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February 2, 2021 8:03 am

Portnoy Law: Lawsuit Filed On Behalf of AstraZeneca, PLC Investors

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LOS ANGELES, Feb. 02, 2021 (GLOBE NEWSWIRE) —

The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of AstraZeneca, PLC (“AstraZeneca” or “the Company”) (NASDAQ: AZN) investors that acquired securities between May 21, 2020 and November 20, 2020.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

It is alleged in the complaint that AstraZeneca made misleading and false statements to the market. AstraZeneca’s initial clinical trials for its COVID-19 vaccine, AZD1222, suffered from manufacturing errors. The import and validity of AstraZeneca’s clinical trials for AZD1222 were damaged as a result of a patchwork of differentiated patient subgroups, each with subtly different treatments. At the designated time, some trial participants did not receive a second dose of the vaccine candidate, in some cases receiving them weeks later. AstraZeneca failed to include a substantial sample of patients aged over the age of 55, despite this group being prioritized highly for vaccination. AstraZeneca clinical trials were generally damaged by widespread errors in design and flawed execution. AstraZeneca’s public statements were misleading and false throughout the class period, based on these facts. Investors suffered damages when the market learned the truth about AstraZeneca.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com

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February 2, 2021 8:03 am

Portnoy Law: Lawsuit Filed On Behalf of Exxon Mobil Corporation Investors

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LOS ANGELES, Feb. 02, 2021 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Exxon Mobil Corporation (“Exxon” or “the Company”) (NYSE: XOM) investors that acquired securities between November 6, 2019 and January 14, 2021.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Exxon is the subject of a Wall Street Journal article published on January 15, 2021, titled, “Exxon Draws SEC Probe Over Permian Basin Asset Valuation.” According to the article, the SEC is probing the Company following a whistleblower complaint. The complaint alleged that the Company forced employees working on an internal assessment to use unrealistic assumptions about how quickly its wells in the Permian Basin could be drilled to achieve a higher valuation. According to the complaint, at least one employee who complained about using the unrealistic assumptions was then fired. Based on this news, shares of Exxon dropped by more than 4.8% on the same day.

Please visit our website to review more information and submit your transaction information.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com

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February 2, 2021 8:03 am

MADISON REALTY CAPITAL COMPLETES $106 MILLION LOAN TO ARCH COMPANIES AND AB CAPSTONE FOR 284,000-SF TRANSIT ORIENTED MIXED-USE PROJECT IN NEW YORK CITY

NEW YORK, Feb. 02, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a New York City-based real estate private equity firm focused on debt and equity investment strategies, today announced it has provided $106 million in construction financing for a partnership between Arch Companies and AB Capstone for the ground-up development of Myrtle Point, a 17-story, 284,000-square-foot mixed-use building at 3-50 St. Nicholas Avenue along the border of Bushwick, Brooklyn and Ridgewood, Queens. The project will comprise 130,000 square feet of commercial retail space, leased to two big box credit retailers; 133 residential units, which will include a 30 percent affordable component.

The project is designed by S9 Architecture and is strategically aligned to benefit from direct access to the MTA Subway via the M and the L Trains and the Ridgewood Intermodal Bus Terminal. Encompassing almost an acre of land, the transformative project will consist of a four-story commercial base topped with a 13-story residential tower offering an abundance of light and air.

“We are pleased to provide a $106 million loan to an experienced sponsorship team, whom we know well, while contributing to the growth of this vibrant neighborhood,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “We are excited about this project on the Bushwick and Ridgewood border given its accessibility to public transportation options and high quality retailers. The transaction represents our ability to leverage our familiarity with the needs of our repeat borrowers to efficiently create customized financing solutions.”

Myrtle Point marks Arch’s third ground-up development in New York City since the firm’s inception in 2017, coming on the heels of 11 Greene, a nearly 66,000-square-foot residential building delivering in early 2021 on a prime SoHo corner that comprises 31 luxury loft apartments and approximately 12,000 square feet of retail at the base, and 550 Metropolitan, a boutique residential and retail development in the heart of Williamsburg, Brooklyn.

“Arch brings a holistic, hands-on and vertically integrated approach to development projects that will deliver value to both the community and our investors,” says Jeffrey Simpson, Managing Partner and Co-Founder of Arch Companies. “Arch is a firm believer in New York, especially burgeoning outer boroughs neighborhoods like Ridgewood. Ridgewood is an exciting, dynamic neighborhood that has seen an influx of new residents in recent years and is primed for growth as a natural extension of the highly active Williamsburg and Bushwick markets.”

Arch has achieved a diversified portfolio that now spans nine states and includes 3.4 million square feet, inclusive of more than 3,000 multifamily units in addition to a significant commercial component.

“Myrtle Point represented an exciting investment opportunity to continue growing our New York portfolio at an attractive basis and the ability to enter a deal where we could help drive value with our deep market and development knowledge,” said Jared Chassen, Partner and Co-Founder of Arch Companies. “Arch has significant dry powder, which it has been deploying to take advantage of recent market shifts and strategic situations, including successfully entering and exiting three recent hotel investments.”

About Madison Realty Capital

Madison Realty Capital (MRC) is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $13 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.

About Arch Companies

Arch Companies is a vertically integrated real estate owner, operator, and developer with an active investment portfolio of more than 3.4 million square feet across the United States. Founded in 2017 by Jeffrey Simpson and Jared Chassen, Arch specializes in real estate investment, development, and management with a concentration on primary and secondary markets. The company has three investment verticals, value add multi-family, ground up development and white knight capital. Arch differentiates itself by providing hands-on real estate investment management, creative deal structuring, and transparent communication with partners. Arch’s vertically integrated platform allows for complete control and oversight of the business plan throughout the life cycle of the investment. archcorealestate.com

About AB Capstone

AB Capstone is a real estate investment and development company specializing in residential, commercial, and mixed-use development and value-add projects. The company focuses on transit-oriented development, selecting projects that are located along major New York City public transportation routes. AB Capstone has developed multi-family housing, student housing, retail strip centers, medical facilities, and office centers. Consequently, having experience in multiple asset classes allowed for the company to pursue mixed-use opportunities avoided by single-asset class investors and developers.

Attachment

Myrtle Point

For Madison Realty Capital: Nathaniel Garnick/Grace Cartwright
Madison Realty Capital
(212) 257-4170
[email protected]

For Arch: Sarah S. Berman
The Berman Group, Inc.
(212) 450-7300
[email protected]

February 2, 2021 8:03 am

Sysco Reports Second Quarter Fiscal 2021 Results

SYSCO ADVANCES TRANSFORMATION WHILE GAINING MARKET SHARE IN A

DISRUPTED MARKETPLACE

HOUSTON, Feb. 02, 2021 (GLOBE NEWSWIRE) — Sysco Corporation (NYSE: SYY) today announced financial results for its 13-week second fiscal quarter ended December 26, 2020.

Second Quarter Fiscal 2021 Highlights

Sales decreased 23.1% to $11.6 billion
Gross profit decreased 25.8% to $2.1 billion; gross margin decreased 67 basis points
Operating income decreased 61.6% to $212.1 million; adjusted¹ operating income decreased 62.7% to $234.1 million
Earnings per share (“EPS”) decreased $0.61 to $0.13; adjusted¹ EPS decreased $0.68 to $0.17

First Half Fiscal 2021 Highlights

Sales decreased 23.1% to $23.3 billion
Gross profit decreased 25.2% to $4.3 billion; gross margin decreased 53 basis points
Operating income decreased 48.3% to $631.6 million; adjusted¹ operating income decreased 56.3% to $598.7 million
EPS decreased $1.06 to $0.56; adjusted¹ EPS decreased $1.32 to $0.51

“We are making bold progress against our transformation agenda, while managing our business in a complex climate, and enabling accelerated growth by improving how we serve our customers and differentiate ourselves from competitors. Additionally, with a COVID business recovery in sight, we are preparing for the upcoming increase in demand, and Sysco will be best positioned for a strong rebound due to our industry-leading financial strength and ability to invest in inventory, staffing and service levels,” said Kevin Hourican, Sysco’s president and chief executive officer. “I am immensely proud of the Sysco team for all of the work they are doing to support our customers during this crisis. Our recent Restaurants Rising program is a prime example of the difference we make in the success of those that we serve.”

^{___________________________________
1 Earnings Per Share (EPS) are shown on a diluted basis unless otherwise specified. Adjusted financial results exclude certain items, which primarily include adjustments to our bad debt reserve specific to aged receivables existing prior to the COVID-19 pandemic, restructuring costs, transformational project costs and acquisition-related costs. Specific to EPS, this year’s first half Certain Items include the impact of a loss on the sale of Cake Corporation and the impact of a new U.K. tax law change. Reconciliations of all non-GAAP measures are included at the end of this release.}

Second Quarter Fiscal 2021 Results

U.S. Foodservice Operations

Sales for the second quarter were $7.9 billion, a decrease of 23.9% compared to the same period last year. Local case volume within U.S. Broadline operations decreased 19.7% for the second quarter, of which a decrease of 19.7% was organic, while total case volume within U.S. Broadline operations decreased 23.7%, of which a decrease of 23.7% was organic.

Gross profit decreased 23.9% to $1.6 billion, and gross margin remained relatively unchanged at 19.7%, compared in each case to the same period last year. Product cost inflation was 1.6% in U.S. Broadline, as measured by the estimated change in Sysco’s product costs, primarily in the paper and disposables, poultry, and dairy categories.

Operating expenses decreased $270.0 million, or 20.1%, compared to the same period last year. Adjusted operating expenses decreased $252.9 million, or 18.9%, compared to the same period last year.

Operating income was $485.3 million, a decrease of $219.6 million, or 31.2%, compared to the same period last year. Adjusted operating income was $471.8 million, a decrease of $236.7 million, or 33.4%, compared to the same period last year.

International Foodservice Operations

Sales for the second quarter were $2.0 billion, a decrease of 31.9% compared to the same period last year. On a constant currency basis, sales for the second quarter were $1.9 billion, a decrease of 33.8% compared to the same period last year. Foreign exchange rates increased International Foodservice Operations sales by 1.8% and total Sysco sales by 0.4% during the quarter.

Gross profit decreased 36.2% to $373.8 million, and gross margin decreased 128 basis points to 19.0%, compared in each case to the same period last year. On a constant currency basis, gross profit decreased 38.2% to $362.4 million. Foreign exchange rates increased International Foodservice Operations gross profit by 2.0% and total Sysco gross profit by 0.4% during the quarter.

Operating expenses decreased $97.4 million, or 17.7%, compared to the same period last year. Adjusted operating expenses decreased $82.9 million, or 16.2%, compared to the same period last year. On a constant currency basis, adjusted operating expenses decreased $98.1 million, or 19.2%, compared to the same period last year. Foreign exchange rates increased International Foodservice Operations operating expense by 3.0% and total Sysco operating expense by 0.8% during the quarter.

