.

Michael Stock
Chief Financial Officer
303-515-2851
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LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today announced that Cathy Zoi, Chief Executive Officer at EVgo, will be participating in Roth Capital and NGO Sustainability Inc.’s Climate Tech webinar on October 27, 2021 from 9:30-11:30a ET. For those wishing to register to attend the webinar, the link can be found here: https://roth.zoom.us/webinar/register/1416329494079/WN_s1EAktzjSb6OgAPtYAkybw.

The webinar, Looking Towards Glasgow - Transitioning from a Fossil Fuel to a Renewable Energy Society comes ahead of the Glasgow meetings taking place from November 1-12, 2021, which will discuss the report of the International Panel on Climate Change (IPCC). COP26, as this meeting is called, will be working to enhance global cooperation and collaboration to increase the commitments of the 193 signatories to the Paris Climate Change Agreement, December 2015, to further reduce their carbon footprints. The main goals are to secure global net zero carbon by midcentury and keep 1.5-degree temperature rise within reach, adaptation to protect communities and natural habitats, mobilization of finance to help developing countries, and to work together to these ends. It is foreseen that COP26 will emphasize the necessity of dealing with the climate crisis through collaboration by governments, businesses, and civil society.

About EVgo

EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 300,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943

For Media:
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New Garmin marine radomes are first to offer both black and white color options

OLATHE, Kan.--(BUSINESS WIRE)--Garmin^® International, Inc., a unit of Garmin Ltd. (NASDAQ:GRMN), the world’s largest¹ and most innovative marine electronics manufacturer, today announced the GMR Fantom™ 18x and GMR Fantom 24x solid state dome radars, offering 50 watts of output power for long range and better target detection on the water, even at high speeds. Equipped with Garmin’s signature MotionScope^™ technology, the new high-powered Fantom 18x/24x radomes can detect and highlight moving targets in different colors, providing mariners with valuable vessel position information, track weather and more.

“When visibility is low and situational awareness is crucial, you need a radar you can depend on. More power means you’ll get more consistent target positioning, excellent target separation and unprecedented close- and long-range target detection for a clear, concise view of what’s ahead right on your Garmin chartplotter,” said Dan Bartel, Garmin vice president of global consumer sales. “And for the first time in the industry, we’re thrilled to offer this new radome series in black or white, making it easier than ever for users to customize their radar to their vessel.”

High-powered radar with new power saving settings

With 50 watts of peak output power – double the competition of other solid state dome radars on the market today – the new Fantom 18x/24x radomes offer a range from 20’ to 48 nautical miles and improved target detection, even in fog or rain. Plus, they deliver up to 60 RPM rotation speed for a refresh rate that can better detect movement, including boats approaching at high speeds. Thanks to the new power save mode, users can choose when to use full power and when to pull back, conserving power when they don’t need it so that they’ll have more when they do. Additionally, timed transmit mode lets users specify active and inactive times down to the second to help reduce power consumption so they can stay on the water longer than ever before.

Incredible detail and Increased situational awareness

In addition to an increased power output, the new Fantom 18x/24x radomes offer a number of features to help increase situational awareness on the water, including:

• MotionScope technology – uses the Doppler effect to detect moving targets and highlight them in different colors so users can navigate around other boats or severe weather, or toward fishing spots where birds feed at the surface
• True echo trails – see a historical “train” on the screen to more easily identify moving targets and potential collision threats
• Dual range– all Fantom radars offer a dual range feature so users have the ability to see both close- and long-range views simultaneously, with an overlay on a chart for one or both ranges, eliminating the need to toggle between views
• Dual radar support – display units can pull data from one of two different radar sources to provide redundancy
• Dynamic auto gain – this feature automatically adjusts to the user’s surroundings for optimal performance in all conditions
• Dynamic sea filter – the gain automatically adjusts sea clutter for calm, medium and rough sea conditions
• Radar overlay – users can easily overlay radar images on the chartplotter’s map page

The new 18” GMR Fantom 18x and 24” GMR Fantom 24x will be offered with both a white and black color option and are expected to be available in December 2021 with suggested retail prices ranging from $2199.99 to $3099.99. For more information, please visit garmin.com/marine.

Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most sophisticated marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the seventh consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Navionics^® and Fusion^®. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, email the Media Relations department at This email address is being protected from spambots. You need JavaScript enabled to view it., or follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin and linkedin.com/company/garmin.

