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$WNFT has been granted access to OTCIQ and has now uploaded the financial statement for 2024 Q1. We expect to be current soon.
SeaStar Medical Announces 25-for-1 Reverse Stock Split
Source: GlobeNewswire Inc.
SeaStar Medical Holding Corporation (Nasdaq: ICU), a medical device company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, announces the Company’s 25-for-1 reverse stock split, which will become effective at June 7, 2024 at 5:00 PM EDT. The Company’s common stock will begin trading on a split-adjusted basis on The Nasdaq Capital Market (Nasdaq) effective with the open of the market on June 10, 2024. SeaStar Medical’s stock will continue to trade under the ticker symbol “ICU.”
Authorization for the reverse stock split was approved by the Company’s stockholders at SeaStar Medical’s 2023 Special Meeting of Stockholders held on September 6, 2023. The objective of the reverse stock split is to increase the market price for the Company’s common stock to, among things, enable the Company to regain compliance with the $1.00 minimum bid price requirement under applicable Nasdaq Listing Rules. The Company's common stock will trade under a new CUSIP number – 81256L203.
As a result of the reverse stock split, each 25 pre-split shares of common stock outstanding will automatically combine and convert to 1 issued and outstanding share of common stock. Stockholders of record who otherwise would be entitled to receive fractional shares will receive one whole share of common stock in lieu of such fractional share. The reverse stock split reduces the number of shares of common stock issuable upon the conversion of the Company’s outstanding shares of preferred stock and the exercise or vesting of its outstanding stock options and warrants in proportion to the ratio of the reverse stock split and causes a proportionate increase in the conversion and exercise prices of such preferred stock, stock options and warrants.
Stockholders of record will receive information regarding their share ownership following the reverse stock split from the Company’s transfer agent, Continental Stock Transfer and Trust Company. Continental Stock Transfer and Trust Company can be reached at 800-509-8856. Stockholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take further action in connection with the reverse stock split, subject to brokers’ particular processes.
For additional information regarding the reverse stock split, please refer to SeaStar Medical’s Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
About SeaStar Medical
SeaStar Medical is a medical technology company that is redefining how extracorporeal therapies may reduce the consequences of excessive inflammation on vital organs. SeaStar Medical’s novel technologies rely on science and innovation to provide life-saving solutions to critically ill patients. The Company is developing and commercializing cell-directed extracorporeal therapies that target the effector cells that drive systemic inflammation, causing direct tissue damage and secreting a range of pro-inflammatory cytokines that initiate and propagate imbalanced immune responses. For more information visit www.seastarmedical.com or visit us on LinkedIn or X.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, the proposed reverse stock split and compliance with NASDAQ listing requirements. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside SeaStar Medical’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results include, but are not limited to: (i) the risk that SeaStar Medical may not be able to obtain regulatory approval of its SCD product candidates; (ii) the risk that SeaStar Medical may not be able to raise sufficient capital to fund its operations, including clinical trials; (iii) the risk that SeaStar Medical and its current and future collaborators are unable to successfully develop and commercialize its products or services, or experience significant delays in doing so, including failure to achieve approval of its products by applicable federal and state regulators, (iv) the risk that SeaStar Medical may never achieve or sustain profitability; (v) the risk that SeaStar Medical may not be able to access funding under existing agreements; (vi) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (vii) the risk of product liability or regulatory lawsuits or proceedings relating to SeaStar Medical’s products and services, (viii) the risk that SeaStar Medical is unable to secure or protect its intellectual property, and (ix) other risks and uncertainties indicated from time to time in SeaStar Medical’s Annual Report on Form 10-K, including those under the “Risk Factors” section therein and in SeaStar Medical’s other filings with the SEC. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SeaStar Medical assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
LHA Investor Relations
Jody Cain
(310) 691-7100
Jcain@lhai.com
# # #
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Arax Corp’s 1st EDITION NEWSLETTER
https://medium.com/@AraxCorp/arax-corps-1st-edition-newsletter-609dfedda7a8
Welcome to the first edition of ARAX’s Newsletter! We’re excited to begin this adventure, sharing insights, updates, and innovations with our community.
Dear Valued Investors and Community,
Welcome to the first edition of the ARAX Holdings Corp. Newsletter! We’re excited to begin this adventure, sharing insights, updates, and innovations with our stakeholder community. In our inaugural edition, we delve into the pioneering advancements we’ve made in applying our technology to real-world use cases across enterprise data management, blockchain technology, and decentralized infrastructure networks. Stay tuned as we unveil the groundbreaking potential of ARAX’s enterprise blockchain-based ecosystem (BaaP). This innovation is set to transform DePIN applications, decentralized finance, and our latest projects in smart cities and smart buildings to be deployed on the revolutionary Lunaº Mesh technology. It also includes our efforts to meet the regulatory standards set by the EU’s Ecodesign for Sustainable Products Regulation and more. Together, let’s revolutionize the way industries operate and thrive in the digital age!
So, here we go:
We are proud and happy to update you on the significant progress we have made at ARAX Holdings Corp. over the past year and to share the new use cases currently in the making. As the board of directors of ARAX’s technology, we feel it is our responsibility to keep you informed and updated on our latest activities and developments.
Over the past year, ARAX has made significant strides in transforming enterprise data management and blockchain technology. Our pioneering solutions, developed on the Core Blockchain Enterprise Network (BaaP) and integrated with CorePass and Lunaº Mesh, have markedly improved efficiency, transparency, and security. These advancements demonstrate the revolutionary impact of our technology across various sectors:
🔹Manufacturing: Enhancing resource recovery, supply chain logistics, and optimization.
🔹Smart City and Building Solutions: Implementing solutions for renewable energy and decentralized power infrastructure (DePIN).
🔹Asset Management: Strengthening cybersecurity and business intelligence.
🔹Finance: Innovating in decentralized finance (DeFi), traditional finance (TradeFi), and DAO-based risk management, including on-demand insurance underwriting.
🔹Regulatory projects for data analytics
Moreover, we’ve made considerable advancements in our Decentralized Physical Infrastructure Networks (DePIN) platforms, providing robust and dependable connectivity solutions. These advancements have revolutionized the decentralization of existing networks and their integration with the innovative Lunaº Mesh infrastructure. As we continue to drive innovation, our focus remains on expanding the reach and adoption of our enterprise blockchain solutions (BaaP), ensuring that ARAX remains at the forefront of the digital transformation landscape and the drive towards real-world asset (RWA) and real-world process (RWP) tokenization.
Use Cases in the Making:
1. Tuzla Smart City Pilot Project:
o This project in Romania aims to leverage our innovative technologies, including blockchain, IoT, AI, and decentralized physical infrastructure networks (DePIN), to establish a smart city, starting with intelligent street lighting. This initiative is a gateway for future smart city integrations.
2. Commodity and Metals DeFi Projects:
o Focused on enhancing the efficiency and transparency of commodities and metals trading, starting with the copper industry. This project integrates blockchain, smart contracts, and DePIN. It revolutionizes the trading process, ensuring security, transparency, and DAO-based stable and secure transactions using the RWA tokenized reward platform.
3. Use Case Smart Building:
o This project leverages cutting-edge blockchain and decentralized technologies to revolutionize enterprise data management by decentralizing existing infrastructure and software. It integrates seamlessly with ARAX BaaP and the Lunaº Mesh Platform. By merging blockchain, artificial intelligence, and the Internet of Things, we forge a robust, secure, and efficient framework suitable for a myriad of applications.
4. EVP (Environmental Vehicle Passport) and DPP (Digital Product Passport) Projects:
o The product is currently the only blockchain-based cradle-to-grave platform to guarantee adherence to Euro 7 standards for vehicle emissions and strengthen the EU’s Ecodesign for Sustainable Products Regulation, enhancing environmental sustainability. This product and service SaaS platform focuses on creating a comprehensive data repository for product sustainability and real-time monitoring of CO2 footprints.
5. Integration with Third-Party equipment and infrastructure:
o This project will use advanced blockchain and IoT technologies to improve retail, logistics, and asset and resource management in general. It will do this by working with third-party infrastructure and equipment like access control, checkout systems, pay points, ATMs, utility management and measuring equipment, renewable energy solutions, satellites, tracking devices, and other connectivity platforms, to name a few. It includes real-time tracking and management of goods, smart trolleys and carts, connectivity, and compliance with environmental regulations.
Announcing Our New Website: ARAX.cc!
We are excited to announce the launch of our new and improved website at ARAX.cc This revamped platform offers a comprehensive overview of ARAX’s products and services, showcasing our capabilities in enterprise data management, blockchain technology, and decentralized infrastructure. The new website is also mobile-friendly, ensuring you can explore detailed information about our innovative solutions, stay updated with the latest news, and discover how ARAX is transforming industries, all from your mobile device. Visit us today to learn more about how we can help your business thrive in the digital age!
Proposed Uplisting to NASDAQ :
With a large part of the ARAX BaaP now being operation, use cases starting to pile up, resulting in exponential revenue growth expected to follow in the second half of 2024, we are excited to announce that we’re in the process of preparing ARAX Holdings Corp. for uplisting to the main board of NASDAQ. We have engaged with three investment banks for proposals to guide us through this process. As part of our strategy, we are positioning ourselves to acquire and deploy revenue streams that will bring stable income to the business. This will have a direct impact on our shareholder value. As we wrap up our first edition of the ARAX Holdings Corp. Newsletter, we extend our thanks for taking the time to read about our exciting journey and innovations. Your support and interest drive us to continuously push the boundaries of what’s possible in enterprise data management and blockchain technology. We look forward to sharing more updates and breakthroughs with you in the future.
For media inquiries, please contact:
Email Address: press@arax.cc
Originally published on: EIN Presswire
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this report may be construed as “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). All statements that are not historical facts are “forward-looking statements.” The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe harbor” provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. Investors should consider this cautionary statement and furthermore, no assurance can be made that the transaction described in this Report will be consummated. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
For any questions or further information, please feel free to get in touch with us via email at investors@arax.cc. Thank you and stay tuned!
Dell Technologies (NYSE:DELL), Super Micro Computer (NASDAQ:SMCI) – Elon Musk announced that Dell Technologies will supply half of the server racks for the supercomputer of xAI, his artificial intelligence startup, while Super Micro Computer will provide the other half. This initiative aims to support the advanced development of xAI’s Grok chatbot, planned to operate by 2025.
Supermicro Adding 3 New Manufacturing Facilities in Silicon Valley and Globally to Support the Growth of AI and Enterprise Rack Scale Liquid-Cooled Solutions
Source: PR Newswire (US)
Expanded Manufacturing Footprint is Targeted to Bring Global Liquid-Cooled Rack Capacity to More than Double Today's 1,000 AI SuperClusters Shipped Per Month
SAN JOSE, Calif., June 18, 2024 /PRNewswire/ -- Supermicro, Inc. (NASDAQ: SMCI), a Total IT Solution Provider for AI, Cloud, Storage, and 5G/Edge, continues to expand in Silicon Valley with new campuses as the demand for liquid-cooled data center increases. The new facilities will be part of the new liquid-cooled ecosystem, reducing the time needed to deliver to customers worldwide. These new facilities will focus on delivering entire plug-and-play liquid-cooled solutions, from systems to racks to water towers. With AI factories becoming more prevalent, liquid-cooled data centers are critical to meet these increasing customer demands for AI-focused workloads. Liquid-cooled data centers increase the amount of AI compute performance per watt, resulting in more performance per data center. In addition, electricity consumption and environmental impact are reduced, and operational expenses can be up to 40% lower compared to traditional, air-cooled data centers.
"Supermicro has the highest performing generative deep learning and inferencing AI platform and clusters which benefit from liquid-cooled technologies," said Charles Liang, president and CEO of Supermicro. "Many data center owners are looking for electricity saving Direct Liquid-Cooled solutions. Supermicro is developing building block liquid-cooled solutions for AI factories and the HPC market. We anticipate that liquid-cooled data centers will grow from historically less than 1% to an expected 15% and up to 30% of all data center installations in the next two years. This expansion positions us to capture the majority share of that growth. New data centers will run more efficiently, reducing their carbon footprint, and can be virtually free, compared to air-cooled data centers, with significant operational savings realized through lower electricity use over time."
To learn more about Supermicro's Building Block liquid cooling solutions, click here
"We are thrilled that Supermicro is expanding in San Jose and leading the charge to reduce the impact of data centers," said Matt Mahan, Mayor of San Jose, CA. "Supermicro represents the best of Silicon Valley as a company that continues to push the boundaries of both technology and sustainability."
Supermicro, as a total solution provider, supplies all the components needed for an efficient and optimized liquid-cooled solution. From the Supermicro optimized cold plates to the coolant distribution manifolds (CDMs) to the redundant coolant distribution units (CDUs) and even the external cooling tower, the entire end-to-end solution is designed and tested by Supermicro engineers, which results in a higher quality solution, enabling organizations to get more productive sooner.
Many Supermicro servers are explicitly designed for high-performance NVIDIA GPUs for AI processing, such as the very high-density 4U-8GPU systems, the Intel CPU-based SYS-421GE-TNHR2-LCC, or the AMD CPU-based AS -4125GS-TNHR2-LCC. In addition, many Supermicro servers, such as the popular 8U-8GPU systems, are liquid-cooled ready, as well as NVIDIA-based 1U ARS-111GL-NHR-LCC, which includes the Grace Hopper Superchip. Liquid-cooled servers include the 8U-20-node SuperBlade®, which provides the highest CPU and GPU computing density available today. The 2U-4 node Supermicro BigTwin® and the 4U-8 node FatTwin® multi-node servers are optimized for liquid cooling and are in high volume production today.
Supermicro continues to work closely with data center operators to match the right server technology to the demanding workloads, which are unique to each organization and cloud service provider. Many of these application-optimized servers are designed to be liquid-cooled, which reduces the overall operational cost of the data center.
Many customers have limited experience handling liquid inside data centers, requiring vendors to perform the installation and acceptance testing along with future maintenance and warranty service. On-site support is critical, and Supermicro's service organization is highly trained in liquid-cooling deployments.
About Super Micro Computer, Inc.
Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro's motherboard, power, and chassis design expertise further enable our development and production, enabling next-generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).
Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.
All other brands, names, and trademarks are the property of their respective owners.
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Copyright 2024 PR Newswire
Oracle Announces Fiscal 2024 Fourth Quarter and Fiscal Full Year Financial Results
Source: PR Newswire (US)
Q4 Total Remaining Performance Obligations up 44% to $98 billion
Q4 GAAP Earnings per Share $1.11, Non-GAAP Earnings per Share $1.63
Q4 Total Revenue $14.3 billion, up 3% in USD, up 4% in constant currency
Q4 Cloud Revenue (IaaS plus SaaS) $5.3 billion, up 20% in USD and constant currency
Q4 Cloud Infrastructure (IaaS) Revenue $2.0 billion, up 42% in USD and constant currency
Q4 Cloud Application (SaaS) Revenue $3.3 billion, up 10% in USD and constant currency
Q4 Fusion Cloud ERP (SaaS) Revenue $0.8 billion, up 14% in USD and constant currency
Q4 NetSuite Cloud ERP (SaaS) Revenue $0.8 billion, up 19% in USD and constant currency
FY 2024 Total Revenue $53.0 billion, up 6% in USD and constant currency
AUSTIN, Texas, June 11, 2024 /PRNewswire/ -- Oracle Corporation (NYSE: ORCL) today announced fiscal 2024 Q4 and full-year 2024 results. Total quarterly revenues were up 3% year-over-year in USD and up 4% in constant currency to $14.3 billion. Cloud services and license support revenues were up 9% in USD and up 10% in constant currency to $10.2 billion. Cloud license and on-premise license revenues were down 15% in USD and down 14% in constant currency to $1.8 billion.
Q4 GAAP operating income was $4.7 billion. Non-GAAP operating income was $6.7 billion, up 8% in USD and up 9% in constant currency. GAAP operating margin was 33%, and non-GAAP operating margin was 47%. GAAP net income was $3.1 billion, and non-GAAP net income was $4.6 billion. Q4 GAAP earnings per share was $1.11 while non-GAAP earnings per share was $1.63.
