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Jet.AI Announces Commercial and Private Aviation Carbon Offset Platform, DynoFlight

  • Enables Aviation Businesses
    t
    o Offset Carbon Emissions Through Purchase
    o
    f Carbon Removal Credits
    t
    hat Fund
    t
    he Direct Extraction
    o
    f Carbon Dioxide
    f
    rom
    t
    he Atmosphere
  • DynoFlight
    Platform
    Streamlines Carbon Offset Process by Allowing
    Operators
    to Easily Identify and Manage Carbon Capturing at a Competitive Cost

LAS VEGAS, Aug. 04, 2023 (GLOBE NEWSWIRE) — Oxbridge Acquisition Corp (NASDAQ: OXAC). Jet Token Inc. d/b/a Jet.AI (“Jet.AI”or the “Company”) (Reserved NASDAQ: JTAI, JTAIW), an innovative private aviation, artificial intelligence company, today announced the launch of DynoFlight, a carbon offset transaction platform built for both commercial and private aviation operators. The platform enables aviation businesses to offset their carbon emissions through the purchase of carbon removal credits that fund the direct extraction of carbon dioxide from the atmosphere.

“Quality carbon offsets are hard for most companies to identify and typically require large working capital outlays,” said Mike Winston, Founder of Jet.AI. “The DynoFlight platform addresses both pain points by identifying credits and enabling the flight-by-flight purchase for small dollar amounts.”

Unlike other offset programs that often focus on preventing future emissions, carbon removal credits offer a measurable extraction of carbon dioxide from the atmosphere. DynoFlight offers operators the flexibility to purchase removal credits either through its online interface or programmatically using its API. Jet.AI plans to launch the platform in September 2023, which will allow operators to:

  • Purchase carbon removal credits at a competitive cost.
  • Register credits to aircraft in their fleet.
  • Record carbon emissions for specific aircraft to track stats across their fleet.
  • Query DynoFlight’s carbon estimation endpoint to receive emissions estimates on any given route for over 250 of the most common commercial and business aircraft models using either sustainable aviation fuel or standard jet fuel.

In addition, DynoFlight can facilitate the integration of carbon offsetting into an operator’s checkout process. Upon a customer purchasing a removal credit at checkout, the operator receives a live link to a carbon credit certificate page to share with the customers. This certificate page dynamically updates throughout the life of the credit as it is purchased, procured, and retired.

To learn more and join the pre-release waitlist visit https://www.dynoflight.com.

Jet.AI has signed an agreement for a business combination with Oxbridge Acquisition Corp. Please see “Important Information About the Proposed Business Combination and Where to Find It” below for additional information related to the proposed business combination.

###

About Jet.AI:

Jet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. Jet.AI was founded in 2018 and is based in Las Vegas, NV and San Francisco, CA.

ABOUT OXBRIDGE ACQUISITION CORP.:

Oxbridge is a Cayman Islands-exempted, Cayman Islands-based blank check company incorporated in 2021 and managed by the executive officers of Oxbridge Re Holdings Limited (NASDAQ: OXBR), the founding and leading investor in the sponsor of Oxbridge. The company was formed with the purpose of entering into a merger in the field of artificial intelligence, blockchain technology and insurance technology and its ordinary shares, units and warrants trade on the Nasdaq Capital Markets under tickers “OXAC”, “OXACU” and “OXACW”, respectively.

Important Information About the Proposed Business Combination and Where to Find It

This press release relates to a proposed transaction between Jet.AI and Oxbridge (the “Business Combination”). In connection with the proposed Business Combination, Oxbridge filed a registration statement on Form S-4 (File No. 333-270848) (the “Registration Statement”) with the SEC which includes a proxy statement/prospectus that is both the proxy statement distributed to Oxbridge’s stockholders in connection with its solicitation of proxies for the vote by Oxbridge’s stockholders with respect to the proposed Business Combination and other matters as described in the Registration Statement, as well as the prospectus, and relating to the offer and sale of the securities to be issued in the Business Combination. The Registration Statement was declared effective on July 28, 2023 and Oxbridge’s extraordinary shareholder meeting to approve the Business Combination is scheduled for August 7, 2023. This press release does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Oxbridge’s stockholders and other interested persons are advised to read the definitive proxy statement/prospectus included in the Registration Statement and the amendments thereto and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Jet.AI, Oxbridge and the Business Combination. The definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination were mailed to stockholders of Oxbridge commencing July 28, 2023. Stockholders are able to obtain copies of the preliminary proxy statement, the definitive proxy statement and other documents filed with the SEC, without charge at the SEC’s website at www.sec.gov, or by directing a request to Oxbridge Acquisition Corp., Suite 201, 42 Edward Street, George Town, Cayman Islands, KY1-9006.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed Business Combination including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made.

The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the occurrence of any event, change or other circumstances that could give rise to an amendment or termination of the Business Combination Agreement and Plan of Reorganization between Oxbridge, Oxbridge Merger Sub I, Inc., Oxbridge Merger Sub II, LLC, and Jet.AI dated (the “Business Combination Agreement”) and the proposed transaction contemplated thereby; the inability to complete the transactions contemplated by the Business Combination Agreement due to the failure to obtain approval of the stockholders of Oxbridge or Jet.AI or other conditions to closing in the Business Combination Agreement; the inability to project with any certainty the amount of cash proceeds remaining in the Oxbridge trust account at the closing of the transaction; the inability of the company post-closing to obtain or maintain the listing of its securities on Nasdaq following the business combination; the amount of costs related to the business combination; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the business combination; changes in applicable laws or regulations; the ability of Jet.AI to meet its post-closing financial and strategic goals, due to, among other things, competition; the ability of the company post-closing to grow and manage growth profitability and retain its key employees; and the possibility that the company post-closing may be adversely affected by other economic, business, and/or competitive factors. The valuation of the securities to be distributed in the transaction also constitutes a forward-looking statement, with the common stock component of the transaction valued based upon a $10 valuation which is intended to approximate the liquidation value of the common stock at closing, but may not represent the post-closing value of the shares, and with the warrant component of the transaction valued at approximately $8.16 per warrant by application of a Black-Scholes formula developed by Jet.AI management, which may not equate to the actual post-closing value of the warrants. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Oxbridge’s registration statement on Form S-1 which became effective on August 11, 2021 (File No. 333-257998), the Registration Statement and the amendments thereto on Form S-4 as discussed above (File No. 333-270848) and other documents filed by Oxbridge from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Oxbridge and Jet.AI caution that the foregoing list of factors is not exclusive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI and Oxbridge assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Participants in the Solicitation

Oxbridge and Jet.AI and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Oxbridge’s shareholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the Business Combination of Oxbridge’s directors and officers in Oxbridge’s filings with the SEC, including Oxbridge’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 22, 2023 and the Registration Statement on Form S-4, which includes the proxy statement/prospectus of Oxbridge for the Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Business Combination of Jet.AI’s directors and officers in the Registration Statement. Stockholders can obtain copies of Oxbridge’s filings with the SEC, without charge, at the SEC’s website at www.sec.gov.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed Business Combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

CONTACTS:

For Oxbridge
Jay Madhu
CEO & Chairman of the Board
813-263-507
[email protected]

For Jet.AI

Gateway Group, Inc.
949-574-3860
[email protected]



Posted on

Workhorse Highlights ISS Recommendation that Stockholders Vote FOR the Proposal to Increase the Number of Authorized Shares

CINCINNATI, Aug. 04, 2023 (GLOBE NEWSWIRE) — Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, today highlighted the recommendation by leading independent proxy advisor Institutional Shareholder Services Inc. (“ISS”) that Workhorse stockholders vote FOR the proposal to increase the number of authorized shares of Workhorse common stock in connection with the upcoming Special Meeting, which is scheduled to be held on August 28, 2023.

The Company issued the following statement:

We have taken decisive steps to rebuild Workhorse over the last two years, and we are making important progress executing our strategy to stabilize, fix and ultimately grow Workhorse. We have revamped our management team, revitalized our facilities and are advancing on our clear product roadmap across our commercial EVs and Aerospace businesses.