¹ Based on 2020 reported sales

About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, GPSMAP, Navionics and Fusion are registered trademarks and MotionScope and Fantom are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 26, 2020, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at www.garmin.com/en-US/company/investors/earnings/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Carly Hysell
913-397-8200
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, has partnered with ChargePoint, Inc., a leading electric vehicle (EV) charging network operating in North America and Europe, to offer Sunnova customers EV charging solutions.

“Sunnova partnered with ChargePoint to help streamline and accelerate growth in consumer EV adoption. EVs in the home increase annual energy demand from 50% to 100%, depending on the owners charging behavior. By bundling a solar system and an EV charger in a single purchase, Sunnova is allowing customers to properly size and install the right energy solution for all their needs,” said Michael Grasso, Executive Vice President, Chief Marketing and Growth Officer at Sunnova. “And with ChargePoint software embedded in their personal Sunnova portal, customers will benefit from car charging optimized for their Sunnova home energy ecosystem.”

As car manufacturers increase EV offerings across multiple segments, consumers have responded with increasing adoption. There are already more EVs on the road than ever before, in the first half of 2021 the EV growth rate in the U.S. was 166%¹ and according to the U.S. Department of Energy, 80% of all EV charging is done at home.

“Our offerings for the Sunnova Adaptive Home are carefully developed for our customers’ needs – we select the most innovative technologies available in the market and curate them for seamless integration,” said Shankar Achanta, Senior Director of Adaptive Homes at Sunnova. “This new EV charging bundle gives homeowners the ability to power their vehicles with the clean energy produced right from their rooftops.”

“Home EV charging is a significant part of the home energy picture. The ChargePoint partnership with Sunnova will provide connected home EV charging insights that are integrated with residential solar and storage for a complete picture of residential energy consumption,” said Bill Loewenthal, Senior Vice President, Product at ChargePoint. “ChargePoint Home Flex provides an unmatched combination of power and flexibility, smart connected features, and a thoughtful, safe and reliable design. With enhanced functionality in the home and driver ecosystems, ChargePoint is delivering technology solutions to fit the needs of EV drivers now and in the future through industry leading partnerships.”

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the impact of the partnership on customers and other statements regarding the future. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com

About ChargePoint
ChargePoint, Inc., is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 92 million charging sessions have been delivered, with drivers plugging into the ChargePoint network every two seconds or less. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or Investor Relations.

¹ https://www.ev-volumes.com/

Media Contact
Alina Eprimian
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Investor & Analyst Contact
Rodney McMahan
Vice President, Investor Relations
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281.971.3323

~Fourth Quarter Revenue Increases 16% to $462 Million~

~Achieves Highest Quarterly Gross Margin in Company’s History~

~Record Fourth Quarter Earnings Per Share of $1.45~

~Record Fiscal 2021 Revenue Surpasses $2 Billion; Over 13% Same-Store Sales Growth~

~Earnings Per Share of $6.78; Surpasses High End of Guidance Range for 2021~

~Company Provides Annual Guidance for Fiscal 2022~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced record results for its fourth quarter and full year ended September 30, 2021.

Revenue grew 16% to a record $462.3 million for the quarter ended September 30, 2021, from $398.8 million for the comparable quarter last year. The growth was driven primarily by successful strategic acquisitions completed during the fiscal year. Same-store sales for the quarter declined 7%, due to supply constrained inventory, but was up against 33% growth in the comparable period last year.

Net income for the quarter ended September 30, 2021, was $32.8 million, or $1.45 per diluted share, compared to $25.6 million, or $1.13 per diluted share in the comparable period prior year. Included in the quarter ended September 30, 2020, were net charges of $1.5 million or $0.06 per diluted share, related primarily to costs associated with the Company’s store optimization plan. Excluding the charges in 2020, adjusted diluted earnings per share for the quarter ended September 30, 2020, was $1.19.

For the fiscal year ended September 30, 2021, revenue increased 37% to $2.06 billion compared with $1.51 billion for the same period last year. The revenue increase was driven primarily by successful strategic acquisitions completed during the fiscal year and by strong same-store sales growth of over 13% which was on top of a 25% increase in the prior fiscal year.

