OKLAHOMA CITY--(BUSINESS WIRE)--LSB Industries, Inc. (“LSB” or “the Company”), (NYSE: LXU), today announced that its Board of Directors has authorized an increase in the size of the Company’s previously announced $50 million stock repurchase program implemented in May 2022. Under the expanded program, LSB Industries may now repurchase up to $100 million of its outstanding common stock, of which approximately $85 million remains available for future repurchases.
Mark Behrman, LSB Industries’ President, and Chief Executive Officer of LSB commented, “Our decision to expand the share repurchase authorization reflects not only the strength of our balance sheet and the strong profitability and robust free cash flow that we generated in our 2022 second quarter but is also indicative of the favorable outlook for our business through the balance of 2022 and 2023. The repurchase of our common stock is one of multiple ways we look to drive shareholder value, along with continued operational improvement, execution on our organic growth opportunities including the debottlenecking of our facilities, and potential strategic acquisitions.”
Under the repurchase program shares may be repurchased in the open market or in private transactions and may be pursuant to any trading plan that may be adopted in accordance with applicable securities laws and regulations, including Rule 10b5-1 of the Securities Exchange Act of 1934.
The timing and amount of any shares repurchased will depend on a variety of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and LSB’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. The repurchase program does not obligate LSB Industries to purchase any particular number of shares.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all of its people, the Company is well positioned to play a key role in the reduction of global carbon emissions through its planned carbon capture and sequestration, and zero-carbon ammonia strategies. Additional information about LSB can be found on its website at www.lsbindustries.com.
Forward-Looking Statements
This press release includes statements that are not historical or express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions, including the timing, amounts and terms of share repurchases, if any, as well as projections of our future financial performance, including the effects of the COVID-19 pandemic and anticipated performance based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or actual achievements to differ materially from the results, level of activity, performance or anticipated achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, our ability to repurchase shares in the open market or otherwise and the terms of any such repurchases, business and market disruptions related to the COVID-19 pandemic, market conditions and price volatility for our products and feedstocks, as well as global and regional economic downturns that adversely affect the demand for our end-use products, disruptions in production at our manufacturing facilities and other financial, economic, competitive, environmental, political, legal and regulatory factors. Investors should consider these and other risk factors that are discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at http://www.sec.gov.
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not place undue reliance upon such forward-looking statements, which speak only as of the date of this press release, as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments or otherwise.
Investor Contacts:
Fred Buonocore, CFA, Vice President of Investor Relations
(405) 510-3550
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Media Contact:
David Kimmel, Director of Communications
(405) 815-4645
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SAN FRANCISCO--(BUSINESS WIRE)--Generate Capital, PBC, a leading sustainable infrastructure investment and operating platform, today announced two internal promotions and two external hires to its investment team. These four leaders’ extensive backgrounds across the sustainable infrastructure markets highlight the breadth and depth of knowledge required to solve our most pressing climate and infrastructure challenges.
“Our people are everything at Generate. We have achieved our role in these markets because of our unwavering commitment to hiring and growing the most talented and values-driven people we can find,” said Scott Jacobs, CEO and co-founder of Generate.
Generate is pleased to announce two recent promotions of long-standing contributors Peggy Flannery and Pietro Lomazzi:
Generate is also pleased to announce two new senior-level additions to its Credit and Investments teams, Greg Richards and Alex Raksin:
“Being able to elevate long-standing leaders like Peggy and Pietro showcases their extensive contributions to our company’s success, earning our rising expectations for their continued leadership,” Jacobs shared. “We are where we are leading the Infrastructure Revolution because of the talent, commitment, and grit they have shown for many years now. And attracting great new professionals like Greg and Alex is critical to being able to achieve our growing ambitions for success and impact.”
About Generate
Generate Capital, PBC is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, transportation, water, waste and digital infrastructure. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to thousands of customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
Emily Chasan
(415) 480-2914
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LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a leader in sustainable, grid-scale energy storage solutions, announced financial results for the second quarter ended June 30, 2022.
Robert Piconi, Chairman, Co-Founder and CEO of Energy Vault, stated, “Strong progress was made during the quarter as evidenced by the announcements today across our gravity EVx and Energy Vault Solutions portfolio as our team continues to execute well on scaling up the business focused on the U.S, Australia and China. I am particularly pleased with the feedback from our customers in choosing Energy Vault as their energy storage partner for both short and long duration storage solutions. The rapid development of our new hardware-agnostic Energy Management Software platform underpinning approximately 1 GWh of new project awards announced today is a tremendous differentiator in the market.”
Mr. Piconi continued, “Execution on our 2022 regional priorities for first deployments remains strong with tremendous momentum being built going into the second half of the year. This positions us well to execute on our 2023 revenue plan, backed by a strong cash position to support our growth plans and no debt on the balance sheet.”
Second Quarter 2022 and Recent Business Highlights:
Large scale gravity-energy storage projects utilizing our EVx system continues multi-continent progress:
Announcing first utility-scale battery energy storage projects utilizing the new Energy Vault Solutions (EVS) software platform:
Other recent updates:
Outlook:
Conference Call Information
Energy Vault will host a conference call today at 8:00 AM ET to discuss the results, followed by a Q&A session. A live webcast of the call can be accessed https://www.energyvault.com/. To access the call, participants may dial 1-877-704-4453, international callers may use 1-201-389-0920, and request to join the Energy Vault earnings call.
A telephonic replay will be available shortly after the conclusion of the call and until, August 22, 2022. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 13731405. The call will also be available for replay via webcast link on the Investors portion of the Energy Vault website at https://www.energyvault.com/.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our future expansion, deployments, capabilities, capital resources and future financial performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the rollout of Energy Vault’s business and the timing of expected business milestones, including with respect to the projects described herein, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions, our limited operating history as a public company, whether MOUs or similar arrangements and other strategic investments will result in future revenues, the impact of any delays in projects for which we expect to receive revenue in 2022 or 2023, delays in construction or delivery of materials for projects, sufficiency of cash to support the company’s expansion plans, the fact that the company has no committed revenue for future periods and risks affecting our partnerships and customers. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on May 16, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
ENERGY VAULT HOLDINGS, INC. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Unaudited) |
|||||||
(In thousands except par value) |
|||||||
June 30, |
December 31, |
||||||
|
2022 |
|
2021 |
||||
Assets |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
299,063 |
|
|
$ |
105,125 |
|
Accounts receivable |
|
5,559 |
|
|
|
— |
|
Contract assets |
|
22,500 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
4,277 |
|
|
|
5,538 |
|
Total current assets |
|
331,399 |
|
|
|
110,663 |
|
Property and equipment, net |
|
9,319 |
|
|
|
11,868 |
|
Right-of-Use assets, net |
|
1,106 |
|
|
|
1,238 |
|
Other assets |
|
3,696 |
|
|
|
1,525 |
|
Total Assets |
$ |
345,520 |
|
|
$ |
125,294 |
|
Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Accounts payable |
$ |
2,164 |
|
|
$ |
1,979 |
|
Accrued expenses |
|
1,707 |
|
|
|
4,704 |
|
Deferred revenue, current portion |
|
3,033 |
|
|
|
— |
|
Long-term finance leases, current portion |
|
44 |
|
|
|
48 |
|
Long-term operating leases, current portion |
|
582 |
|
|
|
612 |
|
Total current liabilities |
|
7,530 |
|
|
|
7,343 |
|
Deferred pension obligation |
|
163 |
|
|
|
734 |
|
Asset retirement obligation |
|
968 |
|
|
|
978 |
|
Deferred revenue, long-term portion |
|
8,196 |
|
|
|
1,500 |
|
Long-term finance leases |
|
15 |
|
|
|
34 |
|
Long-term operating leases |
|
563 |
|
|
|
662 |
|
Warrant liability |
|
21,499 |
|
|
|
— |
|
Total liabilities |
|
38,934 |
|
|
|
11,251 |
|
Commitments and contingencies |
|
|
|
||||
Convertible preferred stock, $0.0001 par value; 85,739 shares authorized, 85,739 shares issued and outstanding at December 31, 2021; liquidation preference of $171,348 |
|
— |
|
|
|
182,709 |
|
Stockholders’ Equity (Deficit) |
|
|
|
||||
Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued |
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value; 500,000 shares authorized, 134,441 shares issued, and 134,441 outstanding at June 30, 2022; 120,568 shares authorized, 20,432 shares issued, and 20,432 outstanding at December 31, 2021 |
|
13 |
|
|
|
— |
|
Additional paid-in capital |
|
402,004 |
|
|
|
713 |
|
Accumulated deficit |
|
(95,223 |
) |
|
|
(68,966 |
) |
Accumulated other comprehensive loss |
|
(208 |
) |
|
|
(413 |
) |
Total stockholders’ equity (deficit) |
|
306,586 |
|
|
|
(68,666 |
) |
Total Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) |
$ |
345,520 |
|
|
$ |
125,294 |
|
ENERGY VAULT HOLDINGS, INC. |
|||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(In thousands except per share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenue |
$ |
977 |
|
|
$ |
— |
|
|
$ |
43,861 |
|
|
$ |
— |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue |
|
571 |
|
|
|
— |
|
|
|
571 |
|
|
|
— |
|
Sales and marketing |
|
1,949 |
|
|
|
189 |
|
|
|
4,529 |
|
|
|
274 |
|
Research and development |
|
9,763 |
|
|
|
2,202 |
|
|
|
19,424 |
|
|
|
3,223 |
|
General and administrative |
|
10,668 |
|
|
|
3,006 |
|
|
|
20,474 |
|
|
|
4,861 |
|
Inventory write-down |
|
— |
|
|
|
2,744 |
|
|
|
— |
|
|
|
2,744 |
|
Loss from operations |
|
(21,974 |
) |
|
|
(8,141 |
) |
|
|
(1,137 |
) |
|
|
(11,102 |
) |
Other income (expense) |
|
|
|
|
|
|
|
||||||||
Change in fair value of derivative |
|
— |
|
|
|
24,102 |
|
|
|
— |
|
|
|
— |
|
Interest expense |
|
— |
|
|
|
(3 |
) |
|
|
(1 |
) |
|
|
(7 |
) |
Change in fair value of warrant liability |
|
15,592 |
|
|
|
— |
|
|
|
(4,645 |
) |
|
|
— |
|
Transaction costs |
|
— |
|
|
|
— |
|
|
|
(20,586 |
) |
|
|
— |
|
Other income (expense), net |
|
249 |
|
|
|
611 |
|
|
|
285 |
|
|
|
(1,317 |
) |
Income (loss) before income taxes |
|
(6,133 |
) |
|
|
16,569 |
|
|
|
(26,084 |
) |
|
|
(12,426 |
) |
Provision for income taxes |
|
45 |
|
|
|
— |
|
|
|
173 |
|
|
|
— |
|
Net income (loss) |
$ |
(6,178 |
) |
|
$ |
16,569 |
|
|
$ |
(26,257 |
) |
|
$ |
(12,426 |
) |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share — basic |
|
|
|
|
|
|
|
||||||||
Common stock |
$ |
(0.05 |
) |
|
$ |
0.18 |
|
|
$ |
(0.24 |
) |
|
$ |
(1.10 |
) |
Convertible preferred stock |
|
— |
|
|
$ |
0.20 |
|
|
|
— |
|
|
|
— |
|
Net income (loss) per share — diluted |
|
|
|
|
|
|
|
||||||||
Common stock |
$ |
(0.05 |
) |
|
|
0.16 |
|
|
$ |
(0.24 |
) |
|
$ |
(1.10 |
) |
Convertible preferred stock |
|
— |
|
|
|
0.20 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of outstanding — basic |
|
|
|
|
|
|
|
||||||||
Common stock |
|
133,777 |
|
|
|
11,792 |
|
|
|
107,509 |
|
|
|
11,329 |
|
Convertible preferred stock |
|
— |
|
|
|
70,880 |
|
|
|
— |
|
|
|
— |
|
Weighted average shares of outstanding — diluted |
|
|
|
|
|
|
|
||||||||
Common stock |
|
133,777 |
|
|
|
13,426 |
|
|
|
107,509 |
|
|
|
11,329 |
|
Convertible preferred stock |
|
— |
|
|
|
70,880 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss) — net of tax |
|
|
|
|
|
|
|
||||||||
Actuarial gain (loss) on pension |
$ |
282 |
|
|
$ |
(332 |
) |
|
$ |
560 |
|
|
$ |
899 |
|
Foreign currency translation gain (loss) |
|
(261 |
) |
|
|
47 |
|
|
|
(355 |
) |
|
|
232 |
|
Total other comprehensive income (loss) |
|
21 |
|
|
|
(285 |
) |
|
|
205 |
|
|
|
1,131 |
|
Total comprehensive income (loss) |
$ |
(6,157 |
) |
|
$ |
16,284 |
|
|
$ |
(26,052 |
) |
|
$ |
(11,295 |
) |
ENERGY VAULT HOLDINGS, INC. |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(Unaudited) |
|||||||
(In thousands) |
|||||||
|
Six Months Ended June 30, |
||||||
|
2022 |
|
2021 |
||||
Cash Flows From Operating Activities |
|
|
|
||||
Net income (loss) |
$ |
(26,257 |
) |
|
$ |
(12,426 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
2,404 |
|
|
|
447 |
|
Non-cash lease expense |
|
349 |
|
|
|
299 |
|
Non-cash interest income |
|
(109 |
) |
|
|
— |
|
Stock based compensation |
|
15,863 |
|
|
|
250 |
|
Change in fair value of derivative |
|
— |
|
|
|
— |
|
Change in fair value of warrant liability |
|
4,645 |
|
|
|
— |
|
Change in pension obligation |
|
15 |
|
|
|
35 |
|
Asset retirement obligation accretion expense |
|
37 |
|
|
|
— |
|
Foreign exchange gains and losses |
|
33 |
|
|
|
— |
|
Change in operating assets |
|
(30,504 |
) |
|
|
348 |
|
Change in operating liabilities |
|
6,670 |
|
|
|
(1,084 |
) |
Net cash used in operating activities |
|
(26,854 |
) |
|
|
(8,942 |
) |
Cash Flows From Investing Activities |
|
|
|
||||
Purchase of property and equipment |
|
(333 |
) |
|
|
(73 |
) |
Purchase of convertible notes |
|
(2,000 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(2,333 |
) |
|
|
(73 |
) |
Cash Flows From Financing Activities |
|
|
|
||||
Proceeds from exercise of stock options |
|
36 |
|
|
|
6 |
|
Proceeds from reverse recapitalization and PIPE financing, net |
|
235,940 |
|
|
|
— |
|
Proceeds from exercise of warrants |
|
7,854 |
|
|
|
— |
|
Payment of transaction costs related to reverse recapitalization |
|
(20,651 |
) |
|
|
— |
|
Payment of lease obligations |
|
(19 |
) |
|
|
(238 |
) |
Proceeds from Series B-1 Preferred Stock, net of issuance costs |
|
— |
|
|
|
15,304 |
|
Net cash provided by financing activities |
|
223,160 |
|
|
|
15,072 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(35 |
) |
|
|
1,522 |
|
Net increase in cash |
|
193,938 |
|
|
|
7,579 |
|
Cash and cash equivalents – beginning of the period |
|
105,125 |
|
|
|
10,051 |
|
Cash and cash equivalents – end of the period |
$ |
299,063 |
|
|
$ |
17,630 |
|
|
|
|
|
||||
Supplemental Disclosures of Cash Flow Information: |
|
|
|
||||
Income taxes paid |
|
1 |
|
|
|
860 |
|
Cash paid for interest |
|
1 |
|
|
|
7 |
|
Reclassification of inventory costs |
|
— |
|
|
|
10,948 |
|
Supplemental Disclosures of Non-Cash Investing and Financing Information: |
|
|
|
||||
Conversion of redeemable preferred stock into common stock in connection with the reverse recapitalization |
|
182,034 |
|
|
|
— |
|
Warrants assumed as part of reverse recapitalization |
|
19,838 |
|
|
|
— |
|
Actuarial gain on pension |
|
550 |
|
|
|
232 |
|
Assets acquired on finance lease |
|
— |
|
|
|
27 |
|
Purchases of intangible assets recorded in accrued liabilities |
|
— |
|
|
|
116 |
|
Non-GAAP Financial Measure
We use adjusted EBITDA to complement our condensed consolidated statements of operations. Management believes that this non-GAAP financial measure complements our GAAP net income (loss) and such measure is useful to investors. The presentation of this non-GAAP measure is not meant to be considered in isolation or as an alternative to net income (loss) as an indicator of our performance.