The International Foodservice Operations segment delivered an operating loss of $79.9 million, a decrease of $114.8 million compared to the same period last year. Adjusted operating loss was $55.2 million, a decrease of $129.3 million compared to the same period last year. On a constant currency basis, adjusted operating loss was $51.6 million, a decrease of $125.6 million, or 169.6%, compared to the same period last year. Foreign exchange rates reduced International Foodservice Operations operating loss by 4.9% and total Sysco operating income by 0.6% during the quarter.

First Half Fiscal 2021 Results

U.S. Foodservice Operations

Sales for the first 26 weeks of fiscal 2021 were $15.8 billion, a decrease of 24.8% compared to the same period last year. Local case volume within U.S. Broadline operations decreased 20.6% for the first 26 weeks of fiscal 2021, of which a decrease of 20.7% was organic, while total case volume within U.S. Broadline operations decreased 24.8%, of which a decrease of 24.8% was organic.

Gross profit decreased 24.7% to $3.2 billion, and gross margin increased 3 basis points to 19.9%, compared in each case to the same period last year. Product cost inflation was 1.3% in U.S. Broadline, as measured by the estimated change in Sysco’s product costs, primarily in the paper and disposables, dairy, and poultry categories.

Operating expenses decreased $610.0 million, or 22.6%, compared to the same period last year. Adjusted operating expenses decreased $503.4 million, or 18.7%, compared to the same period last year.

Operating income was $1.1 billion, a decrease of $424.8 million, or 28.3%, compared to the same period last year. Adjusted operating income was $974.8 million, a decrease of $531.4 million, or 35.3%, compared to the same period last year.

International Foodservice Operations

Sales for the first 26 weeks of fiscal 2021 were $4.1 billion, a decrease of $1.7 billion, or 28.8%, compared to the same period last year. On a constant currency basis, sales for the second quarter were $4.0 billion, a decrease of 30.4% compared to the same period last year. Foreign exchange rates increased International Foodservice Operations sales by 1.6% and total Sysco sales by 0.3% during the first 26 weeks of fiscal 2021.

Gross profit decreased 30.8% to $824.2 million, and gross margin decreased 58 basis points to 20.0%, compared in each case to the same period last year. On a constant currency basis, gross profit decreased 32.7% to $801.3 million, as compared to the same period last year. Foreign exchange rates increased International Foodservice Operations gross profit by 1.9% and total Sysco gross profit by 0.4% during the first 26 weeks of fiscal 2021.

Operating expenses decreased $196.8 million, or 17.9%, compared to the same period last year. Adjusted operating expenses decreased $157.5 million, or 15.5%, compared to the same period last year. On a constant currency basis, adjusted operating expenses decreased $185.0 million, or 18.2%, compared to the same period last year. Foreign exchange rates increased International Foodservice Operations operating expense by 2.7% and total Sysco operating expense by 0.7% during the first 26 weeks of fiscal 2021.

The International Foodservice Operations segment delivered an operating loss of $80.5 million, a decrease of $170.2 million compared to the same period last year. Adjusted operating loss was $36.4 million, a decrease of $209.5 million, or 121.1%, compared to the same period last year. On a constant currency basis, adjusted operating loss was $32.0 million, a decrease of $205.0 million, or 118.5%, compared to the same period last year. Foreign exchange rates reduced International Foodservice Operations operating loss by 2.6% and total Sysco operating income by 0.3% during the first 26 weeks of fiscal 2021.

Balance Sheet, Capital Spending and Cash Flow

Capital expenditures, net of proceeds from sales of plant and equipment, for the first 26 weeks of fiscal 2021 were $234.7 million lower compared to the prior year period.

Cash flow from operations was $936.7 million for the first 26 weeks of fiscal 2021, which was $182.2 million higher compared to the prior year period. Free cash flow² for the first 26 weeks of fiscal 2021 was $788.2 million, which was $416.9 million higher compared to the prior year.

^{___________________________________
2 Free cash flow is a non-GAAP measure that represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Reconciliations for all non-GAAP measures are included at the end of this release.}

Conference Call & Webcast

Sysco will host a conference call to review the company’s second quarter fiscal 2021 financial results on Tuesday, February 2, 2021, at 10:00 a.m. Eastern. A live webcast of the call, accompanying slide presentation and a copy of this news release will be available online at investors.sysco.com.

Key Highlights:

	13-Week Period Ended		26-Week Period Ended

Financial Comparison:	December 26, 2020	Change	December 26, 2020	Change
Sales	$11.6 billion	-23.1%	$23.3 billion	-23.1%
Gross profit	$2.1 billion	-25.8%	$4.3 billion	-25.2%
Gross Margin	18.15 %	-67 bps	18.50 %	-53 bps

GAAP:
Operating expenses	$1.9 billion	-17.1%	$3.7 billion	-19.0%
Certain Items	$22.0 million	-70.4 %	$(32.9) million	-122.2 %
Operating Income	$212.1 million	-61.6%	$631.6 million	-48.3%
Operating Margin	1.83 %	-184 bps	2.71 %	-132 bps
Net Earnings	$67.3 million	-82.4%	$284.2 million	-66.1%
Diluted Earnings Per Share	$0.13	-82.4%	$0.56	-65.4%

Non-GAAP ⁽¹⁾ :
Operating Expenses	$1.9 billion	-15.3%	$3.7 billion	-15.5%
Operating Income	$234.1 million	-62.7%	$598.7 million	-56.3%
Operating Margin	2.03 %	-215 bps	2.57 %	-195 bps
Net Earnings	$85.9 million	-80.4%	$259.3 million	-72.6%
Diluted Earnings Per Share ⁽²⁾	$0.17	-80.0%	$0.51	-72.1%

Case Growth:
U.S. Broadline	-23.7%		-24.8%
Local	-19.7 %		-20.6 %

Sysco Brand Sales as a % of Cases:
U.S. Broadline	36.51%	-165 bps	37.65%	-77 bps
Local	42.02 %	-455 bps	44.06 %	-288 bps

^Note:

^{(1) A reconciliation of non-GAAP measures is included at the end of this release.}

^{(2) Individual components in the table above may not sum to the totals due to the rounding.}

Forward-Looking Statements

Statements made in this press release or in our earnings call for the second quarter of fiscal 2021 that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. These statements include: the effect, impact, potential duration or other implications of the recent outbreak of a novel strain of coronavirus (“COVID-19”) and any expectations we may have with respect thereto, including the extent and duration of lockdowns in the U.S. and Europe; our expectations regarding our ability to manage the current downturn and capitalize on our position as the industry leader as the global economy recovers; our expectations regarding future market share gains; our expectations regarding the effects of our business transformation initiatives, including our belief that our strategic initiatives will enable profitable future growth and drive future value for our associates, shareholders and customers; our belief that our transformation initiatives will improve how we serve customers, differentiate Sysco from our competitors and deliver strong business results; our expectations regarding our efforts to regionalize our operations and the benefits to our company from regionalization; our expectations that our efforts across our customer-facing tools and technology will improve service to our customers; our plans regarding the timing of the roll out of our new pricing software; our plans regarding our sales transformation initiative and our expectations regarding the effects of our new sales process, including the timing of the roll-out of this program to additional cuisine segments; our expectations regarding our company, and our ability to attract and serve new customers, following the COVID-19 crisis; our expectations regarding our ability to win meaningful business in the national account space; our plans regarding minimum delivery requirements and delivery service days; the effects of our planned investments in digital technology; our expectations regarding the timing of the business recovery following the COVID-19 crisis; the impact on our results of government-imposed restrictions on restaurant operations; our expectations that our work to accelerate growth will return to pre-COVID levels as demand resurges; our belief that our improved retention rates will benefit our sales productivity metrics; our expectations regarding the effect of our retention of drivers on transportation expenses in the short term; our belief that our retention of drivers will help ensure that Sysco is able to maximize our share gain during the upcoming business recovery; our expectations regarding our ability to become the most customer-centric foodservice distributor in the industry; our expectations regarding our ability to accelerate profitable growth; our expectations regarding future sales; our expectations regarding cost savings over the next several quarters; our expectations that our investments in technology and our business will allow for future growth and exceptional customer service; our belief that the steps undertaken as part of our management of the COVID-19 crisis to date will help us retain and win additional business from our independent restaurant customers beyond the pandemic; our expectations regarding our preparations for the business recovery and our plans to be ahead of the recovery curve; our expectations regarding the hiring of additional employees in connection with the anticipated business recovery; our expectations of significant returns on our investments in our capability builds in service of our transformation; our expectations regarding the impact of our investments in our transformation initiatives on our results in the second half of fiscal 2021; our expectations regarding improvements in the SYGMA segment; our plans to reinvest a portion of our cost savings into our growth agenda; our ability to deliver against our strategic priorities; statements regarding economic trends in the United States and abroad; our expectations regarding the deployment of capital proceeds that Sysco currently holds; and our expectations regarding our cash performance in the third quarter of fiscal 2021.

