NEW YORK--(BUSINESS WIRE)--$FRXB--Forest Road Acquisition Corp. II (the “Company”), a newly incorporated blank check company, today announced the pricing of its upsized initial public offering of 30,500,000 units at a price of $10.00 per unit. The units are expected to be listed on the New York Stock Exchange (the “NYSE”) and traded under the ticker symbol “FRXB.U” beginning March 10, 2021. Each unit consists of one share of Class A common stock and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin trading separately, the Company expects that the shares of Class A common stock and redeemable warrants will be listed on the NYSE under the symbols “FRXB” and “FRXB WS,” respectively.
The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in the technology, media, telecommunications, and consumer (“TMTC”) space.
The Company is led by Thomas Staggs and Kevin Mayer who both serve as Co-Chief Executive Officer and Co-Chairperson of the Board. Zachary Tarica serves as Chief Operating Officer, Idan Shani as Chief Financial Officer, and Jeremy Tarica as Chief Investment Officer of the Company. The team also includes strategic advisors Shaquille O’Neal, Sheila A. Stamps, Rick Hess, and Harlan Cherniak, as well as independent directors Martin Luther King III, Salil Mehta, and Keith L. Horn.
The Forest Road Company, LLC, an affiliate of the Company’s sponsor, is a specialty finance platform across media, real estate, and renewable energy tax credit lending as well as film tax credit administration and tax credit brokerage.
Morgan Stanley and Cantor Fitzgerald & Co. are serving as joint book-running managers with Guggenheim Securities serving as co-manager. The Company has granted the underwriters a 45-day option to purchase additional units in an amount up to 15% of the units sold in the initial public offering at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick, 2nd Floor, New York, New York 10014, telephone: 866-718-1649 or email: This email address is being protected from spambots. You need JavaScript enabled to view it. or Cantor Fitzgerald & Co., Attention Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on March 9, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
For Media:
Jaclyn Fershtman
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For Investors:
Jeremy Tarica
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With LED technology, America’s only energy-independent cannabis cultivation facility and dispensary decreases operating costs, invests in resource-efficient technologies
AUSTIN, Texas & SOMERSET, Mass.--(BUSINESS WIRE)--Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, and Solar Therapeutics (Solar), America’s only energy-independent cannabis dispensary, announced today that the companies’ collaborative LED implementation yielded more than $1 million in total rebates from National Grid, Solar’s local utility provider.
Located in Somerset, Massachusetts, Solar operates a 67,000-square-foot cultivation facility and dispensary supplying medical and recreational cannabis products. Led by chief executive officer Edward Dow, Solar is the only cannabis cultivator using green infrastructure and microgrid assets in the United States. Solar’s unique facility design lowers its energy profile by 40 percent and its microgrid assets reduce remaining emissions by nearly 60 percent. Solar’s microgrid generates approximately five megawatts of electricity—enough to power a small town—and its production architecture enables the facility to supply marijuana flower and marijuana-infused products throughout the entire state of Massachusetts. Dow has proven he can achieve even greater efficiencies through the company’s partnership with Fluence.
“The lack of unified sustainability practices and principles within the cannabis industry have created some major efficiency pain points that we all need to seriously consider,” Dow said. “By leveraging Fluence’s LED technology, we were able to downsize our HVAC systems and invest the resulting savings into technologies that would allow us to achieve our long-term, sustainable facility design goals. Our partnership with Fluence has enabled us to bring this vision to reality and we can now redefine what it will take for the industry as a whole to become truly resource-efficient.”
“The industry and our customers have spoken: Broad-spectrum LEDs are the preferred solution to achieve critical cost efficiencies and cultivation goals,” said David Cohen, CEO of Fluence. “Cultivators who are implementing LED lighting solutions are optimizing energy costs, growing the most consistent plants and achieving unbeatable crop yields. Industry leaders like Solar Therapeutics are setting a new gold standard for sustainable cultivation practices, ensuring the cannabis industry thrives into the future.”
Dow added that the movement for cannabis growers to adopt and benefit from sustainable, advanced cultivation solutions requires the comprehensive integration of a facility’s complex indoor systems. In conjunction with Fluence, Solar also employs urban-gro, Inc.’s (urban-gro)(NASDAQ:UGRO) experts in facility design and engineering to optimize the operation’s fertigation and watering systems.
"urban-gro is proud to support Solar Therapeutics in their vision and commitment to resource efficiency," said Brad Nattrass, CEO of urban-gro. "Solar's success in managing energy costs and consumption is a testament to the advantage that expert engineering design and equipment integration can have on facility operations. By focusing on the efficient interaction between plants, people and processes, Solar is effectively able to operate a consistently high-performing cultivation facility. We are pleased to work with our trusted industry partner, Fluence. The long-standing relationship between our companies has resulted in the design and start-up of some of the most advanced cultivation facilities across North America."
Through its partnerships with Fluence and urban-gro, Solar has secured more than $1 million in rebates from its local utility provider and was the first facility of its kind to secure an LED rebate with National Grid. The rebates will ultimately cover costs for the implementation and use of automatic lighting controls, new HVAC equipment and boilers, and free fluid chillers.
For more information on Solar, visit www.solarthera.com. For more information on Fluence and its rebate coordination services, visit www.fluence.science.
About Fluence by OSRAM
Fluence Bioengineering, Inc., a wholly-owned subsidiary of OSRAM, creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are based in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. For more information about Fluence, visit https://fluence.science.
About Solar Therapeutics
Based in Somerset, MA. Solar Therapeutics, Inc. (Solar) is a 67,000 square foot marijuana cultivation facility coupled with on-site and off-site dispensary storefronts that supply both medical and recreational cannabis products. Solar is organized as a MA. domestic for-profit corporation and has secured a Certificate of Registration from the MA. Cannabis Control Commission to operate in the Commonwealth. Solar is unlike any cannabis manufacturing facility in America. Its key differentiators are its production architecture, which is centered around the facility’s innovative design that utilizes green infrastructure and microgrid assets comprising a combination of solar arrays and high-efficiency combined-heat & power generation units. These green concepts enable Solar to produce sustainable cannabis both by lowering its overall energy profile as well as by generating all of its own clean power. While initial facility design lowered Solar’s energy profile by over 40%, the microgrid assets help to further reduce the remaining emissions by at least 60%, with a goal to offset completely. Learn more at www.solarthera.com.
About urban-gro, Inc.
urban-gro, Inc. (NASDAQ: UGRO) is a leading engineering design and services company focused on the commercial horticulture market. We engineer and design commercial Controlled Environment Agriculture (“CEA”) facilities and then integrate complex environmental equipment systems into these high-performance facilities. Operating in the global market, our custom-tailored approach to design, procurement, and equipment integration provides a single point of accountability across all aspects of growing operations. Visit www.urban-gro.com to learn more.
Media Contact:
For Fluence
Alex Bacon
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512-960-6027
HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus”) announced today the pricing of an underwritten secondary offering (the “Offering”) of 5,500,000 shares of its Class A common stock (“common stock”) by certain selling stockholders (the “Selling Stockholders”) for total gross proceeds of $173.3 million. In addition, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on March 12, 2021, subject to customary closing conditions.
Cactus will not receive any of the proceeds from the sale of common stock in the Offering.
Citigroup and Credit Suisse are acting as joint book-running managers. BofA Securities and Morgan Stanley are also acting as joint book-running managers. Barclays, J.P. Morgan, Tudor, Pickering, Holt & Co., Johnson Rice & Company L.L.C. and Stephens Inc. are acting as co-managers for the Offering.
The securities are being offered and will be sold pursuant to an automatic shelf registration statement (including a prospectus) that was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The Offering is being made only by means of a prospectus and related prospectus supplement.
Copies of the preliminary prospectus supplement and accompanying base prospectus and, when available, copies of the final prospectus supplement and accompanying base prospectus, related to the Offering may be obtained, free of charge, at the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying base prospectus may be obtained from:
Citigroup Global Markets Inc.
Attention: Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (800) 831-9146
Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
6933 Louis Stephens Drive
Morrisville, NC 27560
Telephone: (800) 221-1037
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About Cactus, Inc.
Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, Marcellus, Utica, Haynesville, Eagle Ford, Bakken, and SCOOP/STACK, among other areas, and in Eastern Australia.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the size, timing or results of the Offering, represent Cactus’ expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Cactus does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Cactus to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus and related preliminary prospectus supplement filed with the SEC in connection with the Offering, Cactus’ Annual Report on Form 10-K for the year ended December 31, 2020 and its other filings with the SEC. These risk factors and other factors noted in Cactus’ SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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SAN FRANCISCO--(BUSINESS WIRE)--#DataVisibility--ClearMetal, the leading SaaS platform for international freight visibility, dynamic transport planning and customer experience, today announced it has partnered with Munich Re Group, one of the top providers of reinsurance, primary insurance and insurance-related risk solutions, to guarantee international ocean freight shippers complete and timely delivery of data. ClearMetal is the first and only logistics technology company to offer this type of guarantee.
ClearMetal gives shippers quality, timely data on ocean container movements during transit so they can better plan on-time delivery, reduce detention and demurrage (D&D) charges, and provide superior customer service. Through its partnership with Munich Re Group, ClearMetal guarantees that after the first year of engagement, it will offer completeness of data for container shipments at least 90% of the time. ClearMetal also guarantees it will notify customers within 24 hours of vessel arrival at port for 80% or more of its container shipments, though it typically provides its customers completeness of data at a rate higher than 90% and ship arrival notifications within minutes or hours of the event.
ClearMetal’s swift notification time is significant because most shippers receive vessel arrival notifications an average of 36 hours after the actual event. ClearMetal’s guaranteed notification with far less latency means shippers can more efficiently schedule downstream transportation, provide more accurate delivery dates to customers and avoid D&D fees.
“Our partner ClearMetal is a highly innovative and technologically advanced data company for global freight transportation,” said Greg Barats, Senior Executive, Munich Re; and President and CEO, HSB. “ClearMetal delivers on its promise of Continuous Delivery Experience by providing comprehensive arrival data in a timely fashion. By adding the insured guarantee to its offering, we support ClearMetal in revolutionizing the B2B customer experience in that field.”
ClearMetal’s platform continuously collects and cleans data from satellites, shippers, vessels, terminals, ocean carriers and third-party partners. This continuous approach uses machine learning to cross-reference inputs and enrich data, enabling users to make smart decisions based on up-to-date, trustworthy information. With ClearMetal, shippers no longer have to manage shipment status and order updates manually using outdated and incomplete data from multiple websites. The ClearMetal platform saves time and money and enables shippers to deliver better service to their end customers.