The following table provides a reconciliation from non-GAAP adjusted EBITDA to GAAP net income (loss), the most directly comparable GAAP measure (amounts in thousands):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net income (loss) (GAAP) |
$ |
(6,178 |
) |
|
$ |
16,569 |
|
|
$ |
(26,257 |
) |
|
$ |
(12,426 |
) |
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
(284 |
) |
|
|
(7 |
) |
|
|
(331 |
) |
|
|
(15 |
) |
Income tax expense |
|
45 |
|
|
|
— |
|
|
|
173 |
|
|
|
— |
|
Depreciation and amortization |
|
1,186 |
|
|
|
430 |
|
|
|
2,404 |
|
|
|
447 |
|
Stock-based compensation expense |
|
6,661 |
|
|
|
243 |
|
|
|
15,863 |
|
|
|
250 |
|
Change in fair value of warrant liability |
|
(15,592 |
) |
|
|
— |
|
|
|
4,645 |
|
|
|
— |
|
Transaction costs |
|
— |
|
|
|
— |
|
|
|
20,586 |
|
|
|
— |
|
Foreign exchange (gains) and losses |
|
(45 |
) |
|
|
(601 |
) |
|
|
(56 |
) |
|
|
1,339 |
|
Change in fair value of derivative liability |
|
— |
|
|
|
(24,102 |
) |
|
|
— |
|
|
|
— |
|
Adjusted EBITDA (non-GAAP) |
$ |
(14,207 |
) |
|
$ |
(7,468 |
) |
|
$ |
17,027 |
|
|
$ |
(10,405 |
) |
We present adjusted EBITDA, which is net income (loss) excluding adjustments that are outlined in the quantitative reconciliation provided above, as a supplemental measure of our performance and because we believe this measure is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. The items excluded from adjusted EBITDA are excluded in order to better reflect our continuing operations.
In evaluating adjusted EBITDA, one should be aware that in the future we may incur expenses similar to the adjustments noted above. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these types of adjustments. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net loss, operating income (loss), or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.
Our adjusted EBITDA measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Because of these limitations, adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to use to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using adjusted EBITDA only supplementally.
About Energy Vault
Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency.
Investors:
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Media:
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Market Index Pricing offering helped overcome marketplace challenges
GREEN BAY, Wis.--(BUSINESS WIRE)--Schneider (NYSE: SNDR), a premier multimodal provider of trucking, intermodal and logistics services is pleased to accept the 2021 Lubricants Innovation award from energy company Chevron for its Market Index Pricing offering.
Chevron created this award to honor carriers who provide creative solutions to capacity challenges in the industry. Schneider stood out for its authenticity and willingness to establish actionable solutions for Chevron freight.
“We are honored to receive an award that acknowledges the unparalleled solution Market Index Pricing offers shippers,” said Schneider Vice President Ben Schuchart.
The Market Index Pricing is a solution offered by Schneider to help shippers secure capacity through 100% order acceptance and transparent market pricing. It allows manufacturers to bypass the spot market by analyzing current purchasing behavior against third-party indexes.
Schneider works with over 60,000 carriers to ensure suitable prices for shippers, like Chevron, through the program. The solution delivers savings regardless of market direction or volatility with real-time, index driven pricing.
Schneider is proud to protect freight coverage during volatile times and deliver savings for all its customers, learn more about the Market Index Pricing by contacting an expert or visiting the dynamic pricing page.
About Schneider
Schneider is a premier provider of transportation, intermodal and logistics services. Offering one of the broadest portfolios in the industry, Schneider’s solutions include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management, Port Logistics and Logistics Consulting.
With nearly $5.6 billion in annual revenue, Schneider has been safely delivering superior customer experiences and investing in innovation for over 85 years. The company’s digital marketplace, Schneider FreightPower®, is revolutionizing the industry giving shippers access to an expanded, highly flexible capacity network and provides carriers with unmatched access to quality drop-and-hook freight – Always Delivering, Always Ahead.
For more information about Schneider, visit Schneider.com or follow the company socially on Facebook, LinkedIn and Twitter: @WeAreSchneider.
Kara Leiterman, Media Relations Manager
M 920-370-7188
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schneider.com/news
TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter 2022.
Sam Norton, President and CEO, offered the following comments on the quarterly results announced today: “Second quarter results announced this morning continued to build on the progressive quarter-to-quarter improvements in important financial measures that we have witnessed over the past year. A return to profitability is perhaps the most gratifying highlight, as we ended the quarter with all vessels in operation for the first time since the onset of COVID-19. The long shadow of COVID-induced demand destruction seems to have finally receded, and the continued emergence of renewable diesel transport is providing favorable demand growth. Time charter equivalent earnings for the quarter exceeded $100 million for the first time in two years, and adjusted EBITDA of $31.5 million represents the best quarterly performance on this metric in many years.”
Mr. Norton added, “Our patience in seeking medium-term charters at remunerative rates for our conventional tankers and ATBs has also yielded positive results. In recent weeks we have concluded employment contracts for our vessels securing nearly $250 million in forward time charter equivalent earnings over contract periods ranging from six to 36 months. As of today, we have fixed employment for 92% of available vessel days across the balance of 2022, and close to 80% of vessel available days for 2023. The welcome cash flow visibility that these fixed revenue streams will provide over the next 18 months should provide greater flexibility in managing opportunities for building on our recent achievements.”
|
||||
A, B, C |
Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 8. |
|||
Second Quarter 2022 Results
Shipping revenues were $118.0 million for the second quarter of 2022, an increase of $14.0 million, or 13.4%, from the first quarter of 2022. TCE revenues increased $9.3 million, or 9.9%, from the first quarter of 2022 to $103.2 million in the second quarter of 2022. The increases were primarily a result of a 173-day decrease in layup days, as our two remaining vessels in layup returned to service in May 2022 and two full Government of Israel voyages and one partial Government of Israel voyage during the second quarter of 2022 that overlapped into the third quarter compared to one such voyage during the first quarter of 2022. The increases were partially offset by a 14-day increase in scheduled drydocking and an 11-day increase in repair days.
Second quarter 2022 operating income was $12.6 million compared to the first quarter 2022 operating income of $7.7 million.
Quarterly adjusted EBITDA increased to $31.5 million during the second quarter of 2022, a $6.1 million increase from the first quarter of 2022. The increase was driven by the increased revenues for the quarter.
In comparison to the second quarter of 2021, shipping revenues were up 33.5%. TCE revenues for the second quarter of 2022 were $103.2 million, an increase of $31.6 million, or 44.0%, compared with the second quarter of 2021. The increases primarily resulted from a 555-day decrease in layup days as we had fewer vessels in layup during the second quarter of 2022 compared to the second quarter of 2021. During the second quarter of 2022, we had two vessels in layup for 82 days, both of which came out of layup in May 2022. During the second quarter of 2021, we had seven vessels in layup. Additionally, the increases resulted from two full Government of Israel voyages and one partial Government of Israel voyage during the second quarter of 2022 that overlapped into the third quarter, compared to one such voyage during the same period in 2021 and an increase in average daily rates earned by our fleet. The increases were partially offset by (a) a 17-day increase in scheduled drydocking, (b) a 14-day increase in repair days, (c) one less MR tanker in our fleet, Overseas Gulf Coast, which was sold in mid-June 2021 and (d) a decrease in Delaware lightering volumes and a decrease in the price per barrel lightered during the second quarter of 2022 compared to the second quarter of 2021.
Operating income for the second quarter of 2022 was $12.6 million compared to an operating loss of $5.8 million for the second quarter of 2021. Net income for the second quarter of 2022 was $3.7 million, or $0.04 per diluted share, compared with a net loss of $10.7 million, or $(0.12) per diluted share, for the second quarter of 2021.
Adjusted EBITDA was $31.5 million for the 2022 second quarter, an increase of $21.3 million compared with the second quarter of 2021, driven primarily by the increase in TCE revenues.
Conference Call
The Company will host a conference call to discuss its second quarter 2022 results at 9:30 a.m. Eastern Time (“ET”) on Monday, August 8, 2022.
To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers and enter Access Code 445428. Please dial in ten minutes prior to the start of the call.
A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at www.osg.com.
An audio replay of the conference call will be available for one week starting at 11:30 a.m. ET on Monday, August 8, 2022, by dialing (866) 813-9403 for domestic callers and (929) 458-6194 for international callers and entering Access Code 762707.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 23 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, and one tanker in cold layup. In addition, OSG also owns and operates one Marshall Islands flagged MR tanker which trades internationally.
OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical fact should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, the impact of our time charter contracts on our future financial performance, and external events such as geopolitical conflicts such as the Russian/Ukraine conflict. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will continue to have, a profound impact on our workforce and many other aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our filings with the SEC. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.
