DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today third quarter 2021 financial and operational results and acquisition of PropX.
Summary Results and Highlights
“Liberty achieved solid momentum in the third quarter. Total revenues increased 12% sequentially as activity and service pricing rose during the period. The underlying growth was a testament to the Liberty team’s focus on customer engagement, service quality and technology. We were able to deliver strong growth while navigating integration activities, cost inflation and the disruptive impact of the pandemic on global supply chains and labor availability,” commented Chris Wright, Chief Executive Officer. “The third quarter benefited from service price increases, but Liberty was not immune to the serious supply chain issues the world faces today as faster cost increases more than offset higher prices during the period. Increased transportation costs and driver shortages, maintenance personnel and supply chain constraints and integration costs hurt margins in the period. For instance, we estimate that rapidly increasing logistics costs that were not passed through to customers in the quarter were approximately $12 million, and maintenance costs were $8 million higher than normal due to integration and Covid related disruptions. While we expect the supply chain, logistics and integration challenges to continue into the fourth quarter, we are actively working to moderate their effect on margins.”
“Activity and momentum are expected to continue to strengthen in the fourth quarter and into 2022 supported by strong industry fundamentals and demand for Liberty. Against this backdrop, Liberty is excited to announce the execution of the first two multi-year arrangements to deploy Liberty’s digiFrac electric fleets in 2022 with long-standing Liberty customers. The technical ingenuity and design of the first purpose-built electric frac fleet has been well-received by E&P operators and we are developing our multi-year deployment strategy in conjunction with our customer partners,” continued Mr. Wright.
PropX Acquisition
Liberty announced today it has acquired PropX for an aggregate purchase price of approximately $90.0 million, subject to normal closing adjustments, consisting of $13.5 million in cash and the equivalent of 5.8 million shares of Liberty’s common stock valued at $76.5 million based on a 30-day average closing share price of $13.08 on October 25, 2021.
Founded in 2016, PropX is a leading provider of last-mile proppant delivery solutions including proppant handling equipment and logistics software across North America. PropX offers innovative environmentally friendly technology with optimized dry and wet sand containers and wellsite proppant handling equipment that drive logistics efficiency and reduce noise and emissions. PropX wet sand handling technology is a key enabler of the next step of cost and emissions reductions in the proppant industry. PropX also offers customers the latest real-time logistics software, PropConnect, for sale or as hosted SaaS service. PropX will continue to sell and deliver these solutions industry-wide.
The transaction positions Liberty as an integrated provider of completion services with proppant, equipment, logistics and integrated software that will improve Liberty’s operational and logistics efficiency. We also expect the leading-edge wet sand handling technology to reduce the environmental impact and cost of completions for Liberty’s frac customers and the industry.
“We have a relentless focus on building value over the long term, and we are pleased to announce the acquisition of PropX, at a highly accretive valuation multiple. The addition of PropX integrates the latest proppant delivery technologies and software into our supply chain and brings advanced, ESG-friendly wet sand handling technology and expertise that we can bring to the whole industry. Together, we believe these solutions will reduce the environmental impact of last-mile delivery and lower our total delivered cost to our customers,” commented Mr. Wright. “This acquisition exemplifies our strategy of investing for the future and maintaining a clear focus on technology innovation, highly efficient operations and a strong balance sheet to deliver greater value for our shareholders through cycles.”
Outlook
During the third quarter, worldwide economic activity continued to grow, despite supply chain disruptions, materials shortages, labor scarcity, rising costs, and Covid-related uncertainty. The demand for energy continues to outpace the gradual return of supply, as evidenced by the energy crises in Europe and China and low inventories. Global oil and gas supply remains constrained by underinvestment in oil and gas production and associated infrastructure.
Tightness in global commodity markets is bolstering demand for frac services in support of energy consumption. Concurrently, there has been frac industry consolidation, equipment cannibalization and attrition. Customers are in search of modern, environmentally friendly solutions. The shift towards next generation equipment, leading edge engineering solutions and the digitalization of the oilfield is defining the next phase of the cycle. Liberty is in a highly advantaged position with top tier technology innovation, engineering prowess, service quality, and ESG-friendly equipment.
“Today, we have a stronger, more flexible business with greater underlying efficiency resulting from the integration of OneStim®, the opportunistic acquisition of PropX, investment in digiFrac and digital software systems. Our entire team is focused on improving every aspect of our business to maintain and grow our competitive edge in this upcycle,” commented Mr. Wright. “Importantly, we believe the strong momentum will continue, with incremental service price increases that likely manifest more noticeably entering 2022. We are at the early innings of the cycle with the right technology, people, and commitment to excellence, and we believe our relentless focus on providing the best service to our customers sets up for a stronger 2022.”
Third Quarter Results
For the third quarter of 2021, revenue increased 12% to $654 million from $581 million in the second quarter of 2021.
Net loss before income taxes totaled $39 million for the third quarter of 2021 compared to net loss before income taxes of $36 million for the second quarter of 2021.
Net loss1 (after taxes) totaled $39 million for the third quarter of 2021 compared to net loss1 of $52 million in the second quarter of 2021. Net loss1 (after tax) in the second quarter included the impacts of a valuation allowance recorded against a portion of the Company’s deferred tax assets and related remeasurement of the Company’s liability under the tax receivable agreement.
Adjusted EBITDA2, decreased to $32 million from $37 million in the second quarter.
Fully diluted loss per share was $0.22 for the third quarter of 2021 compared to $0.29 for the second quarter of 2021.
Balance Sheet and Liquidity
As of September 30, 2021, Liberty had cash on hand of $35 million, an increase from second quarter levels as working capital increased, and total debt of $122 million, including $16 million drawn on the ABL credit facility, net of deferred financing costs and original issue discount. The term loan requires only a 1% annual amortization of principal, paid quarterly. Recently, the term loan maturity date was extended by two years and no substantial payment is due until maturity in September 2024, subject to mandatory prepayments from excess cash flow. Total liquidity, including availability under the credit facility, was $268 million as of September 30, 2021.
In October, 2021, Liberty amended its secured asset-based revolving credit facility. The amendment extends the maturity date of the facility from September 2022 to October 2026 and provides for a $100 million increase in aggregated commitment to $350 million. Availability under the amended ABL Facility is subject to a borrowing base, supported by receivables and inventory. The ABL Facility has a $75 million uncommitted accordion feature which, subject to satisfaction of specific terms and conditions, would provide for increased availability under the credit facility.
Conference Call
Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Wednesday, October 27, 2021. Presenting Liberty’s results will be Chris Wright, Chief Executive Officer, Ron Gusek, President, and Michael Stock, Chief Financial Officer.
Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Oilfield Services call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 10148935. The replay will be available until November 4, 2021.
About Liberty
Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
| 1. | Net loss attributable to controlling and non-controlling interests. Net loss during the three months ended June 30, 2021 includes the establishment of a deferred tax valuation allowance driven primarily by COVID-19 related losses. |
|||
| 2. | “Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Loss to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure. |
|||
Non-GAAP Financial Measures
This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA and Pre-Tax Return on Capital Employed. We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.
Forward-Looking and Cautionary Statements
The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on February 24, 2021 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.
Liberty Oilfield Services Inc. Selected Financial Data (unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
||||||||||||
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Statement of Operations Data: |
|
(amounts in thousands, except for per share and fleet data) |
||||||||||||||||||
Revenue |
|
$ |
653,727 |
|
|
$ |
581,288 |
|
|
$ |
147,495 |
|
|
$ |
1,787,047 |
|
|
$ |
708,201 |
|
Costs of services, excluding depreciation and amortization shown separately |
|
593,683 |
|
|
521,956 |
|
|
139,237 |
|
|
1,614,574 |
|
|
621,471 |
|
|||||
General and administrative |
|
32,281 |
|
|
29,403 |
|
|
17,307 |
|
|
88,043 |
|
|
63,984 |
|
|||||
Transaction, severance and other costs |
|
1,556 |
|
|
2,996 |
|
|
2,609 |
|
|
12,173 |
|
|
11,666 |
|
|||||
Depreciation and amortization |
|
65,852 |
|
|
63,214 |
|
|
44,496 |
|
|
191,122 |
|
|
134,258 |
|
|||||
Gain on disposal of assets |
|
(79 |
) |
|
(277 |
) |
|
(752 |
) |
|
(1,076 |
) |
|
(520 |
) |
|||||
Total operating expenses |
|
693,293 |
|
|
617,292 |
|
|
202,897 |
|
|
1,904,836 |
|
|
830,859 |
|
|||||
Operating loss |
|
(39,566 |
) |
|
(36,004 |
) |
|
(55,402 |
) |
|
(117,789 |
) |
|
(122,658 |
) |
|||||
Gain on remeasurement of liability under tax receivable agreement (1) |
|
(4,947 |
) |
|
(3,305 |
) |
|
— |
|
|
(8,252 |
) |
|
— |
|
|||||
Interest expense, net |
|
4,007 |
|
|
3,767 |
|
|
3,595 |
|
|
11,528 |
|
|
10,859 |
|
|||||
Net loss before taxes |
|
(38,626 |
) |
|
(36,466 |
) |
|
(58,997 |
) |
|
(121,065 |
) |
|
(133,517 |
) |
|||||
Income tax expense (benefit) (1) |
|
753 |
|
|
16,006 |
|
|
(9,972 |
) |
|
9,402 |
|
|
(21,074 |
) |
|||||
Net loss |
|
(39,379 |
) |
|
(52,472 |
) |
|
(49,025 |
) |
|
(130,467 |
) |
|
(112,443 |
) |
|||||
Less: Net loss attributable to non-controlling interests |
|
(489 |
) |
|
(1,912 |
) |
|
(14,523 |
) |
|
(6,812 |
) |
|
(33,890 |
) |
|||||
Net loss attributable to Liberty Oilfield Services Inc. stockholders |
|
$ |
(38,890 |
) |
|
$ |
(50,560 |
) |
|
$ |
(34,502 |
) |
|
$ |
(123,655 |
) |
|
$ |
(78,553 |
) |
Net loss attributable to Liberty Oilfield Services Inc. stockholders per common share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
(0.22 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.94 |
) |
Diluted |
|
$ |
(0.22 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.94 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
178,311 |
|
|
172,523 |
|
|
84,937 |
|
|
171,402 |
|
|
83,299 |
|
|||||
Diluted (2) |
|
178,311 |
|
|
172,523 |
|
|
84,937 |
|
|
171,402 |
|
|
83,299 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Financial and Operational Data |
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures (3) |
|
$ |
56,208 |
|
|
$ |
37,666 |
|
|
$ |
12,281 |
|
|
$ |
137,826 |
|
|
$ |
58,453 |
|
Adjusted EBITDA (4) |
|
$ |
32,008 |
|
|
$ |
36,573 |
|
|
$ |
1,396 |
|
|
$ |
100,266 |
|
|
$ |
50,775 |
|
(1) |
During the second quarter of 2021, the Company entered into a three-year cumulative pre-tax book loss driven primarily by COVID-19 which, applying the interpretive guidance to Accounting Standards Codification Topic 740 - Income Taxes, required the Company to recognize a valuation allowance against certain of the Company’s deferred tax assets. The Company recorded a valuation allowance against certain deferred tax assets, generating additional income tax expense in the three months ended June 30, 2021 and nine months September 30, 2021. In connection with the recognition of a valuation allowance, the Company was also required to remeasure the liability under the tax receivable agreement resulting in a gain. |
|||
