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Oracle Soars 13% With Exceptional Growth and Boosts Nvidia Shares With Collaboration Announcement, and More
Source: IH Market News
Nvidia (NASDAQ:NVDA) – Nvidia shares are up 1.7% in Tuesday’s pre-market, driven by Oracle‘s (NYSE:ORCL) emphasis on its importance in the artificial intelligence market. After Monday’s close, Oracle announced a new cloud computing infrastructure deal with Nvidia. Nvidia shares closed lower on Monday, but Oracle CEO Safra Catz indicated a promising collaboration in an earnings call. The statements suggested a continued demand for AI chips, potentially alleviating concerns about Nvidia’s chip shortage.
Wegovy® receives FDA approval for cardiovascular risk reduction in adults with known heart disease and overweight or obesity
Source: PR Newswire (US)
Wegovy® (semaglutide) injection 2.4 mg is the first-and-only medicine indicated for both reduction of the risk of major adverse cardiovascular events (MACE) such as death, heart attack, or stroke and for long-term weight management1
The approval is based on the results of SELECT, the largest cardiovascular outcomes trial ever completed for people with obesity and known heart disease2
PLAINSBORO, N.J., March 8, 2024 /PRNewswire/ -- Novo Nordisk today announced that the U.S. Food and Drug Administration (FDA) has approved an additional indication for Wegovy® to reduce the risk of major cardiovascular events such as death, heart attack, or stroke in adults with known heart disease and with either obesity or overweight along with a reduced calorie diet and increased physical activity.1 This new indication adds to the prescribing label for Wegovy®, a prescription-only medicine previously approved help adults and children aged 12 years and older with obesity, or some adults with overweight who also have weight-related medical problems, to help them lose excess body weight and keep the weight off when used along with a reduced calorie diet and increased physical activity.1
Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9253451-novo-nordisk-wegovy-semaglutide-fda-approval/
"Today, we're taking a pivotal step forward in addressing some of the most pressing health issues of our time with the added indication for Wegovy®," said Doug Langa, Executive Vice President, Head of North America Operations, and President of Novo Nordisk Inc. "We recognize how important this moment is for the millions of people who live with excess weight or obesity and known heart disease, and we will continue to advance options that put their needs first. Reducing this risk is a key part of our commitment to driving change for this community, as we work to increase manufacturing capacity to responsibly supply this important medicine."
The FDA decision is based on the results of the landmark SELECT phase 3 cardiovascular outcomes trial that examined the effect of adding Wegovy® 2.4 mg or placebo to cardiovascular standard of care in adults with overweight and obesity with established CVD and without diabetes.2 Wegovy® 2.4 mg significantly reduced the risk for first occurrence of a three-part composite MACE endpoint consisting of cardiovascular death, non-fatal heart attack, or non-fatal stroke.1,2 The primary composite outcome occurred in 6.5% of patients treated with Wegovy® and 8.0% with placebo. The estimated relative risk reduction of MACE was 20% vs placebo (HR 0.80 [95% CI: 0.72, 0.90] p <0.001, absolute risk reduction of 1.5% at 40 months, the mean follow-up duration).1,2 The reduction of MACE with Wegovy® was not impacted by age, sex, race, ethnicity, baseline BMI, or level of renal function impairment.1,2
Safety data collection was limited to serious adverse events (including death), adverse events leading to discontinuation, and adverse events of special interest.1,2 In the SELECT trial, the proportion of patients for whom serious adverse events were reported was 33.4% in patients randomized to Wegovy® 2.4 mg and 36.4% of patients receiving placebo.2 Sixteen percent (16%) of Wegovy®-treated patients and 8% of placebo-treated patients, respectively, discontinued study drug due to an adverse event.1 The most common adverse event leading to discontinuation was gastrointestinal disorders, occurring in 10% of patients in the Wegovy® group and 2% in the placebo group.2
"This approval is a significant decision because people living with excess weight or obesity and established cardiovascular disease and without diabetes have never had an FDA-approved treatment option that lowers weight and reduces the likelihood of another cardiovascular event," said Dr. A. Michael Lincoff, Professor of Medicine at Cleveland Clinic and the lead study author of the SELECT outcomes trial. "For healthcare professionals, this approval provides a new treatment option to help us address cardiovascular residual risk that remains for patients on current standard of care."
Between 1999 and 2020, obesity-related cardiovascular disease deaths tripled in the U.S., according to the American Heart Association.3 In fact, more than one in three U.S. adults live with obesity,4 one of the leading risk factors contributing to heart disease and stroke.5
About the SELECT Trial
SELECT (Semaglutide Effects on Cardiovascular Outcomes in People with Overweight or Obesity) was a multicenter, randomized, double-blind, placebo-controlled, event-driven superiority trial designed to evaluate the efficacy of Wegovy® 2.4 mg versus placebo as an adjunct to cardiovascular standard of care for reducing the risk of major adverse cardiovascular events in people with established CVD with overweight or obesity with no prior history of diabetes.2
The trial, initiated in 2018, enrolled 17,604 adults and was conducted in 41 countries at more than 800 investigator sites.2
About Wegovy® (semaglutide) injection 2.4 mg
What is Wegovy®?
WEGOVY® (semaglutide) injection 2.4 mg is an injectable prescription medicine used with a reduced calorie diet and increased physical activity:
to reduce the risk of major cardiovascular events such as death, heart attack, or stroke in adults with known heart disease and with either obesity or overweight.
that may help adults and children aged 12 years and older with obesity, or some adults with overweight who also have weight-related medical problems, to help them lose excess body weight and keep the weight off.
Wegovy® contains semaglutide and should not be used with other semaglutide-containing products or other GLP-1 receptor agonist medicines.
It is not known if Wegovy® is safe and effective for use in children under 12 years of age.
Important Safety Information
What is the most important information I should know about Wegovy®?
Wegovy® may cause serious side effects, including:
Possible thyroid tumors, including cancer. Tell your healthcare provider if you get a lump or swelling in your neck, hoarseness, trouble swallowing, or shortness of breath. These may be symptoms of thyroid cancer. In studies with rodents, Wegovy® and medicines that work like Wegovy® caused thyroid tumors, including thyroid cancer. It is not known if Wegovy® will cause thyroid tumors or a type of thyroid cancer called medullary thyroid carcinoma (MTC) in people
Do not use Wegovy® if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC) or if you have an endocrine system condition called Multiple Endocrine Neoplasia syndrome type 2 (MEN 2)
Do not use Wegovy® if:
you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC) or if you have an endocrine system condition called Multiple Endocrine Neoplasia syndrome type 2 (MEN 2)
you have had a serious allergic reaction to semaglutide or any of the ingredients in Wegovy®
Before using Wegovy®, tell your healthcare provider if you have any other medical conditions, including if you:
have or have had problems with your pancreas or kidneys
have type 2 diabetes and a history of diabetic retinopathy
have or have had depression, suicidal thoughts, or mental health issues
are pregnant or plan to become pregnant. Wegovy® may harm your unborn baby. You should stop using Wegovy® 2 months before you plan to become pregnant
are breastfeeding or plan to breastfeed. It is not known if Wegovy® passes into your breast milk
Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements. Wegovy® may affect the way some medicines work and some medicines may affect the way Wegovy® works. Tell your healthcare provider if you are taking other medicines to treat diabetes, including sulfonylureas or insulin. Wegovy® slows stomach emptying and can affect medicines that need to pass through the stomach quickly.
What are the possible side effects of Wegovy®?
Wegovy® may cause serious side effects, including:
inflammation of your pancreas (pancreatitis). Stop using Wegovy® and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without vomiting. You may feel the pain from your abdomen to your back
gallbladder problems. Wegovy® may cause gallbladder problems, including gallstones. Some gallstones may need surgery. Call your healthcare provider if you have symptoms, such as pain in your upper stomach (abdomen), fever, yellowing of the skin or eyes (jaundice), or clay-colored stools
increased risk of low blood sugar (hypoglycemia), especially those who also take medicines for diabetes such as insulin or sulfonylureas. This can be a serious side effect. Talk to your healthcare provider about how to recognize and treat low blood sugar and check your blood sugar before you start and while you take Wegovy®. Signs and symptoms of low blood sugar may include dizziness or light-headedness, blurred vision, anxiety, irritability or mood changes, sweating, slurred speech, hunger, confusion or drowsiness, shakiness, weakness, headache, fast heartbeat, or feeling jittery
kidney problems (kidney failure). In people who have kidney problems, diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems to get worse. It is important for you to drink fluids to help reduce your chance of dehydration
serious allergic reactions. Stop using Wegovy® and get medical help right away, if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue, or throat; problems breathing or swallowing; severe rash or itching; fainting or feeling dizzy; or very rapid heartbeat
change in vision in people with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Wegovy®
increased heart rate. Wegovy® can increase your heart rate while you are at rest. Tell your healthcare provider if you feel your heart racing or pounding in your chest and it lasts for several minutes
depression or thoughts of suicide. You should pay attention to any mental changes, especially sudden changes in your mood, behaviors, thoughts, or feelings. Call your healthcare provider right away if you have any mental changes that are new, worse, or worry you
The most common side effects of Wegovy® may include: nausea, diarrhea, vomiting, constipation, stomach (abdomen) pain, headache, tiredness (fatigue), upset stomach, dizziness, feeling bloated, belching, low blood sugar in people with type 2 diabetes, gas, stomach flu, heartburn, and runny nose or sore throat.
Please see Medication Guide and Prescribing Information, Including Boxed Warning, for Wegovy at https://www.novo-pi.com/wegovy.pdf
About obesity and cardiovascular disease (CVD)
Obesity is a serious chronic, progressive, and misunderstood disease that requires long-term management.6,7,8 One key misunderstanding is that this is a disease of lack of willpower, when in fact there is underlying biology that may impede people with obesity from losing weight and keeping it off.6,8 Obesity is influenced by a variety of factors, including genetics, social determinants of health, and the environment.9
The prevalence of overweight and obesity is a public health issue that has severe cost implications to healthcare systems.10,11 In the U.S., about 42% of adults live with obesity.4
CVD is the leading cause of death in the U.S.12 More than 800,000 people die from CVD each year in the U.S. (1 in every 3 deaths) with about 160,000 of these deaths occurring in people younger than 65 years.13 Obesity increases the risk of developing high blood pressure or high blood cholesterol, both contributing factors to CVD.14,15 Residual risk for another cardiovascular event in people with obesity and known heart disease remains despite treatment of known cardiovascular risk factors such as high blood pressure and high cholesterol according to standard of care treatments.16,17
Novo Nordisk's commitment to the obesity and cardiovascular community is a long-term one, and we are investing significantly to build capacity to meet increasing demand. Please visit WegovySupply.com for the latest information.
About Novo Nordisk
Novo Nordisk is a leading global healthcare company that's been making innovative medicines to help people with diabetes lead longer, healthier lives for more than 100 years. This heritage has given us experience and capabilities that also enable us to drive change to help people defeat other serious chronic diseases such as obesity, rare blood, and endocrine disorders. We remain steadfast in our conviction that the formula for lasting success is to stay focused, think long-term, and do business in a financially, socially, and environmentally responsible way. With U.S. headquarters in New Jersey and commercial, production and research facilities in seven states plus Washington DC, Novo Nordisk employs approximately 8,000 people throughout the country. For more information, visit novonordisk-us.com, Facebook, Instagram, and X.
Novo Nordisk is committed to the responsible use of our semaglutide-containing medicines which represent distinct products with different indications, dosages, prescribing information, titration schedules, and delivery forms. These products are not interchangeable and should not be used outside of their approved indications.
Further information
References:
Wegovy® (semaglutide) injection 2.4 mg Prescribing Information. Plainsboro, NJ: Novo Nordisk Inc.; 2024.
Lincoff MA, Brown-Frandson K, Colhoun HM, et al. Semaglutide and Cardiovascular Outcomes in Obesity without Diabetes. N Engl J Med. 2023;389:2221-2232.
Raisi-Estabragh Z, Kobo O, Mieres JH, et al. Racial Disparities in Obesity-Related Cardiovascular Mortality in the United States: Temporal Trends From 1999 to 2020. J Am Heart Assoc. 2023;12:e028409.
Centers for Disease Control and Prevention. Adult obesity facts. Last accessed February 2024. Available at: https://www.cdc.gov/obesity/data/adult.html.
Centers for Disease Control and Prevention. Heart disease and stroke. Last Accessed: February 2024. Available at: https://www.cdc.gov/chronicdisease/resources/publications/factsheets/heart-disease-stroke.htm#.
Kaplan LM, Golden A, Jinnett K, et al. Perceptions of barriers to effective obesity care: Results from the national action study. Obesity. 2018;26(1):61-69.
Bray GA, Kim KK, Wilding JPH; World Obesity Federation. Obesity: a chronic relapsing progressive disease process. A position statement of the World Obesity Federation. Obes Rev. 2017;18(7):715-723.
Garvey WT, Mechanick JI, Brett EM, et al. American association of clinical endocrinologists and American College of Endocrinology comprehensive clinical practice guidelines for medical care of patients with obesity. Endocr Pract. 2016;22 Suppl 3:1-203.
Centers for Disease Control and Prevention. Causes of Obesity. Last accessed: February 2024. Available at: https://www.cdc.gov/obesity/basics/causes.html.
World Obesity Federation. World Obesity Atlas 2023. Last accessed: February 2024.Available at: https://www.worldobesity.org/resources/resource-library/world-obesity-atlas-2023.
Centers for Disease Control and Prevention. Why it Matters. Last accessed: February 2024. Available at: https://www.cdc.gov/obesity/about-obesity/why-it-matters.html.
Centers for Disease Control and Prevention. Leading Causes of Death. Last accessed: February 2024. Available at: https://www.cdc.gov/nchs/fastats/leading-causes-of-death.html.
MillionHearts. Costs & Consequences. Last accessed: February 2024. Available at: https://millionhearts.hhs.gov/learn-prevent/cost-consequences.html.
Centers for Disease Control and Prevention. Health Effects of Overweight and Obesity. Last accessed: February 2024. Available at: https://www.cdc.gov/healthyweight/effects/index.html.
Centers for Disease Control and Prevention. Know Your Risk for Heart Disease. Last accessed: February 2024. Available at: https://www.cdc.gov/heartdisease/risk_factors.htm.
Powell-Wiley, Tiffany M., et al. "Obesity and Cardiovascular Disease: A Scientific Statement From the American Heart Association." Circulation, vol. 143, no. 21, 25 May 2021.
Dhindsa DS, et al. "The Evolving Understanding and Approach to Residual Cardiovascular Risk Management." Frontiers in Cardiovascular Medicine, vol. 7(88); 1-11, 5/13/2020. 10.3389/fcvm.2020.00088.
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SOURCE Novo Nordisk
Copyright 2024 PR Newswire
Linde plc to Join the Nasdaq-100 Index® Beginning March 18, 2024
Source: GlobeNewswire Inc.
Nasdaq (Nasdaq: NDAQ) today announced that Linde plc (Nasdaq: LIN), will become a component of the Nasdaq-100 Index® (Nasdaq: NDX®), the Nasdaq-100 Equal Weighted™ Index (Nasdaq: NDXE™), the Nasdaq-100 Ex-Tech Sector™ Index (Nasdaq: NDXX™), and the Nasdaq-100 ESG™ Index (Nasdaq: NDXESG™) prior to market open on Monday, March 18, 2024. Linde plc will replace Splunk Inc. (Nasdaq: SPLK) in the Nasdaq-100 Index® and the Nasdaq-100 Equal Weighted™ Index. Splunk will also be removed from the Nasdaq-100 ESG™ Index (Nasdaq: NDXESG™) and the Nasdaq-100 Tech Sector™ Index (Nasdaq: NDXT™) on the same date.
For more information about the company, go to https://www.linde.com/.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund. Statements regarding Nasdaq’s proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
Media Contacts: Camille Stafford, Nasdaq and
Jennifer Lawson, Nasdaq
Issuer & Investor Contact: Index Client Services, Nasdaq
Indexservices@nasdaq.com
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Applied Materials Increases Cash Dividend by 25 Percent
Source: GlobeNewswire Inc.
Applied Materials, Inc. today announced that its Board of Directors has approved a 25-percent increase in the quarterly cash dividend from $0.32 to $0.40 per share. The dividend is payable on June 13, 2024 to shareholders of record as of May 23, 2024.
“Our latest dividend increase reflects our confidence in Applied Materials’ ability to generate profitable growth and strong free cash flow,” said Brice Hill, Senior Vice President and CFO. “We believe Applied can continue to outperform the semiconductor equipment market in the years ahead, and we expect our services business to deliver double-digit growth and more than enough operating profit to support a growing dividend.”
The quarterly cash dividend is a key component of Applied’s capital allocation strategy. Today’s announcement marks the seventh consecutive year that Applied has raised its dividend. In March 2023, Applied announced a 23.1-percent increase in the quarterly cash dividend from $0.26 to $0.32 per share and indicated its intention to increase the dividend at an accelerated rate over the next several years, which would double the previous dividend per share. With the increase announced today, Applied has grown its quarterly dividend paid per share at a 15-percent compound annual growth rate over the past 10 years.
Forward-Looking Statements
This press release contains forward-looking statements, including those regarding our ability to generate growth and free cash flow and to increase the dividend at an accelerated rate, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products, our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; global economic, political and industry conditions, including rising inflation and interest rates; the implementation and interpretation of new export regulations and license requirements, and their impact on our ability to export products and provide services to customers and on our results of operations; global trade issues and changes in trade and export license policies; our ability to obtain licenses or authorizations on a timely basis, if at all; consumer demand for electronic products; the demand for semiconductors; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the effects of geopolitical turmoil or conflicts, and of regional or global health epidemics; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations and other risks and uncertainties described in our SEC filings, including our recent Forms 10-Q and 8-K. While we expect to continue to pay dividends in the future, the declaration of any future dividends or dividends at any particular rate is subject to the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination by the Board of Directors that dividends are in the best interests of our stockholders. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.
About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.
Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Michael Sullivan (financial community) 408.986.7977
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SERVE ROBOTICS INC. /DE/
FORM 8-K
(Current report filing)
Filed 03/07/24 for the Period Ending 03/07/24
https://www.otcmarkets.com/filing/conv_pdf?id=17351648&guid=zId-kHCNU1nKJth
SERVE ROBOTICS INC. /DE/
Address
Telephone CIK Symbol SIC Code Fiscal Year
FORM S-1
(Securities Registration Statement)
Filed 03/11/24
https://www.otcmarkets.com/filing/conv_pdf?id=17356856&guid=zId-kHCNU1nKJth
$APSI
💰0.0398
Pink Current, AS: 200M, OS: 17M, US: 17M
Update Delay: 72 hours
Business Description Updated:
🔴 Our mission is to build a company that provides efficient and reliable logistics and transportation solutions that exceed the expectations of our clients and partners. We strive
to be the industry leader by continuously improving our services, investing in the latest
technologies, and valuing the safety and well-being of our employees and customers. Our
goal is to build long-term relationships with our clients and partners through exceptional
service, innovation, and a commitment to excellence.
🟢 Our mission is to build a company that provides efficient and reliable logistics and transportation solutions that exceed the expectations of our clients and partners. We strive to be the industry leader by continuously improving our services, investing in the latest technologies, and valuing the safety and well-being of our employees and customers. Our goal is to build long-term relationships with our clients and partners through exceptional service, innovation, and a commitment to excellence.
Facilities Description Updated:
🔴 Aqua Power Systems Inc. presently maintains a business office located at 2180 North Park Ave, Suite 200, Winter Park, FL 32789. The offices are being provided by an Officer/Director of the Company. The office is an individually owned and maintained office condo within an office condo complex.
🟢 Aqua Power Systems Inc. presently maintains a business office located at 2180 North Park Ave, Suite 200, Winter Park, FL 32789. The Company has additional offices and facilities utilized by the Company's wholly owned subsidiary Tradition Transport Group, Inc.
Number of Employees Updated:
🔴 215
🟢 165
Phone Updated:
🔴 +1 (407) 674-9444
🟢 +1 4076749444
Chart, OTC Profile, Twitter, @otcupdates
t.me/otcupdates
/66990
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Mar 10 at 11:11
Fido’s borrow rate is 21.625%
NewtekOne, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results
Source: GlobeNewswire Inc.
NewtekOne, Inc. (Nasdaq: NEWT), announced today its financial and operating results for the three and twelve months ended December 31, 2023.