Short-term deferred revenues were $9.3 billion. Operating cash flow was $18.7 billion during fiscal year 2024, up 9% in USD.
Fiscal year 2024 total revenues were up 6% in USD and constant currency to $53.0 billion. Cloud services and license support revenues were up 12% in USD and up 11% in constant currency to $39.4 billion. Cloud license and on-premise license revenues were down 12% in USD and constant currency to $5.1 billion.
Fiscal year 2024 GAAP operating income was $15.4 billion, and GAAP operating margin was 29%. Non-GAAP operating income was $23.1 billion, and non-GAAP operating margin was 44%. GAAP net income was $10.5 billion, while non-GAAP net income was $15.7 billion. GAAP earnings per share was $3.71, while non-GAAP earnings per share was $5.56.
"In Q3 and Q4, Oracle signed the largest sales contracts in our history—driven by enormous demand for training AI large language models in the Oracle Cloud," said Oracle CEO, Safra Catz. "These record level sales drove RPO up 44% to $98 billion. Throughout fiscal year 2025, I expect continued strong AI demand to push Oracle sales and RPO even higher—and result in double-digit revenue growth this fiscal year. I also expect that each successive quarter should grow faster than the previous quarter—as OCI capacity begins to catch up with demand. In Q4 alone, Oracle signed over 30 AI sales contracts totaling more than $12.5 billion—including one with Open AI to train ChatGPT in the Oracle Cloud."
"Our multicloud cooperation with Microsoft expanded significantly in Q4, as we agreed to work together to support Open AI and ChatGPT—and 11 of the 23 OCI datacenters we are building inside Azure went live," said Oracle Chairman and CTO, Larry Ellison. "As this Azure/OCI cloud capacity becomes available to the large installed base of Microsoft and Oracle customers, it will turbocharge our cloud database growth. Now customers can run any and every version of the Oracle database—Autonomous, 23ai Vector DB, etc.— in both the Azure and the Oracle Clouds. As customers continue to choose and use multiple clouds, Hyperscalers like Microsoft and Google are responding by interconnecting their clouds. Oracle recently signed an agreement with Google to interconnect our clouds—and initially build 12 OCI datacenters inside the Google Cloud. We expect the Oracle database to be available within the Google Cloud in September this year."
The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on July 11, 2024, with a payment date of July 25, 2024.
A sample list of customers which purchased Oracle Cloud services during the quarter will be available at www.oracle.com/customers/earnings/.
A list of recent technical innovations and announcements is available at www.oracle.com/news/.
To learn what industry analysts have been saying about Oracle's products and services see www.oracle.com/corporate/analyst-reports/.
Earnings Conference Call and Webcast
Oracle will hold a conference call and webcast today to discuss these results at 4:00 p.m. Central. A live and replay webcast will be available on the Oracle Investor Relations website at www.oracle.com/investor/.
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.
Trademarks
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.
"Safe Harbor" Statement: Statements in this press release relating to future plans, expectations, beliefs, intentions and prospects, including expectations for AI demand driving revenue growth and the timing of such growth, the effects of our multicloud strategy on cloud database growth, and our plans for datacenters and Oracle database availability inside the Google Cloud, are "forward-looking statements" and are subject to material risks and uncertainties. Risks and uncertainties that could affect our current expectations and our actual results, include, among others: our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services; our management of complex cloud and hardware offerings, including the sourcing of technologies and technology components; significant coding, manufacturing or configuration errors in our offerings; risks associated with acquisitions; economic, political and market conditions; information technology system failures, privacy and data security concerns; cybersecurity breaches; unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Oracle's Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/. All information set forth in this press release is current as of June 11, 2024. Oracle undertakes no duty to update any statement in light of new information or future events.
Supermicro Introduces Rack Scale Plug-and-Play Liquid-Cooled AI SuperClusters for NVIDIA Blackwell and NVIDIA HGX H100/H200 - Radical Innovations in the AI Era to Make Liquid-Cooling Free with a Bonus
Source: PR Newswire (US)
Generative AI SuperClusters, Integrated with NVIDIA AI Enterprise and NIM Microservices, Offer Instant ROI Gains and More AI Work per Dollar Through a Massively Scalable Compute Unit, Simplifying AI for Rapid Deployment
SAN JOSE, Calif. and TAIPEI, Taiwan, June 4, 2024 /PRNewswire/ -- Supermicro, Inc. (NASDAQ: SMCI), a Total IT Solution Provider for AI, Cloud, Storage, and 5G/Edge, is introducing a ready-to-deploy liquid-cooled AI data center, designed for cloud-native solutions that accelerate generative AI adoption for enterprises across industries with its SuperClusters, optimized for the NVIDIA AI Enterprise software platform for the development and deployment of generative AI. With Supermicro's 4U liquid-cooled, NVIDIA recently introduced Blackwell GPUs can fully unleash 20 PetaFLOPS on a single GPU of AI performance and demonstrate 4X better AI training and 30X better inference performance than the previous GPUs with additional cost savings. Aligned with its first-to-market strategy, Supermicro recently announced a complete line of NVIDIA Blackwell architecture-based products for the new NVIDIA HGX™ B100, B200, and GB200 Grace Blackwell Superchip.
Plug-and-Play Liquid-Cooled AI SuperCluster
"Supermicro continues to lead the industry in creating and deploying AI solutions with rack-scale liquid-cooling," said Charles Liang, president and CEO of Supermicro. "Data centers with liquid-cooling can be virtually free and provide a bonus value for customers, with the ongoing reduction in electricity usage. Our solutions are optimized with NVIDIA AI Enterprise software for customers across industries, and we deliver global manufacturing capacity with world-class efficiency. The result is that we can reduce the time to delivery of our liquid-cooled or air-cooled turnkey clusters with NVIDIA HGX H100 and H200, as well as the upcoming B100, B200, and GB200 solutions. From cold plates to CDUs to cooling towers, our rack-scale total liquid cooling solutions can reduce ongoing data center power usage by up to 40%."
Visit www.supermicro.com/ai for more information.
At COMPUTEX 2024, Supermicro is revealing its upcoming systems optimized for the NVIDIA Blackwell GPU, including a 10U air-cooled and a 4U liquid-cooled NVIDIA HGX B200-based system. In addition, Supermicro will be offering an 8U air-cooled NVIDIA HGX B100 system and Supermicro's NVIDIA GB200 NVL72 rack containing 72 interconnected GPUs with NVIDIA NVLink Switches, as well as the new NVIDIA MGX™ systems supporting NVIDIA H200 NVL PCIe GPUs and the newly announced NVIDIA GB200 NVL2 architecture.
"Generative AI is driving a reset of the entire computing stack — new data centers will be GPU-accelerated and optimized for AI," said Jensen Huang, founder and CEO of NVIDIA. "Supermicro has designed cutting-edge NVIDIA accelerated computing and networking solutions, enabling the trillion-dollar global data centers to be optimized for the era of AI."
The rapid development of large language models and the continuous new introductions of open-source models such as Meta's Llama-3 and Mistral's Mixtral 8x22B make today's state-of-the-art AI models more accessible for enterprises. The need to simplify the AI infrastructure and provide accessibility in the most cost-efficient way is paramount to supporting the current breakneck speed of the AI revolution. The Supermicro cloud-native AI SuperCluster bridges the gap between cloud convenience of instant access and portability, leveraging the NVIDIA AI Enterprise, allowing moving AI projects from pilot to production seamlessly at any scale. This provides the flexibility to run anywhere with securely managed data, including self-hosted systems or on-premises large data centers.
With enterprises across industries rapidly experimenting with generative AI use cases, Supermicro collaborates closely with NVIDIA to ensure a seamless and flexible transition from experimentation and piloting AI applications to production deployment and large-scale data center AI. This result is achieved through rack and cluster-level optimization with the NVIDIA AI Enterprise software platform, enabling a smooth journey from initial exploration to scalable AI implementation.
Managed services compromise infrastructure choices, data sharing, and generative AI strategy control. NVIDIA NIM microservices, part of NVIDIA AI Enterprise, offer managed generative AI and open-source deployment benefits without drawbacks. Its versatile inference runtime with microservices accelerates generative AI deployment across a wide range of models, from open-source to NVIDIA's foundation models. In addition, NVIDIA NeMo™ enables custom model development with data curation, advanced customization, and retrieval-augmented generation (RAG) for enterprise-ready solutions. Combined with Supermicro's NVIDIA AI Enterprise ready SuperClusters, NVIDIA NIM provides the fastest path to scalable, accelerated Generative AI production deployments.
Supermicro's current generative AI SuperCluster offerings include:
Liquid-cooled Supermicro NVIDIA HGX H100/H200 SuperCluster with 256 H100/H200 GPUs as a scalable unit of compute in 5 racks (including 1 dedicated networking rack)
Air-cooled Supermicro NVIDIA HGX H100/H200 SuperCluster with 256 HGX H100/H200 GPUs as a scalable unit of compute in 9 racks (including 1 dedicated networking rack)
Supermicro NVIDIA MGX GH200 SuperCluster with 256 GH200 Grace™ Hopper Superchips as a scalable unit of compute in 9 racks (including 1 dedicated networking rack)
Supermicro SuperClusters are NVIDIA AI Enterprise ready with NVIDIA NIM microservices and NVIDIA NeMo platform for end-to-end generative AI customization and optimized for NVIDIA Quantum-2 InfiniBand as well as the new NVIDIA Spectrum-X Ethernet platform with 400Gb/s of networking speed per GPU for scaling out to a large cluster with tens of thousands of GPUs.
Supermicro's upcoming SuperCluster offerings include:
Supermicro NVIDIA HGX B200 SuperCluster, liquid-cooled
Supermicro NVIDIA HGX B100/B200 SuperCluster, air-cooled
Supermicro NVIDIA GB200 NVL72 or NVL36 SuperCluster, liquid-cooled
Supermicro's SuperCluster solutions are optimized for LLM training, deep learning, and high volume and batch size inference. Supermicro's L11 and L12 validation testing and on-site deployment service provide customers with a seamless experience. Customers receive plug-and-play scalable units for easy deployment in a data center and faster time to results.
About Super Micro Computer, Inc.
Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro's motherboard, power, and chassis design expertise further enable our development and production, enabling next-generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).
Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.
All other brands, names, and trademarks are the property of their respective owners.
SMCI-F
(PRNewsfoto/Super Micro Computer, Inc.)
Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/supermicro-introduces-rack-scale-plug-and-play-liquid-cooled-ai-superclusters-for-nvidia-blackwell-and-nvidia-hgx-h100h200--radical-innovations-in-the-ai-era-to-make-liquid-cooling-free-with-a-bonus-302163611.html
SOURCE Super Micro Computer, Inc.
Copyright 2024 PR Newswire
$Cybl Mark, It's been 2 years. Does it really take a lawsuit for you to stand up, have some integrity, and let us know what the hell is going on? Come on. Be an adult. Speak to us. @MDSAdvisor https://t.co/zh0XG68uwT
— The Big Green House (@PennyStockLane) May 24, 2024
Hi Semperfiguy,
Best of luck.
I would recommend a derivative shareholder lawsuit which was the same type of lawsuit I used to take control of $OPTI. This would certainly get their attention! $CYBL @CyberluxC
— Brett Rosen (@BrettRosen325) May 24, 2024
MIDDLEBY CORP
FORM 10-Q
(Quarterly Report)
Filed 05/09/24 for the Period Ending 03/30/24
https://www.otcmarkets.com/filing/conv_pdf?id=17526907&guid=dZQ-kppUa5ECJth
The Middleby Corporation Reports First Quarter Results
Source: Business Wire
Net sales of $927 million
Adjusted EBITDA of $186 million
Organic adjusted EBITDA margin of 20.1%
Operating cash flows of $141 million
Diluted earnings per share of $1.59 and adjusted net earnings per share of $1.89
Net leverage reduced to 2.4x
The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the first quarter of 2024.
“Near-term demand conditions proved to be difficult as we started 2024. We expect improved conditions for the second quarter and remain optimistic for the remainder of the year, as channel inventories have returned to normalized levels and order activity is trending in a positive direction. Our overall profitability remains strong, despite the low order volumes significantly impacting our residential business. We were pleased to again post record cash flows in the quarter, with expected strong cash generation for the entire year,” said Tim FitzGerald, CEO of The Middleby Corporation.
2024 First Quarter Financial Results
Net sales decreased 8.0% in the first quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 8.7% in the first quarter over the comparative prior year period.
A reconciliation of organic net sales (a non-GAAP measure) by segment is as follows:
Commercial Foodservice
Residential Kitchen
Food Processing
Total Company
Reported Net Sales Growth
(3.8
)%
(21.0
)%
(6.2
)%
(8.0
)%
Acquisitions
0.2
%
0.5
%
1.0
%
0.4
%
Foreign Exchange Rates
0.2
%
0.9
%
0.4
%
0.4
%
Organic Net Sales Growth (1) (2)
(4.2
)%
(22.3
)%
(7.7
)%
(8.7
)%
(1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates
(2) Totals may be impacted by rounding
Adjusted EBITDA (a non-GAAP measure) was $185.8 million in the first quarter compared to $210.9 million in the prior year. A reconciliation of organic adjusted EBITDA (a non-GAAP measure) by segment is as follows:
Commercial Foodservice
Residential Kitchen
Food Processing
Total Company
Adjusted EBITDA
26.0
%
6.4
%
23.4
%
20.0
%
Acquisitions
(0.1
)%
0.1
%
(0.4
)%
(0.1
)%
Foreign Exchange Rates
(0.1
)%
—
%
—
%
(0.1
)%
Organic Adjusted EBITDA (1) (2)
26.1
%
6.3
%
23.8
%
20.1
%
(1) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates.
(2) Totals may be impacted by rounding
Operating cash flows during the first quarter amounted to $140.9 million in comparison to $92.0 million in the prior year period. The total leverage ratio per our credit agreements was 2.4x. The trailing twelve month bank agreement pro-forma EBITDA was $901.3 million.
Net debt, defined as debt excluding the unamortized discount associated with the Convertible Notes less cash, at the end of the 2024 first quarter amounted to $2.1 billion as compared to $2.2 billion at the end of fiscal 2023. Our borrowing availability at the end of the first quarter was approximately $2.8 billion.
"We are excited to be showcasing many of our latest Commercial Foodservice innovations at the upcoming National Restaurant Show to be held from May 18th through 21st in Chicago. This year we are proud to have a record eight Middleby products receiving the prestigious Kitchen Innovations Award. Our award-winning products include the latest in automation & robotics, beverage dispense, ventless solutions, and advanced cooking & frying technologies. Our recent product launches of industry leading innovations addressing foodservice trends and operator challenges has positioned us to serve the rapidly evolving needs of the foodservice industry,” concluded Mr. FitzGerald.
Conference Call
The company has scheduled a conference call to discuss the first quarter results at 11 a.m. Eastern/10 a.m. Central Time on May 8th. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (833) 630-1956, or (412) 317-1837 for international access, and ask to join the Middleby conference call. The conference call will be available for replay from the company’s website.
Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Supporting the company’s pursuit of the most sophisticated innovation, state-of-the-art Middleby Innovation Kitchens and Residential Showrooms showcase and demonstrate the most advanced Middleby solutions. In 2022 Middleby was named a World’s Best Employer by Forbes and is a proud philanthropic partner to organizations addressing food insecurity.
Quarterly Report
For the period ending March 31, 2024 (the “Reporting Period”)
https://www.otcmarkets.com/otcapi/company/financial-report/403234/content
Posts on X
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
We're also going to launch our Champ Life brand and Naturally Peaked hemp lotion on Amazon in the coming months. I'll let you ask know when those go live.
Show more replies
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
We're very excited to pursue these new opportunities and are grateful for your continued support! I'll try to answer as many replies or DMs as I can, but please understand if I cannot get to everyone. I will also be updating you all more frequently here. The future looks bright!