Consolidated Statements of Operations ($ in thousands, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
||||
Shipping Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Time and bareboat charter revenues |
|
$ |
82,969 |
|
|
$ |
62,806 |
|
|
$ |
140,204 |
|
|
$ |
126,594 |
|
Voyage charter revenues |
|
|
35,016 |
|
|
|
25,553 |
|
|
|
81,779 |
|
|
|
43,039 |
|
|
|
|
117,985 |
|
|
|
88,359 |
|
|
|
221,983 |
|
|
|
169,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Voyage expenses |
|
|
14,742 |
|
|
|
16,668 |
|
|
|
24,816 |
|
|
|
32,428 |
|
Vessel expenses |
|
|
44,153 |
|
|
|
34,002 |
|
|
|
84,950 |
|
|
|
65,809 |
|
Charter hire expenses |
|
|
22,350 |
|
|
|
22,595 |
|
|
|
44,346 |
|
|
|
44,913 |
|
Depreciation and amortization |
|
|
16,663 |
|
|
|
15,068 |
|
|
|
33,156 |
|
|
|
30,387 |
|
General and administrative |
|
|
7,435 |
|
|
|
6,004 |
|
|
|
14,373 |
|
|
|
12,370 |
|
(Gain)/loss on disposal of vessels and other property, including impairments, net |
|
|
— |
|
|
|
(196 |
) |
|
|
— |
|
|
|
5,298 |
|
Total operating expenses |
|
|
105,343 |
|
|
|
94,141 |
|
|
|
201,641 |
|
|
|
191,205 |
|
Operating income/(loss) |
|
|
12,642 |
|
|
|
(5,782 |
) |
|
|
20,342 |
|
|
|
(21,572 |
) |
Other (expense)/income, net |
|
|
(16 |
) |
|
|
(111 |
) |
|
|
81 |
|
|
|
11 |
|
Income/(loss) before interest expense and income taxes |
|
|
12,626 |
|
|
|
(5,893 |
) |
|
|
20,423 |
|
|
|
(21,561 |
) |
Interest expense |
|
|
(8,275 |
) |
|
|
(7,317 |
) |
|
|
(16,640 |
) |
|
|
(13,687 |
) |
Income/(loss) before income taxes |
|
|
4,351 |
|
|
|
(13,210 |
) |
|
|
3,783 |
|
|
|
(35,248 |
) |
Income tax (expense)/benefit |
|
|
(611 |
) |
|
|
2,511 |
|
|
|
(552 |
) |
|
|
8,681 |
|
Net income/(loss) |
|
$ |
3,740 |
|
|
$ |
(10,699 |
) |
|
$ |
3,231 |
|
|
$ |
(26,567 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted Average Number of Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic - Class A |
|
|
91,254,864 |
|
|
|
90,612,019 |
|
|
|
90,984,407 |
|
|
|
90,363,243 |
|
Diluted - Class A |
|
|
92,607,727 |
|
|
|
90,612,019 |
|
|
|
92,345,481 |
|
|
|
90,363,243 |
|
Per Share Amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted net income/(loss) - Class A |
|
$ |
0.04 |
|
|
$ |
(0.12 |
) |
|
$ |
0.04 |
|
|
$ |
(0.29 |
) |
Consolidated Balance Sheets ($ in thousands) |
||||||||
|
|
June 30, 2022 |
|
|
December 31, 2021 |
|
||
|
|
(unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
84,441 |
|
|
$ |
83,253 |
|
Voyage receivables, including unbilled of $7,067 and $3,777, net of reserve for doubtful accounts |
|
|
17,152 |
|
|
|
14,586 |
|
Income tax receivable |
|
|
1,883 |
|
|
|
1,882 |
|
Other receivables |
|
|
11,210 |
|
|
|
5,816 |
|
Inventories, prepaid expenses and other current assets |
|
|
6,932 |
|
|
|
3,438 |
|
Total Current Assets |
|
|
121,618 |
|
|
|
108,975 |
|
Vessels and other property, less accumulated depreciation |
|
|
742,834 |
|
|
|
761,777 |
|
Deferred drydock expenditures, net |
|
|
41,940 |
|
|
|
43,342 |
|
Total Vessels, Other Property and Deferred Drydock |
|
|
784,774 |
|
|
|
805,119 |
|
Intangible assets, less accumulated amortization |
|
|
20,317 |
|
|
|
22,617 |
|
Operating lease right-of-use assets, net |
|
|
112,198 |
|
|
|
152,027 |
|
Other assets |
|
|
25,002 |
|
|
|
26,991 |
|
Total Assets |
|
$ |
1,063,909 |
|
|
$ |
1,115,729 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable, accrued expenses and other current liabilities |
|
$ |
47,850 |
|
|
$ |
49,901 |
|
Current portion of operating lease liabilities |
|
|
87,054 |
|
|
|
100,010 |
|
Current portion of finance lease liabilities |
|
|
4,001 |
|
|
|
4,000 |
|
Current installments of long-term debt |
|
|
22,966 |
|
|
|
22,225 |
|
Total Current Liabilities |
|
|
161,871 |
|
|
|
176,136 |
|
Reserve for uncertain tax positions |
|
|
182 |
|
|
|
179 |
|
Noncurrent operating lease liabilities |
|
|
45,003 |
|
|
|
73,150 |
|
Noncurrent finance lease liabilities |
|
|
17,748 |
|
|
|
18,998 |
|
Long-term debt |
|
|
411,137 |
|
|
|
422,515 |
|
Deferred income taxes, net |
|
|
64,260 |
|
|
|
63,744 |
|
Other liabilities |
|
|
20,513 |
|
|
|
22,393 |
|
Total Liabilities |
|
|
720,714 |
|
|
|
777,115 |
|
Equity: |
|
|
|
|
|
|
||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 87,974,424 and 87,170,463 shares issued and outstanding) |
|
|
880 |
|
|
|
872 |
|
Paid-in additional capital |
|
|
596,399 |
|
|
|
594,386 |
|
Accumulated deficit |
|
|
(256,356 |
) |
|
|
(259,587 |
) |
Treasury stock, 145,741 shares, at cost |
|
|
(310 |
) |
|
|
— |
|
|
|
|
340,613 |
|
|
|
335,671 |
|
Accumulated other comprehensive loss |
|
|
2,582 |
|
|
|
2,943 |
|
Total Equity |
|
|
343,195 |
|
|
|
338,614 |
|
Total Liabilities and Equity |
|
$ |
1,063,909 |
|
|
$ |
1,115,729 |
|
Consolidated Statements of Cash Flows ($ in thousands) |
||||||||
|
|
Six Months Ended
|
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
||
Net income/(loss) |
|
$ |
3,231 |
|
|
$ |
(26,567 |
) |
Items included in net income not affecting cash flows: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
33,156 |
|
|
|
30,387 |
|
Loss on disposal of vessels and other property, including impairments, net |
|
|
— |
|
|
|
5,298 |
|
Amortization of debt discount and other deferred financing costs |
|
|
554 |
|
|
|
1,252 |
|
Compensation relating to restricted stock awards and stock option grants |
|
|
2,391 |
|
|
|
1,270 |
|
Deferred income tax expense/(benefit) |
|
|
519 |
|
|
|
(8,679 |
) |
Interest on finance lease liabilities |
|
|
826 |
|
|
|
914 |
|
Non-cash operating lease expense |
|
|
44,874 |
|
|
|
45,672 |
|
Payments for drydocking |
|
|
(7,386 |
) |
|
|
(14,222 |
) |
Operating lease liabilities |
|
|
(45,935 |
) |
|
|
(45,957 |
) |
Changes in operating assets and liabilities, net |
|
|
(15,061 |
) |
|
|
63 |
|
Net cash provided by/(used in) operating activities |
|
|
17,169 |
|
|
|
(10,569 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
||
Expenditures for vessels and vessel improvements |
|
|
(2,046 |
) |
|
|
(5,101 |
) |
Proceeds from disposals of vessels and other property |
|
|
— |
|
|
|
32,128 |
|
Net cash (used in)/provided by investing activities |
|
|
(2,046 |
) |
|
|
27,027 |
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
||
Payments on debt |
|
|
(10,930 |
) |
|
|
(19,251 |
) |
Tax withholding on share-based awards |
|
|
(371 |
) |
|
|
(402 |
) |
Payments on principal portion of finance lease liabilities |
|
|
(2,063 |
) |
|
|
(2,063 |
) |
Deferred financing costs paid for debt amendments |
|
|
(261 |
) |
|
|
(2,429 |
) |
Extinguishment of debt |
|
|
— |
|
|
|
(301 |
) |
Purchases of treasury stock under the stock repurchase program |
|
|
(310 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(13,935 |
) |
|
|
(24,446 |
) |
Net increase/(decrease) in cash, cash equivalents and restricted cash |
|
|
1,188 |
|
|
|
(7,988 |
) |
Cash, cash equivalents and restricted cash at beginning of year |
|
|
83,253 |
|
|
|
69,819 |
|
Cash, cash equivalents and restricted cash at end of year |
|
$ |
84,441 |
|
|
$ |
61,831 |
|
Spot and Fixed TCE Rates Achieved and Revenue Days
The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three and six months ended June 30, 2022 and the comparable period of 2021. Revenue days in the quarter ended June 30, 2022 totaled 1,903 compared with 1,484 in the prior year quarter.
|
|
2022 |
|
|
2021 |
|
||||||||||
Three Months Ended June 30, |
|
Spot
|
|
|
Fixed
|
|
|
Spot
|
|
|
Fixed
|
|
||||
Jones Act Handysize Product Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
48,256 |
|
|
$ |
60,611 |
|
|
$ |
32,613 |
|
|
$ |
65,822 |
|
Revenue days |
|
|
119 |
|
|
|
935 |
|
|
|
182 |
|
|
|
455 |
|
Non-Jones Act Handysize Product Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
42,264 |
|
|
$ |
32,286 |
|
|
$ |
33,437 |
|
|
$ |
12,417 |
|
Revenue days |
|
|
182 |
|
|
|
91 |
|
|
|
187 |
|
|
|
159 |
|
ATBs: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
— |
|
|
$ |
34,939 |
|
|
$ |
— |
|
|
$ |
32,087 |
|
Revenue days |
|
|
— |
|
|
|
181 |
|
|
|
— |
|
|
|
182 |
|
Lightering: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
58,974 |
|
|
$ |
— |
|
|
$ |
87,948 |
|
|
$ |
— |
|
Revenue days |
|
|
129 |
|
|
|
— |
|
|
|
91 |
|
|
|
— |
|
Alaska (a): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
— |
|
|
$ |
60,010 |
|
|
$ |
— |
|
|
$ |
58,753 |
|
Revenue days |
|
|
— |
|
|
|
266 |
|
|
|
— |
|
|
|
228 |
|
|
|
2022 |
|
|
2021 |
|
||||||||||
Six Months Ended June 30, |
|
Spot
|
|
|
Fixed
|
|
|
Spot
|
|
|
Fixed
|
|
||||
Jones Act Handysize Product Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
55,325 |
|
|
$ |
59,442 |
|
|
$ |
28,964 |
|
|
$ |
65,486 |
|
Revenue days |
|
|
529 |
|
|
|
1,487 |
|
|
|
330 |
|
|
|
932 |
|
Non-Jones Act Handysize Product Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
43,164 |
|
|
$ |
24,909 |
|
|
$ |
24,383 |
|
|
$ |
9,586 |
|
Revenue days |
|
|
362 |
|
|
|
181 |
|
|
|
367 |
|
|
|
336 |
|
ATBs: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
— |
|
|
$ |
34,897 |
|
|
$ |
— |
|
|
$ |
32,213 |
|
Revenue days |
|
|
— |
|
|
|
359 |
|
|
|
— |
|
|
|
362 |
|
Lightering: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
62,613 |
|
|
$ |
— |
|
|
$ |
81,339 |
|
|
$ |
— |
|
Revenue days |
|
|
228 |
|
|
|
— |
|
|
|
181 |
|
|
|
— |
|
Alaska (a): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
— |
|
|
$ |
59,500 |
|
|
$ |
— |
|
|
$ |
58,748 |
|
Revenue days |
|
|
— |
|
|
|
535 |
|
|
|
— |
|
|
|
466 |
|
(a) Excludes one Alaska vessel currently in layup. |
||||||||||||||||
Fleet Information
As of June 30, 2022, OSG’s operating fleet consisted of 24 vessels, 12 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.
|
|
Vessels Owned |
|
|
Vessels
|
|
|
Total at June 30, 2022 |
|
|||||||
Vessel Type |
|
Number |
|
|
Number |
|
|
Total Vessels |
|
|
Total dwt (3) |
|
||||
Handysize Product Carriers (1) |
|
|
5 |
|
|
|
11 |
|
|
|
16 |
|
|
|
760,493 |
|
Crude Oil Tankers (2) |
|
|
3 |
|
|
|
1 |
|
|
|
4 |
|
|
|
772,194 |
|
Refined Product ATBs |
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
|
54,182 |
|
Lightering ATBs |
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
|
91,112 |
|
Total Operating Fleet |
|
|
12 |
|
|
|
12 |
|
|
|
24 |
|
|
|
1,677,981 |
|
(1) |
Includes two owned shuttle tankers, 11 chartered-in tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, all of which are U.S. flagged, as well as one owned Marshall Island flagged non-Jones Act MR tanker trading in international markets. |
(2) |
Includes three crude oil tankers doing business in Alaska and one crude oil tanker bareboat chartered-in and in layup. |
(3) |
Total dwt is defined as aggregate deadweight tons for all vessels of that type. |
Reconciliation to Non-GAAP Financial Information
The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.
(A) Time Charter Equivalent (TCE) Revenues
Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. TCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follows:
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
($ in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Time charter equivalent revenues |
|
$ |
103,243 |
|
|
$ |
71,691 |
|
|
$ |
197,167 |
|
|
$ |
137,205 |
|
Add: Voyage expenses |
|
|
14,742 |
|
|
|
16,668 |
|
|
|
24,816 |
|
|
|
32,428 |
|
Shipping revenues |
|
$ |
117,985 |
|
|
$ |
88,359 |
|
|
$ |
221,983 |
|
|
$ |
169,633 |
|
Vessel Operating Contribution
Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
($ in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Niche market activities |
|
$ |
17,404 |
|
|
$ |
17,653 |
|
|
$ |
35,526 |
|
|
$ |
30,795 |
|
Jones Act handysize tankers |
|
|
7,702 |
|
|
|
(11,490 |
) |
|
|
9,160 |
|
|
|
(23,746 |
) |
ATBs |
|
|
4,014 |
|
|
|
3,755 |
|
|
|
8,083 |
|
|
|
7,337 |
|
Alaska crude oil tankers |
|
|
7,620 |
|
|
|
5,176 |
|
|
|
15,102 |
|
|
|
12,097 |
|
Vessel operating contribution |
|
|
36,740 |
|
|
|
15,094 |
|
|
|
67,871 |
|
|
|
26,483 |
|
Depreciation and amortization |
|
|
16,663 |
|
|
|
15,068 |
|
|
|
33,156 |
|
|
|
30,387 |
|
General and administrative |
|
|
7,435 |
|
|
|
6,004 |
|
|
|
14,373 |
|
|
|
12,370 |
|
(Gain)/loss on disposal of vessels and other property, including impairments, net |
|
|
— |
|
|
|
(196 |
) |
|
|
— |
|
|
|
5,298 |
|
Operating income/(loss) |
|
$ |
12,642 |
|
|
$ |
(5,782 |
) |
|
$ |
20,342 |
|
|
$ |
(21,572 |
) |
(B) EBITDA and Adjusted EBITDA
EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude amortization classified in charter hire expenses, interest expense classified in charter hire expenses, loss/(gain) on disposal of vessels and other property, including impairments, net, non-cash stock based compensation expense and loss on repurchases and extinguishment of debt and the impact of other items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income/(loss) or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled measures used by other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA.