This is NewtekOne's fourth quarter reporting, and third full quarter reporting, as a financial holding company following the Company's January 6, 2023 completion of the acquisition of National Bank of New York City ("NBNYC") (renamed Newtek Bank, N.A.) and the withdrawal of NewtekOne's BDC election. NewtekOne now consolidates the balance sheets and results of operations of its former portfolio companies (now consolidated subsidiaries) and no longer applies investment company accounting.
Barry Sloane, CEO, President and Chairman commented, “We are pleased to report our first full year as a financial holding company owning Newtek Bank, a nationally chartered bank. We achieved basic earnings per share (EPS) of $1.71 and diluted EPS of $1.70, in line with our previously issued annual earnings guidance of $1.60 to $1.80 per basic and diluted common share. For 2024, we are currently forecasting annual EPS in a range of $1.80 to $2.00 per basic and diluted common share, which would represent an approximate 11% increase from 2023 EPS to the midpoint of the 2024 forecasted range. We believe that we can achieve double-digit controlled EPS growth in today’s environment, given the majority of our net revenue is non-interest-bearing, making our business model unique and valuable. For the full year 2023, Newtek Bank realized return on average assets ("ROAA") of 5.8%, return on tangible common equity ("ROTCE") of 35.8%, and an efficiency ratio of 49.8%. NewtekOne, Newtek Bank's financial holding company, realized ROAA of 3.2%, and ROTCE of 22.7%1. We believe these metrics clearly depict a thriving business; one that serves independent business owners in all 50 states and that is well positioned for financial and operational growth in future quarters, demonstrated by our expanding net interest margin. Our operating structure does not use branches, traditional bankers, brokers, or business development officers to source business opportunities, and instead, relies upon the patented NewTracker(R) system which generates approximately 1,000 unique business referrals each day. Unlike other financial holding companies, we have been able to expand our business during these difficult times in the banking sector, which we attribute to our unique and time-tested business model that utilizes technology to minimize or eliminate the concept of traditional bankers, brokers, branches and business development officers. With NewtekOne’s common equity Tier-1 capital (CET1) ratio of 16.5%, total capital ratio of 19.6%, and 15.6% leverage ratio, we believe we have the equity to continue to grow our business, pay an attractive market dividend and grow retaining earnings.”
Mr. Sloane continued, “With 2023 behind us, we can look back with pride over the year’s multiple accomplishments and building a strong foundation for our future. The conversion from a BDC to a financial holding company resulted in the Company no longer qualifying as a regulated investment company (RIC) for federal income tax purposes and no longer qualifying for accounting treatment as an investment company. Accordingly, we believe prior year and year-over-year comparisons are difficult and it is important to analyze many of our financial metrics on a quarter-over-quarter sequential basis. Additionally, when analyzing NewtekOne, we also believe it is important to consider our time-tested, differentiated business model which has provided multiple streams of income from its lines of business. These changes came with many operational and accounting challenges. We are on a path to realizing our goal of being recognized as the premier business and financial solutions provider for independent business owners in the U.S. By purchasing a nationally chartered bank, we were able to add depository services to our already-robust menu of high-quality business and financial solutions that we believe can enable our clients to operate at a higher level. Most of our clients go to their depository institutions multiple times per week or month. Extremely important to note is that our conversion to a bank holding company in no way implies that NewtekOne and Newtek Bank will look like or operate like the universe of traditional bank holding companies or banks. As a result, we do not think we should be valued like a traditional bank, as our business model offers our investors more than net interest income, and therefore, we believe should garner distinct valuation compared to the universe of traditional banks. We also value this non-interest income as reoccurring income. We firmly believe that our business model can be executed with prudent risk management practices while servicing our clients with multiple solutions that can enhance their business and commercial endeavors. Our operating metrics are built on growth objectives with respect to ROA, ROE, and efficiency ratios, which we believe is distinct from the asset-growth strategies of the traditional banking industry. During our call tomorrow morning, we will illustrate our differentiated model through the discussion of detailed performance metrics.”
NewtekOne Fourth Quarter 2023 Financial Highlights
As noted above, we believe it is important to analyze many of our financial metrics on a quarter-over-quarter sequential basis:
Net income was $13.4 million, or $0.53 per basic and diluted common share, for the three months ended December 31, 2023, a 20.5% increase on a per share basis over net income of $10.9 million, or $0.43 per basic and diluted common share, for the three months ended September 30, 2023.
Net interest income was $8.3 million for the three months ended December 31, 2023; an increase of 2.5% over $8.1 million for the three months ended September 30, 2023.
Total assets were $1.4 billion at December 31, 2023, which remained relatively consistent to the balance at September 30, 2023.
Total borrowings were $644.1 million at December 31, 2023; a decrease of 0.7% from $648.7 million at September 30, 2023.
Loans held for investment were $806.8 million at December 31, 2023; an increase of 4.2% over $774.6 million at September 30, 2023.
Cash and cash equivalents were $184.0 million, including $30.9 million of restricted cash, at December 31, 2023; a decrease of 17.7% from to $223.7 million, including $70.7 million of restricted cash, at September 30, 2023.
Net interest margin2 was 2.83% for the three months ended December 31, 2023; an increase of 4.4% over 2.71% for the three months ended September 30, 2023.
ROTCE of 20.4% for the three months ended December 31, 2023; a decrease of 16.0% over 24.3% for the three months ended September 30, 2023.
ROAA1,2 of 3.7% for the three months ended December 31, 2023; an increase of 19.4% over 3.1% for the three months ended September 30, 2023.
Efficiency ratio2 of 61.2% for the three months ended December 31, 2023; a decrease of 4.1% compared to 63.8% for the three months ended September 30, 2023.
Total risk-based capital ratio2 was 19.6% at December 31, 2023; an increase of 10.7% over 17.7% at September 30, 2023.
Tier-1 leverage ratio2 was 15.6% at December 31, 2023; an increase of 6.8% over 14.6% at September 30, 2023.
On January 12, 2024, the Company paid its fourth quarterly cash dividend as a financial holding company of $0.18 per share to shareholders of record as of December 29, 2023.
The Company is forecasting full year 2024 EPS in a range of $1.80 to $2.00 per basic and diluted common share, which would represent a 13.1% increase from full year 2023 EPS of $1.70 from the midpoint of the full year 2024 forecasted range.
NewtekOne Financial Highlights Twelve Months Ended December 31, 2023
Net income was $43.0 million, or $1.71 per basic common share and $1.70 per diluted common share, for the twelve months ended December 31, 2023, which is line with our previously stated full year earnings guidance of $1.60 to $1.80 per basic and diluted common share.
Net interest income was $26.6 million for the twelve months ended December 31, 2023.
Newtek Bank, N.A.
Total deposits were $463.5 million at December 31, 2023, which represents a 227.3% increase in deposits, compared to $141.6 million in deposits at NBNYC at December 31, 2022.
Insured deposits represented approximately 73.6% of total deposits at December 31, 2023.
Net interest margin2 was 4.43% for the three months ended December 31, 2023; an increase of 26.9% over 3.49% for the three months ended September 30, 2023.
ROTCE1,2 of 66.7% for the three months ended December 31, 2023; an increase of 51.6% over 44.0% for the three months ended September 30, 2023.
ROAA1,2 of 10.0% for the three months ended December 31, 2023; an increase of 66.7% over 6.0% for the three months ended September 30, 2023.
Efficiency ratio1,2 of 34.4% for the three months ended December 31, 2023; a decrease of 14.6% compared to 40.3% for the three months ended September 30, 2023.
Total risk-based capital ratio2 was 22.2% at December 31, 2023, a decrease of 11.2% from 25.0% at September 30, 2023.
Tier-1 leverage ratio2 was 16.4% at December 31, 2023; an increase of 10.1% from 14.9% at September 30, 2023.
Lending Highlights
In April 2023, the Company began funding SBA 7(a) loans out of Newtek Bank with Preferred Lender Program (PLP) status.
Total SBA 7(a) loan fundings of $260.7 million for the three months ended December 31, 2023; an increase of 24.2% over $209.9 million of SBA 7(a) loans funded for the three months ended September 30, 2023.
Total SBA 7(a) loan fundings of $815.0 million for the twelve months ended December 31, 2023.
The Company forecasts $925.0 million in total SBA 7(a) loan fundings for 2024, which would represent a 13.5% increase over 2023.
Newtek Bank closed $60.5 million of SBA 504 loans for the three months ended December 31, 2023; an increase of 241.7% over $17.7 million SBA 504 loans closed for the three months ended September 30, 2023.
Total SBA 504 loan closings of $142.9 million for the twelve months ended December 31, 2023.
Newtek Bank and the Company’s non-bank subsidiaries closed a record $1.1 billion of loans, across all loan products, for the twelve months ended December 31, 2023, compared to $911.5 million of loans closed by NewtekOne, its subsidiaries and portfolio companies for the same period in 2022.
________________________
1 Non-GAAP; reconciliations of non-GAAP financial measures to the most comparable GAAP measures are set forth on the last page of the financial information accompanying this press release.
2 Assets under supervision, capital ratios, risk-weighted assets and supplementary leverage ratio are preliminary data and subject to change prior to any filings with regulatory agencies and the filing of our Form 10-K for the year ended December 31, 2023.
The Company’s 2023 prior-period comparative financial statements have been adjusted to correct errors made in the Company’s condensed financial statements previously issued in the first, second, and third quarters of 2023. Amounts referenced in this press release refer to results on an "As Adjusted" basis unless otherwise noted. Specifically, as set forth in the "Summary of Revisions to Prior Period Financial Statements," annexed hereto, which revises certain line items in the Company’s condensed financial information for the first, second, and third quarters of 2023 as previously reported, the Company’s: (i) year-to-date EPS (basic and diluted) reflects an increase of $0.08 per share and $0.07 per share, respectively; (ii) year-to-date Net Income reflects an increase of $1.1 million; and (iii) Total Assets reflects an increase of $7.5 million. The increases in Total Assets was primarily driven by the recognition of net deferred tax assets and income tax receivables as well as intangible assets. The increases in Net Income resulted principally from the after-tax impact of the recognition of servicing assets at Newtek Bank, and the recognition of deferred loan origination costs, net, in connection with accounting for loans originated by Newtek Bank. The revised calculations of EPS are attributed to application of the treasury stock and if-converted methods, as well as revisions to the allocation of undistributed earnings to preferred stock under the two class method, in conjunction with other adjustments to net income. The Company's management continues to assess the effectiveness of the Company’s internal controls over financial reporting (“ICFR”), including any deficiencies in ICFR which led to these accounting errors.
Continuing, Mr. Sloane said, “The goal of owning a nationally chartered bank was the recognition that our client base communicates with their bank digitally with high frequency, so the opportunity and our ability to communicate with our clients through our Newtek Advantage® platform, and assist them on a daily basis to become part of their operating ecosystem, has been our goal and is now closer to reality. We have witnessed the customer traffic to Newtekone.com and Newtekbank.com increase to approximately 18,000 unique digital visitors per month, providing our customers with the opportunity to access the Newtek Advantage®, communicate with us, and see all we have to offer. We will discuss these concepts and the value of these impressions on our call tomorrow. We seek to employ the most cutting-edge technology and AI in order to enhance the client experience, improve work flow processes, and acquire clients in an environment that has less friction and higher levels of business satisfaction.”
Mr. Sloane concluded, “We spent a good part of 2023 building out our bank infrastructure, continuing to hire top-quality executives and establishing additional policies and procedures, all at a great expense, an investment we believe will provide a great return in the future. Obviously, the investment and upfront expense is to better enable us to safely and soundly grow our business, and develop a lasting infrastructure. Also important to note, is that we have been able to grow our loan-loss reserves dramatically during our first twelve months of operations ending December 31, 2023. We ended 2023 with a 3.1% loan loss reserve to loans held for investment, and we expect to prudently manage credit risk and related reserves as the future conditions of the economy take shape. We are excited about our results for 2023 and discussing them in greater detail during our conference call scheduled for tomorrow at 8:30am EST. Please visit our website and review our Fourth Quarter and Full Year 2023 Presentation.”
Fourth Quarter and Full Year 2023 Conference Call and Webcast
A conference call to discuss the fourth quarter and full year 2023 financial results will be hosted by Barry Sloane, President, Chairman and Chief Executive Officer, M. Scott Price, Chief Financial Officer, and Nick Leger, Chief Accounting Officer, tomorrow, Wednesday, March 6, 2024, 8:30 a.m. ET.
Please note, to attend the conference call or webcast, participants should register online at NewtekOne, Inc. Q4 and Full Year 2023 Financial Results Conference Call. To receive a dial-in number, participants are requested to register at a minimum 15 minutes before the start of the call. The corresponding presentation will be available in the ‘Events & Presentations’ section of the Investor Relations portion of NewtekOne's website at NewtekOne, Inc. Q4 and FY 2023 Financial Results Conference Call. A replay of the call with the corresponding presentation will be available on NewtekOne's website shortly following the live presentation and will be available for a period of 90 days.
Note Regarding Dividend Payments
Amount and timing of dividends, if any, remain subject to the discretion of the Company's Board of Directors.
About NewtekOne, Inc.
NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries, (collectively, “NewtekOne”), provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business (“SMB”) market. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk.
NewtekOne’s and its subsidiaries’ business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
Newtek®, NewtekOne®, Newtek Bank®, N.A., Your Business Solutions Company® and One Solution for All Your Business Needs® are registered trademarks of NewtekOne, Inc.
Note Regarding Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the rules and regulations of the Private Securities Litigation and Reform Act of 1995. Information regarding the Company’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio and balance sheet data consists of preliminary estimates and are subject to change prior to any filings with regulatory agencies and filing of the Company's Form 10-K for the period ended December 31, 2023. These statements and other forward-looking statements herein are based on the current beliefs and expectations of NewtekOne's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. In addition, earnings per share guidance reflects risks, uncertainties and assumptions with respect to facts and circumstances that are beyond our control, in particular concerning interest rates, monetary policy and prevailing economic conditions (including the impacts from a government shutdown ) during the relevant periods, any of which may differ significantly from our assumptions about the applicable period, causing our actual operating results, including our earnings per share, to differ materially from the stated guidance. See “Note Regarding Forward-Looking Statements” and the sections entitled “Risk Factors” in our filings with the Securities and Exchange Commission available on NewtekOne's website (https://investor.newtekbusinessservices.com/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). Any forward-looking statements made by or on behalf of NewtekOne speak only as to the date they are made, and NewtekOne does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
SOURCE: NewtekOne, Inc.
Investor Relations & Public Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com
AeroVironment (NASDAQ:AVAV) – AeroVironment exceeded expectations with third-quarter profits, driven by strong demand. Net profit reached $13.9 million, while revenue rose to $186.6 million. President Wahid Nawabi anticipates the company’s best year to date. Shares are up 18.4% in Tuesday’s pre-market.
AeroVironment Announces Fiscal 2024 Third Quarter Results
Source: Business Wire
AeroVironment, Inc. (“AeroVironment” or the “Company”) reported today financial results for the fiscal third quarter ended January 27, 2024.
Third Quarter Highlights:
Record third quarter revenue of $186.6 million, up 39% year-over-year
Third quarter net income of $13.9 million and adjusted EBITDA of $28.8 million, increases of $14.6 million and $5.1 million, year-over-year, respectively
Funded backlog of $462.8 million as of January 27, 2024
“Once again, AeroVironment has delivered outstanding results, including a record for third quarter revenue that’s nearly 40% above the same period last fiscal year,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Solid bottom-line results, fueled by record demand and strong operating execution, have us on track for our best year ever. In addition, the Company continues to show tremendous growth in the Loitering Munition Systems segment, which delivered record revenue in the quarter.
“With the increased global demand for our solutions, strong backlog and growing pipeline, AeroVironment remains well positioned for continued growth. As such, we are raising and narrowing our fiscal year revenue guidance for 2024 to between $700 million and $710 million, and we continue to anticipate double-digit revenue growth in fiscal year 2025.”
FISCAL 2024 THIRD QUARTER RESULTS
Revenue for the third quarter of fiscal 2024 was $186.6 million, an increase of 39% as compared to $134.4 million for the third quarter of fiscal 2023, reflecting higher product sales of $64.7 million, partially offset by lower service revenue of $12.5 million. From a segment standpoint, the year-over-year increase was due to revenue growth in Loitering Munitions Systems (“LMS”) of 140% and Unmanned Systems (“UMS”) of 23%, partially offset by a decrease in MacCready Works (“MW”) of 13%.
Gross margin for the third quarter of fiscal 2024 was $67.3 million, an increase of 48% as compared to $45.5 million for the third quarter of fiscal 2023, reflecting higher product margin of $20.1 million and higher service gross margin of $1.7 million. As a percentage of revenue, gross margin increased to 36% from 34%, primarily due to an increase in the proportion of product revenue to total revenue, partially offset by an unfavorable product mix. Gross margin was favorably impacted by a decrease in depreciation charges for in-service assets of $5.3 million related to the closure of COCO site locations during fiscal year 2023. Gross margin was negatively impacted by $4.0 million of intangible amortization expense and other related non-cash purchase accounting expenses in the third quarter of fiscal 2024 as compared to $3.3 million in the third quarter of fiscal 2023.
Income from operations for the third quarter of fiscal 2024 was $14.3 million as compared to $4.6 million for the third quarter of last fiscal year. The increase year-over-year was primarily due higher gross margin of $21.8 million, partially offset by increases in research and development (“R&D”) expense of $9.0 million and selling, general and administrative (“SG&A”) expense of $3.1 million.
Other income, net, for the third quarter of fiscal 2024 was $0.9 million, as compared to other loss, net of $5.4 million for the third quarter of last fiscal year. The increase in other income, net was primarily due to increases in net unrealized gains on investment holdings and interest income and a decrease in interest expense.
Provision for income taxes for the third quarter of fiscal 2024 was $1.3 million, as compared to a benefit of $(0.5) million for the third quarter of last fiscal year. The increase in provision for income taxes was primarily attributable to an increase in income before income taxes.
Net income attributable to AeroVironment for the third quarter of fiscal 2024 was $13.9 million, or $0.50 per diluted share, as compared to net loss attributable to AeroVironment of $(0.7) million, or $(0.03) per diluted share, in the prior-year period, respectively.
Non-GAAP adjusted EBITDA for the third quarter of fiscal 2024 was $28.8 million and non-GAAP earnings per diluted share were $0.63, as compared to $23.7 million and $0.33, respectively, for the third quarter of fiscal 2023.
BACKLOG
As of January 27, 2024, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $462.8 million, as compared to $424.1 million as of April 30, 2023.
FISCAL 2024 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2024, the Company now expects revenue of between $700 million and $710 million, net income of between $51 million and $55 million, Non-GAAP adjusted EBITDA of between $122 million and $127 million, earnings per diluted share of between $1.86 and $2.00 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses and equity securities investments gains or losses, of between $2.69 and $2.83.
The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, AeroVironment, Inc. will host a conference call today, Monday, March 4, 2024, at 4:30 pm Eastern Time that will be webcast live. Wahid Nawabi, chairman, president and chief executive officer, Kevin P. McDonnell, chief financial officer and Jonah Teeter-Balin, senior director corporate development and investor relations, will host the call.
Investors may access the call by registering via the following participant registration link up to ten minutes prior to the start time.
Participant registration URL: https://register.vevent.com/register/BI2e69517f68da41c0ade849312a1992e2
Investors may also listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.
A supplementary investor presentation for the third quarter fiscal year 2024 can be accessed at https://investor.avinc.com/events-and-presentations.
Audio Replay
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) is a global leader in intelligent multi-domain robotic systems, uncrewed aircraft and ground systems, sensors, software analytics and connectivity. Headquartered in Arlington, Virginia, AeroVironment delivers actionable intelligence so our customers can proceed with certainty. For more information, visit www.avinc.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.
Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our ability to successfully close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business, including the acquisition of Tomahawk Robotics; the recording of goodwill and other intangible assets as part of acquisitions that are subject to potential impairments in the future and any realization of such impairments; any actual or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government, including uncertainties in classification, pricing or potentially burdensome imposed terms for certain types of government contracts; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending, including due to continuing resolutions; adverse impacts of a U.S. government shutdown; our reliance on limited relationships to fund our development of HAPS UAS; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; the extensive and increasing regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats or the risk of unauthorized access to and resulting misuse of our, our customers’ and/or our suppliers’ information and systems; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; unexpected changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; any increase in litigation activity or unfavorable results in legal proceedings, including pending class actions; our ability to respond and adapt to legal, regulatory and government budgetary changes, including those resulting from the impact of pandemics and similar outbreaks; our ability to comply with the covenants in our loan documents; our ability to attract and retain skilled employees; the impact of inflation; and general economic and business conditions in the United States and elsewhere in the world; and the failure to establish and maintain effective internal control over financial reporting. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures
ASML reports transactions under its current share buyback program
Source: GlobeNewswire Inc.
