Business Wire | Page 203

: Business Wire; Posted On Friday, 05 August 2022 13:01

Global Partners Reports Second-Quarter 2022 Financial Results

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the second quarter ended June 30, 2022.

“We believe our strategy of building integrated supply, storage, marketing and retail assets creates a competitive advantage that enables us to drive results, as evidenced by our strong second-quarter performance,” said President and CEO Eric Slifka. “Our performance reflected outstanding execution across our business. We benefited from continued momentum in our Gasoline Distribution Station Operations segment, including our newly acquired retail sites, favorable market conditions in the Wholesale segment and an increase in bunkering activity in the Commercial segment.

“During the second quarter, we completed the sale of our Revere terminal on Boston Harbor for a purchase price of $150 million,” Slifka said. “In conjunction with the closing, we entered into a leaseback agreement with the buyer, retaining the use of certain tanks, dock access rights and loading rack infrastructure that allow us to continue our operations at the terminal.”

Financial Highlights
Net income was $162.8 million, or $4.61 per diluted common limited partner unit, for the second quarter of 2022 compared with net income of $12.1 million, or $0.23 per diluted common limited partner unit, in the same period of 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $211.8 million in the second quarter of 2022 compared with $58.5 million in the same period of 2021.

Adjusted EBITDA was $134.9 million in the second quarter of 2022 versus $58.7 million in the same period of 2021.

Distributable cash flow (DCF) was $178.2 million in the second quarter of 2022 compared with $26.6 million in the same period of 2021.

Net income, EBITDA and DCF for the second quarter of 2022 include a net gain on sale and disposition of assets of $76.8 million, primarily related to the sale of the Partnership’s terminal in Revere, Massachusetts.

Gross profit in the second quarter of 2022 was $281.5 million compared with $178.0 million in the same period of 2021, driven primarily by the Wholesale and Gasoline Distribution and Station Operations (GDSO) segments.

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $301.9 million in the second quarter of 2022 compared with $198.6 million in the same period of 2021.

Combined product margin, EBITDA, Adjusted EBITDA, and DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three and six months ended June 30, 2022 and 2021.

GDSO segment product margin was $198.9 million in the second quarter of 2022 compared with $162.4 million in the same period of 2021. Product margin from gasoline distribution increased to $129.9 million from $101.3 million in the year earlier period, primarily due to higher fuel margins (cents per gallon) and an increase in volume sold due to recent acquisitions. Product margin from station operations increased to $69.0 million from $61.1 million in the second quarter of 2021, primarily due to recent acquisitions.

Wholesale segment product margin was $90.5 million in the second quarter of 2022 compared with $33.5 million in the same period of 2021. The increase was primarily driven by more favorable market conditions, largely in distillates and gasoline.

Commercial segment product margin was $12.5 million in the second quarter of 2022 compared with $2.7 million in the same period of 2021, reflecting an increase in bunkering activity.

Sales were $5.3 billion in the second quarter of 2022 compared with $3.3 billion in the same period of 2021. Wholesale segment sales were $3.0 billion in the second quarter of 2022 compared with $2.0 billion in the second quarter of 2021. GDSO segment sales were $1.9 billion in the second quarter of 2022 versus $1.1 billion in the same period of 2021. Commercial segment sales were $363.4 million in the second quarter of 2022 compared with $135.2 million in the same period of 2021.

Volume in the second quarter of 2022 was 1.3 billion gallons compared with 1.4 billion gallons in the same period of 2021. Wholesale segment volume was 792.6 million gallons in the second quarter of 2022 compared with 943.6 million gallons in the same period of 2021. GDSO volume was 422.3 million gallons in the second quarter of 2022 compared with 395.1 million gallons in the same period of 2021. Commercial segment volume was 95.4 million gallons in the second quarter of 2022 compared with 68.5 million gallons in the same period of 2021.

Recent Developments

Global completed the sale of its Revere terminal on Boston Harbor for a purchase price of $150 million. In connection with the closing, the parties entered into an agreement in which Global is leasing back key terminal infrastructure in order to continue its business operations at the facility.
Global announced a quarterly cash distribution of $0.6050 per unit, or $2.42 per unit on an annualized basis, on all of its outstanding common units for the period from April 1 to June 30, 2022. The distribution will be paid August 12, 2022 to unitholders of record as of the close of business on August 8, 2022.

Business Outlook
“We enter the second half of 2022 with solid momentum, and believe we are well positioned to continue to deliver value for unitholders, customers and guests,” Slifka said.

Financial Results Conference Call
Management will review the Partnership’s second-quarter 2022 financial results in a teleconference call for analysts and investors today.

Time:				10:00 a.m. ET
Dial-in numbers:				(877) 709-8155 (U.S. and Canada)
Dial-in numbers:				(201) 689-8881 (International)

Due to the expected high demand on our conference call provider, please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com.

Use of Non-GAAP Financial Measures

Product Margin
Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies.

EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:

compliance with certain financial covenants included in its debt agreements;
financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;
ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;
operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and
viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow
Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow.

Distributable cash flow as used in our partnership agreement also determines our ability to make cash distributions on our incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in our partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historic level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. Our partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

Distributable cash flow should not be considered as an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

About Global Partners LP
With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic and its impact on our counterparties, our customers and our operations and other assumptions that could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.


GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Sales	$	5,323,650		$	3,279,145		$	9,824,188		$	5,832,472
Cost of sales		5,042,174			3,101,100			9,336,474			5,509,395
Gross profit		281,476			178,045			487,714			323,077

Costs and operating expenses:
Selling, general and administrative expenses		60,870			54,031			117,151			100,355
Operating expenses		108,525			88,169			207,758			168,697
Amortization expense		2,117			2,673			4,616			5,396
Net gain on sale and disposition of assets		(76,849	)		(8	)		(81,760	)		(483	)
Long-lived asset impairment		-			188			-			188
Total costs and operating expenses		94,663			145,053			247,765			274,153

Operating income		186,813			32,992			239,949			48,924

Interest expense		(21,056	)		(20,320	)		(42,530	)		(40,679	)

Income before income tax expense		165,757			12,672			197,419			8,245

Income tax expense		(2,950	)		(533	)		(4,127	)		(403	)

Net income		162,807			12,139			193,292			7,842

Less: General partner's interest in net income, including
incentive distribution rights		2,166			849			3,343			1,588
Less: Preferred limited partner interest in net income		3,463			3,463			6,926			5,283

Net income attributable to common limited partners	$	157,178		$	7,827		$	183,023		$	971

Basic net income per common limited partner unit (1)	$	4.63		$	0.23		$	5.39		$	0.03

Diluted net income per common limited partner unit (1)	$	4.61		$	0.23		$	5.37		$	0.03

Basic weighted average common limited partner units outstanding		33,928			33,939			33,940			33,953

Diluted weighted average common limited partner units outstanding		34,066			34,290			34,074			34,295

(1) Under the Partnership's partnership agreement, for any quarterly period, the incentive distribution rights ("IDRs") participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership's undistributed net income or losses. Accordingly, the Partnership's undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner's general partner interest. Net income attributable to common limited partners is divided by the weighted average common units outstanding in computing the net income per limited partner unit.

GLOBAL PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)


	June 30,		December 31,
	2022		2021
Assets
Current assets:
Cash and cash equivalents	$	7,381	$	10,849
Accounts receivable, net		515,183		411,194
Accounts receivable - affiliates		1,650		1,139
Inventories		431,029		509,517
Brokerage margin deposits		35,953		33,658
Derivative assets		17,361		11,652
Prepaid expenses and other current assets		68,648		87,076
Total current assets		1,077,205		1,065,085

Property and equipment, net		1,179,583		1,099,348
Right of use assets, net		281,583		280,284
Intangible assets, net		31,089		26,014
Goodwill		409,865		328,135
Other assets		30,243		32,299

Total assets	$	3,009,568	$	2,831,165


Liabilities and partners' equity
Current liabilities:
Accounts payable	$	573,624	$	353,296
Working capital revolving credit facility - current portion		70,700		204,700
Lease liability - current portion		62,111		62,352
Environmental liabilities - current portion		4,582		4,642
Trustee taxes payable		37,316		44,223
Accrued expenses and other current liabilities		131,584		138,733
Derivative liabilities		53,678		31,654
Total current liabilities		933,595		839,600

Working capital revolving credit facility - less current portion		-		150,000
Revolving credit facility		123,000		43,400
Senior notes		740,162		739,310
Long-term lease liability - less current portion		228,414		228,203
Environmental liabilities - less current portion		57,488		48,163
Financing obligations		143,195		144,444
Deferred tax liabilities		58,027		56,817
Other long-term liabilities		60,390		53,461
Total liabilities		2,344,271		2,303,398

Partners' equity		665,297		527,767

Total liabilities and partners' equity	$	3,009,568	$	2,831,165

GLOBAL PARTNERS LP
FINANCIAL RECONCILIATIONS
(In thousands)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Reconciliation of gross profit to product margin
Wholesale segment:
Gasoline and gasoline blendstocks	$	41,034		$	23,516		$	38,749		$	39,921
Other oils and related products		51,852			13,340			104,974			31,955
Crude oil		(2,311	)		(3,321	)		(6,060	)		(7,848	)
Total		90,575			33,535			137,663			64,028
Gasoline Distribution and Station Operations segment:
Gasoline distribution		129,852			101,303			244,738			181,555
Station operations		69,008			61,141			127,105			111,298
Total		198,860			162,444			371,843			292,853
Commercial segment		12,512			2,701			20,653			6,891
Combined product margin		301,947			198,680			530,159			363,772
Depreciation allocated to cost of sales		(20,471	)		(20,635	)		(42,445	)		(40,695	)
Gross profit	$	281,476		$	178,045		$	487,714		$	323,077

Reconciliation of net income to EBITDA and Adjusted EBITDA
Net income	$	162,807		$	12,139		$	193,292		$	7,842
Depreciation and amortization		24,951			25,505			51,652			50,480
Interest expense		21,056			20,320			42,530			40,679
Income tax expense		2,950			533			4,127			403
EBITDA (1)		211,764			58,497			291,601			99,404
Net gain on sale and disposition of assets		(76,849	)		(8	)		(81,760	)		(483	)
Long-lived asset impairment		-			188			-			188
Adjusted EBITDA (1)	$	134,915		$	58,677		$	209,841		$	99,109

Reconciliation of net cash provided by (used in) operating activities to EBITDA and Adjusted EBITDA
Net cash provided by (used in) operating activities	$	362,565		$	52,425		$	385,193		$	(53,558	)
Net changes in operating assets and liabilities and certain non-cash items		(174,807	)		(14,781	)		(140,249	)		111,880
Interest expense		21,056			20,320			42,530			40,679
Income tax expense		2,950			533			4,127			403
EBITDA (1)		211,764			58,497			291,601			99,404
Net gain on sale and disposition of assets		(76,849	)		(8	)		(81,760	)		(483	)
Long-lived asset impairment		-			188			-			188
Adjusted EBITDA (1)	$	134,915		$	58,677		$	209,841		$	99,109

Reconciliation of net income to distributable cash flow
Net income	$	162,807		$	12,139		$	193,292		$	7,842
Depreciation and amortization		24,951			25,505			51,652			50,480
Amortization of deferred financing fees		1,347			1,255			2,737			2,599
Amortization of routine bank refinancing fees		(1,138	)		(1,013	)		(2,319	)		(2,050	)
Maintenance capital expenditures		(9,778	)		(11,263	)		(17,296	)		(18,294	)
Distributable cash flow (2)(3)		178,189			26,623			228,066			40,577
Distributions to preferred unitholders (4)		(3,463	)		(3,463	)		(6,926	)		(5,283	)
Distributable cash flow after distributions to preferred unitholders	$	174,726		$	23,160		$	221,140		$	35,294

Reconciliation of net cash provided by (used in) operating activities to distributable cash flow
Net cash provided by (used in) operating activities	$	362,565		$	52,425		$	385,193		$	(53,558	)
Net changes in operating assets and liabilities and certain non-cash items		(174,807	)		(14,781	)		(140,249	)		111,880
Amortization of deferred financing fees		1,347			1,255			2,737			2,599
Amortization of routine bank refinancing fees		(1,138	)		(1,013	)		(2,319	)		(2,050	)
Maintenance capital expenditures		(9,778	)		(11,263	)		(17,296	)		(18,294	)
Distributable cash flow (2)(3)		178,189			26,623			228,066			40,577
Distributions to preferred unitholders (4)		(3,463	)		(3,463	)		(6,926	)		(5,283	)
Distributable cash flow after distributions to preferred unitholders	$	174,726		$	23,160		$	221,140		$	35,294

(1) EBITDA, Adjusted EBITDA and distributable cash flow for each of the three and six months ended June 30, 2021 include a $6.6 million expense for compensation and benefits resulting from the passing of the Partnership's general counsel in May of 2021. The expense relates to contractual commitments including the acceleration of grants previously awarded as well as a discretionary award in recognition of service.
(2) As defined by the Partnership's partnership agreement, distributable cash flow is not adjusted for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.
(3) Distributable cash flow includes a net gain on sale and disposition of assets of $76.8 million and $81.7 million for the three and six months ended June 30, 2022, respectively, primarily related to the sale of the Partnership's terminal in Revere, Massachusetts. The net gain on sale and disposition of assets for each of the three and six months ended June 30, 2021 was immaterial.
(4) Distributions to preferred unitholders represent the distributions payable to the Series A preferred unitholders and the Series B preferred unitholders earned during the period. Distributions on the Series A preferred units and the Series B preferred units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year.