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
This update contains forward-looking statements that involve risks and uncertainties. Actual results may differ.
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
Replying to
@OMIDHoldingsInc
This year we have begun expanding our scope of services to include non-CBD/Hemp products and have begun development of 2 skincare products, aiming to disrupt a $20 million/month market within the Amazon ecosystem.
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
Replying to
@OMIDHoldingsInc
Firstly, thank you for your continued support! We're very excited about the future opportunities in front of us. We recently launched our THC powder packs and have had interest from a number of large Convenience Store Distributors, as well as working with a handful of PL clients.
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
Hi everyone, Kevin here. I wanted to give you all a little update on what's happening at OMID. I apologize for the lack of communication, but I aim to change that effective immediately. Here is the best place to reach me if you have any questions.
It looks like someone has “information”
Volume in a half hr this am
has surpassed the 90 day avg volume
WETOUCH TECHNOLOGY INC.
FORM NT 10-Q
(Notification that Quarterly Report will be submitted late)
Filed 05/16/24 for the Period Ending 03/31/24
https://www.otcmarkets.com/filing/conv_pdf?id=17550129&guid=7iQ-kF3pD-GaJth
WETOUCH TECHNOLOGY INC.
FORM 8-K
(Current report filing)
Filed 05/16/24 for the Period Ending 05/09/24
https://www.otcmarkets.com/filing/conv_pdf?id=17549484&guid=7iQ-kF3pD-GaJth
Walmart reports strong revenue growth of 6.0% with operating income growing faster at 9.6%; adjusted operating income up 13.7%
Source: Business Wire
eCommerce up 21% globally, led by store-fulfilled pickup & delivery and marketplace
GAAP EPS of $0.63; Adjusted EPS of $0.60
Company issues guidance for Q2; updates outlook for FY25
Walmart Inc. (NYSE: WMT):
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240515384336/en/
First Quarter Highlights:
Consolidated revenue of $161.5 billion, up 6.0%, or 5.8% (in constant currency), including a benefit of ~1% from an additional selling day
Consolidated gross margin rate up 42bps due to improvements across segments, led by Walmart U.S.
Consolidated operating income up $0.6 billion, or 9.6%; adjusted operating income up 13.7%, due to higher gross margins and growth in membership income
Global eCommerce sales grew 21%, led by store fulfilled pickup & delivery and marketplace
Global advertising business grew 24%, including 26% for Walmart Connect in the U.S.
Adjusted EPS of $0.60 excludes the effect, net of tax, from a net gain of $0.05 on equity and other investments and business reorganization charges of $0.02
Global inventory down 2.7%, including a decrease of 4.2% for Walmart U.S.; in-stock levels healthy
The company will hold a live conference call with the Investment Community at 7 a.m. CST Thursday, May 16, 2024, to discuss the company’s first quarter earnings results for fiscal year 2025. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/news/events and selecting the First Quarter Earnings Release event. The webcast will be archived and available on the company website.
About Walmart
Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 255 million customers and members visit approximately 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart, on Twitter at https://twitter.com/walmart, and on LinkedIn at https://www.linkedin.com/company/walmart/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515384336/en/
Investor Relations Contacts
Steph Wissink
Senior Vice President, Investor Relations
ir@walmart.com
Kary Brunner
Sr. Director, Investor Relations
Media Relations Contact
Molly Blakeman
Group Director, Global Communications
800-331-0085
Serve Robotics Announces First Quarter 2024 Results and Provides Corporate Update
Source: PR Newswire (US)
Revenue of $0.95 million; 124% sequential growth in delivery and branding revenue
Signed agreement with Magna International for a long-term licensing partnership and exclusive contract manufacturing of Serve robots
Post quarter-end, successfully uplisted to the Nasdaq Capital Market with concurrent $40 million equity offering
Continued focus on deploying 2,000 robots under Uber Eats contract
SAN FRANCISCO, May 15, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve") (Nasdaq:SERV), a leading autonomous sidewalk delivery company, today announced financial results for the three months ended March 31, 2024 and provided a corporate update.
Serve Robotics logo (PRNewsfoto/Serve Robotics Inc.)
"The Company delivered improvements in our operational key metrics and fundamentals, including a 97% increase in daily supply hours and a 70% increase in daily active robots, when compared to the first quarter of last year. These improvements were achieved while our costs to service delivery and branding revenue remained steady. This is a testament to our employees' execution on Serve's mission to reduce the cost of last-mile transportation, and highlight our dedication to scaling our operations infrastructure. Our core technology continues to be validated by our partners, as evidenced through our recent agreements with Magna International, and we continue to see strong demand for our robots to be deployed into existing and new markets. We are also very excited to continue our growth through the completion of our $40 million underwritten public offering, supported by our strategic investors Uber and Nvidia, and our recent listing on Nasdaq," said Ali Kashani, Serve's Cofounder and CEO. "We look forward to executing on the milestones within our strategic plan, which we intend to provide to stockholders in the coming months."
Serve's near-term strategic focus remains executing its plan to develop, manufacture, and deploy a fleet of 2,000 autonomous robots on the Uber Eats platform through 2025. The proceeds from the Company's underwritten public offering in April 2024 allowed Serve to unlock procurement commitments, initiate final design-for-manufacturing reviews, and conduct further validation testing in advance of full-scale commercial production.
Serve's long-term vision remains to deploy robots in adjacent delivery and transportation verticals within multiple markets.
First Quarter 2024 and Recent Highlights
Public Market Debut: The Company commenced listing on the OTCQB on March 7, 2024. Following the end of our first quarter, the Company completed an uplisting to the Nasdaq Capital Market, and began trading on the Nasdaq Capital Market under the ticker symbol "SERV" on April 18, 2024. This uplisting enabled the completion of a public equity offering generating $40.0 million in gross proceeds.
Strategic Investments: Participation in the offering included $4.5 million of new investment from one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER). Long-term technology partner NVIDIA (Nasdaq: NVDA) also participated in a $2.5 million investment round closed on January 2, 2024.
Operational Performance: Serve averaged 300 daily supply hours during the first quarter 2024, a 97% increase compared to first quarter 2023, and a 15% increase compared to fourth quarter 2023. The Company also achieved a 70% increase in daily active robots for the first quarter 2024 compared to first quarter 2023, and 15% increase compared to fourth quarter 2023.
Magna Collaboration: Serve entered into a Master Services Agreement ("MSA") with Magna International Inc. ("Magna") (TSX: MG; NYSE: MGA), one of the world's largest automotive suppliers. Included in the MSA was both a statement of work for services to be provided by Serve, and a licensing agreement in which the Company licensed its autonomous technology software to accelerate Magna's development into new products within the robotics and logistics space.
Manufacturing: On April 24, 2024, the Magna MSA was expanded through the establishment of a new production and purchase agreement wherein Magna became the exclusive contract manufacturer of Serve's delivery robots.
First Quarter Financial Highlights
First quarter revenue was $0.95 million including $0.85 million in software service revenue derived from the Company's agreement with Magna. The Company expects to recognize the remaining $0.35 million in the second quarter 2024.
As of March 31, 2024, the Company had $0.43 million of cash and cash equivalents. As of April 30, 2024, the Company had approximately $34.2 million of cash and cash equivalents, after including proceeds from its April 2024 public offering.
As of March 31, 2024, the Company had 24.6 million shares of common stock outstanding. As of May 13, 2024, following the share issuance from the Company's April 2024 public offering, the Company had 37.1 million shares of common stock outstanding, and 42.2 million shares on a fully diluted basis.
Supplemental Financial Information
The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company's ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company's presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Table 1: Key Metrics
Three Months Ended
March 31,
2024
2023
Key Metrics
(Unaudited)
(Unaudited)
Daily Active Robots (1)
39
23
Daily Supply Hours (2)
300
152
(1)
Daily Active Robots: The Company defines daily active robots as the average number of robots performing daily deliveries during the period.
(2)
Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company's robots are ready to accept offers and perform daily deliveries during the period.
Forward Looking Statements
This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when we or our management are discussing our beliefs, estimates or expectations. Such statements generally include the words "believes," "plans," "intends," "targets," "may," "could," "should," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. These statements are not historical facts or guarantees of future performance but represent management's belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside of our control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's partnership with Magna, timing of the Company's robot deployment, the Company's ability to expand to additional markets, and the Company's timing and ability to scale to commercial production.
The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission ("SEC"), including in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations'' in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the three months ended March 31, 2024 that will be filed following this earnings release, and in our subsequent SEC filings. We can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
OTC Updates
@OtcUpdates
🚨 $GHAV
💰0.0013
Pink Current, AS: 900M, OS: 503M, US: 403M
Update Delay: 72 hours
Public Float Updated:
🔴 163,023,339 (2022-09-30)
🟢 403,684,967 (2024-05-08)
Difference: +147.6% (+240M)
The Home Depot Announces First Quarter Fiscal 2024 Results; Reaffirms Fiscal 2024 Guidance
Source: PR Newswire (US)
ATLANTA, May 14, 2024 /PRNewswire/ -- The Home Depot®, the world's largest home improvement retailer, today reported sales of $36.4 billion for the first quarter of fiscal 2024, a decrease of 2.3% from the first quarter of fiscal 2023. Comparable sales for the first quarter of fiscal 2024 decreased 2.8%, and comparable sales in the U.S. decreased 3.2%.
The Home Depot logo. (PRNewsFoto/The Home Depot) (PRNewsFoto/)
Net earnings for the first quarter of fiscal 2024 were $3.6 billion, or $3.63 per diluted share, compared with net earnings of $3.9 billion, or $3.82 per diluted share, in the same period of fiscal 2023.
"The team executed at a high level in the quarter, and we continued to grow market share," said Ted Decker, chair, president and CEO. "And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement. Our associates are energized and ready to serve our customers as spring breaks across the country. I would like to thank them for their continued hard work and dedication to serving our customers and communities."
Fiscal 2024 Guidance
The company reaffirms its fiscal 2024 guidance, which includes 53 weeks of operating results. In addition, in March, the Company entered into a definitive agreement to acquire SRS Distribution Inc. (SRS). Since the acquisition has not closed, the following guidance does not reflect any impacts from the SRS acquisition:
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 first quarter, the company operated a total of 2,337 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; the successful closing of the SRS acquisition; 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 28, 2024 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.
Wetouch Technology Inc. Unveils Cutting-Edge Second-Generation Touchscreen Products and Receives US $15M in Orders
Source: PR Newswire (US)
CHENGDU, China, May 6, 2024 /PRNewswire/ -- Wetouch Technology Inc. (Nasdaq: WETH) proudly announces the launch of its highly anticipated second-generation touchable screen products. These innovative offerings redefine user experience with unmatched responsiveness, durability, and state-of-the-art design, solidifying Wetouch's position as an industry innovator and leader.
Mr. Tsungyi Lien, CEO of Wetouch Technology, stated:"We are thrilled to introduce our second-generation touchscreen products, which represent the culmination of years of research, development, and dedication to excellence. The overwhelming response from our clients reaffirms our commitment to delivering cutting-edge solutions that exceed expectations."
Several prominent international clients, including Siemens in Germany, as well as Canon and Sharp in Japan, have already placed orders for our latest products. These orders will contribute around US$15 million of new sales revenue for this fiscal year, emphasizing the remarkable market demand and the superior quality and performance of Wetouch's cutting-edge touchscreen solutions. The company is expecting more orders in the future.
About Wetouch Technology Inc.:
Wetouch Technology Inc. is a leading provider of innovative touchscreen solutions, dedicated to pushing the boundaries of technology to enhance user experiences across various industries. With a focus on quality, performance, and reliability, Wetouch continues to pioneer advancements in touchscreen technology, shaping the future of interactive digital interfaces worldwide.
*Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates, forecasts, and projections and involve risks and uncertainties that could cause actual results to differ materially from those anticipated. The Company assumes no obligation to update any forward-looking statements contained in this press release as a result of new information or future events or developments.
For media inquiries, please contact:
Horizon Investor Relations
Contact: Michael Wei
Email: hwey@horizonconsultancy.co
Financial Disclosure Advisory
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-technology-inc-unveils-cutting-edge-second-generation-touchscreen-products-and-receives-us-15m-in-orders-302136745.html
SOURCE Wetouch Technology Inc.
Copyright 2024 PR Newswire
Wetouch Technology Inc. Announces $56.3M USD Revenue Guidance for FY 2024, Reflecting 41% Growth Over FY 2023
Source: PR Newswire (US)
CHENGDU, China, April 22, 2024 /PRNewswire/ -- Wetouch Technology Inc. (NASDAQ: WETH), a trailblazer in the global touch display industry, is pleased to announce its revenue guidance of $56.3 million USD for the fiscal year 2024, reflecting robust 41% growth and a resilient financial performance.
Building upon the solid foundation laid in 2023, during which Wetouch recorded revenue of $39.70 million USD and net income of $8.26 million USD, the company continues to demonstrate its commitment to driving innovation and delivering value to shareholders. This marks a notable increase of approximately 41% in revenue from the previous fiscal year.
Mr. Tsungyi Lien, CEO of Wetouch, expressed his optimism regarding the company's performance, stating, "We are enthusiastic about Wetouch's performance and growth opportunities in fiscal year 2024. With an expanding portfolio of major clients globally, we are confident that our continued commitment to innovation and customer satisfaction will drive significant value for our shareholders."
Following this positive outlook, Wetouch remains dedicated to expanding its global footprint and enhancing its product offerings to meet the evolving needs of its customers. With ongoing investments in research and development, strategic partnerships, and operational efficiency, Wetouch is poised to capitalize on emerging opportunities and maintain its leadership position in the touch display industry.
About Wetouch Technology Inc.:
Wetouch Technology Inc. is at the forefront of providing premium touch display solutions, dedicated to reshaping human-machine interaction across diverse industries. With a relentless focus on innovation and customer satisfaction, Wetouch consistently delivers cutting-edge technology and unparalleled performance in touch display solutions globally.
Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar expressions. Such statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Additional information regarding these risks and other factors is included in the Company's filings with the U.S. Securities and Exchange Commission (SEC). All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements, except as required by law.
This press release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer for sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-technology-inc-announces-56-3m-usd-revenue-guidance-for-fy-2024--reflecting-41-growth-over-fy-2023--302123206.html
SOURCE Wetouch Technology Inc.
Copyright 2024 PR Newswire
CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2024
Source: PR Newswire (US)
Q2 revenue guidance of $100-102 million - 37% YoY growth - driven by HBM and Chiplets
MIGDAL HAEMEK, Israel, May 9, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter, ended March 31, 2024.
Camtek Ltd. Logo
Highlights of the First Quarter of 2024
Record revenues of $97.0 million, a 34% year-over-year (YoY) increase;
GAAP operating income of $21.2 million (up 50% YoY) and non-GAAP operating profit of $29.0 million (up 67% YoY), representing operating margins of 21.9% and 29.9%, respectively;
GAAP net income of $24.8 million and non-GAAP net income of $31.3 million; and
Strong positive operating cash flow of $20.2 million.
Forward-Looking Expectations
Management expects revenues in the second quarter of 2024 between $100-102 million, representing a 37% mid-point increase over the second quarter of 2023. Given the significant visibility and strong ongoing order flow, continued sequential growth is expected throughout 2024.
Management Comment
Rafi Amit, Camtek's CEO commented, "I am pleased with the record revenues in the first quarter driven by strong demand for HBM and chiplets applications, which accounted for 60% of our business. The field of AI is changing our industry and Camtek is well positioned to benefit from this transformative trend. AI technology needs High Performance Computing (HPC) capabilities, which are based on architectures utilizing High Bandwidth Memory (HBM) and Chiplet devices as key components. The on-going surge in demand for HPC and our leading position at all tier-1 manufacturers continue to be the main drivers behind our strong results and outlook."
Concluded Mr. Amit, "Looking beyond 2024, as AI continues to transform the industry, we are very confident in our ability to capitalize on the trend and grow towards the milestone of annual sales in excess of $500 million."