The success of our plans and expectations regarding our operating performance are subject to the general risks associated with our business, including the risks of interruption of supplies due to lack of long-term contracts, severe weather, crop conditions, work stoppages, intense competition, technology disruptions, dependence on large, long-term regional and national customers, inflation risks, the impact of fuel prices, adverse publicity, labor issues, political or financial instability, trade restrictions, tariffs, currency exchange rates, transport capacity and costs and other factors relating to foreign trade, any or all of which could delay our receipt of product or increase our input costs. Risks and uncertainties also include the impact and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic, and the adverse impact thereof on our business, financial condition and results of operations, including, but not limited to, our growth, product costs, supply chain, labor availability, logistical capabilities, customer demand for our products and industry demand generally, consumer spending, our liquidity, the price of our securities and trading markets with respect thereto, our credit ratings, our ability to maintain compliance with the covenants in our credit agreement, our ability to access capital markets, and the global economy and financial markets generally. Risks and uncertainties also include risks impacting the economy generally, including the risks that the current general economic conditions will deteriorate, or consumer confidence in the economy or consumer spending, particularly on food-away-from-home, may decline. Market conditions may not improve. Competition and the impact of GPOs may reduce our margins and make it difficult for us to maintain our market share, growth rate and profitability. We may not be able to fully compensate for increases in fuel costs, and fuel hedging arrangements intended to contain fuel costs could result in above market fuel costs. Our ability to meet our long-term strategic objectives depends on our ability to grow gross profit, leverage our supply chain costs and reduce administrative costs. This will depend largely on the success of our various business initiatives, including efforts related to revenue management, expense management, our digital e-commerce strategy and any efforts related to restructuring or the reduction of administrative costs. There are various risks related to these efforts, including the risk that if sales from our locally managed customers do not grow at the same rate as sales from regional and national customers, or if we are unable to continue to accelerate local case growth, our gross margins may decline; the risk that we are unlikely to be able to predict inflation over the long term, and lower inflation is likely to produce lower gross profit; the risk that our efforts to mitigate increases in warehouse costs may be unsuccessful; the risk that we may not be able to accelerate and/or identify additional administrative cost savings in order to compensate for any gross profit or supply chain cost leverage challenges; the risk that these efforts may not provide the expected benefits in our anticipated time frame, if at all, and may prove costlier than expected; the risk that the actual costs of any initiatives may be greater or less than currently expected; and the risk of adverse effects to our business, results of operations and liquidity if past and future undertakings, and the associated changes to our business, do not prove to be cost effective or do not result in the cost savings and other benefits at the levels that we anticipate. Our plans related to and the timing of any initiatives are subject to change at any time based on management’s subjective evaluation of our overall business needs. If we are unable to realize the anticipated benefits from our efforts, we could become cost disadvantaged in the marketplace, and our competitiveness and our profitability could decrease. Adverse publicity about us or lack of confidence in our products could negatively impact our reputation and reduce earnings. Capital expenditures may vary based on changes in business plans and other factors, including risks related to the implementation of various initiatives, the timing and successful completion of acquisitions, construction schedules and the possibility that other cash requirements could result in delays or cancellations of capital spending. Periods of significant or prolonged inflation or deflation, either overall or in certain product categories, can have a negative impact on us and our customers, as high food costs can reduce consumer spending in the food-away-from-home market, and may negatively impact our sales, gross profit, operating income and earnings, and periods of deflation can be difficult to manage effectively. Fluctuations in inflation and deflation, as well as fluctuations in the value of foreign currencies, are beyond our control and subject to broader market forces. Expanding into international markets presents unique challenges and risks, including compliance with local laws, regulations and customs and the impact of local political and economic conditions, including the impact of Brexit and the “yellow vest” protests in France against a fuel tax increase, pension reform and the French government, and such expansion efforts may not be successful. Any business that we acquire may not perform as expected, and we may not realize the anticipated benefits of our acquisitions. Expectations regarding the financial statement impact of any acquisitions may change based on management’s subjective evaluation. A divestiture of one or more of our businesses may not provide the anticipated effects on our operations. Meeting our dividend target objectives depends on our level of earnings, available cash and the success of our various strategic initiatives. Changes in applicable tax laws or regulations and the resolution of tax disputes could negatively affect our financial results. We rely on technology in our business and any cybersecurity incident, other technology disruption or delay in implementing new technology could negatively affect our business and our relationships with customers. For a discussion of additional factors impacting Sysco’s business, see our Annual Report on Form 10-K for the year ended June 27, 2020, as filed with the SEC, and our subsequent filings with the SEC. We do not undertake to update our forward-looking statements, except as required by applicable law.

About Sysco

Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 57,000 associates, the company operates 326 distribution facilities worldwide and serves more than 625,000 customer locations. For fiscal 2020 that ended June 27, 2020, the company generated sales of more than $52 billion. Information about our CSR program, including Sysco’s 2020 Corporate Social Responsibility Report, can be found at sysco.com/csr2020report.

For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoCorporation. For important news and information regarding Sysco, visit the Investor Relations section of the company’s Internet home page at investors.sysco.com, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.


Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED RESULTS OF OPERATIONS
(In Thousands, Except for Share and Per Share Data)

	13-Week Period Ended						26-Week Period Ended
	Dec. 26, 2020			Dec. 28, 2019			Dec. 26, 2020			Dec. 28, 2019

Sales	$	11,558,982		$	15,025,042		$	23,336,361		$	30,328,047
Cost of sales	9,460,524			12,196,643			19,018,058			24,556,278
Gross profit	2,098,458			2,828,399			4,318,303			5,771,769
Operating expenses	1,886,396			2,275,906			3,686,662			4,550,958
Operating income	212,062			552,493			631,641			1,220,811
Interest expense	146,498			76,762			293,215			160,097
Other (income) expense, net	(15,556		)	(807		)	(1,432		)	2,305
Earnings before income taxes	81,120			476,538			339,858			1,058,409
Income taxes	13,831			93,128			55,669			221,218
Net earnings	$	67,289		$	383,410		$	284,189		$	837,191

Net earnings:
Basic earnings per share	$	0.13		$	0.75		$	0.56		$	1.64
Diluted earnings per share	0.13			0.74			0.56			1.62

Average shares outstanding	510,006,754			509,984,743			509,567,080			511,721,290
Diluted shares outstanding	512,742,792			515,517,792			511,740,778			517,120,395


Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except for Share Data)

	Dec. 26, 2020			Jun. 27, 2020

ASSETS
Current assets
Cash and cash equivalents	$	5,767,034		$	6,059,427
Accounts receivable, less allowances of $254,347 and $334,810	2,855,424			2,893,551
Inventories	3,100,478			3,095,085
Prepaid expenses and other current assets	223,872			192,163
Income tax receivable	44,621			108,006
Total current assets	11,991,429			12,348,232
Plant and equipment at cost, less accumulated depreciation	4,382,737			4,458,567
Other long-term assets
Goodwill	3,929,636			3,732,469
Intangibles, less amortization	798,649			780,172
Deferred income taxes	280,511			194,115
Operating lease right-of-use assets, net	635,664			603,616
Other assets	471,225			511,095
Total other long-term assets	6,115,685			5,821,467
Total assets	$	22,489,851		$	22,628,266

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Notes payable	$	8,754		$	2,266
Accounts payable	3,554,624			3,447,065
Accrued expenses	1,679,429			1,616,289
Accrued income taxes	—			2,938
Current operating lease liabilities	107,633			107,167
Current maturities of long-term debt	1,366,103			1,542,128
Total current liabilities	6,716,543			6,717,853
Long-term liabilities
Long-term debt	12,463,284			12,902,485
Deferred income taxes	47,780			86,601
Long-term operating lease liabilities	563,548			523,496
Other long-term liabilities	1,235,939			1,204,953
Total long-term liabilities	14,310,551			14,717,535
Commitments and contingencies
Noncontrolling interest	35,958			34,265
Shareholders’ equity
Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none	—			—
Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares	765,175			765,175
Paid-in capital	1,565,255			1,506,901
Retained earnings	10,383,493			10,563,008
Accumulated other comprehensive loss	(1,388,169		)	(1,710,881		)
Treasury stock at cost, 255,176,469 and 256,915,825 shares	(9,898,955		)	(9,965,590		)
Total shareholders’ equity	1,426,799			1,158,613
Total liabilities and shareholders’ equity	$	22,489,851		$	22,628,266


Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS
(In Thousands)

	26-Week Period Ended
	Dec. 26, 2020			Dec. 28, 2019
Cash flows from operating activities:
Net earnings	$	284,189		$	837,191
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense	47,122			46,644
Depreciation and amortization	365,332			372,416
Operating lease asset amortization	55,231			53,444
Amortization of debt issuance and other debt-related costs	12,946			9,889
Deferred income taxes	(107,821		)	(75,898		)
Provision for losses on receivables	(94,242		)	38,418
Loss on sale of business	12,043			—
Other non-cash items	(9,312		)	3,239
Additional changes in certain assets and liabilities, net of effect of businesses acquired:
Decrease (increase) in receivables	192,121			(161,158		)
Decrease (increase) in inventories	37,345			(279,403		)
Increase in prepaid expenses and other current assets	(22,519		)	(38,503		)
Increase (decrease) in accounts payable	84,708			(191,280		)
Increase (decrease) in accrued expenses	20,108			(49,866		)
Decrease in operating lease liabilities	(63,496		)	(62,101		)
Increase in accrued income taxes	63,385			182,557
Decrease in other assets	20,576			13,023
Increase in other long-term liabilities	38,962			55,857
Net cash provided by operating activities	936,678			754,469

Cash flows from investing activities:
Additions to plant and equipment	(163,944		)	(393,379		)
Proceeds from sales of plant and equipment	15,510			10,293
Acquisition of businesses, net of cash acquired	—			(142,783		)
Purchase of marketable securities	(36,121		)	(11,424		)
Proceeds from sales of marketable securities	20,797			9,038
Other investing activities	—			565
Net cash used for investing activities	(163,758		)	(527,690		)

Cash flows from financing activities:
Bank and commercial paper borrowings, net	6,463			721,415
Other debt borrowings	4,094			18,966
Other debt repayments	(773,663		)	(23,234		)
Proceeds from stock option exercises	66,635			141,709
Stock repurchases	—			(630,395		)
Dividends paid	(458,717		)	(399,093		)
Other financing activities ⁽¹⁾	(873		)	(22,461		)
Net cash used for financing activities	(1,156,061		)	(193,093		)

Effect of exchange rates on cash, cash equivalents and restricted cash	77,056			5,565

Net (decrease) increase in cash and cash equivalents ⁽²⁾	(306,085		)	39,251
Cash, cash equivalents and restricted cash at beginning of period	6,095,570			532,245
Cash, cash equivalents and restricted cash at end of period ⁽²⁾	$	5,789,485		$	571,496

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	290,926		$	162,720
Income taxes	110,453			122,049

^{(1) Change includes cash paid for shares withheld to cover taxes, debt issuance costs and other financing activities.}

^{(2) Change includes restricted cash included within other assets in the Consolidated Balance Sheet.}

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items

Sysco’s results of operations for fiscal 2021 and fiscal 2020 were impacted by restructuring and transformational project costs consisting of: (1) restructuring charges; (2) expenses associated with our various transformation initiatives; and (3) facility closure and severance charges. Sysco’s results for fiscal 2021 and fiscal 2020 were also impacted by intangible amortization expense related to the fiscal 2017 acquisition of Cucina Lux Investments Limited (the Brakes Acquisition). Additionally, our results for fiscal 2021 were impacted by the loss on the sale of Cake Corporation.

Fiscal 2021 results of operations were also positively impacted by the reduction of bad debt expense previously recognized in fiscal 2020 due to the unexpected impact of the COVID-19 pandemic on the collectability of our pre-pandemic trade receivable balances. Many of Sysco’s customers, including those in the restaurant, hospitality and education segments, are operating at a substantially reduced volume due to governmental requirements for closures or other social-distancing measures and a portion of Sysco’s customers are closed. Some of these customers ceased paying their outstanding receivables, creating uncertainty as to their collectability. We experienced an increase in past due receivables and recognized additional bad debt charges in the third and fourth quarters of fiscal 2020; however, collections have improved in fiscal 2021. We have estimated uncollectible amounts based on the current collection experience and by applying write-off percentages based on historical loss experience, including loss experience during times of local and regional disasters. The COVID-19 pandemic is more widespread and longer in duration than historical disasters impacting our business, and it is possible that actual uncollectible amounts will differ and additional charges may be required; however, if collections continue to improve, it is also possible that additional reductions in our bad debt reserve could occur. While Sysco traditionally incurs bad debt expense, the magnitude of such expenses and benefits, that we have experienced is not indicative of our normal operations. Our adjusted results have not been normalized in a manner that would exclude the full impact of the COVID-19 pandemic on our business. As such, Sysco has not adjusted its results for lost sales, inventory write-offs or other costs associated with the COVID-19 pandemic not previously stated.