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
($ in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net income/(loss) |
|
$ |
3,740 |
|
|
$ |
(10,699 |
) |
|
$ |
3,231 |
|
|
$ |
(26,567 |
) |
Income tax expense/(benefit) |
|
|
611 |
|
|
|
(2,511 |
) |
|
|
552 |
|
|
|
(8,681 |
) |
Interest expense |
|
|
8,275 |
|
|
|
7,317 |
|
|
|
16,640 |
|
|
|
13,687 |
|
Depreciation and amortization |
|
|
16,663 |
|
|
|
15,068 |
|
|
|
33,156 |
|
|
|
30,387 |
|
EBITDA |
|
|
29,289 |
|
|
|
9,175 |
|
|
|
53,579 |
|
|
|
8,826 |
|
Amortization classified in charter hire expenses |
|
|
143 |
|
|
|
143 |
|
|
|
285 |
|
|
|
285 |
|
Interest expense classified in charter hire expenses |
|
|
312 |
|
|
|
341 |
|
|
|
627 |
|
|
|
686 |
|
Non-cash stock based compensation expense |
|
|
1,735 |
|
|
|
694 |
|
|
|
2,391 |
|
|
|
1,270 |
|
(Gain)/loss on disposal of vessels and other property, including impairments, net |
|
|
— |
|
|
|
(196 |
) |
|
|
— |
|
|
|
5,298 |
|
Adjusted EBITDA |
|
$ |
31,479 |
|
|
$ |
10,157 |
|
|
$ |
56,882 |
|
|
$ |
16,365 |
|
(C) Total Cash
($ in thousands) |
|
June 30,
|
|
|
December 31,
|
|
||
Cash and cash equivalents |
|
$ |
84,374 |
|
|
$ |
83,172 |
|
Restricted cash |
|
|
67 |
|
|
|
81 |
|
Total cash |
|
$ |
84,441 |
|
|
$ |
83,253 |
|
Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
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Solar facility to generate 196 megawatts of renewable energy for Verizon Communications
Demonstrates LRE’s continued commitment to the Ohio energy market and responsible development practices
DALLAS--(BUSINESS WIRE)--Leeward Renewable Energy (“LRE” or “Company”) announced today that it has commenced on-site construction on the 196-megawatt (MW) Big Plain Solar project located near London, Ohio. The renewable energy generated by the project will be supplied to Verizon Communications under a long-term power purchase agreement.
SOLV Energy, a leading solar and energy storage construction company, serves as the engineering, procurement, and construction (EPC) contractor on the project, which will utilize First Solar advanced, ultra-low carbon thin-film photovoltaic solar modules. Big Plain Solar is expected to provide approximately 400 construction jobs, with at least 80 percent to Ohioans, furthering LRE’s commitment to hiring local labor.
As part of LRE’s pledge to being responsible stewards of the land it develops and manages, the Company will implement numerous sustainable practices at Big Plain Solar, including maintaining a soil health monitoring program and curating a 70-acre pollinator habitat.
"At Verizon, we are committed to building a greener U.S. energy grid through proven sustainable and socially responsible strategies and programs,'' said James Gowen, Verizon's chief sustainability officer and senior vice president, global supply chain. "The groundbreaking at the Big Plain solar facility is another step on our way to achieving net zero emissions in our operations by 2035."
“The start of construction at Big Plain Solar is an integral step in the advancement of LRE’s solar portfolio and an important milestone for Ohio and the local community,” said John Wieland, Chief Development Officer at LRE. “This project not only brings economic development benefits to Madison County, but also environmental benefits. Across the LRE portfolio, we are continuously looking for ways to implement innovative land management practices to improve the soil health and aesthetics of our projects, and we look forward to implementing these practices at Big Plain Solar. We thank Madison County and the rest of the community for their continued support and long-term partnership.”
LRE expects the project will reach commercial operation by June 2023.
About Leeward Renewable Energy, LLC
Leeward Renewable Energy is a leading renewable energy company that owns and operates a portfolio of 24 renewable energy facilities across nine states totaling approximately 2,500 megawatts of generating capacity. LRE is actively developing and contracting new wind, solar, and energy storage projects in energy markets across the U.S., with 1.9 gigawatts contracted and 20 gigawatts under development and construction spanning over 100 projects. LRE is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$121 billion in net assets (as at December 31, 2021). For more information, visit www.leewardenergy.com.
Kelly Kimberly
713.822.7538
Liz James
281.881.5170
FGS Global
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Expands Existing Collaborations Between Margaritaville and CTM Brands
PALM BEACH, Fla. & SALEM, N.H.--(BUSINESS WIRE)--Margaritaville at Sea, the floating island vacation, and CTM Group Inc. (“CTM”), a leading global provider of managed entertainment and souvenir solutions for tourist destinations and other high-traffic venues, today announced the launch of a new, one-of-a-kind arcade and gaming experience for cruise guests onboard the Margaritaville at Sea Paradise, starting on sailings this August.
With 10 passenger decks and 658 cabins in various stateroom categories, the Margaritaville at Sea Paradise offers the fun, escapism, and state of mind synonymous with the Margaritaville lifestyle. The new CTM-installed gaming and entertainment experience will feature the latest games, simulators, and other attractions, all uniquely catering to cruise guests. Installations will be spread throughout the ship, including outside the casino and a signature arcade room on the top deck, offering another attraction for families traveling with children. Planned prizes will include Margaritaville-branded merchandise and specialty items appealing to guests of all ages.
The Margaritaville at Sea Paradise installation will continue to expand the partnership between the two brands, building on existing collaborations such as the CTM gaming and arcade equipment at Margaritaville Lake Resort in Lake Conroe, Texas.
“Bringing the CTM arcade experience to Margaritaville at Sea Paradise will provide guests with another new and exciting amenity to enjoy onboard,” said Terry Smith, Director of Onboard Revenue at Margaritaville at Sea. “We’ve already seen firsthand how CTM shares our passion and commitment to elevating the guest experience. We look forward to future opportunities to work together.”
“This partnership with Margaritaville at Sea is an important first venture to introduce our leading games and installations to the cruise ship traveler,” said David Bishop, Chief Executive Officer of CTM. “We are excited to collaborate with such a well-known brand and strong team to delight guests through this unique experience and lay the foundation for our shared growth with Margaritaville at Sea.”
Over the coming months, Margaritaville at Sea and CTM expect to introduce a cashless, proprietary payment system for cruise guests, which will enable payment for arcade experiences by room key.
For more information on Margaritaville at Sea or to book a cruise, visit www.MargaritavilleatSea.com or call 800-995-3143. Follow Margaritaville at Sea on Facebook and Instagram @MargaritavilleatSea.
About Margaritaville at Sea
Margaritaville at Sea is a floating island vacation at sea that brings together the brand’s iconic hospitality and experiences with the ability to escape and see the world. The inaugural ship, Margaritaville at Sea Paradise, features 658 cabins with nautical details and colors influenced by the sea, sand, and sky. Amenities include several dining venues, pools, entertainment programming, retail stores, a St. Somewhere Spa, Fins Up! Fitness Center, and more. In addition to Margaritaville at Sea, Margaritaville features over 25 hotels and resorts, two gaming properties, RV resorts, and over 60 food and beverage venues – as well as real estate communities, vacation clubs, and consumer lifestyle products.
About CTM Group Inc.
Formed in 2002, CTM Group Inc. is a leading global provider of managed entertainment and souvenir solutions for tourist destination and other high-traffic venues, including theme and amusement parks, zoos, aquariums, museums and retail locations worldwide. CTM has an international network of blue-chip venue partners and more than 25,000 pieces of installed equipment in over 2,000 popular venues. CTM is the provider of choice for entertainment and souvenir concepts at iconic tourist and retail destinations. For more information, please visit www.ctmgroupinc.com.
CTM Group is a portfolio company of the private equity arm of Z Capital Group ("ZCG"), a leading privately held merchant bank comprised of private markets asset management, business consulting services, technology development and solutions. ZCG has a global team of over 300 professionals. (www.zcg.com).
MEDIA:
Margaritaville:
Hemsworth Communications for Margaritaville at Sea
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Finn Partners for Margaritaville
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CTM Group:
Tim Ragones / Kate Thompson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
DUBLIN--(BUSINESS WIRE)--The "Underground Gas Storage Industry Outlook in Europe, North America, and Former Soviet Union (FSU) to 2025 - Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Storage Sites" report has been added to ResearchAndMarkets.com's offering.
As of September 2021, North America had 468 active underground gas storage sites with a total working gas capacity of 5,780.8 billion cubic feet (bcf). The region's share in the global working gas capacity is 36.8 percent. Europe had 151 active underground gas storage sites with a total working gas capacity of 4,269.6 bcf.
The region's share in the global working gas capacity is 26.8 percent. Former Soviet Union had 53 active underground gas storage sites with a total working gas capacity of 4,416.3 bcf. The region's share in the global working gas capacity is 27.7 percent.
Scope
Key Topics Covered:
1. Introduction
2. North America Underground Gas Storage Industry
3. Europe Underground Gas Storage Industry
4. Former Soviet Union Underground Gas Storage Industry
5. Underground Gas Storage Industry, Recent News and Contracts
6. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/q08j5l
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Grey Rock Investment Partners (“Grey Rock”), through its affiliated investment vehicles, today announced an agreement to make a controlling investment in Conduit Power, LLC (“Conduit”) and fund additional growth of the company through a capital commitment of up to $100 million. Conduit intends to use the committed capital to execute on its strategy of offering a full-service solution to help commercial and industrial customers reach their decarbonization goals while lowering power procurement costs and improving the uptime and reliability of delivered power. Conduit has developed a robust pipeline of actionable projects in the southern United States with an initial focus on energy companies in Texas.
“Grey Rock believes the capital needs for advanced electrification, particularly within the energy sector, are dramatically underserved by traditional capital sources,” said Matt Miller, Grey Rock Co-Founder and Managing Director. “We are excited to partner with Conduit's management team to accelerate the construction of resilient power systems within our mutual network. Through Conduit, Grey Rock can help commercial and industrial customers work toward their decarbonization goals while simultaneously lowering their power costs and allowing for redeployment of capital into growth projects in their core businesses.”
“The Grey Rock team has a superior track record of investment success within the energy sector with extensive relationships across diverse sectors throughout the United States,” said Matt Herpich, Managing Director of Conduit. “Jointly with Grey Rock, Conduit has a shared vision of offering tailored electric solutions to advance decarbonization targets. We believe that the Grey Rock and Conduit teams will be able to address the needs of commercial and industrial customers not currently being served by traditional power service companies and conglomerates.”
Grey Rock believes the growth of renewable energy generation in the United States has created opportunities to lower the carbon footprint of heavy industrial activities through electrification but has also created high variability in both pricing and reliability of grid power. Conduit serves as a single-source solution to help customers navigate complex issues and ultimately deliver a plan tailored to the customer’s needs. Conduit’s offering includes turnkey design, procurement, and construction of electrical infrastructure, ongoing operations and maintenance of equipment, power procurement and brokerage, and asset financing.
Conduit is led by power and energy industry executives Matt Herpich, Travis Windholz, and Matt Whitaker who have more than 50 years of combined experience across the power brokerage, power generation, renewables, battery storage, chemicals, and upstream exploration and production industries. The Conduit management team possesses a comprehensive technical and commercial skill set which will be critical in executing on the company’s pipeline of project opportunities.
About Grey Rock Investment Partners
Grey Rock Investment Partners is a private equity firm with more than $1.3 billion in asset value across its private equity fund platform. The firm invests across the energy value chain with private equity funds focusing on investments in natural resources, carbon capture, industrial electrification, and power optimization. For more information, visit www.grey-rock.com.
About Conduit Power
Conduit Power is an independent power services platform established to own and operate dispatchable power generation utilizing transition fuels in unique ways that aim to reduce upstream producers’ carbon footprints. Conduit is positioned to build innovative, reliable and dispatchable power generation in ways that aim to reduce the overall carbon footprint of upstream oil and gas producers, while enabling further integration of additional renewable generation into their systems. Conduit’s initial focus will be on curtailed natural resources to fuel generation for resiliency and decarbonization efforts. For more information, visit www.conduitpower.co.
Grey Rock
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Conduit Power
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NEW YORK--(BUSINESS WIRE)--Blade Air Mobility, Inc. (“Blade” or the “Company,” NASDAQ: BLDE) a technology-powered global air mobility platform, today announced that members of its management team will participate in the following investor conferences:
A replay of the webcasts will be available shortly after the conclusion of the presentations on the investor relations section of the company’s website at https://ir.blade.com/news-events.
About Blade
Blade is a technology-powered, global air mobility platform committed to reducing travel friction by providing cost-effective air transportation alternatives to some of the most congested ground routes in the U.S. and abroad. Today, the Company predominantly uses helicopters and amphibious aircraft for its passenger routes and is also one of the largest air medical transporters of human organs for transplant in the world. Its asset-light model, coupled with its exclusive passenger terminal infrastructure, is designed to facilitate a seamless transition to Electric Vertical Aircraft (“EVA” or “eVTOL”), enabling lower cost air mobility to the public that is both quiet and emission-free.
For more information, visit https://ir.blade.com/.
For Media Relations
Lee Gold
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Investor Relations
Ravi Jani
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Significant Exit Event One Year into OEP’s Investment
NEW YORK--(BUSINESS WIRE)--#electricalenergy--One Equity Partners ("OEP"), a middle market private equity firm, today announced that it has entered into a definitive agreement to sell the Power Generation business of BRUSH Group (“BRUSH” or the “Company”) to energy technology company Baker Hughes (NASDAQ: BKR).
Headquartered in Ashby de la Zouch, United Kingdom with roots dating back to 1876, BRUSH helps engineer and support a comprehensive range of power-related products and solutions including generators, condensers, motors, transformers, switchgear and control and monitoring systems. BRUSH’s Power Generation business designs, assembles and services large scale generators that provide primary and standby electrical power to customers across the infrastructure, renewables, oil and gas and utilities sectors.