ASML reports transactions under its current share buyback program
VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program.
Date Total repurchased shares Weighted average price Total repurchased value
26-Feb-24 10,532 €866.47 9,125,644
27-Feb-24 6,012 €878.01 5,278,623
28-Feb-24 12,829 €868.56 11,142,777
29-Feb-24 11,276 €864.61 9,749,310
01-Mar-24 6,203 €879.25 5,453,982
ASML’s current share buyback program was announced on 10 November 2022, and details are available on our website at https://www.asml.com/en/news/share-buybacks
This regular update of the transactions conducted under the buyback program is to be made public under the Market Abuse Regulation (Nr. 596/2014).
Media Relations Contacts Investor Relations Contacts
Monique Mols, phone +31 6 528 444 18 Skip Miller, phone +1 480 235 0934
Marcel Kemp, phone +31 40 268 6494
Peter Cheang, phone +886 3 659 6771
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Biohaven Reports Fourth Quarter and Full Year 2023 Financial Results and Recent Business Developments
Source: PR Newswire (US)
Driving clinical, regulatory, and operational excellence across five innovative platforms focused on immunology, neuroscience, and oncology:
Portfolio targeting large indications including obesity, epilepsy, bipolar disorder, depression, obsessive-compulsive disorder (OCD), migraine, pain, Alzheimer's disease, Parkinson's disease, multiple sclerosis, rheumatoid arthritis, and cancer. Also advancing potential novel treatments for rare autoimmune and inflammatory diseases, including myasthenia gravis, cardiomyopathy, spinal muscular atrophy (SMA) and IgA nephropathy.
Pivotal clinical data milestones expected across three distinct programs:
First-in-human Phase 1 study with BHV-1300 initiated in 1Q 2024. Preliminary immunoglobulin G (IgG) lowering data from the single ascending dose (SAD) portion of the study expected in late 1Q 2024/early 2Q 2024. The MAD portion of the study is being planned in a relevant patient population with the possibility of benefit from BHV-1300.
Phase 3 database lock for interim efficacy analysis with troriluzole in OCD remains on schedule for 1Q 2024, with results expected in 2Q 2024.
Phase 3 topline data in ongoing fully enrolled SMA study with taldefgrobep expected 2H 2024.
Multiple trial initiations and Investigational New Drug (IND) filings projected over next three years present potential for continued growth and value creation.
NEW HAVEN, Conn., Feb. 29, 2024 /PRNewswire/ -- Biohaven Ltd. (NYSE: BHVN) (Biohaven or the Company), a global clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of life-changing therapies to treat a broad range of rare and common diseases, today reported financial results for the fourth quarter and full year ended December 31, 2023, and provided a review of recent accomplishments and anticipated upcoming developments.
(PRNewsfoto/BIOHAVEN LTD)
Vlad Coric, M.D., Chairman and Chief Executive Officer of Biohaven, commented, "We embarked on a bold execution plan after completing our spin-off, re-emerging as a separate entity focused on immunology, neuroscience, and oncology. In just over a year's time, we made tremendous strides in progressing our programs, providing impressive and supportive pre-clinical and clinical outcomes for our key stakeholders, including patients, who may gain access to differentiated drugs for difficult to treat medical conditions.
Today we are focused on delivering outcomes across five platforms spanning inflammation and immunology, ion channel modulation, myostatin inhibition, glutamate modulation, and oncology. In the year ahead, we expect to deliver potentially groundbreaking data across three distinct programs. In the near-term, we expect to report first-in-human Phase 1 IgG lowering data with our pan-IgG degrader, BHV-1300, with broad potential application. Given the profoundly deep and rapid reduction in IgG levels observed in non-human primate studies, unique ability to co-administer with Fc-containing biologics, ease of self-administration, and favorable toxicology profile observed to date, we are eagerly awaiting the proof-of-concept human data. We also plan to report OCD Phase 3 topline data in the second quarter of 2024 from an interim analysis with our glutamate modulating agent, troriluzole. There has been little to no innovation in advancing treatments for this disorder in decades and a win in this Phase 3 trial would be a substantial clinical success for the three million patients across the OCD community, many of whom are plagued by debilitating intrusive thoughts and compulsions. And finally, we're expecting Phase 3 topline data in the second half of the year with our anti-myostatin compound, taldefgrobep alfa, for patients with SMA.
Dr. Coric continued, "Beyond data expectations, we are excited with the progress made across the balance of our portfolio, starting with our Kv7 ion channel activation program, where we have operationalized over 110 clinical trial sites in our focal epilepsy trials and are advancing development programs in generalized epilepsy, bipolar disorder, and major depressive disorder. Excitement is also mounting for the potential of taldefgrobep alfa in weight loss, a compound that we believe will maintain and grow muscle mass as a means of helping to address the global obesity crisis. We also expect to deliver additional trial initiations across our broad IgG degrader program targeting both large indications and rare autoimmune/inflammatory diseases, TYK2/JAK1 inhibition in neuroinflammatory disorders, TRPM3 antagonism initially in migraine and neuropathic pain, and with our antibody drug conjugates program in an array of oncology indications. We are passionate about helping patients in need, and excited about our portfolio, the skilled drug development team we have in place, and the vast opportunity in the year ahead."
Full Year and Recent Business Highlights
Ion Channel Platform - Milestones and Next Steps:
Kv7 Ion Channel Activation: Epilepsy & Neuropsychiatric Indications
BHV-7000, the lead asset from the Kv7 platform, is a selective activator of Kv7.2/Kv7.3, a key ion channel involved in regulation of neuronal signaling and hyperexcitability.
Reported BHV-7000 Phase 1 study results: In December 2023, the Company reported full results from the BHV-7000 Phase 1 SAD and multiple ascending dose (MAD) studies examining doses up to 120mg daily, demonstrating BHV-7000 was well-tolerated at all doses studied without the typical central nervous system (CNS) adverse effects associated with other anti-seizure medications (ASMs), such as somnolence and cognitive/mood disturbances. Results were consistent with previously reported preclinical data demonstrating BHV-7000's lack of GABAA receptor activation and lack of adverse impacts on neurobehavior in preclinical testing.
Demonstrated CNS target engagement: In December 2023, the Company reported additional data from a Phase 1 electroencephalogram (EEG) biomarker study, where BHV-7000 demonstrated dose-dependent target engagement in the brain as shown by dose-dependent effects on EEG spectral power across all frequency bands. While changes in spectral power were observed across all frequency bands with BHV-7000, the minimal impact on slower frequencies (i.e., delta) is consistent with the low incidence of CNS adverse events observed in the BHV-7000 Phase 1 SAD/MAD studies. EEG delta activity is associated with somnolence, an undesirable CNS adverse event commonly reported with other ASMs.
Developed once-daily formulation: In September 2023, the Company announced it had formulated an extended release, once-a-day tablet designed to achieve target therapeutic concentrations (25mg, 50mg and 75mg). This dosing approach with a Kv7 activator will allow for assessment of distinct target concentrations over a wide range, above and below projected efficacious EC50 drug concentrations, not previously feasible with drugs in this class.
Sites operationalized: In January 2024, the Company completed its End-of-Phase 2 meeting with FDA to advance to Phase 3 trials and announced that more than 110 global clinical sites have been selected in the ongoing focal epilepsy trial, with enrollment planned for 1Q 2024.
Upcoming trial initiations: The Company expects to initiate Phase 2/3 programs in focal epilepsy in 1Q 2024 and in generalized epilepsy in 2Q 2024; the Company also expects to initiate a Phase 2 study in major depressive disorder and a Phase 2/3 study in bipolar disorder in 1H 2024.
TRPM3 Ion Channel Antagonism: Migraine & Neuropathic Pain
BHV-2100 is an oral, selective TRPM3 antagonist offering a novel, non-addictive treatment for migraine and neuropathic pain.
Phase 1 study data supports evaluation in acute migraine: In January 2024, the Company detailed preliminary pharmacokinetic (PK) and safety data from an ongoing Phase 1 study; in the study, BHV-2100 was rapidly absorbed, achieved 90% inhibitory concentrations within one hour, and was well tolerated at projected therapeutic concentrations
Upcoming trial initiations: The Company expects to initiate a BHV-2100 Phase 2 study in acute migraine in 2H 2024 and conduct a POC study for neuropathic pain in 2H 2024.
Inflammation and Immunology Platform - Milestones and Next Steps:
Targeted Extracellular Protein Degradation:
Molecular Degraders of Extracellular Proteins (MoDEs™) uniquely harness the hepatic ASGPR receptor for efficient and safe removal of circulating pathogenic targets; BHV-1300, is an IgG degrader.
Reported on progress with BHV-1300: The Company has demonstrated the effect of a single dose of BHV-1300 in lowering IgG in nonhuman primates (NHPs), previously reporting over 75-80% reduction of IgG levels from baseline in three days. These data compare favorably to other IgG targeting agents, such as the FcRn inhibitor efgartigimod, where reduction of IgG levels, following a single dose, was shown to be approximately 50% in 5-7 days. In September 2023, the Company announced positive multiple dose, pharmacodynamic (PD) data from a NHP study with BHV-1300 demonstrating dose-dependent reductions of over 90% in IgG levels from baseline, suggesting the potential for achieving greater efficacy with finely calibrated, deeper IgG reductions as compared with existing standard of care FcRn targeting treatments.
Demonstrated potential for same-day, co-administration with Fc-containing biologics: In January 2024, the Company presented new NHP data demonstrating that Biohaven's IgG degrader technology allows for co-administration with Fc-containing biologics; PK of Humira® was unaltered after being dosed 12 hours after BHV-1300 administration.
Reported preclinical pharmacodynamic data with single dose of BHV-1310: In January 2024, the Company showed that a next generation and optimized IgG degrader, BHV-1310, allowed for much deeper 90% reductions in IgG after a single dose. Given the deep and rapid reductions observed, the Company believes BHV-1310 may have potential application in acute settings.
Unveiled plans for BHV-1600: next-generation, selective degrader targeting ß1-AR autoantibodies: In January 2024, the Company reported preclinical data demonstrating degradation of anti-ß-1AR antibody in mice. The Company expects to file an IND application and initiate a first-in-human Phase 1 study in 2H 2024. BHV-1600 will initially be evaluated in patients with dilated cardiomyopathy.
Near-term data expected: The Phase 1 SAD study examining BHV-1300 in healthy subjects was initiated in 1Q 2024 and the Company expects preliminary results in late 1Q 2024/early 2Q 2024. The FDA indicated that the MAD assessment of BHV-1300 should be performed in a relevant patient population. Upon completion of the SAD study, Biohaven is planning the MAD portion of the study in a relevant patient population with the possibility of benefit from BHV-1300.
Upcoming trial initiations: A total of 4 INDs are expected for the degrader program in 2024.
TYK2/JAK1 Inhibition:
BHV-8000 is an oral, brain-penetrant, selective TYK2/JAK1 inhibitor with broad potential for neuroinflammatory and neurodegenerative disorders.
Successfully completed single ascending dose cohorts; advanced multiple ascending dose cohorts in ongoing Phase 1 study of TYK2/JAK1 inhibitor, BHV-8000: In January 2024, the Company provided a program update for the ongoing Phase 1 study designed to evaluate the safety, tolerability, PK and PD of single and multiple ascending doses of BHV-8000 in healthy volunteers. The SAD cohorts have now completed dosing (10, 20 and 30 mg); in the MAD cohorts, the Company completed up to the 20 mg dose. Based on the preliminary data available, projected therapeutic concentrations of BHV-8000 were achieved and BHV-8000 was well tolerated with only mild adverse events reported.
Upcoming trial initiations: The Company expects to initiate a Phase 2 study in multiple sclerosis in 2H 2024, a Phase 2a study in prevention of amyloid therapy induced ARIA in 2H 2024, and Phase 2/3 studies in early Parkinson's disease and early Alzheimer's disease in 2H 2024.
Myostatin Platform - Milestones and Next Steps:
Taldefgrobep alfa is a novel myostatin inhibitor optimized to target myostatin and associated signaling pathways of muscle growth. Taldefgrobep alpha also has promise as a potential treatment for obesity and, in preclinical models as well as preliminary healthy human studies, has demonstrated meaningful reductions in fat mass, the primary pathogenic tissue in obesity, while increasing lean mass. Biohaven is also studying taldefgrobep in a global Phase 3 study in Spinal Muscular Atrophy to enhance muscle mass and function in patients treated with standard-of-care gene therapy treatments.
Preclinical data demonstrated taldefgrobep alfa reduces fat and improves lean mass: In October 2023, the Company presented preclinical data demonstrating the ability of taldefgrobep alfa to significantly reduce fat mass while increasing lean mass in an obese mouse model at The Obesity Society's annual ObesityWeek conference.
Completed enrollment in pivotal Phase 3 study in SMA: In September 2023, the Company announced that it had completed enrollment in RESILIENT, a pivotal Phase 3 study designed to evaluate the efficacy and safety of taldefgrobep as adjunctive therapy to enhance muscle mass and function in SMA patients treated with standard-of-care treatments. In July 2023, the Company announced that taldefgrobep received orphan drug designation (ODD) from the European Commission for the treatment of SMA. Taldefgrobep previously received Fast-Track and ODD from the FDA.
Topline data expected: The Company expects to announce Phase 3 topline data from the ongoing SMA study in 2H 2024.
Upcoming trial initiation: The Company expects to initiate a Phase 2 study in patients with obesity in 2Q 2024.
Glutamate Modulation Platform - Milestones and Next Steps:
Troriluzole is a novel glutamate modulator currently being evaluated in Phase 3 trials for obsessive-compulsive disorder as an adjunctive therapy in patients with an inadequate response to existing standard-of-care treatment.
Topline data from interim analysis in OCD expected in 2Q 2024: In January 2024, the Company shared an update on the ongoing Phase 3 trial in OCD. The Company remains on schedule for a database lock in 1Q 2024, with an interim efficacy analysis expected in 2Q 2024.
Biohaven has also continued to have constructive dialogue with the FDA regarding its SCA development program and potential future data analyses to address regulatory concerns in the previously issued refuse-to-file decision on its NDA application for SCA3. Biohaven will provide further updates on the SCA development program as warranted by any continued positive progress from the outcome of future regulatory interactions on this topic.
Next-Generation ADC Platform - Milestones and Next Steps:
Biohaven's antibody drug conjugate (ADC) technology is focused on novel conjugation chemistry with the potential to be superior to the current industry standard maleimide and lipophilic click chemistry. BHV-1510 is a TROP2 directed ADC, with a highly differentiated efficacy and safety profile providing an opportunity to broaden therapeutic margin, increase time on treatment, and improve efficacy; BHV-1500 demonstrated superior efficacy to Adcetris® (brentuximab vedotin) and improved survival in a mouse xenograft model.
Upcoming trial initiations: The Company completed its regulatory interactions to begin first-in-human studies with BHV-1510 (TROP2 directed ADC) and expects to initiate a Phase 1 trial in 2Q 2024. The company also expects to submit an IND for BHV-1500 (next-generation brentuximab ADC) in 2H 2024.
Corporate Updates:
Public offering: On October 5, 2023, the Company closed its previously announced underwritten public offering of 11,761,363 of its common shares, which included the full exercise of the underwriters' option to purchase 1,534,090 additional shares, at the public offering price of $22.00 per share. The net proceeds raised in the offering, after deducting underwriting discounts and estimated expenses of the offering payable by the Company, were approximately $242.4 million. As of February 26, 2024, we had 81,579,914 common shares outstanding.
Expected Upcoming Milestones:
We believe Biohaven is well positioned to achieve significant, value-creating milestones in 2024 across numerous programs:
Selective Kv7 Activator:
Initiate BHV-7000 Phase 2/3 program in focal epilepsy in 1Q 2024
Initiate BHV-7000 Phase 2/3 study in generalized epilepsy in 2Q 2024
Initiate BHV-7000 Phase 2/3 study in bipolar disorder in 1H 2024
Initiate BHV-7000 Phase 2 study in major depressive disorder in 1H 2024
Troriluzole:
Database lock in 1Q 2024 and report troriluzole Phase 3 interim efficacy analysis topline results in OCD in 2Q 2024
Taldefgrobep alfa:
Initiate taldefgrobep Phase 2 study in obesity in 2Q 2024
Report taldefgrobep Phase 3 topline results in SMA in 2H 2024
First-in-class TRPM3 Antagonist:
Initiate BHV-2100 Phase 2 study in acute migraine in 2H 2024
Conduct BHV-2100 POC study for neuropathic pain in 2H 2024
TYK2/JAK1 Inhibitor:
Initiate BHV-8000 Phase 2 study in Multiple Sclerosis in 2H 2024
Initiate BHV-8000 Phase 2a study in prevention of amyloid therapy induced ARIA in 2H 2024
Initiate BHV-8000 Phase 2/3 study in early Parkinson's disease in 2H 2024
Initiate BHV-8000 Phase 2/3 study in early Alzheimer's disease in 2H 2024
Extracellular protein degradation platform
BHV-1300 first-in-human clinical data demonstrating IgG lowering expected late 1Q 2024/early 2Q 2024
A total of 4 INDs are expected for the degrader program in 2024
Next Generation ADC Platform:
Initiate Phase 1 trial of BHV-1510 (TROP2 directed ADC) in 2Q 2024
File IND for BHV-1500 (next generation brentuximab ADC) in 2H 2024
Capital Position:
Cash, cash equivalents and marketable securities as of December 31, 2023 was $385.5 million, which includes $3.7 million of restricted cash.
Fourth Quarter 2023 Financial Highlights:
Research and Development (R&D) Expenses: R&D expenses, including non-cash share-based compensation costs, were $134.8 million for the three months ended December 31, 2023, compared to $137.0 million for the three months ended December 31, 2022. The decrease of $2.2 million was primarily due to decreased non-cash share-based compensation expense during the three months ended December 31, 2023, and $5.2 million of one-time employee costs related to the Pfizer acquisition of Biohaven Pharmaceutical Holding Company Ltd. (the Former Parent) in the fourth quarter of 2022. This was partially offset by increased costs related to advancing additional clinical development program activities, including late Phase 2/3 studies and preclinical research programs, and recognition of one-time expenses of a $10.0 million cash payment and a $21.8 million non-cash issuance of common shares to acquire rights related to our agreement with Highlightll in the three months ended December 31, 2023, as compared to the same period in the prior year. Non-cash share-based compensation expense was $9.1 million for the three months ended December 31, 2023, a decrease of $60.3 million as compared to the same period in 2022. The decrease was primarily due to $61.7 million of expense allocated from the Former Parent recognized in connection with the settlement of outstanding Former Parent stock options and restricted stock units (RSUs) upon the effectiveness of the Former Parent's distribution to holders of all outstanding common shares of Biohaven and the spin-off of Biohaven from the Former Parent (the Separation) in the fourth quarter of 2022.
General and Administrative (G&A) Expenses: General and administrative expenses were $18.9 million for the three months ended December 31, 2023, compared to $76.4 million for the three months ended December 31, 2022. The decrease of $57.5 million was primarily due to decreased non-cash share-based compensation expense during the three months ended December 31, 2023, and $8.2 million of transaction-related expenses and $8.9 million of one-time employee costs related to the Pfizer acquisition of the Former Parent in the fourth quarter of 2022. Non-cash share-based compensation expense was $6.8 million for the three months ended December 31, 2023, a decrease of $39.5 million as compared to the same period in 2022. The decrease was primarily due to $39.7 million of expense allocated from the Former Parent recognized in connection with the settlement of outstanding Former Parent stock options and RSUs upon the effectiveness of the Separation in the fourth quarter of 2022.
Other Income (Expense), Net: Other income (expense), net was a net income of $7.7 million for the three months ended December 31, 2023, compared to a net expense of $1.8 million for the three months ended December 31, 2022. The increase of $9.6 million was primarily due to a $10.0 million impairment loss recognized during the fourth quarter of 2022 on our Artizan Series A-2 Preferred Stock Investment.