The results of our foreign operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our International Foodservice Operations results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. The constant currency impact on our adjusted International Foodservice Operations results are disclosed when the impact exceeds a defined threshold of greater than 1% on the growth metric. If the amount does not exceed this threshold, a disclosure will be made that the impact of the currency change was not significant.

Management believes that adjusting its operating expenses, operating income, net earnings and diluted earnings per share to remove these Certain Items and presenting its International Foodservice Operations results on a constant currency basis, provides an important perspective with respect to our underlying business trends and results and provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations, facilitating comparisons on a year-over-year basis and (2) removes those items that are difficult to predict and are often unanticipated and that, as a result, are difficult to include in analysts’ financial models and our investors’ expectations with any degree of specificity.

Although Sysco has a history of growth through acquisitions, the Brakes Group was significantly larger than the companies historically acquired by Sysco, with a proportionately greater impact on Sysco’s consolidated financial statements. Accordingly, Sysco is excluding from its non-GAAP financial measures for the relevant period the impact of acquisition-related intangible amortization specific to the Brakes Acquisition. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal 2021 and fiscal 2020.

Set forth below is a reconciliation of sales, operating expenses, operating income, interest expense, other (income) expense, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not add up to the total presented due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.


Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
(Dollars in Thousands, Except for Share and Per Share Data)

	13-Week Period Ended Dec. 26, 2020			13-Week Period Ended Dec. 28, 2019			Change in Dollars			% Change
Operating expenses (GAAP)	$	1,886,396		$	2,275,906		$	(389,510	)	-17.1	%
Impact of restructuring and transformational project costs ⁽¹⁾	(34,160		)	(57,105		)	22,945			-40.2
Impact of acquisition-related intangible amortization ⁽²⁾	(18,125		)	(17,312		)	(813		)	4.7
Impact of bad debt reserve adjustments⁽³⁾	30,271			—			30,271			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	1,864,382		$	2,201,489		$	(337,107	)	-15.3	%

Operating income (GAAP)	$	212,062		$	552,493		$	(340,431	)	-61.6	%
Impact of restructuring and transformational project costs ⁽¹⁾	34,160			57,105			(22,945		)	-40.2
Impact of acquisition-related intangible amortization ⁽²⁾	18,125			17,312			813			4.7
Impact of bad debt reserve adjustments⁽³⁾	(30,271		)	—			(30,271		)	NM
Operating income adjusted for Certain Items (Non-GAAP)	$	234,076		$	626,910		$	(392,834	)	-62.7	%

Net earnings (GAAP)	$	67,289		$	383,410		$	(316,121	)	-82.4	%
Impact of restructuring and transformational project costs ⁽¹⁾	34,160			57,105			(22,945		)	-40.2
Impact of acquisition-related intangible amortization ⁽²⁾	18,125			17,312			813			4.7
Impact of bad debt reserve adjustments⁽³⁾	(30,271		)	—			(30,271		)	NM
Tax impact of restructuring and transformational project costs ⁽⁴⁾	(10,666		)	(15,372		)	4,706			-30.6
Tax impact of acquisition-related intangible amortization ⁽⁴⁾	(5,850		)	(4,658		)	(1,192		)	25.6
Tax impact of bad debt reserve adjustments ⁽⁴⁾	13,071			—			13,071			NM
Net earnings adjusted for Certain Items (Non-GAAP)	$	85,858		$	437,797		$	(351,939	)	-80.4	%

Diluted earnings per share (GAAP)	$	0.13		$	0.74		$	(0.61	)	-82.4	%
Impact of restructuring and transformational project costs ⁽¹⁾	0.07			0.11			(0.04		)	-36.4
Impact of acquisition-related intangible amortization ⁽²⁾	0.04			0.03			0.01			33.3
Impact of bad debt reserve adjustments ⁽³⁾	(0.06		)	—			(0.06		)	NM
Tax impact of restructuring and transformational project costs ⁽⁴⁾	(0.02		)	(0.03		)	0.01			-33.3
Tax impact of acquisition-related intangible amortization ⁽⁴⁾	(0.01		)	(0.01		)	—			0.0
Tax impact of bad debt reserve adjustments ⁽⁴⁾	0.03			—			0.03			NM
Diluted EPS adjusted for Certain Items (Non-GAAP) ⁽⁵⁾	$	0.17		$	0.85		$	(0.68	)	-80.0	%

Diluted shares outstanding	512,742,792			515,517,792

⁽¹⁾	Fiscal 2021 includes $22 million related to restructuring charges and $12 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy. Fiscal 2020 includes $34 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy and $23 million related to restructuring, facility closure and severance charges.
⁽²⁾	Represents intangible amortization expense from the Brakes Acquisition, which is included in the results of International Foodservice.
⁽³⁾	Represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.
⁽⁴⁾	The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.
⁽⁵⁾	Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.
	NM represents that the percentage change is not meaningful.


Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
(Dollars in Thousands, Except for Share and Per Share Data)

	26-Week Period Ended Dec. 26, 2020			26-Week Period Ended Dec. 28, 2019			Change in Dollars			% Change
Operating expenses (GAAP)	$	3,686,662		$	4,550,958		$	(864,296	)	-19.0	%
Impact of restructuring and transformational project costs ⁽¹⁾	(60,124		)	(113,827		)	53,703			-47.2
Impact of acquisition-related intangible amortization ⁽²⁾	(35,880		)	(34,222		)	(1,658		)	4.8
Impact of bad debt reserve adjustments⁽³⁾	128,899			—			128,899			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	3,719,557		$	4,402,909		$	(683,352	)	-15.5	%

Operating income (GAAP)	$	631,641		$	1,220,811		$	(589,170	)	-48.3	%
Impact of restructuring and transformational project costs ⁽¹⁾	60,124			113,827			(53,703		)	-47.2
Impact of acquisition-related intangible amortization ⁽²⁾	35,880			34,222			1,658			4.8
Impact of bad debt reserve adjustments⁽³⁾	(128,899		)	—			(128,899		)	NM
Operating income adjusted for Certain Items (Non-GAAP)	$	598,746		$	1,368,860		$	(770,114	)	-56.3	%

Other (income) expense (GAAP)	$	(1,432	)	$	2,305		$	(3,737	)	-162.1	%
Impact of loss on sale of a business	(12,043		)	—			(12,043		)	NM
Other (income) expense (Non-GAAP)	$	(13,475	)	$	2,305		$	(15,780	)	NM

Net earnings (GAAP)	$	284,189		$	837,191		$	(553,002	)	-66.1	%
Impact of restructuring and transformational project costs ⁽¹⁾	60,124			113,827			(53,703		)	-47.2
Impact of acquisition-related intangible amortization ⁽²⁾	35,880			34,222			1,658			4.8
Impact of bad debt reserve adjustments⁽³⁾	(128,899		)	—			(128,899		)	NM
Impact of loss on sale of a business	12,043			—			12,043			NM
Tax impact of restructuring and transformational project costs ⁽⁴⁾	(16,586		)	(29,294		)	12,708			-43.4
Tax impact of acquisition-related intangible amortization ⁽⁴⁾	(9,898		)	(8,807		)	(1,091		)	12.4
Tax impact of bad debt reserve adjustments ⁽⁴⁾	35,559			—			35,559			NM
Tax impact of loss on sale of a business	(7,553		)	—			(7,553		)	NM
Impact of foreign tax rate change	(5,548		)	924			(6,472		)	NM
Net earnings adjusted for Certain Items (Non-GAAP)	$	259,311		$	948,063		$	(688,752	)	-72.6	%

Diluted earnings per share (GAAP)	$	0.56		$	1.62		$	(1.06	)	-65.4	%
Impact of restructuring and transformational project costs ⁽¹⁾	0.12			0.22			(0.10		)	-45.5
Impact of acquisition-related intangible amortization ⁽²⁾	0.07			0.07			—			0.0
Impact of bad debt reserve adjustments ⁽³⁾	(0.25		)	—			(0.25		)	NM
Impact of loss on sale of a business	0.02			—			0.02			NM
Tax impact of restructuring and transformational project costs ⁽⁴⁾	(0.03		)	(0.06		)	0.03			-50.0
Tax impact of acquisition-related intangible amortization ⁽⁴⁾	(0.02		)	(0.02		)	—			0.0
Tax impact of bad debt reserve adjustments ⁽⁴⁾	0.07			—			0.07			NM
Tax impact loss on sale of a business	(0.01		)	—			(0.01		)	NM
Tax impact of foreign tax rate change	(0.01		)	—			(0.01		)	NM
Diluted EPS adjusted for Certain Items (Non-GAAP) ⁽⁵⁾	$	0.51		$	1.83		$	(1.32	)	-72.1	%

Diluted shares outstanding	511,740,778			517,120,395

⁽¹⁾	Fiscal 2021 includes $34 million related to restructuring, severance and facility closure charges, and $26 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy. Fiscal 2020 includes $62 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy, and $52 million related to severance, restructuring and facility closure charges.
⁽²⁾	Represents intangible amortization expense from the Brakes Acquisition, which is included in the results of International Foodservice.
⁽³⁾	Represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.
⁽⁴⁾	The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.
⁽⁵⁾	Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.
	NM represents that the percentage change is not meaningful.