“We are thrilled to help unlock meaningful value creation through the transformational sale of BRUSH’s largest business segment. OEP recognized BRUSH as a leader within the Power Generation equipment and services sector when we acquired the business last year. We look forward to continuing to support and grow BRUSH’s remaining Power Distribution & Networks business alongside its exceptional management team,” said Steve Lunau, Managing Director at One Equity Partners.
The addition of the Power Generation business will enhance Baker Hughes’ core turbomachinery portfolio with electromechanical equipment. It further supports Baker Hughes’ strategic commitment to lead in providing decarbonization solutions for the natural gas industry and historically hard-to-abate sectors. The acquisition of the Power Generation business will enable Baker Hughes to further optimize its supply chain through the addition of extended and proven manufacturing capabilities in electromechanics, as well as broaden its customer reach.
“During our ownership period, we were able to execute our value creation plan and support BRUSH in becoming a strong standalone company. As a current customer of BRUSH’s Power Generation business, Baker Hughes is a natural buyer for the business,” added Ori Birnboim, Managing Director at One Equity Partners.
“We value the partnership from OEP, whose experience in supporting and unlocking strategic value in industrial businesses like ours has been, and will continue to be, instrumental as we grow our independent Power Distribution & Networks company,” said Chris Abbott, CEO of BRUSH Group.
The UK’s Net Zero initiative will create new challenges for electrical distribution networks, and the BRUSH team will be focused on its remaining Power Distribution & Networks business, which we believe will be well-positioned to support a “lower-cost zero-carbon future” of our electrical networks. BRUSH will now also be able to accelerate its strategic business development, which is based on environmental sustainability, social responsibility and effective corporate governance; BRUSH’s solutions are “sustainable and supported for life.”
“The new challenges for our electricity networks that we expect to result from the UK’s Net Zero initiative will require our industry to provide agile and adaptive solutions to future proof the network. With the OEP’s team support, we continue to focus on growth through strategic M&A as an independent Power Distribution & Networks company,” added Nicolas Pitrat, CFO of BRUSH Group.
The transaction is expected to close by the end of the year, subject to customary closing considerations.
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About BRUSH Group
BRUSH has a long and rich history serving power generation customers as an OEM of generation, control, and distribution products. While primarily known for supplying industry leading turbogenerators and power management systems, BRUSH also designs and manufactures transformers and switch gear of equally high quality. BRUSH serves the global power generation and distribution markets with a strong foundation of technical knowledge to support grassroots projects, capacity expansions, and drop-in-replacements. For more information, please visit www.brush.eu/
Media
Thomas Zadvydas
Stanton
1-646-502-3538
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New Grants are in Addition to Program that Supports Resilience Hubs, Emergency Response
OAKLAND, Calif.--(BUSINESS WIRE)--The PG&E Corporation Foundation (Foundation) has launched a new grant program that will offer communities across Northern and Central California up to $1.5 million over three years to support environmental stewardship.
Climate change is threatening California’s natural environment—and these grants will help enable communities to mobilize around and invest in solutions that can begin to address this challenge. The new program is designed to support resilient solutions that are both innovative and replicable, so that they can be shared as widely as possible to build more sustainable habitats and communities.
For 2022, the Better Together Nature Positive Innovation grant program will award up to $500,000 total—in five $100,000 regional grants—to fund projects that address the environmental stewardship focus areas of land stewardship, air quality, and water stewardship. One grant will be awarded for each of the five regions of Pacific Gas and Electric Company’s (PG&E’s) service area.
These grants are offered in addition to the Resilience Hubs grant program, now in its second year. This program is designed to help communities create a physical space or set of resources that supports community resilience—such as access to power, shelter, and information—to climate-driven disruptions, including wildfires, and Public Safety Power Shutoff (PSPS) events. Once developed, these “resilience hubs” can also be accessed year-round as a community resource.
For 2022, the Resilience Hubs grant program will award $400,000 total in grants at both the $25,000 and $100,000 level. These grants will be funded by PG&E shareholders as part of the company’s investments in statewide wildfire resiliency and response, in accordance with a mandate from the California Public Utilities Commission.
“The need for California communities to find ways to meet the challenge of climate change will only accelerate in the coming years,” said Carla Peterman, Executive Vice President, Corporate Affairs and Chief Sustainability Officer for PG&E Corporation and Chair of the Board of The PG&E Corporation Foundation. “These programs are designed to help the hometowns we serve to develop sustainable and equitable strategies that cities, towns, and tribal communities across the state can learn from and emulate.”
Priority for both grant programs will be given to projects that address the needs of disadvantaged and/or vulnerable communities. Strategies and solutions resulting from the grants will be made publicly available to help all communities and encourage local and regional partnerships.
Better Together Nature Positive Innovation proposals may cover any stage of an environmental stewardship project, including but not limited to planning, construction, design, education, and coordination.
Resilience Hub proposals may include conducting a feasibility analysis to assess resilience hub needs through local engagement, planning and design of physical spaces, or mobile resources that will provide community resilience benefit, or retrofits of existing buildings or structures to support community resilience.
To be eligible, applicants to either program must be a governmental organization (including tribal governments), educational institution, or 501(c)3 nonprofit organization.
Learn more about the Better Together Nature Positive Innovation grant program.
Learn more about the Resilience Hubs grant program.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
About the PG&E Corporation Foundation
The PG&E Corporation Foundation is an independent 501(c)(3) nonprofit organization, separate from PG&E and sponsored by PG&E Corporation.
Media Relations
415.973.5930
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) (“NGL,” or the “Partnership”) announced today the completion of the Ambassador Pipeline in the state of Michigan. The Ambassador Pipeline System consists of a 225-mile bi-directional pipeline with multiple supply and delivery points. The Ambassador Pipeline connects central, northern, and western Michigan propane customers to millions of gallons of underground storage capacity in Eastern Michigan. NGL’s Wheeler Terminal is strategically located at the mid-point of the Pipeline and includes on-site storage of 480,000 gallons of propane. The Kalkaska terminal is located at the northern end of the pipeline and has total storage of 420,000 gallons. Both Wheeler and Kalkaska each utilize two truck loading bays capable of flowing up to 600 gallons per minute, which allows propane transports to load in approximately 25 minutes.
“Our Ambassador Pipeline System establishes an integrated infrastructure of pipelines, supply points, storage facilities and terminals to deliver a diversified and dependable supply at several locations for Michigan propane customers,” commented Jeff Pinter, EVP of NGL’s Liquids Logistics segment. “At a time when Americans are focused on energy costs and reliability, NGL delivers an innovative infrastructure solution, creating an efficient, dependable, and cost-effective supply for the Wolverine State. In addition to the supply benefits to Michigan’s many propane customers, the Ambassador Pipeline will reduce truck traffic, road wear and tear, and a substantial reduction of CO2 emissions every year- benefitting residents throughout the State.”
Forward-Looking Statements
Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forwarding-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
NGL Energy Partners LP
Skip Skalnik, 918-527-9824
Michigan Market Representative
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Revenues increased two percent year-over-year to $184 million; GAAP earnings were $0.96 per diluted share; non-GAAP earnings per diluted share grew 24 percent year-over-year to $1.03
SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (NASDAQ: POWI) today announced financial results for the quarter ended June 30, 2022. Net revenues for the second quarter were $184.0 million, up one percent compared to the prior quarter and up two percent from the second quarter of 2021. Net income for the second quarter was $55.8 million or $0.96 per diluted share compared to $0.77 per diluted share in the prior quarter and $0.68 per diluted share in the second quarter of 2021. Cash flow from operations for the second quarter was $66.8 million.
In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets, net other operating expenses of $1.1 million stemming from a patent-litigation settlement and an offsetting recovery from the liquidation of SemiSouth Laboratories, and the tax effects of these items. Non-GAAP net income for the second quarter of 2022 was $59.9 million or $1.03 per diluted share compared with $0.93 per diluted share in the prior quarter and $0.83 per diluted share in the second quarter of 2021. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “Our second-quarter revenues and third-quarter outlook reflect softness at Chinese smartphone customers as well as broader macroeconomic headwinds. Nevertheless, we grew our non-GAAP earnings per share by 24 percent year-over-year in the second quarter, generated $67 million in cash from operations and returned more than $160 million to stockholders through buybacks and dividends. While the near-term demand outlook has weakened, we continue to make great progress on long-term growth initiatives like automotive, motor drive, and expanding our portfolio of products incorporating our energy-efficient, proprietary GaN technology.”
Additional Highlights
Financial Outlook
The company issued the following forecast for the third quarter of 2022:
Conference Call Today at 1:30 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. Members of the investment community can register for the call by visiting the following link: https://conferencingportals.com/event/iobnvsok. A live webcast of the call will also be available on the investor section of the company's website, http://investors.power.com.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets, net other operating expenses of $1.1 million stemming from a patent-litigation settlement and an offsetting recovery from the liquidation of SemiSouth Laboratories, and the tax effects of these items. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. Non-GAAP measures have limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.
Note Regarding Forward-Looking Statements
The above statements regarding the company’s forecast for its third-quarter financial performance are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: the impact of the COVID-19 pandemic on demand for the company’s products, its ability to supply products and its ability to conduct other aspects of its business such as competing for new design wins; changes in global macroeconomic and geopolitical conditions, including such factors as inflation, armed conflicts and trade negotiations, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company’s revenues to decrease or cause the company to decrease its selling prices for its products; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 7, 2022. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether because of new information, future events or otherwise, except as otherwise required by law.
Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.
| POWER INTEGRATIONS, INC. | |||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
| (in thousands, except per-share amounts) | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||
| NET REVENUES | $ |
183,986 |
|
$ |
182,149 |
|
$ |
180,110 |
|
$ |
366,135 |
|
$ |
353,847 |
|
||||||
| COST OF REVENUES |
|
77,143 |
|
|
81,474 |
|
|
88,797 |
|
|
158,617 |
|
|
178,123 |
|
||||||
| GROSS PROFIT |
|
106,843 |
|
|
100,675 |
|
|
91,313 |
|
|
207,518 |
|
|