Net Loss: Biohaven reported a net loss for the three months ended December 31, 2023, of $144.8 million, or $1.81 per share, compared to $201.1 million, or $3.32 per share, for the same period in 2022. Non-GAAP adjusted net loss for the three months ended December 31, 2023 was $128.9 million, or $1.61 per share, compared to $77.3 million, or $1.27 per share for the same period in 2022. These non-GAAP adjusted net loss and non-GAAP adjusted net loss per share measures, more fully described below under "Non-GAAP Financial Measures," exclude non-cash share-based compensation charges and transaction-related costs incurred relating to the Company's spin-off from Biohaven Pharmaceutical Holding Company Ltd. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the tables below.
Full Year 2023 Financial Highlights
Note: As described in our Annual Report on Form 10-K, full year results for the year ended December 31, 2022 include direct and allocated expenses on a carve-out basis of accounting for the period prior to October 3, 2022, when the Company became a standalone public company.
R&D Expenses: R&D expenses, including non-cash share-based compensation, were $373.3 million for the year ended December 31, 2023, compared to $437.1 million for the year ended December 31, 2022. The decrease of $63.8 million was primarily due to a decrease of $91.5 million in personnel related costs primarily due to decreased non-cash share-based compensation expense, and reduced program spend for discontinued programs in 2023 compared to 2022. R&D expenses for the year ended December 31, 2022 also included a one-time $93.7 million expense for our Kv7 Platform acquisition, and a $25.0 million milestone relating to BHV-7000. The decrease was partially offset by increases in direct program spend for additional and advancing clinical trials, including late Phase 2/3 studies and preclinical research programs, and recognition of one-time expenses of a $10.0 million cash payment and a $21.8 million non-cash issuance of common shares to acquire rights related to our agreement with Highlightll, as compared to the same period in the prior year. Non-cash share-based compensation expense was $16.0 million for the year ended December 31, 2023, a decrease of $100.4 million as compared to the same period in 2022. Non-cash share-based compensation expense for the year ended December 31, 2022 included $108.7 million of expense allocated from the Former Parent, including $61.7 million of expense recognized in connection with the settlement of outstanding Former Parent stock options and RSUs upon the effectiveness of the Separation in the fourth quarter of 2022.
G&A Expenses: G&A expenses, including non-cash share-based compensation costs, were $62.8 million for the year ended December 31, 2023, compared to $130.9 million for the year ended December 31, 2022. The decrease of $68.1 million was primarily due to decreased non-cash share-based compensation costs. Non-cash share-based compensation expense was $12.8 million for the year ended December 31, 2023, a decrease of $64.4 million as compared to the same period in 2022. Non-cash share-based compensation expense for the year ended December 31, 2022 included $70.6 million of expense allocated from the Former Parent, including $39.7 million of expense recognized in connection with the settlement of each outstanding Former Parent stock option and RSU upon the effectiveness of the Separation in the fourth quarter of 2022.
Other Income (Expense), Net: Other income (expense), net was a net income of $26.5 million for the year ended December 31, 2023, compared to a net expense of $1.9 million for the three months ended December 31, 2022. The increase of $28.4 million was primarily due to increased net investment income of $14.5 million and increased service revenue from the Transition Service Agreement we entered into with the Former Parent of $5.2 million in 2023, as compared to the same period in the prior year, as well as a $10.0 million impairment loss recognized during the fourth quarter of 2022 on our Artizan Series A-2 Preferred Stock Investment.
Net Loss: The Company reported a net loss attributable to common shareholders for the year ended December 31, 2023 of $408.2 million, or $5.73 per share, compared to $570.3 million, or $12.75 per share for the same period in 2022. Non-GAAP adjusted net loss for the year ended December 31, 2023 was $379.4 million, or $5.33 per share, compared to $362.7 million, or $8.11 per share for the same period in 2022. These non-GAAP adjusted net loss and non-GAAP adjusted net loss per share measures, more fully described below under "Non-GAAP Financial Measures," exclude non-cash share-based compensation charges and transaction-related costs incurred relating to the Company's spin-off from Biohaven Pharmaceutical Holding Company Ltd. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the tables below.
Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with accounting principles generally accepted in the United States (GAAP), and also certain non-GAAP financial measures. In particular, Biohaven has provided non-GAAP adjusted net loss and adjusted net loss per share, which are adjusted to exclude non-cash share-based compensation, which is substantially dependent on changes in the market price of common shares, and transaction-related costs incurred relating to the Company's spin-off from Biohaven Pharmaceutical Holding Company Ltd., which are limited to a specific period of time and related to Biohaven Ltd. being established as a standalone public company. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, Biohaven believes the presentation of non-GAAP adjusted net loss and adjusted net loss per share, when viewed in conjunction with GAAP results, provides investors with a more meaningful understanding of ongoing operating performance and can assist investors in comparing Biohaven's performance between periods.
In addition, these non-GAAP financial measures are among those indicators Biohaven uses as a basis for evaluating performance, and planning and forecasting future periods. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. A reconciliation between these non-GAAP measures and the most directly comparable GAAP measures is provided later in this news release.
About Biohaven
Biohaven is a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. The company is advancing its innovative portfolio of therapeutics, leveraging its proven drug development experience and multiple proprietary drug development platforms. Biohaven's extensive clinical and preclinical programs include Kv7 ion channel modulation for epilepsy and mood disorders; extracellular protein degradation for immunological diseases; TRPM3 antagonism for migraine and neuropathic pain; TYK2/JAK1 inhibition for neuroinflammatory disorders; glutamate modulation for OCD and SCA; myostatin inhibition for neuromuscular and metabolic diseases, including SMA and obesity; and antibody recruiting, bispecific molecules and antibody drug conjugates for cancer.
Forward-looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including "continue", "plan", "will", "believe", "may", "expect", "anticipate" and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the future development, timing and potential marketing approval and commercialization of development candidates, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including: the expected timing, commencement and outcomes of Biohaven's planned and ongoing clinical trials; the timing of planned interactions and filings with the FDA; the timing and outcome of expected regulatory filings; complying with applicable U.S. regulatory requirements; the potential commercialization of Biohaven's product candidates; the potential for Biohaven's product candidates to be first in class therapies; and the effectiveness and safety of Biohaven's product candidates. Additional important factors to be considered in connection with forward-looking statements are described in Biohaven's filings with the Securities and Exchange Commission, including within the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". The forward-looking statements are made as of the date of this news release, and Biohaven does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
GREEN THUMB INDUSTRIES INC.
FORM 10-K
(Annual Report)
Filed 02/29/24 for the Period Ending 12/31/23
https://www.otcmarkets.com/filing/conv_pdf?id=17322838&guid=Zod-kWAqNviqJth
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GlobeNewswire
Green Thumb Industries Reports Fourth Quarter and Full Year 2023 Results
Green Thumb Industries
Wed, Feb 28, 2024 at 4:02 PM EST18 min read
In This Article:
GTBIF
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Green Thumb IndustriesGreen Thumb Industries
Green Thumb Industries
CHICAGO and VANCOUVER, British Columbia, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the fourth quarter and full year ended December 31, 2023. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.
Highlights for the fourth quarter ended December 31, 2023:
Fourth quarter revenue of $278 million increased 7% year-over-year.
Cash at quarter end of $162 million.
GAAP net income for the fourth quarter of $3 million or $0.01 per basic and diluted share.
Adjusted EBITDA of $91 million or 33% of revenue; cash flow from operations of $71 million.
Opened seven RISE Dispensaries: six in Florida and one in New York.
Purchased $25 million of senior debt and $15 million of the Company’s Subordinate Voting Shares (“Shares”) under its share repurchase program.
Highlights for the year ended December 31, 2023:
Revenue of $1.1 billion increased 4% over the prior year.
Cash flow from operations of $225 million increased 42% year-over-year.
GAAP net income of $36 million or $0.15 per basic and diluted share.
Adjusted EBITDA of $326 million or 31% of revenue, an increase of 5% over the prior year.
Purchased $40 million of the Company’s Shares during the year.
Strong balance sheet and disciplined capital allocation to support continued future growth.
Additionally, on February 28, 2024, the Company’s Board of Directors authorized an increase in its share repurchase program by $50 million, bringing the total remaining repurchase ability to approximately $60 million.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
“As I reflect on the past year, the Green Thumb team has been amazing. We delivered a strong fourth quarter, including record revenue of $278 million, record Adjusted EBITDA of $91 million, and full year 2023 cash flow from operations of $225 million—all the while investing over $200 million in capex to fuel future growth. We ended the year with a strong balance sheet including $162 million in cash, net of $65 million returned to shareholders via share buybacks and debt repurchases,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. “In 2023, we completed our major capex program that spanned over the past couple of years. With this heavy investment lift behind us, our Board of Directors authorized Green Thumb’s first share repurchase program to return capital to our valued shareholders, and I am pleased to announce that this morning, our Board of Directors approved an additional $50 million for the program. As I look to the future in 2024 and beyond, I am very optimistic—we have industry-leading brands that are gaining momentum, the best team in the business, a loyal and growing customer base, and the financial flexibility to keep riding the Green Wave.”
Green Thumb President Anthony Georgiadis added, “We accomplished a great deal in 2023, thanks to all the hard work and dedication across our team. We opened fifteen new stores bringing our total to 91 dispensaries across fourteen states. We also built and expanded our cultivation and production facilities to meet increased demand for both medical and adult-use cannabis in several of our markets as well as developed new product types, such as Dogwalkers Show Dogs infused pre-rolls, that both engaged our customers and won market share. We look forward to carrying this strong momentum into 2024.”
Fourth Quarter and Full Year Financial Overview
Total revenue for the fourth quarter 2023 was $278.2 million, up 7.3% from the prior year period. For the full year 2023, total revenue increased 3.7% to $1.1 billion. Revenue growth in the fourth quarter was primarily driven by increased retail and consumer packaged goods sales in Maryland, reflecting the legalization of adult-use cannabis on July 1.
Overall retail revenue increased 5.5% versus the fourth quarter of 2022 and 3.7% for the full year 2023. Fourth quarter 2023 comparable sales (stores open at least 12 months) increased 1.3% versus the prior year on a base of 76 stores. Consumer Packaged Goods gross revenue increased 16.6% versus the fourth quarter of 2022 and 13.0% versus the full year 2023.
Gross profit for the fourth quarter 2023 was $142.7 million or 51.3% of revenue compared to $124.0 million or 47.8% of revenue for the fourth quarter 2022. For the full year, gross profit was $526.5 million or 49.9% of revenue versus $504.0 million or 49.5% in 2022. The increase in gross margin was primarily driven by revenue growth in the quarter.
Total selling, general and administrative expenses for the fourth quarter were $92.3 million or 33.2% of revenue, compared to $80.0 million or 30.9% of revenue for the fourth quarter 2022. Total selling, general and administrative expenses for the full year 2023 were $341.9 million or 32.4% of revenue, an increase from $294.4 million or 28.9% of revenue in the prior year, primarily driven by non-cash credits associated with acquisition related obligations recorded in 2022.
Net income attributable to the Company for the fourth quarter 2023 was $3.2 million or $0.01 per basic and diluted share, compared to a net loss of $51.2 million, or a loss of $0.22 per basic and diluted share in the prior year period. Net income for the full year 2023 was $36.3 million or $0.15 per basic and diluted share, compared to a net income of $12.0 million or $0.05 per basic and diluted share in the prior year.
In the fourth quarter 2023, EBITDA was $77.8 million or 28.0% of revenue versus ($19.6) million or (7.5%) of revenue for the comparable period. EBITDA for the full year 2023 was $285.4 million, or 27.1% of revenue, versus $217.7 million, or 21.4% of revenue for the comparable period. Fourth quarter Adjusted EBITDA, which excluded non-cash stock-based compensation of $7.4 million and other non-operating adjustments of $5.7 million, was $90.8 million or 32.6% of revenue as compared to $81.2 million or 31.3% of revenue for the fourth quarter 2022. Adjusted EBITDA for the full year was $325.8 million or 30.9% of revenue, compared to $311.5 million or 30.6% of revenue last year.
For additional information on these non-GAAP financial measures, see below under “Non-GAAP Financial Information.”
Balance Sheet and Liquidity
As of December 31, 2023, current assets were $342.8 million, including cash and cash equivalents of $161.6 million. Total debt outstanding was $308.5 million.
Total basic and diluted weighted average shares outstanding for the three months ended December 31, 2023, were 237.9 million shares and 239.8 million shares, respectively.
Capital Allocation
In September 2023, the Board of Directors authorized a one-year $50 million program to repurchase up to approximately 10.5 million of the Company’s Subordinate Voting Shares. In the year ended December 31, 2023, Green Thumb repurchased 3.8 million shares for $39.9 million. On February 28, 2024, the Board approved an additional $50 million for the repurchase program, bringing the remaining authority to repurchase shares to approximately $60 million.
Green Thumb is not obligated to purchase any additional shares. If management determines it has better uses for its cash reserves, including for debt refinancing, strategic mergers and acquisitions or net working capital, it is under no obligation to purchase shares and share purchases may be suspended or terminated at any time at Green Thumb’s discretion. The actual number of shares purchased, timing of purchases and share price will depend upon market conditions at the time and securities law requirements. All shares acquired are returned to the treasury and cancelled.
During the fourth quarter, the Company repurchased $25 million of senior debt at 95% of their original value. As a result, the remaining principal balance was $225 million as of December 31, 2023.
Fourth Quarter Business Developments
On October 14, Green Thumb opened RISE Dispensary Brandon, Florida; profits from the grand opening were donated to Florida Justice Center.
On October 27, Green Thumb opened RISE Dispensary Sun City Center, Florida; profits from the grand opening were donated to Minorities for Medical Marijuana.
On November 10, Green Thumb opened RISE Dispensary Clearwater, Florida; profits from the grand opening were donated to Minorities for Medical Marijuana.
On December 1, Green Thumb opened RISE Dispensary Tampa and RISE Dispensary Crystal River, Florida; profits from the grand opening were donated to Tu Canna Foundation and The Bridge 4 Veterans, respectively.
On December 14, Green Thumb opened RISE Dispensary Long Beach, New York.
On December 15, Green Thumb opened RISE Dispensary Port Orange, Florida; profits from the grand opening were donated to Minorities for Medical Marijuana.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Definitions
EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.
Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.
Conference Call and Webcast
Green Thumb will host a conference call on Wednesday, February 28, 2024, at 5:00 pm ET to discuss its fourth quarter and full year 2023 financial results for the quarter ended December 31, 2023. The earnings call may be accessed by dialing 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb’s website at https://investors.gtigrows.com and will be archived for replay.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE Dispensaries. Headquartered in Chicago, Illinois, Green Thumb has 20 manufacturing facilities, 91 open retail locations and operations across 14 U.S. markets. Established in 2014, Green Thumb employs approximately 4,600 people and serves millions of patients and customers each year. More information is available at www.gtigrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “opportunity,” “project,” “potential,” “risk,” “anticipate,” “believe,” “plan,” “forecast,” “continue,” “suggests” or “could” or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the “SEC”), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; state regulation of cannabis is uncertain; the Company may not be able to obtain or maintain necessary permits and authorizations; the Company may be subject to heightened scrutiny by Canadian regulatory authorities; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives regulation; as a cannabis business, the Company is subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company faces intense competition; the Company faces competition from the illicit market as well as actual or purported Farm Bill compliant hemp products; the Company is dependent upon the popularity and consumer acceptance of its brand portfolio; the Company lacks access to U.S. bankruptcy protections; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it carries on business; the Company has limited trademark protections; cannabis businesses are subject to unfavorable tax treatment; cannabis businesses may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company’s use of joint ventures may expose it to risks associated with jointly owned investments; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company’s business is subject to the risks inherent in agricultural operations; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company relies on third-party software providers for numerous capabilities the Company depends upon to operate, and a disruption of one or more of these systems could adversely affect its business; the Company faces an inherent risk of product liability or similar claims; the Company’s products may be subject to product recalls; the Company relies on the expertise of our management team and other employees experienced in the cannabis industry, and the loss of key personnel could negatively affect our business, financial condition and results of operations; the Company may face unfavorable publicity or consumer perception; the Company’s voting control is concentrated; the Company’s capital structure and voting control may cause unpredictability; sales of substantial amounts of Subordinate Voting Shares by its shareholders in the public market may have an adverse effect on the market price of its Subordinate Voting Shares. Further information on these and other potential factors that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and elsewhere in the Company’s filings with the SEC, which are available on the SEC’s website or at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations
InvestorRelations@gtigrows.com
310-622-8257
Media Contact:
MATTIO Communications
GTI@mattio.com
2022-08-24 (VA Circuit Court) Atlantic Wave v. Cyberlux - COMPLAINT, 4876-7209-8644 - 1
https://www.scribd.com/document/629949504/2022-08-24-VA-Circuit-Court-Atlantic-Wave-v-Cyberlux-COMPLAINT-4876-7209-8644-1
ATSG Reports Fourth Quarter and Full-Year 2023 Results
Source: Business Wire
Projects sharply lower 2024 capital expenditures, improving cash flow
Air Transport Services Group, Inc. (Nasdaq: ATSG), the leading provider of medium wide-body freighter aircraft leasing, contracted air transportation, and related services, today reported consolidated financial results for the quarter and year ended December 31, 2023. Those results, as compared with the same periods in 2022, were as follows:
Fourth Quarter Results
Revenues $517 million, down 3%
GAAP Loss per Share (basic) from Continuing Operations $0.24, down $0.82
GAAP Pretax Loss from Continuing Operations $15.6 million, including $24.4 million non-cash settlement expense associated with the partial termination of a pension plan
Adjusted Pretax* Earnings $19.8 million, down 69%
Adjusted EPS* $0.18, down $0.35
Adjusted EBITDA* $129.9 million, down 20%
Full Year 2023 Results
Revenues $2.1 billion, up 1%
GAAP EPS (basic) from Continuing Operations $0.87, down $1.80
GAAP Pretax Earnings from Continuing Operations $84.2 million, including $24.4 million non-cash pension settlement expense
Adjusted Pretax Earnings* $146.7 million, down 44%
Adjusted EPS* $1.46, down $0.82 or 36%
Adjusted EBITDA* $562 million, down 12%
GAAP Operating Cash Flows $654 million, up 39% and Adjusted Free Cash Flow* $435 million, up 52%
Joe Hete, chairman and chief executive officer of ATSG, said, "As expected, the fourth quarter saw lower demand in our leasing segment and reduced demand in our passenger airline operations. Flying for the U.S. military decreased throughout the quarter, and fewer leased Boeing 767-200 freighters in service continued to affect results at our leasing segment. Despite challenges in the second half of 2023, we converted and leased thirteen aircraft, including our first three Airbus A321-200 freighters. We have substantially reduced our capital spending plans, and now expect to generate positive cash flow in 2024."
2023 Operating Highlights
Ten more dry leases of newly converted Boeing 767-300 freighters, plus dry leases of three newly converted A321-200 freighters. One of those newly converted 767-300 freighters is operated by an ATSG cargo airline under a Crew, Maintenance and Insurance (CMI) agreement.
Three more customer-provided 767-300 freighters were subleased to and operated by an ATSG cargo airline during 2023, for a total of sixteen such aircraft in the fleet at the end of the year.
2023 Financial Highlights
Revenue of $2.1 billion in 2023, an increase of $25 million from 2022, due primarily to a full year of contributions from six new leases of 767-300s made in 2022, as well as partial-year contributions from 2023 leases of the ten newly converted 767-300 freighters and three newly converted A321-200 freighters.
$562 million in Adjusted EBITDA for 2023, down $79 million. Weaker performance in our airline operations and lower leasing segment results attributable to the 767-200 freighter fleet more than offset the benefits of newly converted 767-300 freighter leases. The decline in Adjusted EBITDA from the 767-200 freighter aircraft leases and related engines was approximately $33 million.
Growth investments of $574 million. These investments supported leased freighter deployments in 2023, and those we aim to deploy in 2024 and 2025.
Repurchases of 7.4 million ATSG common shares in 2023. Shares repurchased since October 2022 represent 13% of the 74 million shares outstanding at the beginning of 2022.
Secured $400 million of additional debt capital via a new six-year convertible bond offering; proceeds were used primarily to retire other existing debt and repurchase shares.
* Adjusted EPS (Earnings per Share), Adjusted Pretax Earnings, Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and Adjusted Free Cash Flow are non-GAAP financial measures and are defined and reconciled to the most directly comparable financial measures calculated and presented in accordance with GAAP at the end of this release.
Segment Results
Cargo Aircraft Management (CAM)
Aircraft leasing and related revenues increased 15% for the fourth quarter and 5% for the year, reflecting the 2023 benefit of a full year of revenues from six 767-300 freighters leased during 2022, plus partial-year revenues from ten additional 767-300s and three A321-200s leased in 2023. CAM's revenues versus the prior year were negatively impacted by fewer 767-200s in service.
