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Accel Entertainment Announces Q2 2023 Operating Results

Accel Entertainment Announces Q2 2023 Operating Results

CHICAGO–(BUSINESS WIRE)–
Accel Entertainment, Inc. (NYSE: ACEL) today announced certain financial and operating results for the second quarter ended June 30, 2023.

Highlights:

  • Ended Q2 2023 with 3,655 locations; an increase of 5% compared to Q2 2022

  • Ended Q2 2023 with 23,759 gaming terminals; an increase of 7% compared to Q2 2022

  • Revenue of $292.6 million for Q2 2023, an increase of 28% compared to Q2 2022

  • Net income of $10.0 million for Q2 2023; a decrease of 56% compared to Q2 2022 primarily attributable to the $4.8 million loss on the change in fair value of the contingent earnout shares in Q2 2023 compared to the $5.7 million gain in Q2 2022

  • Adjusted EBITDA of $46.6 million for Q2 2023; an increase of 9% compared to Q2 2022 primarily due to the acquisition of Century and Illinois same stores sales growth of 0.4%

  • Q2 2023 ended with $285 million of net debt; an increase of 1% compared to Q2 2022

  • Repurchased approximately $8 million of Accel Class A-1 common stock in Q2 2023

  • Reached a settlement to resolve the disciplinary complaint with the Illinois Gaming Board for $1.1 million, which is included in Net income and Adjusted EBITDA in our Q2 2023 results

Accel CEO Andy Rubenstein commented, “We are pleased to deliver another record-breaking quarter and I am excited by our future growth opportunities. Despite uncertain economic times, our revenues continue to grow organically outside of acquisitions. As we look beyond Illinois, we have greater visibility on new ways to further extend our position as a national leader in distributed gaming. We expect our strong balance sheet and locally focused business model will offer what we believe is one of the best returns in gaming.”

Condensed Consolidated Statements of Operations and Other Data

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

(in thousands)

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

Total net revenue

$

292,647

 

$

227,869

 

$

585,855

 

$

424,760

Operating income

 

29,164

 

 

27,315

 

 

56,836

 

 

48,522

Income before income tax expense

 

16,085

 

 

29,246

 

 

31,267

 

 

49,869

Net income

 

9,983

 

 

22,464

 

 

19,165

 

 

38,252

Other Financial Data:

 

 

 

 

 

 

 

Adjusted EBITDA(1)

 

46,612

 

 

42,716

 

 

92,730

 

 

77,958

Adjusted net income (2)

 

20,435

 

 

22,516

 

 

41,499

 

 

40,121

(1)

Adjusted EBITDA is defined as net income plus amortization of intangible assets and route and customer acquisition costs; (gain) loss on change in fair value of contingent earnout shares; stock-based compensation expense; other expenses, net; tax effect of adjustments; depreciation and amortization of property and equipment; interest expense; emerging markets; and income tax expense. For additional information on Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA, see “Non-GAAP Financial Measures—Adjusted EBITDA and Adjusted net income.”

(2)

Adjusted net income is defined as net income plus amortization of intangible assets and route and customer acquisition costs; (gain) loss on change in fair value of contingent earnout shares; stock-based compensation expense; other expenses, net; and tax effect of adjustments. For additional information on Adjusted net income and a reconciliation of net income to Adjusted net income, see “Non-GAAP Financial Measures—Adjusted net income and Adjusted EBITDA.”
 
Net Revenues

 

 

 

 

 

 

 

(in thousands)

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

Net revenues by state:

 

 

 

 

 

 

 

Illinois

$

215,947

 

$

205,962

 

$

435,790

 

$

400,821

Montana

 

39,275

 

 

10,825

 

 

75,726

 

 

10,825

Nevada

 

29,869

 

 

8,920

 

 

59,830

 

 

8,920

Other

 

7,556

 

 

2,162

 

 

14,509

 

 

4,194

Total net revenues

$

292,647

 

$

227,869

 

$

585,855

 

$

424,760
 
Key Business Metrics

 

 

 

 

 

 

 

Locations (1)

As of June 30,

 

2023

 

2022

Illinois

2,690

 

2,572

Montana

610

 

585

Nevada

355

 

332

Total locations

3,655

 

3,489

Terminals (1)

As of June 30,

 

2023

 

2022

Illinois

14,767

 

13,801

Montana

6,210

 

5,742

Nevada

2,782

 

2,585

Total terminals

23,759

 

22,128

(1)

Based on a combination of third-party portal data and data from our internal systems. This metric is utilized by Accel to continually monitor growth from existing locations, organic openings, acquired locations, and competitor conversions.
 
Condensed Consolidated Statements of Cash Flows Data

 

Six Months Ended June 30,

(in thousands)

2023

 

2022

Net cash provided by operating activities

$

63,845

 

 

$

41,211

 

Net cash used in investing activities

 

(16,245

)

 

 

(137,267

)

Net cash (used in) provided by financing activities

 

(38,279

)

 

 

117,438

 
 

Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

(in thousands)

2023

 

2022

 

2023

 

2022

Net income

$

9,983

 

 

$

22,464

 

 

$

19,165

 

 

$

38,252

 

Adjustments:

 

 

 

 

 

 

 

Amortization of intangible assets and route and customer acquisition costs (1)

 

5,284

 

 

 

3,574

 

 

 

10,526

 

 

 

7,122

 

Stock-based compensation (2)

 

2,567

 

 

 

2,281

 

 

 

4,255

 

 

 

3,886

 

Loss (gain) on change in fair value of contingent earnout shares (3)

 

