Production System Binder Jetting Technology Enables Mass Production of Strong Parts That Withstand High Temperatures and Extreme Environments
BOSTON--(BUSINESS WIRE)--#3Dprint--Desktop Metal (NYSE: DM), a leader in mass production and turnkey additive manufacturing solutions, today announced it has qualified the use of nickel alloy IN625 (IN625) for the Production SystemTM platform, which leverages patent pending Single Pass JettingTM (SPJ) technology designed to achieve the fastest build speeds in the metal additive manufacturing industry.
A nickel-chromium superalloy, IN625 is characterized by its high strength, resistance to corrosion and oxidation, excellent weldability, and ability to withstand extreme, elevated temperatures for parts under load. IN625 is a critical material used extensively in high temperature aerospace applications, while its corrosion resistance under a range of temperatures and pressures also makes it an excellent choice across marine, power generation, and chemical processing applications.
“As Desktop Metal continues to drive our internal R&D efforts to qualify more materials for the Production System platform, we are excited to offer customers an all-inclusive binder jetting solution to print fully characterized IN625 with excellent properties,” said Jonah Myerberg, co-founder and CTO of Desktop Metal. “We anticipate continuing the rapid expansion of our materials portfolio in the coming months as we look to accelerate the deployment of our AM 2.0 solutions to produce end-use metal parts at scale across a growing array of industries and applications.”
“As a transformative combustion equipment company, we are very excited about the release of IN625 for its high temperature and corrosion-resistant properties in flaring and sulfur incineration applications,” said Jason Harjo, Director, Mechanical & Electrical Design (Americas), Koch Engineered Solutions. “This will give us much more flexibility in innovative, additive manufacturing designs for some of our most difficult applications.”
IN625 - Key Applications
Desktop Metal’s materials science team has qualified and fully characterized IN625 printed on Production System technology in accordance with ASTM testing requirements. IN625 parts printed on the Production System platform not only eliminate the use of tooling and minimize material waste, but also represent a significant decrease in production time and part cost compared to conventional manufacturing methods.
Examples of key use cases include:
The Production System - World’s Fastest Way to 3D Print Metal Parts At-Scale
Created by the inventors of binder jetting and single-pass inkjet technology, the Production System is an industrial manufacturing platform powered by Desktop Metal’s SPJ technology. It is designed to achieve speeds up to 100 times those of legacy powder bed fusion additive manufacturing technologies and enable production quantities of up to millions of parts per year at costs competitive with conventional mass production techniques.
The Production System platform consists of two printer models: the P-1, a solution for process development and serial production applications, and the P-50, a large form factor mass production solution for end-use parts. The Production System combines Desktop Metal engineered binders with an open material platform, allowing customers to produce high-performance parts using the same low-cost metal powders used in the Metal Injection Molding (MIM) industry. An inert processing environment enables compatibility with a variety of materials, including high-performance alloys and even reactive metals, such as aluminum and titanium. To learn more about the Production System, visit: www.desktopmetal.com/products/production.
In addition to IN625, the materials library for the Production System includes 17-4PH stainless steel, 316L stainless steel, and 4140 low-alloy steel, each of which have been qualified by Desktop Metal. The platform also supports several customer-qualified materials, including silver and gold, and Desktop Metal plans to add additional metals to its portfolio, including tool steels, stainless steels, superalloys, copper, and more.
To learn more about IN625 and the Production System materials portfolio, visit: www.desktopmetal.com/materials.
About Desktop Metal
Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum, named to MIT Technology Review’s list of 50 Smartest Companies, and the 2021 winner of Fast Company’s Innovation by Design Award in materials. For more information, visit www.desktopmetal.com.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to, the risks and uncertainties set forth in Desktop Metal, Inc.'s filings with the U.S. Securities and Exchange Commission. 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
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NEWCASTLE & HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC (NYSE:FTI) (PARIS:FTI) today announced that it has completed the acquisition of the outstanding shares of Magma Global (Magma), the leading provider of composite pipe technology to support the Energy Transition.
TechnipFMC originally acquired an interest in Magma in 2018, combining its strong history in flexible pipe technology with Magma’s advanced composite capabilities to develop a disruptive composite pipe solution for the traditional and new energy industries.
Magma technology enables the manufacture of Thermoplastic Composite Pipe (TCP) using Polyether Ether Ketone (PEEK) polymer, which is highly resistant to corrosive compounds, such as CO2. When combined with TechnipFMC’s flexible pipe technology, this forms a Hybrid Flexible Pipe (HFP) that will be deployed in the Brazilian pre-salt fields.
Manufactured by a fully automated robotic system, PEEK TCP will also be a critical enabler for both the carbon capture, utilization and storage (CCUS) and hydrogen transportation markets, and particularly in offshore applications.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “Magma and TechnipFMC bring together decades of combined knowledge regarding the development and installation of composite and flexible pipe. The combination of TechnipFMC’s experience delivering complex integrated Engineering, Procurement, Construction and Installation (iEPCI™) projects offshore with Magma’s leading position in composite technologies confirms our commitment to solving the industry’s greatest challenges, while upholding our commitments to sustainability.”
Justin Rounce, Executive Vice President and Chief Technology Officer at TechnipFMC, added: “This technology will also be a key enabler for offshore Energy Transition developments, such as transportation of green hydrogen, as pioneered by TechnipFMC’s Deep Purple™ offshore energy system, and transportation of CO2 utilizing an integrated carbon transportation and storage solution.”
Martin Jones, CEO at Magma, said: “Joining TechnipFMC is the natural step on our journey to maximize the commercialization of our technology. We are immensely proud of the PEEK TCP technology and advanced manufacturing system we have developed. Working together with TechnipFMC, we look forward to delivering innovative and disruptive solutions for both subsea risers and flowlines and CCUS applications.”
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments – Subsea and Surface Technologies – we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
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Vicki Hollub and Chris Ashton speak with IHS Markit Vice Chairman Daniel Yergin for a new edition of CERAWeek Conversations – available at https://ondemand.ceraweek.com/cwc
WASHINGTON--(BUSINESS WIRE)--The carbon capture business is going to be an industry, and a big one at that, says Vicki Hollub, president and CEO of Occidental Petroleum in the latest episode of CERAWeek Conversations.
“It’s going to be a probably $3-5 trillion industry if you look at how much carbon capture is going to be needed around the world,” Hollub says. “We think ultimately it’s going to generate as much earnings and cash flow as our oil business does today. We believe it’s a long-lasting business.”
In a conversation with Daniel Yergin, vice chairman, IHS Markit (NYSE: INFO), Hollub and Chris Ashton, CEO and managing director of Worley discuss their partnership to build a large-scale direct air capture facility in the Permian Basin—expected to startup in 2024—and the potential to scale the technology further.
“One of the big contributors to addressing the economic viability of this is the fact that we are working together in an integrated, innovative way,” says Ashton. “So many inefficiencies exist in a way that traditionally supply chains interact. We’ve taken a big step forward in the way we’re working together.
“Once the direct air capture technology that we’re working on together is up and running and we clearly demonstrate that it works and is viable, the scaling opportunities are immense,” he adds.
“There needs to be a lot of these built over time,” Hollub says in discussing broader plans to build up to 12 facilities in the Permian, along with ambitions to ultimately build facilities elsewhere in the United States and internationally. “That’s the only way we can cap global warming at 1.5 degrees. This has to happen in a big way.”
In addition to carbon capture, Hollub and Ashton discuss their thoughts on the state of U.S. shale production amid tightening oil markets and rising prices; new challenges and strategies for large-scale capital projects in the energy transition; the potential for hydrogen, and more.
The complete video is available at: https://ondemand.ceraweek.com/cwc
Podcast version available: CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.
Selected excerpts:
Interview Recorded Monday, October 4, 2021
(Edited slightly for brevity only)
Watch the complete video at: https://ondemand.ceraweek.com/cwc
Recent CERAWeek Conversations segments also include:
About CERAWeek Conversations:
CERAWeek Conversations features original interviews and discussion with energy industry leaders, government officials and policymakers, leaders from the technology, financial and industrial communities—and energy technology innovators.
The series is produced by the team responsible for the world’s preeminent energy conference, CERAWeek by IHS Markit.
The complete episode library is available at https://ondemand.ceraweek.com/cwc.
CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on October 22, 2021 based on the Trust’s calculation of net profits generated during August 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $838,000. Revenues from the Developed Properties were approximately $2.7 million, lease operating expenses including property taxes were approximately $1.7 million, and development costs were approximately $155,000. The average realized price for the Developed Properties was $66.55 per Boe for the Current Month, as compared to $70.89 per Boe in July 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to August 2020. The cumulative net profits deficit amount for the Developed Properties declined slightly, to approximately $24.1 million in the Current Month versus approximately $24.8 million in the prior month.
The Current Month’s calculation included approximately $84,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $64.06 per Boe in the Current Month, as compared to $68.20 per Boe in July 2021. The cumulative net profits deficit for the Remaining Properties decreased by approximately $35,000 and was approximately $2.7 million for the Current Month.