Contacts

Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800

Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800

: Business Wire; Posted On Friday, 05 August 2022 01:02

NewMarket Corporation Declares Quarterly Dividend

RICHMOND, Va.--(BUSINESS WIRE)--The Board of Directors of NewMarket Corporation (NYSE: NEU) declared a quarterly dividend in the amount of $2.10 per share on the common stock of the Corporation. The dividend is payable October 3, 2022 to NewMarket shareholders of record at the close of business on September 15, 2022.

NewMarket Corporation, through its subsidiaries Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated additive packages to market-general additives, the NewMarket family of companies provides the world with the technology to make engines run smoother, machines last longer, and fuels burn cleaner.

Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; sudden, sharp, or prolonged raw material price increases; competition from other manufacturers; current and future governmental regulations; the gain or loss of significant customers; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters, terrorist attacks, wars and health-related epidemics such as the COVID-19 pandemic; risks related to operating outside of the United States; political, economic, and regulatory factors concerning our products; the impact of substantial indebtedness on our operational and financial flexibility; the impact of fluctuations in foreign exchange rates; resolution of environmental liabilities or legal proceedings; limitation of our insurance coverage; our inability to realize expected benefits from investment in our infrastructure or from future acquisitions, or our inability to successfully integrate future acquisitions into our business; the underperformance of our pension assets resulting in additional cash contributions to our pension plans; and other factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Item 1A. “Risk Factors” of our 2021 Annual Report on Form 10-K, which is available to shareholders upon request.

You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.

Contacts

FOR INVESTOR INFORMATION CONTACT:
Brian D. Paliotti
Investor Relations
Phone: 804.788.5555
Fax: 804.788.5688
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Friday, 05 August 2022 13:01

Williams Industrial Services Group to Participate in the Jefferies Industrial Conference

ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS), an energy and industrial infrastructure services company, today announced that it will participate in the Jefferies Industrial Conference in New York on August 10, 2022. A general presentation by management will be held at 11:00 a.m. Eastern, with one-on-one calls scheduled throughout the day.

If institutional investors would like to participate, please contact your Jefferies representative or Williams’ investor relations.

About Williams

Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company is a leading provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.

Additional information about Williams can be found on its website: www.wisgrp.com.

Contacts

Investor Relations Contact:
Chris Witty
Darrow Associates
646-438-9385
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Friday, 05 August 2022 01:02

Altius Renewable Royalties Reports Q2 2022 Financial Results

All $ references in US unless otherwise indicated

ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--$ARR.TO #revenuegrowth--Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Company”), is pleased to report its financial results for the quarter ended June 30, 2022 with a conference call to follow August 5, 2022 at 9:30 am EST.

For the quarter ended June 30, 2022, ARR reported attributable revenue⁽¹⁾⁽²⁾ of $0.7 million and a net loss of $0.5 million. This compares to attributable revenue $0.07 million and a net loss of $0.7 million in Q2 2021. For the six months ended June 30, 2022, ARR reported attributable revenue of $1.4 million and a net loss of $0.7 million. This compares to attributable revenue $0.1 million and a net loss of $0.8 million for the first six months of 2021.

Based on the performance of the Company’s operating royalties to date and the expectations for production and pricing for the remainder of the year, the Company wishes to reaffirm guidance for 2022 revenue at the Great Bay Renewables (“GBR”) level of $4.5 million to $5.5 million expected from its six operating royalties.

During the three and six months ended June 20, 2022, the Corporation recognized attributable royalty revenue of $460,000 and $986,700, respectively, from the Northleaf investment royalties which were acquired on September 30, 2021. Attributable royalty revenue of $85,800 and $141,000 was recognized from the Prospero 2 solar project during the three and six months ended June 30, 2022, respectively. Production at Prospero 2 was lower during the quarter as the operator reported damage from a hail storm in early June, which has now largely been repaired. The lower production was partially offset by increased pricing during the period.

New Royalty Investments

On May 4, 2022, ARR announced a $32.5 million investment into a new global renewables platform, Bluestar Energy Capital LLC and its U.S. development subsidiary, Nova Clean Energy, LLC . Subsequent to quarter end, on July 29, 2022, the Corporation announced that GBR has entered into a $40 million transaction with U.S. renewable energy developer, Hodson Energy, LLC (“Hodson”), to gain future royalties related to Hodson’s portfolio of solar plus battery storage development projects.

As of June 30, 2022 the Corporation held cash of US$61.9 million and an additional US$1.8 million was held by the 50% owned GBR joint venture.

Commenting on the quarter and recently announced transactions, Frank Getman, CEO of GBR, said “We are pleased to add two developer royalty portfolio transactions, giving us additional exposure to solar generation and introducing a significant component of battery storage in the case of Hodson, and in both cases, backing teams who have excellent track records in building robust development project pipelines and advancing projects through sales and construction.”

Brian Dalton, CEO of ARR added that “During the quarter and subsequently we saw a substantial increase in market based power pricing in the regions we currently hold royalty exposure marking a sharp reversal of several years of declining market based and contracted industrial power purchase agreement prices. The higher prices are reflecting higher costs of generation in the power industry generally; however, our top line royalties are not impacted by cost inflation, while we benefit from resulting higher prices.”

Non-GAAP Financial Measures

Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA).
Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.

Conference Call Details

A conference call and webcast will be held August 5, 2022 at 9:30 am EST to provide an update and to offer an open Q&A session for analysts and investors. Access details are as follows:

DATE		August 5, 2022 at 9:30 am ET
EVENT		ARR Q2 2022 Financial Results, ID 3043354
DIAL IN		1-888-440-2069 OR 1-438-803-0525
WEBCAST		https://app.webinar.net/LNX7YGWYj1p

About ARR

ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 16 renewable energy royalties representing 3,510 MW of renewable power, diversified by wind, solar, stage of development or operations and regional power pool in the U.S. The Corporation combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.

Forward-looking information

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.

Contacts

Flora Wood
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209
Direct: 1.416.346.9020

Ben Lewis
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209

: Business Wire; Posted On Friday, 05 August 2022 13:01

CorEnergy Declares Common and Preferred Dividends, Provides Volume Update and Schedules Results Release for Second Quarter 2022

KANSAS CITY, Mo.--(BUSINESS WIRE)--$CORR--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") announced today that its Board of Directors declared a second quarter 2022 dividend of $0.05 per share for its common stock, consistent with the preceding quarter. The dividend is payable on August 31, 2022 to shareholders of record on August 17, 2022.

The Board of Directors also declared a cash dividend of $0.4609375 per depositary share for the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, is payable on August 31, 2022, to shareholders of record on August 17, 2022.

California Crude Oil Volume Update

The Company also announced that its joint venture with Crimson Midstream experienced an unexpected volume decline in the second quarter, primarily due to supply disruptions in the global oil market resulting in the California refineries altering their historical crude oil sourcing patterns. However, the volume loss has reversed beginning in July due to operational issues in the crude oil supply chain unrelated to the Crimson assets. As a result, volumes are expected to remain near first quarter 2022 volumes as long as the third-party operational issues persist.

The level of volume volatility in 2022 is unusual compared to historical patterns. Based upon the impact of current market conditions on our customers, and therefore on volumes shipped on Crimson’s pipelines in any given month, swings in revenue may occur quarter to quarter, until the global oil markets return to a more normal state.

Despite the low second quarter volume and uncertainty of the duration of other supply chain issues, the Company maintains its revised adjusted EBITDA guidance of $42 to $44 million. The Company expects to benefit from potential increase in crude oil volume available to be shipped upon the conversion of the Phillips 66 Rodeo refinery to renewable diesel, scheduled for first quarter 2024.

The Company also announced that Crimson subsidiaries recently submitted applications for 10% rate increases to the California Public Utilities Commission. These rate increases mitigate the adverse earnings impact of long term decline in oil production in California. The rate increase will become effective in the third quarter; as always, rate increases are subject to potential refund if the cost of service impact of lower volume is successfully challenged.

Second Quarter 2022 Results Release Date

The Company announced that it will report results for its second quarter ended June 30, 2022, on August 11, 2022.

CorEnergy will host a conference call on Thursday, August 11, 2022, at 10:00 a.m. Central Time to discuss its financial results. Please dial into the call at +1-973-528-0011 at least five minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.reit.

A webcast replay of the conference call will be available on the Company’s website at corenergy.reit. A replay of the call will be available until September 10, 2022, by dialing +1-919-882-2331. The Conference ID is 46172.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including that oil production in California faces legal challenges, PSX’s Rodeo refinery may not shut down as expected, our tariff rate changes might be contested, customers may switch to competitor pipelines or use other transportation methods and those discussed in CorEnergy's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy's Board of Directors and compliance with leverage covenants.

Source: CorEnergy Infrastructure Trust, Inc.

Contacts

CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
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: Business Wire; Posted On Friday, 05 August 2022 01:02

Fuel Tech Schedules 2022 Second Quarter Financial Results and Conference Call

WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today announced that it will issue its financial results for the second quarter ended June 30, 2022 on Wednesday, August 10, 2022 after the close of the stock market.

Management will host a conference call on Thursday, August 11, 2022 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:

(877) 423-9820 (Domestic) or
(201) 493-6749 (International)

The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to This email address is being protected from spambots. You need JavaScript enabled to view it.. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.

Contacts

Vince Arnone
President and CEO
(630) 845-4500

Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Friday, 05 August 2022 13:01

Universal Display Corporation Announces Participation at Upcoming Conferences

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 its participation in the following investor and industry conferences.

Investor Conference:

Oppenheimer 25th Annual Technology, Internet & Communications Conference

Date: August 9, 2022
Presentation Time: 10:45 AM ET*
Location: Virtual
Presenter: Sidney Rosenblatt, Executive Vice President and CFO

* A live and archived audio webcast of the investor presentations will be available on the events page of the Company's Investor Relations website at ir.oled.com.