First Quarter 2024 Financial Results
Revenues for the first quarter of 2024 were $97.0 million. This compares to first quarter 2023 revenues of $72.5 million, a year-over-year growth of 34%.
Gross profit on a GAAP basis in the quarter totaled $44.7 million (46.1% of revenues), an increase of 32% compared to a gross profit of $33.9 million (46.7% of revenues) in the first quarter of 2023.
Gross profit on a non-GAAP basis in the quarter totaled $49.1 million (50.6% of revenues), an increase of 43% compared to a gross profit of $34.3 million (47.3% of revenues) in the first quarter of 2023.
Operating profit on a GAAP basis in the quarter totaled $21.2 million (21.9% of revenues), an increase of 50% compared to an operating profit of $14.2 million (19.6% of revenues) in the first quarter of 2023.
Operating profit on a non-GAAP basis in the quarter totaled $29.0 million (29.9% of revenues), an increase of 67% compared to $17.4 million (24.0% of revenues) in the first quarter of 2023.
Net income on a GAAP basis in the quarter totaled $24.8 million, or $0.51 per diluted share, an increase of 21% compared to net income of $17.2 million, or $0.36 per diluted share, in the first quarter of 2023.
Net income on a non-GAAP basis in the quarter totaled $31.3 million, or $0.64 per diluted share, an increase of 53% compared to a non-GAAP net income of $20.4 million, or $0.42 per diluted share, in the first quarter of 2023.
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of March 31, 2024, were $466.3 million compared to $448.6 million as of December 31, 2023. During the first quarter, the Company generated an operating cash flow of $20.2 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on Thursday, May 9, 2024, at 09:00 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_alZuWboVTLiwN27dla1wKA
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 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 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, and the related evolving regional conflicts; the continued demand for HPC, HBM and Chiplet devices resulting from, among other things, the field of AI surging worldwide across companies, industries and nations; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; 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, 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; and those other factors discussed in our Annual Report on Form 20-F as published on March 21, 2024, as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. 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.
Camtek Ltd.
https://blockchain.entrexcarbonmarket.com/EntrexNewsFAQs.nsf/0/3DA172F9E4D73C3A85258B1600594E7A/%24File/2024-05-07%20-%20Entrex%20announces%20the%20launch%20of%20Entrex%20Carbon%20Revenue%20Index%20-%20Press%20Release.pdf?Open
(561) 465-7580 • www.entrexcarbonmarket.com
FOR IMMEDIATE RELEASE
Entrex Carbon Market Launches the
“Entrex Carbon Revenue Index”
Boca Raton, Fl., May 7, 2024: Entrex Carbon Market, Inc (OTC: RGLG) today announced the
launch of the “Entrex Carbon Revenue Index” or ECRI which will provide the market with monthly
index of institutionalized compliance-grade carbon offset revenue performance.
“Our focus with the ECRI is to provide investors quantified information on a diversified basket of
global, institutionalized, carbon offset project’s revenue streams” said Stephen H Watkins, CEO of
Entrex. “When we worked with the “No other indexes measure the actual revenue performance of
private carbon offset projects across the voluntary market, which we believe, will be the supply side
to meet large issuer’s, SEC mandated, carbon offset needs in the upcoming years”.
“With the Securities and Exchange Commission’s mandating carbon compliance for large issuers we
envision the Entrex Carbon Revenue Index to become a meaningful investable index for
environmental institutional investors” continued Watkins.
For nearly two decades Entrex has proclaimed the value of indexing revenues versus stock price with
its www.PrivateCompanyIndex.com. From our early days working with the Dow Jones team, we
summarize the differences between a company’s revenue performance and their stock price which
can be succinctly told in two minutes: https://bit.ly/Entrex_PCI_Rev_to_Stock_DOW_Comparison
Now our Entrex Carbon Revenue Index will become the index of carbon project ‘performance’ versus
traditional indexes which measure stock prices and ‘investor sentiment’” said Tom Harblin Partner.
“We believe the meaningful difference between sentiment and performance is why the ECRI will
become the go to measure for the industry”.
Information provided is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the Company or any
related or associated company. Any such offer or solicitation will be made only by means of the Company’s confidential offering memorandum and in
accordance with the terms of all applicable securities and other laws.
About Entrex Carbon Market:
Entrex Carbon Market established a leading market to trade securitized carbon offsets. Today the
company works with carbon offset project owners to create "compliance grade" carbon offsets which
have been institutionalized by Wall Street brand name providers. Today the company works with
dozens of carbon projects, each registered and authenticated to provide credible, institutional,
securities traded to customers through broker dealers servicing their client’s needs.
For further information:
Stephen H. Watkins, CEO
Entrex Carbon Market, Inc
(OTC:RGLG)
(561) 465-7580 or 877-4-ENTREX
www.entrexcarbonmarket.com
Grocery Outlet Holding Corp. Announces First Quarter Fiscal 2024 Financial Results
Source: GlobeNewswire Inc.
Grocery Outlet Holding Corp. (NASDAQ: GO) ("Grocery Outlet" or the "Company") today announced financial results for the first quarter of fiscal 2024 ended March 30, 2024.
Highlights for First Quarter Fiscal 2024 as compared to First Quarter Fiscal 2023:
Net sales increased by 7.4% to $1.04 billion.
Comparable store sales increased by 3.9%, driven by a 7.0% increase in the number of transactions, partially offset by a 2.9% decrease in average transaction size.
The Company opened six new stores, ending the quarter with 474 stores in nine states.
Gross margin decreased by 180 basis points to 29.3%. As previously disclosed, the Company experienced disruptions as a result of the implementation of new technology platforms in late August 2023. Such disruptions are estimated to have negatively impacted gross margin by 210 basis points in the first quarter.
Selling, general and administrative expenses increased by 13.3% to $303.4 million, or 29.3% of net sales. This includes $12.4 million of commission support we elected to provide our operators in connection with our system upgrades.
Net loss was $1.0 million, or $(0.01) per share.
Adjusted EBITDA(1) decreased by 37.5% to $39.4 million, or 3.8% of net sales.
Adjusted net income(1) decreased by 67.4% to $8.8 million, or $0.09 per adjusted diluted share(1).
"Our sales momentum remained strong during the first quarter as we continue to deliver unbeatable value with an exciting treasure hunt experience, driving continued growth in traffic and sales," said RJ Sheedy, President and CEO of Grocery Outlet. "Despite progress with our systems transition and ending the operator commission support program, as planned, we are disappointed that additional systems conversion issues resulted in a higher than expected adverse profit impact. Our long term growth potential remains intact and we look forward to returning to more normalized business results as we near the end of our systems transition."
__________________________________
(1) Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures, which exclude the impact of certain special items. Please note that our non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the "Non-GAAP Financial Information" section of this release as well as the respective reconciliations of our non-GAAP financial measures below for additional information about these items.
Balance Sheet and Cash Flow:
Cash and cash equivalents totaled $66.9 million at the end of the first quarter of fiscal 2024.
Total debt was $291.0 million at the end of the first quarter of fiscal 2024, net of unamortized debt issuance costs.
Net cash provided by operating activities during the first quarter of fiscal 2024 was $7.8 million.
Capital expenditures for the first quarter of fiscal 2024, before the impact of tenant improvement allowances, were $49.3 million, and, net of tenant improvement allowances, were $46.5 million.
On April 1, 2024, we completed the acquisition of United Grocery Outlet ("UGO"), an extreme value, discount grocery retailer with 40 stores located in the Southeastern United States and a distribution center in Tennessee at the time of the acquisition. This acquisition expands Grocery Outlet’s store reach into the new states of Tennessee, North Carolina, Georgia, Alabama, Kentucky, and Virginia.
Outlook:
The Company is updating key guidance figures for fiscal 2024 as follows:
Current Previous
New store openings, net(2) 58 to 62 55 to 60
Net sales(3) $4.30 billion to $4.35 billion $4.30 billion to $4.35 billion
Comparable store sales increase 3.5% to 4.5% 3.0% to 4.0%
Gross margin ~30.5% ~31.3%
Adjusted EBITDA(1)(4) $252 million to $260 million $275 million to $283 million
Adjusted earnings per share — diluted(1) $0.89 to $0.95 $1.14 to $1.20
Capital expenditures (net of tenant improvement allowances)(5) ~$175 million ~$170 million
__________________________________
(2) Includes addition of 40 stores from acquisition of UGO.
(3) Includes $125 million for the second through fourth quarters of fiscal 2024 from acquisition of UGO.
(4) Includes $7 million for the second through fourth quarters of fiscal 2024 from acquisition of UGO.
(5) Includes $15 million for the second through fourth quarters of fiscal 2024 related to anticipated capital improvements for UGO locations. Amount does not include $62 million acquisition price.
The above-referenced full year guidance reflects the Company's estimates of the negative impact of systems implementation to second quarter gross margin of approximately 100 basis points.
Conference Call Information:
A conference call to discuss the first quarter fiscal 2024 financial results is scheduled for today, May 7, 2024 at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 407-9208 approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://investors.groceryoutlet.com.
A taped replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online and by dialing (844) 512-2921 and entering access code 13744381. The replay will be available for approximately two weeks after the call.
Non-GAAP Financial Information:
In addition to reporting financial results in accordance with accounting principles generally accepted in the United States ("GAAP"), management and the Board of Directors use EBITDA, adjusted EBITDA, adjusted net income and adjusted earnings per share as supplemental key metrics to assess the Company's financial performance. These non-GAAP financial measures are also frequently used by analysts, investors and other interested parties to evaluate us and other companies in our industry. Management believes it is useful to investors and analysts to evaluate these non-GAAP measures on the same basis as management uses to evaluate the Company's operating results. Management uses these non-GAAP measures to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions and to compare its performance against that of other peer companies using similar measures. In addition, the Company uses adjusted EBITDA to supplement GAAP measures of performance to evaluate performance in connection with compensation decisions. Management believes that excluding items from operating income, net income (loss) and net income (loss) per diluted share that may not be indicative of, or are unrelated to, the Company's core operating results, and that may vary in frequency or magnitude, enhances the comparability of the Company's results and provides additional information for analyzing trends in the business.
Management defines EBITDA as net income (loss) before net interest expense, income taxes and depreciation and amortization expenses. Adjusted EBITDA represents EBITDA adjusted to exclude share-based compensation expense, loss on debt extinguishment and modification, asset impairment and gain or loss on disposition, acquisition costs and certain other expenses that may not be indicative of, or are unrelated to, the Company's core operating results, and that may vary in frequency or magnitude. Adjusted net income represents net income (loss) adjusted for the previously mentioned adjusted EBITDA adjustments, further adjusted for costs related to amortization of purchase accounting assets and deferred financing costs, tax adjustment to normalize the effective tax rate, and tax effect of total adjustments. Basic adjusted earnings per share is calculated using adjusted net income, as defined above, and basic weighted average shares outstanding. Diluted adjusted earnings per share is calculated using adjusted net income, as defined above, and diluted weighted average shares outstanding.
These non-GAAP measures may not be comparable to similar measures reported by other companies and have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. The Company addresses the limitations of the non-GAAP measures through the use of various GAAP measures. In the future the Company will incur expenses or charges such as those added back to calculate adjusted EBITDA or adjusted net income. The presentation of these non-GAAP measures should not be construed as an inference that future results will be unaffected by the adjustments used to derive such non-GAAP measures.
The Company has not reconciled the non-GAAP adjusted EBITDA and adjusted diluted earnings per share forward-looking guidance included in this release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to taxes and non-recurring items, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
Forward-Looking Statements:
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, our acquisition and integration of United Grocery Outlet, business and market trends, macroeconomic and geopolitical conditions, and the sufficiency of our cash balances, working capital and cash generated from operating, investing, and financing activities for our future liquidity and capital resource needs may constitute forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "project," "seek," "will," and similar expressions, are intended to identify such forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied by any forward-looking statements, including the following: failure of suppliers to consistently supply the Company with opportunistic products at attractive pricing; inability to successfully identify trends and maintain a consistent level of opportunistic products; failure to maintain or increase comparable store sales; any significant disruption to the Company's distribution network, the operations of its distributions centers and timely receipt of inventory; inflation and other changes affecting the market prices of the products the Company sells; risks associated with newly opened stores; failure to open, relocate or remodel stores on schedule and on budget; costs and successful implementation of marketing, advertising and promotions; failure to maintain the Company's reputation and the value of its brand, including protecting intellectual property; inability to maintain sufficient levels of cash flow from operations; risks associated with leasing substantial amounts of space; failure to properly integrate any acquired businesses; natural or man-made disasters, climate change, power outages, major health epidemics, pandemic outbreaks, terrorist acts, global political events or other serious catastrophic events and the concentration of the Company's business operations; failure to participate effectively in the growing online retail marketplace; unexpected costs and negative effects if the Company incurs losses not covered by insurance; difficulties associated with labor relations and shortages; loss of key personnel or inability to attract, train and retain highly qualified personnel; failure to remediate material weakness in the Company's internal control over financial reporting; risks associated with economic conditions; competition in the retail food industry; movement of consumer trends toward private labels and away from name-brand products; risks associated with deploying the Company's own private label brands; inability to attract and retain qualified independent operators of the Company ("IOs"); failure of the IOs to successfully manage their business; failure of the IOs to repay notes outstanding to the Company; inability of the IOs to avoid excess inventory shrink; any loss or changeover of an IO; legal proceedings initiated against the IOs; legal challenges to the IO/independent contractor business model; failure to maintain positive relationships with the IOs; risks associated with actions the IOs could take that could harm the Company's business; material disruption to information technology systems, including risks associated with any continued impact from our systems transition; failure to maintain the security of information relating to personal information or payment card data of customers, employees and suppliers; risks associated with products the Company and its IOs sell; risks associated with laws and regulations generally applicable to retailers; legal or regulatory proceedings; the Company's substantial indebtedness could affect its ability to operate its business, react to changes in the economy or industry or pay debts and meet obligations; restrictive covenants in the Company's debt agreements may restrict its ability to pursue its business strategies, and failure to comply with any of these restrictions could result in acceleration of the Company's debt; risks associated with tax matters; changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters; and the other factors discussed under "Risk Factors" in the Company's most recent annual report on Form 10-K and in other subsequent reports the Company files with the United States Securities and Exchange Commission (the "SEC"). The Company's periodic filings are accessible on the SEC's website atwww.sec.gov.
Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks emerge from time to time. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, and our expectations based on third-party information and projections are from sources that management believes to be reputable, the Company cannot guarantee that future results, levels of activity, performance or achievements. These forward-looking statements are made as of the date of this release or as of the date specified herein and the Company has based these forward-looking statements on current expectations and projections about future events and trends. Except as required by law, the Company does not undertake any duty to update any of these forward-looking statements after the date of this release or to conform these statements to actual results or revised expectations.
About Grocery Outlet:
Based in Emeryville, California, Grocery Outlet is a high-growth, extreme value retailer of quality, name-brand consumables and fresh products sold through a network of independently operated stores. Grocery Outlet has more than 470 stores in California, Washington, Oregon, Pennsylvania, Idaho, Nevada, Maryland, New Jersey, Ohio and Delaware. Grocery Outlet also owns United Grocery Outlet, a closeout grocery retailer with 41 stores in Tennessee, North Carolina, Georgia, Alabama, Kentucky, and Virginia.
Reddit Announces First Quarter 2024 Results
Source: Business Wire
Record user traffic, Daily Active Uniques (“DAUq”) increased 37% to 82.7 million
Revenue increased 48% to $243.0 million, nearly doubling growth rate from prior quarter
Net loss driven by IPO expenses, first profitable Q1 on an Adjusted EBITDA basis
Operating cash flow of $32.1 million and positive free cash flow of $29.2 million
Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended March 31, 2024. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit r/RDDT at https://www.reddit.com/r/RDDT/.
“It was a strong start to the year and a milestone quarter for Reddit and our communities as we debuted as a public company,” said Steve Huffman, Co-Founder and CEO of Reddit. “We see this as the beginning of a new chapter as we work towards building the next generation of Reddit.”
