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Vincerx Pharma to Implement Cost-Controls to Support Advancing Phase 1 Study of VIP943

Also Exploring Strategic Alternatives to Complement Fundraising Efforts

PALO ALTO, Calif., Dec. 04, 2024 (GLOBE NEWSWIRE) — Vincerx Pharma, Inc. (Nasdaq: VINC), a biopharmaceutical company aspiring to address the unmet medical needs of patients with cancer through paradigm-shifting therapeutics, today announced plans to implement cost-controls and explore strategic alternatives to support advancing the Phase 1 study of VIP943, the Company’s novel CD123-targeted antibody-drug conjugate (ADC) developed with the Company’s next-generation VersAptx™ platform.

“We believe VIP943 is a highly differentiated and valuable asset, and we remain fully committed to advancing this program,” said Ahmed Hamdy, M.D., Chief Executive Officer. “As we shared in October, the Phase 1 dose-escalation study of VIP943 has demonstrated encouraging safety, efficacy, and tolerability. Of nine evaluable patients, one patient whose acute myeloid leukemia (AML) relapsed post-transplant achieved a CRi and one patient with higher-risk myelodysplastic syndrome (HR-MDS) achieved a CRL. Notably, since October, the patient with CRi has continued to improve, with their most recent bone marrow results showing only 1% cancer cells. This patient has now been on the study for seven months and counting. Monotherapy responses in post-transplant patients are rare, so we believe this type of response highlights the potential of VIP943 in this challenging population and supports the next-generation technology of our VersAptx platform.”

Dr. Hamdy continued, “Our immediate focus is to give the program time to generate more data, with results from additional cohorts expected by early Q1 2025. To support this, we are implementing significant cost-cutting measures to focus resources on VIP943’s advancement. Additionally, we will begin exploring strategic alternatives to complement our ongoing fundraising efforts, with the goal of maximizing the value of the VIP943 program and our VersAptx platform.”

As part of its review of potential strategic alternatives, Vincerx will consider options such as out-licensing, merger and acquisition opportunities, including reverse mergers, sales of assets and technologies, and other transactions. To streamline operations and focus resources, Vincerx will implement a significant reduction in force of approximately 55%. There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or as to the timing of any such agreements or transactions. The Company is in the process of engaging a financial advisor to assist in the strategic review process.

Vincerx has not set a timetable for completion of the evaluation process and does not intend to disclose further developments or guidance on the status of its exploration of strategic alternatives unless and until it is determined that further disclosure is appropriate or necessary.

As of October 31, 2024, the Company had approximately $8.4 million in cash, cash equivalents, and marketable securities.

About VIP943

VIP943, the first ADC from the VersAptx platform, consists of an anti-CD123 antibody, a unique linker cleaved intracellularly by legumain, and a novel kinesin spindle protein inhibitor (KSPi) payload enhanced with Vincerx’s CellTrapper™ technology. Vincerx’s proprietary effector chemistry (linker + payload) was designed to reduce non-specific release of the payload and ensure payload accumulation in cancer cells versus healthy cells. The increased therapeutic index has the potential to address challenges associated with many ADCs by improving efficacy and reducing severe toxicities. VIP943 is being evaluated in a Phase 1 dose-escalation trial in patients with relapsed/refractory AML, HR-MDS, and B-ALL who have exhausted standard therapeutic options (NCT06034275).

About VersAptx Platform

VersAptx is a versatile and adaptable next-generation bioconjugation platform. The modular nature of this innovative platform allows the combination of different targeting, linker, and payload technologies to develop bespoke bioconjugates that address different cancer biologies. With this platform, (i) antibodies and small molecules can be used to target different tumor antigens, (ii) linkers can be designed to reduce non-specific release of the payload, cleave intracellularly or extracellularly, and conjugate to single or multiple payloads, and (iii) payloads can be designed with reduced permeability using our CellTrapper technology to ensure accumulation in cancer cells or to be permeable for release in the tumor microenvironment. The VersAptx platform allows the development of bioconjugates designed to address the safety and efficacy challenges of historical ADCs.

About Vincerx Pharma, Inc.

Vincerx Pharma, Inc. is a clinical-stage biopharmaceutical company committed to developing differentiated and novel therapies to address the unmet medical needs of patients with cancer. Vincerx has assembled a seasoned management team with a proven track record of successful oncology drug development, approvals, and value creation. Vincerx’s diverse pipeline consists of a next-generation antibody drug conjugate (ADC) VIP943, currently in Phase 1; a small molecule drug conjugate VIP236, which has completed its Phase 1; a CDK9 inhibitor enitociclib, which has completed a Phase 1 monotherapy study and continues in a Phase 1 study in collaboration with the NIH; a preclinical ADC VIP924; and VersAptx, a versatile, next-generation bioconjugation platform.

Vincerx is based in Palo Alto, California, and has a research subsidiary in Monheim, Germany.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, expectations and events, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “suggest,” “seek,” “intend,” “plan,” “goal,” “potential,” “on-target,” “on track,” “project,” “estimate,” “anticipate,” or other comparable terms. All statements other than statements of historical facts included in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, plans, timing, and disclosure regarding strategic alternatives, product candidates and attributes, expectations regarding advancement, development, timing, and results of product candidates, and engagement of a financial advisor. Forward-looking statements are neither historical facts nor assurances of future performance or events. Instead, they are based only on current beliefs, expectations, and assumptions regarding future business developments, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside Vincerx’s control.

Actual results, conditions, and events may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results, conditions, and events to differ materially from those indicated in the forward-looking statements include, but are not limited to, Vincerx’s capital requirements and availability and sufficiency of capital; Vincerx’s ability to continue as a going concern; risks that Vincerx’s activities to evaluate and pursue potential strategic alternatives may not result in a transaction that enhances stockholder value on a timely basis or at all; risks related to Vincerx’s ability to reduce its expenses, and costs and expenses related to its streamlined operating plan; risks associated with clinical development of Vincerx’s product candidates; general economic, financial, legal, political, and business conditions; and the risks and uncertainties set forth in the Form 10-Q for the quarter ended September 30, 2024 and subsequent reports filed with the Securities and Exchange Commission by Vincerx. Forward-looking statements speak only as of the date hereof, and Vincerx disclaims any obligation to update any forward-looking statements.

Vincerx, the Vincerx logo, CellTrapper, and VersAptx are trademarks of Vincerx.

Contacts:

Gabriela Jairala
Vincerx Pharma, Inc.
[email protected]

Totyana Simien
Inizio Evoke Comms
[email protected]     



Posted on

MarketAxess Announces Trading Volume Statistics for November 2024

MarketAxess Announces Trading Volume Statistics for November 2024

NEW YORK–(BUSINESS WIRE)–
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for November 2024.1

Chris Concannon, CEO of MarketAxess, commented:

“We delivered total ADV of $45 billion in November, an increase of 56% from the prior year, driven by a rebound in U.S. Treasury ADV. In credit, record emerging markets ADV, which increased 15%, and record municipal bond ADV helped offset lower U.S. high-yield activity driven by lower credit spread volatility. We recently launched our block trading solution, and we are experiencing positive client engagement in the emerging markets hard currency market. 21 dealers and 26 long-only clients were active with the average trade size executed over $4 million notional. We have also enhanced our portfolio trading functionality to include benchmark trading and a record 76% of portfolio trading volume was executed on X-Pro. We believe both of these initiatives are critical to growing our market share in U.S. credit in the coming quarters.”

Select November 2024 Highlights

  • Total average daily volume (“ADV”) of $44.9 billion increased 56% compared to the prior year, but decreased 3% compared to record October 2024 levels. These results were driven by total rates ADV of $30.7 billion, which increased 112% compared to the prior year, but decreased 2% compared to record October 2024 levels. U.S. Treasury ADV on the platform in November 2023 was negatively impacted by an outage at ICBC, the third-party the Company was then using for U.S. Treasury settlement services. Total credit ADV of $14.3 billion was in line with the prior year, but decreased 5% compared to October 2024.

U.S. Credit2

  • U.S. high-grade ADV of $6.5billion was in line with the prior year, but decreased 5% compared to October 2024.Estimated market ADV increased 14% compared to the prior year, but decreased 5% compared to October 2024.Estimated market share was 18.0%, down from 20.6% in the prior year, and in line with October 2024. Including the impact of single-dealer portfolio trades, estimated market share was 18.1%, down from 20.6% in the prior year, and down from 18.7% in October 2024.

  • U.S. high-yield ADV of $1.3 billion decreased 31% compared to the prior year, and decreased 12% compared to October 2024. Estimated market ADV decreased 5% compared to the prior year, and decreased 5% compared to October 2024. Estimated market share was 12.3%, down from 17.0% in the prior year, and down from 13.3% in October 2024. Including the impact of single-dealer portfolio trades, estimated market share was 12.6%, down from 17.1% in the prior year, and down from 13.9% in October 2024.

Other Credit

  • Record emerging markets ADV of $3.8 billion increased 15% compared to the prior year, and increased 3% compared to October 2024. The year-over-year increase was driven by a 24% increase in hard currency ADV, partially offset by a 2% decrease inlocal currency ADV.
  • Eurobonds ADVof $2.0 billion increased 1% compared to the prior year, but decreased 14% compared to October 2024.

  • Record municipal bondADV of $631 million increased 5% compared to the prior year, and increased 9% compared to October 2024. Estimated market ADV decreased 9% compared to the prior year, but increased 29% compared to October 2024.Estimated market share of 6.7%, up from 5.8% in the prior year, but down from 7.9% in October 2024.3

Strategic Priority Related Protocols & Workflow Tools

  • $0.9 billion intotal portfolio trading ADV increased 49% compared to the prior year,but decreased 24% compared to October 2024. A record 76% of portfolio trading volume was executed over X-Pro.

    — Estimated U.S. high-grade and U.S. high-yield TRACE portfolio trading market ADV decreased 4% compared to October 2024.

  • Our estimated market share of U.S. high-grade and U.S. high-yield TRACE portfolio trading was 13.6% in November 2024, down from 17.9% in October 2024.

    — Portfolio trading represented approximately 10% of U.S. high-grade and U.S. high-yield TRACE in November 2024, in line with October 2024.

  • Open Trading ADV of $4.3 billion decreased 3% compared to the prior year,anddecreased 4% compared to October 2024.Open Trading share4 of total credit trading volume was 35%, down from 36% in the prior year, but in line with October 2024 levels.

  • Dealer RFQ ADV of $1.3 billion across all credit products increased 4% compared to the prior year, but decreased 1% compared to October 2024.

  • AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of $149 million, down 6% compared to the prior year, and down 8% compared to October 2024.

Rates

  • Total rates ADV of $30.7 billion increased 112% compared to the prior year, but decreased 2% compared to October 2024. U.S. Treasury ADV on the platform in November 2023 was negatively impacted by an outage at ICBC, the third-party the Company was then using for U.S. Treasury settlement services.