Industry Conference:

IMID 2022 – The 22^nd International Meeting on Information Display

Date: August 23-26, 2022
Location: Bexco, Busan, Korea

Presenter: Dr. Mike Hack, Vice President of Business Development
Presentation: Competitive Analysis of Low Power Consumption and High Color Gamut OLED Displays (UDC/Intel joint paper)

Presenter: Dr. Nicholas Thompson, Senior R&D Manager
Presentation: Plasmonic PHOLED: Increasing Plasmon Outcoupling

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

Twitter
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(OLED-C)

Contacts

Universal Display:
Darice Liu
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 609-964-5123

: Business Wire; Posted On Friday, 05 August 2022 01:01

Forum Energy Technologies Announces Second Quarter 2022 Results

Revenue of $172 million, an 11% sequential increase
Orders of $203 million and book-to-bill ratio of 1.18
Net income of $9 million and diluted EPS of $1.15
Adjusted EBITDA of $15.5 million, a sequential increase of $7 million, or 74%

HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2022 revenue of $172 million, an increase of $17 million from the first quarter 2022. Net income for the quarter was $9 million, or $1.15 per diluted share, compared to a net loss of $9 million, or $1.62 per diluted share, for the first quarter 2022. Excluding special items, adjusted net loss was $0.73 per diluted share in the second quarter 2022 compared to an adjusted net loss of $2.00 per diluted share in the first quarter 2022. Adjusted EBITDA was $15.5 million in the second quarter 2022, an increase of approximately $7 million from the first quarter 2022.

Special items in the second quarter 2022, on a pre-tax basis, included $13 million of foreign exchange gains and $2 million of recoveries on previously impaired inventory partially offset by $1 million of restructuring, transaction and other costs. See Tables 1-5 for a reconciliation of GAAP to non-GAAP financial information.

Neal Lux, President and Chief Executive Officer, remarked, “Incremental oil and natural gas supply is needed to meet the world's current and growing energy demands. To address this challenge, our customers need to invest in Forum's highly engineered products and solutions to replace equipment that is obsolete or degraded through elevated service intensity and high utilization. This was evident in the second quarter as demand drove revenue and adjusted EBITDA up quarter-over-quarter by 11% and 74%, respectively, each exceeding the high-end of our guidance. Our strong operating leverage and efficient utilization of existing capacity was demonstrated by revenue and adjusted EBITDA growing by 25% and 138%, respectively, year-over-year.

“We forecast third quarter revenue to be between $170 and $180 million, and adjusted EBITDA of $16 to $19 million. On a full year basis, our financial outlook has improved, and we now expect adjusted EBITDA to be near the top end of our previous guidance range of $50 to $60 million.

“Our employees remain committed to serving our customers, operating safely, and delivering strong operating results. I am very pleased with their performance.”

Segment Results

Drilling & Downhole segment revenue was $77 million, an increase of 7% from the first quarter 2022, led by higher demand for drilling capital equipment in connection with increasing activity levels. Orders were $74 million, a 5% sequential increase which included significant order growth in our drilling product line. Segment adjusted EBITDA was $12 million, a $3 million sequential increase resulting from operating leverage on the higher revenue levels. The Drilling & Downhole segment designs and manufactures capital equipment and consumable products for global well construction, artificial lift and subsea markets.

Completions segment revenue was $66 million, a 26% sequential increase led by higher sales of our stimulation and coiled tubing products. Orders were $65 million, a sequential increase of $11 million, or 20%. Segment adjusted EBITDA was $9 million, a 78% sequential increase from the higher revenue levels and favorable product sales mix. The Completions segment designs and manufactures products for the coiled tubing, wireline and stimulation markets.

Production segment revenue was $30 million, a decrease of $2 million, or 5% from the first quarter 2022. Delayed inbound shipments of valves from Asia as a result of COVID lockdowns negatively impacted revenues. Second quarter bookings were $64 million, a 58% sequential increase, due to annual orders received for well-site production equipment. Segment adjusted EBITDA was $1 million, an improvement of $1 million from the first quarter 2022. The Production segment designs and manufactures land well site production equipment, desalination process equipment, and a wide range of valves for upstream, midstream and process industry customers.

FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution, and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.

Forward Looking Statements and Other Legal Disclosure

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release.

These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, impacts associated with COVID-19, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the U.S. Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Forum Energy Technologies, Inc.
Condensed consolidated statements of income (loss)
(Unaudited)

	Three months ended
	June 30,						March 31,
(in millions, except per share information)	2022			2021			2022
Revenue	$	172.2		$	137.4		$	155.2
Cost of sales		123.6			105.2			116.6
Gross profit		48.6			32.2			38.6
Operating expenses
Selling, general and administrative expenses		43.5			42.2			44.3
Gain on disposal of assets and other		(0.9	)		(0.4	)		—
Total operating expenses		42.6			41.8			44.3
Operating income (loss)		6.0			(9.6	)		(5.7	)
Other expense (income)
Interest expense		7.8			7.8			7.6
Loss on extinguishment of debt		—			4.2			—
Foreign exchange gains and other, net		(12.8	)		(1.0	)		(6.0	)
Total other (income) expense, net		(5.0	)		11.0			1.6
Income (loss) before income taxes		11.0			(20.6	)		(7.3	)
Income tax expense		1.7			1.2			1.9
Net income (loss) ⁽¹⁾	$	9.3		$	(21.8	)	$	(9.2	)

Weighted average shares outstanding
Basic		5.7			5.6			5.7
Diluted		10.5			5.6			5.7

Earnings (loss) per share
Basic	$	1.61		$	(3.87	)	$	(1.62	)
Diluted	$	1.15		$	(3.87	)	$	(1.62	)

⁽¹⁾ Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Condensed consolidated statements of income (loss)
(Unaudited)

	Six months ended
	June 30,
(in millions, except per share information)	2022			2021
Revenue	$	327.4		$	251.9
Cost of sales		240.2			193.5
Gross profit		87.2			58.4
Operating expenses
Selling, general and administrative expenses		87.8			83.7
Gain on disposal of assets and other		(0.9	)		(1.3	)
Total operating expenses		86.9			82.4
Operating income (loss)		0.3			(24.0	)
Other expense (income)
Interest expense		15.5			16.9
Foreign exchange losses (gains) and other, net		(18.8	)		2.6
Loss on extinguishment of debt		—			5.1
Total other (income) expense, net		(3.3	)		24.6
Income (loss) before income taxes		3.6			(48.6	)
Income tax expense		3.5			2.9
Net income (loss) ⁽¹⁾	$	0.1		$	(51.5	)

Weighted average shares outstanding
Basic		5.7			5.6
Diluted		5.9			5.6

Earnings (loss) per share
Basic	$	0.01		$	(9.15	)
Diluted	$	0.01		$	(9.15	)

⁽¹⁾ Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)

	June 30,		December 31,
(in millions of dollars)	2022		2021
Assets
Current assets
Cash and cash equivalents	$	26.9	$	46.9
Accounts receivable—trade, net		147.1		123.9
Inventories, net		271.2		241.7
Other current assets		40.0		34.2
Total current assets		485.2		446.7
Property and equipment, net of accumulated depreciation		88.7		94.0
Operating lease assets		22.2		25.4
Intangible assets, net		203.8		217.4
Other long-term assets		7.6		7.8
Total assets	$	807.5	$	791.3
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	0.7	$	0.9
Other current liabilities		183.6		174.8
Total current liabilities		184.3		175.7
Long-term debt, net of current portion		268.8		232.4
Other long-term liabilities		45.9		54.1
Total liabilities		499.0		462.2
Total equity		308.5		329.1
Total liabilities and equity	$	807.5	$	791.3

Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)

	Six Months Ended June 30,
(in millions of dollars)	2022			2021
Cash flows from operating activities
Net income (loss)	$	0.1		$	(51.5	)
Depreciation and amortization		19.1			22.0
Loss on extinguishment of debt		—			5.1
Other noncash items and changes in working capital		(69.8	)		26.8
Net cash provided by (used in) operating activities		(50.6	)		2.4

Cash flows from investing activities
Capital expenditures for property and equipment		(3.5	)		(0.7	)
Proceeds from sale of business, property and equipment		2.6			2.1
Payments related to business acquisitions and dispositions		(0.5	)		(1.3	)
Net cash provided by (used in) investing activities		(1.4	)		0.1

Cash flows from financing activities
Borrowings of debt		274.5			—
Repayments of debt		(241.5	)		(70.6	)
Repurchases of stock		(0.4	)		(0.2	)
Net cash provided by (used in) financing activities		32.6			(70.8	)

Effect of exchange rate changes on cash		(0.6	)		—
Net decrease in cash, cash equivalents and restricted cash	$	(20.0	)	$	(68.3	)

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)

	As Reported									As Adjusted ⁽³⁾
	Three months ended									Three months ended
(in millions of dollars)	June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2022			June 30, 2021			March 31, 2022
Revenue
Drilling & Downhole	$	76.5		$	61.6		$	71.3		$	76.5		$	61.6		$	71.3
Completions		66.1			46.5			52.5			66.1			46.5			52.5
Production		29.9			29.3			31.5			29.9			29.3			31.5
Eliminations		(0.3	)		—			(0.1	)		(0.3	)		—			(0.1	)
Total revenue	$	172.2		$	137.4		$	155.2		$	172.2		$	137.4		$	155.2

Operating income (loss)
Drilling & Downhole	$	8.5		$	2.7		$	6.0		$	8.9		$	3.3		$	5.6
Operating Margin %		11.1	%		4.4	%		8.4	%		11.6	%		5.4	%		7.9	%
Completions		3.6			(0.4	)		(0.7	)		3.1			0.5			(0.7	)
Operating Margin %		5.4	%		(0.9	)%		(1.3	)%		4.7	%		1.1	%		(1.3	)%
Production		(0.2	)		(4.0	)		(1.8	)		(0.2	)		(3.1	)		(1.5	)
Operating Margin %		(0.7	)%		(13.7	)%		(5.7	)%		(0.7	)%		(10.6	)%		(4.8	)%
Corporate		(6.8	)		(8.3	)		(9.2	)		(6.6	)		(6.5	)		(5.5	)
Total segment operating income (loss)		5.1			(10.0	)		(5.7	)		5.2			(5.8	)		(2.1	)
Other items not in segment operating income (loss) ⁽¹⁾		0.9			0.4			—			0.1			(0.1	)		0.1
Total operating income (loss)	$	6.0		$	(9.6	)	$	(5.7	)	$	5.3		$	(5.9	)	$	(2.0	)
Operating Margin %		3.5	%		(7.0	)%		(3.7	)%		3.1	%		(4.3	)%		(1.3	)%

EBITDA ⁽²⁾
Drilling & Downhole	$	23.7		$	7.3		$	15.5		$	12.1		$	7.1		$	9.1
EBITDA Margin %		31.0	%		11.9	%		21.7	%		15.8	%		11.5	%		12.8	%
Completions		9.4			5.4			4.7			8.7			6.3			4.9
EBITDA Margin %		14.2	%		11.6	%		9.0	%		13.2	%		13.5	%		9.3	%
Production		1.5			(2.6	)		(1.0	)		0.6			(1.8	)		(0.6	)
EBITDA Margin %		5.0	%		(8.9	)%		(3.2	)%		2.0	%		(6.1	)%		(1.9	)%
Corporate		(6.3	)		(12.4	)		(9.3	)		(5.9	)		(5.1	)		(4.5	)
Total EBITDA	$	28.3		$	(2.3	)	$	9.9		$	15.5		$	6.5		$	8.9
EBITDA Margin %		16.4	%		(1.7	)%		6.4	%		9.0	%		4.7	%		5.7	%

⁽¹⁾ Includes gain/(loss) on disposal of assets and other.
⁽²⁾ The company believes that the presentation of EBITDA is useful to the company's investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
⁽³⁾ Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)

	As Reported						As Adjusted ⁽³⁾
	Six months ended						Six months ended
(in millions of dollars)	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Revenue
Drilling & Downhole	$	147.8		$	110.2		$	147.8		$	110.2
Completions		118.6			84.4			118.6			84.4
Production		61.4			57.4			61.4			57.4
Eliminations		(0.4	)		(0.1	)		(0.4	)		(0.1	)
Total revenue	$	327.4		$	251.9		$	327.4		$	251.9