DAUq increased 37% year-over-year to 82.7 million
Weekly Active Uniques (“WAUq”) increased 40% year-over-year to 306.2 million
Revenue increased 48% year-over-year to $243.0 million, Ad Revenue increased 39% year-over-year to $222.7 million
Gross margin was 88.6%, an improvement of 500 basis points from the prior year
Net loss was $575.1 million, as compared to $60.9 million in the prior year. Stock-based compensation expense and related taxes were $595.5 million, as compared to $13.2 million in the prior year, driven by IPO charges
Adjusted EBITDA was $10.0 million, as compared to $(50.2) million in the prior year
Operating cash flow was $32.1 million, an improvement of $28.0 million from the prior year
Free Cash Flow was $29.2 million. Capital expenditures were $2.9 million
NewtekOne, Inc. Reports First Quarter 2024 Financial Results
Source: GlobeNewswire Inc.
NewtekOne, Inc. (Nasdaq: NEWT), announced today its financial and operating results for the three months ended March 31, 2024.
NewtekOne First Quarter 2024 Financial Highlights
Net income was $9.7 million, or $0.38 per basic and diluted common share for the three months ended March 31, 2024, compared to $18.6 million, or $0.76 and $0.74 per basic and diluted common share, respectively, for the three months ended March 31, 2023.
First quarter 2023 earnings per share ("EPS"), as previously restated, was positively impacted by an income tax benefit of $14.2 million, or $0.59 per basic and $0.58 per diluted share, respectively (excluding this income tax benefit, first quarter 2023 core EPS would have been $0.17 and $0.16 per basic and diluted share, respectively).1
The Company is raising its 2024 annual earnings forecast to a range of $1.85 to $2.05 per basic and diluted common share from its previous forecast range of $1.80 to $2.00 per basic and diluted common share.
Net income was $9.7 million, or $0.38 per basic and diluted common share for the three months ended March 31, 2024, compared to $10.8 million, or $0.43 per basic and diluted common share, for the three months ended December 31, 2023.
Net interest income was $8.9 million for the three months ended March 31, 2024; an increase of 7.2% over $8.3 million for the three months ended December 31, 2023, and an increase of 93.5% over $4.6 million for the three months ended March 31, 2023.
Total assets were $1.5 billion at March 31, 2024, an increase of 7.1% from $1.4 billion at December 31, 2023.
Total borrowings were $662.5 million at March 31, 2024; an increase of 2.9% from $644.1 million at December 31, 2023.
Loans held for investment were $840.6 million at March 31, 2024; an increase of 4.3% over $806.1 million at December 31, 2023.
Cash and cash equivalents were $163.2 million, including $35.8 million of restricted cash, at March 31, 2024; a decrease of 11.3% from $184.0 million, including $30.9 million of restricted cash, at December 31, 2023.
Net interest margin2 was 2.92% for the three months ended March 31, 2024; an increase of 5.8% over 2.76% for the three months ended December 31, 2023, and an increase of 46.0% over 2.00% for the three months ended March 31, 2023.
Return on Tangible Common Equity ("ROTCE")1 of 20.6% for the three months ended March 31, 2024; a decrease of 19.8% over 25.7% for the three months ended December 31, 2023, and a decrease of 61.1% over 52.9% for the three months ended March 31, 2023.
Return on Average Assets ("ROAA")1,2 of 2.8% for the three months ended March 31, 2024; a decrease of 9.7% over 3.1% for the three months ended December 31, 2023, and a decrease of 57.6% over 6.6% for the three months ended March 31, 2023.
Efficiency ratio2 of 70.6% for the three months ended March 31, 2024; an increase of 6.0% over 66.6% for the three months ended December 31, 2023, and a decrease of 15.0% compared to 83.1% for the three months ended March 31, 2023.
Total risk-based capital ratio2 was 20.3% at March 31, 2024; an increase of 6.3% over 19.1% at December 31, 2023.
Tier-1 leverage ratio2 was 13.7% at March 31, 2024; an increase of 0.7% compared to 13.6% at December 31, 2023.
On April 15, 2024, the Company paid a quarterly cash dividend of $0.19 per share on its outstanding common shares, which represents a 5.5% increase over the $0.18 per share quarterly dividend declared on December 11, 2023.
Newtek Bank, N.A.
Total deposits3 were $565.3 million at March 31, 2024, which represents an 8.9% sequential increase in deposits, compared to $519.1 million at December 31, 2023 and an increase of 299.2% over $141.6 million in deposits at December 31, 2022.
Insured deposits represented approximately 75.9% of total deposits at March 31, 2024.
Net interest margin was 4.80% for the three months ended March 31, 2024; an increase of 8.4% over 4.43% for the three months ended December 31, 2023, and an increase of 62.7% over 2.95% for the three months ended March 31, 2023.
ROTCE1 of 37.9% for the three months ended March 31, 2024; a decrease of 42.8% over 66.3% for the three months ended December 31, 2023, and an increase of 461.0% over (10.5)% for the three months ended March 31, 2023.
ROAA1 of 5.8% for the three months ended March 31, 2024; a decrease of 41.4% over 9.9% for the three months ended December 31, 2023, and an increase of 314.8% over (2.7)% for the three months ended March 31, 2023.
Efficiency ratio1 of 50.1% for the three months ended March 31, 2024; an increase of 45.6% compared to 34.4% for the three months ended December 31, 2023, and a decrease of 56.3% compared to 114.6% for the three months ended March 31, 2023.
Total risk-based capital ratio was 18.9% at March 31, 2024, a decrease of 17.1% from 22.8% at December 31, 2023.
Tier-1 leverage ratio was 15.5% at March 31, 2024; a decrease of 6.6% from 16.6% at December 31, 2023.
Lending Highlights
Total SBA 7(a) loan closings of $207.1 million for the three months ended March 31, 2024; an increase of 35.9% over $152.5 million of SBA 7(a) loans closings for the three months ended March 31, 2023.
The Company forecasts $925.0 million in total SBA 7(a) loan fundings for 2024, which if achieved, would represent a 13.5% increase over 2023.
Newtek Bank closed $34.4 million of SBA 504 loans for the three months ended March 31, 2024; a decrease of 29.7% over $48.9 million SBA 504 loans closed for the three months ended March 31, 2023.
Newtek Bank and the Company’s non-bank subsidiaries closed $308.0 million of loans across all loan products for the three months ended March 31, 2024; a 35.6% increase over $227.2 million of loans closed for the same period in 2023.
Barry Sloane, Chairman, President, and Chief Executive Officer commented, “We are more than pleased to report our first quarter 2024 financial results. We broke several records this quarter and continue to perform exceptionally well as a financial holding company. We achieved EPS of $0.38, basic and diluted, in the first quarter 2024. as compared to first quarter 2023 EPS basic and diluted of $0.76 and $0.74, respectively, as previously restated, which was positively impacted by an income tax benefit. However, on a core EPS basis, we outperformed first quarter 2023 EPS of $0.17 and $0.16 per basic and diluted share, as well as exceeded the high end of our first quarter 2024 EPS forecast of $0.19 to $0.25 per basic and diluted common share.1 We are modestly increasing our 2024 annual earnings guidance to $1.85 to $2.05 per basic and diluted common share from our previous forecast of $1.80 to $2.00 per basic and diluted common share. Our out performance for the first quarter of 2024 was led by Newtek Bank's SBA 7(a) loan fundings of $207.1 million, a 35.9% increase over $152.5 million SBA 7(a) fundings for the same period last year. Our alternative loan program, through NewtekOne's non-bank subsidiary, generated record closings of $53.8 million during the first quarter 2024, compared to $12.2 million closed in the first quarter 2023. It is important to note that we continue to increase our loan loss reserves and our coverage ratio at Newtek Bank, and as of March 31, 2024, we had approximately 406 basis points of loan loss reserves, which is an increase from 374 basis points at December 31, 2023. We believe this reserve will normalize at approximately 350 basis points as more traditional bank loan products come onto our balance sheet. Having been in the SBA lending business since 2003, we are confident that we fully understand the risk versus reward of being an SBA lender. We weathered the 2008/2009 credit crisis, the COVID-19 pandemic, and have experienced both high and low interest-rate environments. With this history in mind, we continue to give careful consideration to the current economic conditions, and believe that we are maintaining an appropriate level of reserves for our book of loans. We feel good about our practices and where we are, predicated on over two decades of lending history, experience and management, and would expect to be analyzed within this framework.”
Mr. Sloane continued, “In addition to Newtek Bank's strong performance in lending, Newtek Bank continued to raise deposits, growing deposits by approximately 8.9% from the $519.1 million at December 31, 2023 to $565.3 million at March 31, 2024. Our ability to gather deposits against an industry backdrop of U.S commercial banks that only grew deposits by approximately 1.2% from December 27, 2023 to March 27, 2024, according to an April 11, 2024 report by S&P Global Market Intelligence, demonstrates that our strategy of utilizing digital account opening together with our thousands of prospects of independent business owners can enable us to generate this deposit growth at Newtek Bank. Key financial metrics at Newtek Bank also saw sequential growth over the fourth quarter 2023. Newtek Bank's net interest margin expanded from 4.43% during the fourth quarter 2023 to 4.80% during the first quarter 2024; and net interest income increased by 16.7% sequentially to $7.7 million during the first quarter 2024 from $6.6 million during the fourth quarter 2023. Newtek Bank experienced a ROAA of 5.8% and a ROTCE of 37.9%, which was accomplished with an efficiency ratio of 50.1% for Q1 2024. Furthermore, we also continued to deliver strong metrics in key areas on a consolidated basis in the first quarter 2024 with a ROAA of 2.8% and ROTCE of 20.6%. Based on the confidence in our business model, during the first quarter 2024 the board declared a quarterly dividend of $0.19 per share, an increase of 5.6% over the prior quarter's dividend of $0.18 per share.”
Mr. Sloane further stated, “We can't underscore enough the transformative change from a 1940’s Act business development company (BDC) to a 1934 Act financial holding company. This transformation, however, makes it very difficult in many aspects for accurate year-over-year comparisons. Moreover, when looking at a comparison of our EPS for the first quarter 2024 versus the first quarter 2023, we noted that our first quarter 2023 EPS included an income tax benefit of approximately $14.2 million, or $0.59 per basic share and $0.58 per diluted share, respectively. On a core EPS basis, we outperformed in the first quarter of 2024 versus 2023. Additionally, during the first quarter of 2023 our SBA 7(a) loans were originated out of our non-bank lender using fair value accounting with no CECL reserve, which, among other things, reduces current income for the benefit of future income. Therefore, when looking at our first quarter 2024 performance with sharp focus, we clearly had strong quarterly performance on a comparative basis.”
Mr. Sloane added, “We still have room for our returns to improve as we complete our fourth full quarter after transitioning our SBA 7(a) loan production to Newtek Bank in April 2023. Our funding costs continue to be lower at Newtek Bank, versus our funding costs for the first quarter of 2023, when we were still originating our SBA 7(a) loans out of our non-bank lender (NSBF). Our 20- plus-year track record of originating quality loans for sale into the secondary market have demonstrated generous returns for our shareholders. We look forward to continuing to drive funding costs down as we expect to fully roll out our lower-cost business checking accounts to our large client database in our marketing plan. Our business plan requires us to ensure that we have the proper staff, software, policies and procedures, and compliance measures in place to raise deposits in a regulatory-compliant manner, which, in 2023, limited our growth in commercial deposits. We slowly rolled out this product in the first quarter of 2024 to a pilot group of lending clients and firmly believe that we will see growth in this depository area for the remainder of the year. Our commercial demand deposit account pays a 1.0% annual percentage yield (“APY”) and our commercial money market account pays a 3.5% APY while providing our independent business owner customers added benefits, through the Newtek Advantage™. We believe the Newtek Advantage, especially when bundled with our bank and non-bank service offerings, provides a tremendous competitive advantage in comparison to our competitors who offer lower deposit rates, charge higher fees, and do not offer the benefits that we offer through the Newtek Advantage. These benefits include, but are not limited to, free document storage, free web-traffic analytics, merchant services data and payroll execution directly from the client’s business portal. By growing this portion of our deposit base, it will give us additional stability and diversification of core deposits at Newtek Bank as well as lower our cost of funds. It is important to note that our deposits, on a consolidated basis, are made up of approximately 76% insured deposits. This metric is extremely important as it demonstrates our ability to attract smaller balances on a diversified basis versus the more volatile higher-balance deposits that upon which our competitor banks rely.”
Mr. Sloane concluded, “We are very proud of what our management team has been able to accomplish, creating the foundation for a business that leverages technology, manages risk and is scalable and compliant. We continue to be pleased with what we have accomplished as a financial holding company. We expect the capital markets to gain confidence in our business model’s earnings, growth and consistently high returns on equity and assets. Our success is predicated on our unique, progressive state-of-the-art business model, one that does not depend upon branches, traditional bankers, brokers, or expensive business development officers, which has been tested and has succeeded over the last 25 years. Our experience has taught us that the equity markets appreciate growth of earnings and returns no matter what the business model, and we expect to consistently deliver on our expectations."
___________________________
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 with our filings with regulatory agencies and our Form 10-Q for the quarterly period ended March 31, 2024.
3 Total deposits as reported include deposits from affiliates held at Newtek Bank, which are eliminated through consolidation on the NewtekOne consolidated financial statements.
First Quarter 2024 Conference Call and Webcast
A conference call to discuss the first quarter 2024 financial results will be hosted by Barry Sloane, President, Chairman and Chief Executive Officer, M. Scott Price, Chief Financial Officer, and Frank M. DeMaria, Chief Accounting Officer, tomorrow, Tuesday, May 7, 2024, 8:30 a.m. EDT.
Please note, to attend the conference call or webcast, participants should register online at NewtekOne, Inc. First Quarter 2024 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. First Quarter 2024 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.
NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries, provides a wide range of business and financial solutions under the Newtek® brand to independent business owners. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to our independent business owner 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, National AssociationTM, Your Business Solutions Company®, Newtek Advantage® 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-Q for the quarterly period ended March 31, 2024. 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 which are 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
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, except for Per Share Data)
ASSETS March 31, 2024 December 31, 2023
Cash and due from banks $ 12,295 $ 15,398
Restricted cash 35,759 30,919
Interest bearing deposits in banks 115,152 137,689
Total cash and cash equivalents 163,206 184,006
Debt securities available-for-sale, at fair value 28,127 32,171
Loans held for sale, at fair value 187,104 118,867
Loans held for sale, at LCM 59,880 56,607
Loans held for investment, at fair value 442,928 469,801
Loans held for investment, at amortized cost, net of deferred fees and costs 397,625 336,305
Allowance for credit losses (16,126 ) (12,574 )
Loans held for investment, at amortized cost, net 381,499 323,731
Federal Home Loan Bank and Federal Reserve Bank stock 3,773 3,635
Settlement receivable 56,890 62,230
Joint ventures, at fair value (cost of $45,108 and $37,864), respectively 48,247 40,859
Non-control investments (cost of $772 and $796), respectively 728 728
Goodwill and intangibles 29,944 30,120
Right of use assets 5,193 5,701
Deferred tax asset, net 2,717 5,230
Servicing assets 41,172 39,725
Other assets 58,169 56,102
Total assets $ 1,509,577 $ 1,429,513
LIABILITIES AND NET ASSETS
Liabilities:
Deposits:
Noninterest-bearing $ 5,466 $ 10,053
Interest-bearing 507,476 453,452
Total deposits 512,942 463,505
Borrowings 662,488 644,122
Dividends payable 5,038 4,792
Lease liabilities 6,344 6,952
Due to participants 26,647 23,796
Accounts payable, accrued expenses and other liabilities 41,986 37,300
Total liabilities 1,255,445 1,180,467
Shareholders' Equity:
Preferred stock (par value $0.02 per share; authorized 20 shares, 20 shares issued and outstanding) 19,738 19,738
Common stock (par value $0.02 per share; authorized 199,980 shares, 24,715 and 24,680 issued and outstanding, respectively) 493 492
Additional paid-in capital 201,431 200,913
Retained earnings 32,611 28,051
Accumulated other comprehensive loss, net of income taxes (141 ) (148 )
Total shareholders' equity 254,132 249,046
Total liabilities and shareholders' equity $ 1,509,577 $ 1,429,513
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except for Per Share Data)
Three Months Ended
March 31, 2024 December 31, 2023 March 31, 2023
(as restated)
Interest income
Debt securities available-for-sale $ 460 $ 435 $ 232
Loans and fees on loans 24,985 23,660 17,502
Other interest earning assets 1,622 2,274 981
Total interest income 27,067 26,369 18,715
Interest expense
Deposits 5,576 5,111 1,475
Notes and securitizations 10,827 11,411 8,718
Bank and FHLB borrowings 1,758 1,546 3,939
Total interest expense 18,161 18,068 14,132
Net interest income 8,906 8,301 4,583
Provision for credit losses 4,015 4,365 1,318
Net interest income after provision for credit losses 4,891 3,936 3,265
Noninterest income
Dividend income 386 360 504
Loan servicing asset revaluation (1,735 ) (1,983 ) 919
Servicing income 5,357 4,985 4,403
Net gains on sales of loans 20,292 17,252 6,367
Net gain (loss) on loans under the fair value option 2,798 5,420 5,905
Technology and IT support income 5,770 6,460 6,709
Electronic payment processing income 10,987 10,659 10,328
Other noninterest income 5,512 5,954 7,221
Total noninterest income 49,367 49,107 42,356
Noninterest expense
Salaries and employee benefits expense 20,506 14,535 19,073
Technology services expense 3,408 4,265 3,803
Electronic payment processing expense 4,846 4,168 4,504
Professional services expense 4,565 3,311 3,440
Other loan origination and maintenance expense 2,244 2,503 2,781
Depreciation and amortization 532 613 791
Loss on extinguishment of debt — 271 —
Other general and administrative costs 5,058 8,543 4,631
Total noninterest expense 41,159 38,209 39,023
Net income before taxes 13,099 14,834 6,598
Income tax expense (benefit) 3,449 3,985 (11,952 )
Net income 9,650 10,849 18,550
Dividends to preferred shareholders (400 ) (405 ) (249 )
Net income available to common shareholders $ 9,250 $ 10,444 $ 18,301
Earnings per share:
Basic $ 0.38 $ 0.43 $ 0.76
Diluted $ 0.38 $ 0.43 $ 0.74
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure. Ratios for three-month period ended have been annualized based on calendar days.
Reconciliation of Core EPS to GAAP EPS:
Three Months Ended March 31, 2023
GAAP EPS Adjustments Core EPS
Based on Net Income Discrete Tax Benefits on Reorg Based on Adjusted Net Income
Net income before taxes $ 6,598 $ — $ 6,598
Income tax expense (benefit) (11,952 ) 14,244 2,292
Net income 18,550 (14,244 ) 4,306
Dividends to preferred shareholders (249 ) — (249 )
Net income available to common shareholders $ 18,301 $ (14,244 ) $ 4,057
Basic:
Income available to common shareholders $ 18,301 $ (14,244 ) $ 4,057
Weighted-average basic shares outstanding 24,223 — 24,223
Basic $ 0.76 $ 0.59 $ 0.17
Diluted:
Income available to common shareholders $ 18,301 $ (14,244 ) $ 4,057
Total weighted-average diluted shares outstanding 24,881 — 24,881
Diluted $ 0.74 $ 0.58 $ 0.16
Newtek Bank, NA As of and for the three months ended
(in thousands) March 31, 2024 December 31, 2023 March 31, 2023
(as restated)
Return on Average Tangible Common Equity
Numerator: Net Income (Loss) (GAAP) $9,402 $15,064 $(1,921)
Average Total Shareholders' Equity (non-GAAP) 100,792 92,201 76,218
Deduct: Average Goodwill and Intangibles (non-GAAP) 1,100 2,099 2,190
Denominator: Tangible Average Common Equity (non-GAAP) $99,692 $90,102 $74,028
Return on Average Tangible Common Equity (non-GAAP) 37.9% 66.3% (10.5)%
Return on Average Assets
Numerator: Net Income (GAAP) $9,402 $15,064 $(1,921)
Denominator: Average Assets (non-GAAP) 652,604 601,130 285,914
Return on Average Assets (non-GAAP) 5.8% 9.9% (2.7)%
Efficiency Ratio
Numerator: Non-Interest Expense (GAAP) $17,510 $12,796 $13,222
Net Interest Income (GAAP) 7,690 6,589 1,682
Non-Interest Income (GAAP) 27,257 30,621 9,860
Denominator: Total Income $34,947 $37,210 $11,542
Efficiency Ratio (non-GAAP) 50.1% 34.4% 114.6%
NewtekOne Inc. Three months ended
(dollars and number of shares in thousands) March 31, 2024 December 31, 2023 March 31, 2023
(as restated)
Return on Average Tangible Common Equity
Numerator: Net Income (GAAP) $9,650 $10,849 $18,550
Average Total Shareholders' Equity (non-GAAP) 237,831 218,387 194,010
Deduct: Preferred Stock (GAAP) 19,738 19,738 19,738
Average Common Shareholders' Equity (non-GAAP) 218,093 198,649 174,272
Deduct: Average Goodwill and Intangibles (non-GAAP) 30,060 31,250 32,062
Denominator: Average Tangible Common Equity (non-GAAP) $188,033 $167,399 $142,210
Return on Tangible Common Equity (non-GAAP) 20.6% 25.7% 52.9%
Return on Average Assets
Numerator: Net Income (GAAP) $9,650 $10,849 $18,550
Denominator: Average Assets (non-GAAP) 1,401,554 1,382,690 1,124,693
Return on Average Assets (non-GAAP) 2.8% 3.1% 6.6%
Efficiency Ratio
Numerator: Non-Interest Expense (GAAP) $41,159 $38,209 $39,023
Net Interest Income (GAAP) 8,906 8,301 4,583
Non-Interest Income (GAAP) 49,367 49,107 42,356
Denominator: Total Income $58,273 $57,408 $46,939
Efficiency Ratio (non-GAAP) 70.6% 66.6% 83.1%
Tangible Book Value Per Share
Total Shareholders' Equity (GAAP) $254,132 $249,046 $232,586
Deduct: Goodwill and Intangibles (GAAP) 29,944 30,120 32,091
Numerator: Total Tangible Book Value (non-GAAP) $224,188 $218,926 $200,495
Denominator: Total Number of Shares Outstanding 24,715 24,680 24,609
Tangible Book Value Per Share (non-GAAP) $9.07 $8.87 $8.15
Tangible Book Value Per Common Share
Total Tangible Book Value (non-GAAP) $224,188 $218,926 $200,495
Deduct: Preferred Stock (GAAP) 19,738 19,738 19,738
Numerator: Tangible Book Value Per Common Share (non-GAAP) $204,450 $199,188 $180,757
Denominator: Total Number of Shares Outstanding 24,715 24,680 24,609
Tangible Book Value Per Common Share (non-GAAP) $8.27 $8.07 $7.35
Primary Logo
ATSG Expands Operations in the Amazon Air Network
Source: Business Wire
Air Transport Services Group, Inc. (Nasdaq: ATSG), a leading provider of medium wide-body cargo aircraft leasing, air cargo transportation and related services, today announced an agreement to operate ten additional Boeing 767 freighters for Amazon.com Services LLC in the Amazon Air network by the end of 2024. The operating agreement through which ATSG’s airlines operate those aircraft will be extended to May 2029, with extension rights for five additional years.
“We’re pleased to further expand our leading role in the Amazon Air network that we started in 2016,” said Joe Hete, Chairman and CEO of ATSG. “Our operating capabilities will continue to support Amazon’s customer-centric commitments for years to come.”
Key features of the new and amended agreements include:
ATSG airlines to operate the initial ten Boeing 767-300 freighters provided by Amazon beginning in Summer 2024, with the potential to add up to ten more aircraft.
Operating agreement extended to May 2029, with the option to extend for an additional five years.
ATSG has also agreed to extend the exercise period for vested warrants for 21.8 million shares it previously issued to Amazon, amend the vesting conditions and extend the exercise period for unvested existing warrants for 2.9 million shares, and issued new warrants for up to 2.9 million additional shares to Amazon.
“These additional aircraft will allow us to leverage our existing infrastructure and capabilities for expanded operating revenues. This expanded and extended operating agreement is a testament to the dependability of our employees and the reliability we bring to the Amazon Air network,” Hete said. “Our mission is to continue to provide Amazon with exceptional service while creating value for all of our shareholders.”
Additional information about these agreements is provided in a Form 8-K that ATSG expects to file with the U.S. Securities & Exchange Commission.
About Air Transport Services Group
Air Transport Services Group (ATSG), a premier provider of aircraft leasing and air cargo transportation solutions for both domestic and international air carriers, as well as companies seeking outsourced air cargo services. ATSG is the global leader in freighter leasing with a fleet that includes Boeing 767, Airbus A321, and Airbus A330 aircraft. A diverse portfolio of subsidiaries encompasses the Lease+Plus aircraft leasing opportunity including three airlines holding separate and distinct U.S. FAA Part 121 Air Carrier certificates to provide air cargo lift, passenger ACMI and charter services: aircraft maintenance, airport ground services and material handling equipment engineering and service. ATSG subsidiaries comprise ABX Air, Inc.; Airborne Global Solutions, Inc.; Airborne Maintenance and Engineering Services, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; and Omni Air International, LLC. For further details, please visit our website at www.atsginc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240506472390/en/
Quint O. Turner, Chief Financial Officer
Air Transport Services Group, Inc.
937-366-2303
ATSG Reports First Quarter 2024 Results
Source: Business Wire
Raises 2024 Financial Outlook
Expands and Extends Flying Agreement with Amazon
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 first quarter ended March 31, 2024. Those results, as compared with the same period in 2023, were as follows:
First Quarter Results
Revenues $486 million, down 3%
GAAP Earnings per Share (diluted) from Continuing Operations $0.13, down $0.12
GAAP Pretax Earnings from Continuing Operations $12.4 million, down $14.1 million
Adjusted Pretax* Earnings $15.2 million, down $22.6 million
Adjusted EPS* $0.16, down $0.20
Adjusted EBITDA* $127.3 million, down 8%
Earlier today, ATSG announced agreements to operate ten additional Boeing 767 freighters for Amazon.com Services LLC by the end of 2024, and to extend their commercial flying agreement to May 2029, with mutual extension rights for five additional years. The agreement includes the award to Amazon of an additional 2.9 million warrants to purchase ATSG common shares and changes to the terms of existing warrants already held by Amazon, as described in the Form 8-K we will file.
Joe Hete, chairman and chief executive officer of ATSG, said, "I am proud of the focus and execution of the entire ATSG team as we continue to navigate a challenging market. The changes to our Amazon arrangement announced earlier today are a testament to the high quality of service we provide to our customer. Our priorities remain safe operations, customer satisfaction, cost control, and disciplined capital allocation. We completed the conversion and delivery of four 767-300 freighters to customers in the quarter. Additionally, we have customer interest in other aircraft we have available for lease. We are focused on generating positive cash flow in 2024 and are off to a strong start in the first quarter, having generated $15 million in Free Cash Flow*."
* Adjusted EPS (Earnings per Share), Adjusted Pretax Earnings, Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), Free Cash Flow, 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 decreased 7% for the first quarter, reflecting the benefit of revenues from fifteen additional freighter leases, including twelve additional 767-300s and three Airbus A321-200s since the end of March 2023. These leases were more than offset by the returns of twelve 767-200 freighters and four 767-300 freighters over that same period. Revenue reductions associated with the 767-200 fleet include the effect of fewer cycles operated by lessees under our 767-200 engine power program. Excluding the revenues from that program, segment revenues would have been flat versus the prior-year quarter.
CAM’s first quarter pretax earnings decreased $21 million, or 61%, to $13 million versus the prior-year quarter. The biggest driver of the year-over-year decrease was the previously mentioned reduction in 767-200 freighter lease and engine power program revenues. Segment interest expense and depreciation both increased by $5 million versus the prior-year quarter.
CAM deployed four newly converted 767-300 freighters to external lessees during the quarter. Three 767-200 freighters and one 767-300 freighter were returned upon lease expiration, with the 767-300 and one of the 767-200s subsequently leased to ABX Air. At the end of the first quarter, ninety CAM-owned freighter aircraft were leased to external customers, two fewer than a year ago.
Twenty-four CAM-owned aircraft were in or awaiting conversion to freighters at the end of the first quarter, three fewer than at the end of the prior-year quarter. This included thirteen 767s, six A321s, and five A330s.
ACMI Services
Pretax loss was $3 million in the first quarter, versus a loss of $2 million in the first quarter of 2023. For the quarter, interest expense increased by $0.5 million.
Revenue block hours for ATSG's airlines decreased 3% versus the prior-year quarter. The decrease included three fewer aircraft in service than a year ago. Cargo block hours decreased 3% for the first quarter, driven by a mix of routes that included more domestic and less international flying than a year ago. Passenger block hours were flat in the quarter, as more charter flying hours for Omni Air International offset fewer flying hours for the military versus the prior-year quarter.
2024 Outlook
Taking into account the flying opportunities from ten more Amazon 767 freighters, ATSG expects Adjusted EBITDA of approximately $516 million in 2024, an increase of $10 million from the outlook provided in February 2024. This forecast excludes any contribution from additional aircraft leases or flying opportunities not currently under contractual commitment. This projection assumes the startup of all ten Amazon-provided 767-300s prior to December 1, 2024, and costs associated with bringing them into service and adding over 50 additional pilots at ABX Air. The Company continues to see the potential for additional Adjusted EBITDA from new lease commitments for available aircraft and opportunities for additional flying.
Capital spending expectations for 2024 remain unchanged at $410 million, down $380 million from 2023. ATSG's total projected capital spend includes growth capital of $245 million.
The projection for Adjusted EPS remains unchanged at 55 cents to 80 cents diluted for 2024, assuming a stable share count at current levels.
Hete concluded, “We have made significant progress toward achieving positive free cash flow in 2024. The expansion of our flying agreement with Amazon should only help reach that goal. Our amended agreement also provides opportunity for a combination of up to ten lease extensions and/or additional assigned aircraft, beyond the initial ten we will bring into service this year. Furthermore, CAM is well-positioned to lease additional freighters to other customers with minimal incremental capital investment as market demand improves. We look forward to further cash flow improvement next year, with increased Adjusted EBITDA and even lower capex."
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, May 7, 2024, at 10 a.m. Eastern Time to review its results for the first quarter of 2024, and its outlook for the remainder of the year. 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 first-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.
AV’s Switchblade 600 Selected for Tranche 1 of the U.S. Department of Defense’s Replicator Initiative
Source: Business Wire
AeroVironment’s (AV) Switchblade 600 loitering munition system has been selected for Tranche 1 of the first iteration of the U.S. Department of Defense’s (DoD) Replicator initiative. AV’s Switchblade 600 is a man-portable, extended-range loitering munition system equipped with an anti-armor warhead for engaging larger, hardened targets at greater distances. The first iteration of the Replicator initiative aims to accelerate all-domain, attritable autonomous systems to warfighters at speed and scale.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240507873781/en/
AV’s Switchblade 600 is capable of providing attritable autonomy at scale (Photo: AeroVironment)
AV’s Switchblade 600 is capable of providing attritable autonomy at scale (Photo: AeroVironment)
The first iteration of the Replicator initiative will field thousands of autonomous systems across multiple domains within the next 18-24 months, as part of the Pentagon's strategy to counter peer adversaries’ rapid military buildup. The initiative will prioritize the fielding of attritable capabilities — affordable uncrewed platforms that allow commanders to tolerate a higher degree of risk in employing these “force multiplying” systems.
“Switchblade 600 is a battle-proven system in full-rate production that can support the DoD’s desire to field thousands of autonomous systems across multiple warfighting domains,” said AV’s SVP of Loitering Munition Systems, Brett Hush.