Variable Transaction Fees Per Million (FPM)1

  • The preliminary FPM for total credit for November 2024 was approximately $146, down from $157 in the prior year, and down from $154 in October 2024. The decline in total credit FPM year-over-year was due to product mix, principally lower levels of U.S. high-yield activity. The decline in total credit FPM month-over-month was due to product mix. Preliminary total credit FPM quarter-to-date through November 30 was approximately $151 compared to $149 in third quarter 2024. The preliminary FPM for total rates for November 2024 wasapproximately $4.07, down from $5.07 in the prior year, and downfrom $4.40 in October 2024.

Table 1: November 2024 ADV

CREDIT

RATES
$ in millions
(unaudited)		 US/UK
Trading Days5		 Total
ADV		 Total
Credit		 High-Grade High-Yield Emerging
Markets		 Eurobonds Municipal
Bonds		 Total
Rates		 US Govt.
Bonds		 Agcy./Other
Govt. Bonds
Nov-24

19/21

$44,945

$14,291

$6,533

$1,312

$3,811

$2,001

$631

$30,654

$29,325

$1,329
Oct-24

22/23

$46,177

$15,022

$6,894

$1,493

$3,718

$2,333

$578

$31,155

$29,927

$1,228
Nov-23

21/22

$28,839

$14,347

$6,523

$1,913

$3,317

$1,988

$601

$14,492

$13,992

$500
YoY % Change

 

56%

–

–

(31%)

15%

1%

5%

112%

110%

166%
MoM % Change

 

(3%)

(5%)

(5%)

(12%)

3%

(14%)

9%

(2%)

(2%)

8%

Table 1A: November 2024 estimated market share

CREDIT RATES
(unaudited) High-Grade High-Yield High-Grade/High-Yield
Combined		 Municipals3 US Govt.
Bonds3
Nov-24

18.0%

12.3%

16.7%

6.7%

2.9%
Oct-24

18.0%

13.3%

16.9%

7.9%

3.2%
Nov-23

20.6%

17.0%

19.6%

5.8%

1.8%
YoY Bps Change

(260) bps

(470) bps

(290) bps

+90 bps

+110 bps
MoM Bps Change

– bps

(100) bps

(20) bps

(120) bps

(30) bps

1

The FPM for total credit and total rates for November 2024 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases.

2

The Company is highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, where material, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation.

3

See “General Notes Regarding the Data Presented” below.

4

Open Trading share of total credit trading volume is derived by taking total Open Trading volume across all credit products where Open Trading is offered and dividing by total credit trading volume across all credit products where Open Trading is offered.

5

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

For periods beginning with January 2024, the Company has made changes to the market volume data used to calculate estimated market share for Municipal and U.S. Government Bonds. For Municipal Bonds, the Company previously used estimates, derived from data issued by the Municipal Securities Rule Making Board (“MSRB”), including estimates for new issuance, commercial paper and variable-rate trading activity, and excluded these volumes from the estimated market volume data. While the Company still uses estimates, the new methodology for identifying and excluding these volumes from the market volume data is now based on MSRB “flags” to identify new issuance, commercial paper, and variable-rate volumes. For U.S. Government Bonds, the previous data source for estimated market volumes was the Federal Reserve Bank’s Reported Primary Dealer U.S. Treasury Bond Trading Volumes, which was reported on a one-week lag. The new source for U.S. Government Bond trading volumes is FINRA’s U.S. Treasury TRACE data. The Company believes that the refined methodology used for Municipal Bonds, and the new data source for U.S. Government Bonds, provides more accurate measures of estimated market volumes and estimated market share. Prior comparable periods have been recast retrospectively for both Municipal and U.S. Government Bonds to conform to the updated presentation of the data. The new estimated market volume data is also available on the Company’s website at investor.marketaxess.com/volume.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; adverse effects as a result of climate change or other ESG risks that could affect our reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 2,000 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Trading Volume Detail

 

 

 

 

Month Ended November 30,

 

In millions (unaudited)

 

 

2024

 

 

2023

 

 

% Change

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

ADV

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

124,135

 

 

$

6,533

 

 

$

136,980

 

 

$

6,523

 

 

 

(9

)%

 

–

%

High-yield

 

 

 

24,927

 

 

 

1,312

 

 

 

40,173

 

 

 

1,913

 

 

 

(38

)

 

(31

)

Emerging markets

 

 

 

72,402

 

 

 

3,811

 

 

 

69,664

 

 

 

3,317

 

 

 

4

 

 

15

 

Eurobonds

 

 

 

42,017

 

 

 

2,001

 

 

 

43,746

 

 

 

1,988

 

 

 

(4

)

 

1

 

Other credit

 

 

 

12,051

 

 

 

634

 

 

 

12,733

 

 

 

606

 

 

 

(5

)

 

5

 

Total credit trading1

 

 

 

275,532

 

 

 

14,291

 

 

 

303,296

 

 

 

14,347

 

 

 

(9

)

 

–

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

557,175

 

 

 

29,325

 

 

 

293,825

 

 

 

13,992

 

 

 

90

 

 

110

 

Agency and other government bonds1

 

 

 

27,710

 

 

 

1,329

 

 

 

10,800

 

 

 

500

 

 

 

157

 

 

166

 

Total rates trading

 

 

 

584,885

 

 

 

30,654

 

 

 

304,625

 

 

 

14,492

 

 

 

92

 

 

112

 

Total trading

 

 

$

860,417

 

 

$

44,945

 

 

$

607,921

 

 

$

28,839

 

 

 

42

 

 

56

 

Number of U.S. Trading Days3

 

 

 

 

 

 

19

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

21

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Ended November 30,

 

In millions (unaudited)

 

 

2024

 

 

2023

 

 

% Change

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

ADV

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

1,586,941

 

 

$

6,930

 

 

$

1,334,903

 

 

$

5,829

 

 

 

19

%

 

19

%

High-yield

 

 

 

309,163

 

 

 

1,350

 

 

 

370,027

 

 

 

1,616

 

 

 

(16

)

 

(16

)

Emerging markets

 

 

 

799,172

 

 

 

3,490

 

 

 

664,889

 

 

 

2,903

 

 

 

20

 

 

20

 

Eurobonds

 

 

 

475,713

 

 

 

2,042

 

 

 

411,146

 

 

 

1,772

 

 

 

16

 

 

15

 

Other credit

 

 

 

122,175

 

 

 

533

 

 

 

102,689

 

 

 

448

 

 

 

19

 

 

19

 

Total credit trading1

 

 

 

3,293,164

 

 

 

14,345

 

 

 

2,883,654

 

 

 

12,568

 

 

 

14

 

 

14

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

5,117,615

 

 

 

22,348

 

 

 

4,258,260

 

 

 

18,595

 

 

 

20

 

 

20

 

Agency and other government bonds1

 

 

 

207,200

 

 

 

891

 

 

 

100,103

 

 

 

434

 

 

 

107

 

 

105

 

Total rates trading

 

 

 

5,324,815

 

 

 

23,239

 

 

 

4,358,363

 

 

 

19,029

 

 

 

22

 

 

22

 

Total trading

 

 

$

8,617,979

 

 

$

37,584

 

 

$

7,242,017

 

 

$

31,597

 

 

 

19

 

 

19

 

Number of U.S. Trading Days3

 

 

 

 

 

 

229

 

 

 

 

 

 

229

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

233

 

 

 

 

 

 

232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company’s reported volumes when the Company executes trades on a matched principal basis between two counterparties.

 

2 Consistent with industry standards, U.S. government bond trades are single-counted.

 

3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

 

4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

 

 

 

 

INVESTOR RELATIONS

Stephen Davidson
MarketAxess Holdings Inc.

+1 212 813 6313

[email protected]

MEDIA RELATIONS

Marisha Mistry
MarketAxess Holdings Inc.

+1 917 267 1232

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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Posted on

KalVista Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

KalVista Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

CAMBRIDGE, Mass. & SALISBURY, England–(BUSINESS WIRE)–
KalVista Pharmaceuticals, Inc. (NASDAQ: KALV), today announced that the compensation committee of KalVista’s board of directors granted five newly-hired employees inducement options to purchase an aggregate of 36,000 shares of KalVista common stock on December 2, 2024 as inducements material to each employee entering into employment with KalVista. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $10.27 per share, which was equal to the closing price of KalVista common stock on the grant date. One-fourth of the options vest on the one-year anniversary of the vesting commencement date and the remainder vest in equal monthly installments over the next three years, in each case subject to the new employee’s continued service with the company. Each stock option has a 10-year term and is subject to the terms and conditions of KalVista’s Inducement Equity Incentive Plan and a stock option agreement covering the grant.

About KalVista Pharmaceuticals, Inc.

KalVista Pharmaceuticals, Inc. is a global pharmaceutical company whose mission is to develop and deliver life-changing oral medicines for people affected by rare diseases with significant unmet needs. Sebetralstat, our novel, investigational candidate for the oral, on-demand treatment of hereditary angioedema, is under regulatory review by the FDA with a PDUFA goal date of June 17, 2025. In addition, we have completed Marketing Authorization Application (MAA) submissions for sebetralstat to the European Medicines Agency and the United Kingdom, Switzerland, Australia, and Singapore.

For more information about KalVista, please visit www.kalvista.com or follow on social media at @KalVista and LinkedIn.

KalVista Pharmaceuticals, Inc.

Media:

Jenn Snyder

Vice President, Corporate Affairs

(857) 356-0479

[email protected]

Investors:

Ryan Baker

Head, Investor Relations

(617) 771-5001

[email protected]

KEYWORDS: Europe United States United Kingdom North America Massachusetts

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

MEDIA:

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Posted on

THOR Industries Announces First Quarter Fiscal 2025 Results

Continues to Position Company to Excel Upon Market Return


Fiscal 2025 First Quarter Highlights


($ in thousands, except for per share data)

  Three Months Ended October 31,


 		 
  2024   2023  
Net Sales $ 2,142,784     $ 2,500,759    
Gross Profit $ 281,442     $ 357,932    
Gross Profit Margin %   13.1 %     14.3 %  
Net Income (Loss) Attributable to THOR $ (1,832 )   $ 53,565    
Diluted Earnings (Loss) Per Share $ (0.03 )   $ 0.99    
Cash Flows from Operations $ 30,740     $ 59,668    
                 
EBITDA(1) $ 81,733     $ 160,057    
Adjusted EBITDA(1) $ 107,782     $ 166,918    
   
(1) See reconciliation of non-GAAP measures to most directly comparable GAAP financial measures included in this release  
   

Key Takeaways from Fiscal
2025
First
Quarter

  • First quarter performance continued to be impacted by the current macro environment, in line with expectations
  • Margins held up well relative to the challenging market
  • Remained focused on our strategic commitment to long-term investments to create a sustainable competitive advantage and enhanced margin profile
  • Restructured leadership team to allow for greater focus in North America from our CEO, Bob Martin
  • Strategic, nonrecurring costs incurred during the quarter unfavorably impacted first quarter results, but actions are expected to result in future annual savings of over $10 million
  • Full-year fiscal 2025 financial guidance held constant as originally provided
    • Consolidated net sales in the range of $9.0 billion to $9.8 billion
    • Consolidated gross profit margin in the range of 14.7% to 15.2%
    • Diluted earnings per share in the range of $4.00 to $5.00

ELKHART, Ind., Dec. 04, 2024 (GLOBE NEWSWIRE) — THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2025 first quarter, ended October 31, 2024.