The monthly operating and services fee of approximately $96,000 payable to PCEC and Trust general and administrative expenses of approximately $79,000, together exceeded the payment of approximately $84,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $91,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $91,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,825,000, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
41,044 |
1,324 |
$66.55 |
|
Remaining Properties (b) |
18,265 |
589 |
$64.06 |
|
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $26.8 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of the first and second quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $4.6 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $227,000, net to the Trust’s interest.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that production has improved from the prior month, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
Project funding activity in 9M 2021 was the highest ever, with 23.6 GW funded
AUSTIN, Texas--(BUSINESS WIRE)--Mercom Capital Group, llc, a global clean energy communications and consulting firm, released its report on funding and merger and acquisition (M&A) activity for the solar sector in the third quarter (Q3) and the first nine months (9M) of 2021.
Total corporate funding (including venture capital funding, public market, and debt financing) increased 190% in 9M 2021, with $22.8 billion (B) in 112 deals compared to $7.9B in 72 deals in 9M 2020.
Financing activity was up across the board, including venture capital, debt, and public market financing. Total solar corporate funding in Q3 2021 came to $9.3B in 41 deals, a 72% increase compared to $5.4B in 35 deals in Q2 2021.
To get the report, visit: https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/
Chart: Solar Corporate Funding - 2021
"Investment activity continues to be robust across the solar sector and not just compared to 2020 (because of COVID). This will end up as one of the best years for solar financing since 2010. As the push toward the energy transition picks up speed worldwide, solar – one of the mature renewable energy resources – is benefitting enormously. Solar project acquisitions in the first nine months of 2021 have already surpassed all of 2020," said Raj Prabhu, CEO of Mercom Capital Group.
Global VC funding in the solar sector totaled $593 million (M) in 13 deals in Q3 2021, a 2% decrease compared to $608M in 12 deals in Q2 2021.
In 9M 2021, the solar sector brought in $2.2B in VC funding in 39 deals, 466% higher compared to $394M in 29 deals in 9M 2020.
Chart: Solar Top 5 VC funded companies in 9M 2021
Forty-one VC investors participated in solar funding rounds in Q3 2021.
Public market financing into the solar sector came to $2.7B in 10 deals in Q3 2021, 197% higher compared to $894M in five deals in Q2 2021. Solar public market financing in 9M 2021 was 209% higher, with $6.3B raised in 23 deals compared to $2B in 10 deals in 9M 2020.
There were seven solar initial public offerings (IPO) and SPACs announced in 9M 2021, bringing in $4.4B.
In Q3 2021, debt financing amounted to $6B in 18 deals, an increase of 54% compared to $3.9B in 18 deals in Q2 2021. Record securitization activity was a key contributor to the increase in debt financing activity during 9M 2021.
There were 29 solar M&A transactions in Q3 2021 compared to 34 M&A transactions in Q2 2021. In 9M 2021, there were 83 transactions compared to 42 deals in 9M 2020.
Chart: Solar Top 5 Disclosed M&A Transactions in 9M 2021
In 9M 2021, large-scale solar project acquisition activity was up 129%, with 55.5 GW being acquired compared to 24.3 GW in 9M 2020. A total of 15.8 GW of solar projects were acquired in Q3 2021.
Chart: Solar Project Acquisitions in Q3 2021
Project developers were the most active solar project acquirers in 9M 2021, followed by oil and gas majors, investment firms, and utilities.
Chart: Solar Project Acquirers in 9M 2021
To learn more about the report, visit: https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/
About Mercom Capital Group
Mercom Capital Group is a global communications and consulting firm focused on clean energy. Mercom produces funding and market intelligence reports covering Solar and Battery Storage, Smart Grid, & Efficiency. Mercom advises cleantech companies on new market entry, custom market intelligence and strategic decision-making. https://www.mercomcapital.com.
Wendy Prabhu
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NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (PARIS:FTI) today announced that it has completed the acquisition of the outstanding shares of Magma Global (Magma), the leading provider of composite pipe technology to support the Energy Transition.
TechnipFMC originally acquired an interest in Magma in 2018, combining its strong history in flexible pipe technology with Magma’s advanced composite capabilities to develop a disruptive composite pipe solution for the traditional and new energy industries.
Magma technology enables the manufacture of Thermoplastic Composite Pipe (TCP) using Polyether Ether Ketone (PEEK) polymer, which is highly resistant to corrosive compounds, such as CO2. When combined with TechnipFMC’s flexible pipe technology, this forms a Hybrid Flexible Pipe (HFP) that will be deployed in the Brazilian pre-salt fields.
Manufactured by a fully automated robotic system, PEEK TCP will also be a critical enabler for both the carbon capture, utilization and storage (CCUS) and hydrogen transportation markets, and particularly in offshore applications.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “Magma and TechnipFMC bring together decades of combined knowledge regarding the development and installation of composite and flexible pipe. The combination of TechnipFMC’s experience delivering complex integrated Engineering, Procurement, Construction and Installation (iEPCI™) projects offshore with Magma’s leading position in composite technologies confirms our commitment to solving the industry’s greatest challenges, while upholding our commitments to sustainability.”
Justin Rounce, Executive Vice President and Chief Technology Officer at TechnipFMC, added: “This technology will also be a key enabler for offshore Energy Transition developments, such as transportation of green hydrogen, as pioneered by TechnipFMC’s Deep Purple™ offshore energy system, and transportation of CO2 utilizing an integrated carbon transportation and storage solution.”
Martin Jones, CEO at Magma, said: “Joining TechnipFMC is the natural step on our journey to maximize the commercialization of our technology. We are immensely proud of the PEEK TCP technology and advanced manufacturing system we have developed. Working together with TechnipFMC, we look forward to delivering innovative and disruptive solutions for both subsea risers and flowlines and CCUS applications.”
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments – Subsea and Surface Technologies – we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
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PERRYSBURG, Ohio--(BUSINESS WIRE)--#acquisition--Miner Ltd., the loading dock and door division of OnPoint Group, today announced it has closed the acquisition of Great Lakes Dock & Door, a full service company specializing in the sale, service, maintenance and repair of overhead doors, specialty door systems and loading dock equipment in Michigan and Ohio. This acquisition further expands Miner’s national presence into the Midwest region.
“We are pleased to have Great Lakes Dock & Door join the Miner family, supporting our commitment to bringing efficiency, safety and risk mitigation to our customers’ supply chain. Their presence in the Midwest market and their reputation as a top resource for customers’ complete dock and door needs further strengthens our reach and geographic footprint in this important market,” stated Miner’s President, Dave Wright.
“This acquisition reflects our commitment to being the first national service organization capable of delivering coast to coast consistency,” added Tom Cox, CEO of OnPoint Group.
Dedicated to being the first choice for customers on a local level as well as a trusted partner for automotive manufacturers, tier one suppliers and general contractors, Great Lakes Dock & Door has become a go-to resource for expertise and support.
“We are thrilled to join Miner, a company that shares our mission of providing an expert, single source solution for customers' overhead door and loading dock equipment needs. We look forward to leveraging Miner's nationwide coverage for our customers alongside expanded solutions aimed at driving loading dock safety and uptime,” said C.J. Ruffing, General Manager of Great Lakes Dock & Door.
For additional information about Miner and Great Lakes Dock & Door visit www.minercorp.com or www.onpointgroup.com/mergers-acquisitions.
About Miner Ltd.
Miner Ltd., an OnPoint Group company, is the facility expert for docks and doors, improving safety and uptime while lowering costs for some of the largest industrial facilities and Fortune 500-class companies in North America. Our suite of proactive MinerCare services makes for smarter, safer loading docks with data-driven solutions. From real-time electronic evidence to equipment monitoring to asset management and expert installations, our mission is to mitigate risk and improve efficiency at the loading dock. Our service footprint includes the largest network of best in class service professionals nationwide delivering superior speed, consistency and results 24/7/365. Learn more at https://www.minercorp.com/.
Lexington Public Relations
Suki Mulberg Altamirano
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ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (“The Partnership”)
Distribution
The Partnership announced today that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended September 30, 2021, of $0.52 per unit.
This corresponds to $2.08 per outstanding unit on an annualized basis.
This cash distribution will be paid on November 10, 2021 to all unitholders of record as of the close of business on October 28, 2021.
About KNOT Offshore Partners LP
KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership. KNOT Offshore Partners LP’s common units’ trade on the New York Stock Exchange under the symbol “KNOP”.
Forward looking statements
This press release includes statements that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. Factors that can affect future results are discussed in the Annual Report on Form 20-F filed by the Partnership with SEC. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
Source: KNOT Offshore Partners LP
KNOT Offshore Partners LP
Gary Chapman
Chief Executive Officer and Chief Financial Officer
Tel: +44 7496 170 620
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Glacier Bay National Park Goes Renewable
JUNEAU, Alaska--(BUSINESS WIRE)--$APTL #APT--Alaska Power & Telephone Company (AP&T) is pleased to announce completion of the Gustavus intertie – a federally-funded project linking the National Park Service’s facilities in Glacier Bay National Park and Preserve to clean, renewable energy available from the Falls Creek hydropower project near the community of Gustavus, Alaska. Prior to the intertie, the National Park Service’s only option for electrical power was to self-generate energy at high cost using off-grid diesel generators.