Net income for the fiscal year ended September 30, 2021, was $155.0 million, or $6.78 per diluted share, compared to net income of $74.6 million, or $3.37 per diluted share in the prior year. The year ended September 30, 2020, included net charges of $1.3 million or $0.05 per diluted share as outlined above. Excluding the charges in 2020, adjusted diluted earnings per share was $3.42 in the prior year.

W. Brett McGill, Chief Executive Officer and President stated, “The MarineMax Team’s commitment and extraordinary efforts generated record revenue of more than $2 billion, our highest gross margin since inception and a near doubling of earnings per share. Perhaps most notable is that these results were delivered while providing world class customer service as evidenced by record high customer satisfaction scores. We are very proud of these outstanding achievements and believe this further demonstrates the scale and flexibility of our business model that is benefiting from investments in technology, growth in our asset light and higher margin businesses, increased penetration of highly desired brands and our recent strategic acquisitions. The foundational shift of consumer’s renewed desire for the boating lifestyle, continues to build, as both demand and backlog remain very robust.”

Mr. McGill continued, “Our balance sheet is extremely well-capitalized, which was further strengthened by our record 2021 EBITDA of over $225 million. This financial flexibility allows us to continue to pursue strategic accretive acquisitions which will further diversify our business and support sustainable future earnings and cash flow growth. With our deep manufacturing relationships, brand strategy, consumer preference for the MarineMax lifestyle experience and industry leading capital structure, we have increased confidence that the market will begin to recognize the significant value that we have created and that we expect to build upon in the future.”

As of September 30, 2021, the Company’s liquidity exceeded $327 million, consisting of cash and cash equivalents along with availability under its credit facilities.

Fiscal 2022 Guidance

Based on current business conditions, retail trends and other factors, the Company currently expects earnings per diluted share to be in the range of $7.20 to $7.50 for fiscal 2022. This compares to diluted earnings per share of $6.78 in fiscal 2021. These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2022 or other unforeseen events, including changes in global economic conditions.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest super-yacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the fourth quarter and the fiscal year ended September 30, 2021; the Company's pursuit of strategic accretive acquisitions; the Company's diversification of its business, and its potential for sustainable future earnings and cash flow growth; the market's recognition of the significant value that the Company has created and expects to build upon in the future; and the Company's fiscal 2022 guidance. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently-acquired businesses, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investors:
Michael H. McLamb
Chief Financial Officer
727-531-1700

Brad Cohen or Dawn Francfort
ICR, LLC
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Media:
Abbey Heimensen
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MarineMax, Inc.

NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that it plans to release third quarter 2021 results before market open on Tuesday, November 9, 2021.

The Company will host a conference call to discuss its third quarter 2021 results at 9:00 a.m. Eastern Time (“ET”) on Tuesday, November 9, 2021.

To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com/.

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Tuesday, November 9, 2021 through 11:59 p.m. ET on Tuesday, November 16, 2021 by dialing (929) 458-6194 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 063148.

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 94 vessels, including 13 VLCCs (including three new buildings), 15 Suezmaxes, five Aframaxes/LR2s, 12 Panamaxes/LR1s, 41 MR tankers and six Handy tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for the Company, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, the Company’s Amended Registration Statement on Form S-4 dated June 3, 2021, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Investor Relations & Media:
International Seaways, Inc.
David Siever, 212-578-1635
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PITTSBURGH--(BUSINESS WIRE)--Wabtec Corporation (NYSE: WAB) announced today that its Board of Directors declared a regular quarterly common dividend of 12 cents per share, payable on November 29, 2021 to holders of record on November 15, 2021.

About Wabtec Corporation

Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at: www.WabtecCorp.com.

Wabtec Investor Contact
Kristine Kubacki, CFA / This email address is being protected from spambots. You need JavaScript enabled to view it. / 412-450-2033

Wabtec Media Contact
Deia Campanelli / This email address is being protected from spambots. You need JavaScript enabled to view it. / 773-297-0482

Former U.S. Secretary of Commerce brings global diplomacy, government experience and Fortune 500 corporate leadership expertise to the board

CHICAGO--(BUSINESS WIRE)--Exelon today announced that its board of directors elected Carlos Gutierrez to join the board as a director. Gutierrez, 67, is a former U.S. Secretary of Commerce and the current CEO and executive chairman of EmPath, Inc., a SaaS technology platform that uses machine learning to identify employee skills for large organizations.