Equipped with advanced sensors and precision flight control, Switchblade 600 is capable of quick and easy deployment via tube launch and can fly, track and engage non-line of sight targets. Switchblade 600’s patented wave-off and recommit capability allows operators to abort the mission and re-engage as the mission requires.
“Our uncrewed systems, autonomy technology and computer vision software can help achieve multidomain operations in a heavily contested battlespace, at very low costs and high levels of resiliency,” continued Hush. “We have not only invested in the maturation of such disruptive technologies but also the production capability and capacity to produce large volumes at the level of reliability that the U.S. DoD expects.”
ABOUT AEROVIRONMENT
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.
SAFE HARBOR STATEMENT
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of 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 those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507873781/en/
Ashley Riser
AeroVironment, Inc.
+1 (805) 750-6176
pr@avinc.com
ARAX HOLDINGS CORP
FORM 8-K
(Current report filing)
Filed 05/06/24 for the Period Ending 05/05/24
https://www.otcmarkets.com/filing/conv_pdf?id=17512117&guid=DLQ-kFgc13IqJth
Corteva Reports First Quarter 2024 Results, Reaffirms 2024 Guidance
Source: PR Newswire (US)
1Q results in line with expectations and mostly constructive ag economy
Strength of Seed performance demonstrates global demand for top technology
Crop Protection declines reflect just-in-time purchases and residual inventory imbalances
FY guidance unchanged, 2024 outlook supported by controllable levers
INDIANAPOLIS, May 1, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the three months ended March 31, 2024.
Chuck Magro, Chief Executive Officer, Corteva
1Q 2024 Results Overview
Net Sales
Income from Cont. Ops (After Tax)
EPS
GAAP
$4.49B
$376M
$0.53
vs. 1Q 2023
(8) %
(38) %
(37) %
Organic1 Sales
Operating EBITDA1
Operating EPS1
NON-GAAP
$4.58B
$1.03B
$0.89
vs. 1Q 2023
(6) %
(16) %
(23) %
"Corteva's first quarter 2024 results were largely as expected. The Seed business once again delivered exceptional performance driven by our advantaged technology and latest product line-up, reflecting farmers' continued investment in products that consistently deliver quality, yield and value.
On Crop Protection, as anticipated, we faced headwinds as the industry continues to work through residual inventory imbalances in key regions and farmers are shifting to just-in-time purchasing. We are expecting growth in the second half of 2024 driven by our differentiated portfolio, leading biologicals products and cost actions.
As a result, we are reaffirming full year 2024 guidance as well as reiterating our confidence in the previously-announced 2025 financial framework."
Chuck Magro
Chief Executive Officer
First Quarter 2024 Highlights
First quarter 2024 net sales decreased 8% versus prior year. Organic1 sales decreased 6% in the same period.
Seed net sales grew 2% and organic1 sales increased 5%. Price was up 6% globally, led by continued execution on the Company's price for value strategy and favorable product mix. Volume growth in North America from higher corn deliveries was offset by delayed demand in EMEA2 due to unfavorable weather.
Crop Protection net sales decreased 20% and organic1 sales declined 21%, on expected industry headwinds globally. Volume declines were against a strong prior year comparison and primarily due to farmer purchases closer to application window, as well as weather and destocking impacts in EMEA2. Price was down 3% due to a competitive environment in most regions.
GAAP income and earnings per share (EPS) from continuing operations were $376 million and $0.53 per share for the first quarter 2024, respectively.
Operating EBITDA1 and Operating EPS1 were $1.03 billion and $0.89 per share for the first quarter 2024, respectively.
The Company reaffirmed full-year 2024 guidance3 and expects net sales in the range of $17.4 billion to $17.7 billion. Operating EBITDA1 is expected to be in the range of $3.5 billion to $3.7 billion. Operating EPS1 is expected to be in the range of $2.70 to $2.90 per share. Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free Cash Flow1 is expected to be in the range of $1.5 billion to $2.0 billion. The Company plans to repurchase approximately $1.0 billion shares in 2024.
1Q
1Q
%
%
($ in millions, except where noted)
2024
2023
Change
Organic1 Change
Net Sales
$4,492
$4,884
(8) %
(6) %
North America
$2,087
$2,202
(5) %
(5) %
EMEA
$1,588
$1,813
(12) %
(6) %
Latin America
$515
$552
(7) %
(15) %
Asia Pacific
$302
$317
(5) %
(2) %
1. Organic Sales, Operating EPS, Operating EBITDA, and Free Cash Flow are non-GAAP measures. See page 5 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis, except for Free Cash Flow.
Seed Summary
Seed net sales were $2.8 billion in the first quarter of 2024, up from $2.7 billion in the first quarter of 2023. The sales increase was driven by a 6% increase in price, partially offset by a 2% unfavorable currency impact, and a 1% decline in both volume and portfolio.
Price gains were driven by strong execution globally, led by EMEA2, as farmers prioritize the use of top technology to drive higher yields. Volume gains in North America from higher corn deliveries were offset by volume declines in EMEA2 due to delayed demand from unfavorable weather. Unfavorable currency impacts were led by the Turkish lira.
Segment operating EBITDA was $748 million in the first quarter of 2024, up 15% from the first quarter of 2023. Price execution, improvement in net royalty expense, and ongoing cost and productivity actions more than offset higher commodity and production costs, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 300 basis points versus the prior-year period.
1Q
1Q
%
%
($ in millions, except where noted)
2024
2023
Change
Organic1 Change
North America
$1,471
$1,323
11 %
11 %
EMEA
$918
$1,012
(9) %
-
Latin America
$271
$259
5 %
(1) %
Asia Pacific
$91
$101
(10) %
(5) %
Total
Seed Net Sales
$2,751
$2,695
2 %
5 %
Seed
Operating EBITDA
$748
$652
15 %
N/A
Crop Protection Summary
Crop Protection net sales were approximately $1.7 billion in the first quarter of 2024 compared to approximately $2.2 billion in the first quarter of 2023. The sales decline was driven by an 18% decrease in volume, a 3% decrease in price, and a 1% unfavorable currency impact, partially offset by a 2% favorable impact from portfolio.
The decrease in volume against a strong prior year comparison was primarily due to farmer purchases closer to the application window, as well as weather and destocking impacts in EMEA2. Price declines in North America and Latin America due to competitive market dynamics were partially offset by pricing gains in EMEA to largely offset currency. Unfavorable currency impacts were primarily related to the Turkish lira.
Segment operating EBITDA was $310 million in the first quarter of 2024, down 49% from the first quarter of 2023. Volume declines and unfavorable mix, pricing pressure, the unfavorable impact of currency, and raw material cost inflation, more than offset productivity actions. Segment operating EBITDA margin contracted by more than 970 basis points versus the prior-year period.
1Q
1Q
%
%
($ in millions, except where noted)
2024
2023
Change
Organic1 Change
North America
$616
$879
(30) %
(30) %
EMEA
$670
$801
(16) %
(13) %
Latin America
$244
$293
(17) %
(27) %
Asia Pacific
$211
$216
(2) %
-
Total Crop Protection Net Sales
$1,741
$2,189
(20) %
(21) %
Crop Protection Operating EBITDA
$310
$603
(49) %
N/A
2024 Guidance
The global outlook for agriculture is stable with mostly constructive fundamentals in 2024. There was record-setting demand for grain, oilseeds, feed, and biofuels in 2023, and we expect that to grow in 2024. On-farm demand for inputs remains healthy and farmers continue to prioritize the need for top-tier technology, despite the normalization of commodity prices. The global Crop Protection market remains imbalanced after the significant destocking in 2023, however we expect to see market growth in the second half of 2024.
Corteva expects net sales in the range of $17.4 billion to $17.7 billion, growth of 2% at the mid-point. Operating EBITDA1 is expected to be in the range of $3.5 billion to $3.7 billion, growth of 6% at the mid-point. Operating EPS1 is expected to be in the range of $2.70 to $2.90 per share, up 4% at the mid-point, which reflects higher earnings partially offset by interest expense and a higher base tax rate. Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free Cash Flow1 is expected to be in the range of $1.5 billion to $2.0 billion. The Company plans to repurchase approximately $1.0 billion shares in 2024.
The Company is not able to reconcile its forward-looking non-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort.
First Quarter Conference Call
The Company will host a live webcast of its first quarter 2024 earnings conference call with investors to discuss its results and outlook tomorrow, May 2, 2024, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company's Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and Presentations page.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a publicly traded, global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the Company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.
Follow Corteva on Facebook, Instagram, LinkedIn, Twitter, and YouTube.
Cautionary Statement About Forward-Looking Statements
This report contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; environmental, social and governance ("ESG") targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.
Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva's business, results of operations and financial condition. Some of the important factors that could cause Corteva's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of Corteva's products; (ii) failure to successfully develop and commercialize Corteva's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva's biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in Corteva's industry; (ix) competitor's establishment of an intermediary platform for distribution of Corteva's products; (x) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xi) effect of volatility in Corteva's input costs; (xii) risk related to geopolitical and military conflict; (xii) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva; (xiv) risks related to Corteva's global operations; (xv) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xvi) effect of industrial espionage and other disruptions to Corteva's supply chain, information technology or network systems;(xvii) failure of Corteva's customers to pay their debts to Corteva, including customer financing programs; (xviii) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xix) increases in pension and other post-employment benefit plan funding obligations; (xx) capital markets sentiment towards ESG matters; (xxi) risks related to pandemics or epidemics; (xxii) Corteva's intellectual property rights or defense against intellectual property claims asserted by others; (xxiii) effect of counterfeit products; (xxiv) Corteva's dependence on intellectual property cross-license agreements; and (xxv) other risks related to the Separation from DowDuPont.
Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.
Regulation G (Non-GAAP Financial Measures)
This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating EBITDA margin, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-5 of the Financial Statement Schedules.
Corteva is not able to reconcile its forward-looking non-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company's control, such as Significant Items, without unreasonable effort. For Significant items reported in the periods presented, refer to page A-8 of the Financial Statement Schedules. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. During the ramp-up period of Enlist E3TM, Corteva has begun to significantly reduce the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. During 2023, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2024. The company expects to record approximately $180 million to $230 million net pre-tax restructuring charges during 2024 for these activities.
Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post- employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense. Operating EBITDA margin is defined as Operating EBITDA as a percentage of net sales.
Operating earnings (loss) per share is defined as "earnings (loss) per common share from continuing operations - diluted" excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective tax rate excluding the impacts of foreign exchange gains (losses), non-operating benefits (costs), amortization of intangibles (existing as of the Separation), mark- to- market gains (losses) on certain foreign currency contracts not designated as hedges, and significant items.
The Company also uses Free Cash Flow as a non-GAAP measure to evaluate and discuss its liquidity position and ability to generate cash. Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures. We believe that Free Cash Flow provides investors with meaningful information regarding the Company's ongoing ability to generate cash through core operations, and our ability to service our indebtedness, pay dividends (when declared), make share repurchases, and meet our ongoing cash needs for our operations.
® TM Corteva Agriscience and its affiliated companies.
(PRNewsfoto/Corteva Agriscience)
ARAX HOLDINGS CORP
FORM 10-Q
(Quarterly Report)
Filed 05/02/24 for the Period Ending 01/31/24
https://www.otcmarkets.com/filing/conv_pdf?id=17505136&guid=_LQ-kFgc13B1Ghh
OTC Updates
@OtcUpdates
🚨 $ARAT
💰1.0100
Pink Current, AS: 950M, OS: 127M, US: 4.2M
Update Delay: 72 hours
❗Grace Period Removed
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The website is not up and the message I sent to IR was returned as undeliverable.
Here is the last 8 K
https://www.otcmarkets.com/filing/conv_pdf?id=16916886&guid=PdQ-kFbqYL7fJth
LINDE PLC
FORM 10-Q
(Quarterly Report)
Filed 05/02/24 for the Period Ending 03/31/24
https://www.otcmarkets.com/filing/conv_pdf?id=17502616&guid=PdQ-kFbqYL7fJth
Revenue: Reported at $8.1 billion, a decrease of 1% year-over-year, falling short of estimates of $8.395 billion.
Net Income: Achieved $1,627 million, down from the previous year's $1,783.52 million.
Earnings Per Share (EPS): Recorded at $3.35, up 9% year-over-year but below the estimated $3.67.
Adjusted EPS: Reached $3.75, showing a 10% increase year-over-year and surpassing the estimated $3.67.
Operating Profit: Grew to $2.1 billion, with an adjusted operating profit of $2.3 billion, up 6% from the previous year.
Operating Margin: Improved to 28.9% on an adjusted basis, a 200 basis point increase from the prior year.
Free Cash Flow: Posted at $906 million after capital expenditures, demonstrating robust financial health.
Supermicro Announces Third Quarter Fiscal Year 2024 Financial Results
Source: Business Wire
Super Micro Computer, Inc. (Nasdaq: SMCI), a Total IT Solution Provider for AI, Cloud, Storage and 5G/Edge, today announced financial results for its third quarter of fiscal year 2024 ended March 31, 2024.
Third Quarter Fiscal Year 2024 Highlights
Net sales of $3.85 billion versus $3.66 billion in the second quarter of fiscal year 2024 and $1.28 billion in the same quarter of last year.
Gross margin of 15.5% versus 15.4% in the second quarter of fiscal year 2024 and 17.6% in the same quarter of last year.
Net income of $402 million versus $296 million in the second quarter of fiscal year 2024 and $86 million in the same quarter of last year.
Diluted net income per common share of $6.56 versus $5.10 in the second quarter of fiscal year 2024 and $1.53 in the same quarter of last year.
Non-GAAP diluted net income per common share of $6.65 versus $5.59 in the second quarter of fiscal year 2024 and $1.63 in the same quarter of last year.
Cash flow used in operations for the third quarter of fiscal year 2024 of $1,520 million and capital expenditures of $93 million.
Non-GAAP gross margin for the third quarter of fiscal year 2024 was 15.6% with adjustments for stock-based compensation expenses of $3 million. Non-GAAP diluted net income per common share for the third quarter of fiscal year 2024 was $6.65, with adjustments for stock-based compensation expenses of $9 million, net of the related tax effect of $47 million.
As of March 31, 2024, total cash and cash equivalents was $2,115 million and total bank debt and convertible notes were $1,863 million.
“We had yet another record quarter with fiscal Q3 revenue of $3.85 billion with non-GAAP EPS of $6.65 per share. This year-over-year revenue growth of 200% and year-over-year non-GAAP EPS growth of 308% was well above our industry peers,” said Charles Liang, President and CEO of Supermicro. “Strong demand for AI rack scale PnP solutions, along with our team’s ability to develop innovative DLC designs, enabled us to expand our market leadership in AI infrastructure. As new solutions ramp, including fully production ready DLC, we expect to continue gaining market share. As such, we are raising our fiscal year 2024 revenue outlook from $14.3 to $14.7 billion to a new range of $14.7 to $15.1 billion.”
Business Outlook and Management Commentary
For the fourth quarter of fiscal year 2024 ending June 30, 2024, the Company expects net sales of $5.1 billion to $5.5 billion, GAAP net income per diluted share of $7.20 to $8.05 and non-GAAP net income per diluted share of $7.62 to $8.42. The Company’s projections for GAAP and non-GAAP net income per diluted share assume a tax rate of approximately -2.9% and 2.6%, respectively, and a fully diluted share count of 64.8 million shares for GAAP and fully diluted share count of 65.3 million shares for non-GAAP. The outlook for fourth quarter of fiscal year 2024 GAAP net income per diluted share includes approximately $30 million in expected stock-based compensation, net of related tax effects of $28 million that are excluded from non-GAAP net income per diluted share.