“As we forecasted, our performance through the first quarter of our fiscal year 2025 continued to be impacted by the soft retail and wholesale environment. Our strategic approach continues to focus on aligning our production to match the current retail environment and avoiding growth of independent dealer inventory levels of our products until market conditions indicate otherwise. By remaining disciplined and aligned with current market conditions, our companies remain incredibly well-positioned to outperform the market when retail demand inevitably picks up,” explained Bob Martin, President and CEO of THOR Industries.

“Our focus is to control what we can control in the current challenging market. Our teams have performed well as evidenced by our gross margin performance, which remains strong relative to current market conditions. This doesn’t happen by accident. Our industry has a history that includes OEMs being too aggressive during market conditions similar to those which we are currently experiencing. A short-term, top-line benefit invariably created much greater long-term hardship. We have been very intentional and disciplined in avoiding that temptation as we position our operating subsidiaries and independent dealers to outperform upon the market’s return.

“What we can control now is product. The reception by our independent dealer partners of our new product lineup at our annual Open House event in Elkhart, Indiana in late September 2024 and by our independent dealers and consumers at the Caravan Salon trade fair in Düsseldorf, Germany in late August/early September 2024 was incredibly strong and gives us reason to remain optimistic about what lies ahead. Barring further future macroeconomic headwinds, it is our expectation that retail activity will begin to trend positively in the latter half of our fiscal 2025, particularly in North America, where we anticipate the return of a stronger retail market,” added Martin.


First Quarter Financial Results

Consolidated net sales were $2.14 billion in the first quarter of fiscal 2025, compared to $2.50 billion for the first quarter of fiscal 2024, a decrease of 14.3%.

Consolidated gross profit margin for the first quarter of fiscal 2025 was 13.1%, a decrease of 120 basis points when compared to the first quarter of fiscal 2024.

Net income (loss) attributable to THOR Industries, Inc. and diluted earnings (loss) per share for the first quarter of fiscal 2025 were $(1.8) million and $(0.03), respectively, compared to $53.6 million and $0.99, respectively, for the first quarter of fiscal 2024.

EBITDA and Adjusted EBITDA for the first quarter of fiscal 2025 were $81,733 and $107,782, respectively, compared to $160,057 and $166,918, respectively, for the first quarter of fiscal 2024. See the reconciliation of non-GAAP measures to most directly comparable GAAP financial measures included in this release.

THOR’s consolidated results were primarily driven by the results of its individual reportable segments as noted below.


Segment Results

North American Towable RVs

($ in thousands) Three Months Ended October 31,   Change
  2024   2023  
Net Sales $ 898,778   $ 945,454   (4.9 )%
Unit Shipments   30,018     28,107   6.8  %
Gross Profit $ 112,437   $ 118,011   (4.7 )%
Gross Profit Margin %   12.5     12.5   0  bps
Income Before Income Taxes $ 46,821   $ 49,249   (4.9 )%
 

  As of
October 31, 		  Change
($ in thousands) 2024   2023  
Order Backlog $ 933,051   $ 795,798   17.2 %
 
  • North American Towable RV net sales were down 4.9% for the first quarter of fiscal 2025 compared to the prior-year period, driven by a 6.8% increase in unit shipments offset by an 11.7% decrease in the overall net price per unit. The decrease in the overall net price per unit was primarily due to a shift in product mix toward our lower-cost travel trailers compared to the first quarter of fiscal 2024.
  • North American Towable RV gross profit margin remained constant at 12.5% for the first quarter of fiscal 2025 compared to the prior-year period, despite the nearly 5% reduction in net sales.
  • North American Towable RV income before income taxes for the first quarter of fiscal 2025 decreased slightly to $46.8 million from $49.2 million in the first quarter of fiscal 2024, driven primarily by the decrease in net sales.

North American Motorized RVs

($ in thousands) Three Months Ended October 31,   Change
  2024   2023  
Net Sales $ 505,208   $ 711,159   (29.0 )%
Unit Shipments   3,741     5,582   (33.0 )%
Gross Profit $ 42,727   $ 79,392   (46.2 )%
Gross Profit Margin %   8.5     11.2   (270 ) bps
Income Before Income Taxes $ 9,081   $ 37,052   (75.5 )%
 

  As of
October 31, 		  Change
($ in thousands) 2024   2023  
Order Backlog $ 963,141   $ 1,237,547   (22.2 )%
 
  • North American Motorized RV net sales decreased 29.0% for the first quarter of fiscal 2025 compared to the prior-year period. The decrease was primarily due to the combination of a 33.0% reduction in unit shipments stemming from a softening in current dealer and consumer demand, offset in part by a 4.0% increase in net price per unit as product mix included a higher concentration of generally higher-priced Class A units in comparison to the prior-year period.
  • North American Motorized RV gross profit margin was 8.5% for the first quarter of fiscal 2025 compared to 11.2% in the prior-year period. The decrease in the gross profit margin percentage for the first quarter of fiscal 2025 was primarily driven by the combination of the decrease in net sales volume along with increased sales discounting and chassis costs.
  • North American Motorized RV income before income taxes for the first quarter of fiscal 2025 decreased to $9.1 million compared to $37.1 million in the prior-year period, primarily due to the decrease in net sales.

European RVs

($ in thousands) Three Months Ended October 31,   Change
  2024   2023  
Net Sales $ 604,903   $ 708,201   (14.6 )%
Unit Shipments   8,635     11,892   (27.4 )%
Gross Profit $ 92,648   $ 122,828   (24.6 )%
Gross Profit Margin %   15.3     17.3   (200 ) bps
Income Before Income Taxes $ 1,177   $ 28,767   (95.9 )%
 

  As of
October 31, 		  Change
($ in thousands) 2024   2023  
Order Backlog $ 2,043,636   $ 3,331,171   (38.7 )%
 
  • European RV net sales decreased 14.6% for the first quarter of fiscal 2025 compared to the prior-year period, driven by a 27.4% decrease in unit shipments offset in part by a 12.8% increase in the overall net price per unit due to the total combined impact of changes in product mix and price. The overall increase in net price per unit of 12.8% includes a 2.5% increase due to the impact from foreign currency exchange rate changes.
  • European RV gross profit margin decreased to 15.3% of net sales for the first quarter of fiscal 2025 from 17.3% in the prior-year period, primarily due to an increased overhead cost percentage resulting from the decreased net sales.
  • European RV income before income taxes for the first quarter of fiscal 2025 was $1.2 million compared to $28.8 million during the first quarter of fiscal 2024, with the decrease driven primarily by the decreased net sales compared to the prior-year period.


Management Commentary

“The first quarter of our fiscal 2025 was, as we anticipated, a tough quarter. We held margins well given the challenging sales environment, particularly within our North American Towable segment where we held flat despite a nearly 5% decrease in net sales for the segment. As we talked about fiscal year 2025 at the conclusion of fiscal year 2024, we foretold the expectations of a challenging first half of the fiscal year followed by a stronger second half. We also forecasted, by segment, that we expected margins to solidify in our North American Towable segment but decline in both our North American Motorized and European segments. Still, given the decline in net sales across our segments we are pleased with our relative margin performance. The bottom line for this quarter is that we performed as we expected through the financial period. We remained focused on what we could control in this market as we continued to position the Company to excel when a stronger retail market inevitably returns,” said Todd Woelfer, Senior Vice President and Chief Operating Officer.

“Our European segment faced an incredibly difficult comparison given that last year was a record first quarter for the segment. In the year-over-year comparison, net sales dropped by just under 15% on a decrease in unit shipments of slightly over 27%. At the gross profit line, our European segment delivered a gross profit margin of 15.3% despite the drop on the top line. Our European team continues to perform well and their efforts to drive efficiencies throughout their processes continue to manifest in a much stronger margin profile than the segment has historically experienced.

“From an EPS perspective, this quarter was disappointing but not fully unexpected due to the challenging macro environment. Additionally, first quarter results include various nonrecurring costs related to strategic actions taken during the quarter to streamline and flatten the organization which will enable us to perform more efficiently going forward. During the quarter, we eliminated the management layer between our North American RV subsidiaries and our CEO. This will allow for Bob to return to his hands-on approach of leading and guiding these companies. In addition to other headcount reductions, we also closed an operating facility in Idaho. These strategic actions led to employee separation and facility closure-related costs totaling approximately $15.5 million during the quarter but will enable us to perform more efficiently and are expected to generate future annual savings of over $10 million. Long term, these strategic realignment actions place THOR in a better position to maximize future earnings,” explained Woelfer.

“Our initial view of fiscal year 2025 forecasted for challenging first and second quarters driven by the difficult markets and a return to a more normal cadence of operating results in Europe following a record fiscal 2024, with particular challenges facing our North American Motorized segment. As we look to the remainder of the fiscal year, we continue to believe that our initial forecast for our fiscal year 2025 is an accurate assessment of the RV industry for the next nine months. For our performance, this means that we anticipate a challenging second quarter but stronger quarters in our fiscal second half. Continued discipline in a challenging market is not always the easy path, but, without a doubt, it is the right one. Our focus is on long-term value, not short-term illusions. Our commitment to investing in innovation and developing revolutionary products affirms this focus on the long term. This is a tough market, and everyone who follows our industry understands the current market dynamics. The real story for THOR, though, is that THOR has positioned itself incredibly well for a strong performance upon the market’s return,” added Woelfer.

“In the first quarter of fiscal 2025, we generated approximately $30.7 million of cash from operations and, in keeping with our long-term strategic plan and historical commitment to taking a balanced approach to capital allocation, we continued to reinvest in our business, reduce our indebtedness and return capital to our shareholders,” added Colleen Zuhl, Senior Vice President and CFO.