175,724 |
|
||||||
| OPERATING EXPENSES: | |||||||||||||||||||||
| Research and development |
|
23,507 |
|
|
23,678 |
|
|
21,741 |
|
|
47,185 |
|
|
41,768 |
|
||||||
| Sales and marketing |
|
15,985 |
|
|
16,155 |
|
|
15,097 |
|
|
32,140 |
|
|
29,004 |
|
||||||
| General and administrative |
|
6,059 |
|
|
9,614 |
|
|
9,306 |
|
|
15,673 |
|
|
19,381 |
|
||||||
| Amortization of acquisition-related intangible assets |
|
60 |
|
|
181 |
|
|
193 |
|
|
241 |
|
|
409 |
|
||||||
| Other operating expenses, net |
|
1,130 |
|
|
- |
|
|
- |
|
|
1,130 |
|
|
- |
|
||||||
| Total operating expenses |
|
46,741 |
|
|
49,628 |
|
|
46,337 |
|
|
96,369 |
|
|
90,562 |
|
||||||
| INCOME FROM OPERATIONS |
|
60,102 |
|
|
51,047 |
|
|
44,976 |
|
|
111,149 |
|
|
85,162 |
|
||||||
| OTHER INCOME |
|
674 |
|
|
554 |
|
|
173 |
|
|
1,228 |
|
|
770 |
|
||||||
| INCOME BEFORE INCOME TAXES |
|
60,776 |
|
|
51,601 |
|
|
45,149 |
|
|
112,377 |
|
|
85,932 |
|
||||||
| PROVISION FOR INCOME TAXES |
|
4,952 |
|
|
5,353 |
|
|
3,268 |
|
|
10,305 |
|
|
4,253 |
|
||||||
| NET INCOME | $ |
55,824 |
|
$ |
46,248 |
|
$ |
41,881 |
|
$ |
102,072 |
|
$ |
81,679 |
|
||||||
| EARNINGS PER SHARE: | |||||||||||||||||||||
| Basic | $ |
0.97 |
|
$ |
0.78 |
|
$ |
0.69 |
|
$ |
1.75 |
|
$ |
1.35 |
|
||||||
| Diluted | $ |
0.96 |
|
$ |
0.77 |
|
$ |
0.68 |
|
$ |
1.72 |
|
$ |
1.33 |
|
||||||
| SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||||||||
| Basic |
|
57,731 |
|
|
59,238 |
|
|
60,544 |
|
|
58,480 |
|
|
60,366 |
|
||||||
| Diluted |
|
58,305 |
|
|
60,107 |
|
|
61,466 |
|
|
59,192 |
|
|
61,481 |
|
||||||
| SUPPLEMENTAL INFORMATION: | Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||
| Stock-based compensation expenses included in: | |||||||||||||||||||||
| Cost of revenues | $ |
235 |
|
$ |
320 |
|
$ |
640 |
|
$ |
555 |
|
$ |
1,271 |
|
||||||
| Research and development |
|
2,323 |
|
|
3,055 |
|
|
3,159 |
|
|
5,378 |
|
|
5,550 |
|
||||||
| Sales and marketing |
|
1,177 |
|
|
1,948 |
|
|
1,725 |
|
|
3,125 |
|
|
3,339 |
|
||||||
| General and administrative |
|
(56 |
) |
|
3,690 |
|
|
3,676 |
|
|
3,634 |
|
|
7,520 |
|
||||||
| Total stock-based compensation expense | $ |
3,679 |
|
$ |
9,013 |
|
$ |
9,200 |
|
$ |
12,692 |
|
$ |
17,680 |
|
||||||
| Cost of revenues includes: | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ |
482 |
|
$ |
482 |
|
$ |
619 |
|
$ |
964 |
|
$ |
1,373 |
|
||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
| REVENUE MIX BY END MARKET | June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||
| Communications |
|
18 |
% |
|
26 |
% |
|
35 |
% |
|
22 |
% |
|
37 |
% |
||||||
| Computer |
|
9 |
% |
|
10 |
% |
|
8 |
% |
|
10 |
% |
|
8 |
% |
||||||
| Consumer |
|
38 |
% |
|
35 |
% |
|
31 |
% |
|
36 |
% |
|
30 |
% |
||||||
| Industrial |
|
35 |
% |
|
29 |
% |
|
26 |
% |
|
32 |
% |
|
25 |
% |
||||||
| POWER INTEGRATIONS, INC. | |||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |||||||||||||||||||||||
| (in thousands, except per-share amounts) | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
| RECONCILIATION OF GROSS PROFIT | |||||||||||||||||||||||
| GAAP gross profit | $ |
106,843 |
|
$ |
100,675 |
|
$ |
91,313 |
|
$ |
207,518 |
|
$ |
175,724 |
|
||||||||
| GAAP gross margin |
|
58.1 |
% |
|
55.3 |
% |
|
50.7 |
% |
|
56.7 |
% |
|
49.7 |
% |
||||||||
| Stock-based compensation included in cost of revenues |
|
235 |
|
|
320 |
|
|
640 |
|
|
555 |
|
|
1,271 |
|
||||||||
| Amortization of acquisition-related intangible assets |
|
482 |
|
|
482 |
|
|
619 |
|
|
964 |
|
|
1,373 |
|
||||||||
| Non-GAAP gross profit | $ |
107,560 |
|
$ |
101,477 |
|
$ |
92,572 |
|
$ |
209,037 |
|
$ |
178,368 |
|
||||||||
| Non-GAAP gross margin |
|
58.5 |
% |
|
55.7 |
% |
|
51.4 |
% |
|
57.1 |
% |
|
50.4 |
% |
||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||
| GAAP operating expenses | $ |
46,741 |
|
$ |
49,628 |
|
$ |
46,337 |
|
$ |
96,369 |
|
$ |
90,562 |
|
||||||||
| Less: | Stock-based compensation expense included in operating expenses | ||||||||||||||||||||||
| Research and development |
|
2,323 |
|
|
3,055 |
|
|
3,159 |
|
|
5,378 |
|
|
5,550 |
|
||||||||
| Sales and marketing |
|
1,177 |
|
|
1,948 |
|
|
1,725 |
|
|
3,125 |
|
|
3,339 |
|
||||||||
| General and administrative |
|
(56 |
) |
|
3,690 |
|
|
3,676 |
|
|
3,634 |
|
|
7,520 |
|
||||||||
| Total |
|
3,444 |
|
|
8,693 |
|
|
8,560 |
|
|
12,137 |
|
|
16,409 |
|
||||||||
| Amortization of acquisition-related intangible assets |
|
60 |
|
|
181 |
|
|
193 |
|
|
241 |
|
|
409 |
|
||||||||
| Other operating expenses, net |
|
1,130 |
|
|
- |
|
|
- |
|
|
1,130 |
|
|
- |
|
||||||||
| Non-GAAP operating expenses | $ |
42,107 |
|
$ |
40,754 |
|
$ |
37,584 |
|
$ |
82,861 |
|
$ |
73,744 |
|
||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||
| GAAP income from operations | $ |
60,102 |
|
$ |
51,047 |
|
$ |
44,976 |
|
$ |
111,149 |
|
$ |
85,162 |
|
||||||||
| GAAP operating margin |
|
32.7 |
% |
|
28.0 |
% |
|
25.0 |
% |
|
30.4 |
% |
|
24.1 |
% |
||||||||
| Add: | Total stock-based compensation |
|
3,679 |
|
|
9,013 |
|
|
9,200 |
|
|
12,692 |
|
|
17,680 |
|
|||||||
| Amortization of acquisition-related intangible assets |
|
542 |
|
|
663 |
|
|
812 |
|
|
1,205 |
|
|
1,782 |
|
||||||||
| Other operating expenses, net |
|
1,130 |
|
|
- |
|
|
- |
|
|
1,130 |
|
|
- |
|
||||||||
| Non-GAAP income from operations | $ |
65,453 |
|
$ |
60,723 |
|
$ |
54,988 |
|
$ |
126,176 |
|
$ |
104,624 |
|
||||||||
| Non-GAAP operating margin |
|
35.6 |
% |
|
33.3 |
% |
|
30.5 |
% |
|
34.5 |
% |
|
29.6 |
% |
||||||||
| Three Months Ended | |||||||||||||||||||||||
| RECONCILIATION OF PROVISION FOR INCOME TAXES | June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||
| GAAP provision for income taxes | $ |
4,952 |
|
$ |
5,353 |
|
$ |
3,268 |
|
$ |
10,305 |
|
$ |
4,253 |
|
||||||||
| GAAP effective tax rate |
|
8.1 |
% |
|
10.4 |
% |
|
7.2 |
% |
|
9.2 |
% |
|
4.9 |
% |
||||||||
| Tax effect of adjustments to GAAP results |
|
(1,259 |
) |
|
(122 |
) |
|
(1,101 |
) |
|
(1,381 |
) |
|
(3,679 |
) |
||||||||
| Non-GAAP provision for income taxes | $ |
6,211 |
|
$ |
5,475 |
|
$ |
4,369 |
|
$ |
11,686 |
|
$ |
7,932 |
|
||||||||
| Non-GAAP effective tax rate |
|
9.4 |
% |
|
8.9 |
% |
|
7.9 |
% |
|
9.2 |
% |
|
7.5 |
% |
||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||
| GAAP net income | $ |
55,824 |
|
$ |
46,248 |
|
$ |
41,881 |
|
$ |
102,072 |
|
$ |
81,679 |
|
||||||||
| Adjustments to GAAP net income | |||||||||||||||||||||||
| Stock-based compensation |
|
3,679 |
|
|
9,013 |
|
|
9,200 |
|
|
12,692 |
|
|
17,680 |
|
||||||||
| Amortization of acquisition-related intangible assets |
|
542 |
|
|
663 |
|
|
812 |
|
|
1,205 |
|
|
1,782 |
|
||||||||
| Other operating expenses, net |
|
1,130 |
|
|
- |
|
|
- |
|
|
1,130 |
|
|
- |
|
||||||||
| Tax effect of items excluded from non-GAAP results |
|
(1,259 |
) |
|
(122 |
) |
|
(1,101 |
) |
|
(1,381 |
) |
|
(3,679 |
) |
||||||||
| Non-GAAP net income | $ |
59,916 |
|
$ |
55,802 |
|
$ |
50,792 |
|
$ |
115,718 |
|
$ |
97,462 |
|
||||||||
| Average shares outstanding for calculation | |||||||||||||||||||||||
| of non-GAAP net income per share (diluted) |
|
58,305 |
|
|
60,107 |
|
|
61,466 |
|
|
59,192 |
|
|
61,481 |
|
||||||||
| Non-GAAP net income per share (diluted) | $ |
1.03 |
|
$ |
0.93 |
|
$ |
0.83 |
|
$ |
1.95 |
|
$ |
1.59 |
|
||||||||
| GAAP net income per share (diluted) | $ |
0.96 |
|
$ |
0.77 |
|
$ |
0.68 |
|
$ |
1.72 |
|
$ |
1.33 |
|
||||||||
| POWER INTEGRATIONS, INC. | |||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||
| (in thousands) | |||||||||||||
| June 30, 2022 | March 31, 2022 | December 31, 2021 | |||||||||||
| ASSETS | |||||||||||||
| CURRENT ASSETS: | |||||||||||||
| Cash and cash equivalents | $ |
67,383 |
|
$ |
170,624 |
|
$ |
158,117 |
|
||||
| Short-term marketable securities |
|
260,209 |
|
|
273,419 |
|
|
372,235 |
|
||||
| Accounts receivable, net |
|
27,980 |
|
|
30,658 |
|
|
41,393 |
|
||||
| Inventories |
|
111,258 |
|
|
103,115 |
|
|
99,266 |
|
||||
| Prepaid expenses and other current assets |
|
14,219 |
|
|
14,685 |
|
|
15,804 |
|
||||
| Total current assets |
|
481,049 |
|
|
592,501 |
|
|
686,815 |
|
||||
| PROPERTY AND EQUIPMENT, net |
|
184,245 |
|
|
180,073 |
|
|
179,824 |
|
||||
| INTANGIBLE ASSETS, net |
|
7,684 |
|
|
8,288 |
|
|
9,012 |
|
||||
| GOODWILL |
|
91,849 |
|
|
91,849 |
|
|
91,849 |
|
||||
| DEFERRED TAX ASSETS |
|
19,830 |
|
|
17,371 |
|
|
16,433 |
|
||||
| OTHER ASSETS |
|
24,347 |
|
|
29,113 |
|
|
30,554 |
|
||||
| Total assets | $ |
809,004 |
|
$ |
919,195 |
|
$ |
1,014,487 |
|
||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
| CURRENT LIABILITIES: | |||||||||||||
| Accounts payable | $ |
41,402 |
|
$ |
36,175 |
|
$ |
43,721 |
|
||||
| Accrued payroll and related expenses |
|
14,569 |
|
|
13,459 |
|
|
15,492 |
|
||||
| Taxes payable |
|
561 |
|
|
5,601 |
|
|
1,210 |
|
||||
| Other accrued liabilities |
|
13,597 |
|
|
13,999 |
|
|
11,898 |
|
||||
| Total current liabilities |
|
70,129 |
|
|
69,234 |
|
|
72,321 |
|
||||
| LONG-TERM LIABILITIES: | |||||||||||||
| Income taxes payable |
|
15,739 |
|
|
15,384 |
|
|
15,280 |
|
||||
| Other liabilities |
|
12,891 |
|
|
14,004 |
|
|
14,854 |
|
||||
| Total liabilities |
|
98,759 |
|
|
98,622 |
|
|
102,455 |
|
||||
| STOCKHOLDERS' EQUITY: | |||||||||||||
| Common stock |
|
24 |
|
|
26 |
|
|
28 |
|
||||
| Additional paid-in capital |
|
- |
|
|
39,684 |
|
|
162,301 |
|
||||
| Accumulated other comprehensive loss |
|
(10,060 |
) |
|
(8,169 |
) |
|
(3,737 |
) |
||||
| Retained earnings |
|
720,281 |
|
|
789,032 |
|
|
753,440 |
|
||||
| Total stockholders' equity |
|
710,245 |
|
|
820,573 |
|
|
912,032 |
|
||||
| Total liabilities and stockholders' equity | $ |
809,004 |
|
$ |
919,195 |
|
$ |
1,014,487 |
|
||||
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
| Net income | $ |
55,824 |
|
$ |
46,248 |
|
$ |
41,881 |
|
$ |
102,072 |
|
$ |
81,679 |
|
|||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||||
| Depreciation |
|
8,766 |
|
|
8,408 |
|
|
7,821 |
|
|
17,174 |
|
|
15,274 |
|
|||||
| Amortization of intangible assets |
|
604 |
|
|
724 |
|
|
873 |
|
|
1,328 |
|
|
1,905 |
|
|||||
| Loss on disposal of property and equipment |
|
959 |
|
|
75 |
|
|
21 |
|
|
1,034 |
|
|
38 |
|
|||||
| Stock-based compensation expense |
|
3,679 |
|
|
9,013 |
|
|
9,200 |
|
|
12,692 |
|
|
17,680 |
|
|||||
| Amortization of premium on marketable securities |
|
930 |
|
|
937 |
|
|
124 |
|
|
1,867 |
|
|
300 |
|
|||||
| Deferred income taxes |
|
(2,346 |
) |
|
(936 |
) |
|
(263 |
) |
|
(3,282 |
) |
|
1,182 |
|
|||||
| Increase in accounts receivable allowance for credit losses |
|
184 |
|
|
75 |
|
|
93 |
|
|
259 |
|
|
91 |
|
|||||
| Change in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable |
|
2,494 |
|
|
10,660 |
|
|
812 |
|
|
13,154 |
|
|
(5,533 |
) |
|||||
| Inventories |
|
(8,143 |
) |
|
(3,849 |
) |
|
866 |
|
|
(11,992 |
) |
|
13,235 |
|
|||||
| Prepaid expenses and other assets |
|
2,523 |
|
|
1,552 |
|
|
(1,248 |
) |
|
4,075 |
|
|
(4,501 |
) |
|||||
| Accounts payable |
|
7,286 |
|
|
(1,709 |
) |
|
4,772 |
|
|
5,577 |
|
|
8,053 |
|
|||||
| Taxes payable and other accrued liabilities |
|
(5,938 |
) |
|
3,399 |
|
|
1,896 |
|
|
(2,539 |
) |
|
(4,433 |
) |
|||||
| Net cash provided by operating activities |
|
66,822 |
|
|
74,597 |
|
|
66,848 |
|
|
141,419 |
|
|
124,970 |
|
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
| Purchases of property and equipment |
|
(13,244 |
) |
|
(14,700 |
) |
|
(8,243 |
) |
|
(27,944 |
) |
|
(19,294 |
) |
|||||
| Proceeds from sale of property and equipment |
|
- |
|
|
1,202 |
|
|
10 |
|
|
1,202 |
|
|
35 |
|
|||||
| Purchases of marketable securities |
|
(5,589 |
) |
|
(15,121 |
) |
|
(166,782 |
) |
|
(20,710 |
) |
|
(188,753 |
) |
|||||
| Proceeds from sales and maturities of marketable securities |
|
16,710 |
|
|
108,817 |
|
|
96,617 |
|
|
125,527 |
|
|
160,083 |
|
|||||
| Net cash provided by (used in) investing activities |
|
(2,123 |
) |
|
80,198 |
|
|
(78,398 |
) |
|
78,075 |
|
|
(47,929 |
) |
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
| Net proceeds from issuance of common stock |
|
- |
|
|
3,057 |
|
|
- |
|
|
3,057 |
|
|
3,652 |
|
|||||
| Repurchase of common stock |
|
(157,660 |
) |
|
(134,689 |
) |
|
(26,374 |
) |
|
(292,349 |
) |
|
(26,374 |
) |
|||||
| Payments of dividends to stockholders |
|
(10,280 |
) |
|
(10,656 |
) |
|
(7,867 |
) |
|
(20,936 |
) |
|
(15,712 |
) |
|||||
| Net cash used in financing activities |
|
(167,940 |
) |
|
(142,288 |
) |
|
(34,241 |
) |
|
(310,228 |
) |
|
(38,434 |
) |
|||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
(103,241 |
) |
|
12,507 |
|
|
(45,791 |
) |
|
(90,734 |
) |
|
38,607 |
|
|||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
170,624 |
|
|
158,117 |
|
|
343,272 |
|
|
158,117 |
|
|
258,874 |
|
|||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ |
67,383 |
|
$ |
170,624 |
|
$ |
297,481 |
|
$ |
67,383 |
|
$ |
297,481 |
|
|||||
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
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SALT LAKE CITY--(BUSINESS WIRE)--Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today announced the launch of its newest strategy, Bridge Ventures, and the hiring of Jeremy Ford as Chief Investment Officer of Bridge Ventures.