Operating income (loss)
Drilling & Downhole	$	14.5		$	(1.8	)	$	14.5		$	2.0
Operating Margin %		9.8	%		(1.6	)%		9.8	%		1.8	%
Completions		2.9			(0.3	)		2.4			(0.9	)
Operating Margin %		2.4	%		(0.4	)%		2.0	%		(1.1	)%
Production		(1.9	)		(7.9	)		(1.7	)		(6.1	)
Operating Margin %		(3.1	)%		(13.8	)%		(2.8	)%		(10.6	)%
Corporate		(16.1	)		(15.3	)		(12.1	)		(12.2	)
Total segment operating income (loss)		(0.6	)		(25.3	)		3.1			(17.2	)
Other items not in segment operating income (loss) ⁽¹⁾		0.9			1.3			0.2			0.1
Total operating income (loss)	$	0.3		$	(24.0	)	$	3.3		$	(17.1	)
Operating Margin %		0.1	%		(9.5	)%		1.0	%		(6.8	)%

EBITDA ⁽²⁾
Drilling & Downhole	$	39.2		$	3.7		$	21.2		$	10.1
EBITDA Margin %		26.5	%		3.4	%		14.3	%		(3.6	)%
Completions		14.1			12.0			13.6			10.9
EBITDA Margin %		11.9	%		14.2	%		11.5	%		12.9	%
Production		0.5			(4.8	)		—			(3.2	)
EBITDA Margin %		0.8	%		(8.4	)%		—	%		(5.6	)%
Corporate		(15.6	)		(20.6	)		(10.4	)		(9.2	)
Total EBITDA	$	38.2		$	(9.7	)	$	24.4		$	8.6
EBITDA Margin %		11.7	%		(3.9	)%		7.5	%		3.4	%

⁽¹⁾ Includes gain/(loss) on disposal of assets, and other.
⁽²⁾ The company believes that the presentation of EBITDA is useful to the company's investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
⁽³⁾ Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Supplemental schedule - Orders information
(Unaudited)


	Three months ended
(in millions of dollars)	June 30, 2022			June 30, 2021		March 31, 2022
Orders
Drilling & Downhole	$	74.4		$	80.5	$	70.9
Completions		64.7			47.4		53.7
Production		63.8			30.9		40.4
Total orders	$	202.9		$	158.8	$	165.0

Revenue
Drilling & Downhole	$	76.5		$	61.6	$	71.3
Completions		66.1			46.5		52.5
Production		29.9			29.3		31.5
Eliminations		(0.3	)		—		(0.1	)
Total revenue	$	172.2		$	137.4	$	155.2

Book to bill ratio ⁽¹⁾
Drilling & Downhole		0.97			1.31		0.99
Completions		0.98			1.02		1.02
Production		2.13			1.05		1.28
Total book to bill ratio		1.18			1.16		1.06

⁽¹⁾ The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products, in the markets in which the company operates, is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of the company's products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance.

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 - Adjusting items

	Three months ended
	June 30, 2022									June 30, 2021									March 31, 2022
(in millions, except per share information)	Operating income			EBITDA ⁽¹⁾			Net income (loss)			Operating loss			EBITDA ⁽¹⁾			Net loss			Operating loss			EBITDA ⁽¹⁾			Net loss
As reported	$	6.0		$	28.3		$	9.3		$	(9.6	)	$	(2.3	)	$	(21.8	)	$	(5.7	)	$	9.9		$	(9.2	)
% of revenue		3.5	%		16.4	%					(7.0	)%		(1.7	)%					(3.7	)%		6.4	%
Restructuring, transaction and other costs		1.4			1.4			1.4			2.6			2.6			2.6			3.7			3.7			3.7
Inventory and other working capital adjustments		(2.1	)		(2.1	)		(2.1	)		1.1			1.1			1.1			—			—			—
Loss on extinguishment of debt		—			—			—			—			4.2			4.2			—			—			—
Gain on foreign exchange, net⁽²⁾		—			(12.8	)		(12.8	)		—			(1.0	)		(1.0	)		—			(5.8	)		(5.8	)
Stock-based compensation expense		—			0.7			—			—			1.9			—			—			1.1			—
As adjusted ⁽¹⁾	$	5.3		$	15.5		$	(4.2	)	$	(5.9	)	$	6.5		$	(14.9	)	$	(2.0	)	$	8.9		$	(11.3	)
% of revenue		3.1	%		9.0	%					(4.3	)%		4.7	%					(1.3	)%		5.7	%

Diluted shares outstanding as reported								10.5									5.6									5.7
Diluted shares outstanding as adjusted								5.7									5.6									5.7

Diluted EPS - as reported							$	1.15								$	(3.87	)							$	(1.62	)
Diluted EPS - as adjusted							$	(0.73	)							$	(2.66	)							$	(2.00	)

(1) The company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to the company's investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.

(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss has no economic impact in dollar terms.

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 2 - Adjusting items

	Six months ended
	June 30, 2022									June 30, 2021
(in millions, except per share information)	Operating income			EBITDA ⁽¹⁾			Net income (loss)			Operating loss			EBITDA ⁽¹⁾			Net loss
As reported	$	0.3		$	38.2		$	0.1		$	(24.0	)	$	(9.7	)	$	(51.5	)
% of revenue		0.1	%		11.7	%					(9.5	)%		(3.9	)%
Restructuring, transaction and other costs		5.1			5.1			5.1			5.2			5.2			5.2
Inventory and other working capital adjustments		(2.1	)		(2.1	)		(2.1	)		1.7			1.7			1.7
Stock-based compensation expense		—			1.8			—			—			3.8			—
Loss on extinguishment of debt		—			—			—			—			5.1			5.1
Loss (gain) on foreign exchange, net ⁽²⁾		—			(18.6	)		(18.6	)		—			2.5			2.5
As adjusted ⁽¹⁾	$	3.3		$	24.4		$	(15.5	)	$	(17.1	)	$	8.6		$	(37.0	)
% of revenue		1.0	%		7.5	%					(6.8	)%		3.4	%

Diluted shares outstanding as reported								5.9									5.6
Diluted shares outstanding as adjusted								5.7									5.6

Diluted EPS - as reported							$	0.01								$	(9.15	)
Diluted EPS - as adjusted							$	(2.72	)							$	(6.61	)

(1) The company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to the company's investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.

(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss has no economic impact in dollar terms.

Contacts

Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read full story here

: Business Wire; Posted On Friday, 05 August 2022 13:01

United Energy Announces Major Corporate Advancements

PLANO, Texas--(BUSINESS WIRE)--United Energy (OTCMKTS:UNRG):

United Energy Corporation today announced 100% acquisition of Integrity Terminals, LLC., adding to UNRG’s previous minority ownership stake of 12%. According to Brian Guinn, UNRG CEO, “As a wholly owned subsidiary of UNRG, full ownership and operational control enables UNRG to implement aggressive plans for the project’s completion while increasing shareholder value. Profitability. Responsibility. Sustainability. These are the hallmarks of our corporate mission.”

UNRG has also acquired the option to purchase a total of 686 acres of land located in Iberville Parish, Louisiana. The land’s purchase is subject to due diligence studies and permitting approvals prior to closing on the property.

Integrity Terminals is a planned greenfield facility and sophisticated bulk storage import/export project strategically located in Louisiana’s Gulf Coastal area along the Mississippi River. This corridor connects U.S. oil and gas suppliers with domestic and international markets. The world-class and technologically advanced, multi-functional facility will store, blend, and distribute petroleum products, crude oil, biofuel, green energy, and non-petroleum compounds. Phase 1 will focus on rail storage and transport. Phases 2 and 3 will incorporate deep-water and barge access, bulk storage, and more complex rail rack and rail storage systems.

This ambitious project will reduce dependence on foreign sources and interrupted supply chains. Leveraging connectivity to key refineries, pipelines, and the country’s network of highways, integrated terminals provide logistical and wholesale oil and gas distribution solutions. The terminal will embrace eco-friendly, LEED^® certified building practices, relying heavily on carbon capture and vapor recovery technologies (with the goal of carbon neutrality), contributing to a cleaner, healthier environment.

In conjunction with the acquisition, UNRG also announces it has engaged EXCEL Midstream Solutions, Inc. of Houston, Texas as its strategic design, permitting, and engineering partner. EXCEL provides premier civil, structural, mechanical, fabrication, electrical and instrumentation engineering, construction, and maintenance services. Their dedication to safety, stellar quality, and highly skilled professionals sets them apart in the industry. EXCEL’s current roster of exclusive partnerships represents a critical service providing affordable fuels and power along with significant sustainability and carbon reductions. EXCEL has commenced the initial due diligence, engineering, facilities design, and permitting efforts, estimating that construction for Phase 1 can begin as early as Q3/Q4 2023 and Q1/Q2 2024 for Phases 2 and 3.

Forward-Looking Disclaimer
https://twitter.com/UNRGCorp

Contacts

Media Contact:
Kimberly Stillwagon
This email address is being protected from spambots. You need JavaScript enabled to view it.
214-901-5453

Investor Contact:
Brian Guinn
This email address is being protected from spambots. You need JavaScript enabled to view it.
469-209-5829

: Business Wire; Posted On Thursday, 04 August 2022 13:02

Williams Announces Revised Guidance for Fiscal 2022

Additional Business Investment, One Time Expenses, and Contract Delays Impact Near-Term Outlook

ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS) (“Williams” or the “Company”), an energy and industrial infrastructure services company, today announced revised guidance for fiscal 2022, as follows:

Revenue: $275 - $295 million (previously, $305 - $325 million)
Gross Margin: 9.0% - 9.5% (previously, 10.5% - 11.0%)
SG&A: 8.25% – 8.75% of revenue; 8.00% - 8.50% excluding investments in upgrading systems (previously, 8.75% - 9.25%; 8.25% - 8.75% excluding investments)
Adjusted EBITDA: $5.0 – $7.5 million (previously, $10.0 - $12.5 million)

“While the long-term outlook for Williams remains favorable, it has become necessary to adjust 2022 guidance due to several non-recurring issues negatively impacting the achievement of previously forecast performance levels,” said Tracy Pagliara, President and CEO. “As will be explained in greater detail during our upcoming earnings call on August 12, these items include additional start-up costs associated with our transmission and distribution business; further litigation expense related to a competitor and former employee; and continued margin pressure pertaining to previously-disclosed Florida projects, which are expected to be substantially complete this calendar year. In addition to these transitional costs, some awards and project work have been delayed until the second half, dampening revenue projections.

“However, we are excited by the prospect for meaningful new orders and better operating performance over the rest of 2022 as one-time costs subside and demand rises heading into next year. As a provider of essential infrastructure services to the energy and industrial markets, we believe Williams is largely recession-proof, and our bid activity is accelerating even as certain parts of the economy falter. Our pipeline¹ is robust – approximately $400 million compared to approximately $360 million at the end of the first quarter – and is expected to drive material increases to our backlog in the quarters to come.

“The decisions we make every day are based on our strategic plan focused around growth opportunities tied to our nuclear, energy delivery, and water end markets under the $550 billion Infrastructure Investment & Jobs Act, as well as billions in additional capital investment from utilities and municipalities expected during the next five years. Furthermore, over $350 billion slated for energy security and climate change programs, including for nuclear power, is included in the Inflation Reduction Act currently being negotiated in Washington. While interim challenges and business initiatives are causing 2022 to be a transition year for Williams, we believe the Company is well positioned for expansion and greater bottom-line results going forward.”