The Falls Creek project is a “low impact,” run-of-the-river hydropower facility built in 2009. It was originally designed to meet the needs of the community of Gustavus, as well as replace diesel generation at off-grid National Park Service facilities. Because the community of Gustavus is an islanded “micro-grid,” additional energy purchases by the Park Service will be a tremendous help in spreading utility fixed costs over a greater of sales base, significantly reducing energy costs for consumers.
As a result of the project, Gustavus customers can expect to see significant cost-savings on their bills, which will reflect the NPS’s level of energy purchases. All of the benefit of purchases by the NPS flows to energy consumers through a credit applied to the community’s Cost of Power Account. While the exact savings depend upon the National Park Service’s level of energy use, historic pre-COVID data suggests rate decreases could be as high as $0.11 to $0.12 per kWh for residential customers.
In addition to providing economic relief to energy consumers of Gustavus – a remote community with very high cost of living – the project has tremendously positive environmental impacts. Based on pre-COVID energy consumption levels in the park, the intertie project is conservatively estimated to avoid 38,000 gallons of fuel per year, and by extension 600 tons of carbon dioxide, plus other emissions. This is the equivalent of taking 128 passenger vehicles off the road. (Per US EPA carbon metrics.) The shift to hydropower represents an enormous environmental footprint improvement in the tremendously unique and pristine environment of Glacier Bay National Park and Preserve.
Alaska’s senior Senator Lisa Murkowski commented: “Supplying clean, cost-efficient energy in Alaska has long been a challenge, and one that I’ve been proud to work alongside my constituents to help address—this includes support for the Gustavus intertie project. For over a decade and through my position as Chairman of the Interior Appropriations Subcommittee I have pushed to advance this project because I know the value it will bring the National Park Service and the customers who will rely on its power. Finally seeing this renewable intertie complete, and knowing the economic and environmental benefits it will provide, is a big milestone. It is well past time the National Park Service in Gustavus moved off diesel power generation. I thank the Alaska Power and Telephone Company for their hard work and all those who helped make this a reality.”
AP&T’s CEO, Michael Garrett, reflected on the completion of the project. “This is truly a ‘triple bottom line’ project that produces societal, environmental, and economic benefits for a very broad range of stakeholders. Most notably lowering energy costs to the National Park Service and flowing financial benefits directly to the local Gustavus customers. We are thankful to the National Park Service, the community of Gustavus, and our subcontractor Northern Powerline Constructors for all of their teamwork and collaboration on this project.”
Alaska Power & Telephone Company (OTC: APTL) is an investor-owned utility providing diverse utility services in over 40 communities in rural Alaska. Additional information on AP&T can be found at: www.aptalaska.com
Jason Custer, Vice President – Business Development
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DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced a planned transition of leadership roles for its board of directors.
Highlights:
“I am honored by the trust placed in me by my fellow directors to serve as chair of CF Industries’ board of directors,” said Stephen J. Hagge. “On behalf of the board, I want to thank Steve Furbacher for his nearly 15 years of service to CF Industries. His leadership has been an integral part of making CF Industries and its board of directors what they are today. We look forward to building on the progress we have made under his guidance as we work together to create long-term value for stakeholders.”
“Serving on CF Industries’ board of directors has been a tremendous privilege for the past 15 years,” said Stephen A. Furbacher, current chair. “I am most proud of the work we have done to broaden the board’s skills, experiences and diversity in recent years. This purposeful effort has strengthened the board’s ability to be an effective advocate for stakeholders and a valued resource for management in the years ahead.”
Board of Directors Leadership Transition
Stephen A. Furbacher has informed the board that he will retire and not stand for re-election to the board at CF Industries’ Annual Meeting of Stockholders in May 2022, under the general policy of the Company that no director having attained the age of 74 years shall be nominated for re-election or reappointment to the board. Mr. Furbacher will continue to serve on the board until his current term of office expires at the Annual Meeting. He has been an independent director since 2007 and served as chairman since 2014.
Accordingly, the board of directors of CF Industries has elected Stephen J. Hagge, former president and chief executive officer of Aptar Group, Inc. and current independent director of the Company, as the incoming chair, effective January 1, 2022.
In this role, Mr. Hagge will coordinate the activities of the independent directors, coordinate the agenda for and moderate sessions of the independent directors, and facilitate communications between the other members of the board. He has been an independent director since 2010, most recently serving as chair of the compensation and management development committee and as a member of the audit committee.
CF Industries’ board of directors has elected John W. Eaves, executive chairman of Arch Resources, Inc. and current independent director of the Company, as the incoming chair of the compensation and management development committee, replacing Mr. Hagge in that role effective January 1, 2022. Mr. Eaves has been an independent director of the Company since 2017.
Board of Directors Overview
Following the retirement of Mr. Furbacher in May 2022, CF Industries’ board of directors is expected to have 11 members, consisting of ten independent directors and Tony Will, president and chief executive officer, CF Industries Holdings, Inc., who together represent a broad range of experience and skills. At that time, over half of the members of the board of directors will have joined since 2017 and the composition of the board will be 55% diverse (gender or racial/ethnic background).
The board of directors, through its corporate governance and nominating committee, regularly reviews the overall composition of the board and its committees to assess whether each reflects the appropriate mix of experience, qualifications, attributes, and skills that are relevant to CF Industries' current and future global strategy, business, and governance.
For biographical information about CF Industries’ board of directors, please visit the investor section of www.cfindustries.com.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.
Media
Chris Close
Director, Corporate Communications
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Investors
Martin Jarosick
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DUBLIN--(BUSINESS WIRE)--The "Global Gas Sensors, Detectors, and Analyzers Market Growth Opportunities, 2021" report has been added to ResearchAndMarkets.com's offering.
This study assesses the current status and the future prospects of the global bio-based coatings, adhesives, and sealants (CAS) market. It discusses the volumes and the revenues generated from bio-based materials from 2017 to 2027. Revenues are recorded at the raw material (resins, pigments, solvents, and additives) level.
Over the past few years, the bio-based CAS market has been recording substantial growth due to the growing focus on sustainability among manufacturers, governments, and end consumers. Europe is at the forefront in terms of the adoption of bio-based raw materials across a wide range of applications; for example, the Dutch and the Swiss Governments encourage the production of bio-based materials through environmental labeling systems and public tenders for raw materials.
In addition, consumer preference for environmentally friendly and naturally sourced products is rising in several countries, including Germany, France, Italy, and Scandinavia. This is especially true in construction applications where indoor air quality concerns are on the rise; therefore, end consumers are switching to healthier and cleaner CAS products.
The cost-performance index, however, remains a crucial part of the bio-based ecosystem, and it is becoming increasingly important to identify and develop bio-based feedstock that can be directly used in a wide range of applications (this will minimize technical hurdles and processing difficulties).
Owing to minimal production changes, value chain stakeholders are preferring drop-in substitutes. Falling oil prices have reduced the cost competitiveness of bio-based materials; however, the growing scale of production will diminish costs in future.
For bio-based raw materials to replace existing petrochemical counterparts, the following aspects will remain imperative:
Key Issues Addressed
Key Topics Covered:
1. Strategic Imperatives
2. Growth Opportunity Analysis - Gas Sensors, Detectors, and Analyzers Market
3. Growth Opportunity Analysis - Gas Sensors
4. Growth Opportunity Analysis - Gas Detectors
5. Growth Opportunity Analysis - Fixed Gas Detectors
6. Growth Opportunity Analysis - Portable Gas Detectors
7. Growth Opportunity Analysis - Gas Analyzers
8. Growth Opportunity Universe - Gas Sensors, Detectors, and Analyzers Market
9. Next Steps
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/qk294g
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today reported that its board of directors has declared a $0.30 per share dividend on its common stock. The dividend will be payable on November 30, 2021, to stockholders of record as of November 15, 2021.
Additionally, the Company confirmed that it will report its nine month and third quarter 2021 results after the market close on Wednesday, November 3, 2021. The company plans to host a conference call to discuss these results at 10:00 a.m. ET on Thursday, November 4, 2021.
Investors can access the call by dialing 866-748-8653 or 678-825-8234. The passcode is 7577677. The conference call also will be available live on the Company’s website at www.cfindustries.com. Participants also may pre-register for the webcast on the Company’s website. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. A replay of the webcast will be available through the company’s website at www.cfindustries.com.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently.
Media
Chris Close
Director, Corporate Communications
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Investors
Martin Jarosick
Vice President, Investor Relations
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Logistics and freight brokerage provider to leverage data science and AI to deliver intelligent supply chain solutions
ATLANTA--(BUSINESS WIRE)--#AI--Transportation Insight Holding Company ("TI Holdco" or "the Company"), a leading provider of non-asset, tech-enabled enterprise logistics and freight brokerage solutions in North America, announced the addition of Amit Prasad as the Chief Data Science Officer. In this role, Amit will lead the company’s growing Data Science Center of Excellence, which will focus on the advancement of predictive and prescriptive supply chain solutions and data-driven insights to customers, carriers, and employees.