| (2) | In accordance with U.S. GAAP, diluted weighted average common shares outstanding for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, exclude weighted average shares of Class B common stock (1,860, 7,641 and 29,392, respectively), restricted shares (0, 0 and 235, respectively) and restricted stock units (3,256, 4,107 and 2,458, respectively) outstanding during the period. Additionally, diluted weighted average common shares outstanding for the nine months ended September 30, 2021 and 2020, exclude weighted average shares of Class B common stock (8,558 and 29,259, respectively), restricted shares (0 and 250, respectively) and restricted stock units (3,470 and 2,276, respectively) outstanding during the period. | |||
| (3) | Capital expenditures presented above are shown on an as incurred basis, including capital expenditures in accounts payable and accrued liabilities. |
|||
| (4) | Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below. | |||
Liberty Oilfield Services Inc. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited, amounts in thousands) |
|||||||
|
September 30, |
|
December 31, |
||||
|
2021 |
|
2020 |
||||
Assets |
|
||||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
34,705 |
|
|
$ |
68,978 |
|
Accounts receivable and unbilled revenue |
434,498 |
|
|
313,949 |
|
||
Inventories |
116,795 |
|
|
118,568 |
|
||
Prepaids and other current assets |
85,567 |
|
|
65,638 |
|
||
Total current assets |
671,565 |
|
|
567,133 |
|
||
Property and equipment, net |
1,069,890 |
|
|
1,120,950 |
|
||
Operating and finance lease right-of-use assets |
151,771 |
|
|
114,611 |
|
||
Other assets |
72,866 |
|
|
87,248 |
|
||
Total assets |
$ |
1,966,092 |
|
|
$ |
1,889,942 |
|
Liabilities and Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
459,869 |
|
|
$ |
311,721 |
|
Current portion of operating and finance lease liabilities |
48,804 |
|
|
44,061 |
|
||
Current portion of long-term debt, net of discount |
379 |
|
|
364 |
|
||
Total current liabilities |
509,052 |
|
|
356,146 |
|
||
Long-term debt, net of discount |
121,125 |
|
|
105,411 |
|
||
Long-term operating and finance lease liabilities |
94,954 |
|
|
61,748 |
|
||
Deferred tax liability |
765 |
|
|
— |
|
||
Payable pursuant to tax receivable agreement |
48,342 |
|
|
56,594 |
|
||
Total liabilities |
774,238 |
|
|
579,899 |
|
||
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common Stock |
1,802 |
|
|
1,795 |
|
||
Additional paid in capital |
1,278,073 |
|
|
1,125,554 |
|
||
(Accumulated deficit) retained earnings |
(100,365) |
|
|
23,288 |
|
||
Accumulated other comprehensive income |
191 |
|
|
— |
|
||
Total stockholders’ equity |
1,179,701 |
|
|
1,150,637 |
|
||
Non-controlling interest |
12,153 |
|
|
159,406 |
|
||
Total equity |
1,191,854 |
|
|
1,310,043 |
|
||
Total liabilities and equity |
$ |
1,966,092 |
|
|
$ |
1,889,942 |
|
Liberty Oilfield Services Inc. |
|||||||||||||||||||
Reconciliation and Calculation of Non-GAAP Financial and Operational Measures |
|||||||||||||||||||
(unaudited, amounts in thousands) |
|||||||||||||||||||
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
||||||||||||
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Net loss |
$ |
(39,379 |
) |
|
$ |
(52,472 |
) |
|
$ |
(49,025 |
) |
|
$ |
(130,467 |
) |
|
$ |
(112,443 |
) |
Depreciation and amortization |
65,852 |
|
|
63,214 |
|
|
44,496 |
|
|
191,122 |
|
|
134,258 |
|
|||||
Interest expense, net |
4,007 |
|
|
3,767 |
|
|
3,595 |
|
|
11,528 |
|
|
10,859 |
|
|||||
Income tax expense (benefit) |
753 |
|
|
16,006 |
|
|
(9,972 |
) |
|
9,402 |
|
|
(21,074 |
) |
|||||
EBITDA |
$ |
31,233 |
|
|
$ |
30,515 |
|
|
$ |
(10,906 |
) |
|
$ |
81,585 |
|
|
$ |
11,600 |
|
Stock based compensation expense |
4,245 |
|
|
5,899 |
|
|
4,487 |
|
|
15,091 |
|
|
12,894 |
|
|||||
Fleet start-up and lay-down costs |
— |
|
|
— |
|
|
5,958 |
|
|
— |
|
|
10,457 |
|
|||||
Transaction, severance and other costs |
1,556 |
|
|
2,996 |
|
|
2,609 |
|
|
12,173 |
|
|
11,666 |
|
|||||
Gain on disposal of assets |
(79 |
) |
|
(277 |
) |
|
(752 |
) |
|
(1,076 |
) |
|
(520 |
) |
|||||
Provision for credit losses |
— |
|
|
745 |
|
|
— |
|
|
745 |
|
|
4,678 |
|
|||||
Gain on remeasurement of liability under tax receivable agreement |
(4,947 |
) |
|
(3,305 |
) |
|
— |
|
|
(8,252 |
) |
|
— |
|
|||||
Adjusted EBITDA |
$ |
32,008 |
|
|
$ |
36,573 |
|
|
$ |
1,396 |
|
|
$ |
100,266 |
|
|
$ |
50,775 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of Pre-Tax Return on Capital Employed |
|||||||
|
Twelve Months Ended |
||||||
|
September 30, |
||||||
|
2021 |
|
2020 |
||||
Net loss |
$ |
(178,698 |
) |
|
|
||
Add back: Income tax benefit |
(381 |
) |
|
|
|||
Pre-tax net loss |
$ |
(179,079 |
) |
|
|
||
Capital Employed |
|
|
|
||||
Total debt, net of discount |
$ |
121,504 |
|
|
$ |
105,862 |
|
Total equity |
1,191,854 |
|
|
676,295 |
|
||
Total Capital Employed |
$ |
1,313,358 |
|
|
$ |
782,157 |
|
|
|
|
|
||||
Average Capital Employed (1) |
$ |
1,047,758 |
|
|
|
||
Pre-Tax Return on Capital Employed (2) |
(17 |
)% |
|
|
|||
| (1) | Average Capital Employed is the simple average of Total Capital Employed as of September 30, 2021 and 2020. | ||||
| (2) | Pre-tax Return on Capital Employed is the ratio of pre-tax net loss for the twelve months ended September 30, 2021 to Average Capital Employed. | ||||
Michael Stock
Chief Financial Officer
303-515-2851
This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced a quarterly cash distribution of $0.1525 per ET common unit ($0.61 on an annualized basis) for the third quarter ended September 30, 2021. The announced quarterly distribution is consistent with the distribution for the second quarter of 2021 and will be paid on November 19, 2021 to unitholders of record as of the close of business on November 5, 2021.
In addition and as previously announced, ET plans to release earnings for the third quarter of 2021 on Wednesday, November 3, 2021, after the market closes. The company will also conduct a conference call on Wednesday, November 3, 2021 at 3:30 p.m. Central Time/4:30 p.m. Eastern Time to discuss quarterly results and provide a company update. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer’s website at energytransfer.com. The call will also be available for replay on Energy Transfer’s website for a limited time.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
This release serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d). Please note that 100 percent of Energy Transfer LP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
The information contained in this press release is available on our website at energytransfer.com.
Investor Relations:
Bill Baerg
Brent Ratliff
Lyndsay Hannah
214-981-0795
Media Relations:
Vicki Granado
214-840-5820
New Garmin marine radomes are first to offer both black and white color options
OLATHE, Kan.--(BUSINESS WIRE)--Garmin® International, Inc., a unit of Garmin Ltd. (NASDAQ:GRMN), the world’s largest1 and most innovative marine electronics manufacturer, today announced the GMR Fantom™ 18x and GMR Fantom 24x solid state dome radars, offering 50 watts of output power for long range and better target detection on the water, even at high speeds. Equipped with Garmin’s signature MotionScope™ technology, the new high-powered Fantom 18x/24x radomes can detect and highlight moving targets in different colors, providing mariners with valuable vessel position information, track weather and more.
“When visibility is low and situational awareness is crucial, you need a radar you can depend on. More power means you’ll get more consistent target positioning, excellent target separation and unprecedented close- and long-range target detection for a clear, concise view of what’s ahead right on your Garmin chartplotter,” said Dan Bartel, Garmin vice president of global consumer sales. “And for the first time in the industry, we’re thrilled to offer this new radome series in black or white, making it easier than ever for users to customize their radar to their vessel.”
High-powered radar with new power saving settings
With 50 watts of peak output power – double the competition of other solid state dome radars on the market today – the new Fantom 18x/24x radomes offer a range from 20’ to 48 nautical miles and improved target detection, even in fog or rain. Plus, they deliver up to 60 RPM rotation speed for a refresh rate that can better detect movement, including boats approaching at high speeds. Thanks to the new power save mode, users can choose when to use full power and when to pull back, conserving power when they don’t need it so that they’ll have more when they do. Additionally, timed transmit mode lets users specify active and inactive times down to the second to help reduce power consumption so they can stay on the water longer than ever before.
Incredible detail and Increased situational awareness
In addition to an increased power output, the new Fantom 18x/24x radomes offer a number of features to help increase situational awareness on the water, including:
The new 18” GMR Fantom 18x and 24” GMR Fantom 24x will be offered with both a white and black color option and are expected to be available in December 2021 with suggested retail prices ranging from $2199.99 to $3099.99. For more information, please visit garmin.com/marine.
Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most sophisticated marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the seventh consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Navionics® and Fusion®. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, email the Media Relations department at This email address is being protected from spambots. You need JavaScript enabled to view it., or follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin and linkedin.com/company/garmin.
1 Based on 2020 reported sales
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, GPSMAP, Navionics and Fusion are registered trademarks and MotionScope and Fantom are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 26, 2020, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at www.garmin.com/en-US/company/investors/earnings/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Carly Hysell
913-397-8200
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WILLISTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today released certain preliminary operating results for the third quarter ending September 30, 2021.
Highlights:
Third quarter revenues are estimated to be between $6.2 million and $7.2 million, gross margin between 18% and 20% and net loss between approximately $1.2 million to $1.5 million. Margins are anticipated to return to more normal pre-COVID pandemic levels as the Company works through its backlog.
Based on preliminary unaudited results for the third quarter of 2021, iSun’s year to date revenues are estimated to be between $17.8 million and $18.8 million, gross margins between 4% and 6% and net loss between $6.7 million and $7.2 million.
The Company’s cash balance as of September 30, 2021 was approximately $27.5 million and its backlog was $80.7 million, which is composed of solar, electric and data projects generated by its Commercial and Industrial EPC division.
“We are encouraged by these preliminary results,” commented Jeffrey Peck, iSun’s Chief Executive Officer. “We continue to see strong revenue growth within our Commercial and Industrial Divisions as well as a return to pre-COVID margin targets. We anticipate continued revenue growth in our Commercial and Industrial Divisions as evidenced by our approximately $80.7 million project backlog. Our backlog does not include the recently announced $30 million commitment secured for Development Services by our Utility Division or the project backlog secured by our Residential Division with the recently announced acquisition of SolarCommunities, Inc. We will update the backlog to include these new revenue streams with the release of our full third quarterly results. The continued growth of our existing Commercial and Industrial Divisions combined with the immediate execution within our Residential and Utility Divisions leave us very optimistic about iSun’s continued growth prospects.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR:
Tyler Barnes
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802-289-8141
~Fourth Quarter Revenue Increases 16% to $462 Million~
~Achieves Highest Quarterly Gross Margin in Company’s History~
~Record Fourth Quarter Earnings Per Share of $1.45~
~Record Fiscal 2021 Revenue Surpasses $2 Billion; Over 13% Same-Store Sales Growth~
~Earnings Per Share of $6.78; Surpasses High End of Guidance Range for 2021~
~Company Provides Annual Guidance for Fiscal 2022~
CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced record results for its fourth quarter and full year ended September 30, 2021.
Revenue grew 16% to a record $462.3 million for the quarter ended September 30, 2021, from $398.8 million for the comparable quarter last year. The growth was driven primarily by successful strategic acquisitions completed during the fiscal year. Same-store sales for the quarter declined 7%, due to supply constrained inventory, but was up against 33% growth in the comparable period last year.