“Visibility is crucial to weathering volatility in the supply chain and helping shippers make better decisions,” said Tom Linton, an Executive Advisor at ClearMetal, who most recently served as Chief Supply Chain Officer at Flex and was Chief Procurement Officer at both LG and Freescale. “As global trade continues to be very unpredictable and dynamic, shippers need to prepare and learn how to better manage their supply chain in this environment. ClearMetal gives shippers confidence in their data and helps take time and unknowns out of the supply chain so they can optimize productivity, curb costs and delight customers.”
Both completeness of data and low latency are critical success factors for supply chain digitization and transformation. Visibility is only meaningful if it delivers added value. ClearMetal is the only international freight visibility provider that has achieved “critical mass,” enabling value to be realized.
“We provide organizations with the most accurate and timely data about their shipments and enable them to optimize logistics for competitive advantage. Now we guarantee our promise with the backing of Munich Re, one of the leading and most innovative insurance firms in the world. If anyone questioned who has the best data in the industry, the actuaries at Munich Re just confirmed it’s ClearMetal,” said Thomas Atwood, Lead Data Scientist of ClearMetal. “As a leader driving the digital transformation across the insurance industry, Munich Re ‘gets it.’ ClearMetal is proud to have earned their trust in our platform and the quality of our data and we value their partnership. With this guarantee, we are putting our money where our mouth is.”
About ClearMetal
ClearMetal is the market leader in international freight visibility, dynamic planning and customer experience. The ClearMetal 'Continuous Delivery Experience’ (CDX) Platform uses proprietary machine learning to break free from static-visibility paradigms and turn supply chains from a cost center to a competitive advantage. ClearMetal was founded by top software engineers, data scientists and operations researchers from Stanford University, Google and Silicon Valley, and is funded by Eclipse Ventures, Prelude Ventures, Innovation Endeavors, NEA, SAP.io, Prologis Ventures, PSA Unboxed, DCLI and the founders of GT Nexus, Navis and Uber Freight. ClearMetal is based in San Francisco, CA. For more information, visit www.clearmetal.com.
The insurance for ClearMetal Inc. is underwritten by a primary insurance carrier of Munich Re Group, which is an S&P AA- rated international insurance company, eligible to write surplus lines insurance in all US states.
Marybeth Roberts
Wye Communications for ClearMetal
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Represents the industry’s first and only addressable power charge
HOUSTON--(BUSINESS WIRE)--Titan Division of Hunting Energy Services, a subsidiary of Hunting PLC, the international energy services company, today introduced its new PowerSet® Recon addressable power charge.
Enabled by Hunting’s ControlFire® Recon technology, PowerSet Recon is the industry’s only fully addressable power charge, which can be interrogated downhole with ControlFire software and at the surface with Hunting’s VeriFire® panel. Complete with a built-in initiation device that eliminates the need for plug switches and igniters, PowerSet Recon is available in sizes #10F (fast-burning) and #20, and is compatible with Hunting’s T-Set setting tools.
PowerSet Recon completes the first and only fully addressable plug-and-perf tool string. This advanced technology allows the user to read the PowerSet Recon resistance at any time, assuring all components are in place and in working order when running in hole.
PowerSet Recon charges are available through Hunting’s network of distribution centers strategically located in all the world’s oil-producing regions.
About Hunting
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium-listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.
The company’s Hunting Energy Services Titan Division engineers and manufactures perforating systems, wireline selective firing systems, cased hole logging instruments, nuclear detectors, energetics, and associated wireline hardware and accessories.
Business Contact:
John Feuerstein, Hunting, 281-442-7382, This email address is being protected from spambots. You need JavaScript enabled to view it.
EIP’s ESG Advisory Board Recognized As One of The 30 Big Ideas Shaping ESG
NEW YORK--(BUSINESS WIRE)--#EIPESG--Energy Impact Partners (EIP), a global investment platform leading the transition to a sustainable energy future, announced it was recognized as a leader in innovation in ESG by Private Equity International (PEI) as a part of the publication’s 30 Big Ideas Shaping ESG award program. EIP was honored in the Governance category for establishing an ESG Advisory Board for its limited partners (LP).
EIP’s ESG Advisory Board was launched in July 2020 and is comprised of an inhouse ESG and impact specialist team as well as several leading impact institutions from its partner base. The goal of the ESG Advisory Board is to improve the quality, transparency, diversity and accuracy of methods and metrics that the firm applies to its ESG programs and impact reporting. Among those included on the board are Microsoft Corp., through its $1 billion Climate Innovation Fund, and Nysnø, a Norwegian state-owned company that invests in companies and funds with profitable and smart solutions to climate change.
“We are honored to be recognized for our work in ESG by Private Equity International,” said Hans Kobler, CEO and Managing Partner of Energy Impact Partners. “The ESG Advisory Board serves to continuously improve the comprehensiveness of the methods and metrics that EIP uses to evaluate our portfolio companies and impact. In collaboration with our LPs, we feel a responsibility for driving transparency in the industry to accelerate the pace of innovation and rapidly scale the adoption of critical climate solutions.”
PEI’s listing of the 30 Big Ideas Shaping ESG covers the cutting-edge innovations in fields ranging from finance to social responsibility and represents inspirational examples of innovation in ESG and impact investing. Amid growing concerns about the state of the planet, PEI set out to gauge where private equity is bringing fresh thinking to the environmental, social and governance challenges facing the world.
Brandon Middaugh, director of the Microsoft Climate Innovation Fund and member of EIP’s ESG Advisory Committee, said “Today’s environmental, social and governance principles include evolving responsibilities in climate impact, equity and inclusion, and responsible use of technology. Microsoft is pleased to see this recognition of EIP’s ESG Advisory Board approach to increasing investor engagement on ESG and impact practices.”
EIP has pioneered a unique, collaborative engagement model that elevates insights and best practices, invests in transformative businesses, and supports the growth of clean technology startups by facilitating dedicated industrial partnerships between its portfolio and investor base.
For more information on EIP and its ESG Advisory Board, please visit www.energyimpactpartners.com.
About Private Equity International
Private Equity International is the only global publication with a primary focus on the relationship between investors and fund managers in private equity: LP-GP nexus. Launched in December 2001, the title covers the people, the funds, the capital providers and the financial trends shaping the industry with an integrated team of specialist journalists and researchers in London, Hong Kong, and New York City.
About Energy Impact Partners
Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and soon Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
Energy Impact Partners Media Contact
Matthew Matyjek
On behalf of EIP
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Joint technology demonstrator showcases new solutions for retail, supply-chain and in-home devices.
VANCOUVER, British Columbia--(BUSINESS WIRE)--$YNV #Electrochromicdisplays--Ynvisible Interactive Inc. (the "Company" or "Ynvisible") (TSX-V: YNV, FSE: 1XNA, OTCQB: YNVYF) Creavis, the strategic innovation unit of Evonik Industries AG - an Essen, Germany headquartered global specialty chemicals group, and Epishine AB, a world technological leader for organic photovoltaic (OPV) light energy harvesting devices, announce the creation of a new joint demonstrator featuring TAeTTOOz® printed battery from Evonik, Epishine's solar cells, and Ynvisible's electrochromic display.
All technologies can be printed, and when they are assembled, they can create self-powered signage, functional packaging or device solutions. The joint demonstrator will be featured at LOPEC, TechBlick and on the partner's individual communications channels. Register here for Techblick
"Our new demonstrator is a clear evolution on our journey with Ynvisible, started in May 2020. We are demonstrating the potential use-cases and advantages of this combined solution – energy independence, scale-able manufacturing and design freedom," says Dr. Michael Korell, Head of New Growth Area Energy Storage.
"Epishine's light energy harvesting cells have unique efficiency at indoor light conditions and enable small connected electronics, like electronic shelf labels, without the burden of costly battery maintenance. This collaboration is also an important opportunity to highlight the unique material properties of our thin and flexible printed solar cell," says Jesper Nilsson, Head of Solutions, Epishine.
"Most active electronic devices need a visual interface and a power supply. Our joint demonstrator makes rechargeability, modularity and a dynamic user experience reality," says Michael Robinson, CEO of Ynvisible. "We're proud to showcase how our partners' technologies can come together to deliver holistic and value-added solutions – truly a Display PLUS."
Join us on Lopec, Techblick, and interactive co-hosted webinar
Ynvisible, Evonik, and Epishine will host a joint webinar on April 8th to delve deeper into the details of the Self-Powered Smart Signage Solution and provide a broader idea on what the three technologies will enable. Follow this link to participate in an interactive webinar.
Ynvisible will be exhibiting at TechBlick on March 10th and 11th using a virtual booth to showcase the joint demonstrator. Carolina Gioscio, Marketing Manager Sustainable Solutions at Evonik, is an invited speaker and will present more details related to the Self-Powered Smart Signage Solution on March 10, 5:10 pm CET.
About Evonik
Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of €13.1 billion and an operating profit (adjusted EBITDA) of €2.15 billion in 2019. Evonik goes far beyond chemistry to create innovative, profitable and sustainable solutions for customers. More than 32,000 employees work together for a common purpose: We want to improve life today and tomorrow. Additional information on Evonik is available at https://corporate.evonik.com/en
About Epishine AB
Epishine's business is based on pioneering manufacturing breakthroughs within printed organic solar technology. The company has developed disruptive process steps that provide a unique scalability in terms of manufacturing plus industry-leading low light efficiency. Its roll-to-roll printed organic photocells are optimized for low light conditions and are easily integrated into wireless products. These photocells can be used instead of batteries, which would need to be replaced periodically. The company was founded back in 2016, and has just over 20 employees. Its headquarters in Linköping, Sweden. Additional information on Epishine AB is available at www.epishine.com
About Ynvisible Interactive Inc.
Ynvisible is a leading company in the emerging printed and flexible electronics sector. Given the cost and power-consumption advantages over conventional electronics, printed electronics are a key enabler of mass adoption of the Internet of Things ("IoT") and smart objects. Ynvisible has experience, know-how and intellectual property in the field of electrochromic materials, inks, and systems. Ynvisible's interactive printed graphics solutions solve the need for ultra-low power, mass deployable, & easy-to-use electronic displays and indicators for everyday smart objects, IoT devices, and ambient intelligence (intelligent surfaces). Ynvisible offers a mix of services, materials and technology to brand owners developing smart objects and IoT products. Additional information on Ynvisible Interactive Inc. is available at www.ynvisible.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Micheal Robinson", CEO, Ynvisible Interactive Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Ynvisible Interactive Inc. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Ynvisible Interactive Inc. management on the date the statements are made. Except as required by law, Ynvisible Interactive Inc. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
For further information:
Elyssia Patterson
+1 778-683-4324
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WALTHAM, Mass.--(BUSINESS WIRE)--PerkinElmer, Inc., (NYSE: PKI) a global leader committed to innovating for a healthier world, today announced that the Company has completed its previously announced acquisition of Oxford Immunotec Global PLC (Oxford Immunotec). PerkinElmer originally announced its intent to acquire Oxford Immunotec on January 7, 2021.