4,836

 

 

 

(5,722

)

 

 

9,438

 

 

 

(9,139

)

Other expenses, net (4)

 

73

 

 

 

2,232

 

 

 

3,324

 

 

 

4,788

 

Tax effect of adjustments (5)

 

(2,308

)

 

 

(2,313

)

 

 

(5,209

)

 

 

(4,788

)

Adjusted net income

$

20,435

 

 

$

22,516

 

 

$

41,499

 

 

$

40,121

 

Depreciation and amortization of property and equipment

 

9,446

 

 

 

6,598

 

 

 

18,509

 

 

 

12,439

 

Interest expense, net

 

8,243

 

 

 

3,791

 

 

 

16,131

 

 

 

7,792

 

Emerging markets (6)

 

78

 

 

 

716

 

 

 

(720

)

 

 

1,201

 

Income tax expense

 

8,410

 

 

 

9,095

 

 

 

17,311

 

 

 

16,405

 

Adjusted EBITDA

$

46,612

 

 

$

42,716

 

 

$

92,730

 

 

$

77,958

 

(1)

Amortization of intangible assets and route and customer acquisition costs consist of upfront cash payments and future cash payments to third-party sales agents to acquire the location partners that are not connected with a business acquisition, as well as the amortization of other intangible assets. We amortize the upfront cash payment over the life of the contract, including expected renewals, beginning on the date the location goes live, and recognizes non-cash amortization charges with respect to such items. Future or deferred cash payments, which may occur based on terms of the underlying contract, are generally lower in the aggregate as compared to established practice of providing higher upfront payments, and are also capitalized and amortized over the remaining life of the contract. Future cash payments do not include cash costs associated with renewing customer contracts as we do not generally incur significant costs as a result of extension or renewal of an existing contract. Location contracts acquired in a business combination are recorded at fair value as part of the business combination accounting and then amortized as an intangible asset on a straight-line basis over the expected useful life of the contract of 15 years. “Amortization of intangible assets and route and customer acquisition costs” aggregates the non-cash amortization charges relating to upfront route and customer acquisition cost payments and location contracts acquired, as well as the amortization of other intangible assets.

(2)

Stock-based compensation consists of options, restricted stock units, and performance-based restricted stock units. 

(3)

Loss (gain) on change in fair value of contingent earnout shares represents a non-cash fair value adjustment at each reporting period end related to the value of these contingent shares. Upon achieving such contingency, shares of Class A-2 common stock convert to Class A-1 common stock resulting in a non-cash settlement of the obligation.

(4)

Other expenses, net consists of (i) non-cash expenses including the remeasurement of contingent consideration liabilities, (ii) non-recurring lobbying and legal expenses related to distributed gaming expansion in current or prospective markets, and (iii) other non-recurring expenses.

(5)

Calculated by excluding the impact of the non-GAAP adjustments from the current period tax provision calculations.

(6)

Emerging markets consist of the results, on an Adjusted EBITDA basis, for non-core jurisdictions where our operations are developing. Markets are no longer considered emerging when we have installed or acquired at least 500 gaming terminals in the jurisdiction, or when 24 months have elapsed from the date we first install or acquire gaming terminals in the jurisdiction, whichever occurs first. We currently view Iowa and Pennsylvania as emerging markets. Prior to April 2023, Nebraska was considered an emerging market. Prior to July 2022, Georgia was considered an emerging market.
 

Reconciliation of Debt to Net Debt

 

As of June 30,

(in thousands)

2023

 

2022

Debt, net of current maturities

$

489,721

 

 

$

478,635

 

Plus: Current maturities of debt

 

28,472

 

 

 

23,460

 

Less: Cash and cash equivalents

 

(233,434

)

 

 

(220,168

)

Net debt

$

284,759

 

 

$

281,927

 

Conference Call

Accel will host an investor conference call on August 3, 2023 at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss these operating and financial results. Interested parties may join the live webcast by registering at https://www.netroadshow.com/events/login?show=b22ebdaa&confId=52872. Registering in advance of the call will provide listeners with a personalized link to view the webcast and an individual dial-in for the call. This registration link to the live webcast will also be available on Accel’s investor relations website, as well as a replay of the webcast following completion of the call: ir.accelentertainment.com.

About Accel

Accel believes it is the leading distributed gaming operator in the United States on an Adjusted EBITDA basis, and a preferred partner for local business owners in the markets Accel serves. Accel’s business consists of the installation, maintenance and operation of gaming terminals, redemption devices that disburse winnings and contain automated teller machine (“ATM”) functionality, and other amusement devices in authorized non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including, but not limited to, any statements regarding our estimates of number of gaming terminals, locations, revenues, Adjusted EBITDA and capital expenditures. The words “predict,” “estimated,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “continue,” and similar expressions or the negatives thereof are intended to identify forward-looking statements. These forward-looking statements represent our current reasonable expectations and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We cannot guarantee the accuracy of the forward-looking statements, and you should be aware that results and events could differ materially and adversely from those contained in the forward-looking statements due to a number of factors including, but not limited to: Accel’s ability to successfully integrate its business with the business of Century and realize the full benefits of the Century acquisition; Accel’s ability to operate in existing markets or expand into new jurisdictions; Accel’s ability to manage its growth effectively; Accel’s ability to offer new and innovative products and services that fulfill the needs of location partners and create strong and sustained player appeal; Accel’s dependence on relationships with key manufacturers, developers and third parties to obtain gaming terminals, amusement machines, and related supplies, programs, and technologies for its business on acceptable terms; the negative impact on Accel’s future results of operations by the slow growth in demand for gaming terminals and by the slow growth of new gaming jurisdictions; Accel’s heavy dependency on its ability to win, maintain and renew contracts with location partners; unfavorable macroeconomic conditions or decreased discretionary spending due to other factors such as increased interest rates, increased inflation, actual or perceived instability in the U.S. and global banking systems, high fuel rates, recessions, epidemics or other public health issues, terrorist activity or threat thereof, civil unrest or other macroeconomic or political uncertainties, that could adversely affect Accel’s business, results of operations, cash flows and financial conditions and other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (“SEC”).

Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on Accel. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in the Annual Report on Form 10-K filed by Accel with the SEC, as well as Accel’s other filings with the SEC. Except as required by law, we do not undertake publicly to update or revise these statements, even if experience or future changes make it clear that any projected results expressed in this or other press releases or future quarterly reports, or company statements will not be realized. In addition, the inclusion of any statement in this press release does not constitute an admission by us that the events or circumstances described in such statement are material. We qualify all of our forward-looking statements by these cautionary statements. In addition, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors including those described in the section entitled “Risk Factors” in the Annual Report on Form 10-K filed by Accel with the SEC, as well as Accel’s other filings with the SEC. These and other factors could cause our results to differ materially from those expressed in this press release.

Non-GAAP Financial Information

This press release includes certain financial information not prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”), including Adjusted EBITDA, Adjusted net income, and Net Debt. Adjusted EBITDA, Adjusted net income, and Net Debt are non-GAAP financial measures and are key metrics used to monitor ongoing core operations. Management of Accel believes Adjusted EBITDA, Adjusted net income, and Net Debt enhance the understanding of Accel’s underlying drivers of profitability and trends in Accel’s business and facilitates company-to-company and period-to-period comparisons, because these non-GAAP financial measures exclude the effects of certain non-cash items, represents certain nonrecurring items that are unrelated to core performance, or excludes non-core operations. Management of Accel also believes that these non-GAAP financial measures are used by investors, analysts and other interested parties as measures of financial performance.

Adjusted EBITDA, Adjusted net income, and Net Debt

Although Accel excludes amortization of intangible assets and route and customer acquisition costs from Adjusted EBITDA and Adjusted net income, Accel believes that it is important for investors to understand that these route, customer and other intangible assets contribute to revenue generation. Any future acquisitions may result in amortization of intangible assets and route and customer acquisition costs.

Adjusted EBITDA, Adjusted net income, and Net Debt are not recognized terms under GAAP. These non-GAAP financial measures exclude some, but not all, items that affect net income, and these measures may vary among companies. These non-GAAP financial measures are unaudited and have important limitations as an analytical tool, should not be viewed in isolation and do not purport to be alternatives to net income as indicators of operating performance.

 

ACCEL ENTERTAINMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)
 

(In thousands, except per share amounts)

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

Revenues:

 

 

 

 

 

 

 

Net gaming

$

277,551

 

$

218,423

 

 

$

556,931

 

$

406,885

 

Amusement

 

5,630

 

 

4,693

 

 

 

12,428

 

 

9,683

 

Manufacturing

 

4,430

 

 

919

 

 

 

6,552

 

 

919

 

ATM fees and other

 

5,036

 

 

3,834

 

 

 

9,944

 

 

7,273

 

Total net revenues

 

292,647

 

 

227,869

 

 

 

585,855

 

 

424,760

 

Operating expenses:

 

 

 

 

 

 

 

Cost of revenue (exclusive of depreciation and amortization expense shown below)

 

202,306

 

 

154,666

 

 

 

405,860

 

 

287,286

 

Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below)

 

2,154

 

 

765

 

 

 

3,562

 

 

765

 

General and administrative

 

44,220

 

 

32,719

 

 

 

87,238

 

 

63,838

 

Depreciation and amortization of property and equipment

 

9,446

 

 

6,598

 

 

 

18,509

 

 

12,439

 

Amortization of intangible assets and route and customer acquisition costs

 

5,284

 

 

3,574

 

 

 

10,526

 

 

7,122

 

Other expenses, net

 

73

 

 

2,232

 

 

 

3,324

 

 

4,788

 

Total operating expenses

 

263,483

 

 

200,554

 

 

 

529,019

 

 

376,238

 

Operating income

 

29,164

 

 

27,315

 

 

 

56,836

 

 

48,522

 

Interest expense, net

 

8,243

 

 

3,791

 

 

 

16,131

 

 

7,792

 

Loss (gain) on change in fair value of contingent earnout shares

 

4,836

 

 

(5,722

)

 

 

9,438

 

 

(9,139

)

Income before income tax expense

 

16,085

 

 

29,246

 

 

 

31,267

 

 

49,869

 

Income tax expense

 

6,102

 

 

6,782

 

 

 

12,102

 

 

11,617

 

Net income

$

9,983

 

$

22,464

 

 

$

19,165

 

$

38,252

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

$

0.12

 

$

0.24

 

 

$

0.22

 

$

0.41

 

Diluted

 

0.11

 

 

0.24

 

 

 

0.22

 

 

0.41

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

Basic

 

86,184

 

 

92,328

 

 

 

86,529

 

 

92,484

 

Diluted

 

86,820

 

 

93,001

 

 

 

86,971

 

 

93,195

 
 

ACCEL ENTERTAINMENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
 

(In thousands, except par value and share amounts)

June 30,

 

December 31

 

2023

 

2022

Assets

(Unaudited)

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

233,434

 

 

$

224,113

 

Accounts receivable, net

 