At the same time, from a position of strength, we are exploring a range of options to ensure we have the financial resources to achieve our goals. To be successful, we need our stockholders’ support to help us build a financial bridge to continued growth and value creation. We encourage our stockholders to follow ISS’s recommendation and vote FOR the proposal to increase the number of authorized shares of Workhorse common stock.

For more information regarding the proposal and how to vote visit www.VoteWKHS.com.

YOUR VOTE IS IMPORTANT TO THE FUTURE OF WORKHORSE

The Workhorse Board of Directors strongly urges stockholders to vote the proposal to increase the number of authorized shares of Workhorse common stock.

Holders of a majority of ALL our shares of common stock are required to vote in favor of this proposal for it to be approved. The Company, therefore, urges stockholders to vote FOR the proposal today.

Please follow the instructions shown on the proxy card or voting instruction form to vote your shares today. You can vote online or by phone until 11:59 P.M. ET on August 27, 2023. Or you can sign and mail in your proxy card.

Stockholders who have questions or need assistance voting your shares, please contact Morrow Sodali, Workhorse’s proxy solicitor:

Phone: 800-607-0088
[email protected]

About Workhorse Group Inc.

Workhorse is a technology company focused on providing ground and air-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks and drones. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Workhorse Group Inc. (the “Company”), including statements relating to the amendment of our Articles of Incorporation in Nevada and its potential impact on the Company’s ability to obtain financing, build its offerings of commercial electrical vehicles, expand its aerospace business, and capture additional avenues for growth. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in voting and the actual vote counts on the day of the annual meeting; the availability of and need for capital; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2023, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023, filed with the SEC on May 15, 2023. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Media Contact:

Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Investor Relations Contact:

Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
[email protected]



Posted on

PLS Partners with Green Dot to Deliver Convenient, Affordable Banking and Payments Tools to Millions of U.S. Consumers

PLS Partners with Green Dot to Deliver Convenient, Affordable Banking and Payments Tools to Millions of U.S. Consumers

Powered by Green Dot and Green Dot Bank1, PLS will offer the Xpectations!® Plus Demand Deposit Account (DDA), which will Include Enhanced Digital Banking and Other Features for Customers

AUSTIN, Texas–(BUSINESS WIRE)–
The PLS family of financial service centers, one of the nation’s largest providers of community based financial services, and Green Dot Corporation (NYSE: GDOT) today announced a new partnership to build and deliver seamless, affordable and useful financial tools and services to PLS’ five million-plus customers. Powered by Green Dot’s embedded financial services platform, PLS will offer Xpectations!® Plus featuring a new demand deposit account (DDA) and other tools that help customers more seamlessly access, manage and move their money.

“We are excited to collaborate with Green Dot on this important new product,” says Rob Fisher, Senior Vice President of Support Operations, PLS. “Xpectations!® Plus will empower our customers to manage many of their day-to-day financial needs. Combining Green Dot’s products and technology with our customer focus will allow PLS to further our mission. Our customers deserve better! Better products, more options, and lower fees.”

For more than 25 years, PLS has been a community hub for the financial needs of millions of Americans. The company operates as a one-stop-shop for a wide variety of financial services: in addition to being among the nation’s leading providers of check cashing services, PLS also offers money transfer services, bill payment services, free money orders, and much more in its more than 200 locations. PLS’ ability to offer customers a full range of both traditional and alterative financial services in a single outing provides substantial value to its customers.

“Americans want convenience and flexibility in how they access, manage and move their money,” said Jamison Jaworski, GM/SVP of Retail and Green Dot Network, Green Dot. “With our comprehensive financial technology platform, we’re well-positioned to enable our partners to offer their customers that convenience and flexibility. We’re proud to partner with PLS to help their customers lead better, healthier financial lives.”

By partnering with Green Dot, PLS will now offer customers modern demand deposit accounts that allow them to easily manage their money digitally or in store, receive direct deposits of paychecks or government benefits up to four days early, establish and grow credit through a secured credit card, and more. This expands upon PLS’ and Green Dot’s existing partnership offering PLS customers access to the Green Dot Network of more than 90,000 retail locations throughout the U.S. that offer cash-in and cash-out capabilities.

About PLS®

PLS, headquartered in Chicago, operates over 200 community financial services centers across the country. PLS believes that customers deserve better than the existing services available in the marketplace to meet their critical financial needs. PLS financial service centers offer free money orders, check cashing, Xpectations!® Prepaid Mastercard®, money transfer services, and bill payments. Some PLS locations offer auto insurance, and vehicle license and registration services. The PLS brand also includes an automobile dealership located in Indianapolis, IN. PLS employs over 3,000 team members from the neighborhoods it serves. PLS does not offer any lending products. Visit PLS at www.pls247.com for additional information on products and services.

About Green Dot

Green Dot Corporation (NYSE: GDOT) is a financial technology and bank holding company committed to giving all people the power to bank seamlessly, affordably and with confidence. Green Dot’s technology platform enables it to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money, and making financial empowerment more accessible for all.

Green Dot offers a broad set of financial services to consumers and businesses, ranging from debit, prepaid and payroll cards, to embedded financial and money movement services, to tax products and more. The company’s banking-as-a-service (BaaS) platform enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy seamless, configurable, value-driven money management solutions for their customers. Its digital bank GO2bank offers consumers simple and accessible mobile banking designed to help improve financial health over time. And its expansive Green Dot Network of more than 90,000 retail distribution locations nationwide – more than all remaining bank branches in the U.S. combined – enables it to operate primarily as a “branchless bank”.

Founded in 1999 and headquartered in Austin, Texas, Green Dot has powered more than 33 million accounts directly, and many millions more through its partners. Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC1. For more information about Green Dot’s products and services, please visit www.greendot.com.

_________

1 Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.

PLS

Kathy Weber

[email protected]

Green Dot

Alison Lubert

[email protected]

KEYWORDS: United States North America Illinois Texas

INDUSTRY KEYWORDS: Professional Services Payments Technology Finance Fintech Banking

MEDIA:

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Posted on

ARKO Corp. Declares Quarterly Dividend

RICHMOND, Va., Aug. 04, 2023 (GLOBE NEWSWIRE) — ARKO Corp.’s (Nasdaq: ARKO) (the “Company”) Board of Directors has declared a quarterly dividend of $0.03 per share of common stock to be paid on September 1, 2023, to stockholders of record as of August 15, 2023.

The Company’s ability to return cash to its stockholders through its cash dividend program and share repurchase program is consistent with its capital allocation framework and reflects the Company’s confidence in the strength of its cash generation ability and financial position.

The amount and timing of dividends payable on the common stock are within the sole discretion of the Board, which will evaluate dividend payments within the context of the Company’s overall capital allocation strategy on an ongoing basis, giving consideration to its current and forecast earnings, financial condition, cash requirements and other factors.

About ARKO Corp.

ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable family of community brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. Our high value fas REWARDS® loyalty program offers exclusive savings on merchandise and gas. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites; and fleet fueling, which includes the operation of proprietary and third-party cardlock locations, and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

Forward-Looking Statements

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are distinguished by use of words such as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things, changes in economic, business and market conditions; the Company’s ability to maintain the listing of its common stock and warrants on the Nasdaq Stock Market; changes in its strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; expansion plans and opportunities; changes in the markets in which it competes; changes in applicable laws or regulations, including those relating to environmental matters; market conditions and global and economic factors beyond its control; and the outcome of any known or unknown litigation and regulatory proceedings. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.



Media Contact
Andrew Petro
Matter on behalf of ARKO
(978) 518-4531
[email protected]

Investor Contact
Ross Parman
ARKO Corp.
[email protected]

Posted on

Atlanta Braves Holdings Reports Second Quarter 2023 Financial Results

Atlanta Braves Holdings Reports Second Quarter 2023 Financial Results

ENGLEWOOD, Colo.–(BUSINESS WIRE)–
Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported second quarter 2023 results.