“TI Holdco continues to invest in data science to help our customers further optimize supply chain performance, reduce costs and gain a sustainable competitive advantage,” said Ken Beyer, CEO, TI Holdco. “Bringing Amit on board to lead this growing center of excellence allows us to strengthen our role as a tech-enabled logistics partner, and his expertise and leadership will help drive our ongoing efforts to develop and implement data-driven digital solutions that drive supply chain transformation and process automation for all of our partners.”
Under Amit, the Data Science Center of Excellence will combine business acumen with artificial intelligence (AI), machine learning, statistics, supply chain science, and operations research (OR) to enhance the company’s digital offerings and core capabilities. This will further optimize carrier network efficiencies and provide data-driven insights and innovative sustainable logistics solutions for our customers. Newly developed AI-based data science models and advanced reporting tools will automate processes to increase visibility into daily operations, measure performance, and will support intelligent decision-making to help shippers identify savings opportunities, carriers maximize asset utilization, and create a sustainable competitive advantage. This center of excellence will also serve as a research and innovation lab and will partner with academic institutes and research labs to develop novel approaches to industry challenges.
With more than 15 years of experience in supply chain management, data science, and technology innovation, Amit is ideally suited to help advance the industry through smarter applications of data science. Before joining TI Holdco, he served as vice president, supply chain & data science for another large logistics provider, where he built and oversaw the company’s supply chain engineering, AI and machine learning applications, consulting services and other research initiatives. Prior to that, he served in supply chain and data science leadership roles within the technology industry.
Amit holds a master’s degree in Supply Chain Management from Massachusetts Institute of Technology (MIT), Cambridge and a bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology (IIT), India.
“I’m excited to join a company with such a strong emphasis on integrating data science models and insights into its evolving and leading digital solutions and processes,” said Amit. “I look forward to leveraging innovative supply chain and data science solutions to uncover opportunities to expand the business, streamline operations, and transform the logistics space. This will enable customers across our businesses to make data-driven decisions in order to navigate an increasingly challenging supply chain landscape.”
TI Holdco is a portfolio company of Gryphon Investors, a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management.
About Transportation Insight HoldCo
Transportation Insight HoldCo operates as two sister companies, enterprise logistics provider Transportation Insight, LLC, and freight brokerage Nolan Transportation Group. Together, these companies help client shippers engineer efficient supply chain networks. Combined, the $4.3 billion TI Holdco organization serves 10,000 clients with logistics management services that include domestic transportation (TL, LTL, Parcel), e-commerce solutions, supply chain analytics, international transportation, warehouse sourcing, LEAN consulting and supply chain sourcing of indirect materials, including secondary packaging.
About Transportation Insight, LLC
Transportation Insight is a multi-modal, lead logistics provider that partners with manufacturers, retailers, and distributors to achieve significant cost savings, reduce cycle times, and improve customer satisfaction rates through customized supply chain solutions. Transportation Insight offers carrier sourcing, freight bill audit and payment services, state-of-the-art transportation management system (TMS) applications, parcel technology platform (audit, engineering, advanced analytics) and business intelligence. Headquartered in Hickory, N.C., Transportation Insight has secondary operating centers and client support offices across North America. For more about Transportation Insight, visit www.transportationinsight.com or email This email address is being protected from spambots. You need JavaScript enabled to view it..
About Nolan Transportation Group
Founded in 2005, Nolan Transportation Group (NTG) is a leader in brokerage and third-party logistics services, dedicated to delivering the highest level of service in the transportation industry. NTG offers a wide range of services for customers across North America, specializing in strategic truckload and LTL shipping, as well as expedited, partial, refrigerated, drayage, and intermodal. NTG’s carrier base consists of approximately 45,000 independent carriers that facilitate the movement of its customers’ products. NTG is headquartered in Atlanta, GA and has 13 additional offices across the United States. NTG has been ranked a Top Freight Brokerage by Transport Topics for four consecutive years and has been ranked on the Inc. 500 | 5000 lists for six straight years as one of the fastest-growing private companies in the United States. For more information about NTG, visit www.ntgfreight.com or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Ryan Rogers, TI Holdco, 770-373-0480, This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, announced today the appointment of Mary Yang as an independent Class III director of the Company's Board of Directors effective Wednesday, October 13th, 2021. Yang has more than 25 years of experience in technology through a career focused on advising companies on strategic investments, alliance opportunities and global M&A activity. The addition of Yang to the Board of Directors brings the total number of directors to ten.
“Mary’s strategic insights and deep experience in high-growth global technology businesses will complement Sunnova’s focus on accelerating our software development and innovation to improve the services we provide dealers and customers,” said William J. (John) Berger, Chairman and Chief Executive Officer of Sunnova. “We’re excited to welcome Mary to the board and know that her contribution will be vital to our growth and evolution as a technology-enabled service provider."
Yang currently serves as Senior Vice President and Chief Strategy Officer of Ciena Corporation, a networking systems, services and software company, a position she has held since April 2020. Prior to joining Ciena, she served as Vice President of Corporate Development /Business Development at NIO Inc., a leader in the design and development of smart, high-performance electric vehicles from February 2016 to April 2020. Previously, Yang served as Vice President of Corporate Development and Strategic Alliances at Fortinet, Inc., a global leader in cybersecurity solutions, from July 2014 to February 2016. In addition, she previously held senior leadership roles in strategy and corporate development at leading communications companies, including Cisco Systems, Inc. and Nortel Networks Limited.
Yang holds several academic degrees from Stanford University, including a Juris Doctorate, Master of Business Administration, Master of Science in Management Science and Engineering, and Bachelor of Arts in Quantitative Economics.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com.
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BOSTON--(BUSINESS WIRE)--Fifteen energy industry CEOs and presidents, including the heads of the North American Electric Reliability Corporation and the New England and New York grid operators, are confirmed speakers for the New England-Canada Business Council’s 29th Annual Executive Energy Conference on Nov. 4-5.
Offered as an in-person event at Boston’s Seaport Hotel for individuals vaccinated against COVID-19 as well as through online video links, this year’s conference focus is “Energy & Environmental Sustainability: Pathways to Transformation.” The event features an unprecedented roster of senior leaders, including:
Jon F. Sorenson, chairman of the NECBC Energy Conference Committee and Council president emeritus, said: “We consistently hear from our conference participants that the NECBC offers the best executive-level energy conference of the year in North America. We’re deeply thankful to our confirmed speakers and to our many generous conference sponsors, and select sponsorship opportunities remain available.”
Algonquin Power & Utilities is the Conference Luncheon Keynote Sponsor, Avangrid is the Conference Opening Keynote Sponsor, and National Grid is the Conference Reception Sponsor. Enbridge, Eversource, Hydro-Québec, and Enmax are Platinum Sponsors. Gold-level sponsors include Analysis Group, Concentric Energy Advisors, Daymark Energy Advisors, Fasken, NB Power, and Pierce Atwood.
To register to attend and for sponsorship information, please visit https://necbc.org/event/EnergyConf2021Spons
ABOUT THE NEW ENGLAND-CANADA BUSINESS COUNCIL
The mission of the New England-Canada Business Council (NECBC) is to advance business, political, and cultural relationships between Canada and the United States and to help members grow their cross-border professional networks. Founded in 1981, the NECBC is one of the leading non-profit organizations working to sustain and expand the strong and mutually valuable connections between New England and Canada.
Media contact: Peter J. Howe/Denterlein 617.482.0042
DALLAS--(BUSINESS WIRE)--Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE/LSE:KOS) announced today that is has launched a registered underwritten public offering of 37,500,000 shares of common stock (the “Offering”). In addition, Kosmos intends to grant the underwriters a 30-day option to purchase up to an additional 5,625,000 shares of common stock at the public offering price less underwriting discounts.
Kosmos intends to use the net proceeds from this offering to repay outstanding borrowings under its commercial debt facility, including borrowings incurred to finance a portion of the previously announced acquisition of Anadarko WCTP Company.
Barclays, BofA Securities and Jefferies are acting as joint book-running managers in the Offering.
The Offering is being made pursuant to an effective shelf registration statement, including a prospectus, filed by Kosmos with the U.S. Securities and Exchange Commission (“SEC”) on June 21, 2021. The Offering may only be made by means of a preliminary prospectus supplement and accompanying prospectus. Before you invest, you should read the applicable preliminary prospectus supplement and the prospectus in the registration statement and other documents we have filed with the SEC for more complete information about us and the Offering. You may access these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, the underwriters or any dealer participating in the Offering will arrange to send you the preliminary prospectus supplement and the accompanying prospectus upon request to: Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (888) 603-5847, This email address is being protected from spambots. You need JavaScript enabled to view it. and BofA Securities at NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by emailing to This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares of common stock and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. We also maintain a sustainable proven basin exploration program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
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 Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos (including, but not limited to, the impact of the COVID-19 pandemic), which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
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Media Relations
Thomas Golembeski
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Achieved organic growth target one quarter early
Reiterates previously raised revenue guidance
Increases adjusted EBITDA guidance
AUSTIN, Texas--(BUSINESS WIRE)--E2open Parent Holdings, Inc. (NYSE: ETWO), a leading network-based provider of a cloud-based, mission-critical, end-to-end supply chain management platform, today announced financial results for its fiscal second quarter 2022 ended August 31, 2021.