About Williams

Additional information about Williams can be found on its website: www.wisgrp.com.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to perform in accordance with guidance, build and diversify its backlog and pipeline and convert pipeline to backlog and backlog to revenue, realize opportunities, including receiving contract awards on outstanding bids and successfully pursuing future opportunities, benefit from potential growth in the Company’s end markets, including from increased infrastructure spending by the U.S. federal government and utilities and municipalities, and successfully achieve its growth, strategic and business development initiatives, including decreasing the Company’s outstanding indebtedness, future demand for the Company’s services, and expectations regarding the Company’s long-term outlook and future revenues, cash flow, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including the Company’s level of indebtedness and ability to make payments on, and satisfy the financial and other covenants contained in, its amended debt facilities, as well as its ability to engage in certain transactions and activities due to limitations and covenants contained in such facilities; its ability to generate sufficient cash resources to continue funding operations, including investments in working capital required to support growth-related commitments that it makes to customers, and the possibility that it may be unable to obtain any additional funding as needed or incur losses from operations in the future; exposure to market risks from changes in interest rates; the Company’s ability to obtain adequate surety bonding and letters of credit; the Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures; the Company’s ability to attract and retain qualified personnel, skilled workers, and key officers; failure to successfully implement or realize its business strategies, plans and objectives of management, and liquidity, operating and growth initiatives and opportunities, including any expansion into new markets and its ability to identify potential candidates for, and consummate, acquisition, disposition, or investment transactions; the loss of one or more of its significant customers; its competitive position; market outlook and trends in the Company’s industry, including the possibility of reduced investment in, or increased regulation of, nuclear power plants, declines in public infrastructure construction, and reductions in government funding; costs exceeding estimates the Company uses to set fixed-price contracts; harm to the Company’s reputation or profitability due to, among other things, internal operational issues, poor subcontractor performances or subcontractor insolvency; potential insolvency or financial distress of third parties, including customers and suppliers; the Company’s contract backlog and related amounts to be recognized as revenue; its ability to maintain its safety record, the risks of potential liability and adequacy of insurance; adverse changes in the Company’s relationships with suppliers, vendors, and subcontractors, including increases in cost, disruption of supply or shortage of labor, freight, equipment or supplies, including as a result of the COVID-19 pandemic; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; limitations or modifications to indemnification regulations of the U.S.; the Company’s expected financial condition, future cash flows, results of operations and future capital and other expenditures; the impact of unstable market and economic conditions on our business, financial condition and stock price, including inflationary cost pressures, supply chain disruptions and constraints, labor shortages, the effects of the Ukraine-Russia conflict and ongoing impact of COVID-19, and a possible recession; our ability to meet publicly announced guidance or other expectations about our business, key metrics and future operating results; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and cash flows, including global supply chain disruptions and the potential for additional COVID-19 cases to occur at the Company’s active or future job sites, which potentially could impact cost and labor availability; information technology vulnerabilities and cyberattacks on the Company’s networks; the Company’s failure to comply with applicable laws and regulations, including, but not limited to, those relating to privacy and anti-bribery; the Company’s ability to successfully implement its new enterprise resource planning (ERP) system; the Company’s participation in multiemployer pension plans; the impact of any disruptions resulting from the expiration of collective bargaining agreements; the impact of natural disasters, which may worsen or increase due to the effects of climate change, and other severe catastrophic events (such as the ongoing COVID-19 pandemic); the impact of corporate citizenship and environmental, social and governance matters; the impact of changes in tax regulations and laws, including future income tax payments and utilization of net operating loss and foreign tax credit carryforwards; volatility of the market price for the Company’s common stock; the Company’s ability to maintain its stock exchange listing; the effects of anti-takeover provisions in the Company’s organizational documents and Delaware law; the impact of future offerings or sales of the Company’s common stock on the market price of such stock; expected outcomes of legal or regulatory proceedings (whether claims made by or against the Company) and their anticipated effects on the Company’s results of operations; and any other statements regarding future growth, future cash needs, future operations, business plans and future financial results.

Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2021 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.

¹ Pipeline is the estimated value of business opportunities that the Company plans to bid on.

Contacts

Investor Contact:
Chris Witty
Darrow Associates
646-345-0998
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: Business Wire; Posted On Friday, 05 August 2022 13:01

Geospace Technologies Schedules Third Quarter 2022 Earnings Call

HOUSTON--(BUSINESS WIRE)--#energyexploration--Geospace Technologies (NASDAQ: GEOS) today announced that it will release third-quarter 2022 financial results on Tuesday, August 9, 2022 after the market closes. In conjunction with the release, Geospace has scheduled a conference call for Wednesday, August 10, at 10:00 a.m. Eastern Time (9:00 a.m. Central).

WHAT:

Geospace Technologies Third Quarter 2022 Results Conference Call

WHEN:

Wednesday, August 10, 2022 at 10:00 a.m. Eastern Time (9:00 a.m. Central)

HOW:

Live via phone – U.S. participants can dial toll free (866) 342-8591. International participants can dial (203) 518-9713. Please reference the Geospace Technologies conference ID: GEOSQ322 prior to the start of the conference call.

For those who cannot listen to the live call, a replay will be available for approximately 60 days and may be accessed through the Investor Relations page.

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security, and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.

Contacts

MEDIA CONTACT: Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it., 321.341.9305

: Business Wire; Posted On Thursday, 04 August 2022 13:02

Voltus Named an Official Partner of the Arena at Madison Square Garden

Voltus and Madison Square Garden to Reduce Emissions and Strengthen the Grid

NEW YORK--(BUSINESS WIRE)--Madison Square Garden Entertainment Corp. (NYSE: MSGE) announced today a partnership with Voltus, Inc. (“Voltus”), naming the leading distributed energy resource (DER) software platform, an Official Partner of the Arena at Madison Square Garden. Voltus and Madison Square Garden will work together to implement demand response services and identify and execute energy reduction initiatives during peak energy usage periods and grid stress.

“This partnership with Voltus will have a tremendous impact on the day-to-day operations at Madison Square Garden, for both our sports and entertainment events,” said Ron Skotarczak, Executive Vice President, Chief Sales & Marketing Officer, Madison Square Garden Entertainment Corp. “Our partnership allows us to help New York’s electricity grid by conserving and shifting energy at the times when it’s most needed. We welcome Voltus to our ever-growing marketing partnership family and are grateful for the technology they will contribute to The Garden.”

“It’s a privilege to help Madison Square Garden support their community and grid by using the Voltus platform to harness the power of its distributed energy resources,” says Gregg Dixon, Voltus CEO. “Using our technology and expertise, MSG will be able to monetize its flexibility. It’s a win-win-win for the city’s leader in sports and entertainment.”

As part of the marketing agreement, Voltus will enjoy significant marketing exposure and branding on the digital boards outside of Madison Square Garden, which are on display to the millions of people who walk by The Garden every day. In addition, Voltus will become a member of the Madison Square Garden Marketing Partnerships “Bridge-to-Business Council,” which is a select number of marketing partners geared at facilitating business-to-business with one another.

The Voltus software platform connects nearly 2,600 megawatts of DERs to electricity markets, maximizing the availability of these resources to grid operators. Voltus is the only DER software platform integrated into all nine US and Canadian wholesale power markets. Voltus works with many of the world’s largest commercial and industrial energy users, connecting all types of DERs to the grid, including energy storage, distributed generation, demand response, and energy efficiency.

About Madison Square Garden Entertainment Corp.

Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. The Company’s two regional sports and entertainment networks, MSG Network and MSG+, deliver a wide range of live sports content and other programming. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including: Tao, Marquee, Lavo, Beauty & Essex, Cathédrale, Hakkasan and Omnia. More information is available at www.msgentertainment.com.

About Voltus

Voltus is the leading software platform connecting distributed energy resources to electricity markets, delivering less expensive, more reliable, and more sustainable electricity. Our commercial and industrial customers and DER partners generate cash by allowing Voltus to maximize the value of their flexible load, distributed generation, energy storage, energy efficiency, and electric vehicle resources in these markets. To learn more, visit www.voltus.co.

On November 30, 2021, Broadscale Acquisition Corp. ("Broadscale") (Nasdaq: SCLE) entered into a definitive agreement for a business combination with Voltus. The combined company is expected to be listed on the Nasdaq upon completion of the transaction. The transaction is expected to occur in the third quarter of 2022 and is subject to approval by Broadscale's stockholders, the registration statement being declared effective by the SEC, and other customary closing conditions.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Voltus market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Broadscale and its management, and Voltus and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal proceedings that may be instituted against Voltus, Broadscale, the combined company or others following the announcement of the business combination and any definitive agreements with respect thereto; 3) the inability to complete the business combination due to the failure to obtain approval of the stockholders of Broadscale or Voltus, or to satisfy other conditions to closing the business combination; 4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 5) the ability to meet Nasdaq's listing standards following the consummation of the business combination; 6) the risk that the business combination disrupts current plans and operations of Voltus as a result of the announcement and consummation of the business combination; 7) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 8) costs related to the business combination; 9) changes in applicable laws or regulations; 10) the possibility that Voltus or the combined company may be adversely affected by other economic, business and/or competitive factors; 11) Voltus’s estimates of its financial performance; 12) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of Broadscale’s securities; 13) the risk that the transaction may not be completed by Broadscale’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Broadscale; 14) the impact of the novel coronavirus disease pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; 15) inability to complete the PIPE investment in connection with the business combination; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Broadscale’s registration statement on Form S-4 (File No. 333-262287), filed with the SEC on January 21, 2022 and as amended by Amendment No. 1 filed on March 18, 2022, Amendment No. 2 filed on July 1, 2022 and Amendment No. 3 filed on July 13, 2022 (collectively, the “Registration Statement”), and other documents filed by Broadscale from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Broadscale nor Voltus gives any assurance that either Broadscale or Voltus or the combined company will achieve its expected results. Neither Broadscale nor Voltus undertakes any duty to update these forward-looking statements, except as otherwise required by law.

Use of Projections

This press release may contain financial forecasts of Voltus. Neither Voltus’s independent auditors, nor the independent registered public accounting firm of Broadscale, audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this press release, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release. These projections should not be relied upon as being necessarily indicative of future results. The projected financial information contained in this press release constitutes forward-looking information. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements'' above. Actual results may differ materially from the results contemplated by the projected financial information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such projections will be achieved.

Additional Information and Where to Find It

In connection with the proposed transaction, Broadscale has filed with the U.S. Securities and Exchange Commission the Registration Statement, which included a preliminary proxy statement and a preliminary prospectus. After the Registration Statement has been declared effective, Broadscale will mail a definitive proxy statement /prospectus relating to the proposed transaction to its stockholders as of the record date established for voting on the proposed transactions. Broadscale’s stockholders and other interested persons are urged to carefully read the Registration Statement, including the preliminary proxy statement / preliminary prospectus, and any amendments thereto, and, when available, the definitive proxy statement/prospectus and other documents filed in connection with the proposed transaction, as these materials contain, or will contain, important information about the proposed transaction and the parties to the proposed transaction.

Broadscale’s stockholders and other interested persons will be able to obtain free copies of the Registration Statement, the preliminary proxy statement / preliminary prospectus, the definitive proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC, without charge, when available, at the website maintained by the SEC at www.sec.gov.

The documents filed by Broadscale with the SEC also may be obtained free of charge at Broadscale’s website at https://www.broadscalespac.com or upon written request to 1845 Walnut Street, Suite 1111, Philadelphia, PA 19103.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

Participants in the Solicitation

Broadscale and Voltus and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Broadscale’s stockholders in connection with the proposed transactions. Broadscale’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and executive officers of Broadscale listed in the Registration Statement. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Broadscale’s stockholders in connection with the proposed business combination is set forth in the Registration Statement.

No Offer or Solicitation

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Contacts

MEDIA:
Madison Square Garden Sports:
Ryan Watson
This email address is being protected from spambots. You need JavaScript enabled to view it.

Voltus:
Mona Khaldi
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: Business Wire; Posted On Friday, 05 August 2022 13:01

MGE Energy Issues Second-Quarter Financial Update

MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) today issued its second-quarter 2022 financial update presentation.

The update is available on MGE Energy's website at:

mgeenergy.com/financialupdate

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 159,000 customers in Dane County, Wis., and purchases and distributes natural gas to 169,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Contacts

Investor relations contacts

Steve B. Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Ken Frassetto
Director Shareholder Services and Treasury Management
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Thursday, 04 August 2022 13:02

Sakuu Opens New Battery Printing and Engineering Facility in Silicon Valley

New Silicon Valley engineering hub will advance Sakuu’s domestic battery printing initiatives and serve as the gateway for at-scale battery printing gigafactories globally.

SAN JOSE, Calif.--(BUSINESS WIRE)--Sakuu (https://www.sakuu.com/), developer of the world’s first 3D printed solid-state battery, today announces that it has opened a state-of-the-art multi-faceted engineering hub for its battery platform printing initiatives in Silicon Valley. This multi-million dollar buildout follows the recent opening of Sakuu’s battery pilot line facility currently producing batteries for clients and the company’s successful follow-on funding round of 62M earlier in the year.