“First quarter capital expenditures totaled approximately $25.3 million, as we maintained our focus on prudently upgrading facilities and machinery where needed and investing in certain innovation-related projects, while also continuing to manage our non-critical spend in response to current market conditions. Always conservative in our cash management, we continue to prioritize the investments back into our business by assessing the temporal value of each investment and foregoing or delaying projects that do not return adequate value in the shorter term. Additionally, during the first fiscal quarter we strategically paid down approximately $61.8 million of debt, and, with October’s announcement of a 4.2% increase in our regular quarterly dividend, we marked the 15th consecutive year of increasing our dividend.

“Our liquidity remains a bedrock of our business and an unrivaled strength within the industry. On October 31, 2024, we had liquidity of approximately $1.31 billion, including approximately $445.2 million in cash on hand and approximately $865.0 million available under our asset-based revolving credit facility. Our strong balance sheet, solid cash generation profile and balanced and disciplined approach to capital deployment continue to lay the groundwork necessary for us to execute on our long-term strategic plan while simultaneously working through the current challenges facing our industry,” said Zuhl.


Outlook

“Our current view of fiscal year 2025 remains consistent with our initial financial forecast and guidance. In September, the RVIA released its expectations that for calendar year 2025 it expects wholesale unit shipment totals to exceed 345,000 units. We continue to be a bit more conservative with our view but do see potential upside in the market if consumer confidence elevates during calendar 2025. The signs of the return of the normalized market are beginning to show in the form of an uptick in dealer optimism. We share our dealers’ reasons to have confidence in the future of our industry. In the interim, we will hold steadfast to our strategy of prudence in the face of a challenging market as we focus on controlling what we can control, all while positioning THOR to outperform upon the market’s return,” concluded Martin.


Fiscal 2025 Guidance

“Our view of the remainder of our fiscal year 2025 remains unchanged from our initial assessment. In terms of sequence of performance, we will have a challenging second quarter followed by stronger third and fourth quarters. By the end of our fiscal year 2025, we anticipate that the retail market will begin to trend positively, setting up fiscal year 2026 to be a stronger year. Given our expectations surrounding overall market volumes in both North America and Europe, the Company reconfirms our initial financial guidance for fiscal 2025,” commented Woelfer.

For fiscal 2025, the Company’s full-year financial guidance includes:

  • Consolidated net sales in the range of $9.0 billion to $9.8 billion
  • Consolidated gross profit margin in the range of 14.7% to 15.2%
  • Diluted earnings per share in the range of $4.00 to $5.00

Supplemental Earnings Release Materials

THOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.

To view these materials, go to http://ir.thorindustries.com.

About THOR Industries, Inc.

THOR Industries is the sole owner of operating subsidiaries which, combined, represent the world’s largest manufacturer of recreational vehicles.

For more information on the Company and its products, please go to www.thorindustries.com.

Forward-Looking Statements

This release includes certain statements that are “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2024.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.

THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED OCTOBER 31, 2024 AND 2023
($000’s except share and per share data) (Unaudited)
 
  Three Months Ended October 31,


 		 
  2024


 		  % Net Sales

(1)
 		  2023   % Net Sales (1)


 		 
Net sales $ 2,142,784         $ 2,500,759        
Gross profit $ 281,442     13.1%   $ 357,932     14.3%  
Selling, general and administrative expenses   240,197     11.2%     217,896     8.7%  
Amortization of intangible assets   29,822     1.4%     32,344     1.3%  
Interest expense, net   15,228     0.7%     20,197     0.8%  
Other income (expense), net   2,649     0.1%     (14,913 )   (0.6)%  
Income (loss) before income taxes   (1,156 )   (0.1)%     72,582     2.9%  
Income tax provision (benefit)   (283 )   —%     17,549     0.7%  
Net income (loss)   (873 )   —%     55,033     2.2%  
Less: Net income attributable to non-controlling interests   959     —%     1,468     0.1%  
Net income (loss) attributable to THOR Industries, Inc. $ (1,832 )   (0.1)%   $ 53,565     2.1%  
Earnings (loss) per common share                        
Basic $ (0.03 )       $ 1.01        
Diluted $ (0.03 )       $ 0.99        
Weighted-avg. common shares outstanding – basic   52,974,603           53,295,835        
Weighted-avg. common shares outstanding – diluted   52,974,603 (2)         53,853,719        
                         
(1) Percentages may not add due to rounding differences
(2) Due to a loss for the three months ended October 31, 2024, zero incremental shares are included because the effect would be antidilutive
 

SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000’s) (Unaudited)
 
  October 31,
2024 		  July 31,

2024 		    October 31,
2024 		  July 31,

2024


 		 
Cash and equivalents $ 445,222   $ 501,316   Current liabilities $ 1,481,505   $ 1,567,022  
Accounts receivable, net   638,445     700,895   Long-term debt, net   1,043,790     1,101,265  
Inventories, net   1,371,771     1,366,638   Other long-term liabilities   285,930     278,483  
Prepaid income taxes, expenses and other   77,526     81,178   Stockholders’ equity   4,061,956     4,074,053  
Total current assets   2,532,964     2,650,027                
Property, plant & equipment, net   1,380,362     1,390,718                
Goodwill   1,791,704     1,786,973                
Amortizable intangible assets, net   833,098     861,133                
Equity investments and other, net   335,053     331,972                
Total $ 6,873,181   $ 7,020,823     $ 6,873,181   $ 7,020,823  
 


Non-GAAP Reconciliation

The following table reconciles net income (loss) to consolidated EBITDA and Adjusted EBITDA:


EBITDA Reconciliation


($ in thousands)

  Three Months Ended October 31,


 		 
  2024   2023  
Net income (loss) $ (873 )   $ 55,033    
Add back:                
Interest expense, net   15,228       20,197    
Income tax provision (benefit)   (283 )     17,549    
Depreciation and amortization of intangible assets   67,661       67,278    
EBITDA $ 81,733     $ 160,057    
Add back:                
Stock-based compensation expense   10,537       10,452    
Net expense (income) related to certain contingent liabilities   —       (10,000 )  
Non-cash foreign currency loss (gain)   3,392       (979 )  
Market value loss (gain) on equity investments   388       2,871    
Equity method investment loss (gain)   2,254       5,935    
Employee & facility strategic initiatives   15,459       —    
Other loss (gain), including sales of PP&E   (5,981 )     (1,418 )  
Adjusted EBITDA $ 107,782     $ 166,918    
 

Adjusted EBITDA is a non-GAAP performance measure included to illustrate and improve comparability of the Company’s results from period to period, particularly in periods with unusual or one-time items. Adjusted EBITDA is defined as net income (loss) before net interest expense, income tax expense (benefit) and depreciation and amortization adjusted for certain unusual items and other one-time items. The Company considers this non-GAAP measure in evaluating and managing the Company’s operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.

Contact:

Jeff Tryka, CFA
Lambert Global
616-295-2509
[email protected]



Posted on

Nova Minerals Provides an Invitation to Investor Webinars

Caulfield, Australia, Dec. 04, 2024 (GLOBE NEWSWIRE) — Nova Minerals Limited (“Nova” or the “Company”) (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) is pleased to provide more opportunities for its shareholders, investors, and the broader market to attend a live virtual presentation by Nova’s CEO, Christopher Gerteisen.

The Company will present an outline of its Estelle Gold and Critical Minerals Project, detailing the three development options it is currently investigating as part of the feasibility studies and potential Department of Defense (DoD) grants, recent assay results, as well as discuss its exploration strategy and path towards production.

At the conclusion of the presentation there will be an opportunity for attendees to ask questions of management.

Although the live webinar presentations will be provided using the Company’s Vrify platform, a PDF of the presentation can be found at https://novaminerals.com.au/wp-content/uploads/2024/12/Nova-December-2024-Emerging-Growth-Conference-Presentation-US.pdf

Emerging Growth Conference Webinar

Event: Emerging Growth Company Conference
   
Time: 1.10PM US EST Thursday 5 December 2024 2024
   
Registration: Please register at the link below to ensure you are able to attend the conference and receive any updates that are released.
  https://goto.webcasts.com/starthere.jsp?ei=1677198&tp_key=9effb22694&sti=nva
   
Questions: Questions may be submitted in advance to [email protected] or asked during the event.
   

RedChip Investor Webinar

Event: RedChip Investor Webinar
   
Time: 4.15PM US EST Wednesday 11 December 2024
   
Registration: Please copy and paste the link below into a browser to register to ensure you are able to attend the webinar
  https://redchip.zoom.us/webinar/register/WN_B8gtTjcgRdu4F17w7HM8RQ#/registration
   
Questions: Questions may be submitted in advance to [email protected] or asked during the event.
   

If attendees are not able to join the event live on the day of the webinar, an archived webcast will also be made available on the Company’s website.

Christopher Gerteisen, P.Geo., Chief Executive Officer of Nova Minerals, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein. Mr. Gerteisen is a “qualified person” for the purposes of SEC Regulation S-K 1300.

About Nova Minerals Limited

Nova Minerals Limited is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world’s largest gold mines and discoveries including, Barrick’s Donlin Creek Gold Project and Kinross Gold Corporation’s Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.

Further discussion and analysis of the Estelle Gold and Critical Minerals Project is available through the interactive Vrify 3D animations, presentations and videos all available on the Company’s website.
www.novaminerals.com.au

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Nova Minerals Limited’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Nova Minerals Limited undertakes no duty to update such information except as required under applicable law.

For Additional Information Please Contact

Craig Bentley
Director of Finance & Compliance & Investor Relations
E: [email protected]
M: +61 414 714 196



Posted on

Dollar Tree, Inc. Reports Results for the Third Quarter Fiscal 2024

Dollar Tree, Inc. Reports Results for the Third Quarter Fiscal 2024

  • Same-Store Net Sales: Dollar Tree +1.8%; Family Dollar +1.9%; Enterprise +1.8%
  • Diluted Earnings per Share (EPS) of $1.08 and Adjusted Diluted EPS of $1.12
  • Fourth Quarter Fiscal 2024 Net Sales Outlook Range of $8.1 Billion to $8.3 Billion
  • Fourth Quarter Fiscal 2024 Adjusted Diluted EPS Outlook Range of $2.10 to $2.30
  • Full-Year Fiscal 2024 Net Sales Outlook Range of $30.7 Billion to $30.9 Billion
  • Full-Year Fiscal 2024 Adjusted Diluted EPS Outlook Range of $5.31 to $5.51
  • Family Dollar Review of Strategic Alternatives Remains on Track
  • Announces Chief Financial Officer Transition

CHESAPEAKE, Va.–(BUSINESS WIRE)–
Dollar Tree, Inc. (NASDAQ: DLTR) today reported financial results for its third quarter ended November 2, 2024.

“Our Dollar Tree and Family Dollar merchandising efforts produced tangible results, and our third quarter sales came in at the high-end of our expected range,” said Mike Creedon, Interim Chief Executive Officer. “As an organization, our top priorities remain accelerating the growth of the Dollar Tree segment, completing the Family Dollar strategic review process, and unlocking value for Dollar Tree shareholders.”