Headlines include(1):

  • Atlanta Braves Holdings began trading July 19th following split-off of Bravesand associated mixed-use development from Liberty Media Corporation

  • Total revenue grew 8% to $270 million in second quarter

    • Baseball revenue up 8% to $255 million

    • Mixed-use development revenue up 13% to $15 million

  • Mixed-use development generated $10 million of Adjusted OIBDA(2) in second quarter

“Atlanta Braves Holdings is the first MLB team to trade publicly in 25 years. We believe our new structure will better highlight the value of the Braves and the associated mixed-use development for the benefit of our team, fans, employees and shareholders,” said Greg Maffei, Chairman, President and CEO of Atlanta Braves Holdings. “The Braves are an iconic franchise with demonstrated on-field and financial success, and the Battery Atlanta development has become a model embraced and emulated by professional sports teams. Our leadership team will continue to support the Braves executives in Atlanta in their successful management of the club.”

Corporate Updates

On July 18, 2023, Liberty Media Corporation (“Liberty Media”) completed the split-off of the Braves and its associated mixed-use development (the “Split-Off”) into the separate public company Atlanta Braves Holdings. The businesses and assets at Atlanta Braves Holdings consist of Braves Holdings, LLC, the owner and operator of the Atlanta Braves Major League Baseball Club, and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development, called The Battery Atlanta, which were previously attributed to the Braves Group tracking stock of Liberty Media. For purposes of this presentation, Atlanta Braves Holdings standalone results, assets and liabilities are shown for the three and six months ended June 30, 2023 and the prior year periods as though the Split-Off had occurred prior to such date, as well as certain historical financial information of the Braves Group tracking stock of Liberty Media, where applicable, including the financial impact of the Braves Group intergroup interests that were settled subsequent to quarter end. Atlanta Braves Holdings financial results for the three and six months ended June 30, 2022 include immaterial adjustments compared to results previously reported by the Braves Group tracking stock of Liberty Media for the corresponding periods. The outstanding basic share count of Atlanta Braves Holdings as of July 31, 2023 is 62 million shares.

Discussion of Results

 

 

 

Three months ended

 

 

 

 

Six months ended

 

 

 

 

June 30,

 

 

 

 

June 30,

 

 

 

 

2022

 

2023

 

% Change

 

 

2022

 

2023

 

% Change

 

 

amounts in thousands

 

 

 

 

amounts in thousands

 

 

Baseball revenue

 

$

236,918

 

 

$

254,935

 

 

8

%

 

 

$

246,758

 

 

$

272,496

 

 

10

%

Mixed-use development revenue

 

 

13,407

 

 

 

15,188

 

 

13

%

 

 

 

25,097

 

 

 

28,599

 

 

14

%

Total revenue

 

 

250,325

 

 

 

270,123

 

 

8

%

 

 

 

271,855

 

 

 

301,095

 

 

11

%

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Baseball operating costs

 

 

(169,585

)

 

 

(195,458

)

 

(15

)%

 

 

 

(195,811

)

 

 

(232,229

)

 

(19

)%

Mixed-use development costs

 

 

(2,567

)

 

 

(2,273

)

 

11

%

 

 

 

(4,310

)

 

 

(4,204

)

 

2

%

Selling, general and administrative, excluding stock-based compensation

 

 

(29,932

)

 

 

(30,290

)

 

(1

)%

 

 

 

(48,893

)

 

 

(53,649

)

 

(10

)%

Adjusted OIBDA

 

$

48,241

 

 

$

42,102

 

 

(13

)%

 

 

$

22,841

 

 

$

11,013

 

 

(52

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

27,561

 

 

$

19,467

 

 

(29

)%

 

 

$

(18,679

)

 

$

(29,790

)

 

(59

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regular season home games in period

 

 

41

 

 

 

43

 

 

 

 

 

 

41

 

 

 

43

 

 

 

Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2023 to the same period in 2022.

Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-use development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income.

The following table disaggregates revenue by segment and by source:

 

 

 

Three months ended

 

 

 

 

Six months ended

 

 

 

 

June 30,

 

 

 

 

June 30,

 

 

 

 

2022

 

2023

 

% Change

 

 

2022

 

2023

 

% Change

 

 

amounts in thousands

 

 

 

 

amounts in thousands

 

 

Baseball:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Baseball event

 

$

145,116

 

$

162,368

 

12

%

 

 

$

146,203

 

$

163,486

 

12

%

Broadcasting

 

 

63,745

 

 

68,558

 

8

%

 

 

 

63,745

 

 

69,449

 

9

%

Retail and licensing

 

 

17,755

 

 

19,747

 

11

%

 

 

 

21,610

 

 

24,122

 

12

%

Other

 

 

10,302

 

 

4,262

 

(59

)%

 

 

 

15,200

 

 

15,439

 

2

%

Baseball revenue

 

 

236,918

 

 

254,935

 

8

%

 

 

 

246,758

 

 

272,496

 

10

%

Mixed-use development

 

 

13,407

 

 

15,188

 

13

%

 

 

 

25,097

 

 

28,599

 

14

%

Total revenue

 

$

250,325

 

$

270,123

 

8

%

 

 

$

271,855

 

$

301,095

 

11

%

There were 43 home games played in the second quarter of 2023 compared to 41 home games in the prior year period.

Baseball revenue increased 8% in the second quarter. Baseball event and retail and licensing revenue grew primarily due to the increased number of regular season home games as well as increased ticket demand and attendance at games. Broadcasting revenue increased due to the increased number of games as well as contractual rate increases. Retail and licensing revenue also benefited from demand for City Connect apparel, partially offset by a reduction in demand for World Series Champions apparel compared to the prior season. Other revenue declined due to fewer concerts at the stadium compared to the prior year period. Mixed-use development revenue increased 13% during the second quarter due to increases in rental income related to tenant recoveries and various new lease agreements.

Operating income and Adjusted OIBDA decreased in the second quarter. Revenue growth was more than offset by increased baseball operating costs due to higher player salaries, increases under MLB’s revenue sharing plan and variable concession and retail operating costs attributable to more games held with increased ticket demand and attendance. Selling, general and administrative expense was relatively flat.

FOOTNOTES

1)

Atlanta Braves Holdings will be available to answer questions related to these headlines and other matters on Liberty Media Corporation’s earnings conference call that will begin at 10:00 a.m. (E.T.) on August 4, 2023. For information regarding how to access the call, please see “Important Notice” later in this document.

2)

For a definition of Adjusted OIBDA (as defined by Atlanta Braves Holdings) and the applicable reconciliation, see the accompanying schedule.

Important Notice: Atlanta Braves Holdings (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media Corporation’s second quarter earnings conference call which will begin at 10:00 a.m. (E.T.) on August 4, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736985 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the Atlanta Braves Holdings website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, product and marketing strategies, future financial performance and prospects, the split-off of Atlanta Braves Holdings from Liberty Media, and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, Atlanta Braves Holdings’ ability to recognize anticipated benefits from the split-off, possible changes in the regulatory and competitive environment in which Atlanta Braves Holdings operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of Atlanta Braves Holdings and its business affiliates, including operations outside of the U.S., Atlanta Braves Holdings’ indebtedness and its ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations, tax matters, compliance with government regulations and potential adverse outcomes of regulatory proceedings, changes in the nature of key strategic relationships with broadcasters, partners, vendors and joint venturers, the impact of organized labor, the performance and management of the mixed-use development and the impact of inflation and weak economic conditions on consumer demand. These forward-looking statements speak only as of the date of this press release, and Atlanta Braves Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Atlanta Braves Holdings’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Atlanta Braves Holdings, including Amendment No. 5 to the Registration Statement on Form S-4 filed by Atlanta Braves Holdings with the Securities and Exchange Commission on June 8, 2023 and the most recent Form 10-Q, for additional information about Atlanta Braves Holdings and about the risks and uncertainties related to Atlanta Braves Holdings’ business which may affect the statements made in this press release.

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss)

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Atlanta Braves Holdings together with reconciliations to operating income, as determined under GAAP. Atlanta Braves Holdings defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges.

Atlanta Braves Holdings believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Atlanta Braves Holdings views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Atlanta Braves Holdings’ management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for Atlanta Braves Holdings to operating income (loss) calculated in accordance with GAAP for the three and six months ended June 30, 2022 and June 30, 2023.