“Oxford Immunotec’s global role in fighting tuberculosis, particularly its trademark product, the T-SPOT®.TB test, and the operations it has built are remarkable,” said Prahlad Singh, PerkinElmer president and chief executive officer. “We recognize the distinct clinical and logistical advantages of the test and see a great opportunity to leverage our automation capabilities and commercial channel access to bring tuberculosis testing to more customers around the world.”
Headquartered in Abingdon, UK, Oxford Immunotec is recognized as a global leader of proprietary test kits for latent tuberculosis. Its Interferon Gamma Release Assay (IGRA) offering identifies individuals who are infected with tuberculosis. Oxford Immunotec had approximately 275 global employees as of September 30, 2020 and reported total revenue from continuing operations of $73.74 million and $39.2 million as of the fiscal year ended December 31, 2019 and the nine months ended September 30, 2020, respectively.
About PerkinElmer
PerkinElmer enables scientists, researchers and clinicians to address their most critical challenges across science and healthcare. With a mission focused on innovating for a healthier world, we deliver unique solutions to serve the diagnostics, life sciences, food and applied markets. We strategically partner with customers to enable earlier and more accurate insights supported by deep market knowledge and technical expertise. Our dedicated team of about 14,000 employees worldwide is passionate about helping customers work to create healthier families, improve the quality of life, and sustain the wellbeing and longevity of people globally. The Company reported revenue of approximately $3.8 billion in 2020, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as "believes," "intends," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes;(8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) the United Kingdom’s withdrawal from the European Union; ; (21) our ability to obtain future financing; (22) restrictions in our credit agreements; (23) discontinuation or replacement of LIBOR; (24) significant fluctuations in our stock price; (25) reduction or elimination of dividends on our common stock; and (26) other factors which we describe under the caption "Risk Factors" in our most recent annual report on Form 10-K and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Investor Relations:
PerkinElmer, Inc.
Bryan Kipp, 781-663-5583
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Media Relations:
PerkinElmer, Inc.
Chet Murray, 781-462-5126
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DUBLIN--(BUSINESS WIRE)--The "Ship Building Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global ship building market is expected to decline from $162.52 billion in 2019 to $150.42 billion in 2020 at a compound annual growth rate (CAGR) of -7.44%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $161.83 billion in 2023 at a CAGR of 2.47%.
The ship building market consists of sales of ships and related services by entities (organizations, sole traders, and partnerships) that operate shipyards. Shipyards are fixed amenities with fabrication and drydocks equipment capable of building a ship, defined as watercraft typically suitable or intended for other than personal or recreational use. Only goods and services traded between entities or sold to end consumers are included.
In March 2019, Hyundai Heavy Industries (HHI) Group and Korea Development Bank (KDB) entered into a definitive agreement to acquire Daewoo Ship Building & Marine Engineering Co., Ltd (DSME). The acquisition is a part of their efforts to support the development of the ship building industry and assist in encouraging local employment and economy. KDB has transferred its shares to DSME against its equity stake in a new company named Korea Ship Building & Offshore Engineering (KSOE). KSOE will operate as a sub-holding company HHI and will control all the shipping activities of the group. Daewoo Ship Building & Marine Engineering Co., Ltd (DSME) is a South Korea-based company engaged in manufacturing commercial and naval ships.
The ship building market covered in this report is segmented by product into bulkers; tankers; containers; cruise and ferry; others and by application into passenger transportation; goods transportation.
Stringent environmental regulations are expected to hinder the growth of the ship building market. This is because of the pollution derived from maritime shipping activities that affect air and water quality, and marine and estuarine biodiversity. For instance, the companies dealing in ship building in Finland have to follow all the rules under The Environmental Protection Act, a Finnish law (86/2000) created by the Ministry of Environment. Similarly, in Spain, the ship building companies are required to follow the Act of Air Quality and Protection of the Atmosphere. This scenario is likely to act as a major challenge for the ship building market's growth.
The use of 3D printing technology in ship building is a leading trend being observed in the ship building market in recent years. 3D printing, also known as additive manufacturing, is gaining popularity in every sector connected to manufacturing and engineering, including ship building. The companies operating in the ship building market are collaborating with other players in the industry to adopt advanced manufacturing technologies including 3D printing to enhance their manufacturing capabilities. For instance, in November 2018, Huntington Ingalls Industries, a US-based ship building company, and 3D Systems collaborated to develop additive manufacturing technologies to facilitate the adoption of metal 3D printing in the ship building industry.
The increasing seaborne trade is predicted to contribute to the growth of the ship building market. The rising population, surging purchasing power of consumers, and improving standards of living are increasing the demand for consumer goods leading to high production and rapid industrialization. According to the United Nations Conference on Trade and Development (UNCTAD), international seaborne trade volume increased from 10.7 billion tons in 2017 to 11.0 billion tons in 2018 and is projected to expand at an average annual growth rate of 3.5% during 2019-2024. The manufacturing of eco-friendly and advanced ships is supported by the increasing requirement for efficient and cost-effective transport alternatives for the movement of goods. According to Alliance Experts, transport by sea allows shipping large volumes with lesser cost than that through road, rail, and air transport. This scenario is expected to drive the demand for the ship building market.
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SAN RAMON, Calif.--(BUSINESS WIRE)--At its annual investor meeting today, Chevron Corporation (NYSE: CVX) announced plans to increase return on capital employed and lower carbon intensity to enable superior distributions to shareholders.
“Chevron’s message to investors is summarized in four words – higher returns, lower carbon,” said Michael Wirth, Chevron’s chairman and CEO. “We’re building on our track record of capital and cost discipline to deliver higher returns. And we’re taking action to advance a lower carbon future.”
Higher Returns
Chevron will continue to drive a disciplined capital and cost program to deliver higher returns for shareholders. In line with this objective, the company announced it has:
The combination of a more capital efficient investment program and lower costs is expected to result in a doubling of the company’s return on capital employed and 10% CAGR of free cash flow by 2025 at $50 Brent.
“The path to increase return on capital employed is straightforward – invest in only the highest-return projects and operate cost efficiently,” said Pierre Breber, Chevron’s CFO. “Capital discipline and cost efficiency always matter. We have the portfolio and investments that position us to increase returns and grow free cash flow.”
Over the next five years, as capital is expected to decrease for its major expansion in Kazakhstan, the company expects to increase its investment in a number of Chevron’s attractive assets, including its world class position in the Permian.
“Our Permian Basin asset is advantaged relative to others. The long-term outlook is positive and capital efficiency is improving,” said Jay Johnson, executive vice president, Upstream. “We expect to grow production while generating strong free cash each year along the way.”
In Kazakhstan, the FGP-WPMP project is 81% complete and remobilization of project staff continues to progress. “We remain focused on sustaining our pandemic mitigation measures and increasing productivity at Tengiz,” Johnson said. “Executing our 2021 work program, amidst the pandemic, will be an important signpost for the project’s budget and schedule.”
Lower carbon
The company exceeded its 2023 upstream carbon intensity reduction targets three years ahead of schedule and today announced lower 2028 targets and zero routine flaring by 2030. The new targets align with the second stock-take period under the Paris Agreement and include all of Chevron’s production on an equity-basis:
“Our energy transition strategy is focused on actions that are good for both society and shareholders,” said Bruce Niemeyer, vice president of Strategy & Sustainability, “Achieving our 2028 goals is expected to keep Chevron a top quartile oil and gas producer in terms of carbon intensity.”
In addition, the company updated plans to increase renewable energy and carbon offsets and to invest in low-carbon technologies such as hydrogen and carbon capture, utilization and storage. Over the past several weeks, Chevron launched its second Future Energy Fund with an initial commitment of $300 million and announced a new bioenergy partnership in California with Schlumberger and Microsoft, designed to qualify as carbon negative.
“We released our third TCFD-aligned climate report today, which details how Chevron plans to deliver long-term value in a lower carbon future,” Wirth said. “We expect to invest more than $3 billion in the coming years to advance our energy transition strategy.”
For more information about Chevron’s approach to the energy transition, please see Chevron’s Climate Change Resilience report found here.
Upside leverage and downside resilience
With its industry leading balance sheet and flexible capital program, Chevron is positioned to reward investors in any environment. At a Brent oil price average of $60 per barrel, the company expects to earn double-digit return on capital and generate cash, above its dividend and capital spending, greater than $25 billion over the next five years. At a Brent oil price average of $40 per barrel over the next 5 years, the company expects its net debt ratio to peak around 35% while sustaining the dividend.
“Even through these challenging times, Chevron maintained its financial strength and capital discipline,” Wirth concluded. “Our strategy positions Chevron to return cash to shareholders today and into the future.”
Webcast
Chevron will conduct a webcast on Tuesday, March 9, 2021 at 10:00 a.m. ET to discuss the company’s strategy at the annual investor meeting.
A webcast of the discussion will be available in listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Presentations and full transcript of the meeting will also be available on the Investor Relations website.
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, California. More information about Chevron is available at www.chevron.com.
NOTICE
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we” and “us” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Braden Reddall, +1 925-842-2209
Final article in series explores data-driven solutions that incite consumers to reduce carbon footprints, with commentary from National Grid, Iberdrola
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--The Wall Street Journal and Bidgely have published the fourth and final article in its recently released series highlighting the collective action required by utilities and energy consumers to reduce carbon footprints and achieve nationwide decarbonization goals. Supported by insights from National Grid, Iberdrola and the Smart Energy Consumer Collaborative, the article, Going Green, One Data Point at a Time, points to data-driven solutions like carbon footprint tracking to provide tangible and frictionless guidance for consumers to make smarter energy decisions. Using insights gleaned from smart meter data, utilities can pair measurable, real-time energy consumption with personalized guidance as a way to educate consumers on their impact on the environment and motivate change.
Utilities are recognized in the article for their ability to engage consumers en masse and are seeking tools to help create a personalized journey for developing sustainable habits, regardless of a consumer’s circumstances or starting point. Bidgely CTO Vivek Garud explains, “It doesn’t matter who you are. We believe you can always do something better in order to reduce your carbon footprint—and by virtue of that, the footprint of the whole human race. Our vision is to get to a place where you have a much smaller ecological footprint for every home, every business on the planet, and we want to be one of the tools to take the world to this goal.”
The article references how the Biden administration has provided the legislative framework for a carbon-free power sector by 2035 but notes the critical need for utilities to effectively engage with customers to make better choices for the environment to achieve such goals. The article also explores how utilities today are creating personalized energy plans to help customers select programs that best suit their energy needs as well as reduce carbon emissions. From granular customer-level data, utilities are developing tools that reach a broader range of customers with the ability to empower communities of people toward more energy-conscious lifestyles.
To learn more about the role of data analytics in creating a carbon-free future, read Going Green, One Data Point at a Time in its entirety or watch Bidgely’s latest on-demand keynote presentation at the Parks Associates Smart Energy Summit.