Sysco Corporation and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments
(Dollars in Thousands)

U.S. FOODSERVICE OPERATIONS	13-Week Period Ended Dec. 26, 2020				13-Week Period Ended Dec. 28, 2019				Change in Dollars			%/bps Change
U.S. FOODSERVICE OPERATIONS
Sales	$	7,924,143			$	10,413,575			$	(2,489,432	)	-23.9	%
Gross Profit	1,559,322				2,048,904				(489,582		)	-23.9
Gross Margin	19.68			%	19.68			%				— bps

Operating expenses (GAAP)	$	1,074,071			$	1,344,103			$	(270,032	)	-20.1	%
Impact of restructuring and transformational project costs ⁽¹⁾	(1,784		)		(3,679		)		1,895			-51.5
Impact of bad debt reserve adjustments⁽²⁾	15,239				—				15,239			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	1,087,526			$	1,340,424			$	(252,898	)	-18.9	%

Operating income (GAAP)	$	485,251			$	704,801			$	(219,550	)	-31.2	%
Impact of restructuring and transformational project costs ⁽¹⁾	1,784				3,679				(1,895		)	-51.5
Impact of bad debt reserve adjustments ⁽²⁾	(15,239		)		—				(15,239		)	NM
Operating income adjusted for Certain Items (Non-GAAP)	$	471,796			$	708,480			$	(236,684	)	-33.4	%

INTERNATIONAL FOODSERVICE OPERATIONS
Sales (GAAP)	$	1,967,789			$	2,890,053			$	(922,264	)	-31.9	%
Impact of currency fluctuations ⁽³⁾	(53,402		)		—				(53,402		)	1.8
Comparable sales using a constant currency basis (Non-GAAP)	$	1,914,387			$	2,890,053			$	(975,666	)	-33.8	%

Gross Profit (GAAP)	$	373,840			$	586,039			$	(212,199	)	-36.2	%
Impact of currency fluctuations ⁽³⁾	(11,458		)		—				(11,458		)	2.0
Comparable gross profit using a constant currency basis (Non-GAAP)	$	362,382			$	586,039			$	(223,657	)	-38.2	%

Gross Margin (GAAP)	19.00			%	20.28			%				-128 bps
Impact of currency fluctuations ⁽³⁾	0.07				—							7 bps
Comparable gross margin using a constant currency basis (Non-GAAP)	18.93			%	20.28			%				-135 bps

Operating expenses (GAAP)	$	453,789			$	551,158			$	(97,369	)	-17.7	%
Impact of restructuring and transformational project costs ⁽⁴⁾	(20,405		)		(21,850		)		1,445			-6.6
Impact of acquisition-related intangible amortization ⁽⁵⁾	(18,125		)		(17,312		)		(813		)	4.7
Impact of bad debt reserve adjustments ⁽²⁾	13,797				—				13,797			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	429,056			$	511,996			$	(82,940	)	-16.2	%
Impact of currency fluctuations ⁽³⁾	(15,123		)		—				(15,123		)	3.0
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	413,933			$	511,996			$	(98,063	)	-19.2	%

Operating (loss) income (GAAP)	$	(79,949	)		$	34,881			$	(114,830	)	NM
Impact of restructuring and transformational project costs ⁽⁴⁾	20,405				21,850				(1,445		)	-6.6
Impact of acquisition-related intangible amortization ⁽⁵⁾	18,125				17,312				813			4.7
Impact of bad debt reserve adjustments⁽²⁾	(13,797		)		—				(13,797		)	NM
Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	(55,216	)		$	74,043			$	(129,259	)	-174.6	%
Impact of currency fluctuations ⁽³⁾	3,665				—				3,665			-4.9
Comparable operating (loss) income adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	(51,551	)		$	74,043			$	(125,594	)	-169.6	%

SYGMA
Sales	$	1,520,401			$	1,455,893			$	64,508		4.4	%
Gross Profit	129,299				124,239				5,060			4.1
Gross Margin	8.50			%	8.53			%				-3 bps

Operating expenses (GAAP)	$	117,971			$	114,378			$	3,593		3.1	%
Impact of restructuring and transformational project costs ⁽¹⁾	6				(956		)		962			-100.6
Operating expenses adjusted for Certain Items (Non-GAAP)	$	117,977			$	113,422			$	4,555		4.0	%

Operating income (GAAP)	$	11,328			$	9,861			$	1,467		14.9	%
Impact of restructuring and transformational project costs ⁽¹⁾	(6		)		956				(962		)	-100.6
Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	11,322			$	10,817			$	505		4.7	%

OTHER
Sales	$	146,649			$	265,521			$	(118,872	)	-44.8	%
Gross Profit	35,766				66,506				(30,740		)	-46.2
Gross Margin	24.39			%	25.05			%				-66 bps

Operating expenses (GAAP)	$	36,785			$	57,104			$	(20,319	)	-35.6	%
Impact of bad debt reserve adjustments ⁽²⁾	1,234				—				1,234			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	38,019			$	57,104			(19,085		)	-33.4	%

Operating (loss) income (GAAP)	$	(1,018	)		$	9,403			$	(10,421	)	-110.8	%
Impact of bad debt reserve adjustments ⁽²⁾	(1,234		)		—				(1,234		)	NM
Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	(2,252	)		$	9,403			(11,655		)	-123.9	%

CORPORATE
Gross Profit	$	230			$	2,710			$	(2,480	)	-91.5	%

Operating expenses (GAAP)	$	203,780			$	209,163			$	(5,383	)	-2.6	%
Impact of restructuring and transformational project costs ⁽⁶⁾	(11,977		)		(30,620		)		18,643			-60.9
Operating expenses adjusted for Certain Items (Non-GAAP)	$	191,803			$	178,543			$	13,260		7.4	%

Operating loss (GAAP)	$	(203,550	)		$	(206,453	)		$	2,903		-1.4	%
Impact of restructuring and transformational project costs ⁽⁶⁾	11,977				30,620				(18,643		)	-60.9
Operating loss adjusted for Certain Items (Non-GAAP)	$	(191,573	)		$	(175,833	)		$	(15,740	)	9.0	%

TOTAL SYSCO
Sales	$	11,558,982			$	15,025,042			$	(3,466,060	)	-23.1	%
Gross Profit	2,098,458				2,828,399				(729,941		)	-25.8
Gross Margin	18.15			%	18.82			%				-67 bps

Operating expenses (GAAP)	$	1,886,396			$	2,275,906			$	(389,510	)	-17.1	%
Impact of restructuring and transformational project costs ^{(1) (4) (6)}	(34,160		)		(57,105		)		22,945			-40.2
Impact of acquisition-related intangible amortization ⁽⁵⁾	(18,125		)		(17,312		)		(813		)	4.7
Impact of bad debt reserve adjustments ⁽²⁾	30,271				—				30,271			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	1,864,382			$	2,201,489			$	(337,107	)	-15.3	%

Operating income (GAAP)	$	212,062			$	552,493			$	(340,431	)	-61.6	%
Impact of restructuring and transformational project costs ^{(1) (4) (6)}	34,160				57,105				(22,945		)	-40.2
Impact of acquisition-related intangible amortization ⁽⁵⁾	18,125				17,312				813			4.7
Impact of bad debt reserve adjustments ⁽²⁾	(30,271		)		—				(30,271		)	NM
Operating income adjusted for Certain Items (Non-GAAP)	$	234,076			$	626,910			$	(392,834	)	-62.7	%

⁽¹⁾	Includes charges related to restructuring and business transformation projects.
⁽²⁾	Represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.
⁽³⁾	Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
⁽⁴⁾	Includes restructuring, severance and facility closure costs primarily in Europe.
⁽⁵⁾	Represents intangible amortization expense from the Brakes Acquisition.
⁽⁶⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.
	NM represents that the percentage change is not meaningful.


Sysco Corporation and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments
(Dollars in Thousands)

U.S. FOODSERVICE OPERATIONS	26-Week Period Ended Dec. 26, 2020				26-Week Period Ended Dec. 28, 2019				Change in Dollars			%/bps Change
U.S. FOODSERVICE OPERATIONS
Sales	$	15,845,676			$	21,072,208			$	(5,226,532	)	-24.8	%
Gross Profit	3,159,029				4,193,791				(1,034,762		)	-24.7
Gross Margin	19.94			%	19.90			%				3 bps

Operating expenses (GAAP)	$	2,085,369			$	2,695,371			$	(610,002	)	-22.6	%
Impact of restructuring and transformational project costs ⁽¹⁾	(2,724		)		(7,805		)		5,081			-65.1
Impact of bad debt reserve adjustments⁽²⁾	101,556				—				101,556			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	2,184,201			$	2,687,566			$	(503,365	)	-18.7	%

Operating income (GAAP)	$	1,073,660			$	1,498,420			$	(424,760	)	-28.3	%
Impact of restructuring and transformational project costs ⁽¹⁾	2,724				7,805				(5,081		)	-65.1
Impact of bad debt reserve adjustments ⁽²⁾	(101,556		)		—				(101,556		)	NM
Operating income adjusted for Certain Items (Non-GAAP)	$	974,828			$	1,506,225			$	(531,397	)	-35.3	%

INTERNATIONAL FOODSERVICE OPERATIONS
Sales (GAAP)	$	4,131,482			$	5,802,441			$	(1,670,959	)	-28.8	%
Impact of currency fluctuations ⁽³⁾	(94,042		)		—				(94,042		)	1.6
Comparable sales using a constant currency basis (Non-GAAP)	$	4,037,440			$	5,802,441			$	(1,765,001	)	-30.4	%

Gross Profit (GAAP)	$	824,238			$	1,191,224			$	(366,986	)	-30.8	%
Impact of currency fluctuations ⁽³⁾	(22,971		)		—				(22,971		)	1.9
Comparable gross profit using a constant currency basis (Non-GAAP)	$	801,267			$	1,191,224			$	(389,957	)	-32.7	%

Gross Margin (GAAP)	19.95			%	20.53			%				-58 bps
Impact of currency fluctuations ⁽³⁾	0.10				—							10 bps
Comparable gross margin using a constant currency basis (Non-GAAP)	19.85			%	20.53			%				-68 bps

Operating expenses (GAAP)	$	904,724			$	1,101,543			$	(196,819	)	-17.9	%
Impact of restructuring and transformational project costs ⁽⁴⁾	(33,398		)		(49,122		)		15,724			-32.0
Impact of acquisition-related intangible amortization ⁽⁵⁾	(35,880		)		(34,222		)		(1,658		)	4.8
Impact of bad debt reserve adjustments ⁽²⁾	25,227				—				25,227			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	860,673			$	1,018,199			$	(157,526	)	-15.5	%
Impact of currency fluctuations ⁽³⁾	(27,452		)		—				(27,452		)	2.7
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	833,221			$	1,018,199			$	(184,978	)	-18.2	%

Operating (loss) income (GAAP)	$	(80,486	)		$	89,681			$	(170,167	)	-189.7	%
Impact of restructuring and transformational project costs ⁽⁴⁾	33,398				49,122				(15,724		)	-32.0
Impact of acquisition-related intangible amortization ⁽⁵⁾	35,880				34,222				1,658			4.8
Impact of bad debt reserve adjustments⁽²⁾	(25,227		)		—				(25,227		)	NM
Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	(36,435	)		$	173,025			$	(209,460	)	-121.1	%
Impact of currency fluctuations ⁽³⁾	4,481				—				4,481			-2.6
Comparable operating (loss) income adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	(31,954	)		$	173,025			$	(204,979	)	-118.5	%

SYGMA
Sales	$	3,044,549			$	2,902,887			$	141,662		4.9	%
Gross Profit	260,840				250,157				10,683			4.3
Gross Margin	8.57			%	8.62			%				-5 bps

Operating expenses (GAAP)	$	237,820			$	232,726			$	5,094		2.2	%
Impact of restructuring and transformational project costs ⁽¹⁾	(7		)		(3,540		)		3,533			-99.8
Operating expenses adjusted for Certain Items (Non-GAAP)	$	237,813			$	229,186			$	8,627		3.8	%