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

(amounts in thousands)

 

2022

 

2023

 

2022

 

2023

Operating income (loss)

 

$

27,561

 

 

$

19,467

 

 

$

(18,679

)

 

$

(29,790

)

Impairment of long-lived assets and other related costs

 

 

—

 

 

 

232

 

 

 

—

 

 

 

530

 

Stock-based compensation

 

 

3,063

 

 

 

3,153

 

 

 

6,126

 

 

 

6,344

 

Depreciation and amortization

 

 

17,617

 

 

 

19,250

 

 

 

35,394

 

 

 

33,929

 

Adjusted OIBDA

 

$

48,241

 

 

$

42,102

 

 

$

22,841

 

 

$

11,013

 

Baseball

 

$

41,685

 

 

$

37,415

 

 

$

10,581

 

 

$

1,878

 

Mixed-use development

 

 

8,480

 

 

 

10,166

 

 

 

16,397

 

 

 

19,319

 

Corporate and other

 

 

(1,924

)

 

 

(5,479

)

 

 

(4,137

)

 

 

(10,184

)

SCHEDULE 2: Cash and Debt

The following presentation is provided to separately identify cash and debt information. Atlanta Braves Holdings cash decreased $85 million during the second quarter due to cash used in operations primarily due to seasonal working capital changes, increases in restricted cash and capital expenditures. Atlanta Braves Holdings debt was flat in the second quarter. In May 2023, a subsidiary of Braves Holdings, LLC refinanced an $80 million construction loan agreement that was used to construct the retail portion of the mixed-use development with a new term loan with $80 million in commitments.

 

(amounts in thousands)

 

March 31, 2023

 

June 30, 2023

Atlanta Braves Holdings Cash (GAAP)(a)

 

$

215,515

 

 

$

130,537

 

 

 

 

 

 

Debt:

 

 

 

 

 

 

Baseball

 

 

 

 

 

 

League wide credit facility

 

$

—

 

 

$

—

 

MLB facility fund – term

 

 

30,000

 

 

 

30,000

 

MLB facility fund – revolver

 

 

43,125

 

 

 

43,125

 

TeamCo revolver

 

 

—

 

 

 

—

 

Term debt

 

 

168,562

 

 

 

168,561

 

Mixed-use development

 

 

300,313

 

 

 

301,127

 

Total Atlanta Braves Holdings Debt

 

$

542,000

 

 

$

542,813

 

Deferred financing costs

 

 

(3,704

)

 

 

(4,118

)

Total Atlanta Braves Holdings Debt (GAAP)

 

$

538,296

 

 

$

538,695

 

a)

Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $30 million and $52 million as of March 31, 2023 and June 30, 2023, respectively.

ATLANTA BRAVES HOLDINGS

CONDENSED COMBINED BALANCE SHEET INFORMATION

June 30, 2023 (unaudited)

 

 

 

June 30,

 

December 31,

 

 

2023

 

2022

 

 

amounts in thousands

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

130,537

 

 

150,664

 

Restricted cash

 

 

52,033

 

 

22,149

 

Accounts receivable and contract assets, net of allowance for credit losses

 

 

54,491

 

 

70,234

 

Other current assets

 

 

27,068

 

 

24,331

 

Total current assets

 

 

264,129

 

 

267,378

 

 

 

 

 

 

 

Property and equipment, at cost

 

 

1,037,399

 

 

1,007,776

 

Accumulated depreciation

 

 

(298,542

)

 

(277,979

)

 

 

 

738,857

 

 

729,797

 

 

 

 

 

 

 

Investments in affiliates, accounted for using the equity method

 

 

98,890

 

 

94,564

 

Intangible assets not subject to amortization:

 

 

 

 

 

Goodwill

 

 

175,764

 

 

175,764

 

Franchise rights

 

 

123,703

 

 

123,703

 

 

 

 

299,467

 

 

299,467

 

 

 

 

 

 

 

Other assets, net

 

 

107,759

 

 

99,455

 

Total assets

 

$

1,509,102

 

 

1,490,661

 

Liabilities and Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

65,426

 

 

54,748

 

Deferred revenue and refundable tickets

 

 

142,010

 

 

104,996

 

Current portion of debt

 

 

7,205

 

 

74,806

 

Other current liabilities

 

 

5,524

 

 

6,361

 

Total current liabilities

 

 

220,165

 

 

240,911

 

 

 

 

 

 

 

Long-term debt

 

 

531,490

 

 

467,160

 

Redeemable intergroup interests

 

 

340,889

 

 

278,103

 

Finance lease liabilities

 

 

106,014

 

 

107,220

 

Deferred income tax liabilities

 

 

46,965

 

 

54,099

 

Pension liability

 

 

10,450

 

 

15,405

 

Other noncurrent liabilities

 

 

31,247

 

 

28,253

 

Total liabilities

 

 

1,287,220

 

 

1,191,151

 

Equity:

 

 

 

 

 

Parent’s investment

 

 

730,620

 

 

732,350

 

Retained earnings (deficit)

 

 

(515,971

)

 

(429,082

)

Accumulated other comprehensive earnings (loss), net of taxes

 

 

(4,056

)

 

(3,758

)

Total parent’s investment

 

 

210,593

 

 

299,510

 

Noncontrolling interests in equity of subsidiaries

 

 

11,289

 

 

—

 

Total equity

 

 

221,882

 

 

299,510

 

Commitments and contingencies

 

 

 

 

 

Total liabilities and equity

 

$

1,509,102

 

 

1,490,661

 

ATLANTA BRAVES HOLDINGS

CONDENSED COMBINED STATEMENT OF OPERATIONS INFORMATION

June 30, 2023 (unaudited)

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

2022

 

2023

 

2022

 

 

amounts in thousands, except per share amounts

Revenue:

 

 

 

 

 

 

 

 

 

 

Baseball revenue

 

$

254,935

 

 

236,918

 

 

$

272,496

 

 

246,758

 

Mixed-use development revenue

 

 

15,188

 

 

13,407

 

 

 

28,599

 

 

25,097

 

Total revenue

 

 

270,123

 

 

250,325

 

 

 

301,095

 

 

271,855

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

Baseball operating costs

 

 

195,458

 

 

169,585

 

 

 

232,229

 

 

195,811

 

Mixed-use development costs

 

 

2,273

 

 

2,567

 

 

 

4,204

 

 

4,310

 

Selling, general and administrative, including stock-based compensation

 

 

33,443

 

 

32,995

 

 

 

59,993

 

 

55,019

 

Impairment of long-lived assets and other related costs

 

 

232

 

 

—

 

 

 

530

 

 

—

 

Depreciation and amortization

 

 

19,250

 

 

17,617

 

 

 

33,929

 

 

35,394

 

 

 

 

250,656

 

 

222,764

 

 

 

330,885

 

 

290,534

 

Operating income (loss)

 

 

19,467

 

 

27,561

 

 

 

(29,790

)

 

(18,679

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(9,448

)

 

(6,402

)

 

 

(18,360

)

 

(12,529

)

Share of earnings (losses) of affiliates, net

 

 

11,462

 

 

15,022

 

 

 

10,659

 

 

12,143

 

Unrealized gains (losses) on intergroup interests

 

 

(49,409

)

 

34,881

 

 

 

(62,786

)

 

36,103

 

Realized and unrealized gains (losses) on financial instruments, net

 

 

3,840

 

 

1,659

 

 

 

3,079

 

 

6,460

 

Gains (losses) on dispositions, net

 

 

2,503

 

 

28

 

 

 

2,503

 

 

20,215

 

Other, net

 

 

813

 

 

143

 

 

 

1,654

 

 

168

 

Earnings (loss) before income taxes

 

 

(20,772

)

 

72,892

 

 

 

(93,041

)

 

43,881

 

Income tax benefit (expense)

 

 

(8,141

)

 

(9,193

)

 

 

6,152

 

 

(3,217

)

Net earnings (loss)

 

$

(28,913

)

 

63,699

 

$

(86,889

)

40,664

ATLANTA BRAVES HOLDINGS

CONDENSED COMBINED STATEMENT OF CASH FLOWS INFORMATION

June 30, 2023 (unaudited)

 

 

 

Six months ended June 30,

 