Net income for the quarter ended September 30, 2021, was $32.8 million, or $1.45 per diluted share, compared to $25.6 million, or $1.13 per diluted share in the comparable period prior year. Included in the quarter ended September 30, 2020, were net charges of $1.5 million or $0.06 per diluted share, related primarily to costs associated with the Company’s store optimization plan. Excluding the charges in 2020, adjusted diluted earnings per share for the quarter ended September 30, 2020, was $1.19.
For the fiscal year ended September 30, 2021, revenue increased 37% to $2.06 billion compared with $1.51 billion for the same period last year. The revenue increase was driven primarily by successful strategic acquisitions completed during the fiscal year and by strong same-store sales growth of over 13% which was on top of a 25% increase in the prior fiscal year.
Net income for the fiscal year ended September 30, 2021, was $155.0 million, or $6.78 per diluted share, compared to net income of $74.6 million, or $3.37 per diluted share in the prior year. The year ended September 30, 2020, included net charges of $1.3 million or $0.05 per diluted share as outlined above. Excluding the charges in 2020, adjusted diluted earnings per share was $3.42 in the prior year.
W. Brett McGill, Chief Executive Officer and President stated, “The MarineMax Team’s commitment and extraordinary efforts generated record revenue of more than $2 billion, our highest gross margin since inception and a near doubling of earnings per share. Perhaps most notable is that these results were delivered while providing world class customer service as evidenced by record high customer satisfaction scores. We are very proud of these outstanding achievements and believe this further demonstrates the scale and flexibility of our business model that is benefiting from investments in technology, growth in our asset light and higher margin businesses, increased penetration of highly desired brands and our recent strategic acquisitions. The foundational shift of consumer’s renewed desire for the boating lifestyle, continues to build, as both demand and backlog remain very robust.”
Mr. McGill continued, “Our balance sheet is extremely well-capitalized, which was further strengthened by our record 2021 EBITDA of over $225 million. This financial flexibility allows us to continue to pursue strategic accretive acquisitions which will further diversify our business and support sustainable future earnings and cash flow growth. With our deep manufacturing relationships, brand strategy, consumer preference for the MarineMax lifestyle experience and industry leading capital structure, we have increased confidence that the market will begin to recognize the significant value that we have created and that we expect to build upon in the future.”
As of September 30, 2021, the Company’s liquidity exceeded $327 million, consisting of cash and cash equivalents along with availability under its credit facilities.
Fiscal 2022 Guidance
Based on current business conditions, retail trends and other factors, the Company currently expects earnings per diluted share to be in the range of $7.20 to $7.50 for fiscal 2022. This compares to diluted earnings per share of $6.78 in fiscal 2021. These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2022 or other unforeseen events, including changes in global economic conditions.
About MarineMax
MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest super-yacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.
Forward Looking Statement
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the fourth quarter and the fiscal year ended September 30, 2021; the Company's pursuit of strategic accretive acquisitions; the Company's diversification of its business, and its potential for sustainable future earnings and cash flow growth; the market's recognition of the significant value that the Company has created and expects to build upon in the future; and the Company's fiscal 2022 guidance. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently-acquired businesses, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MarineMax, Inc. and Subsidiaries
|
|||||||||||
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Revenue |
$ |
462,310 |
|
$ |
398,762 |
|
$ |
2,063,257 |
|
$ |
1,509,713 |
Cost of sales |
|
287,758 |
|
|
282,296 |
|
|
1,403,824 |
|
|
1,111,000 |
Gross profit |
|
174,552 |
|
|
116,466 |
|
|
659,433 |
|
|
398,713 |
|
|
|
|
|
|
|
|
||||
Selling, general, and administrative expenses |
|
130,854 |
|
|
83,714 |
|
|
449,974 |
|
|
291,998 |
Income from operations |
|
43,698 |
|
|
32,752 |
|
|
209,459 |
|
|
106,715 |
|
|
|
|
|
|
|
|
||||
Interest expense |
|
666 |
|
|
785 |
|
|
3,665 |
|
|
9,275 |
Income before income tax provision |
|
43,032 |
|
|
31,967 |
|
|
205,794 |
|
|
97,440 |
|
|
|
|
|
|
|
|
||||
Income tax provision |
|
10,206 |
|
|
6,384 |
|
|
50,815 |
|
|
22,806 |
Net income |
$ |
32,826 |
|
$ |
25,583 |
|
$ |
154,979 |
|
$ |
74,634 |
|
|
|
|
|
|
|
|
||||
Basic net income per common share |
$ |
1.51 |
|
$ |
1.18 |
|
$ |
7.04 |
|
$ |
3.46 |
|
|
|
|
|
|
|
|
||||
Diluted net income per common share |
$ |
1.45 |
|
$ |
1.13 |
|
$ |
6.78 |
|
$ |
3.37 |
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares used in computing net income per common share: |
|
|
|
|
|
|
|
||||
Basic |
|
21,742,888 |
|
|
21,716,081 |
|
|
22,010,130 |
|
|
21,547,665 |
Diluted |
|
22,673,350 |
|
|
22,604,060 |
|
|
22,859,498 |
|
|
22,125,338 |
MarineMax, Inc. and Subsidiaries
|
|||||||
|
September 30,
|
|
September 30,
|
||||
ASSETS |
|||||||
CURRENT ASSETS: |
|
|
|
||||
Cash and cash equivalents |
$ |
222,192 |
|
|
$ |
155,493 |
|
Accounts receivable, net |
|
47,651 |
|
|
|
40,195 |
|
Inventories, net |
|
230,984 |
|
|
|
298,002 |
|
Prepaid expenses and other current assets |
|
16,692 |
|
|
|
9,637 |
|
Total current assets |
|
517,519 |
|
|
|
503,327 |
|
|
|
|
|||||
Property and equipment, net |
|
175,463 |
|
|
|
141,934 |
|
Operating lease right-of-use assets, net |
|
104,901 |
|
|
|
37,991 |
|
Goodwill and other intangible assets, net |
|
201,122 |
|
|
|
84,293 |
|
Other long-term assets |
|
8,818 |
|
|
|
7,774 |
|
Total assets |
$ |
1,007,823 |
|
|
$ |
775,319 |
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|||||||
CURRENT LIABILITIES: |
|
|
|
||||
Accounts payable |
$ |
25,739 |
|
|
$ |
37,343 |
|
Contract liabilities (customer deposits) |
|
100,660 |
|
|
|
31,821 |
|
Accrued expenses |
|
86,594 |
|
|
|
51,616 |
|
Short-term borrowings |
|
23,943 |
|
|
|
144,393 |
|
Current maturities on long-term debt |
|
3,587 |
|
|
|
507 |
|
Current operating lease liabilities |
|
10,570 |
|
|
|
6,854 |
|
Total current liabilities |
|
251,093 |
|
|
|
272,534 |
|
|
|
|
|||||
Long-term debt, net of current maturities |
|
47,498 |
|
|
|
7,343 |
|
Noncurrent operating lease liabilities |
|
96,956 |
|
|
|
33,473 |
|
Deferred tax liabilities, net |
|
9,268 |
|
|
|
4,509 |
|
Other long-term liabilities |
|
8,116 |
|
|
|
2,063 |
|
Total liabilities |
|
412,931 |
|
|
|
319,922 |
|
|
|
|
|||||
SHAREHOLDERS' EQUITY: |
|
|
|
||||
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
29 |
|
|
|
28 |
|
Additional paid-in capital |
|
288,901 |
|
|
|
280,436 |
|
Accumulated other comprehensive income |
|
648 |
|
|
|
829 |
|
Retained earnings |
|
432,678 |
|
|
|
277,699 |
|
Treasury stock |
|
(127,364 |
) |
|
|
(103,595 |
) |
Total shareholders’ equity |
|
594,892 |
|
|
|
455,397 |
|
Total liabilities and shareholders’ equity |
$ |
1,007,823 |
|
|
$ |
775,319 |
|
MarineMax, Inc. and Subsidiaries Segment Financial Information (Amounts in thousands) (Unaudited) |
|||||||||||||
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
||||||
Revenue: |
|
|
|
|
|
|
|
||||||
Retail Operations |
$ |
452,168 |
|
|
$ |
398,762 |
|
$ |
2,043,613 |
|
|
$ |
1,509,713 |
Product Manufacturing |
|
23,583 |
|
|
|
— |
|
|
44,000 |
|
|
|
— |
Elimination of intersegment revenue |
|
(13,441 |
) |
|
|
— |
|
|
(24,356 |
) |
|
|
— |
Revenue |
$ |
462,310 |
|
|
$ |
398,762 |
|
$ |
2,063,257 |
|
|
$ |
1,509,713 |
|
|
|
|
|
|
|
|
||||||
Income from operations: |
|
|
|
|
|
|
|
||||||
Retail Operations |
$ |
42,193 |
|
|
$ |
32,752 |
|
$ |
207,034 |
|
|
$ |
106,715 |
Product Manufacturing |
|
3,419 |
|
|
|
— |
|
|
6,940 |
|
|
|
— |
Elimination of intersegment income |
|
(1,914 |
) |
|
|
— |
|
|
(4,515 |
) |
|
|
— |
Income from operations |
$ |
43,698 |
|
|
$ |
32,752 |
|
$ |
209,459 |
|
|
$ |
106,715 |
MarineMax, Inc. and Subsidiaries
|
|||||||||||||
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
||||||
Net income |
$ |
32,826 |
|
$ |
25,583 |
|
|
$ |
154,979 |
|
$ |
74,634 |
|
Store closing charges |
|
— |
|
|
1,659 |
|
|
|
— |
|
|
1,659 |
|
Hurricane expenses |
|
— |
|
|
196 |
|
|
|
— |
|
|
— |
|
Tax adjustments for items noted above (1) |
|
— |
|
|
(371 |
) |
|
|
— |
|
|
(388 |
) |
Adjusted net income |
$ |
32,826 |
|
$ |
27,067 |
|
|
$ |
154,979 |
|
$ |
75,905 |
|
|
|
|
|
|
|
|
|
||||||
Diluted net income per common share |
$ |
1.45 |
|
$ |
1.13 |
|
|
$ |
6.78 |
|
$ |
3.37 |
|
Store closing expenses |
|
— |
|
|
0.07 |
|
|
|
— |
|
|
0.07 |
|
Hurricane expenses |
|
— |
|
|
0.01 |
|
|
|
— |
|
|
— |
|
Tax adjustments for items noted above (1) |
|
— |
|
|
(0.02 |
) |
|
|
— |
|
|
(0.02 |
) |
Adjusted diluted net income per common share |
$ |
1.45 |
|
$ |
1.19 |
|
|
$ |
6.78 |
|
$ |
3.42 |
|
(1) Adjustments for taxes for unusual items are calculated based on the effective tax rate for each respective period presented and the jurisdiction of the adjustment. |
|||||||||||||
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
||||
Net income |
$ |
32,826 |
|
$ |
25,583 |
|
$ |
154,979 |
|
$ |
74,634 |
Interest expense |
|
666 |
|
|
785 |
|
|
3,665 |
|
|
9,275 |
Income tax provision |
|
10,206 |
|
|
6,384 |
|
|
50,815 |
|
|
22,806 |
Depreciation and amortization |
|
4,027 |
|
|
3,318 |
|
|
15,606 |
|
|
12,772 |
EBITDA (2) |
$ |
47,725 |
|
$ |
36,070 |
|
$ |
225,065 |
|
$ |
119,487 |
(2) We define EBITDA as earnings before interest expense, income tax provision, and depreciation and amortization. |
|||||||||||
Investors:
Michael H. McLamb
Chief Financial Officer
727-531-1700
Brad Cohen or Dawn Francfort
ICR, LLC
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Media:
Abbey Heimensen
This email address is being protected from spambots. You need JavaScript enabled to view it.
MarineMax, Inc.