“We are in a rapid growth phase due to strong demand for our forthcoming printed batteries,” said Sean Sharif, VP of Global Supply Chain and Logistics. “Our new facility paves the way for our first 3D printing platform gigafactory, dubbed Sakuu G-One. The facility will allow our teams to fine-tune all aspects of our battery printing technologies to enable swift deployment of our gigafactories.”

Sakuu’s new facility is 79,000 square feet and will be used as the company’s flagship engineering hub. It will house a confluence of teams: battery, engineering, material science, R&D and additive manufacturing, and will oversee new gigafactory employee training and client product demos. It is estimated to house 115 employees by the first quarter of 2023. The new facility will allow Sakuu to scale its 3D printing battery platform as the company looks to open gigafactories around the world with a total energy output goal of 60GWh by 2028.

“Sakuu is committed to building an extremely talented workforce that wants to be part of our reinvention of sustainable energy production,” commented Founder and CEO Robert Bagheri. “We are on a mission to build a company and brand that is driven by transformative products that can leave an impactful legacy for societal and environmental change.”

The new facility will showcase two of Sakuu’s flagship products. First, Sakuu’s innovative Kavian platform — the world’s first at-scale 3D printing platform capable of rapidly printing safe, ultra-high energy density solid-state batteries in custom shapes and sizes. Second, Sakuu’s non-battery manufacturing platforms capable of producing medical devices, IoT sensors, and other cutting-edge electrical devices — produced in a highly sustainable and efficient manner.

About Sakuu

Sakuu is reinventing large-scale, sustainable battery technology and manufacturing. Sakuu’s breakthrough battery cells deliver best-in-class performance and safety in a recyclable format. Sakuu’s solid-state batteries will be produced entirely through the transformative Kavian™ platform in custom or large factory settings, which enables rapid, 3D-printed, high-volume, low-cost, and sustainable battery production to meet mass-market demand. Beyond energy, Sakuu’s Kavian™ 3D printing platform invites transformative device manufacturing in other sectors, including aerospace and automotive, consumer electronics, IoT and medical.

Learn more at Sakuu.com

Contacts

Pal Hollywood
Sterling Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
(860) 877-9670

: Business Wire; Posted On Friday, 05 August 2022 13:01

Xebec to Announce Q2 2022 Results on August 11 and Host Investor Webinar

MONTREAL--(BUSINESS WIRE)--Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of sustainable gas technologies, will announce its 2022 second quarter financial results on Thursday, August 11, 2022, before the market opens at 7:00 AM EDT, followed by a webinar at 8:30 AM EDT (5:30 AM PDT).

Xebec invites shareholders, analysts, investors, media representatives, and other stakeholders to attend our webinar where management will discuss Q2 2022 results followed by a Question and Answer period.

Jim Vounassis, President and CEO will host the webinar alongside CFO, Stéphane Archambault and COO, Mike Munro.

Investor Webinar Registration and Replay

A recording of the webinar can be accessed with the above link and supporting materials will be made available in the investor’s section of the company’s website at xebecinc.com/investors.

Related links:
https://www.xebecinc.com

About Xebec Adsorption Inc.

Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, carbon capture, oxygen and nitrogen which is supported by a service network under the brand “XBC Flow Services”. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with nine manufacturing facilities, seventeen Cleantech Service Centers and four sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.

Contacts

For more information:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 450.979.8700 ext 5762

: Business Wire; Posted On Thursday, 04 August 2022 13:02

INNIO Announces Future Collaboration With B.Grimm Power to Explore New Thailand Power Plant Projects

Collaboration will explore the development of decentralized power plant solutions in Thailand operating with INNIO’s highly efficient Jenbacher engines
Jenbacher engines would operate on NG pipeline gas or liquified natural gas
INNIO and B.Grimm will explore current combined footprints in Thailand to align opportunities to secure a stable and reliable power supply in Thailand

BANGKOK--(BUSINESS WIRE)--INNIO announced today that it has signed a Memorandum of Understanding (MoU) with B.Grimm Power to collaborate on building new power plant projects in Thailand. B.Grimm has a long and successful history as a trailblazer in Thailand’s private power generation industry. The MoU lays out the framework for a collaboration of the two companies to build projects in the period 2022 to 2024 within the liquified natural gas (LNG) and natural gas segment. Within the MoU, INNIO and B.Grimm will explore the development of decentralized and highly efficient power plants. The two companies will focus on jointly developing the LNG and natural gas segment in Thailand with the possibility of future projects.

Across Southeast Asia, Thailand serves as one of the most dynamic countries where secure and reliable energy supply has and continues to play a central role in supporting strong gross domestic product development and welfare for the people. In particular, B.Grimm Power (B.Grimm’s subsidiary) currently delivers more than 2.8 GW of power to Thailand, supporting strong economic growth and available power supply for the Thai economy and its people.

“INNIO is pleased to enter into this collaboration with B.Grimm to explore power generation options to secure a stable and reliable power supply in Thailand,” said Dr. Olaf Berlien, president and CEO of INNIO. “Our flexible power plant solutions and Ready for Hydrogen technology coupled with B.Grimm Power’s presence in the country offers Thailand both the expertise and scale to support its aim to reduce carbon emissions under the COP 26 commitment of the United Nations and to transition to net zero.”

“As Thailand has increased its climate change commitments, we are now aiming to reduce carbon emissions with the support of companies that can provide proven expertise in highly efficient green technology, such as INNIO,” said Dr. Harald Link, Chairman of the Board of B.Grimm. “As Thailand’s electrical energy demand continues to grow, it will require power generation technologies that run not only on natural gas, but also on future fuels such as hydrogen and deliver sustainable grid support as well for the higher share of fluctuating renewable power like sun and wind in our portfolio.”

About INNIO

INNIO is a leading energy solution and service provider that empowers industries and communities to make sustainable energy work today. With our product brands Jenbacher and Waukesha and our digital platform myPlant, INNIO offers innovative solutions for the power generation and compression segments that help industries and communities generate and manage energy sustainably while navigating the fast-changing landscape of traditional and green energy sources. We are individual in scope, but global in scale. With our flexible, scalable, and resilient energy solutions and services, we are enabling our customers to manage the energy transition along the energy value chain wherever they are in their transition journey.

INNIO is headquartered in Jenbach (Austria), with other primary operations in Waukesha (Wisconsin, U.S.) and Welland (Ontario, Canada). A team of more than 3,500 experts provides life-cycle support to the more than 54,000 delivered engines globally through a service network in more than 80 countries.

INNIO’s ESG Risk Rating places it number one of more than 500 worldwide companies in the machinery industry assessed by Sustainalytics.

For more information, visit INNIO’s website at www.innio.com. Follow INNIO on Twitter and LinkedIn.

Contacts

Susanne Reichelt
INNIO
+43 664 80833 2382
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Friday, 05 August 2022 01:02

Hess Midstream LP to Participate in Investor Conferences

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors at the Goldman Sachs Power, Utilities, MLPs and Pipelines Conference on August 11, 2022, and at the Citi Midstream and Energy Infrastructure Conference on August 16-17, 2022.

A presentation will be posted in the “Investors” section of the Hess Midstream website at www.hessmidstream.com.

About Hess Midstream

Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Forward Looking Statements

This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Contacts

Investor Contact:
Jennifer Gordon
(212) 536-8244

Media Contact:
Robert Young
(713) 496-6076

: Business Wire; Posted On Thursday, 04 August 2022 13:02

Ameresco to Participate at Upcoming Conferences

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that members of its management team will attend the following investor conferences:

On August 10, 2022, Ameresco’s Senior Vice President and Chief Financial Officer, Doran Hole, will present at the Canaccord Genuity 42nd Annual Growth Conference at 11:30am ET. Management will also host virtual investor meetings throughout the day.
On August 17, 2022, Ameresco’s Senior Vice President and Chief Financial Officer, Doran Hole, will participate at the “Energy Efficiency Panel” at the Piper Sandler Energy Transition Leaders Summit. The panel will begin at 9:15am MT. Management will also host virtual investor meetings throughout the day.

About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.

Contacts

Media Relations
Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Eric Prouty, Advisiry Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, Advisiry Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Friday, 05 August 2022 01:02

Hannon Armstrong Announces Second Quarter 2022 Results and Declares Dividend

ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate solutions, today reported results for the second quarter of 2022.

Financial Highlights

Delivered $(0.21) GAAP EPS on a fully diluted basis for the second quarter of 2022, compared with $0.20 for the same period in 2021
Delivered $0.60 Distributable EPS on a fully diluted basis for the second quarter of 2022, compared to $0.57 Distributable EPS for the same period in 2021, representing a 5% YOY increase
Reported GAAP-based Net Investment Income of $11.1 million for the second quarter of 2022, compared to $(9.0) million for the same period in 2021
Increased Distributable Net Investment Income for the second quarter of 2022 by 44% YOY to $47.9 million, compared to $33.2 million for the same period in 2021
Closed $340 million of investments in the second quarter of 2022, compared to $509 million in the same period in 2021
The portfolio grew 30% YOY to $3.9 billion
Investment Grade (Baa3) rating by Moody’s
Declared dividend of $0.375 per share
Affirm guidance that Distributable Earnings Per Share is expected to grow at a compound annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share

ESG Highlights

Published internal price on carbon and updated business partner code of conduct
An estimated 81,000 metric tons of carbon emissions will be avoided annually by our transactions closed this quarter, equating to a CarbonCount^®score of 0.24 metric tons per $1,000 invested

"Record Distributable Earnings Per Share in the quarter on strong Net Investment Income from portfolio growth and stable margins, shows the increasing strength of our dual-revenue business model," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer. "We remain confident in the continued growth of the portfolio based on committed transactions and conversion of the pipeline to executed investments, including growth in Sustainable Infrastructure opportunities."

A summary of our results is shown in the table below:

	For the three months ended June 30, 2022						For the three months ended June 30, 2021
	$ in thousands			Per Share (Diluted)			$ in thousands		Per Share (Diluted)
GAAP Net Income	$	(18,449	)	$	(0.21	)	$	15,974	$	0.20
Distributable earnings		53,524			0.60			47,573		0.57
	For the six months ended June 30, 2022						For the six months ended June 30, 2021
	$ in thousands			Per Share			$ in thousands		Per Share
GAAP Net Income	$	26,896		$	0.30		$	66,998	$	0.81
Distributable earnings		99,257			1.13			83,248		1.01

Financial Results

"Our flexible funding platform, investment grade rating, and consistent portfolio cash flows contribute to our business resiliency," said Jeffrey A. Lipson, Chief Financial Officer and Chief Operating Officer. “We remain well-positioned to achieve our earnings guidance.”

Comparison of the quarter ended June 30, 2022 to the quarter ended June 30, 2021

Total revenue increased by $4 million, as higher interest income of $8 million from a larger portfolio with a lower average interest rate was offset by $4 million of lower gain on sale due to a change in the mix of assets being securitized.

Interest expense decreased $12 million primarily due to a one time loss on the redemption of senior unsecured notes in the prior period which did not recur. We recorded an $8 million provision for loss on receivables driven primarily by loan and loan commitments made during the period as well as certain loan specific provisions. Other expenses (compensation and benefits and general and administrative expenses) increased by approximately $12 million primarily due to an acceleration of share based compensation resulting from the adoption of a new retirement policy.

We recognized a loss of $20 million using the hypothetical liquidation at book value method (HLBV) for our equity method investments in the second quarter of 2022, compared to income of $22 million for the same period in 2021, primarily due to the impact of increasing power prices and the resulting unrealized mark-to-market losses on economic hedges used by some of our projects to reduce the impact of power price fluctuations.

Income tax benefit (expense) increased approximately $11 million in the second quarter of 2022 compared to the same period in 2021 due to the GAAP loss recognized in the quarter.

GAAP net income (loss) in the second quarter of 2022 was $(18) million, compared to $16 million in the same period in 2021. Distributable earnings in the second quarter of 2022 was approximately $54 million, or an increase of approximately $6 million from the same period in 2021 due primarily to new assets added to our portfolio.