Prior to his role at EmPath, Secretary Gutierrez served as chair of the Albright Stonebridge Group, a global strategic advisory firm. He served as U.S. Secretary of Commerce from 2005 to 2009 under President George W. Bush, where he worked with foreign government and business leaders to advance economic relationships, enhance trade and promote U.S. exports. Secretary Gutierrez played a key role in the passage of landmark free trade agreements that removed trade barriers, expanded export opportunities and boosted global investment.

“Secretary Gutierrez’ unique background in technology, government service and corporate leadership at a Fortune 500 company gives him a deep and well-rounded perspective on the work of the board,” said Mayo Shattuck, chairman of Exelon. “His expertise in global and domestic economics, corporate and financial management, strategic thinking and effective leadership will greatly benefit Exelon.”

Secretary Gutierrez also spent nearly 30 years with Kellogg Company, a global manufacturer and marketer of well-known food brands. After assignments in Latin America, Canada, Asia and the United States, he became president and CEO of Kellogg in 1999 − the youngest CEO in the company's hundred-year history. In April 2000, he was named chairman of the board of Kellogg Company.

Secretary Gutierrez currently serves on the boards of the Boao Forum for Asia, Occidental Petroleum Corporation, MetLife, Human Freedom Advisory Council for the Bush Institute, Tent Partnership for Refugees Advisory Council and TheDream.US

Secretary Gutierrez studied business administration at the Monterrey Institute of Technology in Querétaro, Mexico.

About Exelon

Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.

Liz Keating
Corporate Communications
312-848-0176
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Strong Revenue Growth Leads to Double Digit Growth in Income from Operations, Net Cash Provided by Operating Activities, and Diluted EPS

HOUSTON--(BUSINESS WIRE)--Waste Management, Inc. (NYSE: WM) today announced financial results for the quarter ended September 30, 2021.

“Strong organic growth and continued progress on the integration of the Advanced Disposal business powered our robust revenue growth in the third quarter and led to a more than 14% increase in adjusted operating EBITDA and a more than 15% increase in net cash provided by operating activities,” said Jim Fish, WM’s President and Chief Executive Officer. ^(a) “Our solid results put us on track to meet our full-year financial targets despite accelerating cost inflation.”

Fish continued, “Like many other companies, we are seeing constraints on labor availability. At WM, we continue to demonstrate our commitment to putting our people first and being an employer of choice. During the quarter, we continued to invest in our people through frontline market wage adjustments and training for new team members. We remain focused on improving operational efficiency and executing on our disciplined pricing programs to drive margin growth in the face of these additional labor costs and other inflationary cost pressures.”

KEY HIGHLIGHTS FOR THE THIRD QUARTER OF 2021

Revenue

• In the third quarter of 2021, revenue increased $260 million in the Company’s collection and disposal business, excluding the impact of acquisitions and divestitures, compared to the third quarter of 2020. The increase was driven by $137 million in volume increases and $123 million of growth from yield.
• In the third quarter of 2021, acquisitions, net of divestitures, added $295 million of revenue primarily from the acquisition of Advanced Disposal.
• Core price for the third quarter of 2021 was 4.6% compared to 3.2% in the third quarter of 2020.^(d)
• Collection and disposal yield was 3.5% in the third quarter of 2021 compared to 2.6% in the third quarter of 2020.
• Total Company volumes improved 3.8% in the third quarter of 2021, or 3.6% on a workday adjusted basis, compared to a decline of 5.0% in the third quarter of 2020, or 5.1% on a workday adjusted basis.

Cost Management

• Operating expenses as a percentage of revenue were 62.3% in the third quarter of 2021 compared to 60.4% in the third quarter of 2020. On an adjusted basis, operating expenses were 62.2% of revenue in the third quarter of 2021 compared to 60.4% in the third quarter of 2020.^(a) The increase in operating expense margin in the current quarter is primarily due to an acceleration of labor and other inflationary cost pressures, as well as the impact of higher commodity prices for recyclables.
• SG&A expenses were 10.1% of revenue in the third quarter of 2021 compared to 10.8% in the third quarter of 2020. On an adjusted basis, SG&A expenses were 9.7% of revenue in the third quarter of 2021 compared to 10.1% in the third quarter of 2020, demonstrating the Company’s success at managing controllable costs.^(a)