-Holy Cross Energy members will have access to locally generated renewable energy
-Primergy’s responsible construction practices minimizes impact on land and wildlife
OAKLAND, Calif.--(BUSINESS WIRE)--Primergy Solar, LLC ('Primergy') announced today that it completed construction on the Pitkin Solar Project, a 5 MW, 35-acre solar installation in Pitkin County, near Aspen, Colorado. The project is located near Woody Creek in the Roaring Fork Valley on land leased from the Aspen Consolidated Sanitation District (ACSD). The land was originally purchased by ACSD for its dry land farming operation which put wastewater treatment by-products to beneficial use. Energy from the project will be sold to Holy Cross Energy, an electric co-op serving almost 45,000 members in Western Colorado, under a 25-year power purchase agreement.
“The completion of the Pitkin Solar Project is an important step on our journey to 100% clean energy for our members,” said Bryan Hannegan, President and CEO of Holy Cross Energy. “We very much appreciate the efforts made by Primergy to work with Pitkin County to minimize the impact to the local community from the construction of this new source of clean and resilient energy for the upper Roaring Fork Valley.”
Primergy completed development, oversaw construction and will operate the plant. The project was originally slated to have 18,000 cubic yards of civil work and a 20-foot berm constructed. However, the Primergy team was able to eliminate these elements by utilizing its responsible and efficient construction processes, and low-touch land-management. Primergy installed the project without having to grade the site and minimized environmental impacts.
"Primergy Solar was an excellent partner to work with on this project" said John Keleher, ACSD Chairman. "They have been outstanding all around. Their patience and sensitivity to the land use review process was excellent. This solar project directly aligns with our purpose of protecting the environment. The power cost savings that result from our capital contribution will save ACSD customers money in the long run. This renewable energy project helps us directly off-set the large amount of power we consume providing advanced wastewater treatment for our customers."
The site is located under a flight path near the Aspen Airport and next to a popular pedestrian trail and residential neighborhood, which posed unique challenges including landscape requirements and glare concerns. There are approximately 13,700 solar panels installed and Primergy selected innovative solar products to help maximize energy production including bifacial panels and tracking systems. The panels are also a specialized anti-glare product to cut down on reflected light for both planes flying over and for neighbors.
"In Pitkin County, as with all our projects, we aim to chart out the most responsible path toward clean power to make communities more resilient and sustainable. Our ability to deliver is not based on chance, but rigor and an obsessive focus on detail and process," said CEO Ty Daul. "We are proud of the lasting partnerships we’ve created with local community agencies and members here in Aspen and with Holy Cross Energy. When Primergy manages a project, you can trust it will be done in a timely, precise, and thoughtful way.”
In addition to the completion of the project, Primergy closed on tax-equity financing from Regions Bank. Regions Bank helped the company navigate the increasingly dynamic tax equity landscape, deliver expertise in an evolving clean energy market and provide efficient capital solutions. With the Pitkin Solar Project financing in place, Primergy expects to significantly expand its clean energy platform in distributed solar solutions for other local communities across the US.
For more information on Primergy, please visit https://www.primergysolar.com/.
About Primergy Solar
Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator focused on both distributed and utility scale solar PV and battery storage projects in North America. Primergy Solar features a diverse and talented team with decades of experience in renewables project development, financing, construction and operations. It is currently managing and progressing a significant portfolio of operational and development stage solar+ battery storage projects. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s principal solar and solar plus energy storage investment platform in North America.
About HCE
Founded in 1939, Holy Cross Energy is a not-for-profit rural electric cooperative that provides safe, reliable, affordable and sustainable energy and services that improve the quality of life for more than 44,500 members and their communities in Western Colorado. Committed to leading the responsible transition to a clean energy future, HCE was named the 2020 Electric Cooperative of the Year by the Smart Electric Power Alliance for their work in clean energy.
About Quinbrook Infrastructure Partners
Quinbrook Infrastructure Partners (www.quinbrook.com) is a specialist investment manager focused exclusively on renewables, storage and grid support infrastructure and operational asset management in the US, UK and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested over $8 billion of equity in energy infrastructure assets since the early 1990's, representing a total enterprise value of $28.7 billion or 19.5 GW of power supply capacity. Quinbrook's investment and asset management team has offices in Houston, London, Jersey, and the Gold Coast of Australia. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale wind power, solar PV, peaking power and grid support, biomass, battery storage and 'micro-grid' installations in the US, UK and Australia.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and approximately 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com
Media
Alex Autry
Silverline Communications - on behalf of Primergy
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PITTSBURGH--(BUSINESS WIRE)--Wabtec Corporation (NYSE: WAB) announced today that its Board of Directors declared a regular quarterly common dividend of 12 cents per share, payable on November 29, 2021 to holders of record on November 15, 2021.
About Wabtec Corporation
Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at: www.WabtecCorp.com.
Wabtec Investor Contact
Kristine Kubacki, CFA / This email address is being protected from spambots. You need JavaScript enabled to view it. / 412-450-2033
Wabtec Media Contact
Deia Campanelli / This email address is being protected from spambots. You need JavaScript enabled to view it. / 773-297-0482
As a key GoodFuels partner, Renewable Energy Group is enabling the acceleration of sustainable biofuels for maritime
AMSTERDAM--(BUSINESS WIRE)--GoodFuels, the world-leading supplier of sustainable marine biofuels, and global producer and supplier of renewable fuels Renewable Energy Group, Inc. (NASDAQ:REGI) (REG) have entered a long-term agreement for the supply and development of sustainable marine biofuel solutions for the global shipping industry.
With REG’s expertise in biofuels and GoodFuels’ pioneering strengths, both companies are playing an important role in enabling the decarbonization efforts for shipping companies.
This announcement reinforces GoodFuels’ mission to become the favored green fuel supplier for all shipping segments, and ambition to scale up the production of advanced marine biofuels in the right way using sustainable feedstocks.
For REG, the agreement is a clear signal of the company’s mission to enable a cleaner world and reduce greenhouse gas emissions. REG biofuels are making a real impact in the market today by offering solutions for many transportation sectors, including marine.
Bart Hellings, Chief Operating Officer at GoodFuels, said: “At GoodFuels, we collaborate with impact-driven partners to advance sustainable shipping with our instant decarbonization solution. Our sustainable marine biofuels are in a prime position to deliver on immediate-term climate goals, and are one of the only options available on the market today. We have been closely working with REG for several years, and we foresee a great future together in accelerating the energy transition within shipping.”
Also commenting on the announcement, Raymond Richie, Vice President and Managing Director, International Business at REG, said: “We’re committed to supporting the shipping industry’s decarbonization movement by working with GoodFuels to adopt and develop sustainable marine biofuels. Our biofuels are making real carbon reduction happen today and do not require users to make significant changes or technology purchases. We look forward to continuing our great partnership with GoodFuels.”
GoodFuels and REG will continue to expand the development and delivery of advanced biofuels for the international shipping industry.
Notes to editors
About GoodFuels
GoodFuels is a Netherlands based global pioneer in sustainable marine fuels. The company has created a one-stop shop for marine industry customers, integrating the entire supply chain for sustainable marine biofuels. From feedstock to tank, GoodFuels’ proposition covers elements of sourcing feedstock and ensuring its 100% sustainability, the production, the global distribution, quality assurance and marketing programs with ports, governments and end clients. GoodFuels is part of the GoodNRG Group, which is active under various labels and companies in sales, marketing, trading, R&D and production of truly sustainable fuels for the transport segments for which biofuels is one of the best or only viable long-term alternative. Learn more about GoodFuels at www.goodfuels.com.
About Renewable Energy Group
Renewable Energy Group, Inc. is leading the energy and transportation industries’ transition to sustainability by converting renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, Renewable Energy Group produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to, GoodFuels and REG leading the way to a more sustainable future, enabling the acceleration of sustainable biofuels for maritime, the decarbonization efforts for shipping companies, a cleaner world, and reducing greenhouse gas emissions, accelerating the energy transition within shipping, REG’s commitment to supporting the shipping industry’s decarbonization movement, including the lack of a requirement for users to make significant changes or technology purchases, GoodFuels and REG continuing to expand the development and delivery of advanced biofuels for the international shipping industry and REG meeting the growing demand for lower-carbon fuels and leading the way to a more sustainable future. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the success of our business plan, market factors supporting biofuels and specifically, biofuels in the shipping industry, the shipping industry’s desire to decarbonize and other risks described in REG's annual report on Form 10-K for the year ended December 31, 2020, quarterly reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, and from time to time in REG's other periodic filings with the SEC. All forward-looking statements are made as of the date of this press release and we do not undertake to update any forward-looking statements based on new developments or changes in our expectations.
Media Contact:
Renewable Energy Group
Katie Stanley
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GoodFuels
Sandra Baars
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Strong Revenue Growth Leads to Double Digit Growth in Income from Operations, Net Cash Provided by Operating Activities, and Diluted EPS
HOUSTON--(BUSINESS WIRE)--Waste Management, Inc. (NYSE: WM) today announced financial results for the quarter ended September 30, 2021.
|
Three Months Ended |
Three Months Ended |
||||||
|
September 30, 2021
|
September 30, 2020
|
||||||
|
|
|
|
|||||
|
As Reported |
As Adjusted(a) |
As Reported |
As Adjusted(a) |
||||
|
|
|
|
|
||||
Revenue |
$4,665 |
|
$4,665 |
|
$3,861 |
|
$3,861 |
|
|
|
|
|
|
|
|
|
|
Income from Operations |
$806 |
|
$792 |
|
$680 |
|
$721 |
|
|
|
|
|
|
|
|
|
|
Operating EBITDA(b) |
$1,323 |
|
$1,309 |
|
$1,099 |
|
$1,140 |
|
|
|
|
|
|
|
|
|
|
Operating EBITDA Margin |
28.4% |
|
28.1% |
|
28.5% |
|
29.5% |
|
|
|
|
|
|
|
|
|
|
Net Income(c) |
$538 |
|
$530 |
|
$390 |
|
$465 |
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
$1.28 |
|
$1.26 |
|
$0.92 |
|
$1.09 |
|
“Strong organic growth and continued progress on the integration of the Advanced Disposal business powered our robust revenue growth in the third quarter and led to a more than 14% increase in adjusted operating EBITDA and a more than 15% increase in net cash provided by operating activities,” said Jim Fish, WM’s President and Chief Executive Officer. (a) “Our solid results put us on track to meet our full-year financial targets despite accelerating cost inflation.”
Fish continued, “Like many other companies, we are seeing constraints on labor availability. At WM, we continue to demonstrate our commitment to putting our people first and being an employer of choice. During the quarter, we continued to invest in our people through frontline market wage adjustments and training for new team members. We remain focused on improving operational efficiency and executing on our disciplined pricing programs to drive margin growth in the face of these additional labor costs and other inflationary cost pressures.”
KEY HIGHLIGHTS FOR THE THIRD QUARTER OF 2021
Revenue
Cost Management
Profitability
Free Cash Flow & Capital Allocation
2021 OUTLOOK
“Our people are doing an outstanding job providing essential services to our customers and communities. We’re proud to highlight many of the efforts that have helped us move the needle on our sustainability goals in our 2021 Sustainability Report released earlier this month. This year’s report focuses on the people behind the progress we have made in the past year, and how they are doing their part to take care of our customers, neighbors and the environment in communities across North America,” Fish concluded.
(a) |
The information labeled as adjusted in this press release, as well as free cash flow, are non-GAAP measures. Please see "Non-GAAP Financial Measures" below and the reconciliations in the accompanying schedules for more information. |
|
|
(b) |
Management defines operating EBITDA as GAAP income from operations before depreciation and amortization; this measure may not be comparable to similarly-titled measures reported by other companies. |
|
|
(c) |
For purposes of this press release, all references to "Net income" refer to the financial statement line item "Net income attributable to Waste Management, Inc." |
|
|
(d) |
Core price is a performance metric used by management to evaluate the effectiveness of our pricing strategies; it is not derived from our financial statements and may not be comparable to measures presented by other companies. Core price is based on certain historical assumptions, which may differ from actual results, to allow for comparability between reporting periods and to reveal trends in results over time. |
|
|
(e) |
In the first quarter of 2021, the Company updated its collection and disposal operating EBITDA calculation with a more accurate allocation of costs to this line of business that were previously consolidated at the corporate level. This revised calculation methodology increased collection and disposal operating EBITDA for the third quarter of 2020 from 31.2% of revenue, as previously reported, to 33.1% of revenue, as reported above. |
The Company will host a conference call at 10 a.m. ET today to discuss the third quarter results. Information contained within this press release will be referenced and should be considered in conjunction with the call.