Dollar Tree, Inc. and Jeff Davis have agreed that he will step down from his role as the Company’s Chief Financial Officer. The company has launched an external search and to ensure a smooth transition, Mr. Davis has agreed to remain with the company through the filing of its fiscal 2024 Form 10-K.

“We thank Jeff for his service and appreciate the contributions he made to the business during his time with Dollar Tree and Family Dollar. We remain committed to our business strategy and are focused on driving lasting value for our customers and shareholders,” Creedon added.

Additional Business Highlights

  • Opened 249 new Dollar Tree and 6 new Family Dollar stores

  • Approximately 2,300 Dollar Tree stores have been converted to in-line multi-price format

  • Generated $785.6 million of net cash provided by operating activities

  • Generated $359.2 million of free cash flow

Third Quarter 2024 Key Operating Results (unaudited)

 

(Compared to same period fiscal 2023)

 

Q3

Fiscal 2024

 

 

Change

 

 

 

 

 

Consolidated Net Sales

 

$7.56B

 

3.5%

 

 

 

 

 

Same-Store Net Sales Growth:

 

 

 

 

Dollar Tree Segment

 

1.8%

 

 

Family Dollar Segment

 

1.9%

 

 

Enterprise

 

1.8%

 

 

 

 

 

 

 

Operating Income

 

$333.4M

 

10.5%

Diluted EPS

 

$1.08

 

11.3%

 

 

 

 

 

Adjusted Operating Income1

 

$343.2M

 

13.8%

Adjusted Diluted EPS1

 

$1.12

 

15.5%

1

Adjustments are for costs related to store closures and Family Dollar Strategic Review professional fees. See “Reconciliation of Non-GAAP Financial Measures” below for detailed schedules of these charges.
 

Third Quarter Results

Unless otherwise noted, all comparisons are to the prior year’s third quarter, ended October 28, 2023.

Consolidated net sales increased 3.5% to $7.56 billion. Enterprise same-store net sales increased 1.8%, driven by a 1.6% increase in traffic and a 0.2% increase in average ticket. Dollar Tree same-store net sales increased 1.8%, driven by a 1.5% increase in traffic and a 0.3% increase in average ticket. Family Dollar’s same-store net sales increased 1.9%, driven by a 1.8% increase in traffic and a flat average ticket. Same-store net sales results for the Family Dollar segment do not include any stores that were closed during the third quarter as part of our previously announced portfolio optimization.

Gross profit increased 7.6% to $2.34 billion and gross margin expanded 120 basis points to 30.9%. Gross margin expansion was driven primarily by lower freight costs and improved shrink results in relation to accruals, partially offset by increased distribution costs.

Selling, general and administrative expenses were 26.6% of total revenue, compared to 25.7%. The increase was driven primarily by higher depreciation expense from store investments, higher professional fees related to the review of Family Dollar strategic alternatives, temporary labor in the Dollar Tree segment to support our multi-price rollout, higher utilities costs, and loss of leverage from the low single-digit comparable store net sales increase.

On a non-GAAP basis, which excludes costs associated with store closings and costs associated with the strategic review, selling, general and administrative expenses were 26.5% of total revenue, compared to 25.7%.

Operating income increased 10.5% to $333.4 million and operating margin expanded 30 basis points to 4.4%. Adjusted operating income increased 13.8% to $343.2 million and adjusted operating margin expanded 40 basis points to 4.5%.

The Company’s effective tax rate was 23.7% compared to 21.8%. Adjusted effective tax rate was 23.8% compared to 21.8%.

Net income was $233.3 million and diluted earnings per share was $1.08. Adjusted net income was $240.6 million and adjusted diluted EPS was $1.12.

Year-to-Date Results

Unless otherwise noted, all comparisons are between the 39 weeks ended November 2, 2024, and the 39 weeks ended October 28, 2023.

Consolidated net sales increased 2.8% to $22.6 billion. Enterprise same-store sales increased 1.2%. Dollar Tree same-store sales increased 1.6%, driven by a 1.9% increase in traffic, partially offset by a 0.3% decline in average ticket. Family Dollar’s same-store sales increased 0.6%, driven by a 1.2% increase in traffic, partially offset by a 0.5% decline in average ticket.

Gross profit increased 5.5% to $6.9 billion and gross margin expanded 80 basis points to 30.6%.

Selling, general and administrative expenses were 26.4% of total revenue, compared to 25.2%. On a non-GAAP basis, selling, general and administrative expenses were 26.2% of total revenue, compared to 25.1%.

Operating income decreased 5.2% to $957.1 million and operating income margin decreased 40 basis points to 4.2%. Adjusted operating income decreased 4.1% to $996.9 million and adjusted operating income margin decreased 30 basis points to 4.4%.

The Company’s effective tax rate was 24.0% compared to 23.4%. Adjusted effective tax rate was 24.1% compared to 23.1%.

Net income was $665.8 million and diluted EPS was $3.08. Adjusted net income was $695.5 million and adjusted diluted EPS was $3.22.

The Company repurchased 3.28 million shares for $403.6 million, including applicable excise tax.

Strategic Alternatives Review Update

The Company continues to reiterate its commitment to completing its formal review of strategic alternatives for the Family Dollar business segment, which could include among others, a potential sale, spin-off, or other disposition of the business. The process is moving forward as planned. There is no set deadline or definitive timeline for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome.

Portfolio Optimization Review

During the fourth quarter of fiscal 2023, we announced that we had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation, or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors. As a result of the portfolio optimization review, we identified approximately 970 underperforming Family Dollar stores, including approximately 600 stores to be closed in the first half of fiscal 2024, and approximately 370 stores to be closed at the end of each store’s current lease term. As of November 2, 2024, we have closed approximately 670 stores identified under the portfolio optimization review and expect to close an additional 25 during the remainder of fiscal 2024.

Fiscal 2024 Outlook

The Company is updating its full-year fiscal 2024 consolidated net sales outlook range to $30.7 billion to $30.9 billion. The Company still expects to deliver comparable store net sales growth in the low-single-digits for the enterprise and both the Dollar Tree and Family Dollar segments.

Adjusted diluted EPS is expected to range from $5.31 to $5.51.

Fourth Quarter 2024 Outlook

The Company expects consolidated net sales for the fourth quarter will range from $8.1 billion to $8.3 billion, based on comparable store net sales growth in the low-single-digits for the enterprise and both the Dollar Tree and Family Dollar segments.

Adjusted diluted EPS for the fourth quarter 2024 is estimated to be in the range of $2.10 to $2.30.

While share repurchases are not included in the outlook, the Company has approximately $952 million remaining under its $2.5 billion share repurchase authorization as of November 2, 2024.

Conference Call Information

On Wednesday, December 4, 2024, the Company will host a conference call to discuss its earnings results at 8:00 a.m. Eastern Time. The telephone number for the call is (877) 407-3943 or (201) 689-8855. A recorded version of the call will be available for seven days after the call and may be accessed by dialing (877) 660-6853 or (201) 612-7415. The access code is 13750113. A webcast of the call is also accessible through the Investor Relations portion of the Company’s website.

Supplemental financial information for the third quarter is available on the Investor Relations portion of the Company’s website, at https://corporate.dollartree.com/investors.

Dollar Tree, a Fortune 200 Company, operated 16,590 stores across 48 states and five Canadian provinces as of November 2, 2024. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada. To learn more about the Company, visit www.DollarTree.com.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). From time-to-time, the Company supplements the reporting of its financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP financial measures we have disclosed include adjusted selling, general and administrative expenses; adjusted selling, general and administrative expense rate; adjusted operating income (loss); adjusted operating income (loss) margin; adjusted net income; adjusted diluted earnings per share; adjusted effective tax rate; and free cash flow.

Reconciliations of the non-GAAP financial measures to the corresponding amounts prepared in accordance with GAAP appears in the tables under the heading “Reconciliation of Non-GAAP Financial Measures” below. These tables provide additional information regarding the adjusted measures.

A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release contains “forward-looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments or results and do not relate strictly to historical facts. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, statements preceded by, followed by or including words such as: “believe”, “anticipate”, “expect”, “intend”, “plan”, “view”, “target” or “estimate”, “may”, “will”, “should”, “predict”, “possible”, “potential”, “continue”, “strategy”, and similar expressions. For example, our forward-looking statements include statements relating to our business and financial outlook for fiscal 2024, including without limitation our expectations regarding net sales, comparable store sales and adjusted diluted earnings per share for the fourth fiscal quarter and full fiscal year 2024, and various factors that are expected to impact our quarterly and annual results of operations for fiscal 2024; our plans and expectations regarding our leadership team and our business, including the impact of various initiatives, investments, and reviews on the company’s performance and prospects for long-term growth; our plans to close, relocate or re-banner stores as a result of our store portfolio optimization review; the impacts of tornado damage to our Dollar Tree distribution center in Marietta, Oklahoma, including expectations regarding inventory and property damage, related losses, the availability of insurance coverage and expected insurance recoveries, changes within our supply chain network and our customer shopping experience; and our other plans, objectives, expectations (financial and otherwise) and intentions, including our review of strategic alternatives at our Family Dollar segment. These statements are subject to risks and uncertainties. For a discussion of the risks, uncertainties and assumptions that could affect our future events, developments or results, you should carefully review the “Risk Factors,” “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in our Annual Report on Form 10-K filed March 20, 2024, our Form 10-Q for the most recently ended fiscal quarter and other filings we make from time to time with the Securities and Exchange Commission. We are not obligated to release publicly any revisions to any forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this report and you should not expect us to do so.

DOLLAR TREE, INC.
Condensed Consolidated Income Statements
(In millions, except per share data)
(Unaudited)
 
13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Revenues
Net sales

$

7,561.7

 

$

7,309.1

 

$

22,560.8

 

$

21,948.7

 
Other revenue

 

6.5

 

 

5.7

 

 

19.0

 

 

15.2

 
Total revenue

 

7,568.2

 

 

7,314.8

 

 

22,579.8

 

 

21,963.9

 
Expenses
Cost of sales

 

5,224.3

 

 

5,136.1

 

 

15,661.2

 

 

15,410.6

 
Selling, general and administrative expenses

 

2,010.5

 

 

1,877.0

 

 

5,961.5

 

 

5,544.1

 
Operating income

 

333.4

 

 

301.7

 

 

957.1

 

 

1,009.2

 
Interest expense, net

 

27.5

 

 

30.4

 

 

80.8

 

 

80.5

 
Other expense, net

 

0.1

 

 

0.2

 

 

0.2

 

 

0.2

 
Income before income taxes

 

305.8

 

 

271.1

 

 

876.1

 

 

928.5

 
Provision for income taxes

 

72.5

 

 

59.1

 

 

210.3

 

 

217.1

 
Net income

$

233.3

 

$

212.0

 

$

665.8

 

$

711.4

 
Net earnings per share:
Basic

$

1.09

 

$

0.97

 

$

3.08

 

$

3.23

 
Weighted average number of shares

 

215.0

 

 

218.9

 

 

215.9

 

 

220.0

 
 
Diluted

$

1.08

 

$

0.97

 

$

3.08

 

$

3.23

 
Weighted average number of shares

 

215.2

 

 

219.2

 

 

216.1

 

 

220.5

 
 
Selling, general and administrative expense rate

 

26.6

%

 

25.7

%

 

26.4

%

 

25.2

%
Operating income margin

 

4.4

%

 

4.1

%

 

4.2

%

 

4.6

%
Income before income taxes as percentage of total revenue

 

4.0

%

 

3.7

%

 

3.9

%

 

4.2

%
Effective tax rate

 

23.7

%

 

21.8

%

 

24.0

%

 

23.4

%
Net income margin

 

3.1

%

 

2.9

%

 

2.9

%

 

3.2

%
The selling, general and administrative expense rate, operating income margin and net income margin are calculated by dividing the applicable amount by total revenue.
 