Bidgely at the J.D. Power Utility Client Conference
Bidgely will present on the power of collective action that utilities can incite for achieving net-zero goals at J.D. Power’s upcoming Utility Client Conference event. Utility-led customer advocacy and engagement for mitigating climate change is a core component to J.D. Power’s Three Dimensions of Sustainability Leadership, as well as documented risks of climate change to the planet and its impact on reliable power. This presentation will demonstrate how leading utilities are today implementing personalized customer outreach to successfully promote net-zero initiatives.
About Bidgely
Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
Christine Bennett
Bidgely
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EyeTracking’s software solutions are now compatible with Varjo’s mixed and virtual reality headsets, enabling behavioral insights from immersive training, surgical simulations, and human-machine interface development.
SAN DIEGO--(BUSINESS WIRE)--EyeTracking announced today that its newly released training solutions are now compatible with Varjo’s VR/XR headsets. For over two decades, the EyeTracking team has been developing tools that translate eye movements and cognitive workload metrics into actionable insights about human behavior. This technology adds value in any context that involves human-machine interaction, from hospitals to military bases and everywhere in between.
EyeTracking recently launched new training-focused solutions tailored for simulation environments including PilotReady™, SurgeonReady™, DriverReady™ and SystemReady™ (for any complex human-machine interface). These applications help assess human performance accurately, pinpoint distractions and cognitive overload, and reveal how both the operators and the interface can improve.
Now, EyeTracking has made their software compatible with Varjo’s virtual and mixed reality headsets, including the new Varjo XR-3 and VR-3. With Varjo devices and EyeTracking’s solutions, professionals can gain objective human-performance metrics from the most demanding VR/AR/XR simulation scenarios.
“We are thrilled to partner with Varjo to create an incredibly rich and effective VR-based training solution,” says James Weatherhead, CTO, and President of EyeTracking. “Varjo enables experiencing the highest-quality virtual environment possible, and we give instructors the tools to help their students master that environment.”
Pioneering solutions for VR-based training and assessment
With the industry’s highest resolution across the widest field of view, Varjo headsets power true-to-life VR applications and keeps trainees fully immersed and engaged. Trainees can replicate the exact feeling and conditions of real-life scenarios. All Varjo headsets also feature built-in eye tracking at 200 Hz.
Combining Varjo’s industrial-grade hardware with EyeTracking’s analytics platform, organizations can now objectively measure the proficiency of personnel as they progress through their VR-based training programs.
“We are thrilled to welcome EyeTracking to our Varjo-ready software ecosystem. Together, our hardware and software tools enable unprecedented training and research opportunities for professionals across industries,” says Geoff Bund, head of business development at Varjo.
About EyeTracking LLC
EyeTracking, based in Solana Beach, CA, has pioneered the field of applied eye-tracking research for over two decades, transforming scientific advances into practical tools that put people and systems in perfect sync.
EyeTracking LLC
Cassie Davis
+1 619.955.1988
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Q4 2020 Highlights:
- Revenues of $149.9 million
- Net income of $4.6 million
- Earnings per share of $0.09
- Consolidated adjusted EBITDA of $16.1 million
- Bookings of $167 million
Full Year 2020 Highlights:
- Revenues of $566.3 million
- Net income of $(10.3) million
- Earnings per share of $(0.21)
- Consolidated adjusted EBITDA of $45.1 million
- Bookings of $645 million
- Backlog at December 31, 2020 of $535.0 million, a 21.3% increase compared to December 31, 2019
- Minimum required pension funding contributions reduced by $107 million or 75%
AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced results for the fourth quarter and full year 2020.
"Our results for the fourth quarter and full year 2020 reflect the ongoing positive impact of our strategic actions, cost savings initiatives, and strong management and operational effectiveness, despite the impacts of COVID-19 across our segments, and we are confident in our ability to achieve our previously stated adjusted EBITDA targets of $70-$80 million and $95-$105 million, in 2021 and 2022, respectively1," said Kenneth Young, B&W's Chairman and Chief Executive Officer. "Our actions in 2020 and year-to-date, which included launching new segments, expanding internationally, implementing additional cost savings initiatives, and most recently closing successful common stock and senior notes offerings, have provided a strong foundation for the continued execution of our growth strategy.
"The proceeds from our offerings significantly reduced our secured debt by $274 million and reduced future cash interest payments by approximately $16 million annually. Combined with a reduction in our required pension contributions, we expect to save more than $40 million annually in cash expenses on a pro-forma basis, while also providing capital to support the expansion of our clean energy technologies portfolio as we continue to pursue more than $5 billion of identified pipeline opportunities over the next three years, in addition to our high-margin parts and services business," Young continued. "Looking forward, we remain focused on growing our B&W Renewable and B&W Environmental segments, including deploying our waste-to-energy and carbon capture technologies to help meet the increasing global demand for carbon and methane reductions. The next-generation B&W is positioned to power the global energy and environmental transformation."
| 1 The most comparable GAAP financial measure is not available without unreasonable effort. |
Q4 2020 Financial Summary
Consolidated revenues in the fourth quarter of 2020 were $149.9 million, down 17% compared to the fourth quarter of 2019. Revenues in all segments were adversely impacted by COVID-19 as customers delayed projects and travel restrictions limited the ability of the Company's workforce to be on site. The completion of large projects in all three segments in the prior year quarter also contributed to the decline in revenue. The GAAP operating income in the fourth quarter of 2020 was $2.2 million, inclusive of restructuring and settlement costs and advisory fees of $7.9 million, compared to an operating income of $10.0 million in the fourth quarter of 2019. The decline in operating income was primarily due to lower volume as a result of the impacts of COVID-19, partially offset by the effects of improved gross margin in the B&W Thermal segment. Adjusted EBITDA was $16.1 million compared to $22.8 million in the fourth quarter of 2019. Bookings in the fourth quarter of 2020 were $167 million. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of net income, the most directly comparable GAAP measure, to adjusted EBITDA, as well as to adjusted gross profit for the Company's segments, are provided in the exhibits to this release.
Babcock & Wilcox Renewable segment revenues were $37.6 million for the fourth quarter of 2020, compared to $46.7 million in the fourth quarter of 2019. The decline in revenue was primarily due to the completion of the European EPC loss projects in 2019 and the negative impacts of COVID-19 on projects and parts sales. Adjusted EBITDA in the quarter was $3.0 million compared to $5.8 million in the fourth quarter of 2019, primarily due to the lower volume. In the fourth quarter of 2020, the segment recorded losses of $2.4 million on the European EPC loss contracts as compared to a gain of $1.2 million in the fourth quarter of 2019, inclusive of warranty expense. The segment adjusted gross profit was $10.4 million in the fourth quarter of 2020 compared to adjusted gross profit of $10.7 million reported in the fourth quarter of 2019; despite COVID-19's impact on revenue, the gross profit margin improved to 27.7% in the fourth quarter of 2020, compared to 22.9% in the fourth quarter of 2019 as a result of emphasis on higher margin projects and cost savings initiatives.
Babcock & Wilcox Environmental segment revenues were $31.6 million in the fourth quarter of 2020, compared to $41.2 million in the fourth quarter of 2019, primarily due to the impacts of COVID-19 and the completion of a large submerged grind conveyor project and a large construction project in the prior year quarter. Adjusted EBITDA was $2.4 million, compared to $6.3 million in the same period last year, driven by the lower volume. Adjusted gross profit was $6.9 million in the fourth quarter of 2020, compared to $11.2 million in the prior-year period.
Babcock & Wilcox Thermal segment revenues were $81.0 million in the fourth quarter of 2020 compared to $94.2 million in the prior-year period, primarily due to the impacts of COVID-19 and the completion of a large maintenance project in the prior-year quarter. Adjusted EBITDA in the fourth quarter of 2020 was $12.8 million, an increase of 6.9% compared to $11.9 million in last year's quarter, primarily due to favorable product mix and the benefits of a full period of cost savings and restructuring initiatives, partially offset by the effects of lower volume and increases in overhead being allocated to the segment; adjusted EBITDA margin was 15.7% in the quarter compared to 12.7% in the same period last year. Adjusted gross profit in the Babcock & Wilcox Thermal segment in the fourth quarter of 2020 improved to $27.4 million, a 6.8% increase compared to $25.6 million in the prior-year period, primarily due to favorable product mix and the benefits of a full period of cost savings and restructuring initiatives, offset by lower volume; gross profit margin improved to 33.8%, compared to 27.2% in the same period last year.
Full Year 2020 Financial Summary
Consolidated revenues in 2020 were $566.3 million, down 34% compared to 2019. Revenues in all segments were adversely impacted by COVID-19, including the postponement and delay of several projects. The GAAP operating loss in 2020 was $1.7 million, inclusive of an insurance loss recovery of $26.0 million offset by restructuring and settlement costs and advisory fees of $24.7 million, compared to an operating loss of $29.4 million in 2019. The improvement in operating loss was primarily due to the insurance loss recovery, the positive impact of cost savings initiatives and a lower level of losses on the EPC loss contracts, partially offset by the divestiture of Loibl and the impacts of COVID-19 on revenue in all three segments. Adjusted EBITDA improved to $45.1 million compared to $45.0 million in 2019. Total bookings in 2020 were $645.0 million, and backlog at December 31, 2020 was $535.0 million, a 21.3% increase compared to December 31, 2019.
Babcock & Wilcox Renewable segment revenues were $156.2 million in 2020, a decrease of 24.0% compared to $205.6 million in 2019, primarily due to the advanced completion of activities on the European EPC loss contracts in the prior year as well as new anticipated projects and parts orders being deferred due to COVID-19 and the divestiture of Loibl, a materials handling business in Germany that generated revenues of approximately $14.3 million in 2019, partially offset by a higher level of activities on two operations and maintenance contracts in the U.K. which followed the turnover of the EPC loss contracts to the customers. Adjusted EBITDA improved to $25.0 million compared to $1.6 million in the prior year, primarily due to the loss recovery of $26.0 million recognized in 2020 under an October 10, 2020 settlement agreement with an insurer in connection with five of the six European EPC loss contracts, as well as lower costs related to the loss contracts. In 2020, the segment recorded $3.7 million in net losses as compared to $6.9 million of equivalent losses recorded in 2019, inclusive of warranty expense. The Adjusted EBITDA improvement was also partially offset by the divestiture of Loibl and lower volume, as described above. The segment adjusted gross profit was $58.8 million in 2020, an improvement of $28.8 million compared to $30.0 million in 2019.