While the real estate industry has increased its adoption of technology solutions in the post-Pandemic era, U.S. investment and innovation in the sector still lags that of other industries (e.g., financial services, health care, and education) as a percent of its share of U.S. GDP. The growth of eCommerce, remote workplaces, ESG adoption, and the digitalization of real estate all contribute to this increased adoption as the PropTech market evolves. Bridge Ventures will focus on both early- and later-stage PropTech companies and expects to pursue investments in industry-leading PropTech funds.
“We are extremely well-positioned to leverage our platform and extensive industry relationships to access and invest in PropTech companies and utilize their solutions,” explained Jeremy Ford, Chief Investment Officer of Bridge Ventures. “We see tremendous opportunities to deploy and scale new technologies through direct utilization in the Bridge portfolio, which we anticipate will serve as a catalyst for market adoption and value creation.”
Mr. Ford joins Bridge Investment Group from REEF Technology, where he was Head of Property Strategy. Prior to REEF Technology, he held roles at BLG Capital Limited and The Carlyle Group. He holds a Bachelor of Science from the Edmund A. Walsh School of Foreign Service at Georgetown University, a Master of Business Administration from the Robert Emmett McDonough School of Business at Georgetown University and was a Fulbright Scholar in Spain.
“We are excited to have Jeremy Ford join Bridge as Chief Investment Officer of Bridge Ventures,” said Robert Morse, Executive Chairman of Bridge. “His 17-year tenure in the real estate industry brings valuable experience and leadership to the Bridge Ventures team as the Company expands into the PropTech world.”
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $38.8 billion of assets under management as of March 31, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made of our future performance, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. The Company undertakes no duty to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.
Shareholder Relations:
Bonni Rosen
Bridge Investment Group Holdings Inc.
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Media:
Charlotte Morse
Bridge Investment Group Holdings Inc.
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(877) 866-4540
EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced that its Board of Directors approved a third quarter cash dividend of $0.30 per share on the Company's common stock. The dividend is payable on September 30, 2022, to shareholders of record on September 16, 2022. The dividend reflects our expected continued cash flow generation, and commitment to return capital to our shareholders. Future dividends will be subject to Board approval.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
Follow Universal Display Corporation
(OLED-C)
Universal Display Contact:
Darice Liu
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+1 609-964-5123
BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc., an innovation-driven leader in the fuel cell and hydrogen technology space, today announced the signing of a Memorandum of Understanding ("MoU") with DEPA Commercial S.A., the leading importer of pipeline gas and liquefied natural gas (“LNG”) in Greece to enter into a strategic collaboration on hydrogen projects of common interest.
The MoU sets out the framework for a forthcoming mutually binding agreement. The parties have preliminarily agreed to the following actions:
DEPA’s CEO, Dr. Konstantinos Xifaras, stated: “Our cooperation with Advent marks another important milestone in the advancement of hydrogen technologies in our country. DEPA has been closely following and actively pushed for the developments in the hydrogen sector, while Advent has extensive electrochemistry and engineering expertise and a global scale of operations and manufacturing footprint. We look forward to working with Advent's team of experts, contributing to the diversification of the national energy mix and the security of the energy supply while simultaneously strengthening the national economy."
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO added: "We are thrilled to be joining forces with DEPA in common renewable energy projects that hold great potential to redefine Greece's energy future. DEPA is a trusted partner with significant experience and a strong presence in the energy sector of South East Europe. We look forward to a long-term cooperation with DEPA in an effort to jointly accelerate Greece's transition to clean energy production and transport and to further strengthen our common presence on the global hydrogen map."
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
About DEPA
DEPA, is the company that introduced natural gas to Greece and one of Greece’s major natural gas utilities, active in the supply, wholesale and trading of natural gas. Having entered into long-term pipeline natural gas and LNG supply contracts, DEPA supports the supply sufficiency and security of the country and at the same time it develops significant initiatives so that Greece can play an essential role as a hub of natural gas transit to Europe from countries with rich natural gas deposits. DEPA holds the position of Co-Chair of one of the six roundtables of the CLEAN HYDROGEN ALLIANCE, set-up by the European Commission and aiming at developing and directing investments to facilitate and implement the EU’s hydrogen strategy via the creation of dedicated “IMPORTANT PROJECTS OF COMMON EUROPEAN INTEREST (IPCEI)”. For more information, visit www.depa.gr
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Elisabeth Maragoula/Michael Trontzos
Advent Technologies Holdings, Inc.
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CHICAGO--(BUSINESS WIRE)--$EXC--Exelon (Nasdaq: EXC) today announced that it intends to sell $500 million of its common stock without par value in an underwritten public offering. Exelon also intends to grant the underwriters a 30-day option to purchase up to $75 million additional shares of common stock in the offering. The net proceeds from the offering will be used to permanently repay borrowings under a $1.15 billion term loan credit facility.
Barclays Capital Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC are acting as joint book-running managers and underwriters for the offering. A preliminary prospectus supplement and accompanying prospectus relating to the common stock offered will be filed with the U.S. Securities and Exchange Commission (SEC) and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the common stock offering may be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, This email address is being protected from spambots. You need JavaScript enabled to view it., (888) 603-5847; Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282 Attention: Prospectus Department, by telephone: (866) 471-2526 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Toll-free: 1-866-803-9204; and Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
An effective shelf registration relating to the shares of common stock in the offering was filed with the SEC on Aug. 3, 2022. The offering of common stock is being made only by means of a prospectus supplement and accompanying prospectus.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, shares of Exelon’s common stock and will not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2021 Annual Report on Form 10-K filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) Exelon’s Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) Exelon’s Second Quarter 2022 Quarterly Report on Form 10-Q (filed with the SEC on Aug. 3, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (4) other factors discussed in filings by Exelon with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Exelon does not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Nick Alexopulos
Corporate Communications
312-394-7417
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Andrew Plenge
Investor Relations
312-394-2345
DUBLIN--(BUSINESS WIRE)--The "Water Electrolysis Market - A Global and Regional Analysis: Focus on End-Use Application, Electrolyzer Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
An electrolyzer is a system that breaks water into hydrogen and oxygen with the help of electricity. This process is known as electrolysis and it is mainly used to produce hydrogen, which is then stored as a compressed or liquefied gas. Oxygen produced during the electrolysis process is either released into the atmosphere or is stored to use for other purposes.
International Energy Agency (IEA) has projected that the energy demand will grow between 25% to 30% by 2040 with companies and governments trying to find sustainable and low-carbon emission energy sources. Hydrogen is being called the fuel of the future and IEA has projected that hydrogen production from water electrolysis can prevent the 830 million tons of CO2 annually from entering the atmosphere. Moreover, the growing demand for hydrogen fuel cell vehicles, green ammonia, green methanol, and other applications is driving the growth of the water electrolysis market.
Industrial Impact
The growth of the water electrolysis market is closely tied to the hydrogen and ammonia market. Water electrolysis is one of the clean methods for the production of hydrogen and is highly sustainable as there are no emissions and the feedstock used for hydrogen production is water. The growing demand for green hydrogen and green ammonia are among the major drivers of the growth of the water electrolysis market.
Market Segmentation
by End-Use Application
by Electrolyzer Type
by Region
Demand - Drivers and Limitations
Following are the demand drivers for the water electrolysis market:
The market is expected to face some limitations too due to the following challenges:
Key Topics Covered:
1 Markets
2 Application
3 Products
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/ermxx0
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Quarterly revenue 5% above high end of guidance
Raise FY 2022 Bookings and CARR guidance
AlsoEnergy integration and synergies on track
Second Quarter 2022 Financial and Operating Highlights
Financial Highlights
Operating Highlights
SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy software and services, announced today its financial results for the three months ended June 30, 2022. Reported results in this press release reflect AlsoEnergy’s operations for the period from February 1, 2022 through June 30, 2022.
John Carrington, Chief Executive Officer of Stem, commented, “We executed at a high level in the second quarter, with revenue above the top end of our guidance range for the second straight quarter, and margins and adjusted EBITDA in-line with our expectations. We are reiterating our full-year 2022 revenue and adjusted EBITDA guidance, and raising our full-year 2022 bookings and CARR guidance by 20% and 7% at the midpoint, respectively, driven by continued commercial momentum achieved by our team. Importantly, our guidance does not incorporate any potential upside from the proposed Inflation Reduction Act of 2022.
Our contracted backlog nearly tripled as compared to the period ended June 30, 2021, driven by $226 million in bookings, which was up more than five-fold versus the second quarter of 2021. That marks the second-highest bookings performance in Company history, just behind the fourth quarter of 2021, underscoring our accelerating momentum.
We were also pleased to achieve 12% sequential growth in CARR to $58 million, reflecting our focus on long-term, high-margin recurring software and services revenues. Our AI-driven software delivers improved economic optimization and asset management solutions to our renewable energy customers. We were proud that AlsoEnergy was ranked #1 by Guidehouse Insights in its Solar and Storage Monitoring and Control Vendors report, a testimony to our technology leadership. We believe Stem’s differentiated software solutions, coupled with our customer-focused employees and strong balance sheet, will drive multi-year growth in high-margin recurring software and services revenues, as evidenced by our 12% GAAP / 17% non-GAAP gross margin results this quarter.
The integration of AlsoEnergy is proceeding on track as we combine the commercial and technical strengths into one company focused on providing differentiated solutions for our customers. We continue to expect joint bookings this year that will translate into revenue next year, and we are exploring opportunities to leverage our India infrastructure to optimize Stem’s cost structure.
We are encouraged by Congressional support for the Inflation Reduction Act of 2022. The climate provisions in the Act would drive continued investment in America’s aging power grid, support customer adoption of renewable energy, and improve energy security by incentivizing development of our domestic supply chain. Importantly, a stand-alone Investment Tax Credit (ITC) for energy storage, and the extension of the solar ITC, would improve the economic returns for our customers.
Supply chain constraints, permitting and interconnection delays, and certain regulatory actions continue to pose challenges, but we believe we remain well-positioned to manage these risks and continue with our strong execution through the rest of 2022.”
| Key Financial Results and Operating Metrics | ||||||||||||||||
| (in $ millions unless otherwise noted): | ||||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||||||
|
(in millions) |
(in millions) |
||||||||||||||
Key Financial Results |
|
|
|
|
||||||||||||
Revenue |
$ |
66.9 |
|
$ |
19.3 |
|
$ |
108.0 |
|
$ |
34.8 |
|
||||
GAAP Gross Margin |
$ |
7.7 |
|
$ |
(0.1 |
) |
$ |
11.4 |
|
$ |
(0.2 |
) |
||||
GAAP Gross Margin (%) |
|
12 |
% |
|
(1 |
) % |
|
11 |
% |
|
(1 |
) % |
||||
Non-GAAP Gross Margin* |
$ |
11.3 |
|
$ |
1.5 |
|
$ |
17.9 |
|
$ |
3.5 |
|
||||
Non-GAAP Gross Margin (%)* |
|
17 |
% |
|
8 |
% |
|
17 |
% |
|
10 |
% |
||||
Net loss |
$ |
(32.0 |
) |
$ |
(100.2 |
) |
$ |
(54.5 |
) |
$ |
(182.8 |
) |
||||
Adjusted EBITDA* |
$ |
(11.1 |
) |
$ |
(8.3 |
) |
$ |
(23.9 |
) |
$ |
(11.4 |
) |
||||
|
|
|
|
|
||||||||||||
Key Operating Metrics |
|
|
|
|
||||||||||||
12-Month Pipeline (in billions)** |
$ |
5.6 |
|
$ |
1.7 |
|
$ |
5.6 |
|
$ |
1.7 |
|
||||
Bookings |
$ |
225.7 |
|
$ |
45.1 |
|
$ |
376.5 |
|
$ |
95.9 |
|
||||
Contracted Backlog** |
$ |
726.6 |
|
$ |
249.7 |
|
$ |
726.6 |
|
$ |
249.7 |
|
||||
Contracted Storage AUM (in GWh)** |
|
2.1 |
|
|
1.2 |
|
|
2.1 |
|
|
1.2 |
|
||||
Solar Monitoring AUM (in GW)** |
|
32.1 |
|
** |
|
32.1 |
|
** |
||||||||
CARR** |
$ |
57.6 |
|
** |
|
57.6 |
|
** |
||||||||
* Non-GAAP financial measures. See the section below titled “Use of Non-GAAP Financial Measures” for details and the section below titled “Reconciliations of Non-GAAP Financial Measures” for reconciliations. |
** At period end. |
Second Quarter 2022 Financial and Operating Results
Financial Results
Second quarter 2022 revenue increased 246% to $67 million, versus $19 million in the second quarter of 2021. Higher hardware revenue from Front-of-the-Meter (FTM) and Behind-the-Meter (BTM) partnership agreements drove a majority of the quarterly increase, in addition to $14 million of revenue contribution from the inclusion of AlsoEnergy.