CAM’s fourth-quarter pretax earnings decreased $11 million, or 34%, to $21 million versus the prior-year quarter, and decreased by $34 million, or 23% to $109 million for the full year. More than 90% of the year-over-year reduction in CAM's pretax earnings stemmed from lower 767-200 freighter and engine lease results. For the fourth quarter and full year, interest expense increased by $6 million and $17 million, respectively. For the full year, depreciation increased by $12 million.
At the end of 2023, ninety CAM-owned freighter aircraft were leased to external customers, one fewer than a year ago. Ten 767-200 freighters were removed from service during the year. Five 767-200s and three 767-300s were sold during the year.
Twenty-three CAM-owned aircraft were in or awaiting conversion to freighters at the end of 2023, one more than at the end of 2022. This included fourteen 767s, six A321s, and three A330s. Four CAM-owned freighter aircraft were staging for future lease.
ACMI Services
Pretax losses were $2 million in the fourth quarter, versus gains of $26 million in 2022. Full-year pretax earnings were $32 million for 2023 and $95 million in 2022. The reductions stemmed from fewer block hours flown for the U.S. military, and lower overall margins on our cargo revenues. For the quarter and the full year, interest expense increased by $2 million and $7.5 million, respectively.
Revenue block hours for ATSG's airlines decreased 4% for the fourth quarter and 1% for 2023 over 2022. The decrease for 2023 included one fewer aircraft in service than a year ago. Cargo block hours decreased 2% for the fourth quarter and were flat for the year. Passenger block hours were down 12% for the quarter and down 4% for the year, driven primarily by the conflicts in the Middle East.
2024 Outlook
ATSG expects Adjusted EBITDA of approximately $506 million in 2024, down $56 million from 2023. Those forecasts exclude any contribution from additional aircraft leases or flying opportunities not currently under contractual commitment, which could generate additional Adjusted EBITDA above $506 million. Capital spending in 2024 is projected at $410 million, down $380 million from 2023.
Key factors in our 2024 Adjusted EBITDA forecast are:
$55 million decline in earnings related to our 767-200 freighters versus 2023, due to fewer leased freighters and lower engine utilization.
Four additional external dry leases of 767-300 freighters, two of which have already been delivered.
Three 767-300 freighters returned upon lease expiration, including two late in the second half.
Lower block hours at our airline operations.
The factors outlined below could, if achieved, yield $30 million more Adjusted EBITDA than our projection:
New lease commitments for available aircraft.
Opportunities for additional ACMI flying.
The projection for Adjusted EPS is 55 cents to 80 cents diluted for 2024. The estimate reflects higher depreciation, interest expense, and income taxes. That range matches the range implied by our base $506 million and the potential upside we provided. It also assumes a stable share count at current levels.
ATSG's total projected capital spend of $410 million for 2024 includes growth capital of $245 million, versus $574 million in 2023, and reflects fewer aircraft conversions and feedstock purchases. The expected $50 million reduction in sustaining capital expenditures to $165 million is driven by fewer expected engine overhauls.
Hete continued, “Our reduced spending outlook for 2024 greatly improves our cash generation expectations this year, even with lower expected earnings, leading to our goal of positive free cash flow for the year. Our growth investments have positioned us to deploy more freighters rapidly as market conditions improve. Our outlook for 2025 is for continued improvement in our cash flow based on an increase in Adjusted EBITDA and an even lower capex spend."
ATSG’s financial statements on Form 10-K are expected to be filed by February 29, 2024, and will be made available on the company’s website (www.atsginc.com).
Non-GAAP Financial Measures
This release, including the attached tables reconciling results to Generally Accepted Accounting Principles ("GAAP") in the United States, contains financial measures that are not calculated and presented in accordance with GAAP ("non-GAAP financial measures"), as further described in such tables. Management uses these non-GAAP financial measures to evaluate historical results and project future results. Management believes that these non-GAAP financial measures assist in highlighting operational trends, facilitating period-over-period comparisons, and providing additional clarity about events and trends affecting core operating performance. Disclosing these non-GAAP financial measures provides insight to investors about additional metrics that management uses to evaluate past performance and prospects for future performance. Non-GAAP financial measures should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP and may be calculated differently by other companies.
The historical non-GAAP financial measures included in this release are reconciled to the most directly comparable financial measure calculated and presented in accordance with GAAP in the non-GAAP reconciliation tables included later in this release. The Company does not provide a reconciliation of projected Adjusted EBITDA or Adjusted EPS, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because it is unable to predict with reasonable accuracy the value of certain adjustments and as a result, the comparable GAAP measures are unavailable without unreasonable efforts. For example, certain adjustments can be significantly impacted by the re-measurements of financial instruments including stock warrants issued to a customer. The Company’s earnings on a GAAP basis, including its earnings per share on a GAAP basis, and the non-GAAP adjustments for gains and losses resulting from the re-measurement of stock warrants, will depend on, among other things, the future prices of ATSG stock, interest rates, and other assumptions which are highly uncertain. As a result, the Company believes such reconciliations of forward-looking information would imply a degree of precision and certainty that could be confusing to investors.
Conference Call
ATSG will host an investor conference call on Tuesday, February 27, 2023, at 10 a.m. Eastern Time to review its financial results for fourth quarter and full year 2023, and its outlook for 2024. Live call participants must register via this link, which is also available at ATSG’s website, www.atsginc.com under “Investors” and “Presentations.” Once registered, call participants will receive dial-in numbers and a unique Personal Identification Number (PIN) that must be entered to join the live call. Listen-only access to live and replay versions of the call, including slides, will be available via a webcast link at the same ATSG website location. Slides that accompany management’s discussion of fourth-quarter results may be downloaded from there starting shortly before the start of the call at 10 a.m.
About ATSG
ATSG is a leading provider of aircraft leasing and air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. ATSG, through its leasing and airline subsidiaries, is the world's largest owner and operator of converted Boeing 767 freighter aircraft. Through its principal subsidiaries, including three airlines with separate and distinct U.S. FAA Part 121 Air Carrier certificates, ATSG provides aircraft leasing, air cargo lift, passenger ACMI and charter services, aircraft maintenance services and airport ground services. ATSG's subsidiaries include ABX Air, Inc.; Airborne Global Solutions, Inc.; Airborne Maintenance and Engineering Services, Inc., including its subsidiary, Pemco World Air Services, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; and Omni Air International, LLC. For more information, please see www.atsginc.com.
Cautionary Note on Forward-Looking Statements
Throughout this release, Air Transport Services Group, Inc. (“ATSG") makes “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended (the “Act”). Except for historical information contained herein, the matters discussed in this release contain forward-looking statements that involve inherent risks and uncertainties. Such statements are provided under the “safe harbor” protection of the Act. Forward-looking statements include, but are not limited to, statements regarding anticipated operating results, prospects and levels of assets under management, technological developments, economic trends, expected transactions and similar matters. The words “may,” “believe,” “expect,” “anticipate,” “target,” “goal,” “project,” “estimate,” “guidance,” “forecast,” “outlook,” “will,” “continue,” “likely,” “should,” “hope,” “seek,” “plan,” “intend” and variations of such words and similar expressions identify forward-looking statements. Similarly, descriptions of ATSG’s objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements are susceptible to a number of risks, uncertainties and other factors. While ATSG believes that the assumptions underlying its forward-looking statements are reasonable, investors are cautioned that any of the assumptions could prove to be inaccurate and, accordingly, ATSG’s actual results and experiences could differ materially from the anticipated results or other expectations expressed in its forward-looking statements. A number of important factors could cause ATSG's actual results to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: (i) unplanned changes in the market demand for our assets and services, including the loss of customers or a reduction in the level of services we perform for customers; (ii) our operating airlines' ability to maintain on-time service and control costs; (iii) the cost and timing with respect to which we are able to purchase and modify aircraft to a cargo configuration; (iv) fluctuations in ATSG's traded share price and in interest rates, which may result in mark-to-market charges on certain financial instruments; (v) the number, timing, and scheduled routes of our aircraft deployments to customers; (vi) our ability to remain in compliance with key agreements with customers, lenders and government agencies; (vii) the impact of current supply chain constraints both within and outside the United States, which may be more severe or persist longer than we currently expect; (viii) the impact of the current competitive labor market, which could restrict our ability to fill key positions; (ix) changes in general economic and/or industry-specific conditions, including inflation and regulatory changes; and (x) other uncontrollable factors such as geopolitical tensions or conflicts and human health crises. Other factors that could cause ATSG’s actual results to differ materially from those indicated by such forward-looking statements are discussed in “Risk Factors” in Item 1A of ATSG's Form 10-K and are contained from time to time in its other filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q. Readers should carefully review this release and should not place undue reliance on ATSG's forward-looking statements. New risks and uncertainties arise from time to time, and factors that ATSG currently deems immaterial may become material, and it is impossible for ATSG to predict these events or how they may affect it. These forward-looking statements were based only on information, plans and estimates as of the date of this release. Except as may be required by applicable law, ATSG undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes. ATSG does not endorse any projections regarding future performance that may be made by third parties.
A2Z SMART TECHNOLOGIES CORP
FORM 6-K
(Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16)
Filed 02/21/24 for the Period Ending 02/21/24
https://www.otcmarkets.com/filing/conv_pdf?id=17292893&guid=Phd-k6-X1NXCJth
https://s201.q4cdn.com/865305287/files/doc_financials/2023/q4/BKNG-Earnings-Release-Final.pdf
Booking Holdings Reports Financial Results for 4th Quarter and Full Year 2023 and Announces Initiation of a Quarterly Dividend
NORWALK, CT – February 22, 2024. . . Booking Holdings Inc. (NASDAQ: BKNG) (the today reported its fourth quarter and full year 2023 financ
quarterly dividend:
Fourth Quarter 2023
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16%
• Room nights booked increased 9% from the prior-year quarter.
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travel services booked by our customers, net of cancellations, for the
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from the prior-year quarter.
• Total revenues were $4.8 billion, an increase of 18% from the prior-year quarter.
• Net income was $222 million, a decrease of 82% from the prior-year quarter.
• Net income per diluted common share was $6.28, a decrease of 80% from the prior-year quarter.
• Non-GAAP net income was $1.1 billion, an increase of 18% from the prior-year quarter.
• Non-GAAP net income per diluted common share was $32.00, an increase of 29% from the prior-year quarter.
• Adjusted EBITDA was $1.5 billion, an increase of 18% from the prior-year quarter.
Full Year 2023
• Gross travel bookings for the full year 2023 were $150.6 billion, an increase of 24% from the prior year.
• Room nights booked increased 17% from the prior year.
• Total revenues were $21.4 billion, an increase of 25% from the prior year.
• Net income was $4.3 billion, an increase of 40% from the prior year.
• Net income per diluted common share was $117.40, an increase of 54% from the prior year.
• Non-GAAP net income was $5.6 billion, an increase of 39% from the prior year.
• Non-GAAP net income per diluted common share was $152.22, an increase of 52% from the prior year.
• Adjusted EBITDA was $7.1 billion, an increase of 34% from the prior year.
During the fourth quarter and full year 2023, the Company accrued a loss of $276 million related to the Netherlands pension fund matter and a loss of $530 million related to a draft decision by the Spanish competition authority, both of which have been excluded from Non-GAAP net income and Adjusted EBITDA. For more information regarding these matters, see Note 16 to the Consolidated Financial Statements to be filed with the Annual Report on Form 10- K for the year ended December 31, 2023.
ial results and announced the initiation of a
"Company," "we," "our,"
Gross travel bookings, which refers to the total dollar value, generally inclusive of taxes and fees, of all
$31.7 billion
1
The section below under the heading "Non-GAAP Financial Measures" provides definitions and information about the use of non-GAAP financial measures in this press release, and the attached financial and statistical supplement reconciles non-GAAP financial results with Booking Holdings' financial results under GAAP.
"We are pleased to report a strong close to 2023 with fourth quarter room nights growing 9% year-over-year or 11% when excluding business associated with Israel, which was significantly impacted by the war. For the full year, we reached a significant milestone with over 1 billion room nights booked on our platforms, and we achieved record levels of gross bookings, revenue, and operating income," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "We are confident in the long-term growth of leisure travel and in the opportunities ahead for our company as we continue our work to deliver a better offering and experience for our supply partners and our travelers."
Initiation of a Quarterly Dividend
Our Board of Directors declared a quarterly cash dividend of $8.75 per share, payable on March 28, 2024 to stockholders of record as of the close of business on March 8, 2024. We expect to pay a cash dividend on a quarterly basis going forward, subject to our Board’s consideration of, among other things, market conditions and our financial performance and cash flows
https://www.otcmarkets.com/otcapi/company/financial-report/392797/content
CLST Holdings, Inc.
30 N Gould Street Suite 5835
Sheridan, WY 82801
307-278-1360
info@synergymgtgroup.com
Annual Report
For the period ending: November 30, 2023 (the “Reporting Period”
Busy day….
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Wetouch Technology Inc.
Common Stock
3.05
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Delayed (15 Min) Trade Data: 04:00pm 02/21/2024
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Materialise Reports Fourth Quarter and Full Year 2023 Results
Source: Business Wire
Materialise NV (NASDAQ:MTLS), a leading provider of additive manufacturing and medical software solutions and of sophisticated 3D printing services, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
Highlights – Fourth Quarter 2023
Total revenue increased 4.1% to 65,295 kEUR for the fourth quarter of 2023 from 62,703 kEUR for the corresponding 2022 period.
Total deferred revenues from software maintenance and license fees increased by 4,826 kEUR this quarter to 44,905 kEUR.
Adjusted EBITDA amounted to 8,474 kEUR for the fourth quarter of 2023 compared to 4,258 kEUR for the corresponding 2022 period.
Net result for the fourth quarter of 2023 was (539) kEUR, or (0.01) EUR per diluted share, compared to a net result of (4,588) kEUR, or (0.08) EUR per diluted share, for the corresponding 2022 period. The net result in the fourth quarter of 2023 was impacted by non-cash impairment charges totaling (4,228) kEUR.
Highlights – Full Year 2023
Total revenue increased 10.4% to 256,127 kEUR for 2023 from 232,023 kEUR for 2022.
Revenue from our Medical segment surpassed the 100,000 kEUR threshold posting a full year revenue of 101,376 kEUR
Adjusted EBITDA was 31,397 kEUR for 2023 compared to 19,014 kEUR for 2022, representing an increase of 65%.
Net profit for 2023 was 6,695 kEUR, or 0.11 EUR per diluted share, compared to a net loss of (2,153) kEUR, or (0.04) EUR per diluted share, for 2022.
Total cash was 127,573 kEUR at the end of 2023.
CEO Brigitte de Vet-Veithen commented, “As turbulent macro-economic and geo-political conditions continued throughout the last quarter of 2023, Materialise’s business model once more proved its resilience and complementarity. Despite the challenging business climate we grew our total revenue by 4% and doubled our Adjusted EBITDA compared to last year’s same period. Materialise Medical again realized double-digit revenue growth and became the largest revenue contributor. With 128 million EUR of cash and cash equivalents on our balance sheet, additional financing secured and positive operating cash flow, we are well positioned to continue our investments in innovative 3D product and software solutions while we further integrate our diverse product portfolio creating additional synergies in the process.”
Fourth Quarter 2023 Results
Total revenue for the fourth quarter of 2023 increased 4.1% to 65,295 kEUR from 62,703 kEUR for the fourth quarter of 2022. Adjusted EBITDA amounted to 8,474 kEUR, compared to 4,258 kEUR for the same period in 2022. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the fourth quarter of 2023 was 13.0%, compared to 6.8% for the fourth quarter of 2022.
Revenue from our Materialise Software segment decreased 3.8% to 11,250 kEUR from 11,699 kEUR for the same quarter last year. Adjusted EBITDA for the segment amounted to 1,259 kEUR compared to (1,441) kEUR while the Adjusted EBITDA margin for the segment was 11.2%, compared to (12.3)% for the prior-year period.
Revenue from our Materialise Medical segment increased 14.8% to 27,848 kEUR for the fourth quarter of 2023, compared to 24,254 kEUR for the same period in 2022. Adjusted EBITDA for the segment was 9,365 kEUR compared to 6,355 kEUR, while the Adjusted EBITDA margin for the segment was 33.6% compared to 26.2%.
Revenue from our Materialise Manufacturing segment decreased 2.1% to 26,198 kEUR from 26,750 kEUR for the fourth quarter of 2022. Adjusted EBITDA for the segment decreased to 557 kEUR compared to 1,506 kEUR, while the Adjusted EBITDA margin for the segment was 2.1%, compared to 5.6% for the prior-year period.
Gross profit increased 5.2% to 37,548 kEUR for the fourth quarter of 2023 from 35,681 kEUR for the same period last year. Gross profit as a percentage of revenue was 57.5%, compared to 56.9%.
Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses decreased, in the aggregate, 6.5% to 35,375 kEUR for the fourth quarter of 2023 from 37,829 kEUR for the fourth quarter of 2022.
Net other operating income was (3,287) kEUR compared to 593 kEUR for the fourth quarter of 2022. Excluding non-recurring charges from the impairment of goodwill, tangible and intangible assets of Engimplan and Materialise Motion, net other operating income was 941 kEUR.
Operating result was (1,113) kEUR, compared to (1,554) kEUR for the fourth quarter of 2022. Excluding the effect of the impairments of goodwill, tangible and intangible assets, the operating result was 3,115 kEUR.
Net financial result for the fourth quarter of 2023 was (234) kEUR, compared to (3,436) kEUR for the fourth quarter of 2022.
The fourth quarter of 2023 contained net tax income of 809 kEUR, compared to net tax income of 402 kEUR for the fourth quarter of 2022.
As a result of the above, net profit for the fourth quarter of 2023 was (539) kEUR, compared to a net loss of (4,588) kEUR for the same period in 2022. Total comprehensive income for the fourth quarter of 2023 was (112) kEUR, compared to (7,623) kEUR for the 2022 period.
Full Year 2023 Results
Total revenues for the year ended December 31, 2023 increased 10.4% to 256,127 kEUR from 232,023 kEUR for the year ended December 31, 2022. Adjusted EBITDA for 2023 amounted to 31,397 kEUR compared to 19,014 kEUR for 2022. The Adjusted EBITDA margin was 12.3%, compared to 8.2% in 2022.
Revenues from our Materialise Software segment increased 1.7% to 44,442 kEUR for the year ended December 31, 2023 compared to 43,688 kEUR for the year ended December 31, 2022. The segment’s Adjusted EBITDA increased to 7,450 kEUR from 1,514 kEUR. The segment’s Adjusted EBITDA margin was 16.8% in 2023, compared to 3.5% in 2022.
Revenues from our Materialise Medical segment grew by 19.5% for the year ended December 31, 2023 to 101,376 kEUR from 84,846 kEUR for the year ended December 31, 2022. The segment’s Adjusted EBITDA increased 41.0% to 26,544 kEUR from 18,822 kEUR. The segment’s Adjusted EBITDA margin was 26.2% in 2023, compared to 22.2% in 2022.
Revenues from our Materialise Manufacturing segment increased 6.6% to 110,310 kEUR for the year ended December 31, 2023 from 103,489 kEUR for the year ended December 31, 2022. The segment’s Adjusted EBITDA amounted to 7,537 kEUR compared to 8,229 kEUR. The segment’s Adjusted EBITDA margin decreased to 6.8% in 2023 from 8.0% for 2022.
Gross profit increased 12.7% to 145,131 kEUR from 128,768 kEUR last year. Gross profit as a percentage of revenue was 56.7%, compared to 55.5%.
Operating result amounted to 5,619 kEUR for the year ended December 31, 2023 compared to (2,872) kEUR in the prior year. Excluding the effect of impairments of goodwill, tangible and intangible assets, the operating result was 9,847 kEUR.
Net financial result amounted to 1,154 kEUR, compared to net financial result of 1,694 kEUR for the year ended December 31, 2022. Income taxes amounted to (78) kEUR compared to (975) kEUR for the year ended December 31, 2022. Net profit was 6,695 kEUR for 2023 compared to a net loss of (2,153) kEUR in 2022.
At December 31, 2023, we had cash and equivalents of 127,573 kEUR compared to 140,867 kEUR at December 31, 2022. Gross debt amounted to 64,398 kEUR (of which 25,483 kEUR was short term), compared to 80,980 kEUR at December 31, 2022.