 

2023

 

2022

 

 

amounts in thousands

Cash flows from operating activities:

 

 

 

 

 

Net earnings (loss)

 

$

(86,889

)

 

40,664

 

Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

Depreciation and amortization

 

 

33,929

 

 

35,394

 

Stock-based compensation

 

 

6,344

 

 

6,126

 

Share of (earnings) losses of affiliates, net

 

 

(10,659

)

 

(12,143

)

Unrealized (gains) losses on intergroup interests, net

 

 

62,786

 

 

(36,103

)

Realized and unrealized (gains) losses on financial instruments, net

 

 

(3,079

)

 

(6,460

)

(Gains) losses on dispositions, net

 

 

(2,503

)

 

(20,215

)

Deferred income tax expense (benefit)

 

 

(7,014

)

 

(9,454

)

Cash receipts from returns on equity method investments

 

 

6,225

 

 

7,550

 

Other charges (credits), net

 

 

949

 

 

1,687

 

Net change in operating assets and liabilities:

 

 

 

 

 

Current and other assets

 

 

(14,338

)

 

21,184

 

Payables and other liabilities

 

 

50,141

 

 

69,798

 

Net cash provided by (used in) operating activities

 

 

35,892

 

 

98,028

 

Cash flows from investing activities:

 

 

 

 

 

Capital expended for property and equipment

 

 

(29,700

)

 

(7,638

)

Cash proceeds from dispositions

 

 

—

 

 

47,175

 

Investments in equity method affiliates and equity securities

 

 

—

 

 

(5,273

)

Other investing activities, net

 

 

110

 

 

—

 

Net cash provided by (used in) investing activities

 

 

(29,590

)

 

34,264

 

Cash flows from financing activities:

 

 

 

 

 

Borrowings of debt

 

 

15,815

 

 

39,753

 

Repayments of debt

 

 

(18,893

)

 

(138,113

)

Contribution from noncontrolling interest

 

 

11,289

 

 

—

 

Other financing activities, net

 

 

(4,756

)

 

(6,074

)

Net cash provided by (used in) financing activities

 

 

3,455

 

 

(104,434

)

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

 

 

9,757

 

 

27,858

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

172,813

 

 

244,113

 

Cash, cash equivalents and restricted cash at end of period

 

$

182,570

 

 

271,971

 

 

Shane Kleinstein (720) 875-5432

KEYWORDS: United States North America Georgia Colorado

INDUSTRY KEYWORDS: Commercial Building & Real Estate Licensing (Sports) Baseball Construction & Property Sports Entertainment Specialty Events/Concerts TV and Radio Retail

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Liberty Broadband Reports Second Quarter 2023 Financial Results

Liberty Broadband Reports Second Quarter 2023 Financial Results

ENGLEWOOD, Colo.–(BUSINESS WIRE)–
Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported second quarter 2023 results.

Headlines include(1):

  • Fair value of Charter investment was $17.3 billion as of June 30th
  • Liberty Broadband did not sell Charter shares to Charter from May 1st through July 31st as its fully diluted equity interest in Charter remained below 26%(2)
  • Liberty Broadband received a $25 million dividend from GCI subsequent to quarter-end on July 5th; $65 million received year-to-date

  • In the second quarter, GCI(3) increased revenue 3% to $245 million, generated $32 million in operating income and grew Adjusted OIBDA(4) 2% to $92 million

Share Repurchases

There were no repurchases of Liberty Broadband’s common stock (Nasdaq: LBRDA, LBRDK) from May 1, 2023 through July 31, 2023. The total remaining repurchase authorization for Liberty Broadband as of August 1, 2023 is approximately $2.0 billion.

Charter Ownership

Under the terms of Liberty Broadband and Charter’s stockholder agreement, Liberty Broadband has sold and will continue to sell to Charter a number of shares of Class A common stock as is necessary to maintain Liberty Broadband’s percentage equity interest at 26% on a fully diluted basis. Such sales are executed by Liberty Broadband monthly based on Charter’s repurchase activity in the month prior.

From May 1, 2023 through July 31, 2023, Liberty Broadband did not sell any Charter shares to Charter as its fully diluted equity interest in Charter for the period was below 26%.

Balance Sheet

The following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of March 31, 2023 and June 30, 2023.

(amounts in millions)

3/31/2023

6/30/2023

Cash and Cash Equivalents:

 

 

 

 

GCI Holdings

$

59

 

$

60

 

Corporate and Other

 

110

 

 

21

 

Total Liberty Broadband Consolidated Cash

$

169

 

$

81

 

 

 

 

 

 

Fair Value of Public Holdings in Charter(a)

$

16,843

 

$

17,303

 

 

 

 

 

 

Debt:

 

 

 

 

Senior Notes(b)

$

600

 

$

600

 

Senior Credit Facility

 

396

 

 

396

 

Tower Obligations and Other(c)

 

93

 

 

92

 

Total GCI Holdings Debt

$

1,089

 

$

1,088

 

GCI Leverage(d)

 

2.9x

 

3.0x

 

 

 

 

 

Charter Margin Loan

$

1,400

 

$

1,475

 

3.125% Exchangeable Senior Debentures due 2053(e)

 

1,265

 

 

1,265

 

1.25% Exchangeable Senior Debentures due 2050(e)

 

2

 

 

2

 

Total Corporate Level Debt

$

2,667

 

$

2,742

 

 

 

 

 

 

Total Liberty Broadband Debt

$

3,756

 

$

3,830

 

Fair market value adjustment and deferred loan costs

 

11

 

 

(9

)

Tower obligations and finance leases (excluded from GAAP Debt)

 

(88

)

 

(87

)

Total Liberty Broadband Debt (GAAP)

$

3,679

 

$

3,734

 

 

 

 

 

 

Other Financial Obligations:

 

 

 

 

Indemnification Obligation(f)

$

29

 

$

10

 

Preferred Stock(g)

 

180

 

 

180

 
____________________

a)

Represents fair value of the investment in Charter as of March 31, 2023 and June 30, 2023. A portion of the Charter equity securities are considered covered shares and subject to certain contractual restrictions in accordance with the indemnification obligation, as described below.

b)

Principal amount of Senior Notes.

c)

Includes the Wells Fargo Note Payable and current and long-term obligations under tower obligations and finance leases.

d)

As defined in GCI’s credit agreement.

e)

Principal amount of Senior Exchangeable Debentures exclusive of fair market value adjustments.

f)

Indemnity to Qurate Retail, Inc. (“Qurate Retail”), pursuant to an indemnification agreement (the “indemnification agreement”), with respect to the Liberty Interactive LLC (“LI LLC”) 1.75% exchangeable debentures due 2046 (the “LI LLC Charter exchangeable debentures”), as described below. LI LLC is a wholly owned subsidiary of Qurate Retail.

g)

Liquidation value of preferred stock. Preferred stock has a 7% coupon, $25/share liquidation preference plus accrued and unpaid dividends and 1/3 vote per share. The redemption date is the first business day following March 8, 2039. The preferred stock is considered a liability for GAAP purposes.
 

Liberty Broadband cash decreased $88 million in the second quarter primarily due to litigation settlements, the purchase of investments and taxes paid during the period. GCI cash remained flat in the second quarter as cash from operations was offset by capital expenditures and the RHC program litigation settlement.

Liberty Broadband debt increased $74 million in the second quarter due to additional borrowing under the Charter margin loan. There is $825 million of available capacity under the Charter margin loan. On May 17, 2023, Liberty Broadband entered into an amended Charter margin loan with an extended maturity date of May 2026 and a 1.875% spread to SOFR, among other modifications. GCI’s credit facility has undrawn capacity of $397 million (net of letters of credit), and GCI’s leverage as defined in its credit agreement is 3.0x.