DOLLAR TREE, INC.
Segment Information
(In millions)
(Unaudited)
 
13 Weeks Ended 39 Weeks Ended
November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023
Net sales:
Dollar Tree

$

4,338.0

 

$

4,003.8

 

$

12,569.1

 

$

11,808.9

 
Family Dollar

 

3,223.7

 

 

3,305.3

 

 

9,991.7

 

 

10,139.8

 
Total net sales

$

7,561.7

 

$

7,309.1

 

$

22,560.8

 

$

21,948.7

 
 
Gross profit:
Dollar Tree

$

1,534.1

 

35.4

%

$

1,393.8

 

34.8

%

$

4,401.9

 

35.0

%

$

4,075.7

 

34.5

%
Family Dollar

 

803.3

 

24.9

%

 

779.2

 

23.6

%

 

2,497.7

 

25.0

%

 

2,462.4

 

24.3

%
Total gross profit

$

2,337.4

 

30.9

%

$

2,173.0

 

29.7

%

$

6,899.6

 

30.6

%

$

6,538.1

 

29.8

%
 
Operating income (loss):
Dollar Tree

$

465.2

 

10.7

%

$

482.7

 

12.1

%

$

1,329.5

 

10.6

%

$

1,416.2

 

12.0

%
Family Dollar

 

1.6

 

–

 

 

(66.3

)

(2.0

%)

 

23.9

 

0.2

%

 

(45.7

)

(0.5

%)
Corporate, support and other

 

(133.4

)

(1.8

%)

 

(114.7

)

(1.6

%)

 

(396.3

)

(1.8

%)

 

(361.3

)

(1.6

%)
Total operating income

$

333.4

 

4.4

%

$

301.7

 

4.1

%

$

957.1

 

4.2

%

$

1,009.2

 

4.6

%
DOLLAR TREE, INC.
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
 
 
November 2,
2024		 February 3,
2024		 October 28,
2023
ASSETS
Current Assets:
Cash and cash equivalents $

697.6

 $

684.9

 $

444.6
Merchandise inventories

5,535.1

5,112.8

5,515.1
Other current assets

398.8

335.0

342.4
Total current assets

6,631.5

6,132.7

6,302.1
 
Restricted cash

75.1

72.3

71.0
Property, plant and equipment, net

6,675.7

6,144.1

5,714.6
Operating lease right-of-use assets

6,721.3

6,488.3

6,767.9
Goodwill

912.8

913.8

1,981.9
Trade name intangible asset

2,150.0

2,150.0

3,100.0
Deferred tax asset

5.3

9.0

11.1
Other assets

161.1

113.3

82.6
Total assets $

23,332.8

 $

22,023.5

 $

24,031.2
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings $

–

 $

–

 $

229.6
Current portion of long-term debt

1,000.0

–

–
Current portion of operating lease liabilities

1,539.5

1,513.0

1,493.7
Accounts payable

2,945.1

2,063.8

1,857.0
Income taxes payable

8.0

52.7

–
Other current liabilities

920.7

1,067.2

1,067.6
Total current liabilities

6,413.3

4,696.7

4,647.9
Long-term debt, net, excluding current portion

2,430.0

3,426.3

3,425.1
Operating lease liabilities, long-term

5,580.2

5,447.6

5,539.9
Deferred income taxes, net

964.5

841.1

1,165.3
Income taxes payable, long-term

21.3

22.0

19.7
Other liabilities

287.4

276.7

235.1
Total liabilities

15,696.7

14,710.4

15,033.0
Shareholders’ equity

7,636.1

7,313.1

8,998.2
Total liabilities and shareholders’ equity $

23,332.8

 $

22,023.5

 $

24,031.2
 
The February 3, 2024 information was derived from the audited consolidated financial statements as of that date.
DOLLAR TREE, INC.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 
39 Weeks Ended
November 2, 2024 October 28, 2023
Cash flows from operating activities:
Net income

$

665.8

 

$

711.4

 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization

 

736.7

 

 

614.8

 
Provision for deferred income taxes

 

126.8

 

 

63.1

 
Stock-based compensation expense

 

84.3

 

 

76.4

 
Impairments

 

1.2

 

 

2.4

 
Other non-cash adjustments to net income

 

8.3

 

 

44.7

 
 
Changes in operating assets and liabilities

 

165.1

 

 

(83.2

)
Total adjustments

 

1,122.4

 

 

718.2

 
Net cash provided by operating activities

 

1,788.2

 

 

1,429.6

 
 
Cash flows from investing activities:
Capital expenditures

 

(1,399.3

)

 

(1,317.2

)
Proceeds from insurance recoveries

 

45.0

 

 

–

 
Payments for fixed asset disposition

 

(4.8

)

 

(5.1

)
Net cash used in investing activities

 

(1,359.1

)

 

(1,322.3

)
 
Cash flows from financing activities:
Proceeds from commercial paper notes

 

3,206.1

 

 

948.0

 
Repayments of commercial paper notes

 

(3,206.1

)

 

(718.9

)
Proceeds from stock issued pursuant to stock-based compensation plans

 

7.7

 

 

7.6

 
Cash paid for taxes on exercises/vesting of stock-based compensation

 

(20.6

)

 

(38.6

)
Payments for repurchase of stock

 

(400.0

)

 

(500.0

)
Net cash used in financing activities

 

(412.9

)

 

(301.9

)
Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(0.7

)

 

(1.1

)
Net increase (decrease) in cash, cash equivalents and restricted cash

 

15.5

 

 

(195.7

)
Cash, cash equivalents and restricted cash at beginning of period

 

757.2

 

 

711.3

 
Cash, cash equivalents and restricted cash at end of period

$

772.7

 

$

515.6

 
 
DOLLAR TREE, INC.
Segment Information
(Unaudited)
 
13 Weeks Ended
November 2, 2024 October 28, 2023
Dollar Family Dollar Family
Tree Dollar Total Tree Dollar Total
Store Count:
Beginning

 

8,627

 

 

7,761

 

 

16,388

 

 

8,177

 

 

8,299

 

 

16,476

 
New stores

 

249

 

 

6

 

 

255

 

 

107

 

 

90

 

 

197

 
Re-bannered stores (a)

 

–

 

 

(4

)

 

(4

)

 

1

 

 

(9

)

 

(8

)
Closings

 

(8

)

 

(41

)

 

(49

)

 

(13

)

 

(30

)

 

(43

)
Ending

 

8,868

 

 

7,722

 

 

16,590

 

 

8,272

 

 

8,350

 

 

16,622

 
Selling Square Footage (in millions)

 

78.3

 

 

59.0

 

 

137.3

 

 

71.9

 

 

63.4

 

 

135.3

 
Growth Rate (Square Footage)

 

8.9

%

 

(6.9

%)

 

1.5

%

 

2.3

%

 

3.8

%

 

3.0

%
 
 
39 Weeks Ended
November 2, 2024 October 28, 2023
Dollar Family Dollar Family
Tree Dollar Total Tree Dollar Total
Store Count:
Beginning

 

8,415

 

 

8,359

 

 

16,774

 

 

8,134

 

 

8,206

 

 

16,340

 
New stores

 

492

 

 

75

 

 

567

 

 

187

 

 

235

 

 

422

 
Re-bannered stores (a)

 

8

 

 

(14

)

 

(6

)

 

5

 

 

(10

)

 

(5

)
Closings

 

(47

)

 

(698

)

 

(745

)

 

(54

)

 

(81

)

 

(135

)
Ending

 

8,868

 

 

7,722

 

 

16,590

 

 

8,272

 

 

8,350

 

 

16,622

 
Selling Square Footage (in millions)

 

78.3

 

 

59.0

 

 

137.3

 

 

71.9

 

 

63.4

 

 

135.3

 
Growth Rate (Square Footage)

 

8.9

%

 

(6.9

%)

 

1.5

%

 

2.3

%

 

3.8

%

 

3.0

%
(a) Stores are included as re-banners when they close or open, respectively.
 
52 Weeks Ended
November 2, 2024 October 28, 2023
Dollar Family Dollar Family
Tree Dollar Total Tree Dollar Total
Sales per Square Foot (b)

$

233

 

$

223

 

$

229

 

$

227

 

$

218

 

$

222

 
(b) Sales per square foot is calculated based on total net sales for the reporting period divided by the average selling square footage during the period.
DOLLAR TREE, INC.
Reconciliation of Non-GAAP Financial Measures
(In millions, except per share data)
(Unaudited)
 
From time-to-time, the Company discloses certain financial measures not derived in accordance with GAAP. These non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purposes of analyzing operating performance, financial position, liquidity, or cash flows. The non-GAAP financial measures we have disclosed include adjusted selling, general and administrative expenses; adjusted selling, general and administrative expense rate; adjusted operating income (loss); adjusted operating income (loss) margin; adjusted net income; adjusted diluted earnings per share; adjusted effective tax rate; and free cash flow. The Company believes providing additional information in these non-GAAP measures that exclude the unusual expenses described below is beneficial to the users of its financial statements in evaluating the Company’s current operating results in relation to past periods. In addition, the Company’s debt covenants exclude the impact of certain unusual expenses. The Company has included a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures in the following tables.
 