The conference call will be webcast live from the Investors section of Waste Management’s website www.wm.com. To access the conference call by telephone, please dial (877) 710-6139 approximately 10 minutes prior to the scheduled start of the call. If you are calling from outside of the United States or Canada, please dial (706) 643-7398. Please utilize conference ID number 6835518 when prompted by the conference call operator.
A replay of the conference call will be available on the Company’s website www.wm.com and by telephone from approximately 1 p.m. ET today through 5 p.m. ET on Tuesday, November 9, 2021. To access the replay telephonically, please dial (855) 859-2056, or from outside of the United States or Canada dial (404) 537-3406 and use the replay conference ID number 6835518.
ABOUT WM
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America, providing services throughout the United States and Canada. Through its subsidiaries, the Company provides collection, transfer, disposal services, and recycling and resource recovery. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The Company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com.
FORWARD-LOOKING STATEMENTS
The Company, from time to time, provides estimates of financial and other data, comments on expectations relating to future periods and makes statements of opinion, view or belief about current and future events. This press release contains a number of such forward-looking statements, including but not limited to, all statements under the heading “2021 Outlook” and all statements regarding 2021 financial guidance, future targets or financial results of our business; future revenue and revenue growth; integration of, and synergies from, the acquisition of Advanced Disposal Services, Inc. (“Advanced Disposal”); future share repurchases; and future operations, efficiencies, cost structure, cost management, pricing, volumes and margin growth. You should view these statements with caution. They are based on the facts and circumstances known to the Company as of the date the statements are made. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, failure to implement our optimization, growth, and cost savings initiatives and overall business strategy; failure to identify acquisition targets and negotiate attractive terms; failure to consummate or integrate acquisitions; failure to obtain the results anticipated from acquisitions; failure to successfully integrate the acquisition of Advanced Disposal, realize anticipated synergies or obtain the results anticipated from such acquisition; environmental and other regulations, including developments related to emerging contaminants, gas emissions and renewable fuel; significant environmental, safety or other incidents resulting in liabilities or brand damage; failure to obtain and maintain necessary permits; failure to attract, hire and retain key team members and a high quality workforce; labor disruptions and workforce-related regulations; significant storms and destructive climate events; public health risk and other impacts of COVID-19 or similar pandemic conditions, including increased costs, social and commercial disruption and service reductions; macroeconomic pressures and market disruption resulting in labor, supply chain and transportation constraints and inflationary cost pressure; increased competition; pricing actions; commodity price fluctuations; international trade restrictions; disposal alternatives and waste diversion; declining waste volumes; weakness in general economic conditions and capital markets; adoption of new tax legislation; fuel shortages; failure to develop and protect new technology; failure of technology to perform as expected, including implementation of a new enterprise resource planning system; failure to prevent, detect and address cybersecurity incidents or comply with privacy regulations; negative outcomes of litigation or governmental proceedings; and decisions or developments that result in impairment charges. Please also see the Company’s filings with the SEC, including Part I, Item 1A of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Form 10-Qs, for additional information regarding these and other risks and uncertainties applicable to its business. The Company continues to be optimistic about volume recovery and overall economic recovery from the impacts of the COVID-19 pandemic, and the Company’s 2021 financial targets incorporate these views. However, uncertainty remains with respect to various factors that influence the pace of economic recovery, including workforce regulation and the potential for future resurgence in transmission of COVID-19 and related business closures due to virus variants or otherwise. Such conditions could have an unanticipated adverse impact on our business. The Company assumes no obligation to update any forward-looking statement, including financial estimates, forecasts, and guidance, whether as a result of future events, circumstances or developments or otherwise.
NON-GAAP FINANCIAL MEASURES
To supplement its financial information, the Company has presented, and/or may discuss on the conference call, adjusted earnings per diluted share, adjusted net income, adjusted income from operations, adjusted operating expenses, adjusted SG&A expenses, adjusted operating EBITDA, adjusted operating EBITDA margin, and free cash flow, as well as projections of adjusted operating EBITDA and free cash flow for 2021. All of these items are non-GAAP financial measures, as defined in Regulation G of the Securities Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP but believes that also discussing non-GAAP measures provides investors with (i) financial measures the Company uses in the management of its business and (ii) additional, meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance and are not representative or indicative of its results of operations.
In addition, the Company’s projected full year 2021 adjusted operating EBITDA is anticipated to exclude the effects of other events or circumstances in 2021 that are not representative or indicative of the Company’s results of operations. Such excluded items are not currently determinable, but may be significant, such as asset impairments and one-time items, charges, gains or losses from divestitures or litigation, and other items. Due to the uncertainty of the likelihood, amount and timing of any such items, the Company does not have information available to provide a quantitative reconciliation of such projection to the comparable GAAP measure.
The Company discusses free cash flow and provides a projection of free cash flow because the Company believes that it is indicative of its ability to pay its quarterly dividends, repurchase common stock, fund acquisitions and other investments and, in the absence of refinancings, to repay its debt obligations. Free cash flow is not intended to replace “Net cash provided by operating activities,” which is the most comparable GAAP measure. The Company believes free cash flow gives investors useful insight into how the Company views its liquidity, but the use of free cash flow as a liquidity measure has material limitations because it excludes certain expenditures that are required or that the Company has committed to, such as declared dividend payments and debt service requirements. The Company defines free cash flow as net cash provided by operating activities, less capital expenditures, plus proceeds from divestitures of businesses and other assets (net of cash divested); this definition may not be comparable to similarly-titled measures reported by other companies.
The quantitative reconciliations of non-GAAP measures to the most comparable GAAP measures are included in the accompanying schedules, with the exception of projected adjusted operating EBITDA. Non-GAAP measures should not be considered a substitute for financial measures presented in accordance with GAAP.
WASTE MANAGEMENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Millions, Except per Share Amounts) (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
September 30, |
|
September 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Operating revenues |
|
$ |
4,665 |
|
$ |
3,861 |
|
$ |
13,253 |
|
$ |
11,151 |
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
2,906 |
|
|
2,332 |
|
|
8,156 |
|
|
6,841 |
Selling, general and administrative |
|
|
469 |
|
|
416 |
|
|
1,372 |
|
|
1,218 |
Depreciation and amortization |
|
|
517 |
|
|
419 |
|
|
1,489 |
|
|
1,235 |
Restructuring |
|
|
1 |
|
|
7 |
|
|
6 |
|
|
9 |
(Gain) loss from divestitures, asset impairments and unusual items, net |
|
|
(34) |
|
|
7 |
|
|
(17) |
|
|
68 |
|
|
|
3,859 |
|
|
3,181 |
|
|
11,006 |
|
|
9,371 |
Income from operations |
|
|
806 |
|
|
680 |
|
|
2,247 |
|
|
1,780 |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(87) |
|
|
(97) |
|
|
(282) |
|
|
(328) |
Loss on early extinguishment of debt |
|
|
— |
|
|
(52) |
|
|
(220) |
|
|
(52) |
Equity in net losses of unconsolidated entities |
|
|
(14) |
|
|
(16) |
|
|
(34) |
|
|
(56) |
Other, net |
|
|
1 |
|
|
1 |
|
|
(4) |
|
|
2 |
|
|
|
(100) |
|
|
(164) |
|
|
(540) |
|
|
(434) |
Income before income taxes |
|
|
706 |
|
|
516 |
|
|
1,707 |
|
|
1,346 |
Income tax expense |
|
|
167 |
|
|
126 |
|
|
396 |
|
|
288 |
Consolidated net income |
|
|
539 |
|
|
390 |
|
|
1,311 |
|
|
1,058 |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
1 |
|
|
— |
|
|
1 |
|
|
— |
Net income attributable to Waste Management, Inc. |
|
$ |
538 |
|
$ |
390 |
|
$ |
1,310 |
|
$ |
1,058 |
Basic earnings per common share |
|
$ |
1.28 |
|
$ |
0.92 |
|
$ |
3.11 |
|
$ |
2.50 |
Diluted earnings per common share |
|
$ |
1.28 |
|
$ |
0.92 |
|
$ |
3.09 |
|
$ |
2.49 |
Weighted average basic common shares outstanding |
|
|
419.5 |
|
|
422.7 |
|
|
421.3 |
|
|
423.1 |
Weighted average diluted common shares outstanding |
|
|
422.0 |
|
|
424.6 |
|
|
423.6 |
|
|
425.0 |
WASTE MANAGEMENT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Millions) (Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
||
|
|
2021 |
|
2020 |
||
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
116 |
|
$ |
553 |
Receivables, net |
|
|
2,669 |
|
|
2,624 |
Other |
|
|
399 |
|
|
363 |
Total current assets |
|
|
3,184 |
|
|
3,540 |
Property and equipment, net |
|
|
14,083 |
|
|
14,148 |
Goodwill |
|
|
9,006 |
|
|
8,994 |
Other intangible assets, net |
|
|
919 |
|
|
1,024 |
Other |
|
|
1,649 |
|
|
1,639 |
Total assets |
|
$ |
28,841 |
|
$ |
29,345 |
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable, accrued liabilities and deferred revenues |
|
$ |
3,501 |
|
$ |
3,002 |
Current portion of long-term debt |
|
|
601 |
|
|
551 |
Total current liabilities |
|
|
4,102 |
|
|
3,553 |
Long-term debt, less current portion |
|
|
12,446 |
|
|
13,259 |
Other |
|
|
5,119 |
|
|
5,079 |
Total liabilities |
|
|
21,667 |
|
|
21,891 |
Equity: |
|
|
|
|
|
|
Waste Management, Inc. stockholders’ equity |
|
|
7,172 |
|
|
7,452 |
Noncontrolling interests |
|
|
2 |
|
|
2 |
Total equity |
|
|
7,174 |
|
|
7,454 |
Total liabilities and equity |
|
$ |
28,841 |
|
$ |
29,345 |
WASTE MANAGEMENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Millions) (Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||
|
|
September 30, |
||||
|
|
2021 |
|
2020 |
||
Cash flows from operating activities: |
|
|
|
|
|
|
Consolidated net income |
|
$ |
1,311 |
|
$ |
1,058 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,489 |
|
|
1,235 |
Loss on early extinguishment of debt |
|
|
220 |
|
|
52 |
Other |
|
|
103 |
|
|
364 |
Change in operating assets and liabilities, net of effects of acquisitions and divestitures |
|
|
224 |
|
|
(59) |
Net cash provided by operating activities |
|
|
3,347 |
|
|
2,650 |
Cash flows from investing activities: |
|
|
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
|
(11) |
|
|
(3) |
Capital expenditures |
|
|