9,713

 

 

 

11,166

 

Prepaid expenses

 

8,009

 

 

 

7,407

 

Inventories

 

7,313

 

 

 

6,941

 

Income taxes receivable

 

909

 

 

 

538

 

Interest rate caplets

 

9,603

 

 

 

8,555

 

Investment in convertible notes

 

—

 

 

 

32,065

 

Other current assets

 

11,930

 

 

 

8,427

 

Total current assets

 

280,911

 

 

 

299,212

 

Property and equipment, net

 

235,682

 

 

 

211,844

 

Noncurrent assets:

 

 

 

Route and customer acquisition costs, net

 

18,303

 

 

 

18,342

 

Location contracts acquired, net

 

181,960

 

 

 

189,343

 

Goodwill

 

101,554

 

 

 

100,707

 

Other intangible assets, net

 

21,761

 

 

 

22,979

 

Interest rate caplets, net of current

 

9,677

 

 

 

11,364

 

Other assets

 

13,446

 

 

 

8,978

 

Total noncurrent assets

 

346,701

 

 

 

351,713

 

Total assets

$

863,294

 

 

$

862,769

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Current maturities of debt

$

28,472

 

 

$

23,466

 

Current portion of route and customer acquisition costs payable

 

1,497

 

 

 

1,487

 

Accrued location gaming expense

 

6,264

 

 

 

7,791

 

Accrued state gaming expense

 

16,470

 

 

 

16,605

 

Accounts payable and other accrued expenses

 

24,513

 

 

 

22,302

 

Accrued compensation and related expenses

 

8,039

 

 

 

10,607

 

Current portion of consideration payable

 

7,497

 

 

 

7,647

 

Total current liabilities

 

92,752

 

 

 

89,905

 

Long-term liabilities:

 

 

 

Debt, net of current maturities

 

489,721

 

 

 

518,566

 

Route and customer acquisition costs payable, less current portion

 

4,566

 

 

 

5,137

 

Consideration payable, less current portion

 

5,945

 

 

 

6,872

 

Contingent earnout share liability

 

32,726

 

 

 

23,288

 

Other long-term liabilities

 

5,514

 

 

 

3,390

 

Deferred income tax liability, net

 

43,322

 

 

 

37,021

 

Total long-term liabilities

 

581,794

 

 

 

594,274

 

Stockholders’ equity:

 

 

 

Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2023 and December 31, 2022

 

—

 

 

 

—

 

Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 94,799,278 shares issued and 85,605,725 shares outstanding at June 30, 2023; 94,504,051 shares issued and 86,674,390 shares outstanding at December 31, 2022

 

9

 

 

 

9

 

Additional paid-in capital

 

197,690

 

 

 

194,157

 

Treasury stock, at cost

 

(94,133

)

 

 

(81,697

)

Accumulated other comprehensive income

 

12,136

 

 

 

12,240

 

Accumulated earnings

 

73,046

 

 

 

53,881

 

Total stockholders’ equity

 

188,748

 

 

 

178,590

 

Total liabilities and stockholders’ equity

$

863,294

 

 

$

862,769

 

 

Media:

Eric Bonach

H/Advisors Abernathy

212-371-5999

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Electronic Games Casino/Gaming Entertainment

MEDIA:

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Vicarious Surgical to Present at the Canaccord Genuity 43rd Annual Growth Conference

Vicarious Surgical to Present at the Canaccord Genuity 43rd Annual Growth Conference

WALTHAM, Mass.–(BUSINESS WIRE)–
Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (NYSE: RBOT, RBOT WS), a next-generation robotics technology company seeking to improve patient outcomes as well as both cost and efficiency of surgical procedures, today announced the Company will participate in the Canaccord Genuity 43rd Annual Growth Conference.

Management is scheduled to present on Wednesday, August 9 at 2:30 p.m. ET. A live webcast of the presentation will be accessible to the public on the “Investors” section of the Company’s website at https://investor.vicarioussurgical.com. An archive of the webcast will be available for replay following the conference.

About Vicarious Surgical

Founded in 2014, Vicarious Surgical is a next generation robotics company developing a disruptive technology with the goals of increasing the efficiency of surgical procedures, improving patient outcomes, and reducing healthcare costs. The Company’s novel surgical approach uses proprietary human-like surgical robots to transport surgeons inside the patient to perform minimally invasive surgery. The Company is led by an experienced team of technologists, medical device professionals and physicians, and is backed by technology luminaries including Bill Gates, Vinod Khosla’s Khosla Ventures, Innovation Endeavors, Jerry Yang’s AME Cloud Ventures, Sun Hung Kai & Co. Ltd and Philip Liang’s E15 VC. The Company is headquartered in Waltham, Massachusetts. Learn more at www.vicarioussurgical.com.

Investor Contact

Kaitlyn Brosco

[email protected]

Marissa Bych

Gilmartin Group

[email protected]

Press and Media Inquiries:

Abby Mayo for Matter Health

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Technology Robotics Health Surgery

MEDIA:

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OFS Capital Corporation Announces Second Quarter 2023 Financial Results

OFS Capital Corporation Announces Second Quarter 2023 Financial Results

Third Quarter Distribution Increased to $0.34 Per Share

CHICAGO–(BUSINESS WIRE)–
OFS Capital Corporation (NASDAQ: OFS) (“OFS Capital,” the “Company,” “we,” “us,” or “our”) today announced its financial results for the fiscal quarter ended June 30, 2023.