Leverage

The calculation of our fixed-rate debt and leverage ratios as of June 30, 2022 and December 31, 2021 are shown in the table below:

	June 30, 2022		% of Total		December 31, 2021		% of Total
	($ in millions)				($ in millions)
Floating-rate borrowings ⁽¹⁾	$	201	7	%	$	101	4	%
Fixed-rate debt ⁽²⁾		2,621	93	%		2,392	96	%
Total	$	2,822	100	%	$	2,493	100	%
Leverage ⁽³⁾	1.8 to 1				1.6 to 1

(1)			Floating-rate borrowings include borrowings under our floating-rate credit facilities.
(2)			Debt excludes securitizations that are not consolidated on our balance sheet.
(3)			Leverage, as measured by our debt-to-equity ratio.

Portfolio

Our balance sheet portfolio totaled approximately $3.9 billion as of June 30, 2022, which included approximately $2.3 billion of behind-the-meter assets and approximately $1.6 billion of grid-connected assets. The following is an analysis of the performance of our portfolio as of June 30, 2022:

	Portfolio Performance
	Government			Commercial
	1⁽¹⁾			1⁽¹⁾			2⁽²⁾			3⁽³⁾			Total
	(dollars in millions)
Total receivables		111			1,472			—			11			1,594
Less: Allowance for loss on receivables		—			(29	)		—			(8	)		(37	)
Net receivables ⁽⁴⁾		111			1,443			—			3			1,557
Receivables held-for-sale		50			24			—			—			74
Investments		3			9			—			—			12
Real estate		—			359			—			—			359
Equity method investments ⁽⁵⁾		—			1,907			28			—			1,935
Total	$	164		$	3,742		$	28		$	3		$	3,937
Percent of Portfolio		4	%		95	%		1	%		—	%		100	%
Average remaining balance ⁽⁶⁾	$	8		$	11		$	14		$	11		$	11

(1)			This category includes our assets where based on our credit criteria and performance to date, we believe that our risk of not receiving our invested capital remains low.
(2)			This category includes our assets where based on our credit criteria and performance to date, we believe there is a moderate level of risk of not receiving some or all of our invested capital.
(3)			This category includes our assets where based on our credit criteria and performance to date, we believe there is substantial doubt regarding our ability to recover some or all of our invested capital. Loans in this category are placed on non-accrual status. In the second quarter of 2022, we moved to this category from Category 2 $11 million of loans we had made in a new market venture where the performance has not met expectations. Previously included in this category were two commercial receivables with a combined total carrying value of approximately $8 million which were assignments of land lease payments from two wind projects that we had originated in 2014, as a part of an acquisition of a large land portfolio. In 2017, the operator of the projects terminated the lease, at which time we filed a legal claim and placed these assets on non-accrual status. In 2019, we received a court decision indicating that the owners of the projects were within their rights under the contract terms to terminate the lease which impacts the land lease assignments to us, at which time we reserved the receivables for their full carrying amount. In the second quarter of 2022, we received a court decision indicating that our appeal was not successful, and accordingly we charged off the full amount of the receivable.
(4)			Total reconciles to the total of the government receivables and commercial receivables lines of the consolidated balance sheets.
(5)			Some of the individual projects included in portfolios that make up our equity method investments have government off-takers. As they are part of large portfolios, they are not classified separately.
(6)			Average remaining balance is calculated gross of allowance for loss on receivables and excludes approximately 243 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $76 million.

Guidance

The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share. The Company also expects growth of annual dividends per share to be at a compounded annual rate of 5% to 8%. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing portfolio; (ii) yield on incremental portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations; and (vi) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company’s management team, among other factors. In addition, distributions are subject to approval by the Company’s Board of Directors on a quarterly basis. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.

Dividend

The Company is announcing today that its Board of Directors approved a quarterly cash dividend of $0.375 per share of common stock. This dividend will be paid on October 11, 2022, to stockholders of record as of October 4, 2022.

Conference Call and Webcast Information

Hannon Armstrong will host an investor conference call today, Thursday, August 4, 2022, at 5:00 p.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-877-407-0890 or for international callers, +1-201-389-0918. Participants should inform the operator they want to be joined to the Hannon Armstrong call. The conference call will also be accessible as an audio webcast with slides on the Company’s website at investors.hannonarmstrong.com. An online replay will be available for a limited time beginning immediately following the call.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to assets developed by leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $9 billion in managed assets, our core purpose is to make climate positive investments with superior risk-adjusted returns. For more information, please visit hannonarmstrong.com or follow us on Twitter and LinkedIn.

Forward-Looking Statements:

Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives, and include the ongoing impact of the current outbreak of the novel coronavirus (“COVID-19”). When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any distributable earnings guidance.

Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
	2022				2021			2022			2021
Revenue
Interest income	$	33,358			$	25,016		$	63,601		$	50,117
Rental income		6,609				6,462			13,108			12,931
Gain on sale of receivables and investments		19,664				24,426			36,762			41,916
Fee income		3,172				2,990			7,809			5,625
Total revenue		62,803				58,894			121,280			110,589
Expenses
Interest expense		28,827				40,463			55,479			68,045
Provision for loss on receivables		8,064				906			8,685			1,411
Compensation and benefits		22,246				12,422			37,176			27,633
General and administrative		7,408				4,966			14,546			9,850
Total expenses		66,545				58,757			115,886			106,939
Income before equity method investments		(3,742	)	—		137			5,394			3,650
Income (loss) from equity method investments		(19,585	)			22,252			27,981			76,734
Income (loss) before income taxes		(23,327	)			22,389			33,375			80,384
Income tax (expense) benefit		4,789				(5,981	)		(6,209	)		(12,760	)
Net income (loss)	$	(18,538	)		$	16,408		$	27,166		$	67,624
Net income (loss) attributable to non-controlling interest holders		(89	)			434			270			626
Net income (loss) attributable to controlling stockholders	$	(18,449	)		$	15,974		$	26,896		$	66,998
Basic earnings (loss) per common share	$	(0.21	)		$	0.20		$	0.31		$	0.85
Diluted earnings (loss) per common share	$	(0.21	)		$	0.20		$	0.30		$	0.81
Weighted average common shares outstanding—basic		87,049,777				78,372,647			86,316,464			77,935,264
Weighted average common shares outstanding—diluted		87,049,777				81,944,511			89,541,858			87,165,587

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

	June 30, 2022			December 31, 2021
Assets
Cash and cash equivalents	$	279,459		$	226,204
Equity method investments		1,935,467			1,759,651
Commercial receivables, net of allowance of $37 million and $36 million, respectively		1,445,576			1,298,529
Government receivables		110,754			125,409
Receivables held-for-sale		74,109			22,214
Real estate		359,106			356,088
Investments		11,643			17,697
Securitization assets		178,156			210,354
Other assets		124,748			132,165
Total Assets	$	4,519,018		$	4,148,311
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other	$	105,200		$	88,866
Credit facilities		201,032			100,473
Green commercial paper notes		100,174			50,094
Non-recourse debt (secured by assets of $553 million and $573 million, respectively)		416,343			429,869
Senior unsecured notes		1,765,195			1,762,763
Convertible notes		339,559			149,731
Total Liabilities		2,927,503			2,581,796
Stockholders’ Equity:
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding		—			—
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 87,489,951 and 85,326,781 shares issued and outstanding, respectively		875			853
Additional paid in capital		1,811,889			1,727,667
Accumulated deficit		(232,590	)		(193,706	)
Accumulated other comprehensive income (loss)		(22,132	)		9,904
Non-controlling interest		33,473			21,797
Total Stockholders’ Equity		1,591,515			1,566,515
Total Liabilities and Stockholders’ Equity	$	4,519,018		$	4,148,311

EXPLANATORY NOTES

Non-GAAP Financial Measures

Distributable Earnings

We calculate distributable earnings as GAAP net income (loss) excluding non-cash equity compensation expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, gains or (losses) from modification or extinguishment of debt facilities, any one-time acquisition related costs or non-cash tax charges and the earnings attributable to our non-controlling interest of our Operating Partnership. We also make an adjustment to our equity method investments in the renewable energy projects as described below. We will use judgment in determining when we will reflect the losses on receivables in our distributable earnings. In making this determination we will consider certain circumstances such as the time period in default and sufficiency of collateral as well as the outcomes of any related litigation. In the future, distributable earnings may also exclude one-time events pursuant to changes in GAAP and certain other adjustments as approved by a majority of our independent directors.

We believe a Non-GAAP measure, such as distributable earnings, that adjusts for the items discussed above is and has been a meaningful indicator of our economic performance in any one period and is useful to our investors as well as management in evaluating our performance as it relates to expected dividend payments over time. As a REIT, we are required to distribute substantially all of our taxable income to investors in the form of dividends, which are a principal focus of our investors. Additionally, we believe that our investors also use distributable earnings, or a comparable supplemental performance measure, to evaluate and compare our performance to that of our peers, and as such, we believe that the disclosure of distributable earnings is useful to our investors.

Certain of our equity method investments in renewable energy and energy efficiency projects are structured using typical partnership “flip” structures where the investors with cash distribution preferences receive a pre-negotiated return consisting of priority distributions from the project cash flows, in many cases, along with tax attributes. Once this preferred return is achieved, the partnership “flips” and the cash equity investor(s) receive more of the cash flows through its equity interests while the previously preferred investors retain an ongoing residual interest. We have made investments in both the preferred and common equity of these structures. Regardless of the nature of our equity interest, we typically negotiate the purchase prices of our equity investments, which have a finite expected life, based on our underwritten cash flows discounted back to the net present value, based on a target investment rate, with the cash flows to be received in the future reflecting both a return on the capital (at the investment rate) and a return of the capital we have committed to the project. We use a similar approach in the underwriting of our receivables.

Under GAAP, we account for these equity method investments utilizing the HLBV method. Under this method, we recognize income or loss based on the change in the amount each partner would receive, typically based on the negotiated profit and loss allocation, if the assets were liquidated at book value, after adjusting for any distributions or contributions made during such quarter. The HLBV allocations of income or loss may be impacted by the receipt of tax attributes, as tax equity investors are allocated losses in proportion to the tax benefits received, while the sponsors of the project are allocated gains of a similar amount. The investment tax credit typically used in solar projects is a one-time credit which is realized in the quarter when the project is considered operational for tax purposes and is fully allocated under HLBV in that quarter (subject to an impairment test) while the production tax credit used in wind is a ten year credit and thus is allocated under HLBV over a ten year period. In addition, the agreed upon allocations of the project’s cash flows may differ materially from the profit and loss allocation used for the HLBV calculations.

The cash distributions for those equity method investments where we apply HLBV are segregated into a return on and return of capital on our cash flow statement based on the cumulative income (loss) that has been allocated using the HLBV method. However, as a result of the application of the HLBV method, including the impact of tax allocations, the high levels of depreciation and other non-cash expenses that are common to renewable energy projects and the differences between the agreed upon profit and loss and the cash flow allocations, the distributions and thus the economic returns (i.

Contacts

Investor Contact:
Neha Gaddam
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410-571-6189

Media Contact:
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443-321-5753

Read full story here

: Business Wire; Posted On Thursday, 04 August 2022 13:02

Itron Announces Second Quarter 2022 Financial Results and Updated Full-Year 2022 Guidance

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI) announced today financial results for its second quarter ended June 30, 2022. Key results for the quarter include (compared with the second quarter of 2021):

Revenue of $432 million, compared with $489 million;
Gross margin of 29.2%; compared with 30.6%;
GAAP net loss of $(37) million, compared with $(33) million;
GAAP loss per share (EPS) of $(0.82), compared with $(0.73);
Non-GAAP diluted EPS of $0.07, compared with $0.28;
Adjusted EBITDA of $17 million, compared with $36 million;
Free cash flow of $10 million, compared with $64 million; and
Total backlog of $4.1 billion, compared with $3.5 billion.

"In the second quarter of 2022, we continued to be impacted operationally by supply constraints and manufacturing inefficiencies. Meanwhile demand for our solutions remained strong with a healthy book-to-bill ratio and another record set for total ending backlog as well as 12-month backlog," said Tom Deitrich, Itron's president and chief executive officer.