Cash flow from operating activities for the year ended December 31, 2023 was 20,157 kEUR compared to 22,288 kEUR in the year ended December 31, 2022. Total capital expenditures for the year ended December 31, 2023 amounted to 11,760 kEUR.
Net shareholders’ equity at December 31, 2023 was 236,594 kEUR compared to 228,928 kEUR at December 31, 2022.
2024 Guidance
For fiscal 2024, we will be providing guidance for both our consolidated revenue as well our consolidated Adjusted EBIT, and will no longer be providing guidance for our consolidated Adjusted EBITDA. We believe our consolidated Adjusted EBIT will be a more useful guidance measure for investors and analysts going forward as Adjusted EBIT includes the periodic cost of capitalized tangible and intangible assets used in generating revenue in our business and, as such, will allow for a better assessment of our expected performance. However, we will continue to report the segment Adjusted EBITDA of our three business segments.
Mrs. de Vet-Veithen concluded, “Whereas our guidance reflects the uncertain macro-economic and geo-political environment, we believe Materialise is ideally positioned, thanks to our strong product portfolio, continued investments in innovations and strong financial foundation. We expect sales in all three of our segments to increase. The growth of our Materialise Software revenue will be further temporarily impacted by the transition towards a cloud-based subscription business model that we are continuing to implement. Based on current market conditions, we expect our full year consolidated revenues to grow to a range of 265,000 to 275,000 kEUR in 2024. The revenue growth will result in an Adjusted EBIT which we currently anticipate to total between 11,000 and 14,000 kEUR. We expect our three segments to contribute to our Adjusted EBIT in line with their contributions to our revenue growth.”
Non-IFRS Measures
Materialise uses EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA as supplemental financial measures of its financial performance. EBIT is calculated as net profit plus income taxes, financial expenses (less financial income) and shares of profit or loss in a joint venture. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of profit or loss in a joint venture and depreciation and amortization. Adjusted EBIT and Adjusted EBITDA are determined by adding share-based compensation expenses, acquisition-related expenses of business combinations, impairments and revaluation of fair value due to business combinations to EBIT and EBITDA, respectively. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of financing decisions and, in the case of EBITDA and Adjusted EBITDA, long term investment, rather than the performance of the company’s day-to-day operations. The company also uses segment Adjusted EBITDA to evaluate the performance of its three business segments. As compared to net profit, these measures are limited in that they do not reflect the cash requirements necessary to service interest or principal payments on the company’s indebtedness and, in the case of EBITDA and Adjusted EBITDA, these measures are further limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company’s business, or the changes associated with impairments. Management evaluates such items through other financial measures such as financial expenses, capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company’s ability to grow or as a valuation measurement. The company’s calculation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company’s presentation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.
Exchange Rate
This document contains translations of certain euro amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from euros to U.S. dollars in this document were made at a rate of EUR 1.00 to USD 1.105, the reference rate of the European Central Bank on December 31, 2023.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the fourth quarter of 2023 and other matters on Wednesday, February 21, 2024, at 8:30 a.m. ET/2:30 p.m. CET. Company participants on the call will include Brigitte de Vet-Veithen, Chief Executive Officer; and Koen Berges, Chief Financial Officer. A question-and-answer session will follow management’s remarks. To access the call by phone, please click the link below at least 15 minutes prior to the scheduled start time and you will be provided with dial-in details. Participants can choose to dial in or receive a call to connect to Materialise’s conference call.
https://register.vevent.com/register/BI888ebbddf04e423395ea142ced72bee5
The conference call will also be broadcast live over the internet with an accompanying slide presentation, which can be accessed on the company’s website at http://investors.materialise.com. A webcast of the conference call will be archived on the company's website for one year.
About Materialise
Materialise incorporates over 30 years of 3D printing experience into a range of software solutions and 3D printing services, which form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in Belgium, with branches worldwide, Materialise combines one of the largest groups of software developers in the industry with one of the largest and most complete 3D printing facilities in the world. For additional information, please visit: www.materialise.com.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, our estimates for the current fiscal year’s revenue and Adjusted EBIT, our results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including how our business, results of operations and financial condition could be impacted by the current armed conflicts in the Middle East and Ukraine and governmental responses thereto, inflation, increased labor, energy and materials costs), and the trends and competition that may affect the markets, industry or us. Such statements are subject to known and unknown uncertainties and risks. When used in this press release, the words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,” “should,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the expectations of management under current assumptions at the time of this press release. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company's actual results to differ materially from our expectations, including risk factors described in the company's most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission. There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this press release.
The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.
Camtek Receives Order for 25 Metrology & Inspection Systems from a Leading OSAT for Advanced Packaging Applications
Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, Dec. 18, 2023 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received an order of 25 systems from a leading Outsourced Semiconductor Assembly and Test (OSAT) for various Advanced Packaging applications. Delivery of the systems to the customer is expected in 2024.
Camtek_logo
Rafi Amit, CEO of Camtek commented, "This order is a repeat order from an OSAT who specializes in Advanced Packaging and specifically, Heterogeneous Integration. It affirms Camtek's ongoing commitment in providing industry-leading inspection and metrology solutions that meet the evolving demands of the semiconductor landscape. Our strong order flow is a testament to Camtek's leading market position and as we continue to receive notable orders such as this, it strengthens our confidence that 2024 will be a record year for Camtek."
For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.
With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.
This press release is available at www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the future contribution of HBM and Chiplet applications to the Company business, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the effect of the evolving nature of the recent war in Gaza between Israel and the Hamas; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-order-for-25-metrology--inspection-systems-from-a-leading-osat-for-advanced-packaging-applications-302017682.html
SOURCE Camtek Ltd.
Copyright 2023 PR Newswire
CAMTEK ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2023
Source: PR Newswire (US)
EXPECTS 30% YoY GROWTH IN THE FIRST QUARTER WITH RECORD REVENUE IN FY 2024
MIGDAL HAEMEK, Israel, Feb. 20, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the fourth quarter and year ended December 31, 2023.
Camtek Logo
Highlights of the Fourth Quarter of 2023
Revenues of $88.7 million, an 8% increase year-over-year;
GAAP operating income of $17.2 million; non-GAAP operating income of $25.5 million, representing an operating margin of 19.4% and 28.7% respectively;
GAAP net income of $20.8 million and non-GAAP net income of $28.2 million;
Strong operating cash flow of $34.2 million; and
Completion of FRT metrology acquisition.
Highlights of the Full Year 2023
Revenues of $315.4 million, 1.7% below those of last year;
GAAP operating income of $65.4 million; non-GAAP operating income of $83.3 million; representing operating margins of 20.7% and 26.4%, respectively;
GAAP net income of $78.6 million; non-GAAP net income of $95.7 million; and
Operating cash flow of $79.3 million in 2023, which led to a year-end total cash, short-term and long-term deposits and marketable securities balance of $449 million.
Forward-Looking Expectations
Management expects revenues in the first quarter of 2024 between $93-95 million, representing a mid-point 30% increase over the first quarter of 2023, with further growth leading to a year of record revenue for Camtek.
Management Comment
Rafi Amit, Camtek's CEO commented, "The high demand for high performance computing (HPC) was the main driver behind our record fourth quarter, bringing our full year 2023 revenues to $315 million. We received orders for close to 300 systems in the second half of 2023, which puts us in an excellent position going into 2024. This achievement was primarily due to our strong position with tier-1 customers that manufacture HBM (High Bandwidth Memory) and chiplet devices for AI applications. In addition, we have seen continued strong demand from our OSAT customers, driven by other advanced packaging applications."
Continued Mr. Amit, "During the fourth quarter of 2023 we completed the acquisition of FRT and we are confident that this business will meet our expectations in 2024 and beyond. Looking ahead, we anticipate 2024 to be a record year for Camtek even without the contribution of FRT to our results."
Fourth Quarter 2023 Financial Results
Revenues for the fourth quarter of 2023 were $88.7 million. This compares to fourth quarter 2022 revenues of $82.2 million, a year-over-year growth of 8%.
Gross profit on a GAAP basis in the quarter totaled $39.8 million (44.9% of revenues), compared to a gross profit of $39.9 million (48.6% of revenues) in the fourth quarter of 2022.
Gross profit on a non-GAAP basis in the quarter totaled $43.7 million (49.2% of revenues), up 9% compared to a gross profit of $40.2 million (49.0% of revenues) in the fourth quarter of 2022.
Operating profit on a GAAP basis in the quarter totaled $17.2 million (19.4% of revenues), compared to an operating profit of $20.5 million (24.9% of revenues) in the fourth quarter of 2022.
Operating profit on a non-GAAP basis in the quarter totaled $25.5 million (28.7% of revenues), an increase of 12% compared to $22.8 million (27.8% of revenues) in the fourth quarter of 2022.
Net income on a GAAP basis in the quarter totaled $20.8 million, or $0.42 per diluted share, compared to net income of $21.7 million, or $0.45 per diluted share, in the fourth quarter of 2022.
Net income on a non-GAAP basis in the quarter totaled $28.2 million, or $0.57 per diluted share, compared to a non-GAAP net income of $24.0 million, or $0.50 per diluted share, in the fourth quarter of 2022.
Full Year 2023 Results Summary
Revenues for 2022 were $315.4 million, compared to the $320.9 million reported in 2022, a slight decline of 1.7%.
Gross profit on a GAAP basis totaled $147.6 million (46.8% of revenues), compared to $159.9 million (49.8% of revenues) in 2022.
Gross profit on a non-GAAP basis totaled $152.7 million (48.4% of revenues), compared to $161.1 million (50.2% of revenues) in 2022.
Operating income on a GAAP basis totaled $65.4 million (20.7% of revenues), compared to operating income of $81.5 million (25.4% of revenues) in 2022.
Operating income on a non-GAAP basis totaled $83.3 million (26.4% of revenues), an increase of 20% compared to $92.0 million (28.7% of revenues) in 2022.
Net income on a GAAP basis totaled $78.6 million, or $1.61 per diluted share. This is compared to net income of $79.9 million, or $1.66 per diluted share, in 2022.
Net income on a non-GAAP basis totaled $95.7 million, or $1.96 per diluted share. This is an increase of 27% compared to net income of $90.5 million, or $1.88 per diluted share, in 2022.
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of December 31, 2023, were $448.6 million compared to $478.7 million as of December 31, 2022 and $517.1 million as of September 30, 2023. During the fourth quarter, the Company generated an operating cash flow of $34.2 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on Tuesday, February 20, 2024, at 9:00 am ET (16:00 Israel time).
Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.
To participate in the webinar, please register using the following link, which will provide access to the video call:
https://us06web.zoom.us/webinar/register/WN_bNKd27BfSJmYAcuLiB6DZQ
For those wishing to listen via phone, following registration, the dial in link will be sent. For any problems in registering, please email Camtek's investor relations a few hours in advance of the call.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few hours after the call.
A summary presentation of the quarterly results will also be available on Camtek's website.
ABOUT CAMTEK LTD.
Camtek is a leading high-end inspection and metrology equipment provider for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers in various phases of the production process of semiconductor devices, from front-end and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect and measures wafers for some of the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.
With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.
This press release is available at http://www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to the effects of the evolving nature of the war situation in Israel, including in Gaza with the Hamas and in Lebanon with the Hezbollah and the related evolving regional conflict, including without limitation, the Houti attacks on marine vessels; the impact of war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, ; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea, some of which might be subject to the trade restrictions referred to above or involved in trade wars with countries which might impose such trade restrictions; changing industry and market trends; reduced demand for our products; potential adverse reactions or changes to business relationships resulting from the completion of the transaction with FRT, and ongoing or potential litigations or disputes, incidental to the conduct of FRT's business and other risks related to the integration of FRT's business into Camtek business; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) acquisition related expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
The Home Depot Announces Fourth Quarter and Fiscal 2023 Results; Increases Quarterly Dividend by 7.7%; Provides Fiscal 2024 Guidance
Source: PR Newswire (US)
ATLANTA, Feb. 20, 2024 /PRNewswire/ -- The Home Depot®, the world's largest home improvement retailer, today reported fourth quarter and fiscal 2023 results.
The Home Depot logo. (PRNewsFoto/The Home Depot) (PRNewsFoto/)
Fourth Quarter 2023
Sales for the fourth quarter of fiscal 2023 were $34.8 billion, a decrease of 2.9% from the fourth quarter of fiscal 2022. Comparable sales for the fourth quarter of fiscal 2023 decreased 3.5%, and comparable sales in the U.S. decreased 4.0%.
Net earnings for the fourth quarter of fiscal 2023 were $2.8 billion, or $2.82 per diluted share, compared with net earnings of $3.4 billion, or $3.30 per diluted share, in the same period of fiscal 2022. For the fourth quarter of fiscal 2023, diluted earnings per share decreased 14.5% from the same period in the prior year.
Fiscal 2023
Sales for fiscal 2023 were $152.7 billion, a decrease of 3.0% from fiscal 2022. Comparable sales for fiscal 2023 decreased 3.2%, and comparable sales in the U.S. decreased 3.5%.
Net earnings for fiscal 2023 were $15.1 billion, or $15.11 per diluted share, compared with net earnings of $17.1 billion, or $16.69 per diluted share in fiscal 2022. For fiscal 2023, diluted earnings per share decreased 9.5% versus last year.
"After three years of exceptional growth for our business, 2023 was a year of moderation," said Ted Decker, chair, president, and CEO. "During fiscal 2023, we focused on several initiatives to strengthen the business while also staying true to our strategic investments of creating the best interconnected experience, growing our pro wallet share through our unique ecosystem of capabilities, and building new stores. We remain excited about the future for home improvement and our ability to grow share in our large and fragmented market, which we estimate to be over $950 billion. I also want to thank our associates for their hard work and dedication to serving our customers and communities."
Dividend Declaration
The Company today announced that its board of directors approved a 7.7% increase in its quarterly dividend to $2.25 per share, which equates to an annual dividend of $9.00 per share.
The dividend is payable on March 21, 2024, to shareholders of record on the close of business on March 7, 2024. This is the 148th consecutive quarter the Company has paid a cash dividend.
Fiscal 2024 Guidance
The company will have 53 weeks of operating results in fiscal 2024 and provides the following guidance for fiscal 2024:
* Total sales growth of approximately 1.0% including the 53rd week
* 53rd week projected to add approximately $2.3 billion to total sales
* Comparable sales to decline approximately 1.0% for the 52-week period
* Approximately 12 new stores
* Gross margin of approximately 33.9%
* Operating margin of approximately 14.1%
* Tax rate of approximately 24.5%
* Net interest expense of approximately $1.8 billion
* 53-week diluted earnings-per-share-percent growth of approximately 1.0%
* 53rd week expected to contribute approximately $0.30 of diluted earnings per share
The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.
At the end of the fourth quarter, the company operated a total of 2,335 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs approximately 465,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services, including as a result of macroeconomic conditions; net sales growth; comparable sales; the effects of competition; our brand and reputation; implementation of interconnected retail, store, supply chain and technology initiatives; inventory and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer credit; the impact of tariffs; issues related to the payment methods we accept; demand for credit offerings; management of relationships with our associates, potential associates, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; events that could disrupt our business, supply chain, technology infrastructure, or demand for our products and services, such as international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, geopolitical conflicts, military conflicts, or acts of war; our ability to maintain a safe and secure store environment; our ability to address expectations regarding environmental, social and governance matters and meet related goals; continuation or suspension of share repurchases; net earnings performance; earnings per share; future dividends; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation, including compliance with related settlements; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including changes to tax laws and regulations; store openings and closures; guidance for fiscal 2024 and beyond; financial outlook; and the impact of acquired companies on our organization and the ability to recognize the anticipated benefits of any acquisitions.
Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A, "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 29, 2023 and also as may be described from time to time in future reports we file with the Securities and Exchange Commission. There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements
Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
Source: Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File Number: 001-37384
GALAPAGOS NV
(Translation of registrant's name into English)
Generaal De Wittelaan L11 A3 2800 Mechelen, Belgium
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
The information contained in this Report on Form 6-K, including Exhibit 99.1, except for the quotes of Dr Jeevan Shetty, included in Exhibit 99.1, is hereby incorporated by reference into the Company's Registration Statements on Form S-8 (File Nos. 333-204567, 333-208697, 333-211834, 333-215783, 333-218160, 333-225263, 333-231765, 333-249416, 333-260500, 333-268756, and 333-275886).
On February 15, 2024, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated February 15, 2024
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GALAPAGOS NV
(Registrant)
Date: February 16, 2024 /s/ Annelies Denecker
Annelies Denecker
Company Secretary
EXHIBIT 99.1
Galapagos presents at EBMT-EHA annual meeting 2024
Showcases meaningful advances in decentralized CAR T-cell manufacturing and presents translational and clinical data from ongoing Phase 1/2 CD19 CAR-T studies
Mechelen, Belgium; 15 February 2024, 22:01 CET; Galapagos NV (Euronext & NASDAQ: GLPG) to present new preliminary translational data and previously disclosed data at the European Society for Blood and Marrow Transplantation (EBMT)-European Hematology Association (EHA) 6th European CAR T-cell meeting taking place from 15–17 February 2024 in Valencia, Spain.
The preliminary translational data from its EUPLAGIA-1 Phase 1/2 study demonstrate that Galapagos’ differentiated point-of-care manufacturing platform offers the potential for a single infusion of fresh early-phenotype CD19 CAR-T cells with robust expansion and persistence in patients with relapsed/refractory chronic lymphocytic leukemia (rrCLL) and patients with Richter transformation (RT). Further, previously disclosed safety, efficacy and feasibility data from EUPLAGIA-1 and ATALANTA-1 support the potential of Galapagos’ innovative approach to CAR-T manufacturing and of the transformational impact on patients with severe hematologic cancers.
“At Galapagos, we are committed to accelerating transformative innovation to address the unmet needs of patients with advanced cancers, and the data we are presenting today demonstrates our positive momentum toward this goal,” said Dr Jeevan Shetty, M.D., Head of Clinical Development Oncology at Galapagos. “We are pleased for the opportunity to present encouraging data that supports the potential of our innovative, decentralized approach to CAR-T manufacturing and the transformational impact CAR-T treatment could have on patients with serious hematologic cancers.”
Summary of preliminary translational data from EUPLAGIA-1 with GLPG5201 (cut-off date: 6 September 2023):
Patient recruitment of the Phase 1 dose-finding part of EUPLAGIA-1 has been completed and 15 patients were enrolled (6 at dose level 1 (DL1); and 9 at dose level 2 (DL2)), all of whom were diagnosed with rrCLL and 9 with additional RT. All 15 Phase 1 batches were manufactured at the point-of-care and infused as a single fresh, fit product within a median vein-to-vein time of seven days, with 80% of patients receiving the product in seven days.
GLPG5201 final product showed an increase in early phenotypes of CD4+ and CD8+ CAR-T cells (naïve, stem cell memory (TN/SCM) and central memory) compared to apheresis starting material. A robust in vivo expansion of GLPG5201 occurred with a median time-to-peak expansion of 14 days, regardless of dose level, and a higher exposure for patients infused with DL2 compared to DL1. GLPG5201 expansion and exposure were similar in patients with rrCLL and in patients with RT. Persisting CAR-T cells were detected up to 15 months post-infusion. Moreover, the abundance of both CD4+ and CD8+ TN/SCM CAR-T cells in the final product correlated with CAR-T-cell exposure in patients.