SECOND QUARTER FINANCIAL HIGHLIGHTS

  • Net investment income of $0.38 per common share for the quarter ended June 30, 2023, an increase from $0.37 per common share for the quarter ended March 31, 2023.

  • Net loss on investments of $0.53 per common share; no new non-accrual loans during the quarter.

  • Net asset value (“NAV”) per common share of $12.94, as of June 30, 2023.

  • As of June 30, 2023, based on fair value, 95% of our loan portfolio consisted of floating rate loans and approximately 99% of our loan portfolio consisted of senior secured loans.

  • For the quarter ended June 30, 2023, the investment portfolio’s weighted-average performing income yield increased to 13.8% from 13.0% during the prior quarter.

  • On June 30, 2023, we paid a quarterly distribution of $0.33 per common share, and, on August 1, 2023, our Board of Directors declared a distribution of $0.34 per common share for the third quarter of 2023, a 3.0% increase compared to the prior quarter distribution, payable on September 29, 2023 to stockholders of record as of September 22, 2023.

SELECTED FINANCIAL HIGHLIGHTS (unaudited)

Three Months Ended

(Per common share)

June 30, 2023

 

March 31, 2023

Net Investment Income

 

 

 

Net investment income

$

0.38

 

 

$

0.37

 

 

 

 

 

Net Realized/Unrealized Gain (Loss)

 

 

 

Net realized loss on investments(1)

$

(0.78

)

 

$

—

 

Net unrealized appreciation (depreciation) on investments

 

0.25

 

 

 

(0.09

)

Net loss on investments

$

(0.53

)

 

$

(0.09

)

 

 

 

 

Earnings (Loss)

 

 

 

Earnings (loss)

$

(0.15

)

 

$

0.28

 

 

 

 

 

Net Asset Value

 

 

 

Net asset value

$

12.94

 

 

$

13.42

 

Distributions paid

$

0.33

 

 

$

0.33

 

 

As of

(in millions)

June 30, 2023

 

March 31, 2023

Balance Sheet Highlights (unaudited)

 

 

 

Investment portfolio, at fair value

$

494.6

 

$

499.8

Total assets

 

505.9

 

 

515.5

Net assets

 

173.4

 

 

179.8

(1)

For the quarter ended March 31, 2023, net realized loss rounds to an amount of less than $0.01 per common share.

“We are pleased to announce a distribution increase for the third quarter of 2023,” said Bilal Rashid, OFS Capital’s Chairman and Chief Executive Officer. “Today we reported another increase in our quarterly net investment income, which rose to $0.38 per common share, and was the third consecutive increase in our quarterly net investment income. We believe our balance sheet is well positioned in the current interest rate environment with the vast majority of our loan portfolio being floating rate and the majority of our debt being fixed-rate. At the end of the second quarter, approximately 86% of our outstanding debt matures in 2026 or later, and more than half of our outstanding debt is unsecured.”

PORTFOLIO AND INVESTMENT ACTIVITIES

($ in millions)
 

 

 

As of and for the Three Months Ended

Portfolio Overview

 

June 30, 2023

 

March 31, 2023

Average performing interest-bearing investments, at cost

 

$

406.5

 

 

$

410.0

 

Weighted-average performing income yield – interest-bearing investments(2)

 

 

13.8

%

 

 

13.0

%

Weighted-average realized yield – interest-bearing investments(3)

 

 

12.5

%

 

 

11.8

%

The weighted-average yield of our investments is not the same as a return on investment for our stockholders, but rather relates to our investment portfolio and is calculated before the payment of all of our fees and expenses.

(2)

Performing income yield is calculated as (a) the actual amount earned on performing interest-bearing investments, including interest, prepayment fees and amortization of net loan fees, divided by (b) the weighted-average of total performing interest-bearing investments at amortized cost.

(3)

Realized yield is calculated as (a) the actual amount earned on interest-bearing investments, including interest, prepayment fees and amortization of net loan fees, divided by (b) the weighted-average of total interest-bearing investments at amortized cost, in each case, including debt investments on non-accrual status and non-income producing structured finance securities.

 

 

Three Months Ended

Portfolio Activity

 

June 30, 2023

 

March 31, 2023

Investments in debt and equity investments

 

$

16.4

 

$

9.9

Investments in structured finance securities

 

 

—

 

 

—

As of June 30, 2023, based on fair value, our investment portfolio was comprised of the following:

  • Total investments of $494.6 million, which was equal to approximately 106% of amortized cost;

  • Debt investments of $313.0 million in 44 portfolio companies;

  • Equity investments of $99.6 million in 16 portfolio companies;

  • Structured finance securities of $81.9 million in 23 investments; and

  • Unfunded commitments of $15.8 million to 10 portfolio companies.

During the quarter ended June 30, 2023, no new loans were placed on non-accrual status.

RESULTS OF OPERATIONS

Investment Income

For the quarter ended June 30, 2023, total investment income increased to $14.5 million from $14.3 million in the prior quarter, primarily due to an increase in total interest income of $0.7 million. The increase in interest income was primarily due to an increase in our portfolio’s weighted-average performing income yield to 13.8% for the quarter ended June 30, 2023 from 13.0% in the prior quarter.

Expenses

For the quarter ended June 30, 2023, total expenses increased by $0.1 million to $9.4 million compared to the prior quarter, primarily due to an increase in interest expense stemming from increasing interest rates on our variable rate revolving credit facility with BNP Paribas.

Net Gain (Loss) on Investments

For the quarter ended June 30, 2023, we recognized a net loss on investments of $7.1 million, primarily due to unrealized depreciation of $4.3 million and $2.7 million on our structured finance securities and equity securities, respectively. For the quarter ended June 30, 2023, our loan portfolio experienced net gains of $1.0 million.