“We had a very strong second quarter where we exceeded our plan on revenue, gross margin, and EBITDA. Earlier this year, we announced that we would achieve double-digit organic growth in our fiscal third quarter. We are excited to have achieved this important milestone one quarter early,” said Michael Farlekas, chief executive officer of E2open. “Due to our strong performance and accelerating momentum in the first half of our fiscal 2022, we are reaffirming our revenue guidance which we raised on September 1st. We also acquired BluJay Solutions and we are excited to share our combined capabilities with our customers and welcome BluJay’s talented team to E2open.”
Fiscal Second Quarter 2022 Financial Highlights
NOTE: Non-GAAP revenue adds back amortization of the purchase accounting fair value adjustment to deferred revenue resulting from the business combination with CC Neuberger Principal Holdings I (CCNB1) as required by GAAP. The Company is adding this back to provide better comparability in the calculation of our organic growth rate.
|
Variance |
|||
(in millions) |
Successor(a) Q2 2022 |
Predecessor(a) Q2 2021 |
% |
|
|
|
|
|
|
Subscription Revenue |
$61.7 |
$69.0 |
-10.6% |
|
Deferred revenue purchase accounting adjustment (b) |
14.2 |
- |
- |
|
Non-GAAP subscription revenue |
75.9 |
69.0 |
10.0% |
|
Professional Services Revenue |
16.4 |
12.8 |
27.9% |
|
Non-GAAP Revenue |
$92.3 |
$81.8 |
12.8% |
|
|
|
|
||
Gross Profit |
$38.5 |
$51.7 |
-25.4% |
|
Gross Profit Margin |
49.3% |
63.1% |
|
|
Non-GAAP Gross Profit |
$68.1 |
$58.5 |
16.5% |
|
Non-GAAP Gross Profit Margin (c) |
73.8% |
71.5% |
|
|
|
|
|
||
Adjusted EBITDA |
$33.5 |
$26.2 |
28.1% |
|
Adjusted EBITDA Margin (d) |
36.3% |
32.0% |
|
|
|
||||
|
Footnotes (see reconciliation table for GAAP to non-GAAP metrics) |
||
(a) |
As a result of the combination (Business Combination) of E2open Holdings, LLC and CC Neuberger Principal Holdings, I (CCNB1) on February 4, 2021, the financial results are broken out between the Predecessor period which is prior to February 4, 2021 and the Successor period which is February 4, 2021 and after. |
||
(b) |
Non-GAAP revenue adds back amortization of the purchase accounting fair value adjustment to deferred revenue resulting from the business combination as required by GAAP |
||
(c) |
Calculated utilizing non-GAAP gross profit as a percentage of non-GAAP revenue. |
||
(d) |
Calculated utilizing adjusted EBITDA as a percentage of non-GAAP revenue. |
||
Recent Business Highlights
Financial Outlook for Fiscal Year 2022
As of October 13, 2021, E2open is reaffirming its non-GAAP revenue guidance which it raised in conjunction with the BluJay closure on September 1, 2021. E2open is also raising its adjusted EBITDA guidance for its full fiscal year 2022, which ends February 28, 2022, as follows:
Revenue Growth
| Full Year: E2open + BluJay Revenue |
E2open Full Year + BluJay 2nd Half Revenue |
||||
| ($ in millions) | Original Pro-forma Guidance |
Previous Guidance |
Reiterated Guidance @ 9/1/2021 |
||
| FY21 | FY22 | FY22 | $ Var | ||
| E2open | $370 |
$370 |
$373 - 375 |
$3 - 5 |
|
| Growth % | 10% |
10% |
11% |
||
| BluJay | $188 |
$96 |
$97 - 99 |
$1 - 3 |
|
| Growth % | 6% |
3% |
6% |
||
| Total Company | $558 |
→ |
$466 |
$470 - 474 |
$4 - 8 |
| Growth % | 8% |
8% |
10% |
||
Adjusted EBITDA
| ($ in millions) | Full Year: E2open + BluJay Adjusted EBITDA |
E2open Full Year + BluJay 2nd Half Adjusted EBITDA |
||
| Original Pro-forma Guidance |
As Reported Guidance |
Revised Guidance |
||
| FY22 | FY22 | FY22 | ||
| E2open | $121 |
$121 |
||
| BluJay | $63 |
$32 |
||
| Total Synergy | $20 |
$5 |
||
| Total Company | $204 |
→ |
$158 |
$161 - 163 |
| Margin | 34% |
34% |
34% |
|
Synergies and Margin
Quarterly Conference Call
E2open will host a video webinar today at 5:00 p.m. ET to discuss fiscal second quarter 2022 financial results, in addition to discussing the Company’s outlook for the full fiscal year 2022. The video webinar will be available live on the Investor Relations section of the Company's website at www.e2open.com. A replay will be available within 12 hours after the conclusion of the live event.
About E2open
At E2open, we’re creating a more connected, intelligent supply chain. It starts with sensing and responding to real-time demand, supply and delivery constraints. Bringing together data from clients, distribution channels, suppliers, contract manufacturers and logistics partners, our collaborative and agile supply chain platform enables companies to use data in real time, with artificial intelligence and machine learning to drive smarter decisions. All this complex information is delivered in a single view that encompasses your demand, supply and logistics ecosystems. E2open is changing everything. Demand. Supply. Delivered.™ Visit www.e2open.com.
E2open and the E2open logo are registered trademarks of E2open, LLC. Demand. Supply. Delivered. is a trademark of E2open, LLC.
Non-GAAP Financial Measures
This press release includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including non-GAAP revenue, non-GAAP subscription revenue, adjusted EBITDA, adjusted EBITDA margin, non-GAAP gross profit, non-GAAP net income, net debt, and non-GAAP gross margin. These non-GAAP financial measures are not a measure of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity, or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies.
The Company believes this non-GAAP measure of financial results provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures.
Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company's expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance" or the negative of those terms or other comparable terminology.