Babcock & Wilcox Environmental segment revenues were $108.0 million in 2020, a decrease of 60.8% compared to $275.6 million in 2019, primarily due to the completion of large construction projects in 2019 and a lower level of activity due to the postponement of new projects by several customers as a result of COVID-19. Adjusted EBITDA declined to $3.5 million compared to $12.5 million in the prior year, primarily attributable to the impacts of lower volume, partially offset by a lower percentage of overhead being allocated to the segment. Adjusted gross profit was $23.5 million in 2020, compared to $48.4 million in the prior year. At December 31, 2020, the B&W Environmental segment had two significant loss contracts, with net losses of $1.3 million and $5.6 million in 2020 and 2019, respectively. As of December 31, 2020, the first contract was approximately 100% complete with only warranty obligations remaining and the second contract was approximately 99% complete with final completion expected in the first quarter of 2021.
Babcock & Wilcox Thermal segment revenues were $305.0 million in 2020, a decrease of 25.6% compared to $409.7 million in the prior year, primarily due to the adverse impacts of COVID-19 resulting in lower parts, construction, package boilers and international service orders, as well as the completion of large construction projects in the prior year. Adjusted EBITDA in 2020 declined to $35.4 million compared to $51.4 million in the prior year, primarily due to lower volume and a higher percentage of overhead being allocated to the segment that was previously allocated to other segments, partially offset by favorable product mix and a full period of cost savings and restructuring initiatives benefiting 2020; adjusted EBITDA margin was 11.6% for the year compared to 12.5% in 2019. Gross profit margin in the segment was 29.9% in 2020, compared to 22.3% in the prior year; adjusted gross profit in the segment in 2020 was $91.2 million, which was flat compared to the prior year primarily due to favorable product mix and the effects of a full period of cost savings and restructuring initiatives benefiting 2020, offset by lower volume.
COVID-19 Impact
The global COVID-19 pandemic has disrupted business operations, trade, commerce, financial and credit markets, and daily life throughout the world. The Company's business has been, and continues to be, adversely impacted by the measures taken and restrictions imposed in the countries in which it operates and by local governments and others to control the spread of this virus. These measures and restrictions have varied widely and have been subject to significant changes from time to time depending on the changes in the severity of the virus in these countries and localities. These restrictions, including travel and curtailment of other activity, negatively impact the Company's ability to conduct business. The volatility and variability of the virus has limited the Company's ability to forecast the impact of the virus on its customers and its business. The continuing resurgence of COVID-19, including at least one new strain thereof, has resulted in the reimposition of certain restrictions and may lead to other restrictions being implemented in response to efforts to reduce the spread of the virus. These varying and changing events have caused many of the projects the Company had anticipated would begin in 2020 to be delayed into 2021 and beyond. Many customers and projects require B&W's employees to travel to customer and project worksites. Certain customers and significant projects are located in areas where travel restrictions have been imposed, certain customers have closed or reduced on-site activities, and timelines for completion of certain projects have, as noted above, been extended into 2021 and beyond. Additionally, out of concern for the Company's employees, even where restrictions permit employees to return to its offices and worksites, the Company has incurred additional costs to protect its employees as well as advising those who are uncomfortable returning to worksites due to the pandemic that they are not required to do so for an indefinite period of time. The resulting uncertainty concerning, among other things, the spread and economic impact of the virus has also caused significant volatility and, at times, illiquidity in global equity and credit markets. The full extent of the COVID-19 impact on the Company's operational and financial performance will depend on future developments, including the ultimate duration and spread of the pandemic and related actions taken by the U.S. government, state and local government officials, and international governments to prevent disease spread, as well as the availability and effectiveness of COVID-19 vaccinations in the U.S. and abroad, all of which are uncertain, out of the Company's control, and cannot be predicted.
Liquidity and Balance Sheet
At December 31, 2020, the Company had total debt of $347.6 million, an unrestricted cash balance of $57.3 million and borrowing availability of $33.7 million.
As previously disclosed, on February 12, 2021 the Company closed an underwritten public offering of 29,487,180 shares of common stock, which included 3,846,154 shares issued in connection with the underwriter’s option to purchase additional shares, at a price to the public of $5.85 per share, for gross proceeds of approximately $172.5 million. On February 12, 2021 the Company also closed an underwritten public offering of $125.0 million aggregate principal amount of 8.125% senior notes due 2026, which included $5 million aggregate principal amount of senior notes issued in connection with the underwriters’ option to purchase senior notes. Gross proceeds for both offerings are exclusive of underwriting discounts and commissions and estimated offering expenses payable by the Company.
In addition to the public offerings, B. Riley Financial, Inc. exchanged $35 million of its existing Tranche A term loan for $35 million principal amount of senior notes in a concurrent private offering, and the interest rate on the remaining Tranche A term loan balance was reduced to an interest rate of 6.625%, compared to its prior rate of 12%.
The two offerings resulted in net proceeds of approximately $283 million after deducting underwriting discounts and commissions, but before expenses.
On February 16, 2021, the Company prepaid $167.1 million towards the outstanding revolving credit facility, reducing the outstanding borrowing balance to zero.
On March 4, 2021, the Company amended its Credit Agreement to, among other things, reduce its revolving borrowing availability to zero and its letter of credit availability to $130 million. On March 4, 2021 the Company also paid $21.8 million of accrued and deferred bank fees and $75 million towards its existing Tranche A last out term loan.
Taking into account the effects of the above strategic actions, including the net proceeds of public offerings after underwriting discounts and commissions, but before expenses; prepayment of the revolving credit facility; and the partial paydown of the Tranche A term loan and the payment of bank fees, as well as deferred interest, amendment fees and estimated advisory fees; pro-forma total debt and unrestricted cash at December 31, 2020 would be $233.3 million and $72.5 million, respectively.
In addition, based on the performance of the Company's domestic qualified pension plan, the minimum required funding contributions through 2026 have been reduced by 75%, as previously disclosed. The current total minimum required funding contribution for the period 2021-2026 is $35 million, to be contributed in the next two years. This is $107 million less compared to the Company's previous expectation for the period from 2021-2026. These numbers are subject to change with the performance of the pension fund investments.
Cost Savings Measures Continuing
In addition to the $119 million of cost savings initiatives previously disclosed, the Company implemented approximately $8 million of additional cost savings initiatives in 2020, for a total of $127 million. The Company has also identified another $11 million of cost savings actions expected to be implemented beginning in the first quarter of 2021.
Earnings Call Information
B&W plans to host a conference call and webcast on Tuesday, March 9, 2021 at 8 a.m. ET to discuss the Company’s fourth quarter and full year 2020 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 227-5843; the dial-in number for participants outside the U.S. is (647) 689-4070. The conference ID for all participants is 5390408. A replay of this conference call will remain accessible in the investor relations section of the Company's website for a limited time.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. As previously disclosed, the Company changed its reportable segments in 2020 and has recast prior period results to account for this change. Additionally, the Company redefined its definition of adjusted EBITDA to eliminate the effects of certain items including the loss from a non-strategic business, interest on letters of credit included in cost of operations and loss on business held for sale. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation.
This release presents adjusted gross profit for each business segment and adjusted EBITDA, which are non-GAAP financial measures. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. This release also presents certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets.
This release also presents adjusted gross profit by segment. The Company believes that adjusted gross profit by segment is useful to investors to help facilitate comparisons of the ongoing, operating performance of the segments by excluding expenses related to, among other things, activities related to the spin-off, activities related to various restructuring activities the Company has undertaken, corporate overhead (such as SG&A expenses and research and development costs) and certain non-cash expenses such as intangible amortization and goodwill impairments that are not allocated by segment.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in the release are forward-looking statements. You should not place undue reliance on these statements. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of COVID-19 on the Company, the capital markets and global economic climate generally; the Company’s recognition of any asset impairments as a result of any decline in the value of its assets or efforts to dispose of any assets in the future; the Company’s ability to obtain and maintain sufficient financing to provide liquidity to meet its business objectives, surety bonds, letters of credit and similar financing; the Company’s ability to comply with the requirements of, and to service the indebtedness under, the Company’s A&R Credit Agreement; the Company’s use of proceeds from its recent offerings of common stock and 8.125% senior notes due 2026; the highly competitive nature of the Company’s businesses and ability to win work, including identified project opportunities in the pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; the Company’s ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; the Company’s ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; the Company’s ability to realize anticipated savings and operational benefits from its restructuring plans, and other cost-savings initiatives; the Company’s ability to successfully address productivity and schedule issues in its B&W Renewable, B&W Environmental and B&W Thermal segments, including the ability to complete its B&W Renewable's European EPC projects and B&W Environmental's U.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
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DUBLIN--(BUSINESS WIRE)--The "North America Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects" report has been added to ResearchAndMarkets.com's offering.
The total number of oil and gas projects in North America expected to start operations from 2021 to 2025 are 603. Of these, upstream production projects constitute 104, midstream projects constitute 333, refinery projects constitute 23, and petrochemical projects constitute 143.
Scope
Reasons to Buy
Key Topics Covered:
1. Introduction
1.1 What is this Report About?
1.2 Market Definition
2. Oil and Gas Projects Outlook in North America
2.1 Oil and Gas Projects in North America, Overview of Projects Data
2.2 Oil and Gas Projects in North America, Projects by Sector
2.3 Oil and Gas Projects in North America, Projects by Type
2.4 Oil and Gas Projects in North America, Projects by Stage
2.5 Oil and Gas Projects in North America, Projects by Country
3. Oil and Gas Projects Outlook in the US
3.1 Oil and Gas Projects in the US, Overview of Projects Data
3.2 Oil and Gas Projects in the US, Projects by Sector
3.3 Oil and Gas Projects in the US, Projects by Type
3.4 Oil and Gas Projects in the US, Projects by Stage
3.5 Oil and Gas Projects in the US, Projects Development Stage, Capacity, Project Cost, and Contractor Details
4. Oil and Gas Projects Outlook in Canada
4.1 Oil and Gas Projects in Canada, Overview of Projects Data
4.2 Oil and Gas Projects in Canada, Projects by Sector
4.3 Oil and Gas Projects in Canada, Projects by Type
4.4 Oil & Gas Projects in Canada, Projects by Stage
4.5 Oil and Gas Projects in Canada, Projects Development Stage, Capacity, Project Cost, and Contractor Details
5. Oil and Gas Projects Outlook in Mexico
5.1 Oil and Gas Projects in Mexico, Overview of Projects Data
5.2 Oil and Gas Projects in Mexico, Projects by Sector
5.3 Oil and Gas Projects in Mexico, Projects by Type
5.4 Oil & Gas Projects in Mexico, Projects by Stage
5.5 Oil and Gas Projects in Mexico, Projects Development Stage, Capacity, Project Cost, and Contractor Details
6. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/hopsw2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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IT teams need soft, not just technical, skills to ensure successful digital transformation
TRUMBULL, Conn.--(BUSINESS WIRE)--#IT--Businesses have accelerated plans to digitalize services and operations by three to four years, due to the Covid-19 crisis.1 Questionmark, the online assessment provider, has unveiled a list of the top five skills that IT teams must develop to successfully implement “digitalization” strategies.