For fiscal year 2024 ending June 30, 2024, the Company is raising its guidance for revenues from a range of $14.3 billion to $14.7 billion to a range of $14.7 billion to $15.1 billion and establishing guidance for GAAP net income per diluted share of $21.61 to $22.46 and non-GAAP net income per diluted share of $23.29 to $24.09. The Company’s projections for GAAP and non-GAAP net income per diluted share assume a tax rate of approximately 3.6% and 9.2%, respectively, and a fully diluted share count of 61.2 million shares for GAAP and fully diluted share count of 61.8 million shares for non-GAAP. The outlook for fiscal year 2024 GAAP net income per diluted share includes approximately $116 million in expected stock-based compensation, net of related tax effects of $98 million that are excluded from non-GAAP net income per diluted share.
Conference Call and Webcast Information
Supermicro will present a live audio webcast of a conference call to review its third quarter of fiscal year 2024 on Tuesday, April 30, 2024, at 5:00 p.m. ET / 2:00 p.m. PT.
The webcast will be available at https://ir.supermicro.com.
A replay of the webcast will be available shortly after the call at the same website and will remain accessible for one year.
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact may be 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. Such forward looking statements may relate to, among other things, the fourth quarter of fiscal year 2024 and updated full year fiscal 2024 guidance, the ability of the team to develop innovative DLC designs, the ability to expand market leadership in AI infrastructure, the ability of new systems to ramp, and the ability to continue to gain market share. Such forward looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from those anticipated, including: (i) our quarterly operating results may fluctuate, which could cause rapid declines in our stock price, (ii) as we increasingly target larger customers and larger sales opportunities, our customer base may become more concentrated, our cost of sales may increase, our margins may be lower and our sales may be less predictable, (iii) if we fail to meet publicly announced financial guidance or other expectations about our business, our stock could decline in value, (iv) the average sales prices for our server solutions could decline if customers do not continue to purchase our latest generation products or additional components, and (v) adverse economic conditions may harm our business. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward looking statements are contained in our filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings, particularly in our Annual Report on Form 10-K for our fiscal year ended June 30, 2023, and Quarterly Reports on Form 10-Q filed thereafter.
Use of Non-GAAP Financial Measures
Non-GAAP gross margin discussed in this press release adds back stock-based compensation expenses. Non-GAAP diluted net income per common share discussed in this press release adds back stock-based compensation expenses and litigation recovery adjusted for the related tax effects. Management presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. A reconciliation of GAAP gross margin to non-GAAP gross margin and from GAAP diluted net income per common share to non-GAAP diluted net income per common share is included in the tables below.
About Super Micro Computer, Inc.
Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first to market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro's motherboard, power, and chassis design expertise further enable our development and production, enabling next generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).
Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.
DuPont Reports First Quarter 2024 Results
Source: PR Newswire (US)
Net Sales of $2.9 billion decreased 3%; organic sales decreased 6% versus year-ago period
GAAP Income from continuing operations of $183 million; operating EBITDA of $682 million
GAAP EPS from continuing operations of $0.41; adjusted EPS of $0.79
Cash provided by operating activities from continuing operations of $493 million; adjusted free cash flow of $286 million
$500 million accelerated share repurchase (ASR) transaction launched in February was completed in April
Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS
WILMINGTON, Del., May 1, 2024 /PRNewswire/ -- DuPont (NYSE: DD) announced its financial results(1) for the first quarter ended March 31, 2024.
DuPont Logo (PRNewsfoto/DuPont)
"First quarter 2024 financial results exceeded our expectations driven by better-than-expected volumes along with a continued focus by our teams on operational execution and cost discipline," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "The first quarter was encouraging as the electronics market saw continued recovery, demonstrated by 11 percent year-over-year volume growth in Semiconductor Technologies and another quarter of volume growth in Interconnect Solutions. Channel inventory destocking within our industrial-based businesses has bottomed and assumed recovery timing is on track with our previous expectations. In addition, we delivered significant year-over-year cash flow improvement during the first quarter driven by our continued focus on working capital improvement," Breen concluded.
First Quarter 2024 Results(1)
Dollars in millions, unless noted
1Q'24
1Q'23
Change
vs. 1Q'23
Organic Sales (2)
vs. 1Q'23
Net sales
$2,931
$3,018
(3) %
(6) %
GAAP Income from continuing operations
$183
$273
(33) %
Operating EBITDA(2)
$682
$714
(4) %
Operating EBITDA(2) margin %
23.3 %
23.7 %
(40) bps
GAAP EPS from continuing operations
$0.41
$0.58
(29) %
Adjusted EPS(2)
$0.79
$0.84
(6) %
Cash provided by operating activities – cont. ops.
$493
$405
22 %
Adjusted free cash flow(2)
$286
$173
65 %
Net sales
Net sales decreased 3% as organic sales(2) decline of 6% and currency headwind of 1% was partially offset by a favorable portfolio impact of 4%, primarily reflecting the August 2023 Spectrum acquisition.
Organic sales(2) decline of 6% consisted of a 5% decrease in volume and a 1% decrease in price.
Lower volume was driven by the impact of continued channel inventory destocking in industrial-based businesses, including for water technologies mainly in China and medical packaging within Safety Solutions, partially offset by strong growth within electronics markets.
10% organic sales(2) decline in Water & Protection; 2% organic sales(2) decline in Electronics & Industrial; 1% organic sales(2) growth in the retained businesses reported in Corporate.
8% organic sales(2) decline in EMEA; 7% organic sales(2) decline in U.S. & Canada; 4% organic sales(2) decline in Asia Pacific.
GAAP Loss from continuing operations
GAAP income/GAAP EPS from continuing operations decreased due primarily to higher charges related to restructuring activities, lower segment earnings and higher net interest expense partially offset by the benefit of a lower share count.
Operating EBITDA(2)
Operating EBITDA(2) decreased as volume declines were partially offset by the impact of lower product costs and the earnings contribution from the Spectrum acquisition.
Adjusted EPS(2)
Adjusted EPS(2) decreased as lower segment earnings and higher net interest expense more than offset the benefit of a lower share count.
Cash provided by operating activities from continuing operations
Cash provided by operating activities from continuing operations in the quarter of $493 million and capital expenditures of $207 million resulted in adjusted free cash flow(2) of $286 million. Adjusted free cash flow conversion(2) during the quarter was 86%.
(1)
Results and cash flows are presented on a continuing operations basis. See page 5 for further information, including the basis of presentation included in this release.
(2)
Organic sales, operating EBITDA, operating EBITDA margin, adjusted EPS, adjusted free cash flow and adjusted free cash flow conversion are non-GAAP measures and only reflect continuing operations. See page 6 for further discussion, including a definition of significant items. Reconciliation to the most directly comparable GAAP measure, including details of significant items begins on page 11 of this communication. Adjusted EPS outlook on page 3 assumes the $1B share repurchase program is substantially complete by year-end 2024.
(3)
During first quarter 2024, the Company realigned the management and reporting structure of certain product lines within the three E&I lines of business. E&I line of business revenue amounts for historical periods have been recast to conform to the new structure.
First Quarter 2024 Segment Highlights
Electronics & Industrial
Dollars in millions, unless noted
1Q'24
1Q'23
Change
vs. 1Q'23
Organic Sales(2)
vs. 1Q'23
Net sales
$1,365
$1,296
5 %
(2) %
Operating EBITDA
$374
$362
3 %
Operating EBITDA margin %
27.4 %
27.9 %
(50) bps
Net sales
Net sales increased 5% as favorable portfolio impact of 8% primarily reflecting the Spectrum acquisition was partially offset by organic sales(2) decline of 2% and a currency headwind of 1%.
Organic sales(2) decline of 2% reflects a 1% decline in price and a 1% decline in volume.
Semiconductor Technologies(3) sales up 10% on an organic basis driven by the start of semiconductor demand recovery and normalization of customer inventory levels, along with increased demand for OLED materials.
Interconnect Solutions(3) sales up slightly on an organic basis as mid-single digit volume gains were mostly offset by the impact of lower pass-through metals prices.
Industrial Solutions(3) sales down about 20% on an organic basis due primarily to ongoing channel inventory destocking for Kalrez® parts and within biopharma markets.
Operating EBITDA
Operating EBITDA increased as strength in Semiconductor Technologies and Interconnect Solutions and the earnings contribution from the Spectrum acquisition was partially offset by the impact of lower volumes in Industrial Solutions.
Water & Protection
Dollars in millions, unless noted
1Q'24
1Q'23
Change
vs. 1Q'23
Organic Sales(2)
vs. 1Q'23
Net sales
$1,291
$1,449
(11) %
(10) %
Operating EBITDA
$295
$344
(14) %
Operating EBITDA margin %
22.9 %
23.7 %
(80) bps
Net sales
Net sales decreased 11% due to a 10% decrease in volume and a currency headwind of 1%.
Safety Solutions sales down low-teens on an organic(2) basis on volume declines driven mainly by channel inventory destocking, most notably for medical packaging products within healthcare markets.
Water Solutions sales down mid-teens on an organic(2) basis driven by lower volumes resulting from distributor inventory destocking and weaker industrial demand in China.
Shelter Solutions sales flat on an organic(2) basis.
Operating EBITDA
Operating EBITDA decreased due to lower volumes partially offset by the impact of lower product costs.
Financial Outlook
Dollars in millions, unless noted
2Q'24E
Full Year 2024E
Net sales
~$3,025
$12,100 - $12,400
Operating EBITDA(2)
~$710
$2,900 - $3,050
Adjusted EPS(2)
~$0.84
$3.45 - $3.75
"We are raising our financial guidance for the year for net sales, operating EBITDA and adjusted EPS," said Lori Koch, Chief Financial Officer of DuPont. "At the mid-point of our updated guidance ranges for full year 2024, we now estimate net sales of about $12.25 billion, operating EBITDA of about $2.975 billion and adjusted EPS of $3.60 per share."
"For the second quarter of 2024, we expect sequential sales and earnings improvement driven by favorable seasonality, continued electronics recovery, and reduced channel inventory destocking in industrial-based end-markets including water and medical packaging" Koch continued. "Year-over-year sales and earnings growth assumed in the second half of 2024 is expected to be driven by further electronics market recovery and a return to volume growth in W&P."
Conference Call
The Company will host a live webcast of its quarterly earnings conference call with investors to discuss its results and business outlook beginning today at 8:00 a.m. ET. The slide presentation that accompanies the conference call will be posted on the DuPont's Investor Relations Events and Presentations page. A replay of the webcast also will be available on the DuPont's Investor Relations Events and Presentations page following the live event.
About DuPont
DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
DuPontTM and all products, unless otherwise noted, denoted with TM, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.
Overview
On November 1, 2023, DuPont completed the divestiture of the Delrin® acetal homopolymer (H-POM) business to TJC LP, (the "Delrin® Divestiture"). The results of operations for the three months ended March 31, 2023 present the financial results of the Delrin® Divestiture as discontinued operations. Unless otherwise indicated, the discussion of results, including the financial measures further discussed below, refers only to DuPont's Continuing Operations and does not include discussion of balances or activity of the Delrin® Divestiture.
Effective as of January 1, 2024, Electronics & Industrial realigned certain product lines that comprise its business units (Industrial Solutions, Interconnect Solutions and Semiconductor Technologies) that are intended to optimize business operations across the segment leading to enhanced value for our customers and cost savings. The realignment did not result in changes to total Electronics and Industrial segment net sales.
Cautionary Statement about Forward-looking Statements
This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," "stabilization," "confident," "preliminary," "initial," and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements, including statements regarding outlook, expectations and guidance.
Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: i) the possibility that the Company may fail to realize the anticipated benefits of the $1 billion share repurchase program announced on February 6, 2024 and that the program may be suspended, discontinued or not completed prior to its termination on June 30, 2025; (ii) risks and uncertainties related to the settlement agreement concerning PFAS liabilities reached June 2023 with plaintiff water utilities by Chemours, Corteva, EIDP and DuPont; (iii) risks and costs related to each of the parties respective performance under and the impact of the arrangement to share future eligible PFAS costs by and between DuPont, Corteva and Chemours, including the outcome of any pending or future litigation related to PFAS or PFOA, including personal injury claims and natural resource damages claims; the extent and cost of ongoing remediation obligations and potential future remediation obligations; changes in laws and regulations applicable to PFAS chemicals; (iv) ability to achieve anticipated tax treatments in connection with completed and future, if any, divestitures, mergers, acquisitions and other portfolio changes actions and impact of changes in relevant tax and other laws; (v) indemnification of certain legacy liabilities; (vi) failure to realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with completed and future, if any, divestitures, mergers, acquisitions, and other portfolio management, productivity and infrastructure actions; (vii) risks and uncertainties, including increased costs and the ability to obtain raw materials and meet customer needs from, among other events, pandemics and responsive actions; timing and recovery from demand declines in consumer-facing markets, including in China; adverse changes in worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions; and other factors beyond the Company's control, including inflation, recession, military conflicts, natural and other disasters or weather related events, that impact the operations of the Company, its customers and/or suppliers; (viii) ability to offset increases in cost of inputs, including raw materials, energy and logistics; (ix) risks associated with demand and market conditions in the semiconductor industry and associated end markets, including from continuing or expanding trade disputes or restrictions, including on exports to China of U.S.-regulated products and technology; (x) risks, including ability to achieve, and costs associated with DuPont's sustainability strategy including the actual conduct of the company's activities and results thereof, and the development, implementation, achievement or continuation of any goal, program, policy or initiative discussed or expected; and (xi) other risks to DuPont's business and operations, including the risk of impairment; each as further discussed in DuPont's most recent annual report and subsequent current and periodic reports filed with the U.S. Securities and Exchange Commission. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
Non-GAAP Financial Measures
Unless otherwise indicated, all financial metrics presented reflect continuing operations only.
This communication includes information that does not conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont's management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP, and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 11 and in the Reconciliation to Non-GAAP Measures on the Investors section of the Company's website. Non-GAAP measures included in this communication are defined below. The Company has not provided forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of certain future events. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.
Indirect costs, such as those related to corporate and shared service functions previously allocated to the Delrin® Divestiture, do not meet the criteria for discontinued operations and were reported within continuing operations in the respective prior years. A portion of these historical indirect costs include costs related to activities the Company is undertaking on behalf of Delrin® and for which it is reimbursed ("Future Reimbursable Indirect Costs"). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs is not subject to future reimbursement ("Stranded Costs"). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA.
Adjusted Earnings (formerly referred to as "Adjusted results") is defined as income from continuing operations excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits ("OPEB") credits / costs and Future Reimbursable Indirect Costs. Adjusted Earnings is the numerator used in the calculation of Adjusted EPS, as well as the denominator in Adjusted Free Cash Flow Conversion.
Adjusted EPS is defined as Adjusted Earnings per common share - diluted. Management estimates amortization expense in 2024 associated with intangibles to be about $600 million on a pre-tax basis, or approximately $1.10 per share.
The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.
Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales.
Significant items are items that arise outside the ordinary course of the Company's business that management believes may cause misinterpretation of underlying business performance, both historical and future, based on a combination of some or all of the item's size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance.
Organic Sales is defined as net sales excluding the impacts of currency and portfolio.
Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity. As a result, adjusted free cash flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company's primary source of liquidity, cash provided by operating activities from continuing operations. Management believes adjusted free cash flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. Management notes that there were no exclusions for items that are unusual in nature and/or infrequent in occurrence for the three-month periods ended March 31, 2024 and March 31, 2023.
Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted Earnings. Management uses Adjusted Free Cash Flow Conversion as an indicator of our ability to convert earnings to cash. The Company updated its definition of Adjusted Free Cash Flow Conversion in the fourth quarter 2023 and all periods were recast to reflect the change. Refer to Reconciliation to Non-GAAP Measures under the Events & Presentation tab on the Investors section of the Company's website for the recast information
HLTT SECURITY DETAILS
Share Structure
Market Cap Market Cap
51,566 (Hard to believe…..)
04/29/2024
Authorized Shares
200,000,000
04/26/2024
Outstanding Shares
103,131,605
04/26/2024
Restricted
95,828,946
04/26/2024
Unrestricted
7,302,659
04/26/2024
Held at DTC
6,443,115
04/26/2024
Float
64,500,932
07/14/2023
Par Value
0.001
Market Value calculated only for respective security