1.) In the first quarter of fiscal 2023, the Company recorded a $30.0 million charge to its legal reserve for West Memphis-related matters. In the fourth quarter of fiscal 2023, an additional $26.7 million charge was recorded to the legal reserve for these matters. In the first quarter of fiscal 2024, the existing reserve was reduced by $2.5 million based on updated information.
2.) During the fourth quarter of fiscal 2023, we announced that we had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors. In connection with this portfolio optimization review, we closed approximately 630 Family Dollar stores in the first three quarters of fiscal 2024 and incurred more than $25 million of costs including severance and retention expenses for impacted associates and other related closure costs. This included the closure of approximately 30 Family Dollar stores during the third quarter of fiscal 2024 and more than $1 million of costs incurred.
3.) During the first quarter of fiscal 2024, a tornado destroyed our Dollar Tree distribution center in Marietta, Oklahoma (“DC 8”). We incurred losses for damaged inventory and property and equipment, which are fully insured and therefore not contemplated in the non-GAAP adjustments below. In the second quarter of fiscal 2024, we incurred $2.2 million of severance-related costs for employees at DC 8.
4.) During the second quarter of fiscal 2024, we announced that we had initiated a formal review of strategic alternatives for the Family Dollar segment, which could include among others, a potential sale, spin-off or other disposition of the business. Since the second quarter of fiscal 2024, we incurred consulting and other expenses totaling $14.5 million related to the strategic review, including $8.3 million during the third quarter of fiscal 2024.
 
In addition, the Company discloses free cash flow, a non-GAAP financial measure that we calculate as net cash provided by operating activities less capital expenditures. The Company believes free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate from our business operations. Free cash flow may not represent the amount of cash flow available for general discretionary use, because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations. The Company has included a reconciliation of free cash flow to the most comparable GAAP measures in the following tables.
 
A reconciliation of the projected adjusted diluted EPS, which is a forward-looking non-GAAP financial measure, to the most directly comparable GAAP financial measure, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. GAAP measures may include the impact of such items as litigation reserves; restructuring charges; goodwill and intangible asset impairments; natural disasters; our store portfolio optimization review and strategic review of Family Dollar, and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.
 
Reconciliation of Adjusted Selling, General and Administrative Expenses 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Selling, general and administrative expenses (GAAP)

$

2,010.5

 

26.6

%

$

1,877.0

25.7

%

$

5,961.5

 

26.4

%

$

5,544.1

 

25.2

%
Deduct: Store Closure Costs

 

(1.5

)

–

 

 

–

–

 

 

(25.6

)

(0.1

%)

 

–

 

–

 
Add/Deduct: Legal Reserve

 

–

 

–

 

 

–

–

 

 

2.5

 

–

 

 

(30.0

)

(0.1

%)
Deduct: Strategic Review Costs

 

(8.3

)

(0.1

%)

 

–

–

 

 

(14.5

)

(0.1

%)

 

–

 

–

 
Deduct: Severance

 

–

 

–

 

 

–

–

 

 

(2.2

)

–

 

 

–

 

–

 
Total adjustments

 

(9.8

)

(0.1

%)

 

–

–

 

 

(39.8

)

(0.2

%)

 

(30.0

)

(0.1

%)
Adjusted selling, general and administrative expenses (Non-GAAP)

$

2,000.7

 

26.5

%

$

1,877.0

25.7

%

$

5,921.7

 

26.2

%

$

5,514.1

 

25.1

%
 
DOLLAR TREE, INC.
Reconciliation of Non-GAAP Financial Measures
(In millions, except per share data)
(Unaudited)
 
Reconciliation of Adjusted Selling, General and Administrative Expenses – Dollar Tree Segment 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Selling, general and administrative expenses (GAAP)

$

1,069.0

 

24.6

%

$

911.1

22.8

%

$

3,072.5

 

24.4

%

$

2,659.5

 

22.5

%
Deduct: Severance

 

–

 

–

 

 

–

–

 

 

(2.2

)

–

 

 

–

 

–

 
Deduct: Strategic Review Costs

 

(1.2

)

–

 

 

–

–

 

 

(1.2

)

–

 

 

–

 

–

 
Total adjustments

 

(1.2

)

–

 

 

–

–

 

 

(3.4

)

–

 

 

–

 

–

 
Adjusted selling, general and administrative expenses (Non-GAAP)

$

1,067.8

 

24.6

%

$

911.1

22.8

%

$

3,069.1

 

24.4

%

$

2,659.5

 

22.5

%
 
Reconciliation of Adjusted Selling, General and Administrative Expenses – Family Dollar Segment 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Selling, general and administrative expenses (GAAP)

$

805.0

 

24.9

%

$

848.3

25.6

%

$

2,483.2

 

24.8

%

$

2,515.5

 

24.8

%
Deduct: Store Closure Costs

 

(1.6

)

–

 

 

–

–

 

 

(23.2

)

(0.2

%)

 

–

 

–

 
Add/Deduct: Legal Reserve

 

–

 

–

 

 

–

–

 

 

2.5

 

–

 

 

(30.0

)

(0.3

%)
Deduct: Strategic Review Costs

 

(7.1

)

(0.2

%)

 

–

–

 

 

(13.3

)

(0.1

%)

 

–

 

–

 
Total adjustments

 

(8.7

)

(0.2

%)

 

–

–

 

 

(34.0

)

(0.3

%)

 

(30.0

)

(0.3

%)
Adjusted selling, general and administrative expenses (Non-GAAP)

$

796.3

 

24.7

%

$

848.3

25.6

%

$

2,449.2

 

24.5

%

$

2,485.5

 

24.5

%
 
DOLLAR TREE, INC.
Reconciliation of Non-GAAP Financial Measures
(In millions, except per share data)
(Unaudited)
 
Reconciliation of Adjusted Operating Income 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Operating income (GAAP)

$

333.4

4.4

%

$

301.7

 

4.1

%

$

957.1

 

4.2

%

$

1,009.2

 

4.6

%
SG&A adjustments:
Add: Store Closure Costs

 

1.5

–

 

 

–

 

–

 

 

25.6

 

0.1

%

 

–

 

–

 
Add/Deduct: Legal Reserve

 

–

–

 

 

–

 

–

 

 

(2.5

)

–

 

 

30.0

 

0.1

%
Add: Strategic Review Costs

 

8.3

0.1

%

 

–

 

–

 

 

14.5

 

0.1

%

 

–

 

–

 
Add: Severance

 

–

–

 

 

–

 

–

 

 

2.2

 

–

 

 

–

 

–

 
Total adjustments

 

9.8

0.1

%

 

–

 

–

 

 

39.8

 

0.2

%

 

30.0

 

0.1

%
Adjusted operating income (Non-GAAP)

$

343.2

4.5

%

$

301.7

 

4.1

%

$

996.9

 

4.4

%

$

1,039.2

 

4.7

%
 
Reconciliation of Adjusted Operating Income –
Dollar Tree Segment		 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Operating income (GAAP)

$

465.2

10.7

%

$

482.7

 

12.1

%

$

1,329.5

 

10.6

%

$

1,416.2

 

12.0

%
SG&A adjustments:
Add: Severance

 

–

–

 

 

–

 

–

 

 

2.2

 

–

 

 

–

 

–

 
Add: Strategic Review Costs

 

1.2

–

 

 

–

 

–

 

 

1.2

 

–

 

 

–

 

–

 
Total adjustments

 

1.2

–

 

 

–

 

–

 

 

3.4

 

–

 

 

–

 

–

 
Adjusted operating income (Non-GAAP)

$

466.4

10.7

%

$

482.7

 

12.1

%

$

1,332.9

 

10.6

%

$

1,416.2

 

12.0

%
 
Reconciliation of Adjusted Operating Income (Loss) –
Family Dollar Segment		 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Operating income (loss) (GAAP)

$

1.6

–

 

$

(66.3

)

(2.0

%)

$

23.9

 

0.2

%

$

(45.7

)

(0.5

%)
SG&A adjustments:
Add: Store Closure Costs

 

1.6

–

 

 

–

 

–

 

 

23.2

 

0.2

%

 

–

 

–

 
Add/Deduct: Legal Reserve

 

–

–

 

 

–

 

–

 

 

(2.5

)

–

 

 

30.0

 

0.3

%
Add: Strategic Review Costs

 

7.1

0.2

%

 

–

 

–

 

 

13.3

 

0.1

%

 

–

 

–

 
Total adjustments

 

8.7

0.2

%

 

–

 

–

 

 

34.0

 

0.3

%

 

30.0

 

0.3

%
Adjusted operating income (loss)
(Non-GAAP)

$

10.3

0.2

%

$

(66.3

)

(2.0

%)

$

57.9

 

0.5

%

$

(15.7

)

(0.2

%)
 
DOLLAR TREE, INC.
Reconciliation of Non-GAAP Financial Measures
(In millions, except per share data)
(Unaudited)
 
Reconciliation of Adjusted Net Income 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Net income (GAAP)

$

233.3

 

$

212.0

 

$

665.8

 

$

711.4

 
SG&A adjustments:
Add: Store Closure Costs

 

1.5

 

 

–

 

 

25.6

 

 

–

 
Add/Deduct: Legal Reserve

 

–

 

 

–

 

 

(2.5

)

 

30.0

 
Add: Strategic Review Costs

 

8.3

 

 

–

 

 

14.5

 

 

–

 
Add: Severance

 

–

 

 

–

 

 

2.2

 

 

–

 
Total adjustments

 

9.8

 

 

–

 

 

39.8

 

 

30.0

 
Provision for income taxes on adjustments

 

(2.5

)

 

–

 

 

(10.1

)

 

(3.9

)
Adjusted net income (Non-GAAP)

$

240.6

 

$

212.0

 

$

695.5

 

$

737.5

 
 
Reconciliation of Adjusted Diluted Earnings Per Share 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Diluted net income per share (GAAP)

$

1.08

 

$

0.97

 

$

3.08

 

$

3.23

 
SG&A adjustments:
Add: Store Closure Costs

 

0.01

 

 

–

 

 

0.12

 

 

–

 
Add/Deduct: Legal Reserve

 

–

 

 

–

 

 

(0.01

)

 

0.14

 
Add: Strategic Review Costs

 

0.04

 

 

–

 

 

0.07

 

 

–

 
Add: Severance

 

–

 

 

–

 

 

0.01

 

 

–

 
Total adjustments

 

0.05

 

 

–

 

 

0.19

 

 

0.14

 
Provision for income taxes on adjustments

 

(0.01

)

 

–

 

 

(0.05

)

 

(0.02

)
Adjusted diluted net income per share (Non-GAAP)

$

1.12

 

$

0.97

 

$

3.22

 

$

3.35

 
 
Reconciliation of Adjusted Effective Tax Rate 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Effective tax rate (GAAP)

 

23.7

%

 

21.8

%

 

24.0

%

 

23.4

%
Add/Deduct: Tax impact of non-GAAP adjustments (c)

 

0.1

%

 

–

 

 

0.1

%

 

(0.3

%)
Adjusted effective tax rate (Non-GAAP)

 

23.8

%

 

21.8

%

 

24.1

%

 

23.1

%
 
(c) Adjustments related to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant tax rates.
 