Liberty Broadband has an indemnification agreement with Qurate Retail with respect to the LI LLC Charter exchangeable debentures. Pursuant to the indemnification agreement, Liberty Broadband will be required to indemnify LI LLC for any payments made to a holder of such debentures that exercises its exchange right on or before the put/call date of October 5, 2023 in excess of the sum of the adjusted principal amount of such debentures plus certain estimated tax benefits to Qurate Retail, if any, resulting from the exchange. This indemnity is supported by a negative pledge in favor of Qurate Retail on the reference shares of Class A common stock of Charter held at Liberty Broadband that underlie the LI LLC Charter exchangeable debentures. The indemnification obligation on Liberty Broadband’s balance sheet is valued based on the estimated exchange feature in the LI LLC Charter exchangeable debentures. As of June 30, 2023, holders of the LI LLC Charter exchangeable debentures have the ability to exchange their debentures, and accordingly, the indemnification obligation is classified as a current liability. During the three months ended June 30, 2023, indemnification payments of $1 million were made by Liberty Broadband to Qurate Retail in connection with exchanges of $94 million principal amount of the LI LLC Charter exchangeable debentures that settled in the quarter.

GCI Operating and Financial Results

 

 

 

 

 

 

 

 

2Q22

 

2Q23

 

% Change

(amounts in millions, except operating metrics)

 

 

 

 

 

 

GCI Consolidated Financial Metrics

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Consumer

$

117

 

$

117

 

—

%

Business

 

121

 

 

128

 

6

%

Total revenue

$

238

 

$

245

 

3

%

 

 

 

 

 

 

 

Operating income

$

10

 

$

32

 

220

%

Operating income margin (%)

 

4.2

%

 

13.1

%

890

bps

 

 

 

 

 

 

 

Adjusted OIBDA(a)

$

90

 

$

92

 

2

%

Adjusted OIBDA margin(a) (%)

 

37.8

%

 

37.6

%

(20

) bps

 

 

 

 

 

 

 

GCI Consumer

 

 

 

 

 

 

Financial Metrics

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Data

$

57

 

$

59

 

4

%

Wireless

 

47

 

 

48

 

2

%

Other

 

13

 

 

10

 

(23

)%

Total revenue

$

117

 

$

117

 

—

%

Operating Metrics

 

 

 

 

 

 

Data:

 

 

 

 

 

 

Cable modem subscribers(b)

 

154,500

 

 

159,600

 

3

%

Wireless:

 

 

 

 

 

 

Lines in service(c)

 

194,000

 

 

201,100

 

4

%

 

 

 

 

 

 

 

GCI Business

 

 

 

 

 

 

Financial Metrics

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Data

$

97

 

$

106

 

9

%

Wireless

 

13

 

 

13

 

—

%

Other

 

11

 

 

9

 

(18

)%

Total revenue

$

121

 

$

128

 

6

%
____________________

a)

See reconciling schedule 1.

b)

A cable modem subscriber is defined by the purchase of cable modem service regardless of the level of service purchased. If one entity purchases multiple cable modem service access points, each access point is counted as a subscriber. Data cable modem subscribers as of June 30, 2023 include 1,100 subscribers that were reclassified from GCI Business to GCI Consumer subscribers in the first quarter of 2023 and are not new additions.

c)

A wireless line in service is defined as a wireless device with a monthly fee for services. Wireless lines in service as of June 30, 2023 include 1,400 lines that were reclassified from GCI Business to GCI Consumer lines in the first quarter of 2023 and are not new additions.
 

Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2023 to the same period in 2022.

GCI revenue was up 3% in the second quarter. Consumer revenue was flat driven by continued strength in demand for consumer data and wireless, offset by declines in voice and video revenue. Business revenue was up 6% with significant growth in data revenue primarily driven by sales to rural health care and schools due to service upgrades as well as new customer growth.

Operating income increased by $22 million in the second quarter primarily due to lapping the $10 million litigation settlement accrual in the prior year period as well as lower depreciation expense as certain assets were fully depreciated in 2022. Adjusted OIBDA grew 2% due to the growth in business data revenue, partially offset by cost inflation.

In the second quarter, GCI spent $41 million on net capital expenditures. Capital expenditure spending was related primarily to improvements to the wireless and hybrid fiber coax networks. GCI’s net capital expenditures for the full year 2023 are expected to be approximately $185 million related to increased investment in middle mile and last mile data connectivity, including network expansion in rural Alaska.

FOOTNOTES

1)

Liberty Broadband will discuss these highlights and other matters on Liberty Broadband’s earnings conference call that will begin at 11:15 a.m. (E.T.) on August 4, 2023. For information regarding how to access the call, please see “Important Notice” later in this document.

 

 

2)

Calculated pursuant to the stockholder agreement between Liberty Broadband and Charter Communications, Inc. (“Charter”).

 

 

3)

Liberty Broadband’s principal operating asset is GCI Holdings, LLC (“GCI” or “GCI Holdings”), Alaska’s largest communications provider. Liberty Broadband also holds an interest in Charter.

 

 

4)

For a definition of Adjusted OIBDA and Adjusted OIBDA margin and applicable reconciliations, see the accompanying schedules.
 

NOTES

LIBERTY BROADBAND FINANCIAL METRICS

 

 

 

 

 

 

 

(amounts in millions)

 

2Q22

 

 

2Q23

 

Revenue

 

 

 

 

 

 

GCI Holdings

 

$

238

 

 

$

245

 

Corporate and other(a)

 

 

1

 

 

 

—

 

Total Liberty Broadband Revenue

 

$

239

 

 

$

245

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

GCI Holdings

 

$

10

 

 

$

32

 

Corporate and other(a)

 

 

(11

)

 

 

(9

)

Total Liberty Broadband Operating Income (Loss)

 

$

(1

)

 

$

23

 

 

 

 

 

 

 

 

Adjusted OIBDA

 

 

 

 

 

 

GCI Holdings

 

$

90

 

 

$

92

 

Corporate and other(a)

 

 

(7

)

 

 

(5

)

Total Liberty Broadband Adjusted OIBDA

 

$

83

 

 

$

87

 
____________________

a)

Corporate and other included Skyhook Holdings, Inc. until its sale on May 2, 2022.
 

Important Notice: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) will discuss Liberty Broadband’s earnings release on a conference call which will begin at 11:15 a.m. (E.T.) on August 4, 2023. The call can be accessed by dialing (877) 407-3944 or (412) 902-0038, passcode 13736991, at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertybroadband.com/investors/news-events/ir-calendar. Links to this press release and replays of the call will also be available on Liberty Broadband’s website.

This press release includes certain forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, capital expenditures, matters relating to Liberty Broadband’s equity interest in Charter and Charter’s buyback of common stock, Liberty Broadband’s participation in Charter’s buyback of common stock, indemnification by Liberty Broadband, the continuation of our stock repurchase program and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to Liberty Broadband, changes in law and government regulations, the availability of investment opportunities, general market conditions (including as a result of inflationary pressures) and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Broadband, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Broadband and about the risks and uncertainties related to Liberty Broadband which may affect the statements made in this press release.

NON-GAAP FINANCIAL MEASURES

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Liberty Broadband (and certain of its subsidiaries) and GCI Holdings together with a reconciliation to that entity or such businesses’ operating income, as determined under GAAP. Liberty Broadband defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, transaction costs, separately reported litigation settlements, restructuring and impairment charges. Further, this press release includes Adjusted OIBDA margin which is also a non-GAAP financial measure. Liberty Broadband defines Adjusted OIBDA margin as Adjusted OIBDA divided by revenue.

Liberty Broadband believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Broadband views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Broadband’s management considers in assessing the results of operations and performance of its assets. Please see the tables below for applicable reconciliations.

SCHEDULE 1

The following table provides a reconciliation of GCI’s operating income to its Adjusted OIBDA for the three months ended June 30, 2022 and June 30, 2023.

GCI HOLDINGS ADJUSTED OIBDA RECONCILIATION

 

 

 

 

 

 

 

 

(amounts in millions)

 

2Q22

 

2Q23

 

GCI Holdings Operating Income

 

$

10

 

$

32

 

Depreciation and amortization

 

 

66

 

 

56

 

Stock-based compensation

 

 

4

 

 

4

 

Litigation settlement(a)

 

 

10

 

 

—

 

GCI Holdings Adjusted OIBDA

 

$

90

 

$

92

 
____________________

a)

GCI recorded a $10 million settlement expense in June 2022 related to legal proceedings with the DOJ on Rural Healthcare matters that commenced in 2019. The legal proceedings were finalized and settlement payments were made in the second quarter of 2023.
 