(1,130) |
|
|
(1,238) |
Proceeds from divestitures of businesses and other assets, net of cash divested |
|
|
70 |
|
|
20 |
Other, net |
|
|
(35) |
|
|
(20) |
Net cash used in investing activities |
|
|
(1,106) |
|
|
(1,241) |
Cash flows from financing activities: |
|
|
|
|
|
|
New borrowings |
|
|
6,428 |
|
|
2,650 |
Debt repayments |
|
|
(7,237) |
|
|
(5,764) |
Premiums and other paid on early extinguishment of debt |
|
|
(211) |
|
|
(30) |
Common stock repurchase program |
|
|
(1,000) |
|
|
(402) |
Cash dividends |
|
|
(730) |
|
|
(696) |
Exercise of common stock options |
|
|
60 |
|
|
49 |
Tax payments associated with equity-based compensation transactions |
|
|
(28) |
|
|
(34) |
Other, net |
|
|
32 |
|
|
(17) |
Net cash used in financing activities |
|
|
(2,686) |
|
|
(4,244) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |
|
|
2 |
|
|
1 |
Decrease in cash, cash equivalents and restricted cash and cash equivalents |
|
|
(443) |
|
|
(2,834) |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period |
|
|
648 |
|
|
3,647 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period |
|
$ |
205 |
|
$ |
813 |
WASTE MANAGEMENT, INC. SUMMARY DATA SHEET (In Millions) (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues by Line of Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
September 30, |
|
September 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Commercial |
|
$ |
1,214 |
|
$ |
1,025 |
|
$ |
3,523 |
|
$ |
3,016 |
Residential |
|
|
795 |
|
|
662 |
|
|
2,371 |
|
|
1,969 |
Industrial |
|
|
829 |
|
|
709 |
|
|
2,383 |
|
|
2,027 |
Other collection |
|
|
140 |
|
|
120 |
|
|
391 |
|
|
347 |
Total collection |
|
|
2,978 |
|
|
2,516 |
|
|
8,668 |
|
|
7,359 |
Landfill |
|
|
1,100 |
|
|
946 |
|
|
3,090 |
|
|
2,707 |
Transfer |
|
|
550 |
|
|
482 |
|
|
1,547 |
|
|
1,362 |
Recycling |
|
|
464 |
|
|
290 |
|
|
1,203 |
|
|
819 |
Other |
|
|
551 |
|
|
458 |
|
|
1,541 |
|
|
1,297 |
Intercompany (a) |
|
|
(978) |
|
|
(831) |
|
|
(2,796) |
|
|
(2,393) |
Total |
|
$ |
4,665 |
|
$ |
3,861 |
|
$ |
13,253 |
|
$ |
11,151 |
Internal Revenue Growth |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-to-Period Change for the Three Months |
|
|
Period-to-Period Change for the Nine Months |
|
||||||||||||||||||
|
|
Ended September 30, 2021 vs. 2020 |
|
|
Ended September 30, 2021 vs. 2020 |
|
||||||||||||||||||
|
|
|
|
|
As a % of |
|
|
|
|
|
As a % of |
|
|
|
|
|
As a % of |
|
|
|
|
|
As a % of |
|
|
|
|
|
|
Related |
|
|
|
|
|
Total |
|
|
|
|
|
Related |
|
|
|
|
|
Total |
|
|
|
Amount |
|
Business(b) |
|
|
Amount |
|
Company(c) |
|
|
Amount |
|
Business(b) |
|
|
Amount |
|
Company(c) |
|
||||
Collection and disposal |
|
$ |
123 |
|
3.5 |
% |
|
|
|
|
|
|
|
$ |
334 |
|
3.3 |
% |
|
|
|
|
|
|
Recycling (d) |
|
|
180 |
|
66.3 |
|
|
|
|
|
|
|
|
|
361 |
|
47.8 |
|
|
|
|
|
|
|
Fuel surcharges and mandated fees |
|
|
51 |
|
45.5 |
|
|
|
|
|
|
|
|
|
88 |
|
25.1 |
|
|
|
|
|
|
|
Total average yield (e) |
|
|
|
|
|
|
|
$ |
354 |
|
9.1 |
% |
|
|
|
|
|
|
|
$ |
783 |
|
7.0 |
% |
Volume |
|
|
|
|
|
|
|
|
144 |
|
3.8 |
|
|
|
|
|
|
|
|
|
384 |
|
3.5 |
|
Internal revenue growth |
|
|
|
|
|
|
|
|
498 |
|
12.9 |
|
|
|
|
|
|
|
|
|
1,167 |
|
10.5 |
|
Acquisitions |
|
|
|
|
|
|
|
|
311 |
|
8.0 |
|
|
|
|
|
|
|
|
|
929 |
|
8.3 |
|
Divestitures |
|
|
|
|
|
|
|
|
(16) |
|
(0.4) |
|
|
|
|
|
|
|
|
|
(37) |
|
(0.3) |
|
Foreign currency translation |
|
|
|
|
|
|
|
|
11 |
|
0.3 |
|
|
|
|
|
|
|
|
|
43 |
|
0.4 |
|
Total |
|
|
|
|
|
|
|
$ |
804 |
|
20.8 |
% |
|
|
|
|
|
|
|
$ |
2,102 |
|
18.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-to-Period Change for the Three Months
|
|
|
Period-to-Period Change for the Nine Months
|
|
||||
|
|
As a % of Related Business(b) |
|
|
As a % of Related Business(b) |
|
||||
|
|
Yield |
|
Volume(f) |
|
|
Yield |
|
Volume(f) |
|
Commercial |
|
4.0 |
% |
4.6 |
% |
|
3.8 |
% |
3.7 |
% |
Industrial |
|
4.8 |
|
0.3 |
|
|
4.6 |
|
1.9 |
|
Residential |
|
5.0 |
|
(3.3) |
|
|
4.7 |
|
(2.1) |
|
Total collection |
|
4.4 |
|
1.7 |
|
|
4.1 |
|
2.0 |
|
MSW |
|
3.5 |
|
3.1 |
|
|
3.0 |
|
4.7 |
|
Transfer |
|
2.5 |
|
0.1 |
|
|
2.7 |
|
(0.2) |
|
Total collection and disposal |
|
3.5 |
% |
3.8 |
% |
|
3.3 |
% |
3.6 |
% |
Waste Management
Website
www.wm.com
Analysts
Ed Egl
713.265.1656
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media
Toni Werner
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HOUSTON--(BUSINESS WIRE)--#abs--IECUS Solutions today announced the launch of the company’s new logo and website, a key step in ramping up its explosion-protection solutions go-to-market strategy serving hazardous and safe area locations in Offshore Oil & Gas and Marine Vessels markets.
IECUS Solutions CEO, Frank DAgostino, commented, “We are excited to present a more contemporary image of the brand through the design of our new logo, while at the same time launching a new more user-friendly website for customers. We will be adding further website functionality over the coming months to enhance customer engagement.” He went on to add, “As well, we are in a great position in terms of available manufacturing capacity to support customers with very competitive pricing.”
Cory Welch, IECUS Solutions President, added, “I echo Frank’s comments and am excited that our new simple-to-navigate website enables customers to efficiently add documents, specify requirements and request quotes for explosion-protection system solutions and components. The value for customers is rapid-response to quotation requests and fast turnaround on orders.”
About IECUS Solutions LLC.
IECUS Solutions® is a leading provider of explosion-protection system solutions and components to the Offshore Oil & Gas and Marine Vessels markets for hazardous and safe area locations. The company has the versatility to meet major certifications, directives and standards through established global manufacturing partnerships and is recognized as a Factory Certified Assembly Partner – enabling customers to perform factory assembly testing in our US-based facility.
Randy R Brown – IECUS Solutions LLC.
786.751.0810
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SAN DIEGO--(BUSINESS WIRE)--$DFCO #APAP--Dalrada Corporation (OTCQB: DFCO, "Dalrada") announces that the Company has executed a letter of intent (LOI) to acquire Advanced DME Services, Inc. dba Advanced Homecare. A Southern California-based sleep apnea solutions provider, Advanced Homecare, has served nearly 40,000 patients since its inception in 2005. This acquisition creates a new subsidiary within Dalrada Health's portfolio and allows Advanced Homecare to reach national clients with aggressive growth plans. It also expands Dalrada Health's synergies with potential opportunities across its product & services portfolio.
As an innovation company, Dalrada and its subsidiaries provide value by making timely and impactful products & services available within health & wellness, information technology, and clean energy & industrial engineering markets. Sleep Apnea is a health condition that requires specialized equipment, education, training, and therapy to ensure a patient's constant airflow while they sleep.
Brian Bonar, Chairman and CEO of Dalrada, shares, "For Dalrada, the acquisition of AHC aligns perfectly with making a difference in people's lives through awareness, education, and streamlined healthcare solutions."
Covered by national commercial insurance providers, including Tricare, Medicare, and Medi-Cal/Medicaid, Advanced Homecare operates online and from Los Angeles, Temecula, San Diego, and Orange Counties. As it relates to sleep apnea prognosis, technology & science, clinical training & education, Advanced Homecare operates in partnership with physicians, clinics, hospitals, and sleep centers. Advanced Homecare's revenues have grown organically and consistently increasing year-over-year, particularly in calendar year 2020 with revenues of $10MM USD.
Gabe Quintanilla, Founder and CEO of Advanced Homecare, states, "The acquisition of Advanced Homecare by Dalrada Health paves the way for expansion into every major city in the U.S. to help Sleep Apnea patients on a national level."
Since 2005, Advanced Homecare (AHC) has been dedicated to treating Obstructive Sleep Apnea (OSA). With its sole focus on aiding patients with OSA, AHC provides a unique and exclusive concierge-type service experience for streamlined sourcing of CPAP (Continuous Positive Airway Pressure), APAP (Automatic Continuous Positive Airway Pressure), BiPAP (BiLevel CPAP), Adaptive Servo Ventilation, and BiLevel ST equipment and replacement supplies. Choosing to only focus on OSA, AHC has propelled its service levels to heights that resulted in unparalleled success compared to other providers with a broad spectrum of medical equipment.
Only 10% of the affected population is currently treated for sleep apnea, leaving the majority undiagnosed or unaware of the condition. The annual economic burden of undiagnosed sleep apnea among U.S. adults is approximately $149.6 billion, according to the American Academy of Sleep Medicine (AASM) and Frost & Sullivan.
Dalrada plans to perform thorough due diligence with the intent to complete the stock purchase and cash agreement within the next four (4) weeks.
Continuously building on its core life sciences, technology, and engineering practices, Dalrada operates under the tenet of bringing innovative products and services to a complex new world. As consumers, businesses, and governments seek alternative solutions, Dalrada's subsidiaries respond with affordable, available, accessible, and impactful innovations.
For more information on Dalrada and its subsidiaries, visit www.dalrada.com.
About Advanced Homecare
Since 2005, Advanced Homecare (AHC)’s dedicated staff has exclusively focused on treating Obstructive Sleep Apnea (OSA) from its offices throughout Southern California. Serving nearly 40,000 patients diagnosed with sleep apnea, AHC streamlines sourcing of OSA-related machines, accessories, and replacement supplies.
With its sole focus on OSA, AHC staff develop a relationship with each patient to learn their specific requirements. This level of personalized care has propelled AHC’s service levels to unparalleled heights, differentiating it from other broad-spectrum medical equipment suppliers. For additional details, visit www.advancedhomecareonline.com.
About Dalrada (DFCO)
With perseverance, valor, dedication, and vision, Dalrada Corporation is dedicated to tackling worldwide challenges of today and tomorrow.
Dalrada is a global company that operates under the tenet of creating impactful innovations that matter for the world. The Company works continually to produce disruptive solutions that bridge the gap of accessibility and accelerate positive change for current and future generations.
Established in 1982, the Company has since grown its footprint to include the business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Each of Dalrada's subsidiaries actively produces affordable and accessible world-class solutions to global problems. For more information, please visit www.dalrada.com.
Disclaimer
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
Denise Mahaffey
858.283.1253
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LIVONIA, Mich.--(BUSINESS WIRE)--#REPs--Challenges in the Texas retail electricity market from storms, high bills and service issues are separating winning and losing retail electric provider brands according to customers. This year, there is a staggering 130-point gap in Net Promoter Scores (NPS) between the highest- and lowest-scoring Texas retail electric providers (REPs). Overall consumer perceptions of Texas REPs have significantly declined, with a market average NPS of 14.2 as of Q3, 2021, down from 15.8 for the same period last year. This information is from the 2021 Cogent Syndicated Texas REP Trusted Brand study by Escalent, a top human behavior and analytics advisory firm.