Please see the Company's documents filed or to be filed with the Securities and Exchange Commission, including the annual report filed on Form 10-K, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this press release. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
E2OPEN PARENT HOLDINGS, INC. |
||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
| Successor | Predecessor | Successor | Predecessor | |||||||||||||||
| Three Months Ended |
Three Months Ended |
Six Months Ended |
Six Months Ended |
|||||||||||||||
| (In thousands, except per share amounts) | August 31, 2021 | August 31, 2020 | August 31, 2021 | August 31, 2020 | ||||||||||||||
| Revenue | ||||||||||||||||||
| Subscriptions | $ |
61,725 |
|
$ |
69,035 |
|
$ |
112,759 |
|
$ |
138,639 |
|
||||||
| Professional services |
|
16,354 |
|
|
12,782 |
|
|
31,647 |
|
|
26,302 |
|||||||
| Total revenue |
|
78,079 |
|
|
81,817 |
|
|
144,406 |
|
|
164,941 |
|
||||||
| Cost of Revenue | ||||||||||||||||||
| Subscriptions |
|
16,246 |
|
|
14,860 |
|
|
32,754 |
|
|
28,998 |
|
||||||
| Professional services |
|
10,967 |
|
|
10,350 |
|
|
21,107 |
|
|
21,445 |
|
||||||
| Amortization of acquired intangible asset |
|
12,338 |
|
|
4,947 |
|
|
23,849 |
|
|
10,508 |
|
||||||
| Total cost of revenue |
|
39,551 |
|
|
30,157 |
|
|
77,710 |
|
|
60,951 |
|
||||||
| Gross Profit |
|
38,528 |
|
|
51,660 |
|
|
66,696 |
|
|
103,990 |
|
||||||
| Operating Expenses | ||||||||||||||||||
| Research and development |
|
16,208 |
|
|
14,356 |
|
|
31,909 |
|
|
28,987 |
|
||||||
| Sales and marketing |
|
11,174 |
|
|
11,992 |
|
|
23,688 |
|
|
24,302 |
|
||||||
| General and administrative |
|
13,401 |
|
|
9,861 |
|
|
27,118 |
|
|
19,625 |
|
||||||
| Acquisition-related expenses |
|
7,174 |
|
|
2,018 |
|
|
16,952 |
|
|
5,386 |
|
||||||
| Amortization of acquired intangible assets |
|
3,543 |
|
|
8,447 |
|
|
7,373 |
|
|
16,914 |
|
||||||
| Total operating expenses |
|
51,500 |
|
|
46,674 |
|
|
107,040 |
|
|
95,214 |
|
||||||
| (Loss) income from operations |
|
(12,972 |
) |
|
4,986 |
|
|
(40,344 |
) |
|
8,776 |
|
||||||
| Other (expense) income | ||||||||||||||||||
| Interest and other expense, net |
|
(6,332 |
) |
|
(16,308 |
) |
|
(11,235 |
) |
|
(35,680 |
) |
||||||
| Change in tax receivable agreement liability |
|
(637 |
) |
|
— |
|
|
(3,136 |
) |
|
— |
|
||||||
| Gain (loss) from change in fair value of warrant liability |
|
18,727 |
|
|
— |
|
|
(41,216 |
) |
|
— |
|
||||||
| Loss from change in fair value of contingent consideration |
|
(16,780 |
) |
|
— |
|
|
(90,040 |
) |
|
— |
|
||||||
| Total other expenses |
|
(5,022 |
) |
|
(16,308 |
) |
|
(145,627 |
) |
|
(35,680 |
) |
||||||
| Loss before income tax expense |
|
(17,994 |
) |
|
(11,322 |
) |
|
(185,971 |
) |
|
(26,904 |
) |
||||||
| Income tax expense |
|
(5,994 |
) |
|
(6,218 |
) |
|
(7,372 |
) |
|
(14,388 |
) |
||||||
| Net loss |
|
(23,988 |
) |
$ |
(17,540 |
) |
|
(193,343 |
) |
$ |
(41,292 |
) |
||||||
| Less: Net loss attributable to noncontrolling interest |
|
(3,471 |
) |
|
(30,568 |
) |
||||||||||||
| Net loss attributable to E2open Parent Holdings, Inc. | $ |
(20,517 |
) |
$ |
(162,775 |
) |
||||||||||||
| Net loss attributable to E2open Parent Holdings, Inc. common shareholders per share: | ||||||||||||||||||
| Basic | $ |
(0.11 |
) |
$ |
(0.85 |
) |
||||||||||||
| Diluted | $ |
(0.11 |
) |
$ |
(0.85 |
) |
||||||||||||
E2OPEN PARENT HOLDINGS, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
| Successor | |||||||
| (In thousands, except share amounts) | August 31, 2021 | February 28, 2021 | |||||
| (unaudited) | |||||||
| Assets | |||||||
| Cash and cash equivalents | $ |
473,133 |
|
$ |
194,717 |
||
| Restricted cash |
|
10,553 |
|
|
12,825 |
||
| Accounts receivable - net of allowance of $801 and $908, respectively |
|
67,569 |
|
|
112,657 |
||
| Prepaid expenses and other current assets |
|
19,036 |
|
|
12,643 |
||
| Total current assets |
|
570,291 |
|
|
332,842 |
||
| Long-term investments |
|
219 |
|
|
224 |
||
| Goodwill |
|
2,629,624 |
|
|
2,628,646 |
||
| Intangible assets, net |
|
793,420 |
|
|
824,851 |
||
| Property and equipment, net |
|
47,695 |
|
|
44,198 |
||
| Operating lease right-of-use assets |
|
19,266 |
|
|
— |
||
| Other noncurrent assets |
|
10,237 |
|
|
7,416 |
||
| Total assets | $ |
4,070,752 |
|
$ |
3,838,177 |
||
| Liabilities and Stockholders' Equity | |||||||
| Accounts payable and accrued liabilities | $ |
64,431 |
|
$ |
70,233 |
||
| Incentive program payable |
|
10,553 |
|
|
12,825 |
||
| Deferred revenue |
|
107,428 |
|
|
89,691 |
||
| Payable to sellers |
|
280,000 |
|
|
— |
||
| Acquisition-related obligations |
|
— |
|
|
2,000 |
||
| Current portion of notes payable |
|
3,999 |
|
|
4,405 |
||
| Current portion of operating lease obligations |
|
4,788 |
|
|
— |
||
| Current portion of financing lease obligations |
|
2,406 |
|
|
4,827 |
||
| Total current liabilities |
|
473,605 |
|
|
183,981 |
||
| Long-term deferred revenue |
|
2,827 |
|
|
482 |
||
| Operating lease obligations |
|
14,975 |
|
|
— |
||
| Financing lease obligations |
|
2,211 |
|
|
6,588 |
||
| Notes payable |
|
502,616 |
|
|
502,800 |
||
| Tax receivable agreement liability |
|
63,325 |
|
|
50,114 |
||
| Warrant liability |
|
109,988 |
|
|
68,772 |
||
| Contingent consideration |
|
65,848 |
|
|
150,808 |
||
| Deferred taxes |
|
399,600 |
|
|
396,217 |
||
| Other noncurrent liabilities |
|
1,025 |
|
|
1,057 |
||
| Total liabilities |
|
1,636,020 |
|
|
1,360,819 |
||
| Commitments and Contingencies | |||||||
| Stockholders' Equity | |||||||
| Class A common stock; $0.0001 par value, 2,500,000,000 shares authorized; 197,751,492 and 187,051,142 issued and outstanding as of August 31, 2021 and February 28, 2021 |
|
20 |
|
|
19 |
||
| Class V common stock; $0.0001 par value; 42,747,890 and 40,000,000 shares authorized; 35,876,893 and 35,636,680 issued and outstanding as of August 31, 2021 and February 28, 2021 |
|
— |
|
|
— |
||
| Series B-1 common stock; $0.0001 par value; 9,000,000 shares authorized; 94 and 8,120,367 issued and outstanding as of August 31, 2021 and February 28, 2021 |
|
— |
|
|
— |
||
| Series B-2 common stock; $0.0001 par value; 4,000,000 shares authorized; 3,372,184 issued and outstanding as of August 31, 2021 and February 28, 2021 |
|
— |
|
|
— |
||
| Additional paid-in capital |
|
2,272,139 |
|
|
2,071,206 |
||
| Accumulated other comprehensive (loss) income |
|
(2,660 |
) |
|
2,388 |
||
| (Accumulated deficit) retained earnings |
|
(151,975 |
) |
|
10,800 |
||
| Treasury stock, at cost: 176,654 shares as of August 31, 2021 |
|
(2,473 |
) |
|
— |
||
| Total E2open Parent Holdings, Inc. equity |
|
2,115,051 |
|
|
2,084,413 |
||
| Noncontrolling interest |
|
319,681 |
|
|
392,945 |
||
| Total stockholders' equity |
|
2,434,732 |
|
|
2,477,358 |
||
| Total liabilities and stockholders' equity | $ |
4,070,752 |
|
$ |
3,838,177 |
||
E2OPEN PARENT HOLDINGS, INC. |
|||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||
(Unaudited) |
|||||||||
| Successor | Predecessor | ||||||||
| Six Months Ended | Six Months Ended | ||||||||
| (In thousands) | August 31, 2021 | August 31, 2020 | |||||||
| Cash flows from operating activities | |||||||||
| Net loss | $ |
(193,343 |
) |
$ |
(41,292 |
) |
|||
| Adjustments to reconcile net loss to net cash from operating activities: | |||||||||
| Depreciation and amortization |
|
41,000 |
|
|
33,866 |
|
|||
| Amortization of deferred commissions |
|
410 |
|
|
1,964 |
|
|||
| Amortization of debt issuance costs |
|
1,334 |
|
|
2,158 |
|
|||
| Amortization of operating lease right-of-use assets |
|
3,742 |
|
|
— |
|
|||
| Share-based and unit-based compensation |
|
4,552 |
|
|
4,017 |
|
|||
| Change in tax receivable agreement liability |
|
3,136 |
|
|
— |
|
|||
| Loss from change in fair value of warrant liability |
|
41,216 |
|
|
— |
|
|||
| Loss from change in fair value of contingent consideration |
|
90,040 |
|
|
— |
|
|||
| (Gain) loss on disposal of property and equipment |
|
(236 |
) |
|
34 |
|
|||
| Changes in operating assets and liabilities: | |||||||||
| Accounts receivable, net |
|
45,088 |
|
|
65,733 |
|
|||
| Prepaid expenses and other current assets |
|
(6,401 |
) |
|
(2,700 |
) |
|||
| Other noncurrent assets |
|
(3,232 |
) |
|
(1,925 |
) |
|||
| Accounts payable and accrued liabilities |
|
(1,453 |
) |
|
(13,927 |
) |
|||
| Incentive program payable |
|
(2,272 |
) |
|
13,126 |
|
|||
| Deferred revenue |