Since the beginning of the Covid-19 crisis, organizations have been forced to move quickly to digitalize their business processes. Over 40% of the United States (US) workforce worked from home in 2020, Stanford University claims.2 Spend on e-commerce grew by 44% according to estimates by researchers at Digital Commerce 360.3
These trends look set to continue even as the crisis abates. Projections by Statista predict that global digital transformation spending will nearly double between 2020 and 2023.4
Top five digital transformation skills for IT teams
Based on conversations with customers, Questionmark has compiled a list of the five skills that IT teams must develop to ensure the implementation of successful digitalization strategies.
Lars Pedersen, CEO of Questionmark, said: “Digitalizing services has been on the priority list for several years, but few could have envisaged the speed with which businesses would have to accommodate rapidly changing customer behavior.
“Successful digitalization requires more than just technical skills. Technical teams must understand the business need and tailor solutions to it. Measuring the skills that enable them to do this can help employers identify what further support is needed.”
Measuring workforce skills through online assessments gives employers the information they need to ensure digital transformation plans are on track for success. They can introduce training when skills need strengthening. Further assessments can test whether that training worked.
The Questionmark enterprise-grade platform makes assessment content easy to create and adapt. The platform automatically marks papers and instantly compiles results. It is easy to spot trends and patterns. When the stakes are high, a range of anti-cheating measures are available.
Ends
Notes to editors
About Questionmark
Questionmark unlocks performance through reliable and secure online assessments.
Questionmark provides a secure enterprise-grade assessment platform and professional services to leading organizations around the world, delivered with care and unequalled expertise. Its full-service online assessment tool and professional services help customers to improve their performance and meet their compliance requirements. Questionmark enables organizations to unlock their potential by delivering assessments which are valid, reliable, fair and defensible.
Questionmark offers secure powerful integration with other LMS, LRS and proctoring services making it easy to bring everything together in one place. Questionmark's cloud-based assessment management platform offers rapid deployment, scalability for high-volume test delivery, 24/7 support, and the peace-of-mind of secure, audited U.S., Australian and European-based data centers.
____________________________
1 https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever
2 https://news.stanford.edu/2020/06/29/snapshot-new-working-home-economy/
3 https://www.digitalcommerce360.com/article/us-ecommerce-sales/#:~:text=Consumers%20spent%20%24861.12%20billion%20online,the%2015.1%25%20jump%20in%202019
4 https://www.statista.com/statistics/870924/worldwide-digital-transformation-market-size/
For more information:
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New partnership between electric car brand and EV charging network debuts with a revolutionary seamless in-car charging app.
CAMPBELL, Calif. & MAHWAH, N.J.--(BUSINESS WIRE)--#Bethechange--ChargePoint, a world leading electric vehicle (EV) charging network, and Polestar Cars, the electric automotive brand from Sweden, today announced the creation of a new charging partnership, streamlining mutual efforts to enable a seamless ownership experience for drivers of electric vehicles. The partnership debuts alongside the first product innovation from the brand collaboration: an embedded charging app for the Polestar 2 electric fastback.
The two companies are collaborating to improve the driver experience and debunk the charging myths which block mainstream adoption of electric cars. As a result of the partnership, they are enabling Polestar drivers to focus on the enjoyment of driving an electric car, specifically by making the charging experience even easier than the old way of fueling. The collaboration offers solutions to charge at home, work, around town or on trips, all accessed directly in the Polestar 2 infotainment system.
“We are thrilled to bring our customers access to thousands of charging locations across America, matched with a premium home charger offering for the convenience of always leaving with a full battery,” said Gregor Hembrough, Head of Polestar USA. “With many of our customers switching over directly from internal combustion, charging is a central component of our consumer education process and the overall customer experience. We know ChargePoint is the right partner for this critical need and the new app signals our intent to co-develop new technologies for the benefit of our customers.”
“The transition to electric is well underway and the future of mobility is proving to be more efficient, easy and connected than ever before, and our partnership with Polestar is an example of this shift,” said Bill Loewenthal, Senior Vice President, Product, ChargePoint. “Not only does our partnership with Polestar provide drivers easy access to thousands of level 2 and DC fast places to charge across North America, the in-vehicle integration of the ChargePoint app brings our comprehensive charging ecosystem seamlessly into the in-vehicle experience. This partnership with Polestar is one of the first such integrations, and will serve as a blueprint for further collaborations between the two companies.”
Highlights of the Polestar and ChargePoint Partnership Include:
New In-Car ChargePoint App for the Polestar 2
The new ChargePoint app for the Polestar 2 eliminates the need to pull out your smartphone, RFID card or other method to charge your EV. The Polestar 2 revolutionizes the in-car experience thanks to the world debut of Google’s Android Automotive Infotainment System (OS) and the collaboration between Polestar and ChargePoint takes this to the next level via seamless integration of the ChargePoint app. The ChargePoint app, available later this week in Google Play, embeds directly into the Polestar 2 infotainment system. The app provides an easy way for drivers to find and navigate to available stations, start a charging session from the vehicle and pay if required, all via the center screen in the Polestar 2.
Public Charging Benefits
Access to North America’s largest network ensures drivers will be able to charge wherever they go and whenever they need charging. ChargePoint’s network offers a range of charging solutions, from level 2 to DC fast charging, at destinations where a driver tends to spend time during a normal day like at retail locations and workplaces, if they need a quick top up, or when taking a road trip.
Another key element of the partnership ensures that Polestar drivers will be able to access most of ChargePoint’s more than 100,000 places to charge, and thousands of additional public charging spots through roaming agreements with other major charging networks in North America.
Home Charging Benefits
For those wanting the convenience of leaving home on a full charge, Polestar drivers will be able to order the top-rated ChargePoint Home Flex home charger alongside the purchase of any Polestar vehicle. As more than 80-percent of charging takes place at home and work, the seamless ordering process ensures that drivers are able to purchase and arrange for home installation of the Home Flex before they take delivery of their Polestar car. This e-commerce solution is enabled by the fact that a Polestar car can be purchased fully online, from the comfort of home. The ChargePoint Home Flex is one of the market’s fastest, most flexible home chargers available with the ability to deliver up to 50 amps of current, which is adjustable to match to any home’s electrical supply today and into the future.
For more information, watch this video or visit https://www.chargepoint.com/polestar/.
For images and other media information, visit polestar.com/press.
About ChargePoint
ChargePoint is creating the new fueling network to move all 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 most complete 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 88 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. press offices or This email address is being protected from spambots. You need JavaScript enabled to view it..
About Polestar
Polestar is the independent Swedish premium electric performance car brand founded by Volvo Cars and Geely Holding. Established in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result. The company is headquartered in Gothenburg, Sweden, and retails its vehicles in ten global markets across Europe and North America, and in China.
Polestar produces two electric performance cars. The Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body, 619 hp, 738 ft.-lb. and an electric-only range of 60 miles – the longest of any hybrid car in the world. The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. Polestar 2 launched in 2020 with an all-wheel drive electric powertrain that produces 408 hp and 487 ft.-lb., with a maximum range of 233 miles (292 miles WLTP).
In the future, the Polestar 3 electric performance SUV will join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is slated for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design.
ChargePoint
Darryll Harrison, Jr.
Senior Director, Global Communications and Social Media
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Olivia Marcinka
Communications Specialist, North America
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Polestar
John Paolo Canton
Public Relations and Communications, North America
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Morgan Theys
Account Director, Extension PR
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LOS ANGELES--(BUSINESS WIRE)--Xos, Inc. (“Xos” or the “Company”), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today announced its participation in several upcoming investor events:
Xos has previously announced its entrance into a definitive merger agreement with NextGen Acquisition Corporation (Nasdaq: NGAC) ("NextGen"). Upon the closing of the transaction, which is expected to close in the second quarter of 2021, subject to the terms and conditions of the merger agreement, the combined company is expected to be traded on The Nasdaq Stock Market under “XOS”.
About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to making fleets more efficient. Xos designs and develops fully electric battery mobility systems specifically for commercial fleets. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on “last mile” routes (i.e. predictable routes that are less than 200 miles per day). The company leverages its proprietary technologies to provide commercial fleets zero emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit www.xostrucks.com.
About NextGen
NextGen Acquisition Corporation is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NextGen is led by George Mattson, a former Partner at Goldman, Sachs & Co., and Gregory Summe, former Chairman and CEO of Perkin Elmer and Vice Chairman of the Carlyle Group. NextGen is listed on NASDAQ under the ticker symbol "NGAC." For more information, please visit www.nextgenacq.com.
Additional Information and Where to Find It
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Xos, the combined company or NextGen, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. NextGen intends to file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), which will include a document that serves as a prospectus and proxy statement of NextGen, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all NextGen shareholders. NextGen also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of NextGen are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.
Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by NextGen through the website maintained by the SEC at www.sec.gov.
The documents filed by NextGen with the SEC also may be obtained free of charge at NextGen’s website at https://www.nextgenacq.com/investor-info.html#filings or upon written request to 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431.
Participants in the Solicitation
NextGen and Xos and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from NextGen’s shareholders in connection with the proposed transaction. A list of the names of the directors and executive officers of NextGen and information regarding their interests in the business combination is set forth in NextGen’s registration statement on Form S-1 (File No. 333-248921) filed with the SEC on October 7, 2020. Additional information regarding the interests of such persons will be contained in the registration statement and the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the proposed transaction between Xos and NextGen, including statements regarding the benefits of the transaction, the anticipated timing of the transaction and the products and markets of Xos. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of NextGen’s securities, (ii) the risk that the transaction may not be completed by NextGen’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NextGen, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement by the shareholders of NextGen, the availability of the minimum amount of cash available in the trust account in which substantially all of the proceeds of NextGen's initial public offering and private placements of its warrants have been deposited following redemptions by NextGen’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Xos’s business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Xos and potential difficulties in Xos employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Xos or against NextGen related to the Merger Agreement or the proposed transaction, (x) the ability to maintain the listing of NextGen’s securities on a national securities exchange, (xi) the price of NextGen’s securities may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which NextGen plans to operate or Xos operates, variations in operating performance across competitors, changes in laws and regulations affecting NextGen’s or Xos’s business, Xos’s inability to implement its business plan or meet or exceed its financial projections and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of NextGen’s registration statement on Form S-1 (File No. 333-248921), the registration statement on Form S-4 discussed above, the proxy statement/prospectus and other documents filed or that may be filed by NextGen from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos and NextGen assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Xos nor NextGen gives any assurance that either Xos or NextGen, or the combined company, will achieve its expectations.
Xos Investor Relations
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Xos Media Relations
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NextGen
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The partnership, leveraging Lepton’s global VSAT Network designed for small terminals, aligns with global need for networks that accommodate disadvantaged terminals.