NPS is a calculation based upon how likely customers are to recommend their REP to others and is used as a measure of customer loyalty and advocacy. The study identifies that promoters, those most likely to recommend their REP, are driven by their REP’s service quality, ease of doing business and customer-centricity. On the other hand, REP detractors, those least likely to recommend, place more importance on their REP’s brand reputation and community outreach. Overall, one in four (26%) Texans is now a detractor when it comes to his or her REP. This indicates that most REPs have a lot of work to do in building meaningful brands that strike unique chords with the customers and local communities they serve. There is also a sizeable opportunity for strong brands to steal share from weaker REPs.
“The good news is NPS is just one KPI and it contradicts some of the other metrics our study collects to evaluate the effectiveness of REP management teams. For instance, reputation, customer trust, service satisfaction, rate plan approval and customer engagement are higher than last year,” said Chris Oberle, senior vice president at Escalent. “This implies that REPs need to be proactive in attracting customers and not rely on current customers to promote their offerings. Also, merely publishing rates and waiting for customers to sign up will lead to failure, as customers seek out and stay with providers who proactively advocate their own values and love of community.”
Following are Net Promoters Scores among selected Texas retail electric providers:
Retail Electric Provider |
Q3, 2021 NPS |
Annual change from Q3, 2020 |
Express Energy |
45.9 |
n/a |
TriEagle Energy |
45.0 |
13.5 |
New Power Texas |
40.9 |
n/a |
Constellation |
39.0 |
8.6 |
4Change Energy |
33.8 |
8.7 |
Champion Energy Services |
32.4 |
-1.1 |
Cirro Energy |
30.1 |
11.0 |
Stream Energy |
23.4 |
17.8 |
Ameripower |
23.0 |
-16.0 |
Green Mountain Energy |
22.8 |
-4.8 |
Acacia Energy |
21.6 |
-16.8 |
Direct Energy |
16.7 |
9.9 |
Overall Texas REP average |
14.2 |
-1.7 |
TXU Energy |
13.6 |
-2.0 |
Alliance Power |
13.2 |
-7.7 |
Amigo Energy |
10.1 |
-4.0 |
CPL Retail Energy |
10.0 |
6.9 |
Ambit Energy |
9.5 |
-4.3 |
Reliant Energy |
4.8 |
-6.0 |
Just Energy |
4.4 |
10.4 |
First Choice Power |
-1.2 |
-20.2 |
Discount Power |
-8.3 |
-24.4 |
Gexa Energy |
-8.3 |
-6.3 |
Frontier |
-12.9 |
1.0 |
About Texas REP Trusted Brand™
Cogent Syndicated measures Customer Engagement and Brand Trust among customers of Texas retail electric providers by surveying 4,492 customers across providers based upon data-driven models. The study measures key performance indicators (KPIs) to provide management perspectives on how to improve REP net promoter, brand positioning, market share, sales promotion, customer trust, communication, service quality, customer acquisition and loyalty. Net promoter scores are reported on a four-quarter trailing average basis to obtain an annual perspective. The study collects a demographically representative sample across all Texas service territories open for retail electric competition. Escalent will supply the exact wording of any survey question upon request.
About Escalent
Escalent is a top human behavior and analytics advisory firm specializing in industries facing disruption and business transformation. As catalysts of progress for more than 40 years, we tell stories that transform data and insight into a profound understanding of what drives human beings. And we help businesses turn those drivers into actions that build brands, enhance customer experiences and inspire product innovation. Visit escalent.co to see how we are helping shape the brands that are reshaping the world.
Sarah Keller, 734.779.6847
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Leading Gas Supply Company Positioned for Continued Growth with Board Additions
ATLANTA--(BUSINESS WIRE)--EspriGas, a technology driven industrial gas company, today announced four additions to its Board. The board will work closely with the EspriGas executive leadership team to develop strategy and position the organization for continued growth.
The four new members of the board are Jim Balkcom, former Chief Executive Officer of Techsonic Industries; David Cortese, the current Chief Commercial Officer at Simbe Robotics Inc.; Henry “Hank” Flint, former President and Chief Operations Officer of Coca-Cola Consolidated; and Brian Hamel, the current Executive Vice President of Field Operations for Veritas Technologies.
“We are thrilled to announce these newest members of the EspriGas Board. Their diverse and extensive backgrounds will provide invaluable insights to support our continued rapid growth,” explained Mike Walsh, CEO of EspriGas. “All being heavy hitters in their respective industries, these four additions bring the expertise needed to bring a modern approach to the gas industry and make gas supply simple.”
Jim Balkcom is a leadership development expert who has served as CEO, Chairman, or Board member for more than 20 companies. Most recently he served as lead director of State Bank and Trust Company, which was acquired in 2019 for $1.4 billion by Cadence Bancorporation. He previously spent nearly 20 years as CEO of Techsonic Industries, a global marine electronics company. Prior to Jim’s appointment to the Board, he served as Chairman of the Board during EspriGas’ partnership with Council Capital from 2013-2019.
David Cortese is a technology veteran with 30 years of experience ranging from start-ups to Fortune 500 companies. He previously served as President of the Digital Technology Division at Advantage Solutions and as Division CIO at Sony Pictures. Presently, Cortese is the Chief Commercial Officer at Simbe Robotics Inc.
Henry “Hank” Flint is a beverage industry leader who spent over 15 years with Coca-Cola Consolidated, the largest Coca-Cola bottling company in the U.S. with over $5 billion in revenue. He served as the company’s Vice Chairman from 2007 to 2012 and as President and COO from 2012 to 2018 before retiring in 2019.
Brian Hamel is an expert in go-to-market strategy development and execution, having spent over 35 years in the technology industry in executive roles with global tech leaders IBM, Oracle, and Lenovo. He previously served as SVP, Oracle Cloud Business Group, and was recently named EVP of Worldwide Field Operations for Veritas Technologies.
About EspriGas
EspriGas is a technology driven beverage, medical, and industrial gas company. It brings a modern approach to the gas industry by utilizing a network business model to deliver products nationally. The company leverages its unique service and technology capabilities to handle the complex needs of large, multi-site companies through a national network of gas supply partners. EspriGas has been servicing customers with numerous locations dispersed through the country for over 25 years. www.EspriGas.com
Katie Huff
Trevelino/Keller
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404-214-0722 x 102
Howard Wenger to Continue with Solaria as Board Director and Strategic Advisor
FREMONT, Calif.--(BUSINESS WIRE)--$SPWRA #Aesthetic--Solaria Corporation, a global provider of premium solar energy products, today announced the appointment of solar industry veteran Vikas Desai as the company’s new president. Solaria’s current president Howard Wenger will continue with the company as a board member and strategic advisor.
An accomplished solar industry executive, Mr. Desai served as senior vice president and general manager of SunPower Corporation’s (NASDAQ: SPWRA) residential and light commercial business unit, which he founded and scaled up to $1 billion in annualized revenues. Vikas Desai also held CEO roles at EchoFirst (acquired by SunEdison) and Powerside, a power analytics provider, and served as senior vice president and general manager at the distributed solar divisions of both SunEdison and Flextronics.
“Vikas has a passion for building teams and go-to-market channels; we are very pleased that he is joining the outstanding professionals on Solaria’s leadership team,” said Solaria CEO Tony Alvarez. “Vikas has built multiple businesses in both the solar and related technology realms. He brings deep experience and expertise in residential solar, having scaled multiple distributed solar businesses globally.”
“I’m thrilled to be part of a team that is dedicated to developing and delivering unparalleled products with excellent customer service, powered by our network of Pro Partners,” noted Mr. Desai. “Solaria offers unrivaled advanced technology. I look forward to working with Solaria’s talented team to help accelerate the company’s growth and scale its success as it expands its offerings and global reach.”
“We are looking forward to this next chapter in Solaria’s evolution,” added Tony Alvarez. “I want to thank Howard Wenger for serving as president during a very challenging time – and for helping us develop a vision of what the company can become. We are delighted that Howard will be continuing with us as board member and strategic advisor to help Solaria become a leading solar brand.”
About Solaria
Solaria Corporation is a US-based solar PV technology and systems company, with a 20-year history in solar power innovation and product development. Solaria is paving the way for distributed, clean power generation by delivering state-of-the-art engineering and automation to provide superior field performance and unrivaled aesthetics. Solaria is headquartered in California, USA. For more information, please visit www.solaria.com.
Susan DeVico This email address is being protected from spambots. You need JavaScript enabled to view it. +1 415 235-8758
HBCU Corporate Scholars Program will allow 24 students in Exelon service areas to attend historically Black colleges and universities
CHICAGO--(BUSINESS WIRE)--Exelon has partnered with UNCF (United Negro College Fund) to launch the Exelon HBCU Corporate Scholars Program, which will provide African American students with four years of scholarship assistance, opportunities for summer internships and early career readiness support to help prepare them for rewarding careers at Exelon and within the energy industry. The scholarships, valued at nearly $3 million, will provide 24 students with $100,000 each – or $25,000 per year for four years — and will be administered by UNCF. Students who reside in Delaware, Illinois, Maryland, New Jersey, Pennsylvania and Washington, D.C., are eligible to apply for the Exelon HBCU Corporate Scholars Program.
“It is imperative that we engage, educate and inspire the next generation of leaders and equip them with the tools and resources they need to prepare for their professional careers,” said Chris Crane, Exelon president and CEO. “At Exelon, we know that a diverse, equitable and inclusive culture leads to greater innovation and better outcomes for our customers and communities. It is our hope that these HBCU Scholars benefit from the academic, professional and financial support and ultimately come to work for Exelon after they graduate.”
The new partnership complements Exelon’s ongoing support for schools and educational institutions within its local markets, including the following HBCUs:
Though there are no HBCUs in Illinois, partnerships exist with Chicago State University, City Colleges of Chicago, DePaul University, Illinois Tech and University of Illinois at Chicago.
Eligible students can click here to apply for the Exelon HBCU Corporate Scholar Program.
For more information about Exelon’s commitment to the communities it serves and educating tomorrow’s workforce, click here.
About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
About UNCF
UNCF (United Negro College Fund) is the nation’s largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students’ education and development through scholarships and other programs, supports and strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. UNCF institutions and other historically Black colleges and universities are highly effective, awarding nearly 20% of African American baccalaureate degrees. UNCF administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 60,000 students at over 1,100 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized trademark, ‟A mind is a terrible thing to waste.” ® Learn more at UNCF.org for continuous updates and news, follow UNCF on Twitter at @UNCF.
Liz Keating
Corporate Communications
312-394-4111
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ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group, Inc., (OTCQB: CRTG), developers of engineered silicon and 3D volumetric displays, is pleased to announce the promotions of Dr. Michelle Tokarz to Vice President of Partnerships & Innovation and Dr. Ramez Elgammal to Chief Technology Officer.
As The Coretec Group moves forward in the development of multiple technologies across a range of sectors including batteries, quantum dots, and semiconductors, the need for further development and expertise has never been so apparent. As the company continues to expand its IP and in turn its range of applications, the company is also growing and promoting its team.
Dr. Michelle Tokarz is the perfect blend of scientist and businessperson. Dr. Tokarz developed her science and business acumen in the pharmaceutical industry holding research chemistry and subsequent production roles for Merck and Eli Lilly. Participating with and assisting several groups in NSF ICorp customer discovery sessions, she led several teams through the initial, as well as the full-scale, national program. Dr. Tokarz has also participated in several NSF SBIR review boards. Dr. Tokarz earned her Ph.D. in Materials Science and a dual Master’s degree in Mechanical Engineering and Materials Science from the University of Michigan in Ann Arbor.
Dr. Ramez Elgammal has a broad background in science, engineering, and entrepreneurship. He is a Senior Research Associate at the University of Tennessee where he manages a broad spectrum of projects in energy storage and energy generating devices including fuel cells, flow batteries, and lithium-ion batteries. Dr. Elgammal served as Director of New Applications for Sylvatex Inc. developing advanced lithium-ion battery materials and prior to that he co-founded two clean-tech companies: Novoform Technologies (which develops catalysts for gas-to-liquid conversion and was acquired in 2014) and Saratoga Energy Research Partners (focused on electrochemical CO2 conversion process to synthesize carbon nanomaterials for lithium-ion battery anodes). He has over 40 publications and conference proceedings and 7 patents pending. Dr. Elgammal earned his M.Sc. in Applied Physics and Ph.D. in Chemistry at the California Institute of Technology (CalTech) as a Rosen Fellow and holds an honor’s B.S. in Chemistry from Central Michigan University where he was a Centralis Scholar.