Second quarter 2022 GAAP Gross Margin was $8 million, or 12%, versus $(127) thousand, or (1)% in the second quarter of 2021. The year-over-year increase in GAAP Gross Margin resulted primarily from higher hardware sales and additional higher-margin software and services revenues, including AlsoEnergy.
Beginning in the first quarter 2022, management no longer reclassifies certain costs of goods sold to operating expenses, including data communication and cloud service expenditures, in its calculation of Non-GAAP Gross Margin. Second quarter 2021 Non-GAAP Gross Margin has been recalculated consistent with this treatment to allow for comparability between reporting periods. The non-GAAP reconciliation table below includes important updates to these calculations for comparability. The Company believes that this change reflects a more accurate representation of our business for stakeholders to assess its performance.
Second quarter 2022 Non-GAAP Gross Margin was $11 million, or 17% versus $1 million, or 8% in the second quarter of 2021. The year-over-year increase in Non-GAAP Gross Margin resulted from higher revenues. In percentage terms, the year-over-year increase in Non-GAAP Gross Margin resulted from a higher mix of software and services, inclusive of AlsoEnergy, and higher hardware margins.
Second quarter 2022 Net Loss attributable to Stem was $32 million versus second quarter 2021 Net Loss of $100 million. The improvement was primarily driven by non-cash revaluation of warrants tied to changes in the value of the underlying common stock reported in the second quarter 2021. In June and September 2021 Stem redeemed all outstanding private and public warrants, respectively, resulting in a more streamlined capital structure and less quarter-to-quarter variability in the Company’s Net Income (Loss).
Second quarter 2022 Adjusted EBITDA was $(11) million compared to $(8) million in the second quarter of 2021. Lower Adjusted EBITDA results were primarily driven by higher operating expenses resulting from increased personnel costs, continued investment in our growth initiatives, and costs associated with public reporting requirements.
The Company ended the second quarter of 2022 with $335 million in cash, cash equivalents, and short-term investments, consisting of $151 million in cash and cash equivalents and $184 million in short-term investments, as compared to $352 million in cash, cash equivalents, and short-term investments at the end of the first quarter 2022.
Operating Results
The Company’s 12-month Pipeline was $5.6 billion at the end of the second quarter of 2022 compared to $5.2 billion at the end of the first quarter of 2022, representing 8% sequential growth. The increase in the 12-month pipeline was driven by increased FTM project opportunities, including significant expansions into new markets and continued growth in Stem’s partner channels.
Contracted Backlog was $727 million at the end of the second quarter of 2022 compared to $565 million as of the end of the first quarter of 2022, representing a 29% sequential increase. The increase in Contracted Backlog in the second quarter of 2022 resulted from quarterly bookings of $226 million and partially offset by revenue recognition, contract cancellations, and amendments. Bookings of $226 million in the second quarter of 2022 grew 402% year-over-year versus $45 million in second quarter 2021.
Contracted storage AUM increased 75% year-over-year and 17% sequentially to 2.1 GWh, driven by new contracts. Solar monitoring AUM ended the second quarter of 2022 at 32.1 GW, largely unchanged sequentially.
CARR increased to $58 million as of the end of the second quarter of 2022, up from $52 million as of the end of the first quarter 2022, a 12% sequential increase. We believe CARR provides visibility into the long-term growth in our high margin software revenue.
The following table provides a summary of backlog at the end of the second quarter of 2022, compared to the first quarter of 2022 backlog ($ millions):
Period ended 1Q22 |
$ |
565 |
|
||
Add: |
Bookings |
|
226 |
|
|
Less: |
Hardware revenue |
|
(54 |
) |
|
Software/services |
|
(10 |
) |
||
Amendments/other |
|
0 |
|
||
| Period ended 2Q22 | $ |
727 |
|
||
The Company continues to diversify its supply chain, adopt alternative technologies, and deploy its balance sheet to meet the expected significant growth in customer demand. COVID-19 and its recent subvariants, potential import tariffs, and general economic, geopolitical and business conditions, including the ongoing conflict between Russia and Ukraine, continue to impact and cause uncertainty in the supply chain and project timelines, and the Company has been affected by volatility in the costs of equipment and labor. The Company is actively working to mitigate these impacts on its financial and operational results, although there is no guarantee to the extent of which we will be successful in our migration efforts.
Outlook
The Company is updating its full-year 2022 financial and operational guidance as follows ($ millions, unless otherwise noted):
|
Previous |
Updated |
||||
Revenue |
$350 - $425 |
unchanged |
||||
|
|
|
||||
Non-GAAP Gross Margin (%) |
15% - 20% |
unchanged |
||||
|
|
|
||||
Adjusted EBITDA |
$(60) - $(20) |
unchanged |
||||
|
|
|
||||
Bookings |
$650 - $750 |
$775 - $950 |
||||
|
|
|
||||
CARR (year-end) |
$60 - $80 |
$65 - $85 |
*See the section below titled “Reconciliations of Non-GAAP Financial Measures” for information regarding why we are unable to reconcile Non-GAAP Gross Margin and Adjusted EBITDA to their most comparable financial measures calculated in accordance with GAAP. |
The Company reaffirms full-year 2022 Revenue indicating projected quarterly performance against the annual targets and is revising quarterly Bookings guidance as follows:
Metric |
Q1A |
Q2A |
Q3E |
Q4E |
Revenue |
$41M |
$67M |
$70-95M |
$175-225M |
Bookings |
$151M |
$226M |
$150-225M |
$250-350M |
Stem’s 2022 guidance includes the operations of AlsoEnergy after February 1, 2022.
Second Quarter 2022 Conference Call
Stem will hold a conference call to discuss this earnings press release and its latest business outlook on Thursday, August 4, 2022 beginning at 5:00 p.m. Eastern Time. The conference call and accompanying slides may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (844) 200-6205, or for international callers, (833) 950-0062 and using access code 015694. A replay of the conference call will be available shortly after the call and can be accessed by dialing (866) 813-9403 or for international callers by dialing +44 204 525 0658. The passcode for the replay is 676295. An archive of the webcast will be available on the Company’s website at https://investors.stem.com/overview for 12 months after the call.
Use of Non-GAAP Financial Measures
In addition to financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), this earnings press release contains the following non-GAAP financial measures: Adjusted EBITDA and non-GAAP gross margin. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP. For reconciliation of Adjusted EBITDA and non-GAAP gross margin to their most comparable GAAP measures, see the section below entitled, “Reconciliations of Non-GAAP Financial Measures.”
We use these non-GAAP financial measures for financial and operational decision-making and to evaluate our operating performance and prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our operating performance, such as stock-based compensation and other non-cash charges, as well as discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results, to the extent that competitors define these metrics in the same manner that we do. We believe these non-GAAP financial measures are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) are used by our institutional investors and the analyst community to help them analyze the health of our business.
Definitions of Non-GAAP Financial Measures
We define Adjusted EBITDA as net loss before depreciation and amortization, including amortization of internally developed software, net interest expense, further adjusted to exclude stock-based compensation and other income and expense items, including transaction and acquisition-related charges, the change in fair value of warrants and embedded derivatives, vesting of warrants, loss on extinguishment of debt, litigation settlement, and income tax provision or benefit. The expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude when calculating Adjusted EBITDA.
We define non-GAAP gross margin as gross margin excluding amortization of capitalized software and impairments related to decommissioning of end-of-life systems.
See the sections below entitled “Reconciliations of Non-GAAP Financial Measures.”
About Stem
Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation, and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility, and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. Stem is also a leader in solar asset management, bringing project developers, asset owners, and commercial customers an integrated solution for solar and energy storage management and optimization. For more information, visit www.stem.com.
Forward-Looking Statements
This earnings press release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; the expected synergies of the combined Stem/AlsoEnergy company; our ability to successfully integrate the combined companies; our joint ventures, partnerships and other alliances; reduction of greenhouse gas (“GHG”) emissions; the integration and optimization of energy resources; our business strategies and those of our customers; the global commitment to decarbonization; our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our ability to manage our supply chains and distribution channels and the effects of natural disasters and other events beyond our control, such as the COVID-19 pandemic and variants thereof, and government and business responses thereto; the impact of the ongoing conflict in Ukraine; our ability to meet contracted customer demand; and future results of operations, including revenue and Adjusted EBITDA. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to our ability to achieve our financial and performance targets and other forecasts and expectations; our ability to help reduce GHG emissions; our ability to integrate and optimize energy resources; our ability to recognize the anticipated benefits of our recent acquisition of AlsoEnergy; challenges, disruptions and costs of integrating the combined company and achieving anticipated synergies, or such synergies taking longer to realize than expected; risks that the integration disrupts current plans and operations that may harm our business; uncertainty as to the effects of the transaction on our financial performance; our ability to grow and manage growth profitably; our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our ability to attract and retain qualified employees and key personnel; our ability to comply with, and the effect on their businesses of, evolving legal standards and regulations, particularly concerning data protection and consumer privacy and evolving labor standards; risks relating to the development and performance of our energy storage systems and software-enabled services; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; general economic, geopolitical and business conditions in key regions of the world, including inflationary pressures, general economic slowdown or a recession, increasing interest rates, and changes in monetary policy; the ongoing conflict in Ukraine; supply chain interruptions and manufacturing or delivery delays; disruptions in sales, production, service or other business activities; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties discussed in this release and in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this release regarding our environmental, social, and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Statements in this earnings press release are made as of the date of this release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.
Source: Stem, Inc.
STEM, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(UNAUDITED) |
||||||||
(in thousands, except share and per share amounts) |
||||||||
|
June 30, 2022 |
December 31, 2021 |
||||||
|
(unaudited) |
|
||||||
ASSETS |
|
|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
151,003 |
|
$ |
747,780 |
|
||
Short-term investments |
|
183,890 |
|
|
173,008 |
|
||
Accounts receivable, net of allowances of $1,639 and $91 as of June 30, 2022 and December 31, 2021, respectively |
|
95,855 |
|
|
61,701 |
|
||
Inventory, net |
|
63,055 |
|
|
22,720 |
|
||
Other current assets (includes $58 and $213 due from related parties as of June 30, 2022 and December 31, 2021, respectively) |
|
47,927 |
|
|
18,641 |
|
||
Total current assets |
|
541,730 |
|
|
1,023,850 |
|
||
Energy storage systems, net |
|
98,427 |
|
|
106,114 |
|
||
Contract origination costs, net |
|
9,321 |
|
|
8,630 |
|
||
Goodwill |
|
546,732 |
|
|
1,741 |
|
||
Intangible assets, net |
|
164,796 |
|
|
13,966 |
|
||
Operating lease right-of-use assets |
|
13,200 |
|
|
12,998 |
|
||
Other noncurrent assets |
|
52,496 |
|
|
24,531 |
|
||
Total assets |
$ |
1,426,702 |
|
$ |
1,191,830 |
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable |
$ |
113,180 |
|
$ |
28,273 |
|
||
Accrued liabilities |
|
33,057 |
|
|
25,993 |
|
||
Accrued payroll |
|
10,132 |
|
|
7,453 |
|
||
Financing obligation, current portion |
|
14,784 |
|
|
15,277 |
|
||
Deferred revenue, current portion |
|
49,692 |
|
|
9,158 |
|
||
Other current liabilities (includes $354 and $306 due to related parties as of June 30, 2022 and December 31, 2021, respectively) |
|
4,415 |
|
|
1,813 |
|
||
Total current liabilities |
|
225,260 |
|
|
87,967 |
|
||
Deferred revenue, noncurrent |
|
65,849 |
|
|
28,285 |
|
||
Asset retirement obligation |
|
4,217 |
|
|
4,135 |
|
||
Notes payable, noncurrent |
|
1,673 |
|
|
1,687 |
|
||
Convertible notes, noncurrent |
|
446,914 |
|
|
316,542 |
|
||
Financing obligation, noncurrent |
|
67,102 |
|
|
73,204 |
|
||
Lease liabilities, noncurrent |
|
11,921 |
|
|
12,183 |
|
||
Other liabilities |
|
339 |
|
|
— |
|
||
Total liabilities |
|
823,275 |
|
|
524,003 |
|
||
Commitments and contingencies |
|
|
||||||
Stockholders’ equity: |
|
|
||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021 |
|
— |
|
|
— |
|
||
Common stock, $0.0001 par value; 500,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 154,226,275 and 144,671,624 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively |
|
15 |
|
|
14 |
|
||
Additional paid-in capital |
|
1,166,865 |
|
|
1,176,845 |
|
||
Accumulated other comprehensive (loss) income |
|
(1,136 |
) |
|
20 |
|
||
Accumulated deficit |
|
(562,529 |
) |
|
(509,052 |
) |
||
Total Stem's stockholders' equity |
|
603,215 |
|
|
667,827 |
|
||
Non-controlling interests |
|
212 |
|
|
— |
|
||
Total stockholders’ equity |
|
603,427 |
|
|
667,827 |
|
||
Total liabilities and stockholders’ equity |
$ |
1,426,702 |
|
$ |
1,191,830 |
|
||
Stem Media Contacts
Suraya Akbarzad, Stem
Cory Ziskind, ICR
This email address is being protected from spambots. You need JavaScript enabled to view it.
Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
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(847) 905-4400
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