MCLEAN, Va.--(BUSINESS WIRE)--Lepton Global Solutions (www.leptonglobal.com), a Kymeta company, and leading provider of satellite-based customized turn-key communications solutions and services, announced today a strategic partnership with Satcube (www.satcube.com). The partnership will add Satcube’s class of extremely small VSAT terminals to the company’s global satellite network, which is engineered to support terminal aperture sizes down to 45cm. In turn, Lepton Global Solutions will offer Satcube Ku terminals globally as a comms-on-the-pause (COTP) solution that are complementary with the Kymeta™ u8 comms-on-the-move (COTM) offering, running both on the same frequencies with easily transportable and operated hardware.
Together, Lepton Global Solutions and Satcube are challenging the traditional ways satellite communications are delivered and consumed through highly automated, easily transportable products low in size, weight, and power. The goal of the partnership is to deliver world-class technology and services to defense, public safety, and commercial customers globally. Both the Satcube and the u8 terminal are designed to fulfill tactical, easy-to-use operational requirements. Their differing form factors and capability sets address differing applications of users on the move.
“Most commercial satellite service networks are designed for larger aperture antennas that operate at broadside, which means that smaller, flat panel terminals like the Satcube and u8 are not globally supported,” said Isabel LeBoutillier, Vice President of Kymeta Connect and Government Programs. “Our network has been built from the ground up to accommodate the technical requirements of this newer class of extremely small, flat-panel VSAT terminals. The partnership with Satcube will allow us to deliver superior connectivity options for more applications to our mobile customers.”
“This partnership will allow our companies to better meet the requirements of our complementary customers and provide solutions that fit the needs of a broader audience,” said Jakob Kallmer, Satcube CEO and founder. “Our relationship with Lepton will enable Satcube to provide a more seamless and reliable connectivity experience to our customers globally, and we couldn’t be more thrilled to be working together.”
Satcube Ku is an all-in-one compact carry-on satellite terminal with a flat antenna the size of a large laptop. The terminal enables users to create an easy-to-use Wi-Fi hotspot and receive high-speed broadband connection in less than one minute to execute critical, on the spot work assignments and communications.
Lepton Global Solutions and Satcube leverage Kymeta Broadband, which is the first satellite service designed to serve the unique characteristics of flat panel antennas used in land-mobile applications. Built from the ground up and software defined for disadvantaged terminals and antennas, the service ensures that customers stay connected without latency or throughput challenges. Customers receive capacity through a managed network that aggregates multiple satellite providers and hundreds of operators for global coverage.
Lepton’s network offering for these terminals includes global customized CIR plans as well as Kymeta Broadband’s satellite 5x2 MIR and hybrid satellite-cellular options. Service may be purchased for individual terminals or shared among multiple terminals.
About Lepton Global Solutions:
Lepton Global Solutions, a Kymeta company, specializes in the engineering and delivery of customized, yet cost-effective, turnkey satellite communications solutions to commercial and government customers. Lepton’s end-to-end solutions, which go beyond managed satellite services to include VSAT equipment installation, 24×7 technical support and customized back end IT infrastructure, are tailored to meet customer-specific needs.
Lepton is headquartered outside of Washington, D.C. in Tysons Corner, Virginia.
For additional information, please visit www.leptonglobal.com.
Business Inquiries for Lepton Global Solutions:
Jon Maron
Vice President of Marketing and Communications
Lepton Global Solutions
+1 425.658.8827
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Media Inquiries for Lepton Global Solutions:
Amanda Barry
Associated Director PR
The Summit Group
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PLANO, Texas--(BUSINESS WIRE)--Vine Energy Inc. (“Vine”) announced today that it has launched an initial public offering of 18,750,000 shares of its Class A common stock at an anticipated initial offering price between $16.00 and $19.00 per share pursuant to a registration statement on Form S-1 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”). In addition, Vine intends to grant the underwriters a 30-day option to purchase up to an additional 2,812,500 shares of Vine’s Class A common stock at the initial public offering price, less underwriting discounts and commissions. Vine intends to list on the New York Stock Exchange under the ticker symbol “VEI.”
Vine expects to use the net proceeds from the offering to repay in full and terminate certain existing credit facilities of its subsidiaries, with any remaining net proceeds to be used for general corporate purposes.
Citigroup, Credit Suisse, Morgan Stanley, Barclays, BofA Securities and RBC Capital Markets are acting as joint book-running managers for the proposed offering. The offering of these securities will be made only by means of a prospectus. When available, a copy of the preliminary prospectus may be obtained from:
Important Information
A registration statement, including a prospectus that is preliminary and subject to completion, relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Vine Energy Inc.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Vine Energy Inc.
Based in Plano, TX, Vine Energy Inc. is an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Vine’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Vine’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These include, but are not limited to, statements regarding the terms of the offering and the intended use of proceeds therefrom.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Vine does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Vine to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Vine’s initial public offering. The risk factors and other factors noted in Vine’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.
David Erdman
(469) 605-2480
HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the fourth quarter and fiscal year ended December 31, 2020. The following are results for the three and twelve months ended December 31, 2020, compared to the three and twelve months ended December 31, 2019 and the three months ended September 30, 2020, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.
Fourth Quarter 2020 financial highlights:
Fiscal Year 2020 financial highlights:
David R. Little, Chairman and CEO commented, “We are pleased with our fourth quarter results and strong finish to the year as evidenced by closing FY2020 with the refinancing of our Term Loan B and completing four acquisitions. FY2020 was a unique year and presented corporate, societal and individual challenges. Despite the many personal and operational hurdles imposed by the COVID-19 pandemic, DXPeople focused their efforts on creating a better customer experience, improving our culture of belonging and driving profitable growth in our key products and services. DXP's resiliency is evident in our financial results; gross margin expansion, working capital improvement, and delivering sequential growth in the fourth quarter.
DXP's fiscal 2020 total sales were $1.0 billion. Service Center sales were $663 million, followed by Innovative Pumping Solutions at $188 million in sales and Supply Chain Services with $155 million in revenue."
Mr. Little continued, "During the fourth quarter, we grew 5.7 percent sequentially after our sales trough during the third quarter. In the fourth quarter, we achieved $232.7 million in sales, including $4.7 million from acquisitions. We delivered an excellent fourth quarter performance in the midst of continued virus surges and finished the year with good results on all fronts. I am very proud of the entire DXP team for their passion, commitment and teamwork and delivering outstanding service and support to our customers. Our acquisitions bring more exceptional companies to the DXP family. We are entering 2021 with a stronger team, balance sheet and great momentum. As we turn the page to 2021, end markets are showing signs of recovery but the full year economic outlook remains uncertain. We remain focused on those items under our control; investing in key end markets, products and operations; delivering a great customer experience, and building a culture of productivity and high performance. We remain confident in our ability to execute our strategy and deliver a strong performance and growth in 2021 and beyond."
Kent Yee, CFO commented, "Overall, we are pleased with our fourth quarter and full year results. Never before have we encountered a global pandemic, mixed with societal and other challenges. In the midst of such an environment, we generated over $101 million in free cash flow, maintained the health and safety of our employees and executed on our acquisition program closing four acquisitions at year-end, bringing that to a total of six acquisitions in fiscal 2020. We delivered financial results that display our ability to adjust to the current levels of activity while keeping our eyes toward the future with proactive actions including refinancing our term loan and completing four strategic transactions. We successfully refinanced our Term Loan B and raised $330 million that matures in 2027. As of December 31, 2020, we had $117.4 million in cash and cash equivalents on the balance sheet. Our senior leverage was 3.2:1, well under our covenant limit of 5.75:1. We have momentum going to fiscal 2021 and we expect to drive organic and acquisition driven growth."
Financial Strength and Liquidity
Net debt, calculated as total long-term debt, net of cash and cash equivalents, on our balance sheet as of December 31, 2020, was $212.6 million compared to $190.2 million at December 31, 2019. As of December 31, 2020, DXP has approximately $249.2 million in liquidity, consisting of $117.4 million in cash on hand and approximately $131.9 million in availability under our ABL facility.
We will host a conference call regarding December 31, 2020 fourth quarter results on the Company’s website (www.dxpe.com) Tuesday, March 9, 2021 at 10:30 am CST. Web participants are encouraged to go to the Company’s website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The online archived replay will be available immediately after the conference call at www.dxpe.com.
Non-GAAP Financial Measures
DXP supplements reporting of net income with non-GAAP measurements, including EBITDA, adjusted EBITDA, free cash flow, non-GAAP net income and net debt. This supplemental information should not be considered in isolation or as a substitute for the unaudited GAAP measurements. Additional information regarding EBITDA, free cash flow and non-GAAP net income referred to in this press release are included below under "Unaudited Reconciliation of Non-GAAP Financial Information."