Summary of Second Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total second quarter revenue decreased 12% to $432 million, or 8%, excluding the impact of changes in foreign currency exchange rates. The decrease was due to the continued impact of component constraints limiting our ability to meet customer demand.

Device Solutions revenue declined 36%, Networked Solutions revenue increased 2%, and Outcomes revenue decreased 6%.

Gross Margin
Consolidated company gross margin of 29.2% decreased 140 basis points from the prior year, primarily due to inflationary pressures and inefficiencies driven by component shortages.

Operating Expenses and Operating Income (Loss)
GAAP operating expenses of $160 million increased $3 million from the prior year. Non-GAAP operating expenses of $117 million decreased $6 million from the prior year primarily due to lower product development expenses.

GAAP operating loss of $(34) million was $27 million higher than the prior year. GAAP operating loss includes goodwill impairment of $38.5 million related to our Device Solutions segment. Non-GAAP operating income of $9 million was $18 million lower than last year. The decreases were primarily due to lower gross profit.

Net Income (Loss) and Earnings (Loss) per Share
Net loss attributable to Itron, Inc. for the quarter was $(37) million, or $(0.82) per share, compared with $(33) million, or $(0.73) per share in 2021. The greater net loss was driven by a larger GAAP operating loss, partially offset by lower interest expense.

Non-GAAP net income, which excludes certain charges including amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, strategic initiatives, acquisition and integration, goodwill impairment, and the income tax effect of those adjustments, was $3 million, or $0.07 per diluted share, compared with $13 million, or $0.28 per diluted share, in 2021. The lower year-over-year results were due to lower non-GAAP operating income and a higher effective tax rate.

Cash Flow
Net cash provided by operating activities was $15 million in the second quarter compared with $73 million in the same quarter of 2021. Free cash flow was $10 million in the second quarter compared with $64 million in the prior year. The year-over-year decrease in cash flow was driven by reduced non-GAAP EBITDA and timing of working capital.

Other Measures
Total backlog was $4.1 billion and 12-month backlog was $1.7 billion, compared with $3.5 billion and $1.4 billion, respectively, in the prior year. Bookings in the quarter totaled $612 million.

Financial Guidance Update
Itron's guidance for the full year 2022 has been updated as follows:

Revenue between $1.85 to $1.9 billion vs. previous guidance of $2.0 to $2.1 billion
Non-GAAP diluted EPS between $0.70 to $0.90 vs. previous guidance of $1.25 to $1.75

The guidance assumes a Euro to U.S. dollar foreign currency exchange rate of 1.06 on average in the second half of 2022, average fully diluted shares outstanding of approximately 45.3 million for the full year, non-GAAP effective tax rate for the full year of approximately 30%.

A reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are unable to predict with reasonable certainty the potential amount or timing of restructuring and acquisition and integration-related expenses and their related tax effects without unreasonable effort. These items are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period.

Earnings Conference Call
Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EDT on Aug. 4, 2022. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through Aug. 9, 2022 at 1:30 p.m. EDT. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 5692928.

About Itron
Itron^® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements
This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2021 Annual Report and other reports on file with the Securities and Exchange Commission (SEC). We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

Non-GAAP Financial Information
To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, adjusted EBITDA margin, constant currency, and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies.

ITRON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)
			Three Months Ended June 30,						Six Months Ended June 30,
				2022			2021			2022			2021
Revenues
	Product revenues		$	359,898		$	411,719		$	759,708		$	854,523
	Service revenues			71,984			77,693			147,505			154,463
		Total revenues		431,882			489,412			907,213			1,008,986
Cost of revenues
	Product cost of revenues			265,278			295,064			560,098			602,755
	Service cost of revenues			40,499			44,473			85,786			89,312
		Total cost of revenues		305,777			339,537			645,884			692,067
Gross profit				126,105			149,875			261,329			316,919

Operating expenses
	Sales, general and administrative			72,877			74,144			149,278			150,136
	Research and development			45,055			48,763			94,651			100,490
	Amortization of intangible assets			6,485			8,997			13,038			17,970
	Restructuring			(3,459	)		192			(9,825	)		(1,788	)
	Loss on sale of business			194			24,711			2,415			26,103
	Goodwill impairment			38,480			—			38,480			—
		Total operating expenses		159,632			156,807			288,037			292,911

Operating income (loss)				(33,527	)		(6,932	)		(26,708	)		24,008
Other income (expense)
	Interest income			349			432			566			974
	Interest expense			(1,660	)		(14,004	)		(3,252	)		(24,479	)
	Other income (expense), net			(1,386	)		(12,157	)		(2,075	)		(14,923	)
		Total other income (expense)		(2,697	)		(25,729	)		(4,761	)		(38,428	)

Loss before income taxes				(36,224	)		(32,661	)		(31,469	)		(14,420	)
Income tax benefit (provision)				(641	)		216			(4,500	)		(4,445	)
Net loss				(36,865	)		(32,445	)		(35,969	)		(18,865	)
	Net income attributable to noncontrolling interests			102			678			92			1,655
Net loss attributable to Itron, Inc.			$	(36,967	)	$	(33,123	)	$	(36,061	)	$	(20,520	)

Net loss per common share - Basic			$	(0.82	)	$	(0.73	)	$	(0.80	)	$	(0.47	)
Net loss per common share - Diluted			$	(0.82	)	$	(0.73	)	$	(0.80	)	$	(0.47	)

Weighted average common shares outstanding - Basic				45,066			45,142			45,042			43,344
Weighted average common shares outstanding - Diluted				45,066			45,142			45,042			43,344

ITRON, INC.
SEGMENT INFORMATION

(Unaudited, in thousands)
			Three Months Ended June 30,						Six Months Ended June 30,
				2022			2021			2022			2021
Product revenues
	Device Solutions		$	103,433		$	160,647		$	241,319		$	330,978
	Networked Solutions			241,592			235,167			490,860			493,870
	Outcomes			14,873			15,905			27,529			29,675
		Total Company	$	359,898		$	411,719		$	759,708		$	854,523

Service revenues
	Device Solutions		$	1,377		$	2,320		$	3,056		$	4,770
	Networked Solutions			27,870			29,891			57,422			59,502
	Outcomes			42,737			45,482			87,027			90,191
		Total Company	$	71,984		$	77,693		$	147,505		$	154,463

Total revenues
	Device Solutions		$	104,810		$	162,967		$	244,375		$	335,748
	Networked Solutions			269,462			265,058			548,282			553,372
	Outcomes			57,610			61,387			114,556			119,866
		Total Company	$	431,882		$	489,412		$	907,213		$	1,008,986

Gross profit
	Device Solutions		$	13,878		$	30,452		$	35,684		$	62,748
	Networked Solutions			89,909			95,953			181,260			208,712
	Outcomes			22,318			23,470			44,385			45,459
		Total Company	$	126,105		$	149,875		$	261,329		$	316,919

Operating income (loss)
	Device Solutions		$	5,459		$	19,988		$	17,037		$	41,689
	Networked Solutions			62,282			64,630			123,289			143,921
	Outcomes			9,109			12,537			17,450			22,873
	Corporate unallocated			(110,377	)		(104,087	)		(184,484	)		(184,475	)
		Total Company	$	(33,527	)	$	(6,932	)	$	(26,708	)	$	24,008

ITRON, INC.
CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)			June 30, 2022			December 31, 2021
ASSETS
Current assets
	Cash and cash equivalents		$	208,500		$	162,579
	Accounts receivable, net			259,657			298,459
	Inventories			174,522			165,799
	Other current assets			113,409			123,092
		Total current assets		756,088			749,929

Property, plant, and equipment, net				150,663			163,184
Deferred tax assets, net				187,178			181,472
Other long-term assets				41,395			42,178
Operating lease right-of-use assets, net				58,083			65,523
Intangible assets, net				78,030			92,529
Goodwill				1,036,160			1,098,975
		Total assets	$	2,307,597		$	2,393,790

LIABILITIES AND EQUITY
Current liabilities
	Accounts payable		$	169,368		$	193,129
	Other current liabilities			52,102			81,253
	Wages and benefits payable			88,933			113,532
	Taxes payable			13,371			12,208
	Current portion of warranty			17,378			18,406
	Unearned revenue			120,038			82,816
		Total current liabilities		461,190			501,344

Long-term debt, net				451,369			450,228
Long-term warranty				11,331			13,616
Pension benefit obligation				77,396			87,863
Deferred tax liabilities, net				1,849			2,000
Operating lease liabilities				50,082			57,314
Other long-term obligations				121,280			138,666
		Total liabilities		1,174,497			1,251,031

Equity
	Common stock			1,777,476			1,779,775
	Accumulated other comprehensive loss, net			(115,705	)		(148,098	)
	Accumulated deficit			(551,661	)		(515,600	)
		Total Itron, Inc. shareholders' equity		1,110,110			1,116,077
	Noncontrolling interests			22,990			26,682
		Total equity		1,133,100			1,142,759
		Total liabilities and equity	$	2,307,597		$	2,393,790

ITRON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)			Six Months Ended June 30,
				2022			2021
Operating activities
	Net loss		$	(35,969	)	$	(18,865	)
	Adjustments to reconcile net loss to net cash provided by operating activities:
		Depreciation and amortization of intangible assets		33,251			42,919
		Non-cash operating lease expense		8,234			8,647
		Stock-based compensation		12,532			12,586
		Amortization of prepaid debt fees		1,720			4,315
		Deferred taxes, net		(4,061	)		(2,942	)
		Loss on sale of business		2,415			26,103
		Loss on extinguishment of debt, net		—			10,000
		Goodwill impairment		38,480			—
		Restructuring, non-cash		(817	)		878
		Other adjustments, net		194			13,913
Changes in operating assets and liabilities, net of acquisition and sale of business:
	Accounts receivable			28,924			29,549
	Inventories			(13,592	)		70
	Other current assets			(10,688	)		22,164
	Other long-term assets			(3,134	)		6,207
	Accounts payable, other current liabilities, and taxes payable			(24,604	)		(43,115	)
	Wages and benefits payable			(22,264	)		17,815
	Unearned revenue			36,093			17,106
	Warranty			(2,501	)		(4,744	)
	Other operating, net			(21,557	)		(19,926	)
		Net cash provided by operating activities		22,656			122,680

Investing activities
	Net proceeds related to the sale of business			55,933			3,142
	Acquisitions of property, plant, and equipment			(10,663	)		(20,476	)
	Business acquisitions, net of cash and cash equivalents acquired			23			—
	Other investing, net			1,722			2,819
		Net cash provided by (used in) investing activities		47,015			(14,515	)

Financing activities
	Proceeds from borrowings			—			460,000
	Payments on debt			—			(915,000	)
	Issuance of common stock			1,797			3,255
	Proceeds from common stock offering			—			389,419
	Proceeds from sale of warrants			—			45,349
	Purchases of convertible note hedge contracts			—			(84,139	)
	Repurchase of common stock			(16,972	)		—
	Prepaid debt fees			(695	)		(12,021	)
	Other financing, net			(4,206	)		4,993
		Net cash used in financing activities		(20,076	)		(108,144	)

Effect of foreign exchange rate changes on cash and cash equivalents				(3,674	)		177
Increase in cash and cash equivalents				45,921			198
Cash and cash equivalents at beginning of period				162,579			206,933
Cash and cash equivalents at end of period			$	208,500		$	207,131

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For a reconciliation of each non-GAAP measure to the most comparable financial measure prepared and presented in accordance with GAAP, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as acquisition and integration related expenses, loss on sale of business, strategic initiative expenses, goodwill impairment, or restructuring charges. 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. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, strategic initiative, goodwill impairment, and acquisition and integration. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, strategic initiative, goodwill impairment, and acquisition and integration. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are related to acquisitions and restructuring projects. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income.

Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income (loss) attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, strategic initiative, acquisition and integration, goodwill impairment, and the tax effect of excluding these expenses.

Contacts

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

David Means
Director, Investor Relations
(737) 242-8448

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