SCHEDULE 2

The following table provides a reconciliation of operating income (loss) calculated in accordance with GAAP to Adjusted OIBDA for Liberty Broadband for the three months ended June 30, 2022 and June 30, 2023.

LIBERTY BROADBAND ADJUSTED OIBDA RECONCILIATION

 

 

 

 

 

 

 

(amounts in millions)

 

2Q22

 

 

2Q23

 

Liberty Broadband Operating Income (Loss)

 

$

(1

)

 

$

23

 

Depreciation and amortization

 

 

65

 

 

 

56

 

Stock-based compensation

 

 

9

 

 

 

8

 

Litigation settlement(a)

 

 

10

 

 

 

—

 

Liberty Broadband Adjusted OIBDA (Loss)

 

$

83

 

 

$

87

 

GCI Holdings

 

$

90

 

 

$

92

 

Corporate and other

 

 

(7

)

 

 

(5

)
____________________

a)

GCI recorded a $10 million settlement expense in June 2022 related to legal proceedings with the DOJ on Rural Healthcare matters that commenced in 2019. The legal proceedings were finalized and settlement payments were made in the second quarter of 2023.
 

LIBERTY BROADBAND CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION

(unaudited)

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

2023

 

2022

 

 

amounts in millions,

 

 

except share amounts

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

81

 

375

 

Trade and other receivables, net of allowance for credit losses of $5 and $4, respectively

 

183

 

201

 

Prepaid and other current assets

 

129

 

84

 

Total current assets

 

393

 

660

 

Investment in Charter, accounted for using the equity method

 

11,916

 

11,433

 

Property and equipment, net

 

1,013

 

1,011

 

Intangible assets not subject to amortization

 

 

 

Goodwill

 

755

 

755

 

Cable certificates

 

550

 

550

 

Other

 

37

 

37

 

Intangible assets subject to amortization, net

 

492

 

516

 

Other assets, net

 

253

 

180

 

Total assets

$

15,409

 

15,142

 

 

 

 

 

Liabilities and Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

92

 

92

 

Deferred revenue

 

24

 

20

 

Current portion of debt, including $2 and $1,373 measured at fair value, respectively

 

5

 

1,376

 

Indemnification obligation

 

10

 

50

 

Other current liabilities

 

63

 

137

 

Total current liabilities

 

194

 

1,675

 

Long-term debt, net, including $1,233 and zero measured at fair value, respectively

 

3,729

 

2,425

 

Obligations under tower obligations and finance leases, excluding current portion

 

84

 

86

 

Long-term deferred revenue

 

63

 

63

 

Deferred income tax liabilities

 

2,146

 

2,040

 

Preferred stock

 

202

 

202

 

Other liabilities

 

152

 

150

 

Total liabilities

 

6,570

 

6,641

 

Equity

 

 

 

Series A common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 18,230,229 and 18,528,468 at June 30, 2023 and December 31, 2022, respectively

 

—

 

—

 

Series B common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,028,632 and 2,106,636 at June 30, 2023 and December 31, 2022, respectively

 

—

 

—

 

Series C common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 125,954,241 and 125,962,296 at June 30, 2023 and December 31, 2022, respectively

 

1

 

1

 

Additional paid-in capital

 

3,286

 

3,318

 

Accumulated other comprehensive earnings (loss), net of taxes

 

56

 

9

 

Retained earnings

 

5,476

 

5,155

 

Total stockholders’ equity

 

8,819

 

8,483

 

Non-controlling interests

 

20

 

18

 

Total equity

 

8,839

 

8,501

 

Commitments and contingencies

 

 

 

Total liabilities and equity

$

15,409

 

15,142

 
 

LIBERTY BROADBAND CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION

(unaudited)

 

 

 

 

 

 

 

 

Three months ended

 

 

June 30,

 

 

2023

 

2022

 

 

amounts in millions,

except per share amounts

Revenue

$

245

 

239

 

Operating costs and expenses:

 

 

 

Operating expense (exclusive of depreciation and amortization shown separately below)

 

59

 

60

 

Selling, general and administrative, including stock-based compensation

 

107

 

105

 

Depreciation and amortization

 

56

 

65

 

Litigation settlement

 

—

 

10

 

 

 

222

 

240

 

Operating income (loss)

 

23

 

(1

)

Other income (expense):

 

 

 

Interest expense (including amortization of deferred loan fees)

 

(52

)

(30

)

Share of earnings (losses) of affiliate

 

318

 

386

 

Gain (loss) on dilution of investment in affiliate

 

(5

)

(11

)

Realized and unrealized gains (losses) on financial instruments, net

 

40

 

77

 

Gain (loss) on dispositions, net

 

—

 

179

 

Other, net

 

2

 

(18

)

Earnings (loss) before income taxes

 

326

 

582

 

Income tax benefit (expense)

 

(74

)

(117

)

Net earnings (loss)

 

252

 

465

 

Less net earnings (loss) attributable to the non-controlling interests

 

—

 

—

 

Net earnings (loss) attributable to Liberty Broadband shareholders

$

252

 

465

 

Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

$

1.73

 

2.89

 

Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

$

1.71

 

2.87

 
 

LIBERTY BROADBAND CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION

(unaudited)

 

 

 

 

 

 

 

 

Six months ended

 

 

June 30,

 

 

2023

 

2022

 

 

amounts in millions

Cash flows from operating activities:

 

 

 

Net earnings (loss)

$

321

 

764

 

Adjustments to reconcile net earnings (loss) to net cash from operating activities:

 

 

 

Depreciation and amortization

 

114

 

129

 

Stock-based compensation

 

16

 

18

 

Litigation settlement

 

—

 

10

 

Share of (earnings) losses of affiliate, net

 

(566

)

(689

)

(Gain) loss on dilution of investment in affiliate

 

32

 

67

 

Realized and unrealized (gains) losses on financial instruments, net

 

74

 

(214

)

Deferred income tax expense (benefit)

 

95

 

1

 

(Gain) loss on dispositions, net

 

—

 

(179

)

Other, net

 

(2

)

(3

)

Change in operating assets and liabilities:

 

 

 

Current and other assets

 

(40

)

113

 

Payables and other liabilities

 

(99

)

1

 

Net cash provided by (used in) operating activities

 

(55

)

18

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(97

)

(78

)

Grant proceeds received for capital expenditures

 

2

 

—

 

Cash received for Charter shares repurchased by Charter

 

42

 

1,806

 

Cash proceeds from dispositions, net

 

—

 

163

 

Cash released from escrow related to dispositions

 

23

 

—

 

Purchases of investments

 

(53

)

—

 

Other investing activities, net

 

2

 

4

 

Net cash provided by (used in) investing activities

 

(81

)

1,895

 

Cash flows from financing activities:

 

 

 

Borrowings of debt

 

1,451

 

300

 

Repayments of debt, tower obligations and finance leases

 

(1,545

)

(203

)

Repurchases of Liberty Broadband common stock

 

(40

)

(1,890

)

Indemnification payment to Qurate Retail

 

(25

)

—

 

Other financing activities, net

 

(2

)

(3

)

Net cash provided by (used in) financing activities

 

(161

)

(1,796

)

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

 

(297

)

117

 

Cash, cash equivalents and restricted cash, beginning of period

 

400

 

206

 

Cash, cash equivalents and restricted cash, end of period

$

103

 

323

 

 

Liberty Broadband Corporation

Shane Kleinstein, 720-875-5432

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Technology Mobile/Wireless Other Communications Entertainment Telecommunications Communications Networks TV and Radio Internet

MEDIA:

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Posted on

Bridger Aerospace Announces Schedule for its Second Quarter 2023 Earnings Release and Conference Call

Announces Participation in Upcoming Investor Conference

BELGRADE, Mont., Aug. 04, 2023 (GLOBE NEWSWIRE) — Bridger Aerospace Group Holdings, Inc. (“Bridger” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today announced that it will release financial results for the second quarter ended June 30, 2023 on Thursday, August 10, 2023 after the market close.