Operating income (GAAP)	$	23,020			$	17,431			$	5,589		32.1	%
Impact of restructuring and transformational project costs ⁽¹⁾	7				3,540				(3,533		)	-99.8
Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	23,027			$	20,971			$	2,056		9.8	%

OTHER
Sales	$	314,654			$	550,511			$	(235,857	)	-42.8	%
Gross Profit	76,197				138,250				(62,053		)	-44.9
Gross Margin	24.22			%	25.11			%				-90 bps

Operating expenses (GAAP)	$	77,220			$	118,711			$	(41,491	)	-35.0	%
Impact of bad debt reserve adjustments ⁽²⁾	2,116				—				2,116			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	79,336			$	118,711			$	(39,375	)	-33.2	%

Operating (loss) income (GAAP)	$	(1,023	)		$	19,540			$	(20,563	)	-105.2	%
Impact of bad debt reserve adjustments ⁽²⁾	(2,116		)		—				(2,116		)	NM
Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	(3,139	)		$	19,540			(22,679		)	-116.1	%

CORPORATE
Gross Profit	$	(2,001	)		$	(1,653	)		$	(348	)	21.1	%

Operating expenses (GAAP)	$	381,529			$	402,607			$	(21,078	)	-5.2	%
Impact of restructuring and transformational project costs ⁽⁶⁾	(23,995		)		(53,360		)		29,365			-55.0
Operating expenses adjusted for Certain Items (Non-GAAP)	$	357,534			$	349,247			$	8,287		2.4	%

Operating loss (GAAP)	$	(383,530	)		$	(404,261	)		$	20,731		-5.1	%
Impact of restructuring and transformational project costs ⁽⁶⁾	23,995				53,360				(29,365		)	-55.0
Operating loss adjusted for Certain Items (Non-GAAP)	$	(359,535	)		$	(350,901	)		$	(8,634	)	2.5	%

TOTAL SYSCO
Sales	$	23,336,361			$	30,328,047			$	(6,991,686	)	-23.1	%
Gross Profit	4,318,303				5,771,769				(1,453,466		)	-25.2
Gross Margin	18.50			%	19.03			%				-53 bps

Operating expenses (GAAP)	$	3,686,662			$	4,550,958			$	(864,296	)	-19.0	%
Impact of restructuring and transformational project costs ^{(1) (4) (6)}	(60,124		)		(113,827		)		53,703			-47.2
Impact of acquisition-related intangible amortization ⁽⁵⁾	(35,880		)		(34,222		)		(1,658		)	4.8
Impact of bad debt reserve adjustments⁽²⁾	128,899				—				128,899			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	3,719,557			$	4,402,909			$	(683,352	)	-15.5	%

Operating income (GAAP)	$	631,641			$	1,220,811			$	(589,170	)	-48.3	%
Impact of restructuring and transformational project costs ^{(1) (4) (6)}	60,124				113,827				(53,703		)	-47.2
Impact of acquisition-related intangible amortization ⁽⁵⁾	35,880				34,222				1,658			4.8
Impact of bad debt reserve adjustments⁽²⁾	(128,899		)		—				(128,899		)	NM
Operating income adjusted for Certain Items (Non-GAAP)	$	598,746			$	1,368,860			$	(770,114	)	-56.3	%

⁽¹⁾	Includes charges related to restructuring and business transformation projects.
⁽²⁾	Represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.
⁽³⁾	Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
⁽⁴⁾	Includes restructuring, severance and facility closure costs primarily in Europe.
⁽⁵⁾	Represents intangible amortization expense from the Brakes Acquisition.
⁽⁶⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.
	NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Free Cash Flow

(In Thousands)

Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Sysco considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases and sales of buildings, fleet, equipment and technology, which may potentially be used to pay for, among other things, strategic uses of cash including dividend payments, share repurchases and acquisitions. However, free cash flow may not be available for discretionary expenditures, as it may be necessary that we use it to make mandatory debt service or other payments. Free cash flow should not be used as a substitute for the most comparable GAAP measure in assessing the company’s liquidity for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the table that follows, free cash flow for each period presented is reconciled to net cash provided by operating activities.

Net cash provided by operating activities (GAAP)	26-Week Period Ended Dec. 26, 2020			26-Week Period Ended Dec. 28, 2019			26-Week Period Change in Dollars
Net cash provided by operating activities (GAAP)	$	936,678		$	754,469		$	182,209
Additions to plant and equipment	(163,944		)	(393,379		)	229,435
Proceeds from sales of plant and equipment	15,510			10,293			5,217
Free Cash Flow (Non-GAAP)	$	788,244		$	371,383		$	416,861

For more information contact:

Shannon Mutschler Media Contact [email protected] T 281-584-4059	Rachel Lee Investor Contact [email protected] T 281-436-7815

February 2, 2021 8:03 am

Anthem, Inc. to Acquire MMM Holdings, LLC and Affiliates From InnovaCare Health, L.P.

Anthem, Inc. to Acquire MMM Holdings, LLC and Affiliates From InnovaCare Health, L.P.

Move expands Insurer’s presence in Medicare and Medicaid with acquisition of vertically integrated health plan

INDIANAPOLIS–(BUSINESS WIRE)–
Anthem, Inc. (NYSE:ANTM) today announced that the company has entered into an agreement with InnovaCare Health, L.P., to acquire its Puerto Rico-based subsidiaries, including MMM Holdings, LLC (“MMM”) and its Medicare Advantage (MA) plan MMM Healthcare, LLC as well as affiliated companies and Medicaid plan.

“We are pleased to expand Anthem’s commitment to serve Medicare and Medicaid-eligible individuals and consumers to Puerto Rico. We remain focused on providing services that drive greater value while giving members access to care and services that meet their diverse needs, enhance their experience, and help them lead healthier lives,” said Gail K. Boudreaux, President and CEO, Anthem, Inc.

MMM is Puerto Rico’s largest MA plan and one of the fastest-growing vertically integrated healthcare organizations in the United States. With more than 267,000 MA members and over 305,000 Medicaid members, MMM represents the ninth-largest MA plan in the country and second-largest Medicaid plan on the island of Puerto Rico. MMM seeks to provide its members with a whole-health experience through its network of specialized clinics and wholly owned independent physician associations (IPAs) Castellana Physicians Services and PHM as well as independent IPAs; together the MMM network includes more than 10,000 healthcare providers and more than a dozen offices across Puerto Rico. MMM holds the only 4.5 Stars MA contract in Puerto Rico from the Centers for Medicare and Medicaid Services (CMS).

“This transaction aligns with Anthem’s vision to be an innovative, valuable and inclusive healthcare partner by providing care management programs that improve the lives of the people we serve,” said Felicia Norwood, EVP and President, Government Business Division for Anthem, Inc.“Our approach to the whole-health needs of our members and a focus on addressing the social drivers of health will enable us to make a positive difference in the health of our communities.”

Anthem is acquiring MMM from InnovaCare Health, L.P. a leading integrated, value-based payor and provider service organization and a portfolio company of global growth equity investor Summit Partners. Financial terms of the transaction were not disclosed. The acquisition is expected to close by the second quarter of 2021 and is subject to approval by the Commonwealth of Puerto Rico regulatory authorities, standard closing conditions and customary approvals required under the Hart-Scott-Rodino Antitrust Improvements Act. The company’s 2021 EPS guidance remains unchanged as a result of this acquisition.

Anthem’s legal advisors are White & Case LLP and Faegre Drinker Biddle & Reath LLP. Credit Suisse is acting as lead financial advisor and J.P. Morgan Securities LLC is also acting as financial advisor for InnovaCare. Kirkland & Ellis LLP and Epstein Becker & Green, P.C. are acting as legal advisors for InnovaCare.

About Anthem, Inc.

Anthem is a leading health benefits company dedicated to improving lives and communities, and making healthcare simpler. Through its affiliated companies, Anthem serves more than 107 million people, including approximately 43 million within its family of health plans. We aim to be the most innovative, valuable and inclusive partner. For more information, please visit www.antheminc.com or follow @AnthemInc on Twitter.

About InnovaCare Health

Based in White Plains, N.Y., InnovaCare Health improves the lives of members and physicians through innovative solutions for value-based healthcare. Through an integrated portfolio of health plans, medical service organizations, clinical networks and more, the company manages more than 500,000 lives, including more than 150,000 dual-eligible beneficiaries. InnovaCare’s Medicare Advantage plans have received NCQA accreditation and 4.5-star quality ratings from the Centers for Medicare and Medicaid Services (CMS). For more information, please visit innovacarehealth.com or follow us on Facebook or LinkedIn.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward- looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent otherwise required by federal securities laws, we do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof. These risks and uncertainties include, but are not limited to: the impact of large scale medical emergencies, such as public health epidemics and pandemics, including COVID-19, and catastrophes; trends in healthcare costs and utilization rates; our ability to secure sufficient premium rates, including regulatory approval for and implementation of such rates; the impact of federal and state regulation, including ongoing changes in the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended (collectively, the “ACA”) and the ultimate outcome of legal challenges to the ACA; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; our ability to contract with providers on cost-effective and competitive terms; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; reduced enrollment; unauthorized disclosure of member or employee sensitive or confidential information, including the impact and outcome of any investigations, inquiries, claims and litigation related thereto; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services, or CMS Star ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; the ultimate outcome of litigation between Cigna Corporation and us related to the merger agreement between the parties and the potential for such litigation to cause us to incur substantial additional costs, including potential settlement and judgment costs; risks and uncertainties related to our pharmacy benefit management (“PBM”) business including non-compliance by any party with the PBM services agreement between us and CaremarkPCS Health, L.L.C.; medical malpractice or professional liability claims or other risks related to healthcare and PBM services provided by our subsidiaries; general risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness; a downgrade in our financial strength ratings; the effects of any negative publicity related to the health benefits industry in general or us in particular; failure to effectively maintain and modernize our information systems; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; the impact of international laws and regulations; changes in U.S. tax laws; intense competition to attract and retain employees; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210202005313/en/

Media Contact:

Michelle Vanstory

[email protected]

Investor Relations:

Stephen Tanal

[email protected]

KEYWORDS: Indiana Caribbean Puerto Rico United States North America

INDUSTRY KEYWORDS: General Health Health Professional Services Practice Management Insurance

MEDIA:

Posted on February 2, 2021 8:03 am
Gilead and the Human Rights Campaign Will Work Together to Combat HIV Epidemic and Promote Transgender Justice

Gilead and the Human Rights Campaign Will Work Together to Combat HIV Epidemic and Promote Transgender Justice

FOSTER CITY, Calif. & WASHINGTON–(BUSINESS WIRE)–
Gilead Sciences, Inc. (Nasdaq: GILD) and the Human Rights Campaign (HRC), the nation’s largest lesbian, gay, bisexual, transgender and queer (LGBTQ+) civil rights organization, today announced that Gilead will provide a $3.2 million grant over two years to support communities disproportionately impacted by the HIV epidemic in the United States, particularly communities of color. Gilead will directly fund the efforts of the HRC Foundation – HRC’s educational arm – aimed at ending the HIV epidemic, as well as fund the organization’s Transgender Justice Initiative.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210202005393/en/

This innovative initiative builds on core strengths of each organization, including Gilead’s long-standing efforts to address healthcare disparities and HRC’s leadership in advancing justice for LGBTQ+ communities for more than 40 years. It also builds on HRC’s commitment to programmatic work that actively challenges systems, laws and policies that disproportionately disadvantage LGBTQ+ people of color. Through this initiative, HRC will launch a public education campaign to change the narrative by focusing on dismantling stigma and discrimination while developing and advancing an inclusive public policy that addresses non-discrimination measures and healthcare disparities among LGBTQ+ communities.