Key data highlights accepted by EBMT-EHA:
Abstract Title Authors/Presenter Presentation date/time
Galapagos abstracts
Seven-Day Vein-to-Vein Point-of-Care–Manufactured GLPG5201 Anti-CD19 CAR-T Cells Display Early Phenotype in Relapsed/Refractory Chronic Lymphocytic Leukemia (rrCLL) Including Richter's Transformation (RT) Sandra Blum, Claire Vennin, Esmée P. Hoefsmit, Kirsten Van Hoorde, Sergi Betriu,
Leticia Alserawan, Julio Delgado, Nadia Verbruggen, Anna D.D. van Muyden, Henriëtte Rozema, Ruiz Astigarraga, Margot J. Pont Poster Number: AS-CART-2024-00104
Date: 15 February 2024; 8:15 pm –8:45 pm
Session: PT2 (Poster Tour 2)
Galapagos encore abstracts
Seven-Day Vein-to-Vein Point-of-Care Manufactured CD19 CAR-T Cells (GLPG5101) in Relapsed/Refractory Non-Hodgkin Lymphoma (rrNHL): Results from the Phase 1 ATALANTA-1 Trial Marie José Kersten, Kirsten Saevels, Sophie Servais, Yves Beguin, Joost S.P. Vermaat, Eva Santermans, Stavros Milatos, Maike Spoon, Marte C. Liefaard, Claire Vennin, Margot J. Pont, Anna D.D. van Muyden, Maria T. Kuipers, Sébastien Anguille
Poster Number: AS-CART-2024-00090
Date: 15 February 2024; 7:45 pm –8:15 pm
Session: PT1 (Poster Tour 1)
Seven-Day Vein-to-Vein Point-of-Care–Manufactured CD19 CAR T-Cell Therapy (GLPG5201) in Relapsed/Refractory Chronic Lymphocytic Leukemia (rrCLL) Including Richter’s Transformation: Results from the Phase 1 EUPLAGIA-1 Trial
Natalia Tovar, Nuria Martinez-Cibrian, Julio Delgado, Sergi Betriu, Leticia Alserawan, Ana Triguero, Nadia Verbruggen, Maike Spoon, Marte C. Liefaard, Anna D.D. van Muyden, Valentin Ortiz-Maldonado Oral Presentation Number: AS-CART-2024-00099
Date: 16 February 2024; 6:38 pm –6:44 pm (session runs 6:20 pm –7:15 pm)
Session: BA2 (Best Abstracts 2); Auditorium 1
Phase 1/2, Multicenter, Open-Label Study to Evaluate Feasibility, Safety and Efficacy of Point-of-Care–Manufactured Anti-BCMA CAR T-Cell Therapy (GLPG5301) in Relapsed/Refractory Multiple Myeloma (rrMM) Niels W.C.J. van de Donk, Sébastien Anguille, Jo Caers, Marte C. Liefaard, Christian Jacques, Anna D.D. van Muyden Poster Number: AS-CART-2024-00103
Date: 17 February 2024; 08:30 am–1:45 pm
Session: PE17p (Poster Exhibition)
About Galapagos’ decentralized CAR-T manufacturing platform
Galapagos’ decentralized, innovative point-of-care CAR T-cell manufacturing platform offers the potential for the administration of fresh, fit cells with a vein-to-vein time of seven days, greater physician control and a significantly improved patient experience. The platform consists of an end-to-end xCellit™ workflow management and monitoring software system, a decentralized, functionally closed, automated manufacturing platform for cell therapies (using Lonza’s Cocoon®) and a proprietary quality control testing and release strategy.
About the EUPLAGIA-1 study (EudraCT 2021-003815-25)
EUPLAGIA-1 is an ongoing Phase 1/2 open-label, multi-center study evaluating the safety, efficacy and feasibility of point-of-care manufactured GLPG5201, a CD19 CAR-T product candidate, in patients with relapsed/refractory lymphocytic leukemia (rrCLL) and small cell lymphocytic lymphoma (rrSLL), with or without Richter transformation (RT). GLPG5201 is a second generation anti-CD19/4-1BB CAR-T product candidate, administered as a single fixed intravenous dose. Patients with CD19+ rrCLL or rrSLL with ≥2 lines of prior therapy are eligible to participate, and patients with RT are eligible regardless of prior therapy. The primary objective of the Phase 1 part of the study was to evaluate safety and determine the recommended dose for the Phase 2 part of the study. The dose levels that were evaluated in the Phase 1 part of the study are 35x106 (DL1), and 100x106 (DL2) CAR+ viable T cells. The primary objective of the Phase 2 part of the study is to assess the Objective Response Rate (ORR) and the secondary objectives include the analysis of the Complete Response (CR), duration of response, progression free survival, overall survival, safety, pharmacokinetic profile, and feasibility of point-of-care manufacturing.
About chronic lymphocytic leukemia
Chronic lymphocytic leukemia (CLL) is one of the chronic lymphoproliferative disorders (lymphoid neoplasms). It is characterized by a progressive accumulation of functionally incompetent lymphocytes, which are usually monoclonal in origin. CLL affects B-cells in the blood and bone marrow.1 RT is an uncommon clinicopathological condition observed in patients with CLL. It is characterized by the sudden transformation of the CLL into a significantly more aggressive form of large cell lymphoma and occurs in approximately 2-10% of all CLL patients. CLL usually follows an indolent course and is an incurable disease. Patients who develop relapsed and refractory disease and become resistant to new agents have a dismal prognosis and a high unmet medical need for new therapeutic options such as CAR-T cells. With estimated incidence of 4.7 new cases per 100,000 individuals, CLL is the most prevalent lymphoid malignancy and is the most common adult leukemia in the US and in Europe.2 The annual incidence of patients with RT has been estimated at 1,900 new patients in the US and 2,000 in the EU5.3
About the ATALANTA-1 study (EudraCT 2021-003272-13)
ATALANTA-1 is an ongoing Phase 1/2, open-label, multicenter study to evaluate the safety, efficacy and feasibility of point-of-care manufactured GLPG5101, a CD19 CAR-T product candidate, in patients with relapsed/refractory non-Hodgkin’s lymphoma (rrNHL). GLPG5101 is a second generation anti-CD19/4-1BB CAR-T product candidate, administered as a single fixed intravenous dose. The primary objective of the Phase 1 part of the study was to evaluate safety and to determine the recommended dose for the Phase 2 part of the study. Secondary objectives include assessment of efficacy and feasibility of near the point-of-care manufacturing of GLPG5101. The dose levels that were evaluated in Phase 1 are 50x106 (DL1) and 110x106 (DL2) and 250x106 (DL3) CAR+ viable T cells. The primary objective of the Phase 2 part of the study is to evaluate the Objective Response Rate (ORR) while the secondary objectives include Complete Response (CR), duration of response, progression free survival, overall survival, safety, pharmacokinetic profile, and the feasibility of point-of-care manufacturing. Each enrolled patient will be followed for 24 months.
About non-Hodgkin’s lymphoma
Non-Hodgkin’s lymphoma is a cancer originating from lymphocytes, a type of white blood cell which is part of the body’s immune system. Non-Hodgkin’s lymphoma can occur at any age although it is more common in adults over 50 years old. Initial symptoms usually are enlarged lymph nodes, fever, and weight loss. There are many different types of non-Hodgkin’s lymphoma. These types can be divided into aggressive (fast-growing) and indolent (slow-growing) types, and they can be formed from either B lymphocytes (B cells) or in lesser extent from T lymphocytes (T cells) or Natural Killer cells (NK cells). B-cell lymphoma makes up about 85% of non-Hodgkin’s lymphomas diagnosed in the US. Prognosis and treatment of non-Hodgkin’s lymphoma depend on the stage and type of disease.
About the PAPILIO-1 Phase 1/2 study (EU CT 2022-500782-27-00)
PAPILIO-1 is a Phase 1/2, open-label, multicenter study to evaluate the safety, efficacy and feasibility of point-of-care manufactured GLPG5301, a BCMA CAR-T product candidate, in patients with relapsed/refractory multiple myeloma (rrMM) after ≥2 prior lines of therapy. The primary objective of the Phase 1 part of the PAPILIO-1 study is to evaluate safety and determine the recommended dose for the Phase 2 part of the study. The primary objective of the Phase 2 part of the study is to evaluate the efficacy of GLPG5301, as measured by the Objective Response Rate (ORR). Secondary objectives for both Phase 1 and Phase 2 include further assessment of the safety of GLPG5301, additional efficacy endpoints, including assessment of Minimal Residual Disease (MRD), as well as the feasibility of point-of-care manufacture of GLPG5301 in rrMM patients. Each enrolled patient will be followed for 24 months. During Phase 1, up to 3 dose levels will be evaluated and at least 12 patients will be enrolled to establish the recommended Phase 2 dose. Approximately 30 additional patients will be enrolled in the Phase 2 part of the study to further evaluate the safety and efficacy of GLPG5301.
About relapsed/refractory multiple myeloma (rrMM)
Multiple myeloma (MM) is typically characterized by the neoplastic proliferation of plasma cells producing a monoclonal immunoglobulin. The plasma cells proliferate in the bone marrow and may result in extensive skeletal destruction with osteopenia, and osteolytic lesions with or without pathologic fractures. The diagnosis of MM is made when one (or more) of the following clinical presentations are present: bone pain with lytic lesions discovered on routine skeletal films or other imaging modalities, an increased total serum protein concentration with the presence of a monoclonal protein in the urine or serum, and anemia, hypercalcemia or renal failure. The patient may be either symptomatic or their disease may be discovered incidentally. Despite improvements in treatment, patients with MM ultimately relapse or become refractory to available regimens. Triple-refractory patients (refractory to CD38 monoclonal antibodies (mAbs), proteasome inhibitor (PI) and immunomodulatory drug (IMiD)), or penta-refractory patients (refractory to CD38 mAbs, 2 Pls and 2 IMiDs) have a poor prognosis and are in urgent need of novel treatment options.
About Galapagos
We are a global biotechnology company with operations in Europe and the US dedicated to developing transformational medicines for more years of life and quality of life. Focusing on high unmet medical needs, we synergize compelling science, technology, and collaborative approaches to create a deep pipeline of best-in-class small molecules, CAR-T therapies, and biologics in oncology and immunology. With capabilities from lab to patient, including a decentralized, point-of-care CAR-T manufacturing network, we are committed to challenging the status quo and delivering results for our patients, employees and shareholders. For additional information, please visit?www.glpg.com?or follow us on?LinkedIn?or?X (formerly Twitter).
Contact
Media inquiries:
Marieke Vermeersch
+32 479 490 603
media@glpg.com Investor inquiries:
Sofie Van Gijsel
+1 781 296 1143
ir@glpg.com
Sandra Cauwenberghs
+32 495 58 46 63
ir@glpg.com
Forward-looking statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements are often, but are not always, made through the use of words or phrases such as “anticipate,” “expect,” “plan,” “estimate,” “will,” “continue,” “aim,” “intend,” “future,” “potential,” “could,” ”indicate,” “forward,” as well as similar expressions. Forward-looking statements contained in this release include, but are not limited to, statements regarding preliminary, interim and topline data from the EUPLAGIA-1, ATALANTA-1 and PAPILIO-1 studies and other analyses related to CD19 CAR-T, statements related to Galapagos’ plans, expectations and strategy with respect to the EUPLAGIA-1, ATALANTA-1 and PAPILIO-1 studies, and statements regarding the expected timing, design and readouts of the EUPLAGIA-1, ATALANTA-1 and PAPILIO-1 studies, including the expected recruitment for trials. Forward-looking statements involve known and unknown risks, uncertainties and other factors which might cause our actual results to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, without limitation, the risk that preliminary or interim clinical results may not be replicated in ongoing or subsequent clinical trials; the risk that ongoing and future clinical studies with GLPG5201 and GLPG5101 may not be completed in the currently envisaged timelines or at all, the inherent uncertainties associated with competitive developments, clinical trial and product development activities and regulatory approval requirements (including that data from the ongoing and planned clinical research programs may not support registration or further development of GLPG5201 and GLPG5101 due to safety, efficacy or other reasons), Galapagos' reliance on collaborations with third parties (including its collaboration partner Lonza) and that Galapagos’ estimations regarding its GLPG5201 and GLPG5101 development programs and regarding the commercial potential of GLPG5201 and GLPG5101, may be incorrect, as well as those risks and uncertainties identified in Galapagos’ Annual Report on Form 20-F for the year ended 31 December 2022 filed with the U.S. Securities and Exchange Commission (SEC) and its subsequent filings with the SEC. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The forward-looking statements contained herein are based on management’s current expectations and beliefs and speak only as of the date hereof, and Galapagos makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.
1 Wierda WG. Chronic lymphocytic leukemia/ Small lymphocytic lymphoma fact sheet. In: Foundation LR, editor: https://www.lymphoma.org/wp-content/uploads/2018/04/LRF_FACTSHEET_CLL_SLL.pdf.2018.
2 Siegel RL, Miller KD, Fuchs HE, Jemal A. Cancer Statistics, 2021. CA: A Cancer Journal for Clinicians. 2021;71(1):7-33. https://www.ncbi.nlm.nih.gov/books/NBK493173
3 IMARC report, 2023; 2-15% of incidence per Lightning Health literature review; Sigmund AM et al. 2022; Thompson PhA et al. 2022
Air Products Reports Fiscal 2024 First Quarter GAAP EPS of $2.73 and Adjusted EPS of $2.82
Source: PR Newswire (US)
Q1 FY24 (comparisons versus prior year):
GAAP EPS# of $2.73, up six percent; GAAP net income of $622 million, up six percent; and GAAP net income margin of 20.7 percent, up 230 basis points
Adjusted EPS* of $2.82, up seven percent; adjusted EBITDA* of $1.2 billion, up eight percent; and adjusted EBITDA margin* of 39.2 percent, up 510 basis points
Recent Highlights
Increased quarterly dividend to $1.77 per share in January, the 42nd consecutive year of increases
Guidance
Updated fiscal 2024 full-year adjusted EPS guidance* of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS*; fiscal 2024 second quarter adjusted EPS guidance* of $2.60 to $2.75
Continue to expect fiscal year 2024 capital expenditures* of $5.0 billion to $5.5 billion
#Earnings per share is calculated and presented on a diluted basis from continuing operations attributable to Air Products.
*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. In addition, as discussed below, it is not possible, without unreasonable efforts, to identify the timing or occurrence of future events, transactions, and/or investment activity that could have a significant effect on the Company's future GAAP EPS or cash flow used for investing activities if any of these events were to occur.
Fiscal 2024 First Quarter Consolidated Results
LEHIGH VALLEY, Pa., Feb. 5, 2024 /PRNewswire/ -- Air Products (NYSE:APD) today reported first quarter fiscal 2024 results, including GAAP EPS from continuing operations of $2.73, up six percent from prior year. GAAP net income of $622 million was up six percent over the prior year due to higher equity affiliates' income, higher pricing, and higher volumes, partially offset by higher costs. GAAP net income margin of 20.7 percent increased 230 basis points over the prior year, which included a positive impact of about 200 basis points from lower energy cost pass-through. Air Products' GAAP results include costs for the non-service related components of the Company's defined benefit pension plans, which are reflected as adjustments to the non-GAAP measures discussed below.
For the quarter, on a non-GAAP basis, adjusted EPS from continuing operations of $2.82 increased seven percent over the prior year. Adjusted EBITDA of $1.2 billion was up eight percent over the prior year, due to higher equity affiliates' income, higher volumes, and higher pricing, partially offset by higher costs. Adjusted EBITDA margin of 39.2 percent increased 510 basis points over the prior year, which included a positive impact of about 400 basis points from lower energy cost pass-through.
First quarter sales of $3.0 billion decreased six percent from the prior year, as three percent higher volumes, one percent higher pricing, and one percent favorable currency were more than offset by 11 percent lower energy cost pass-through, which negatively affected sales but had no impact on net income.
Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Despite significant geopolitical and economic headwinds, the team at Air Products performed well, increasing our adjusted EPS by seven percent over last year. Our reported results were lower than our expectations, mainly due to a slowdown in manufacturing in Asia, particularly in China; lower helium demand; cost headwinds from a sale of equipment project; and currency devaluation in Argentina. We are moving forward to successfully implement our ambitious, long-term growth strategy through our core industrial gases business and as a leader in low-carbon intensity hydrogen to generate a cleaner future for the world."
Fiscal 2024 First Quarter Results by Business Segment
Americas sales of $1.3 billion were down 10 percent versus the prior year, as three percent higher volumes driven by strong hydrogen demand and two percent higher pricing were more than offset by 15 percent lower energy cost pass-through. Operating income of $354 million increased three percent and adjusted EBITDA of $561 million increased nine percent, in each case primarily due to higher pricing and volumes, partially offset by higher costs. Adjusted EBITDA also benefited from higher equity affiliates' income. Operating margin of 28.3 percent increased 350 basis points and adjusted EBITDA margin of 44.8 percent increased 760 basis points. The operating margin and adjusted EBITDA margin improvements included positive impacts from lower energy cost pass-through of approximately 400 basis points and 600 basis points, respectively.
Asia sales of $794 million increased two percent over the prior year, as two percent higher energy cost pass-through and one percent higher pricing were partially offset by one percent unfavorable currency. Volumes were flat, as higher on-site volumes were offset by weak economic growth in China and lower activity in helium. Operating income of $211 million decreased 10 percent and adjusted EBITDA of $327 million decreased five percent, in each case primarily due to unfavorable volume mix and higher costs. Operating margin of 26.6 percent decreased 370 basis points and adjusted EBITDA margin of 41.2 percent decreased 320 basis points.
Europe sales of $731 million decreased eight percent from the prior year, as nine percent favorable volumes driven by our on-site business and five percent favorable currency were more than offset by 20 percent lower energy cost pass-through and two percent lower pricing. Operating income of $198 million increased 36 percent and adjusted EBITDA of $267 million increased 28 percent, as higher volumes, lower power costs, and favorable currency more than offset inflation and higher maintenance costs. Operating margin of 27.0 percent increased 860 basis points and adjusted EBITDA margin of 36.4 percent increased 1,020 basis points. The operating margin and adjusted EBITDA margin improvements included positive impacts from lower energy cost pass-through of approximately 350 basis points and 550 basis points, respectively.
Middle East and India equity affiliates income of $93 million increased 45 percent compared to the prior year, primarily due to the completion of the second phase of the Jazan project in January 2023.
Corporate and other sales of $185 million increased three percent compared to the prior year and reflected higher LNG sale of equipment activity.
Outlook
Air Products now expects full-year fiscal 2024 adjusted EPS guidance* of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS. For the second quarter of fiscal 2024, Air Products' adjusted EPS guidance* is $2.60 to $2.75.
Air Products continues to expect capital expenditures* of $5.0 billion to $5.5 billion for full-year fiscal 2024.
*Management is unable to reconcile, without unreasonable effort, the Company's forecasted range of adjusted EPS
or capital expenditures to a comparable GAAP range. Air Products provides adjusted EPS guidance on a continuing
operations basis, excluding the impact of certain items that management believes are not representative of the
Company's underlying business performance, such as the incurrence of costs for cost reduction actions and
impairment charges, or the recognition of gains or losses on certain disclosed items. It is not possible, without
unreasonable efforts, to predict the timing or occurrence of these events or the potential for other transactions that
may impact future GAAP EPS. Similarly, it is not possible, without unreasonable efforts, to reconcile forecasted
capital expenditures to future cash used for investing activities because management is not able to identify the
timing or occurrence of future investment activity, which is driven by management's assessment of competing
opportunities at the time the Company enters into transactions. Furthermore, it is not possible to identify the
potential significance of these events in advance, but any of these events, if they were to occur, could have a
significant effect on the Company's future GAAP results
Earnings Teleconference
Access the fiscal 2024 first quarter earnings teleconference scheduled for 8:30 a.m. Eastern Time on February 5, 2024 by calling 323-994-2093 and entering passcode 1702171 or by accessing the Event Details page on Air Products' Investor Relations website.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and provides turbomachinery, membrane systems and cryogenic containers globally.
The Company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of about $60 billion. Approximately 23,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook and investment opportunities. Forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change; changes in the financial markets that may affect the availability and terms on which we may obtain financing; the ability to implement price increases to offset cost increases; disruptions to our supply chain and related distribution delays and cost increases; risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets; project delays, scope changes, cost escalations, contract terminations, customer cancellations, or postponement of projects and sales; our ability to safely develop, operate, and manage costs of large-scale and technically complex projects; the future financial and operating performance of major customers, joint ventures, and equity affiliates; our ability to develop, implement, and operate new technologies and to market products produced utilizing new technologies; our ability to execute the projects in our backlog and refresh our pipeline of new projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate; the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change; changes in tax rates and other changes in tax law; safety incidents relating to our operations; the timing, impact, and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers; catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including Russia's invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the success of productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking
Applied Materials Announces First Quarter 2024 Results
Feb 15, 2024 at 4:01 PM EST
https://ir.appliedmaterials.com/news-releases/news-release-details/applied-materials-announces-first-quarter-2024-results
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Tyler Technologies Reports Earnings for Fourth Quarter 2023
Source: Business Wire
SaaS revenues grew 21.7% for the fourth quarter
Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the fourth quarter ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights (all comparisons are to the fourth quarter of 2022):
Revenues
Total revenues were $480.9 million, up 6.3%. On an organic basis, revenues grew 6.1%.
Recurring Revenues
Recurring revenues were $403.6 million, up 7.9%, and comprised 83.9% of fourth quarter 2023 revenues, up from 82.7%. On an organic basis, recurring revenues were $400.4 million, up 7.1%.