Profitability

• Operating EBITDA in the Company’s collection and disposal business, adjusted on the same basis as total Company operating EBITDA, was $1.40 billion, or 31.1% of revenue, for the third quarter of 2021, compared to $1.27 billion, or 33.1% of revenue, for the third quarter of 2020.^(e)
• Operating EBITDA in the Company’s recycling line of business improved by $53 million compared to the third quarter of 2020. The improvement was driven by an increase in market prices for recycled commodities and investments the Company is making in improved technology and equipment at its materials recovery facilities that are delivering a less labor-intensive operating cost model.
• Operating EBITDA in the Company’s renewable energy line of business improved by $22 million compared to the third quarter of 2020, primarily driven by increases in price.
• In the third quarter of 2021, the Company realized almost $26 million of operating and SG&A cost synergies from the acquisition of Advanced Disposal.

Free Cash Flow & Capital Allocation

• In the third quarter of 2021, net cash provided by operating activities was $1.18 billion compared to $1.03 billion in the third quarter of 2020. The improvement in net cash provided by operating activities was primarily driven by the increase in operating EBITDA.
• In the third quarter of 2021, capital expenditures were $464 million compared to $343 million in the third quarter of 2020.
• In the third quarter of 2021, free cash flow was $773 million compared to $691 million in the third quarter of 2020.^(a)
• During the third quarter of 2021, $741 million was returned to shareholders, including $500 million of share repurchases and $241 million of cash dividends.

2021 OUTLOOK

• Total Company revenue growth in 2021 is expected to be between 17% and 17.5%. Combined internal revenue growth from yield and volume in the collection and disposal business is expected to be about 6.5%, driven by the Company’s disciplined pricing programs and strong outlook for continued volume recovery.
• Adjusted operating EBITDA is expected to be between $5.0 billion and $5.1 billion in 2021.^(a)
• Free cash flow is projected to be between $2.5 billion and $2.6 billion in 2021.^(a)
• The Company is on target to capture between $80 million and $85 million in cost synergies in 2021 from the acquisition of Advanced Disposal, which is on track to achieve $150 million in total annual run-rate synergies from cost and capital savings.
• The Company expects to repurchase an additional $350 million of its common stock in 2021, exhausting the full $1.35 billion of share repurchases previously authorized.

“Our people are doing an outstanding job providing essential services to our customers and communities. We’re proud to highlight many of the efforts that have helped us move the needle on our sustainability goals in our 2021 Sustainability Report released earlier this month. This year’s report focuses on the people behind the progress we have made in the past year, and how they are doing their part to take care of our customers, neighbors and the environment in communities across North America,” Fish concluded.

The Company will host a conference call at 10 a.m. ET today to discuss the third quarter results. Information contained within this press release will be referenced and should be considered in conjunction with the call.

The conference call will be webcast live from the Investors section of Waste Management’s website www.wm.com. To access the conference call by telephone, please dial (877) 710-6139 approximately 10 minutes prior to the scheduled start of the call. If you are calling from outside of the United States or Canada, please dial (706) 643-7398. Please utilize conference ID number 6835518 when prompted by the conference call operator.

A replay of the conference call will be available on the Company’s website www.wm.com and by telephone from approximately 1 p.m. ET today through 5 p.m. ET on Tuesday, November 9, 2021. To access the replay telephonically, please dial (855) 859-2056, or from outside of the United States or Canada dial (404) 537-3406 and use the replay conference ID number 6835518.

ABOUT WM
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America, providing services throughout the United States and Canada. Through its subsidiaries, the Company provides collection, transfer, disposal services, and recycling and resource recovery. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The Company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com.