|
20,083 |
|
|
(32,476 |
) |
|||
| Changes in other liabilities |
|
(2,180 |
) |
|
13,408 |
|
|||
| Net cash provided by operating activities |
|
41,484 |
|
|
41,986 |
|
|||
| Cash flows from investing activities | |||||||||
| Capital expenditures |
|
(17,372 |
) |
|
(7,762 |
) |
|||
| Net cash used in investing activities |
|
(17,372 |
) |
|
(7,762 |
) |
|||
| Cash flows from financing activities | |||||||||
| Proceeds from PIPE investment |
|
280,000 |
|
|
— |
|
|||
| Proceeds from sale of membership units |
|
— |
|
|
1,778 |
|
|||
| Repayments of indebtedness |
|
(1,582 |
) |
|
(19,667 |
) |
|||
| Repayments of financing lease obligations |
|
(5,902 |
) |
|
(2,443 |
) |
|||
| Repurchase of common stock |
|
(2,473 |
) |
|
— |
|
|||
| Repurchase of Common Units |
|
(16,767 |
) |
|
— |
|
|||
| Net cash used in financing activities |
|
253,276 |
|
|
(20,332 |
) |
|||
| Effect of exchange rate changes on cash and cash equivalents |
|
(1,244 |
) |
|
(448 |
) |
|||
| Net increase in cash, cash equivalents and restricted cash |
|
276,144 |
|
|
13,444 |
|
|||
| Cash, cash equivalents and restricted cash at beginning of period |
|
207,542 |
|
|
48,428 |
|
|||
| Cash, cash equivalents and restricted cash at end of period | $ |
483,686 |
|
$ |
61,872 |
|
|||
| Reconciliation of cash, cash equivalents and restricted cash: | |||||||||
| Cash and cash equivalents | $ |
473,133 |
|
$ |
19,813 |
|
|||
| Restricted cash |
|
10,553 |
|
|
42,059 |
|
|||
| Total cash, cash equivalents and restricted cash | $ |
483,686 |
|
$ |
61,872 |
|
|||
| Supplemental Information - Cash Paid for: | |||||||||
| Interest | $ |
10,504 |
|
$ |
33,888 |
|
|||
| Income taxes |
|
824 |
|
|
1,146 |
|
|||
| Non-Cash Investing and Financing Activities: | |||||||||
| Capital expenditures financed under financing lease obligations | $ |
— |
|
$ |
11,005 |
|
|||
| Capital expenditures included in accounts payable and accrued liabilities |
|
1,435 |
|
|
10 |
|
|||
| Right-of-use assets obtained in exchange for operating lease obligations |
|
23,008 |
|
|
— |
|
|||
| Prepaid software, maintenance and insurance under notes payable |
|
— |
|
|
417 |
|
|||
| Conversion of Common Units to Class A Common Stock |
|
27,228 |
|
|
— |
|
|||
| Conversion of Series B1 common stock to Class A Common Stock |
|
175,000 |
|
|
— |
|
|||
| Business Combination purchase price adjustment |
|
2,965 |
|
|
— |
|
|||
E2OPEN PARENT HOLDINGS, INC. |
|||||||
RECONCILIATION OF NON-GAAP INFORMATION TABLE |
|||||||
| Successor | Predecessor | ||||||
| ($ in millions) | Three Months ended August 31, 2021 |
Three Months ended August 31, 2020 |
|||||
| Subscription revenue | $ |
61.7 |
|
$ |
69.0 |
|
|
| Professional services revenue |
|
16.4 |
|
|
12.8 |
|
|
| Revenue |
|
78.1 |
|
|
81.8 |
|
|
| Deferred revenue purchase accounting adjustment (a) |
|
14.2 |
|
|
- |
|
|
| Non-GAAP Revenue |
|
92.3 |
|
|
81.8 |
|
|
| Gross Profit |
|
38.5 |
|
|
51.7 |
|
|
| Adjustments | |||||||
| Deferred revenue purchase accounting adjustment (a) |
|
14.2 |
|
|
- |
|
|
| Depreciation expenses |
|
2.7 |
|
|
1.7 |
|
|
| Amortization of intangible assets |
|
12.3 |
|
|
4.9 |
|
|
| Share - based compensation (b) |
|
0.2 |
|
|
0.1 |
|
|
| Non-recurring/non-operating costs (c) |
|
0.2 |
|
|
0.1 |
|
|
| Non-GAAP Gross Profit |
|
68.1 |
|
|
58.5 |
|
|
| Gross profit margin |
|
49.3 |
% |
|
63.1 |
% |
|
| Non-GAAP Gross profit margin (d) |
|
73.8 |
% |
|
71.5 |
% |
|
| EBITDA |
|
8.8 |
|
|
22.8 |
|
|
| Adjustments | |||||||
| Deferred revenue purchase accounting adjustment (a) |
|
14.2 |
|
|
- |
|
|
| Change in fair value of financial instruments (e) |
|
(1.9 |
) |
|
- |
|
|
| Change in tax receivable agreement (f) |
|
0.6 |
|
|
- |
|
|
| Acquisition-related adjustments (g) |
|
7.1 |
|
|
2.0 |
|
|
| Non-recurring/non-operating costs (c) |
|
2.1 |
|
|
(0.6 |
) |
|
| Share - based compensation (b) |
|
2.5 |
|
|
2.0 |
|
|
| Adjusted EBITDA |
|
33.5 |
|
|
26.2 |
|
|
| EBITDA Margin |
|
11.3 |
% |
|
27.9 |
% |
|
| Adjusted EBITDA Margin (h) |
|
36.3 |
% |
|
32.0 |
% |
|
Footnotes |
|||
|
|
|
|
(a) |
|
Non-GAAP revenue adds back amortization of the purchase accounting fair value adjustment to deferred revenue resulting from the business combination as required by GAAP. |
|
|
|
||
(b) |
|
Reflects non-cash, long-term share-based compensation expense, primarily related to senior management. |
|
|
|
|
|
(c) |
|
Primarily includes foreign currency exchange gain and losses and other non-recurring expenses such as systems integrations, legal entity simplification, and advisory fees. |
|
(d) |
|
Calculated utilizing non-GAAP gross profit as a percentage of non-GAAP revenue. |
|
(e) |
|
Represents the fair value adjustment at each balance sheet date of the warrant liability related to the public, private placement and forward purchase warrants and the fair value adjustment at each balance sheet date of the contingent consideration liability related to the restricted Series B-1 and B-2 common stock and Sponsor Side Letter. |
|
(f) |
|
Represents the expense related to the change in the fair value of the tax receivable agreement liability, including interest. |
|
(g) |
|
Primarily includes advisory, consulting, accounting and legal expenses incurred in connection with mergers and acquisitions activities, including related valuation, negotiation and integration costs and capital-raising activities, including costs related to the acquisition of Amber Road, Inc., the Business Combination and the acquisition of BluJay. |
|
(h) |
|
Calculated utilizing adjusted EBITDA as a percentage of non-GAAP revenue. |
|
E2OPEN PARENT HOLDINGS, INC.
NON-GAAP REVENUE(1) OUTLOOK
($ in millions)
Adjusting for the closing of BluJay on September 1, 2021 (the first day of E2open’s fiscal third quarter), the combined company guidance at the time of announcement of the transaction was $466 million of non-GAAP revenue guidance. The total pro forma revenue guidance for the full fiscal year ending February 28, 2022 for the combined business was $558 million.
Full Year:
|
E2open Full Year +
|
||
Original Pro-forma
|
As Reported
|
||
FY22 |
FY22 |
||
| E2open | $370(6) |
$370(6) |
|
| Growth % | 10% |
10% |
|
|
|
||
| BluJay | $188 |
$96 |
|
| Growth % | 6%(7) |
3% |
|
|
|
||
| Total Company | $558 |
→ |
$466 |
| Growth % | 8%(7) |
8% |
Investor Contact
Adam Rogers
E2open
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515-556-1162
Media Contact
WE Communications for E2open
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512-527-7029
Provides opportunities for jobseekers to network and explore jobs with ComEd and partners
CHICAGO--(BUSINESS WIRE)--ComEd will host a virtual event featuring a job fair and networking opportunities for the Bronzeville community on Chicago’s South Side as part of the Community of the Future program, which creates partnerships that tap into community strengths to enhance sustainability, resiliency and connectedness. ComEd encourages Bronzeville residents and others interested in new energy technologies to register for the event at www.techandenergyexpo.vfairs.com.
ComEd’s Community of the Future: Bronzeville Technology and Energy Expo will be held online on Thursday, Oct. 21, 2021, from 10 a.m. - 2 p.m. The event will provide a virtual platform for networking opportunities and a job fair with representatives from ComEd and their partners in the energy and sustainability industries. Attendees will also learn from executives, industry leaders and visionaries about new energy technologies, innovative energy programs and how they can participate in the advanced energy economy.
“The Bronzeville Community of the Future features a variety of advanced technologies that improve the quality of life of the community and its residents, but we’re equally committed to investing in partnerships that create opportunities and lift communities,” said Michelle Blaise, ComEd Senior Vice President of Technical Services. “The Technology and Energy Expo creates a unique opportunity for Bronzeville residents to meet prospective employers, network with industry experts and learn more about how they can be a part of our clean energy future.”
The event will feature panel discussions with topics such as:
For more information or to register, please visit www.techandenergyexpo.vfairs.com. For questions, please email This email address is being protected from spambots. You need JavaScript enabled to view it..