Subscription revenues were $286.1 million, up 11.4%. On an organic basis, subscription revenues grew 10.8%. Within subscriptions:
SaaS revenues grew 21.7% to $141.0 million. On an organic basis, SaaS revenues grew 21.2%.
Transaction-based revenues grew 3.0% to $145.1 million. On an organic basis, transaction-based revenues grew 2.1%.
SaaS arrangements comprised approximately 89% of the total new software contract value, compared to approximately 86%.
Annualized recurring revenue (ARR) was $1.61 billion, up 7.9%.
Earnings/EBITDA
GAAP operating income was $47.7 million, up 17.3%. Non-GAAP operating income was $107.4 million, up 9.7%.
GAAP net income was $38.9 million, or $0.91 per diluted share, up 25.2%. Non-GAAP net income was $81.4 million, or $1.89 per diluted share, up 15.6%.
Adjusted EBITDA was $117.9 million, up 7.4%.
Cash Flow
Cash flows from operations were $147.4 million, up 21.0%.
Free cash flow was $134.4 million, up 17.1%.
During the fourth quarter, cash tax payments included approximately $15 million related to IRC Section 174 capitalization rules.
Acquisitions
During the fourth quarter, we completed the acquisitions of ResourceX and ARInspect for a combined purchase price of approximately $37 million in cash and stock.
Full Year 2023 Financial Highlights (all comparisons are to the full year of 2022):
Revenues
Total revenues were $1.952 billion, up 5.5%. On an organic basis (excluding COVID-related revenues in 2022), revenues grew 7.4%.
Recurring Revenues
Recurring revenues were $1.63 billion, up 9.8%, and comprised 83.3% of 2023 revenues, up from 80.0%. On an organic basis, recurring revenues were $1.61 billion, up 9.5%.
Subscription revenues were $1.16 billion, up 14.5%. On an organic basis, subscription revenues grew 14.4%. Within subscriptions:
SaaS revenues grew 23.2% to $528.0 million. On an organic basis, SaaS revenues grew 23.1%.
Transaction-based revenues grew 8.2% to $631.5 million. On an organic basis, transaction-based revenues grew 7.9%.
SaaS arrangements comprised approximately 85% of the total new software contract value, compared to approximately 83%.
Earnings/EBITDA
GAAP operating income was $218.5 million, up 2.0%. Non-GAAP operating income was $448.1 million, up 2.5%.
GAAP net income was $165.9 million, or $3.88 per diluted share, up 1.0%. Non-GAAP net income was $333.7 million, or $7.80 per diluted share, up 4.9%.
Adjusted EBITDA was $488.4 million, up 2.8%.
Cash Flow
Cash flows from operations were $380.4 million, down 0.3%.
Free cash flow was $327.4 million, down 1.2%.
Cash tax payments in 2023 included approximately $127 million related to IRC Section 174 capitalization rules.
“Our fourth quarter results reflected a strong finish to a pivotal year in our cloud transition and a return to year-over-year operating margin expansion,” said Lynn Moore, Tyler’s president and chief executive officer. “We achieved our key objectives for the year and both earnings and cash flow surpassed our expectations. Recurring revenue growth for the quarter was solid, highlighted by SaaS revenue growth of 21.7%, marking our 12th consecutive quarter of SaaS revenue growth of 20% or more. Free cash flow reached a new high for a fourth quarter and our SaaS mix expanded to 89% of new software contract value.
“We're pleased with the strength of new contract signings during the fourth quarter, including a landmark win with the California Department of Parks and Recreation for our integrated Outdoor Recreation platform, including payments. This transaction-based, self-funded eight-year contract is the largest transaction-based arrangement in Tyler's history. We're also excited to have signed our expanded strategic collaboration agreement with Amazon Web Services to further enable the growing adoption of Tyler's cloud-based mission-critical solutions and to support our public sector clients' digital modernization needs.
“During 2023, we excelled on many fronts executing our four-pronged growth strategy to drive predictable, higher recurring revenues and long-term margin expansion. We leveraged our unmatched installed base, broad suite of offerings, and strong relationships across local, state, and federal agencies to expand our cross-sell and upsell opportunities. We continued to take a balanced and opportunistic approach with respect to capital allocation and closed four strategic acquisitions, adding AI technology that can be leveraged across Tyler's product portfolio. We further strengthened our balance sheet and aggressively reduced our term debt with fourth quarter repayments of $90 million. For the full year, we reduced debt by $345 million, bringing our net leverage at year-end to under one times proforma EBITDA.
“We enter 2024 with tremendous optimism and confidence in the year ahead and beyond as we execute our strategy supporting our Tyler 2030 vision. The public sector market remains very healthy, as evidenced by our elevated levels of RFP and sales demonstration activity. We are on track with key initiatives around our cloud transition, including the migration of on-premises clients to the cloud and the planned exit from our proprietary data centers, and we expect to return to a trajectory of operating margin expansion in 2024,” concluded Moore.
Annual Guidance for 2024
As of February 14, 2024, Tyler Technologies is providing the following guidance for the full year 2024:
Total revenues are expected to be in the range of $2.095 billion to $2.135 billion.
GAAP diluted earnings per share are expected to be in the range of $5.17 to $5.37.
Non-GAAP diluted earnings per share are expected to be in the range of $8.90 to $9.10.
Free cash flow margin is expected to be in the range of 17% to 19%.
Research and development expense is expected to be in the range of $125 million to $130 million.
Capital expenditures are expected to be in the range of $46 million to $48 million, including approximately $27 million of software development costs.
GAAP to non-GAAP guidance reconciliation
2024
GAAP diluted earnings per share (1)
$5.17 - $5.37
Plus:
Share-based compensation expense
2.92
Amortization of acquired software and other intangibles
2.21
Less:
Income tax impact (1)
(1.40)
Non-GAAP diluted earnings per share
$8.90 - $9.10
Shares used in computing diluted earnings per share (millions)
43.5
GAAP estimated annual effective tax rate used in computing GAAP diluted earnings per share (1)
18%
Non-GAAP estimated annual effective tax rate used in computing non-GAAP diluted earnings per share
22%
(1) GAAP diluted earnings per share may fluctuate due to the impact on our annual effective tax rate of discrete tax items, such as stock incentive awards, future acquisitions, changes in tax legislation, and other transactions.
Conference Call
Tyler Technologies will hold a conference call on Thursday, February 15, 2024, at 10:00 a.m. ET to discuss the company’s results. Participants can register in advance for the conference through the following link: https://conferencingportals.com/event/eqivMdEU. Registered participants will receive an email with a calendar reminder, dial-in number and conference ID that allows them immediate access to the call.
The live audio webcast and archived replay can also be accessed at https://investors.tylertech.com/events-and-presentations/default.aspx.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) provides integrated software and technology services to the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate more efficiently and transparently with residents and each other. By connecting data and processes across disparate systems, Tyler’s solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 40,000 successful installations across nearly 13,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including Government Technology’s GovTech 100 list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.
Non-GAAP Financial Measures
Tyler Technologies has provided in this press release financial measures that have not been prepared in accordance with generally accepted accounting principles (GAAP) and are therefore considered non-GAAP financial measures. This information includes non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share, EBITDA, adjusted EBITDA, free cash flow, and free cash flow margin. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating Tyler’s ongoing operational performance because they provide additional insight in comparing results from period to period. Tyler believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures discussed above exclude share-based compensation expense, employer portion of payroll taxes on employee stock transactions, expenses associated with amortization of intangibles arising from business combinations, acquisition-related expenses, and lease restructuring costs and other. Annualized recurring revenue (ARR) is calculated by annualizing the current quarter's recurring revenues from subscriptions and maintenance.
Tyler currently uses a non-GAAP tax rate of 22.0%. This rate is based on Tyler's estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating Tyler's non-GAAP income, as well as significant non-recurring tax adjustments. The non-GAAP tax rate used in future periods will be reviewed periodically to determine whether it remains appropriate in consideration of factors including Tyler's periodic annual effective tax rate calculated in accordance with GAAP, changes resulting from tax legislation, changes in the geographic mix of revenues and expenses, and other factors deemed significant. Due to differences in tax treatment of items excluded from non-GAAP earnings, as well as the methodology applied to Tyler's estimated annual tax rate as described above, the estimated tax rate on non-GAAP income may differ from the GAAP tax rate and from Tyler's actual tax liabilities.
Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial information prepared in accordance with GAAP. The non-GAAP measures used by Tyler Technologies may be different from non-GAAP measures used by other companies. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which has been provided in the financial statement tables included below in this press release.
Forward-looking Statements
This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical in nature and typically address future or anticipated events, trends, expectations or beliefs with respect to our financial condition, results of operations or business. Forward-looking statements often contain words such as “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates,” “plans,” “intends,” “continues,” “may,” “will,” “should,” “projects,” “might,” “could” or other similar words or phrases. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. We believe there is a reasonable basis for our forward-looking statements, but they are inherently subject to risks and uncertainties and actual results could differ materially from the expectations and beliefs reflected in the forward-looking statements. We presently consider the following to be among the important factors that could cause actual results to differ materially from our expectations and beliefs: (1) changes in the budgets or regulatory environments of our clients, primarily local and state governments, that could negatively impact information technology spending; (2) disruption to our business and harm to our competitive position resulting from cyber-attacks and security vulnerabilities; (3) our ability to protect client information from security breaches and provide uninterrupted operations of data centers; (4) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (5) material portions of our business require the Internet infrastructure to be adequately maintained; (6) our ability to achieve our financial forecasts due to various factors, including project delays by our clients, reductions in transaction size, fewer transactions, delays in delivery of new products or releases or a decline in our renewal rates for service agreements; (7) general economic, political and market conditions, including continued inflation and rising interest rates; (8) technological and market risks associated with the development of new products or services or of new versions of existing or acquired products or services; (9) competition in the industry in which we conduct business and the impact of competition on pricing, client retention and pressure for new products or services; (10) the ability to attract and retain qualified personnel and dealing with the loss or retirement of key members of management or other key personnel; and (11) costs of compliance and any failure to comply with government and stock exchange regulations. These factors and other risks that affect our business are described in our filings with the Securities and Exchange Commission, including the detailed “Risk Factors” contained in our most recent annual report on Form 10-K and quarterly report on Form 10-Q. We expressly disclaim any obligation to publicly update or revise our forward-looking statements.
(Comparative results follow)
#TYL_Financial
LEXARIA BIOSCIENCE CORP.
Filed by
INVENOMIC CAPITAL MANAGEMENT LP
Telephone CIK Symbol SIC Code Industry Sector Fiscal Year
FORM SC 13G/A
(Amended Statement of Ownership)
Filed 02/14/24
https://www.otcmarkets.com/filing/conv_pdf?id=17271961&guid=AJd-kaQlROwfJth
DR. FOODS, INC.
FORM 10-Q
(Quarterly Report)
Filed 02/12/24 for the Period Ending 12/31/23
https://www.otcmarkets.com/filing/conv_pdf?id=17256799&guid=AJd-kaQlROwfJth
The future of grocery store design: It may be time for the checkout aisle to check out
https://www.bdcnetwork.com/blog/future-grocery-store-design-it-may-be-time-checkout-aisle-check-out
https://finance.yahoo.com/news/linde-plc-linde-reports-full-111000980.html
Linde Reports Full-Year and Fourth-Quarter 2023 Results
Full-Year Highlights
Sales $32.9 billion, down 2%, underlying sales up 5%
Operating profit $8.0 billion; adjusted operating profit $9.1 billion, up 15%
Operating profit margin 24.4%; adjusted operating profit margin 27.6%, up 390 basis points versus prior year
EPS $12.59; adjusted EPS $14.20, up 16%
Returned $6.4 billion to shareholders through dividends and share repurchases
Total project backlog of $8.5 billion
Fourth-Quarter Highlights
Sales $8.3 billion, up 5% YoY, underlying sales up 4%
Operating profit $2.0 billion, adjusted operating profit $2.3 billion, up 14%
Operating profit margin 24.4%; adjusted operating profit margin 27.4%, YoY up 210 basis points
EPS $3.16, up 18%; adjusted EPS $3.59, up 14%
2024 Guidance
First-quarter 2024 adjusted EPS guidance $3.58 - $3.68, represents 6%-9% growth ex. FX
Full-year 2024 adjusted EPS guidance $15.25 - $15.65, represents 8%-11% growth ex. FX
https://t.me/otcupdates/65161
OTC Updates
🚨 $ARAT
💰1.1710
Pink Current, AS: 950M, OS: 126M, US: 4.2M
Address Updated:
🔴 1600 B SW Dash Point Rd, #1068, Federal Way, WA, 98023, United States
🟢 820 E Park Ave, Bldg. D200, Tallahassee, FL, 32301, United States
LinkedIn Added.
🟢 https://www.linkedin.com/company/arax-corp/
Phone Updated:
🔴 (850) 254-1161
🟢 850-254-1161
Twitter Added.
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Jan 31 at 13:45
Dow reports fourth quarter 2023 results
Source: PR Newswire (US)
MIDLAND, Mich., Jan. 25, 2024 /PRNewswire/ -- Dow (NYSE: DOW):
www.dow.com (PRNewsfoto/The Dow Chemical Company)
FINANCIAL HIGHLIGHTS
GAAP loss per share was $0.15; operating earnings per share (EPS)1 was $0.43, compared to $0.46 in the year-ago period and $0.48 in the prior quarter. Operating EPS excludes significant items in the quarter, totaling $0.58 per share, primarily from a one-time non-cash settlement charge aligned to our pension de-risking plans.
Net sales were $10.6 billion, down 10% versus the year-ago period, reflecting declines in all operating segments due to slower global macroeconomic activity. Sales were down 1% sequentially, as price and volume gains in Packaging & Specialty Plastics were more than offset by seasonal demand declines in Performance Materials & Coatings.
Volume increased 2% versus the year-ago period, with gains across all regions except Asia Pacific, which was flat. Sequentially, volume decreased by 1%, including the impact to our Bahía Blanca, Argentina site due to a severe, unexpected storm in December.
Local price decreased 13% year-over-year, with declines in all operating segments, due to lower feedstock and energy costs. Sequentially, local price was flat, reflecting modest gains in most regions.
Currency increased 1% year-over-year and was flat sequentially.
Equity losses were $7 million, compared to equity losses of $43 million in the year-ago period, primarily due to improved equity earnings at the Kuwait joint ventures. Sequentially, equity losses were flat.
GAAP net loss was $95 million. Operating EBIT1 was $559 million, down $42 million year-over-year, primarily driven by lower prices. Sequentially, Op. EBIT was down $67 million, as gains in Packaging & Specialty Plastics were more than offset by seasonally lower volumes in Performance Materials & Coatings.
Cash provided by operating activities – continuing operations was $1.6 billion, down $450 million year-over-year and down $30 million compared to the prior quarter. Free cash flow1 was $870 million.
Returns to shareholders totaled $616 million in the quarter, including $491 million in dividends and $125 million in share repurchases.
The Company delivered 2023 full year net sales of $44.6 billion compared to $56.9 billion in 2022. GAAP net income was $660 million, down from $4.6 billion in 2022. Operating EBIT was $2.8 billion, down from $6.6 billion last year. Cash provided by operating activities – continuing operations was $5.2 billion compared to $7.5 billion in 2022. The Company delivered returns to shareholders of $2.6 billion through $2 billion in dividends and $625 million in share repurchases in 2023.
Valero Energy Reports 2023 Fourth Quarter and Full Year Results
Source: Business Wire
Reported net income attributable to Valero stockholders of $1.2 billion, or $3.55 per share, for the fourth quarter and $8.8 billion, or $24.92 per share, for the year
Reported adjusted net income attributable to Valero stockholders of $8.8 billion, or $24.90 per share, for the year
Returned $1.3 billion to stockholders through dividends and stock buybacks in the fourth quarter and over $6.6 billion in the year
Increased quarterly cash dividend on common stock by 5 percent to $1.07 per share on January 18
Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $1.2 billion, or $3.55 per share, for the fourth quarter of 2023, compared to $3.1 billion, or $8.15 per share, for the fourth quarter of 2022. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $3.2 billion, or $8.45 per share, for the fourth quarter of 2022.
For 2023, net income attributable to Valero stockholders was $8.8 billion, or $24.92 per share, compared to $11.5 billion, or $29.04 per share, in 2022. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $8.8 billion, or $24.90 per share, in 2023, compared to $11.6 billion, or $29.16 per share, in 2022.
Refining
The Refining segment reported operating income of $1.6 billion for the fourth quarter of 2023, compared to $4.3 billion for the fourth quarter of 2022. Refining throughput volumes averaged 3.0 million barrels per day in the fourth quarter of 2023.
“Our operational achievements in health, safety and environmental, mechanical availability and cost management supported best-ever performance in several areas of our operations and contributed to our second best-ever year in adjusted earnings,” said Lane Riggs, Valero’s Chief Executive Officer and President. “We also delivered on our commitment to return cash to shareholders, invest with discipline, and advance our low-carbon fuels strategy.”
Renewable Diesel
The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported $84 million of operating income for the fourth quarter of 2023, compared to $261 million for the fourth quarter of 2022. Segment sales volumes averaged 3.8 million gallons per day in the fourth quarter of 2023, which was 1.3 million gallons per day higher than the fourth quarter of 2022. The higher sales volumes were due to the impact of additional volumes from the DGD Port Arthur plant, which started up in the fourth quarter of 2022. Operating income was lower than the fourth quarter of 2022 due to lower renewable diesel margin in the fourth quarter of 2023.
Ethanol
The Ethanol segment reported $190 million of operating income for the fourth quarter of 2023, compared to $7 million for the fourth quarter of 2022. Adjusted operating income was $205 million for the fourth quarter of 2023, compared to $69 million for the fourth quarter of 2022. Ethanol production volumes averaged 4.5 million gallons per day in the fourth quarter of 2023, which was 448 thousand gallons per day higher than the fourth quarter of 2022. Adjusted operating income was higher than the fourth quarter of 2022 primarily as a result of higher production volumes and lower corn prices in the fourth quarter of 2023.
Corporate and Other
General and administrative expenses were $295 million in the fourth quarter of 2023 and $998 million for the year. The effective tax rate for 2023 was 22 percent.
Investing and Financing Activities
Net cash provided by operating activities was $1.2 billion in the fourth quarter of 2023. Included in this amount was a $631 million unfavorable impact from working capital and $65 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.8 billion in the fourth quarter of 2023.
Net cash provided by operating activities in 2023 was $9.2 billion. Included in this amount was a $2.3 billion unfavorable impact from working capital and $512 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities in 2023 was $11.0 billion.
Capital investments totaled $540 million in the fourth quarter of 2023, of which $460 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD, capital investments attributable to Valero were $506 million in the fourth quarter of 2023 and $1.8 billion in 2023.
Valero returned $1.3 billion to stockholders in the fourth quarter of 2023, of which $346 million was paid as dividends and $966 million was for the purchase of approximately 7.5 million shares of common stock. In 2023, Valero returned over $6.6 billion to stockholders, or 60 percent of adjusted net cash provided by operating activities, consisting of $5.2 billion in stock buybacks and $1.5 billion in dividends.
Valero defines payout ratio as the sum of dividends paid and the total cost of stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD’s net cash provided by operating activities, excluding changes in its working capital, attributable to the other joint venture member’s share of DGD.
On January 18, Valero announced an increase of its quarterly cash dividend on common stock from $1.02 per share to $1.07 per share.
Liquidity and Financial Position
Valero ended 2023 with $9.2 billion of total debt, $2.3 billion of finance lease obligations and $5.4 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 18 percent as of December 31, 2023.
Strategic Update
The Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant remains on schedule with completion expected in the first quarter of 2025 for a total cost of $315 million, with half of that attributable to Valero. The project is expected to give the plant the optionality to upgrade approximately 50 percent of its current 470 million gallon renewable diesel annual production capacity to SAF. With the completion of this project, DGD is expected to become one of the largest manufacturers of SAF in the world.
“Our discipline on growth through return driven investments in our core refining and low-carbon fuels businesses should continue to strengthen our competitive advantage and drive long-term shareholder returns,” said Riggs.
Conference Call
Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and it sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns two renewable diesel plants located in the U.S. Gulf Coast region with a combined production capacity of approximately 1.2 billion gallons per year, and Valero owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel and Ethanol segments. Please visit investorvalero.com for more information.
Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
Safe-Harbor Statement
Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose profits, windfall or margin taxes or penalties, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.
Use of Non-GAAP Financial Information
This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Ethanol operating income, adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.