During the quarter ended June 30, 2023, we wrote-off a non-accrual loan and equity investment resulting in a loss of $0.4 million, net of the reversal of previously recognized unrealized depreciation, and a gross realized loss of $10.5 million on our invested capital.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2023, we had $6.8 million in cash, which includes $1.4 million held by our wholly owned small business investment company, OFS SBIC I, LP (“SBIC I LP”), and $3.5 million held by OFSCC-FS, LLC (“OFSCC-FS”), an indirect wholly owned subsidiary. Our use of cash held by SBIC I LP and OFSCC-FS is restricted by regulatory and/or contractual conditions, including limitations on the amount of cash SBIC I LP and OFSCC-FS can distribute to us.

As of June 30, 2023, we had an unused commitment of $24.5 million under our senior secured revolving credit facility with Pacific Western Bank, as well as an unused commitment of $48.9 million under our revolving credit facility with BNP Paribas, both of which are subject to borrowing base requirements and other covenants. As of June 30, 2023, we had outstanding commitments to fund investments totaling $15.8 million under various undrawn revolvers and other credit facilities.

CONFERENCE CALL

OFS Capital will host a conference call to discuss these results on Friday, August 4, 2023, at 10:00 AM Eastern Time. Interested parties may participate in the call via the following:

INTERNET: Go to www.ofscapital.com at least 15 minutes prior to the start time of the call to register, download, and install any necessary audio software. A replay will be available for 90 days on OFS Capital’s website at www.ofscapital.com.

TELEPHONE: Dial (844) 763-8274 (Domestic) or (412) 717-9224 (International) approximately 15 minutes prior to the call. A telephone replay of the conference call will be available through August 18, 2023 and may be accessed by calling (877) 344-7529 (Domestic) or (412) 317-0088 (International) and utilizing conference ID #1478311.

For more detailed discussion of the financial and other information included in this press release, please refer to OFS Capital’s Form 10-Q for the second quarter ended June 30, 2023.

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except per share data)
 

 

June 30,

2023

 

December 31,

2022

 

(unaudited)

 

 

Assets

 

 

 

Total investments, at fair value (amortized cost of $466,684 and $474,880, respectively)

$

494,579

 

 

$

500,576

 

Cash

 

6,829

 

 

 

14,937

 

Interest receivable

 

2,322

 

 

 

2,202

 

Prepaid expenses and other assets

 

2,176

 

 

 

3,002

 

Total assets

$

505,906

 

 

$

520,717

 

 

 

 

 

Liabilities

 

 

 

Revolving lines of credit

$

101,600

 

 

$

104,700

 

SBA debentures (net of deferred debt issuance costs of $115 and $223, respectively)

 

45,805

 

 

 

50,697

 

Unsecured Notes (net of deferred debt issuance costs of $3,157 and $3,647, respectively)

 

176,843

 

 

 

176,353

 

Interest payable

 

3,928

 

 

 

3,947

 

Payable to adviser and affiliates

 

3,732

 

 

 

3,909

 

Accrued professional fees

 

344

 

 

 

444

 

Other liabilities

 

232

 

 

 

244

 

Total liabilities

 

332,484

 

 

 

340,294

 

 

 

 

 

Net assets

 

 

 

Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

$

—

 

 

$

—

 

Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,398,078 and 13,398,078 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

 

134

 

 

 

134

 

Paid-in capital in excess of par

 

184,841

 

 

 

184,841

 

Total distributable earnings (losses)

 

(11,553

)

 

 

(4,552

)

Total net assets

 

173,422

 

 

 

180,423

 

 

 

 

 

Total liabilities and net assets

$

505,906

 

 

$

520,717

 

 

 

 

 

Number of shares outstanding

 

13,398,078

 

 

 

13,398,078

 

Net asset value per share

$

12.94

 

 

$

13.47

 

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(Dollar amounts in thousands, except per share data)
 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

Investment income

 

 

 

 

 

 

 

Interest income

$

14,101

 

 

$

10,345

 

 

$

27,494

 

 

$

20,188

 

Dividend income

 

334

 

 

 

5

 

 

 

1,119

 

 

 

763

 

Fee income

 

91

 

 

 

82

 

 

 

196

 

 

 

427

 

Total investment income

 

14,526

 

 

 

10,432

 

 

 

28,809

 

 

 

21,378

 

Expenses

 

 

 

 

 

 

 

Interest expense

 

5,011

 

 

 

3,943

 

 

 

9,885

 

 

 

7,567

 

Management fee

 

1,883

 

 

 

2,056

 

 

 

3,777

 

 

 

4,076

 

Income Incentive Fee

 

1,280

 

 

 

—

 

 

 

2,518

 

 

 

—

 

Capital Gains Fee

 

—

 

 

 

(2,988

)

 

 

—

 

 

 

(1,916

)

Professional fees

 

429

 

 

 

352

 

 

 

865

 

 

 

759

 

Administration fee

 

440

 

 

 

423

 

 

 

922

 

 

 

874

 

Other expenses

 

360

 

 

 

398

 

 

 

769

 

 

 

765

 

Total expenses

 

9,403

 

 

 

4,184

 

 

 

18,736

 

 

 

12,125

 

Net investment income

 

5,123

 

 

 

6,248

 

 

 

10,073

 

 

 

9,253

 

Net realized and unrealized gain (loss) on investments

 

 

 

 

 

 

 

Net realized gain (loss), net of taxes

 

(10,408

)

 

 