FORWARD-LOOKING STATEMENTS
The Company, from time to time, provides estimates of financial and other data, comments on expectations relating to future periods and makes statements of opinion, view or belief about current and future events. This press release contains a number of such forward-looking statements, including but not limited to, all statements under the heading “2021 Outlook” and all statements regarding 2021 financial guidance, future targets or financial results of our business; future revenue and revenue growth; integration of, and synergies from, the acquisition of Advanced Disposal Services, Inc. (“Advanced Disposal”); future share repurchases; and future operations, efficiencies, cost structure, cost management, pricing, volumes and margin growth. You should view these statements with caution. They are based on the facts and circumstances known to the Company as of the date the statements are made. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, failure to implement our optimization, growth, and cost savings initiatives and overall business strategy; failure to identify acquisition targets and negotiate attractive terms; failure to consummate or integrate acquisitions; failure to obtain the results anticipated from acquisitions; failure to successfully integrate the acquisition of Advanced Disposal, realize anticipated synergies or obtain the results anticipated from such acquisition; environmental and other regulations, including developments related to emerging contaminants, gas emissions and renewable fuel; significant environmental, safety or other incidents resulting in liabilities or brand damage; failure to obtain and maintain necessary permits; failure to attract, hire and retain key team members and a high quality workforce; labor disruptions and workforce-related regulations; significant storms and destructive climate events; public health risk and other impacts of COVID-19 or similar pandemic conditions, including increased costs, social and commercial disruption and service reductions; macroeconomic pressures and market disruption resulting in labor, supply chain and transportation constraints and inflationary cost pressure; increased competition; pricing actions; commodity price fluctuations; international trade restrictions; disposal alternatives and waste diversion; declining waste volumes; weakness in general economic conditions and capital markets; adoption of new tax legislation; fuel shortages; failure to develop and protect new technology; failure of technology to perform as expected, including implementation of a new enterprise resource planning system; failure to prevent, detect and address cybersecurity incidents or comply with privacy regulations; negative outcomes of litigation or governmental proceedings; and decisions or developments that result in impairment charges. Please also see the Company’s filings with the SEC, including Part I, Item 1A of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Form 10-Qs, for additional information regarding these and other risks and uncertainties applicable to its business. The Company continues to be optimistic about volume recovery and overall economic recovery from the impacts of the COVID-19 pandemic, and the Company’s 2021 financial targets incorporate these views. However, uncertainty remains with respect to various factors that influence the pace of economic recovery, including workforce regulation and the potential for future resurgence in transmission of COVID-19 and related business closures due to virus variants or otherwise. Such conditions could have an unanticipated adverse impact on our business. The Company assumes no obligation to update any forward-looking statement, including financial estimates, forecasts, and guidance, whether as a result of future events, circumstances or developments or otherwise.

NON-GAAP FINANCIAL MEASURES
To supplement its financial information, the Company has presented, and/or may discuss on the conference call, adjusted earnings per diluted share, adjusted net income, adjusted income from operations, adjusted operating expenses, adjusted SG&A expenses, adjusted operating EBITDA, adjusted operating EBITDA margin, and free cash flow, as well as projections of adjusted operating EBITDA and free cash flow for 2021. All of these items are non-GAAP financial measures, as defined in Regulation G of the Securities Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP but believes that also discussing non-GAAP measures provides investors with (i) financial measures the Company uses in the management of its business and (ii) additional, meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance and are not representative or indicative of its results of operations.

In addition, the Company’s projected full year 2021 adjusted operating EBITDA is anticipated to exclude the effects of other events or circumstances in 2021 that are not representative or indicative of the Company’s results of operations. Such excluded items are not currently determinable, but may be significant, such as asset impairments and one-time items, charges, gains or losses from divestitures or litigation, and other items. Due to the uncertainty of the likelihood, amount and timing of any such items, the Company does not have information available to provide a quantitative reconciliation of such projection to the comparable GAAP measure.

The Company discusses free cash flow and provides a projection of free cash flow because the Company believes that it is indicative of its ability to pay its quarterly dividends, repurchase common stock, fund acquisitions and other investments and, in the absence of refinancings, to repay its debt obligations. Free cash flow is not intended to replace “Net cash provided by operating activities,” which is the most comparable GAAP measure. The Company believes free cash flow gives investors useful insight into how the Company views its liquidity, but the use of free cash flow as a liquidity measure has material limitations because it excludes certain expenditures that are required or that the Company has committed to, such as declared dividend payments and debt service requirements. The Company defines free cash flow as net cash provided by operating activities, less capital expenditures, plus proceeds from divestitures of businesses and other assets (net of cash divested); this definition may not be comparable to similarly-titled measures reported by other companies.

The quantitative reconciliations of non-GAAP measures to the most comparable GAAP measures are included in the accompanying schedules, with the exception of projected adjusted operating EBITDA. Non-GAAP measures should not be considered a substitute for financial measures presented in accordance with GAAP.