“Too often, institutional racism and anti-LGBTQ+ bias have been barriers to comprehensive HIV prevention and treatment strategies,” said Alphonso David, President of the Human Rights Campaign.“This grant will allow the Human Rights Campaign to work directly with community partners, Historically Black Colleges and Universities, and youth serving professionals – especially those in Black and Latinx communities in the South and around the country – to increase awareness of HIV treatment and prevention options in order to reduce health disparities, and combat the discrimination and stigma that too often leads to fatal violence against transgender women of color.”

“Gilead is committed to promoting social justice and racial equity for the patients and communities we serve, as well as for our own employees,” said Daniel O’Day, Chairman and Chief Executive Officer, Gilead Sciences. “The grant to HRC builds on our commitment to advance equity in healthcare, particularly in Black communities and other communities of color that are disproportionately affected by HIV and other diseases.”

Stigma, homophobia and transphobia, racism, and lack of access to appropriate healthcare services are barriers to comprehensive HIV prevention and care. This particularly impacts the 1 in 4 Latino gay and bisexual cisgender men and 1 in 2 Black gay and bisexual cisgender men who will be diagnosed with HIV in their lifetime. The funding from Gilead will enable HRC to work directly with these communities in the Southern U.S. and around the country, with partners including Us Helping Us in Washington, D.C. and Prince George’s County, Maryland; Brotherhood Incorporated in New Orleans; TruEvolution in Riverside, California; Arianna’s Center in Miami and San Juan, Puerto Rico; Community Health PIER in Greenville, Mississippi; and BU Wellness Network in Indianapolis. In addition, through this work, HRC will partner with more than 30 Historically Black Colleges and Universities to supplement their efforts in providing HIV prevention education and resources to students. The funding will also support HRC’s Transgender Justice Initiative, which seeks to address the urgent needs of the transgender community, with specific attention to individuals deeply impacted by racism, sexism and transphobia.

HRC will host a virtual summit on February 23 featuring Alphonso David, HRC President and Shanell McGoy, Director, Public Affairs at Gilead, as well as advocates and community-based organization leaders, to discuss the efforts to end the HIV/AIDS epidemic in the U.S.

About Gilead Sciences

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines in areas of unmet medical need. The company strives to transform and simplify care for people with life-threatening illnesses around the world. Gilead has operations in more than 35 countries worldwide, with headquarters in Foster City, California. For more than 30 years, Gilead has been a leading innovator in the field of HIV.

Gilead’s social justice work includes a number of initiatives aimed at promoting equity, particularly healthcare equity, for individuals in underserved communities. The company has committed more than $100 million over 10 years through the Gilead COMPASS Initiative^® to community organizations in the Southern United States working to combat HIV/AIDS and in 2019 started the TRANScend^® Community Impact Fund to support organizations committed to improving the safety, health and wellness of the transgender community. In 2020, Gilead launched the Racial Equity Community Impact Fund, which is providing $10 million in funding to 20 organizations working to tackle racial inequities affecting Black communities across the United States.

About the Human Rights Campaign Foundation

The Human Rights Campaign Foundation is the educational arm of America’s largest civil rights organization working to achieve equality for lesbian, gay, bisexual, transgender and queer people. Through 11 programs and initiatives, we seek to make transformational change in the everyday lives of LGBTQ people, with a clear focus on multiply marginalized people. We have transformed the landscape for more than 15 million workers, 10 million elementary school students, 600,000 clients in the adoption and foster care system, and so much more. We work each day to shed light on injustice and deepen the public’s understanding. We provide direct consultation and technical assistance to institutions and communities, driving the advancement of inclusive policies and practices. We build the capacity of future leaders and allies through fellowship and training programs. And, with the firm belief that we are stronger working together, we forge partnerships with advocates in the U.S. and around the globe to increase our impact and shape the future of our work.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210202005393/en/

Gilead Contact:

Chris Ridley, Media

(650) 235-2220

HRC Contact:

Elizabeth Bibi, Media

(914) 874-6865

KEYWORDS: California District of Columbia United States North America

INDUSTRY KEYWORDS: Other Education Pharmaceutical Training Education General Health Philanthropy Hospitals Gay & Lesbian Foundation Biotechnology Science Other Philanthropy AIDS Consumer Research Health

MEDIA:

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Posted on February 2, 2021 8:03 am
Onward and Upward: Annual US Home Price Appreciation in 2020 Outpaced 2019 Levels by 50%, CoreLogic Reports

Onward and Upward: Annual US Home Price Appreciation in 2020 Outpaced 2019 Levels by 50%, CoreLogic Reports

U.S. Home Price Index up 9.2% in December from a year earlier, largest annual gain in more than six years fueled by low inventory and attractive low-interest rates

Accelerating home prices could lead to affordability challenges in 2021

IRVINE, Calif.–(BUSINESS WIRE)–
CoreLogic^® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI^™) and HPI Forecast^™ for December 2020, providing a look back at the state of the housing market and the pandemic’s impact on home price performance throughout 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210202005396/en/

CoreLogic National Home Price Change and Forecast; December 2020 (Graphic: Business Wire)

The housing market exceeded expectations in 2020, closing out the year with the highest annual home price gain since February 2014 in December at 9.2%. Despite a blip in April, home-purchase demand surged as record-low mortgage rates persuaded first-time homebuyers to enter the market. Meanwhile, the consequences of the pandemic were seen in the dwindling supply of homes — dropping, on average, 24% below 2019 levels — as homeowners delayed selling.

These factors translated to significant home price growth in 2020, surpassing the previous year’s levels with an average monthly year-over-year gain of 5.7%, compared with 3.8% in 2019. However, with the severe shortage of for-sale homes, we may see rising affordability concerns and some prospective buyers priced out of the market in 2021.

Top Takeaways:

Nationally, home prices increased 9.2% in December 2020, compared with December 2019. On a month-over-month basis, home prices increased by 1% compared to November 2020.

December 2020 gains across all of the 10 select metropolitan areas (Table 1) surpassed their December 2019 levels.

Affordability concerns continue to persist as prices continue to steeply rise. For instance, in San Diego, prices increased 10.4% year over year in December 2020 compared to the 3% gain December 2019. San Diego home prices are also forecasted to increase an additional 8.2% over the next 12 months.

At the state level, Idaho, Indiana and Maine had the strongest price growth in December, up 19.1%, 16.1% and 15.2%, respectively.

“At the start of the pandemic, many braced for a Great Recession-era collapse of the housing market,” said Frank Martell, president and CEO of CoreLogic. “However, market conditions leading into the crisis — namely low home supply, desire for more space and millennial demand — amplified the rapid acceleration of home prices.”

“Two record lows are fueling home price gains: for-sale inventory and mortgage rates,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Prospective sellers with flexible timetables have opted to delay listing their home until the pandemic fades or they are vaccinated. We can expect more inventory to come available in the second half of the year, leading to slowing in price growth toward year-end.”

The next CoreLogic HPI press release, featuring January 2021 data, will be issued on March 2, 2021 at 8:00 a.m. ET.

Methodology

The CoreLogic HPI^™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the “Single-Family Combined” tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

CoreLogic HPI Forecasts^™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — “Single-Family Combined” (both attached and detached) and “Single-Family Combined Excluding Distressed Sales.” As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index.

About Market Risk Indicator

Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall “health” of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction.

About the Market Condition Indicators

As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as “overvalued,” “at value,” or “undervalued.” These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%.

Source: CoreLogic

The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Valerie Sheets at [email protected]. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI and CoreLogic HPI Forecast are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

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Valerie Sheets

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Construction & Property Finance Consulting Banking Family Professional Services Consumer Residential Building & Real Estate

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CoreLogic Single-Family Combined Home Price Change, MCI and Forecast by Select Metro Area; December 2020 (Graphic: Business Wire)

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CoreLogic Top Markets at Risk of Home Price Decline; December 2020 (Graphic: Business Wire)

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CoreLogic National Home Price Change and Forecast; December 2020 (Graphic: Business Wire)

Posted on February 2, 2021 8:03 am
Personas Sales Increase 96% Between January 2021 Compared to January 2020

Personas Sales Increase 96% Between January 2021 Compared to January 2020

TORONTO–(BUSINESS WIRE)–
Personas Social Incorporated (TSX.V: PRSN) (the “Company” or “Personas”) is pleased to provide a corporate update on January 2021 sales as compared to January 2020 on Peeks Platform’ which is one of the key revenue driving platforms that Personas offers in the social media and communications markets.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210202005417/en/

Gross Sales January 2020 v’s January 2021 (Graphic: Business Wire)

The company is proud to announce that its gross sales for the month of January 2021 increased 96% over January 2020 and Net Income grew 79% over the same period.

Of note, the Company recently changed its fiscal year-end from February 28 to December 31. Accordingly, the information presented herein relate to a comparison of the corresponding calendar periods in 2019 and prior vs. the Company’s fiscal periods for 2019 and so the figures presented will not be identical to the Company’s historical financial statements that have been filed on www.sedar.com.

Disclaimer Regarding Operational Metrics Presented

The numbers and amounts reported herein are unaudited historical operational metrics. The operational metrics disclosed are generated from internal reports and are not intended to comply with International Financial Reporting Standards (“IFRS”). The disclosure in this press release is intended to provide insight into the Company’s sales trends. The internal operational metrics disclosed herein are used by management as a tool to assess the Company’s overall sales performance and should not be deemed to be financial disclosure or otherwise construed to replace or negate the Company’s audited financials.

For the purposes of this press release, the Canadian dollar amounts were calculated at the annual average exchange rate for the year 2020 which is used herein as $1.34 CAD to $1.00 US dollar. ‘Gross Sales’ means the total sales processed by the company in a given period, ‘Net Sales’ means the Gross Sales minus payment processing fees, and ‘Net Income’ means the net fees earned by the Company for the use of its platform by streamers and viewers. The actual audited Gross Sales, Net Sales and Net Income numbers will vary from the numbers reported herein due to, but not limited to, fluctuations in foreign exchange at the time of transactions and at the time of settlement of funds to the Company and variations in payment processing fees.