(190

)

 

 

(10,412

)

 

 

27

 

Net unrealized appreciation (depreciation), net of taxes

 

3,321

 

 

 

(14,882

)

 

 

2,200

 

 

 

(9,599

)

Net loss on investments

 

(7,087

)

 

 

(15,072

)

 

 

(8,212

)

 

 

(9,572

)

Loss on extinguishment of debt

 

—

 

 

 

—

 

 

 

(19

)

 

 

(144

)

Net increase (decrease) in net assets resulting from operations

$

(1,964

)

 

$

(8,824

)

 

$

1,842

 

 

$

(463

)

Net investment income per common share – basic and diluted

$

0.38

 

 

$

0.47

 

 

$

0.75

 

 

$

0.69

 

Net increase (decrease) in net assets resulting from operations per common share – basic and diluted

$

(0.15

)

 

$

(0.66

)

 

$

0.13

 

 

$

(0.03

)

Distributions declared per common share

$

0.33

 

 

$

0.29

 

 

$

0.66

 

 

$

0.57

 

Basic and diluted weighted average shares outstanding

 

13,398,078

 

 

 

13,425,477

 

 

 

13,398,078

 

 

 

13,423,970

 

ABOUT OFS CAPITAL

The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company. The Company’s investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company invests primarily in privately held middle-market companies in the United States, including lower-middle-market companies, targeting investments of $3 million to $20 million in companies with annual EBITDA between $5 million and $50 million. The Company offers flexible solutions through a variety of asset classes including senior secured loans, which includes first-lien, second-lien and unitranche loans, as well as subordinated loans and, to a lesser extent, warrants and other equity securities. The Company’s investment activities are managed by OFS Capital Management, LLC, an investment adviser registered under the Investment Advisers Act of 1940(4), as amended, and headquartered in Chicago, Illinois, with additional offices in New York and Los Angeles.

FORWARD-LOOKING STATEMENTS

Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to: OFS Capital’s results of operations, including net investment income, net asset value and net investment gains and losses and the factors that may affect such results; management’s belief that the Company’s balance sheet is well positioned in the current interest rate environment due to a high percentage of floating rate loans in the portfolio and a majority of liabilities that have a fixed rate of interest, when there can be no assurance that such a composition will lead to future success; and other factors may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in OFS Capital’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission under the section “Risk Factors,” and in “Part II, Item 1A. Risk Factors”in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, as well as other documents that may be filed by OFS Capital from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. OFS Capital is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(4)

Registration does not imply a certain level of skill or training

 

INVESTOR RELATIONS CONTACT:

Steve Altebrando

646-652-8473

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

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Posted on

Silk Road Medical to Present at the UBS MedTech, Tools and Genomics Summit

SUNNYVALE, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) — Silk Road Medical, Inc. (Nasdaq: SILK), a company focused on reducing the risk of stroke and its devastating impact, today announced the company will participate in the upcoming UBS MedTech, Tools and Genomics Summit.

Management is scheduled to present on Thursday, August 17, 2023 at 11:00 a.m. Pacific Time. Interested parties may access a live and archived webcast of the presentation on the “Investors” section of the company’s website at: https://investors.silkroadmed.com/.

About Silk Road Medical

Silk Road Medical, Inc. (NASDAQ: SILK), is a medical device company located in Sunnyvale, California, and Plymouth, Minnesota, that is focused on reducing the risk of stroke and its devastating impact. The company has pioneered a new approach for the treatment of carotid artery disease called TransCarotid Artery Revascularization (TCAR). TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. For more information on how Silk Road Medical is delivering brighter patient outcomes through brighter clinical thinking, visit www.silkroadmed.com and connect on Twitter, LinkedIn and Facebook.

Investor Contact:

Lynn Lewis or Marissa Bych
Gilmartin Group
[email protected]



Posted on

Mission Produce™ Appoints Tony Sarsam to Board of Directors

OXNARD, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) — Mission Produce, Inc. (NASDAQ: AVO) (“Mission” or “the Company”), a world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today announced the appointment of Tony Bashir Sarsam to its board of directors, effective August 14, 2023. Sarsam is appointed as an independent Class I director, with a term expiring at the Company’s 2024 Annual Meeting of Stockholders. In connection with this appointment, Mission Produce’s board of directors has increased the size of the board from eight to nine directors.

Sarsam is a highly strategic executive with over thirty years of experience in the food industry, including extensive operational and executive-level experience at numerous food distribution and retail companies. Since 2020, Sarsam has served as the President and Chief Executive Officer (CEO) of SpartanNash (Nasdaq: SPTN), a $9.6 billion food solutions company with 17,500 Associates and a global supply chain network.

Prior to joining SpartanNash, Sarsam held executive leadership positions at companies including Borden Dairy Company, Ready Pac Foods, Nestlé USA Direct Store Delivery Company, Dreyer’s and PepsiCo, where he built an impressive track record of driving record sales performance, leading organizational growth and transformation, and solving complex challenges with cross-functional business strategies. In addition to serving on the board of SpartanNash and the SpartanNash Foundation, Sarsam holds board positions at three non-profit organizations, including the Food Marketing Institute, Arizona State University Foundation, and Business Leaders for Michigan. He received a Master of Science in Management from Stanford University and a Bachelor of Science in Engineering from Arizona State University.