DOLLAR TREE, INC.
Reconciliation of Non-GAAP Financial Measures
(In millions, except per share data)
(Unaudited)
 
Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow 13 Weeks Ended 39 Weeks Ended
November 2,
2024		 October 28,
2023		 November 2,
2024		 October 28,
2023
Net cash provided by (used in) operating activities (GAAP)

$

785.6

 

$

505.8

 

$

1,788.2

 

$

1,429.6

 
Deduct:
Capital expenditures

 

(426.4

)

 

(541.4

)

 

(1,399.3

)

 

(1,317.2

)
Free cash flow (Non-GAAP)

$

359.2

 

$

(35.6

)

$

388.9

 

$

112.4

 
 
Net cash provided by (used in) investing activities (GAAP) (d)

$

(409.1

)

$

(541.3

)

$

(1,359.1

)

$

(1,322.3

)
Net cash provided by (used in) financing activities (GAAP)

$

(248.0

)

$

(29.7

)

$

(412.9

)

$

(301.9

)
 
(d) Net cash provided by (used in) investing activities includes capital expenditures, which is included in our computation of free cash flow.

 

Dollar Tree, Inc.

Robert A. LaFleur, 757-991-5645

Senior Vice President, Investor Relations

www.DollarTree.com

DLTR-E

KEYWORDS: District of Columbia Virginia United States North America

INDUSTRY KEYWORDS: Retail Discount/Variety Other Retail Home Goods Specialty Food/Beverage

MEDIA:

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State Street Global Advisors’ 2025 Global Market Outlook: Finding the Right Path

State Street Global Advisors’ 2025 Global Market Outlook: Finding the Right Path

BOSTON–(BUSINESS WIRE)–
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today launched its 2025 Global Market Outlook: Finding the Right Path, outlining its macroeconomic outlook and key investment themes for the year ahead.

Against the background of a resilient economic environment and major central banks embarking on an easing cycle in 2024, equity markets delivered strong returns, while fixed income markets saw modest returns. Looking ahead, State Street Global Advisors expects rate cuts and macroeconomic resilience to continue in 2025, and its long-standing forecast of a US soft landing to materialize.

Lori Heinel, Global Chief Investment Officer, commented: “2024 was no ordinary year, with elections around the world, persistent inflation and market volatility all playing their part in building an uncertain macroeconomic environment. Despite these challenges, markets continued to be resilient. As we enter 2025, we remain cautiously optimistic, with expectations of a soft-landing in the US looking set to translate into reality. While there are a range of uncertainties to contend with, investors may want to consider above target allocations to equities and should remain thoughtful about portfolio construction.”

State Street Global Advisors believes that the rate cut cycle that started in 2024 will continue for a while longer, although the Trump-led Republican US election victory could result in a change to the narrative in the latter part of 2025. Global geopolitical forces could also play their part in rupturing long-standing economic and financial ties.

State Street Global Advisors retains its favorable outlook for fixed income in 2025. It anticipates that slowing economic output and tame inflation will allow central banks to cut policy rates further, even though the pace and scale may be more uncertain with a Trump administration. This uncertainty may offer investors tactical opportunities to build or expand their duration positioning through the easing cycle.

Jennifer Bender, Global Chief Investment Strategist, said: “While spreads across both investment grade credit and high yield debt are near historic lows, we are optimistic about prospects for fixed income assets next year, and see a generally favourable environment for advanced economy sovereign debt. Market sentiment swings and volatility could potentially create opportunities for investors to manage or extend duration.”

Within global equity markets, the resilient economic backdrop provides support for earnings, particularly in the US. Outside the US, the picture is more nuanced but there are pockets of opportunities across markets. Investors will also need to navigate both short-term uncertainties as well as deeper structural shifts such as demographic changes, geoeconomic fragmentation, and the rise of transformative technologies.

Bender continued: “We expect Japanese equities to move sideways due to potential volatility, while Chinese equities may struggle in sustaining higher growth and strong performance despite the short-term relief from the country’s stimulus program. At the same time, we believe US large cap equity will maintain its structural advantage to the rest of developed markets and see the outlook for emerging markets as more nuanced as investors balance economic and earnings growth, and easing inflationary pressures versus geopolitical risk and a strong US dollar.”

Aside from the outlook for different asset classes, the firm also highlights important considerations in portfolio construction, the emergence of the Gulf Cooperation Council (GCC) region as an investment location worth greater consideration, and the disruptive power of transformative technologies such as generative AI and tokenizaton.

Heinel, added: “The GCC region is undergoing significant transformation driven by its Vision plans, which increases its appeal for both domestic and international investors and is reflected in the performance of the equity and bond markets. From the inclusion of GCC countries in global indices, to the region’s substantial fixed income issuance, the GCC region offers significant growth potential for investors seeking to build a forward-looking portfolio. In addition, we believe investors should look beyond the traditional balanced (“60/40”) portfolio and evaluate alternative exposures from a diversification, risk mitigation and alpha generation perspective. Allocations to real assets, commodities, infrastructure, digital assets and private assets could potentially offer higher returns, lower volatility and enhanced diversification.”

About State Street Global Advisors

For over four decades, State Street Global Advisors has served the world’s governments, institutions, and financial advisors. With a rigorous, risk-aware approach built on research, analysis, and market-tested experience, and as pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager* with US $4.73 trillion† under our care.

*Pensions & Investments Research Center, as of 12/31/23.

†This figure is presented as of September 30, 2024 and includes ETF AUM of $1,515.67 billion USD of which approximately $82.59 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited .

7395469.1.1.GBL.RTL

Expiration Date: Dec 31, 2025

Michel Chau

+44 7500 682982

[email protected]

KEYWORDS: Australia/Oceania United States Hong Kong North America Australia Asia Pacific Massachusetts

INDUSTRY KEYWORDS: Finance Banking Professional Services Asset Management Insurance

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Dealing in Securities by an Executive Director of AngloGold Ashanti plc

Dealing in Securities by an Executive Director of AngloGold Ashanti plc

LONDON & DENVER & JOHANNESBURG–(BUSINESS WIRE)–
AngloGold Ashanti plc (the “Company”) (NYSE: AU; JSE: ANG) announces that an Executive Director of the Company, Gillian Doran, has dealt in securities of the Company.

Name of Executive Officer

Gillian Doran

Name of Company

AngloGold Ashanti plc

Date of transaction

3 December 2024

Nature of transaction

Off-market receipt of vested shares under the 2023 Deferred Share Plan (DSP)

Class of security

Ordinary shares

Number of securities

10,883

Price per security

Nil

Nature and extent of interest

Direct, Beneficial

A portion of the shares received by Gillian Doran have been sold to satisfy related taxes as detailed below:

Name of Executive Officer

Gillian Doran

Name of Company

AngloGold Ashanti plc

Date of transaction

3 December 2024

Nature of transaction

On-market sale of shares to fund tax liability in relation to DSP awards

Class of security

Ordinary shares

Number of securities sold

4,081

Price per security

US$25.7823

Value of transaction (excluding fees)

US$105,217.57

Nature and extent of interest

Direct, Beneficial

JSE Sponsor: The Standard Bank of South Africa Limited

Media

Andrea Maxey

+61 08 9435 4603 / +61 400 072 199

[email protected]

General inquiries

[email protected]

Investors

Andrea Maxey

+61 08 9435 4603 / +61 400 072 199

[email protected]

Yatish Chowthee

+27 11 637 6273 / +27 78 364 2080

[email protected]

Website: www.anglogoldashanti.com

KEYWORDS: South Africa Africa United States United Kingdom Canada North America Europe Colorado

INDUSTRY KEYWORDS: Natural Resources Other Natural Resources Mining/Minerals

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INVESTIGATION NOTICE: Girard Sharp Law Firm Encourages Symbotic Inc. (NASDAQ: SYM) Investors with losses to Contact the Firm

SAN FRANCISCO, Dec. 04, 2024 (GLOBE NEWSWIRE) — Girard Sharp, LLP, a national investment, securities, and consumer class action firm, is investigating securities claims on behalf of Symbotic Inc. (NASDAQ: SYM) investors who sustained losses.

If you are a Symbotic investor who sustained losses
, we encourage you to fill out our


contact form


, email


[email protected]


, or call (415) 544-6280 for a free consultation.

Symbotic is a robotics manufacturing company that builds and operates warehouse robotics systems in the US and Canada. On November 27, 2024, Symbotic announced that it was unable to file a timely Form 10-K for the 2024 fiscal year, citing “identified errors in its revenue recognition related to cost overruns that will not be billable on certain deployments,” which will result in a reduction in earnings of “$30-$40 million.” Following this announcement, Symbotic’s share price fell by nearly 40%.

Are you a Symbotic investor who sustained losses?


Click here


to for a free consultation.

We also encourage you to contact Adam Polk of Girard Sharp LLP directly to discuss your rights, free of charge. You can contact Adam by dialing (415) 544-6280, or via email at [email protected].

Why Girard Sharp?

Girard Sharp represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We recently obtained a $36.5 million securities settlement against Maxar Technologies, a space imagery company, after its share price collapsed following its acquisition of DigitalGlobe. Our attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country’s largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal.

Contact

Girard Sharp LLP

(866) 981-4800


[email protected]


[email protected]


www.girardsharp.com



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INVESTIGATION NOTICE: Girard Sharp Law Firm Encourages PACS Group, Inc. (NYSE: PACS) Investors with losses to Contact the Firm

SAN FRANCISCO, Dec. 04, 2024 (GLOBE NEWSWIRE) — Girard Sharp, LLP, a national investment, securities, and consumer class action firm, is investigating potential securities claims on behalf of PACS (NYSE: PACS) investors.

If you are a PACS Group, Inc. investor with losses
, please fill out our


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On November 4, 2024, Hindenburg Research published an article detailing PACS Group, INC’s “‘turnaround’ formula for transforming poorly performing SNFs into cash spigots.” According to Hindenburg, PACS had inappropriate “access to skilled care Medicare benefits for thousands of patients across its national portfolio facilities.” Due to its reported misconduct n, it is estimated that “the scheme drove more than 100% of PACS’ operating and net income from 2020 – 2023, enabling PACS to IPO in early 2024 with the illusion of legitimate growth and profitability.” In response to this news, PACS stock has dropped by 27%.

If you are a PACS Group, Inc. investor with losses
,


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We also encourage you to contact Adam Polk of Girard Sharp LLP directly to discuss your rights, free of charge. You can contact Adam by dialing (415) 544-6280, or via email at [email protected].

Why Girard Sharp?

Girard Sharp represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We recently obtained a $36.5 million securities settlement against Maxar Technologies, a space imagery company, after its share price collapsed following its acquisition of DigitalGlobe. Our attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country’s largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal.

Contact

Girard Sharp LLP

(866) 981-4800


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