Sales

Gross Sales increased 96% in January 2021 as compared to January 2020. December and January are typically the slowest months for sales. Management is particularly pleased with the sales results in that, both the Gross sales increased, and the sales growth rate also increased over last year’s average of 63%. Management expects to see upward sales trends continue for the foreseeable future.

Gross Sales for January 2021 increased 96% to approximately 317,465 compared to approximately $161,761 CAD in January 2020.

January

2020

161,761

2021

317,465

The Company has been pleased with its performance so far in 2021. User feedback has been overwhelmingly positive. In so far as user fees and payout cycles are concerned, the Company is now offering its users a superior service to industry leaders such as Only Fans. Management continues to see sales trends improve and is planning on more aggressively promoting the service in 2021.

Forward Looking Statements

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect”, “plan”, “intend”, “anticipates”, “projects”, “potential” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements are statements that are not historical facts. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210202005417/en/

For further information:

Personas Social Incorporated

Mark Itwaru

Chairman & Chief Executive Officer

416-815-7000

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Communications Social Media Technology Other Technology Mobile/Wireless Software Other Communications

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Gross Sales January 2020 v’s January 2021 (Graphic: Business Wire)

Posted on February 2, 2021 8:03 am
Alpha and Omega Semiconductor Announces Type-C Power Delivery High Voltage Source Switch

Alpha and Omega Semiconductor Announces Type-C Power Delivery High Voltage Source Switch

Smart protection switch provides industry-leading performance, up to 28V absolute maximum voltage and True Reverse Current Blocking for Type-C PD port applications

SUNNYVALE, Calif.–(BUSINESS WIRE)–Alpha and Omega Semiconductor Limited (AOS) (Nasdaq: AOSL), a designer, developer, and global supplier of a broad range of power semiconductors, power ICs, and digital power products, announced today a new Type-C Power Delivery (PD) high voltage source protection switch capable up to 28V absolute maximum voltage. The AOZ1374 is a smart protection switch in a small thermally enhanced 3mm x 3mm DFN package. AOS’s prowess in high-performance ICs combined with AOS’s state of the art high SOA MOSFETs using advanced co-packaging techniques. AOZ1374 supports a slew of protection features, including true reverse blocking in a small solution footprint with an industry-leading on-resistance of 36mOhm.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210202005428/en/

High Voltage USB Source Switch for High Power Accessories (Photo: Business Wire)

While USB ports in consumer and computing equipment can receive up to 100W of power, power typically comes from an AC-DC adaptor supporting Type-C PD. The host device itself typically provides (sources) 5V @ 3A or up to 15W. This is the most common implementation in notebook applications and also in the majority of desktops. However, Type-C PD ports are gaining popularity in more devices such as smart monitors and power banks, and for such applications, a high voltage sourcing switch is required to deliver up to 100W power. Type C high voltage sourcing switches are also increasingly common in graphics cards or game consoles to power high-end virtual reality gaming goggles. Similarly, a personal computer can connect to a monitor using one single Type-C cable providing both power and data.

AOZ1374 uses a design IP developed for the AOZ1375DI high voltage bi-directional source/sink Type C protection switch with added integration features to eliminate the eternal current limiting resistor. The new device features 28V absolute maximum voltage with the current limit capability, and startup safe operating area (SOA) management would be the ideal protection switch for the applications mentioned above.

“The thinner profile, higher power, and greater flexibility offered by USB Type-C and USB PD 3.0 standards have prompted many to simplify the connectivity between devices down to a single wire for both power and data. AOZ1374 high voltage capability provides the most compact and simple protection device for charging or powering high-power external devices,” said Peter Cheng, Power IC Senior Marketing Director at AOS.

Technical Highlights

Operating Range: 3.4V to 23V

28V Absolute Maximum rating

On-Resistance: 36mΩ for back-to-back MOSFETs

Protection features: True Reverse Current Blocking, Under-Voltage Lock-Out, Over-Voltage Protection, Thermal Shutdown Protection, Programmable Soft-Start, Programmable Over-Current Protection, Startup SOA Management

AOZ1374DI-01 (Auto-restart) and AOZ1374DI-02 (Latch-off) after fault release

Package: 3mm x 3mm DFN-10L

Pricing and Availability

The AOZ1374 is immediately available in production quantities with a lead-time of 12 weeks. The unit price of 1,000 pieces is $0.61.

About AOS

Alpha and Omega Semiconductor Limited, or AOS, is a designer, developer, and global supplier of a broad range of power semiconductors, including a wide portfolio of Power MOSFET, IGBT, IPM, Power IC, and Digital Power products. AOS has developed extensive intellectual property and technical knowledge that encompasses the latest advancements in the power semiconductor industry, which enables us to introduce innovative products to address the increasingly complex power requirements of advanced electronics. AOS differentiates itself by integrating its Discrete and IC semiconductor process technology, product design, and advanced packaging know-how to develop high-performance power management solutions AOS’s portfolio of products targets high-volume applications, including portable computers, flat-panel TVs, LED lighting, smartphones, battery packs, consumer and industrial motor controls, automotive electronics, and power supplies for TVs, computers, servers, and telecommunications equipment. For more information, please visit www.aosmd.com.

Forward-Looking Statements

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts, and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, references to the efficiency and capability of new products and the potential to expand into new markets. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, the actual product performance in volume production, the quality and reliability of the product, our ability to achieve design wins, the general business and economic conditions, the state of the semiconductor industry, and other risks as described in the Company’s annual report and other filings with the U.S. Securities and Exchange Commission. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date unless otherwise stated, and AOS undertakes no duty to update such information, except as required under applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210202005428/en/

Media Contact: Mina Galvan

Tel: 408.789.3233

Email: [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Semiconductor Hardware Electronic Design Automation Consumer Electronics Technology

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High Voltage USB Source Switch for High Power Accessories (Photo: Business Wire)

Posted on February 2, 2021 8:03 am
SARS-CoV-2 Spike Protein Licensed by Oragenics from the NIH Demonstrates Protective Immunity in Mice

SARS-CoV-2 Spike Protein Licensed by Oragenics from the NIH Demonstrates Protective Immunity in Mice

Data supports the Company’s approach to COVID-19 vaccine development

TAMPA, Fla.–(BUSINESS WIRE)–Oragenics, Inc. (NYSE American: OGEN) (“Oragenics” or the “Company”) announces that the stabilized pre-fusion spike protein CoV-2 S-2P created by the National Institutes of Health (“NIH”) and licensed by the Company demonstrates protective immunity in immunized mice challenged with mouse-adapted SARS-CoV-2 virus.

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Gray dashed line = p<0.05 Gray solid line = p<0.01 (Graphic: Business Wire)

The NIH data shows that the NIH – created COVID-19 spike protein when dosed at either 0.1 or 1.0 mcg and combined with an adjuvant completely inhibited virus growth in the nasal cavities and lungs of mice when the animals were infected four weeks after their second immunization, compared to the unvaccinated control animals. The adjuvant uses was TLR-4-agonist Sigma Adjuvant System – a TLR-4 agonist that induces T cell activation in mice. Adjuvants are added to vaccines to boost immune responses.

See Dinnon et al for details on the mouse-adapted challenge model – Dinnon et al, Nature586, 560–566 (2020) located at – https://doi.org/10.1038/s41586-020-2708-8.

The Company previously disclosed that the NIH-produced spike protein adjuvanted with the TLR-4-agonist Sigma Adjuvant System generated neutralizing antibody titers, measured using a pseudovirus neutralization assay and a plaque-reduction neutralization titer assay. In addition, this immunization produced a balanced Th1/Th2 (T helper cells) response. In a well-functioning immune system both groups of T helper cells work together to keep the system balanced.

“We are encouraged that our licensed SARS-CoV-2 spike protein has been shown to hold promise in the creation of a COVID-19 vaccine, and believe these additional animal data supports our continued development of Terra CoV-2, our lead COVID-19 vaccine candidate,” said Alan Joslyn, Ph.D., President and Chief Executive Officer of Oragenics. Dr. Joslyn continued, “Our successful pre-IND meeting with the FDA has allowed us a clear path towards an Investigational New Drug application. We continue to aggressively move forward with our development strategy for this vaccine candidate, as we believe the global need for vaccines against SARS-CoV-2 is estimated to be between 12 billion to 14 billion doses and the vaccines currently being administered are only a first step towards addressing the COVID-19 pandemic.”

About Oragenics, Inc.

Oragenics, Inc. is focused on the creation of the Terra CoV-2 development of effective treatments for novel antibiotics against infectious disease. The Company is dedicated to the development and commercialization of a vaccine candidate providing specific immunity from novel coronavirus. The Terra CoV-2 immunization leverages coronavirus spike protein research conducted by the National Institute of Health. In addition, Oragenics has an exclusive worldwide channel collaboration with ILH Holdings, Inc. (n/k/a Eleszto Genetika, Inc.), relating to the development of novel lantibiotics.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs and assumptions and information currently available. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project” and similar expressions that do not relate solely to historical matters identify forward-looking statements. Investors should be cautious in relying on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed in any such forward-looking statements. These factors include, but are not limited to, the following: the Company’s ability to advance the development of Terra CoV-2 under the timelines and in accord with the milestones it projects; the Company’s ability to obtain funding, non-dilutive or otherwise, for the development of Noachis Terra’s Terra CoV-2 vaccine, whether through its own cash on hand, or another alternative source; the regulatory application process, research and development stages, and future clinical data and analysis relating to Terra CoV-2, including any meetings, decisions by regulatory authorities, such as the FDA and investigational review boards, whether favorable or unfavorable; the potential application of Terra CoV-2 to other coronaviruses; the Company’s ability to obtain, maintain and enforce necessary patent and other intellectual property protection; the nature of competition and development relating to COVID-19 immunization and therapeutic treatments and demand for vaccines; the Company’s expectations as to storage and distribution, potential market and impact of other vaccines being administered; other potential adverse impacts due to the global COVID-19 pandemic, such as delays in regulatory review, interruptions to manufacturers and supply chains, adverse impacts on healthcare systems and disruption of the global economy; and general economic and market conditions risks, as well as other uncertainties described in our filings with the U.S. Securities and Exchange Commission. All information set forth in this press release is as of the date hereof. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by law.

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Oragenics, Inc.

Michael Sullivan, CFO

813-286-7900

[email protected]

or

LHA Investor Relations

Kim Golodetz

212-838-3777

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Health Infectious Diseases Research Pharmaceutical Science Biotechnology

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Gray dashed line = p<0.05 Gray solid line = p<0.01 (Graphic: Business Wire)

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