The Company believes EBITDA provides additional information about: (i) operating performance, because it assists in comparing the operating performance of the business, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from core operations such as interest expense and income taxes and (ii) the performance and the effectiveness of operational strategies. Additionally, EBITDA performance is a component of a measure of the Company’s financial covenants under its credit facility. Furthermore, some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in the industry. Management believes that some investors’ understanding of performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation from net income, the Company believes it is enhancing investors’ understanding of the business and results of operations, as well as assisting investors in evaluating how well the Company is executing strategic initiatives.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company’s expectations regarding the impact of the COVID-19 pandemic and the impact of low commodity prices of oil and gas; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, economic risks related to the impact of COVID-19, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
DXP ENTERPRISES, INC. AND SUBSIDIARIES |
||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
($ thousands, except per share amounts) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||||
|
|
|
|
|
||||||||||||
Sales |
$ |
232,689 |
|
$ |
295,468 |
|
$ |
1,005,266 |
|
$ |
1,267,189 |
|
||||
Cost of sales |
168,402 |
|
217,135 |
|
725,997 |
|
919,965 |
|
||||||||
Gross profit |
64,287 |
|
78,333 |
|
279,269 |
|
347,224 |
|
||||||||
Selling, general and administrative expenses |
56,497 |
|
71,591 |
|
246,256 |
|
281,102 |
|
||||||||
Impairment and other charges |
11,482 |
|
— |
|
59,883 |
|
— |
|
||||||||
Operating income (loss) |
(3,692 |
) |
6,742 |
|
(26,870 |
) |
66,122 |
|
||||||||
Other expense (income), net |
455 |
|
(172 |
) |
74 |
|
(45 |
) |
||||||||
Interest expense |
8,512 |
|
4,587 |
|
20,571 |
|
19,498 |
|
||||||||
Income (loss) before income taxes |
(12,659 |
) |
2,327 |
|
(47,515 |
) |
46,669 |
|
||||||||
Provision for income taxes (benefit) |
(10,632 |
) |
239 |
|
(18,441 |
) |
10,894 |
|
||||||||
Net income (loss) |
(2,027 |
) |
2,088 |
|
(29,074 |
) |
35,775 |
|
||||||||
Net (loss) income attributable to NCI* |
(115 |
) |
(88 |
) |
(348 |
) |
(260 |
) |
||||||||
Net income (loss) attributable to DXP Enterprises, Inc. |
(1,912 |
) |
2,176 |
|
(28,726 |
) |
36,035 |
|
||||||||
Preferred stock dividend |
22 |
|
22 |
|
90 |
|
90 |
|
||||||||
Net income (loss) attributable to common shareholders |
$ |
(1,934 |
) |
$ |
2,154 |
|
$ |
(28,816 |
) |
$ |
35,945 |
|
||||
Diluted earnings (loss) per share attributable to DXP Enterprises, Inc. ** |
$ |
(0.11 |
) |
$ |
0.12 |
|
$ |
(1.62 |
) |
$ |
1.96 |
|
||||
Weighted average common shares and common equivalent shares outstanding |
17,777 |
|
18,443 |
|
17,748 |
|
18,432 |
|
||||||||
|
|
|
|
|
||||||||||||
*NCI represents non-controlling interest |
||||||||||||||||
** Fiscal year 2020 diluted earnings per share for GAAP purposes was calculated using basic weighted average shares outstanding. Due to a loss for the period, convertible preferred stock shares are excluded from the computation of diluted EPS because the effect will be antidilutive. |
||||||||||||||||
Business segment financial highlights:
SEGMENT DATA |
|||||||||||||
($ thousands, unaudited) |
|||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||
Sales |
2020 |
2019 |
2020 |
2019 |
|||||||||
Service Centers |
$ |
161,284 |
$ |
182,372 |
|
$ |
662,617 |
$ |
762,256 |
||||
Innovative Pumping Solutions |
35,615 |
65,735 |
|
187,991 |
303,655 |
||||||||
Supply Chain Services |
35,790 |
47,361 |
|
154,658 |
201,278 |
||||||||
Total DXP Sales |
$ |
232,689 |
$ |
295,468 |
|
$ |
1,005,266 |
$ |
1,267,189 |
||||
|
|
|
|
|
|||||||||
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||
Operating Income |
2020 |
2019 |
2020 |
2019 |
|||||||||
Service Centers |
$ |
17,643 |
$ |
19,497 |
|
$ |
70,385 |
$ |
86,778 |
||||
Innovative Pumping Solutions |
2,635 |
(29 |
) |
18,715 |
28,895 |
||||||||
Supply Chain Services |
3,210 |
3,465 |
|
13,218 |
14,445 |
||||||||
Total segments operating income |
$ |
23,488 |
$ |
22,933 |
|
$ |
102,318 |
$ |
130,118 |
||||
Reconciliation of Operating Income for Reportable Segments |
||||||||||||||||
($ thousands, unaudited) |
||||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||||
Operating income for reportable segments |
$ |
23,488 |
|
$ |
22,933 |
|
$ |
102,318 |
|
$ |
130,118 |
|
||||
Adjustment for: |
|
|
|
|
||||||||||||
Impairment and other charges |
11,482 |
|
— |
|
59,883 |
|
— |
|
||||||||
Amortization of intangibles |
2,991 |
|
3,651 |
|
12,287 |
|
15,074 |
|
||||||||
Corporate expenses |
12,707 |
|
12,540 |
|
57,018 |
|
48,922 |
|
||||||||
Total operating income (loss) |
$ |
(3,692 |
) |
$ |
6,742 |
|
$ |
(26,870 |
) |
$ |
66,122 |
|
||||
Interest and other financing expenses |
8,512 |
|
4,587 |
|
20,571 |
|
19,498 |
|
||||||||
Other expense (income), net |
455 |
|
(172 |
) |
74 |
|
(45 |
) |
||||||||
Income (loss) before income taxes |
$ |
(12,659 |
) |
$ |
2,327 |
|
$ |
(47,515 |
) |
$ |
46,669 |
|
||||
Unaudited Reconciliation of Non-GAAP Financial Information |
||||||||||||||
($ thousands, unaudited) |
||||||||||||||
The following table is a reconciliation of EBITDA and adjusted EBITDA, a non-GAAP financial measure, to income before taxes, calculated and reported in accordance with U.S. GAAP. |
||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||
Income (loss) before income taxes |
(12,659 |
) |
2,327 |
$ |
(47,515 |
) |
$ |
46,669 |
||||||
Plus: interest and other financing expenses |
8,512 |
|
4,587 |
20,571 |
|
19,498 |
||||||||
Plus: depreciation and amortization |
5,389 |
|
6,481 |
22,683 |
|
25,174 |
||||||||
EBITDA |
$ |
1,242 |
|
$ |
13,395 |
$ |
(4,261 |
) |
$ |
91,341 |
||||
|
|
|
|
|
||||||||||
Plus: NCI loss income before tax* |
232 |
|
114 |
632 |
|
342 |
||||||||
Plus: Impairment and other charges |
11,482 |
|
— |
59,883 |
|
— |
||||||||
Plus: stock compensation expense |
662 |
|
461 |
3,532 |
|
1,963 |
||||||||
Adjusted EBITDA |
$ |
13,618 |
|
$ |
13,970 |
$ |
59,786 |
|
$ |
93,646 |
||||
|
|
|
|
|
||||||||||
* NCI represents non-controlling interest |
|
|
|
|
||||||||||
XP ENTERPRISES, INC. AND SUBSIDIARIES |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
($ thousands, except per share amounts) |
||||||
|
December 31, 2020 |
December 31, 2019 |
||||
ASSETS |
|
|
||||
Current assets: |
|
|
||||
Cash |
$ |
117,353 |
$ |
54,203 |
||
Restricted cash |
91 |
124 |
||||
Accounts receivable, net of allowances for doubtful accounts |
163,429 |
187,116 |
||||
Inventories |
97,071 |
129,364 |
||||
Costs and estimated profits in excess of billings |
18,459 |
32,455 |
||||
Prepaid expenses and other current assets |
4,548 |
4,223 |
||||
Federal income taxes receivable |
5,632 |
996 |
||||
Total current assets |
$ |
406,583 |
$ |
408,481 |
||
Property and equipment, net |
56,899 |
63,703 |
||||
Goodwill |
248,339 |
194,052 |
||||
Other intangible assets, net of accumulated amortization |
80,088 |
52,582 |
||||
Operating lease right-of-use assets |
55,188 |
66,191 |
||||
Other long-term assets |
4,764 |
3,211 |
||||
Total assets |
$ |
851,861 |
$ |
788,220 |
||
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
||||
Current liabilities: |
|
|
||||
Current maturities of long-term debt |
$ |
3,300 |
$ |
2,500 |
||
Trade accounts payable |
75,744 |
76,438 |
||||
Accrued wages and benefits |
20,621 |
23,412 |
||||
Customer advances |
3,688 |
3,408 |
||||
Billings in excess of costs and estimated profits |
4,061 |
11,871 |
||||
Current-portion operating lease liabilities |
15,891 |
17,603 |
||||
Other current liabilities |
20,834 |
12,939 |
||||
Total current liabilities |
$ |
144,139 |
$ |
148,171 |
||
Long-term debt, less unamortized debt issuance costs |
317,139 |
235,419 |
||||
Long-term operating lease liabilities |
38,010 |
48,605 |
||||
Other long-term liabilities |
2,930 |
1,205 |
||||
Deferred income taxes |
1,777 |
9,872 |
||||
Total long-term liabilities |
$ |
359,856 |
$ |
295,101 |
||
Total Liabilities |
$ |
503,995 |
$ |
443,272 |
||
Equity: |
|
|
||||
Total DXP Enterprises, Inc. equity |
347,068 |
343,802 |
||||
Non-controlling interest |
798 |
1,146 |
||||
Total Equity |
$ |
347,866 |
$ |
344,948 |
||
Total liabilities and equity |
$ |
851,861 |
$ |
788,220 |
||
Unaudited Reconciliation of Non-GAAP Financial Information |
||||||||||||||||
($ thousands, unaudited) |
||||||||||||||||
The following table is a reconciliation of free cash flow, a non-GAAP financial measure, to cash flow from operating activities, calculated and reported in accordance with U.S. GAAP. |
||||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||||
Net cash from operating activities |
$ |
15,435 |
|
$ |
33,822 |
|
$ |
107,675 |
|
$ |
41,306 |
|
||||
Less: purchases of property and equipment |
(142 |
) |
(7,873 |
) |
(6,672 |
) |
(22,120 |
) |
||||||||
Plus: proceeds from sales of property and equipment |
— |
|
— |
|
123 |
|
35 |
|
||||||||
Free cash flow |
$ |
15,293 |
|
$ |
25,949 |
|
$ |
101,126 |
|
$ |
19,221 |
|
||||
|
|
|
|
|
||||||||||||
The following table is a reconciliation of adjusted net income, a non-GAAP financial measure, to net income, calculated and reported in accordance with U.S. GAAP. |
||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||
GAAP Net Income (Loss) : |
$ |
(1,934 |
) |
$ |
2,176 |
$ |
(28,816 |
) |
$ |
36,035 |
||||
Impairment and other charges |
11,482 |
|
— |
59,883 |
|
— |
||||||||
Extinguishment of debt in connection with refinancing |
5,443 |
|
— |
5,443 |
|
— |
||||||||
Adjustment for taxes* |
(11,527 |
) |
— |
(22,363 |
) |
— |
||||||||
Non-GAAP net income |
$ |
3,464 |
|
$ |
2,176 |
$ |
14,147 |
|
$ |
36,035 |
||||
|
|
|
|
|
||||||||||
Weighted average common shares and common equivalent shares outstanding ** |
|
|
|
|
||||||||||
Basic |
17,777 |
|
17,603 |
17,748 |
|
17,592 |
||||||||
Diluted |
17,777 |
|
18,443 |
17,748 |
|
18,432 |
||||||||
|
|
|
|
|
||||||||||
Diluted earnings (loss) per share: |
||||||||||||||
GAAP ** |
$ |
(0.11 |
) |
$ |
0.12 |
$ |
(1.62 |
) |
$ |
1.96 |
||||
Non-GAAP |
$ |
0.19 |
|
$ |
0.12 |
$ |
0.76 |
|
$ |
1.96 |
||||
|
|
|
|
|
||||||||||
* Adjustment for taxes relates to the tax effects of the adjustments that we incorporated into non-GAAP measures in order to provide a more meaningful measure of non-GAAP net income. Also, we have included an adjustment for the normalizing of tax credits and adjustments. For tax purposes the year-to-date effective tax rate of 22.5 percent was applied to the impairment and other charges for conservative purposes. |
||||||||||||||
** Fiscal year 2020 diluted earnings per share for GAAP purposes was calculated using basic weighted average shares outstanding. Due to a loss for the period, convertible preferred stock shares are excluded from the computation of diluted EPS because the effect will be antidilutive. |
||||||||||||||
Kent Yee
Senior Vice President, CFO
713-996-4700
www.dxpe.com
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