Management will conduct an investor conference call on Thursday, August 10, 2023 at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these results and its business outlook. Interested parties can access the conference call by dialing 877-407-0789 or 201-689-8562. The conference call will also be broadcast live on the Investor Relations section of our website at https://ir.bridgeraerospace.com.

An audio replay will be available through August 17, 2023 by calling 844-512-2921 or 412-317-6671 and using the passcode 13740056. The replay will also be accessible at https://ir.bridgeraerospace.com. Supporting materials will be available on the investor relations section of the Company’s website at https://ir.bridgeraerospace.com.

Upcoming Investor Conference

The Company also announced that management is scheduled to participate in the Gabelli Funds 29th Annual Aerospace & Defense Symposium on September 7th in New York.

About Bridger Aerospace

Based in Belgrade, Montana, Bridger Aerospace Group Holdings, Inc. is one of the nation’s largest aerial firefighting companies. Bridger Aerospace is committed to utilizing its team, aircraft and technology to save lives, property and habitats threatened by wildfires. Bridger Aerospace provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation. More information about Bridger Aerospace is available at https://www.bridgeraerospace.com.

Investor Contacts

Alison Ziegler
Darrow Associates
201-220-2678
[email protected]



Posted on

Aveanna Healthcare Holdings Announces Agreement to Extend its $175 Million Securitization Facility

ATLANTA, Aug. 04, 2023 (GLOBE NEWSWIRE) — Aveanna Healthcare Holdings Inc. (“Aveanna”) (NASDAQ: AVAH), a leading provider of care in the home to pediatric, adults, and geriatric patients, announced that it has amended its securitization facility to extend its maturity to July 31, 2026. The amended agreement continues to provide for total availability of $175 million.

Matt Buckhalter, Interim CFO of Aveanna, stated, “We are pleased to extend this credit facility with our banking partners. We believe that this facility provides ample liquidity for our business to invest in growth while focusing on our strategies of value-based care in the home. We remain confident in our balance sheet, and we thank our credit partners for their trust in us.”

Additional information may be found in the Company’s Current Report on Form 8-K filed today with the Securities and Exchange Commission. The company is scheduled to report its second quarter earnings on Thursday, August 10, 2023.

About Aveanna Healthcare

Aveanna Healthcare is headquartered in Atlanta, Georgia and has locations in 33 states providing a broad range of pediatric and adult healthcare services including nursing, rehabilitation services, occupational nursing in schools, therapy services, day treatment centers for medically fragile and chronically ill children and adults, home health and hospice services, as well as delivery of enteral nutrition and other products to patients. The Company also provides case management services in order to assist families and patients by coordinating the provision of services between insurers or other payers, physicians, hospitals, and other healthcare providers. In addition, the Company provides respite healthcare services, which are temporary care provider services provided in relief of the patient’s normal caregiver. The Company’s services are designed to provide a high quality, lower cost alternative to prolonged hospitalization. For more information, please visit www.aveanna.com.

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements (other than statements of historical facts) in this press release regarding our prospects, plans, financial position, business strategy and expected financial and operational results may constitute forward-looking statements. Forward-looking statements generally can be identified by the use of terminology such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “should,” “predict,” “project,” “potential,” “continue” or the negatives of these terms or variations of them or similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, such as our ability to successfully execute our growth strategy, including through organic growth and the completion of acquisitions, effective integration of the companies we acquire, unexpected costs of acquisitions and dispositions, the possibility that expected cost synergies may not materialize as expected, the failure of Aveanna or the companies we acquire to perform as expected, estimation inaccuracies in revenue recognition, our ability to drive margin leverage through lower costs, unexpected increases in SG&A and other expenses, changes in reimbursement, changes in government regulations, changes in Aveanna’s relationships with referral sources, increased competition for Aveanna’s services or wage inflation, changes in the interpretation of government regulations or discretionary determinations made by government officials, uncertainties regarding the outcome of rate discussions with managed care organizations and our ability to effectively collect our cash from these organizations, our ability to effectively collect and submit data required under Electronic Visit Verification regulations, our ability to comply with the terms and conditions of the CMS Review Choice Demonstration program, our ability to effectively implement and transition to new electronic medical record systems or billing and collection systems, changes in tax rates, the impact of adverse weather, the impact to our business operations, reimbursements and patient population were the COVID-19 environment to worsen, and other risks set forth under the heading “Risk Factors” in Aveanna’s Annual Report on Form 10-K for its 2022 fiscal year filed with the Securities and Exchange Commission on March 16, 2023, which is available at www.sec.gov. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may prove to be incorrect or imprecise. Accordingly, forward-looking statements included in this press release do not purport to be predictions of future events or circumstances, and actual results may differ materially from those expressed by forward-looking statements. All forward-looking statements speak only as of the date made, and Aveanna undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact

Matt Buckhalter
Interim Chief Financial Officer
[email protected]



Posted on

Intra-Cellular Therapies to Present at the Canaccord Genuity 43rd Annual Growth Conference

NEW YORK, Aug. 04, 2023 (GLOBE NEWSWIRE) — Intra-Cellular Therapies, Inc. (Nasdaq: ITCI), a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, today announced that it will present at the Canaccord Genuity 43rd Annual Growth Conference on Wednesday, August 9, 2023 at 1:30 p.m. ET.

The live and archived webcast can be accessed under “Events & Presentations” in the Investor Relations section of the Company’s website at www.intracellulartherapies.com. Please log in approximately 5-10 minutes prior to the event to register and to download and install any necessary software.

About Intra-Cellular Therapies

Intra-Cellular Therapies is a biopharmaceutical company founded on Nobel prize-winning research that allows us to understand how therapies affect the inner-workings of cells in the body. The company leverages this intracellular approach to develop innovative treatments for people living with complex psychiatric and neurologic diseases. For more information, please visit www.intracellulartherapies.com.

Contact:

Intra-Cellular Therapies, Inc.
Juan Sanchez, M.D.
Vice President, Corporate Communications and Investor Relations
646-440-9333

Burns McClellan, Inc.
Cameron Radinovic
[email protected]
212-213-0006



Posted on

Omeros Corporation to Announce Second Quarter Financial Results on Morning of August 9, 2023

Omeros Corporation to Announce Second Quarter Financial Results on Morning of August 9, 2023

SEATTLE–(BUSINESS WIRE)–
Omeros Corporation (NASDAQ: OMER), today announced that the company will issue its financial results for the quarter ended June 30, 2023, on Wednesday, August 9, 2023, before the market opens. Omeros management will host a conference call and webcast that same day at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss the financial results as well as recent developments and highlights.

Conference Call Details

For online access to the live webcast of the conference call, go to Omeros’ website at https://investor.omeros.com/upcoming-events.

To access the live conference call via phone, participants must register at this link to receive a unique PIN. Once registered, you will have two options: (1) Dial in to the conference line provided at the registration site using the PIN provided to you, or (2) choose the “Call Me” option, which will instantly dial the phone number you provide. Should you lose your PIN or registration confirmation email, simply re-register to receive a new PIN.

A replay of the call will be made accessible online at https://investor.omeros.com/archived-events.

About Omeros Corporation

Omeros is an innovative biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market and orphan indications targeting immunologic disorders including complement-mediated diseases, cancers, and addictive and compulsive disorders. Omeros’ lead MASP-2 inhibitor narsoplimab targets the lectin pathway of complement and is the subject of a biologics license application pending before FDA for the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA). Narsoplimab is also in multiple late-stage clinical development programs focused on other complement-mediated disorders, including IgA nephropathy, COVID-19, and atypical hemolytic uremic syndrome. Omeros’ long-acting MASP-2 inhibitor OMS1029 is currently in a Phase 1 clinical trial. OMS906, Omeros’ inhibitor of MASP-3, the key activator of the alternative pathway of complement, is advancing across multiple clinical programs for alternative pathway-related diseases, including paroxysmal nocturnal hemoglobinuria (PNH) and complement 3 (C3) glomerulopathy. For more information about Omeros and its programs, visit www.omeros.com.

Jennifer Cook Williams

Cook Williams Communications, Inc.

Investor and Media Relations

[email protected]

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Oncology

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