“Michelle and Ramez are key players in the growth of The Coretec Group. Their combined knowledge, industry connections, and expertise are unsurpassed, but more importantly they share the entrepreneurial spirit that drives our team,” said Matthew Kappers, CEO.
About The Coretec Group
The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.
For more information, please visit www.thecoretecgroup.com. Follow The Coretec Group on Twitter and LinkedIn.
Forward-Looking Statements:
The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements, and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
Corporate contact:
The Coretec Group, Inc.
Lindsay McCarthy
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HELSINKI--(BUSINESS WIRE)--#carbonremoval--Puro.earth has launched the Pre-CORC framework, a service to match early-stage high-quality carbon removal projects with corporate offtakers who want to secure their supply of negative emissions to fulfill net zero pledges. The framework aims to accelerate the pace of the voluntary carbon removal market and unlock global scaling.
“Offtake agreements are the missing piece for carbon removal suppliers, investors and banks,” says Antti Vihavainen, CEO of Puro.earth. “Just as corporates can secure future supply of renewable energy, now they can commit to buy future carbon removal and help projects launch operations or expand.”
Carbon removal demand has outpaced supply and, although carbon negative industries are crucial to achieving the Paris Agreement climate goals, they still face high barriers to scaling. Suppliers face tough challenges to obtain equity funding and loans to set up the infrastructure needed for their carbon removal projects. Puro.earth is a pioneer in assisting their entry to the carbon market by co-creating the first carbon removal methodologies for biochar, building materials and geologically stored carbon, and creating the CO2 Removal Certificate, or CORC, a verified carbon credit issued solely for negative emissions. With the new service, carbon removal suppliers can now secure advance multi-year commitments for future carbon credit revenue, which will enable access to equity and debt.
“We see lost economic and climate potential in the underdevelopment of the carbon negative industries, so we want to remedy it. The carbon removal market needs scaling through liquidity. With the Pre-CORC framework we enable both offtake agreements now and spot market availability later,” says Vihavainen.
The Pre-CORC framework consists of a new instrument called the Pre-CORC, a commitment that represents the future production and purchase of a CORC, a project listings platform for matchmaking, and bi-lateral agreement facilitation.
By joining the platform, corporate buyers will have a window into the scaling plans of projects from different methodologies exclusively from carbon removals, and easy tools to create a portfolio by price, geography, method, and durability, in this way managing risk in carbon offsetting and removal portfolios. The international launch includes 13 projects in 9 countries, with a projected availability of 300,000 tonnes of CO2 removal from 4 methodologies. The framework is open to more interested suppliers. Initial projects include:
-Edgewood Biorefinery (biochar, Canada)
-Carbon Neutral Initiative (enhanced weathering, Surinam)
-Standard Biocarbon Corporation (biochar, US)
-Amata Green (biochar, Spain)
-Inkan Negro (biochar, Peru)
-BioRestorative Ideas, (biochar, Puerto Rico)
-Emergent Waste Solutions (biochar, Canada)
-Accend (wooden building elements, Norway)
-Carbo-FORCE (biochar, Germany)
-CCm Technologies (soil amendments, UK)
-Dowmann (biochar, Ireland)
And project development partners GECA Environnement and Accend Consulting. The platform is available at https://puro.earth/pre-corc
Tom Davis
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Largest solar panel installation for Keysight globally accelerates company’s commitment to net zero emissions with on-site renewable energy generation
SANTA ROSA, Calif.--(BUSINESS WIRE)--$KEYS #CSR--Keysight Technologies, Inc. (NYSE: KEYS), a leading technology company that delivers advanced design and validation solutions to help accelerate innovation to connect and secure the world, announced the installation of a rooftop solar array at the company’s largest site, located in Penang, Malaysia, with completion estimated for Spring 2022.
Keysight is committed to achieving net zero emissions in company operations by the end of fiscal year 2040, in alignment with the Paris Agreement's preferred goal to limit global warming to 1.5°C.
“One of Keysight’s top priorities is mitigating the impacts of climate change and leaving a healthier planet for future generations. Social responsibility is one of the key values of the Keysight Leadership Model and is at the core of our DNA,” said Alicia Benson, global director of Keysight’s Workplace Solutions. “This solar installation project is an example of our commitment to a low carbon future, and proof that we are making steady progress toward achieving our goals.”
Covering the rooftops of all eight buildings at the Bayan Lepas site in Penang, Malaysia, this is the largest solar power generation system for Keysight globally and the largest industry rooftop PV system in Penang. It is a 5.8 megawatt (MW) peak solar installation, creating approximately 7.9 million kWh of energy annually, which is more than 16 percent of the total current annual energy consumption at the site. It will reduce the equivalent of approximately 5,000 metric tons of carbon dioxide emissions in the first year and more than 95,000 metric tons over 20 years.
“Despite the challenges of the recent pandemic, we have continued to make progress on this project and many other initiatives towards our CSR objectives. We remain steadfast in our commitment to building a better planet and supporting local communities where we operate,” said Gooi Soon Chai, Keysight senior vice president and president of Keysight Malaysia and Singapore. “As a leading industry player in Malaysia for the past 50 years, we are also extremely proud to contribute to Malaysia’s 2050 carbon neutral goal as outlined in the Twelfth Malaysia Plan. We welcome and support the shift to more sustainable economic practices in countries worldwide.”
About Keysight Technologies
Keysight delivers advanced design and validation solutions that help accelerate innovation to connect and secure the world. Keysight’s dedication to speed and precision extends to software-driven insights and analytics that bring tomorrow’s technology products to market faster across the development lifecycle, in design simulation, prototype validation, automated software testing, manufacturing analysis, and network performance optimization and visibility in enterprise, service provider and cloud environments. Our customers span the worldwide communications and industrial ecosystems, aerospace and defense, automotive, energy, semiconductor and general electronics markets. Keysight generated revenues of $4.2B in fiscal year 2020. For more information about Keysight Technologies (NYSE: KEYS), visit us at www.keysight.com.
Additional information about Keysight Technologies is available in the newsroom at https://www.keysight.com/go/news and on Facebook, LinkedIn, Twitter and YouTube.
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WYOMISSING, Pa.--(BUSINESS WIRE)--#CayugaRNG--Cayuga RNG has entered into an agreement to develop its third project to produce renewable natural gas (“RNG”) in upstate New York. This is in addition to the previously announced Spruce Haven and Allen Farms projects. Cayuga RNG is a joint venture of UGI Energy Services, LLC (“UGIES”), a subsidiary of UGI Corporation (NYSE: UGI), and Global Common Energy, LLC (“GCE”).
Cayuga RNG’s third project will be constructed at El-Vi Farms, which is located on the border of Wayne and Ontario counties in upstate New York. The project will include the construction of a manure digester and gas upgrading equipment. Once completed in the first half of calendar year 2023, the project is expected to produce 55 million cubic feet of RNG annually that will be delivered to a local natural gas pipeline serving the regional distribution system. UGIES’ subsidiary, GHI Energy, will be the exclusive marketer for Cayuga RNG.
In total, the Spruce Haven, Allen Farms, and El-Vi Farms projects represent nearly $50 million of investment in renewable energy projects for Cayuga RNG. Cayuga RNG is actively pursuing several other projects in the region.
Robert F. Beard, Executive Vice President, Natural Gas said, “This is another great collaborative opportunity to expand our RNG business in the Finger Lakes region of New York. We are pleased with our progress in positioning UGI as a leader in meeting the environmental and social needs of our customers and our communities, and look forward to further expanding our portfolio of renewable offerings.”
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States and California and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
About GCE
GCE designs, develops, owns and operates various energy projects, including utility scale power plants, renewable fuels projects, microgrids, and on-site generation projects. GCE establishes Strategic Energy Partnerships with our clients to design and implement energy projects that meet their business objectives. GCE has a broad range of experience in all aspects of energy project design, development and financing. GCE has performed innovative feasibility studies and project design; negotiated project agreements needed to enable financing, including complex power purchase agreements (PPAs); engineering, procurement, and construction (EPC) contracts; fuel supply agreements; and secured complex environmental permits in challenging regulatory environments. GCE also has extensive experience developing financial models and securing project financing.
Comprehensive information about GCE is available on the Internet at http://globalcommon.com/
About El-Vi Farms
El-Vi Farms is a family owned farm originally founded in 1948 by Elmer and Viola Peck and has been located in Newark, NY since 1953. Now, as a multi-family farm, El-Vi Farms is jointly owned and operated by the Peck, Ruffalo, Andrew, and Skellie families. The farm operates with approximately 2,200 cows on 3,300 acres of land. El-Vi Farms takes pride in caring for our people, animals, and land in a sustainable way.
Investor Relations
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
DUBLIN, Ireland & AUSTIN, Texas--(BUSINESS WIRE)--Gazelle Wind Power announced the opening of its U.S. office in Austin, Texas, at 1250 South Capital of Texas Highway. This is the company's first office in the United States, signaling Gazelle's entry into the American wind energy marketplace. Gazelle's unique concept is the first and only offshore floating wind system of its kind to be verified by DNV.
Gazelle Wind Power has reinvented the floating wind platform to be lighter, flexible, and more stable, positioning the company as a fundamental driver for opening the massive deep-water offshore wind market.
"The addition of this U.S. office is a significant milestone for Gazelle as we take our innovative technology to the global market. We chose Austin for our U.S. office because several leading sources rank the city as a top cleantech innovation hub, which gives us unparalleled access to potential partners," said Jon Salazar, founder, and president of Gazelle Wind Power. "Austin also provides Gazelle with convenient access to the robust offshore wind market that is taking off in the Gulf Coast region and throughout the United States."
Wind energy in the U.S. is growing at a record pace. The U.S. Department of Energy reports that a record-breaking 17 GW of new wind capacity was installed in 2020, bringing the nation's cumulative total to 122 GW.
Still, wind power only represents about 8.4% of total U.S. utility-scale electricity generation, according to the U.S. Energy Information Administration. This leaves a great deal of room for growth.
With land constraints severely restricting onshore expansion, wind energy's next development phase requires opening the massive offshore wind market. Last year, the U.S. offshore wind energy pipeline increased by 24% to a potential generating capacity of 35 GW.
The floating offshore wind market is projected to reach 250 GW by 2050, according to DNV. Based in Norway, DNV is a global independent classification, assurance and risk management provider, it is one of the world’s leading certification bodies, helping businesses assure the performance of their organisations, products, people, facilities and supply chains.
Reaching the maximum amount of energy production requires developing wind farms in waters deeper than 60 meters with substantially larger turbines. But, at these depths, it's harder to build, secure, and maintain fixed platforms to the seafloor. Gazelle's innovative, hybrid attenuated mooring platform is designed and engineered by leading naval engineers to enable floating offshore wind production in deeper waters farther out at sea. Its unique platform design is a hybrid of the semi-submersible and tension leg platform designs, incorporating all their advantages.
Lighter than conventional platforms, it uses approximately 70% less steel and is one-third the weight of other floating platforms. It has a tilt of less than 1 degree and has 80% less mooring tension load than tension leg platforms. The Gazelle platform is more compact and simpler to build, deploy, and maintain than other floating platforms, which translates to dramatically lower levelized cost of energy (LCOE).
Gazelle is led by a group of policymakers, government officials, engineers, and CEOs with extensive energy, policy, and business experience. In addition to its U.S. office, Gazelle has opened offices in Dubai, London, Madrid, and Paris.
About Gazelle Wind Power
Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonisation. The company's durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, Paris, and Texas. For more information, visit www.gazellewindpower.com.
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Wendy Prabhu
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