ComEd’s Community of the Future: Bronzeville Technology and Energy Expo Details
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube
ComEd Media Relations
312-394-3500
Plan marks major milestone for the U.S. cement and concrete industry
CHESTERFIELD, Mo.--(BUSINESS WIRE)--Continental Cement Company (“Continental Cement” or “the Company”), a subsidiary of Summit Materials, Inc. (NYSE: SUM), today joined an ambitious journey to achieving carbon neutrality across the cement and concrete value chain by signing onto the Portland Cement Association’s (“PCA”) Roadmap to Carbon Neutrality. In collaboration with PCA’s other member companies and experts, the Roadmap demonstrates how the U.S. cement and concrete industry can collectively address climate change, decrease greenhouse gases and eliminate barriers that are restricting environmental progress. Given the significant role of cement in society and anticipated infrastructure development, it is critical that the industry comes together and acts now to create sustainable building solutions in the decades to come.
“We are excited to support the PCA by signing the association’s Roadmap to Carbon Neutrality,” commented Tom Beck, Continental Cement Company President. “As a member of the Summit Materials family of companies, a key focus of our sustainability strategy is to reduce our CO2 emissions, particularly at our cement plants. This Roadmap will help us and member companies find innovative solutions so that we can continue to support our communities through infrastructure while reducing our carbon footprint.”
The Roadmap focuses on a comprehensive range of reduction strategies for stakeholders to adopt across all phases of the material’s life cycle, such as reducing CO2 from the manufacturing process, decreasing combustion emissions by changing fuel sources and shifting toward increased use of renewable electricity.
Many of the solutions included in the PCA Roadmap are products, technologies and approaches that exist today – and by bringing together a variety of collaborators, PCA intends to ensure the adoption of these solutions on a broad scale. This will accomplish near-term benefits while constantly striving toward the long-term success of reaching carbon neutrality.
Continental Cement is an established industry leader in the use of alternative fuels, deriving an average of 40-45% of the Company’s total fuel usage from alternative fuels (based on 2019 usage). The Company’s Hannibal Cement Plant co-processes both liquid and solid hazardous waste as a fuel source, while its Davenport Cement Plant uses non-hazardous alternative fuels from surrounding industrial facilities. Continental Cement’s subsidiary, Green America Recycling, is a crucial component for sourcing, securing, and implementing the Company’s alternative fuel strategy. As such, Green America is in the process of expanding its Hannibal facility.
In addition to using alternative fuels in cement production, Continental Cement Company is working with customers and specifiers to commercialize Portland Limestone Cement (“PLC”) in all of its markets. PLC reduces concrete embodied carbon by approximately 10% while delivering resilient and durable infrastructure to our communities.
Industry experts, researchers, policymakers and companies along the value chain are imperative to realize the multitude of solutions that must be developed across policies and regulations, technology, innovation and demand generation – creating both near-and long-term CO2 reduction opportunities and constantly striving toward carbon neutrality.
Cement and concrete companies worldwide have committed to achieve carbon neutrality across the value chain by 2050. Addressing climate change is a global task, and the PCA Roadmap presents a plan tailored to the U.S. cement and concrete industry. PCA is aligned with the Global Cement and Concrete Association’s Roadmap.
View the full Roadmap here.
About Continental Cement Company
Continental Cement Company is a leading provider of cement based in Chesterfield, MO with plants in Hannibal, MO and Davenport, IA and 9 distribution terminals along the Mississippi River between Minneapolis, MN and New Orleans, LA. Continental Cement has built its business on consistent quality, superior service, and delivering a great experience since they began producing cement at their Hannibal location in 1903. The Company provides high quality cement for projects along the Mississippi corridor and is a subsidiary of Summit Materials, Inc.
About Summit Materials
Summit Materials is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.
About The Portland Cement Association (PCA)
Founded in 1916, PCA is the premier policy, research, education, and market intelligence organization serving America’s cement manufacturers. PCA members represent the majority of U.S. cement production capacity, having facilities across the country. The association promotes safety, sustainability, and innovation in all aspects of construction, fosters continuous improvement in cement manufacturing and distribution, promoting economic growth and sound infrastructure investment. For more information, visit www.cement.org
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results.
In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 2, 2021. Such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
David Loomes
Senior Vice President of Sales and Supply Chain
Continental Cement Company
This email address is being protected from spambots. You need JavaScript enabled to view it.
636-532-7440
Assets Acquired at Compelling Valuation With a Significant Enhancement to the Five-year Plan
DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”) announced today that it has acquired an additional 18.0% interest in the Jubilee field and an additional 11.0% interest in the TEN fields in Ghana from Occidental Petroleum (“OXY”) for a purchase price of $550 million with an effective date of April 1, 2021. Consideration due to OXY at completion was approximately $460 million after taking into account closing adjustments.
Key Highlights
Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos said: “This is a compelling transaction for Kosmos that accelerates our strategic delivery and is expected to provide long-term sustainable cash flow from fields where we have a deep understanding of the value and future upside.
We expect the additional Ghana interests to generate around $1 billion of incremental free cash flow by the end of 2026 at $65 Brent with upside given current prices. We plan to use the additional cash flow from these assets to reduce absolute debt levels and fund our growth in LNG.
Financially, the transaction is highly accretive across all key metrics, including free cash flow, and accelerates our committed path to deleveraging the balance sheet. With significant net asset value accretion for the company, we believe that this transaction will deliver substantial returns to our shareholders.
The transaction creates a simplified and aligned partnership in both the Jubilee and TEN fields, with both Kosmos and GNPC increasing their ownership. The partnership is committed to investing in both fields to maximize the value of the assets and reduce the carbon intensity of operations for the benefit of all stakeholders.”
Interests acquired
Kosmos has acquired an additional 18.0% interest in the Jubilee field and an additional 11.0% interest in the TEN fields in Ghana. This transaction increases Kosmos’ interests in Jubilee to 42.1% and in TEN to 28.1%. The transaction is subject to a 30-day pre-emption period, which, if fully exercised, could reduce Kosmos’ ultimate interest in Jubilee by 3.8% to 38.3%, and in TEN by 8.3% to 19.8%. Prior to closing the transaction, OXY resolved certain historical tax claims related to the sold interests.
Using Kosmos’ year-end 2020 reserves report, prepared by independent reserve auditor Ryder Scott, estimated 2P reserves being acquired as part of today’s transaction were approximately 104 million barrels of oil equivalent at year-end 2020. The assets being acquired have a proved and probable (2P) post-tax NPV10 valuation of around $1.6 billion1. The acquired assets are currently producing approximately 17,000 barrels of oil per day net and are expected to generate approximately $325 million of EBITDAX in 2022 at $65 Brent.
Kosmos has worked closely with the operator and joint venture partners in 2021 to drive higher reliability and improve operational performance in Ghana. Significant progress has been made with new wells delivering higher production, high levels of FPSO uptime, near-record water injection and materially higher gas offtake.
Transaction Financing
The transaction has an effective date of April 1, 2021. The Government of Ghana has approved the transaction, which closed on October 13, 2021. To fund the transaction, Barclays and Standard Chartered Bank have provided Kosmos with a $400 million bridge loan, which the Company expects to refinance with the proceeds from a future senior notes offering. The remaining consideration was funded from available liquidity, which the Company expects to re-finance with the proceeds from the equity offering of approximately $100 million announced today.
The Company plans to provide updated full-year 2021 guidance alongside third quarter 2021 results to take account of this transaction and the impact of the recent hurricane-related downtime in the Gulf of Mexico. With Gulf of Mexico production now returned to pre-hurricane levels, we expect the impact of the unplanned downtime to be approximately 4,000 barrels of oil equivalent per day in the third quarter or 1,000 barrels of oil equivalent to the full year compared to our previous production forecasts for 2021.
Barclays is acting as financial adviser to Kosmos on the transaction with Slaughter and May serving as Kosmos’ legal counsel on the transaction.
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss today’s announcement on October 14, 2021 at 9:00 a.m. Central time (10:00 a.m. Eastern time). The live webcast of the event can be accessed on the Investors page of Kosmos’ website at http://investors.kosmosenergy.com/investor-events. The dial-in telephone number for the call is +1-877-407-0784. Callers in the United Kingdom should call 0 800 756 3429. Callers outside the United States should dial +1-201-689-8560. A slide presentation to accompany the webcast will be available on the company website shortly.
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.
Non-GAAP Financial Measures
EBITDAX, free cash flow and net debt are supplemental non-GAAP financial measures used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines EBITDAX as Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) loss on extinguishment of debt, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. The Company defines free cash flow as net cash provided by operating activities less oil and gas assets, Other property, and certain other items that may affect the comparability of results. The Company defines net debt as the sum of notes outstanding issued at par and borrowings on the RBL Facility, Corporate revolver, and GoM Term Loan less cash and cash equivalents and restricted cash.
We believe that EBITDAX, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool for assessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies.
This release also contains certain forward looking non GAAP financial measures, including free cash flow. Due to the forward looking nature of the aforementioned non GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward looking non GAAP financial measures to their most directly comparable forward looking GAAP financial measures. Amounts excluded from these non GAAP measures in future periods could be significant.
Forward-Looking Statements
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 Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
1 Based on independent reserves auditor at YE20 post tax. Brent Oil price deck: $65.00 flat
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
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Media Relations
Thomas Golembeski
+1-214-445-9674
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