“We are pleased to welcome Tony to our board of directors at an exciting time in our company’s forty-year history,” said Steve Barnard, CEO of Mission Produce. “As Mission Produce continues to focus on our long-term strategic priorities to diversify supply and expand our marketing and distribution network, I believe Tony’s success in driving corporate performance and aligning capabilities with established growth objectives can support our progress toward our business and financial goals. His deep understanding of various business functions – including operations, supply chain, marketing, finance, sales, and corporate strategy – will provide our board and executive leadership team with invaluable insight and perspective.”

“I am thrilled to join Mission Produce’s board of directors and contribute to the Company’s position as a global leader in the avocado business,” said Sarsam. “There are many exciting opportunities for growth and innovation within the fresh produce industry, and I look forward to supporting Mission Produce’s journey to build trust and transparency in the produce supply chain.”

About Mission Produce, Inc.:

Mission Produce is a global leader in the worldwide avocado business. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and as of 2021, fresh mangos, to retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns and operates four state-of-the-art packing facilities in key growing locations globally, including California, Mexico and Peru and has additional sourcing capabilities in Chile, Colombia, the Dominican Republic, Guatemala, Brazil, Ecuador, South Africa and more, which allow the company to provide a year-round supply of premium fruit. Mission’s global distribution network includes 13 forward distribution centers that are strategically positioned in key markets throughout North America, China, Europe, and the UK, offering value-added services such as ripening, bagging, custom packing and logistical management. For more information, please visit www.missionproduce.com.

Contacts:

Investor Relations
ICR
Jeff Sonnek
646-277-1263
[email protected]

Media
Jenna Aguilera
Marketing and Communications Manager
Mission Produce, Inc.
[email protected]

Supporting Assets:



Posted on

Apple reports third quarter results

Apple reports third quarter results

Services revenue reaches new all-time high

Installed base of active devices sets all-time record

CUPERTINO, Calif.–(BUSINESS WIRE)–
Apple® today announced financial results for its fiscal 2023 third quarter ended July 1, 2023. The Company posted quarterly revenue of $81.8 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.26, up 5 percent year over year.

“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Tim Cook, Apple’s CEO. “From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”

“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”

Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on August 17, 2023 to shareholders of record as of the close of business on August 14, 2023.

Apple will provide live streaming of its Q3 2023 financial results conference call beginning at 2:00 p.m. PT on August 3, 2023 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at [email protected].

© 2023 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except number of shares which are reflected in thousands and per share amounts)
 

 

Three Months Ended

 

Nine Months Ended

 

July 1,

2023

 

June 25,

2022

 

July 1,

2023

 

June 25,

2022

Net sales:

 

 

 

 

 

 

 

Products

$

60,584

 

 

$

63,355

 

 

$

230,901

 

 

$

245,241

 

Services

 

21,213

 

 

 

19,604

 

 

 

62,886

 

 

 

58,941

 

Total net sales (1)

 

81,797

 

 

 

82,959

 

 

 

293,787

 

 

 

304,182

 

Cost of sales:

 

 

 

 

 

 

 

Products

 

39,136

 

 

 

41,485

 

 

 

146,696

 

 

 

155,084

 

Services

 

6,248

 

 

 

5,589

 

 

 

18,370

 

 

 

16,411

 

Total cost of sales

 

45,384

 

 

 

47,074

 

 

 

165,066

 

 

 

171,495

 

Gross margin

 

36,413

 

 

 

35,885

 

 

 

128,721

 

 

 

132,687

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

7,442

 

 

 

6,797

 

 

 

22,608

 

 

 

19,490

 

Selling, general and administrative

 

5,973

 

 

 

6,012

 

 

 

18,781

 

 

 

18,654

 

Total operating expenses

 

13,415

 

 

 

12,809

 

 

 

41,389

 

 

 

38,144

 

 

 

 

 

 

 

 

 

Operating income

 

22,998

 

 

 

23,076

 

 

 

87,332

 

 

 

94,543

 

Other income/(expense), net

 

(265

)

 

 

(10

)

 

 

(594

)

 

 

(97

)

Income before provision for income taxes

 

22,733

 

 

 

23,066

 

 

 

86,738

 

 

 

94,446

 

Provision for income taxes

 

2,852

 

 

 

3,624

 

 

 

12,699

 

 

 

15,364

 

Net income

$

19,881

 

 

$

19,442

 

 

$

74,039

 

 

$

79,082

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.27

 

 

$

1.20

 

 

$

4.69

 

 

$

4.86

 

Diluted

$

1.26

 

 

$

1.20

 

 

$

4.67

 

 

$

4.82

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

Basic

 

15,697,614

 

 

 

16,162,945

 

 

 

15,792,497

 

 

 

16,277,824

 

Diluted

 

15,775,021

 

 

 

16,262,203

 

 

 

15,859,263

 

 

 

16,394,937

 

 

 

 

 

 

 

 

 

(1) Net sales by reportable segment:

 

 

 

 

 

 

 

Americas

$

35,383

 

 

$

37,472

 

 

$

122,445

 

 

$

129,850

 

Europe

 

20,205

 

 

 

19,287

 

 

 

71,831

 

 

 

72,323

 

Greater China

 

15,758

 

 

 

14,604

 

 

 

57,475

 

 

 

58,730

 

Japan

 

4,821

 

 

 

5,446

 

 

 

18,752

 

 

 

20,277

 

Rest of Asia Pacific

 

5,630

 

 

 

6,150

 

 

 

23,284

 

 

 

23,002

 

Total net sales

$

81,797

 

 

$

82,959

 

 

$

293,787

 

 

$

304,182

 

 

 

 

 

 

 

 

 

(1) Net sales by category:

 

 

 

 

 

 

 

iPhone

$

39,669

 

 

$

40,665

 

 

$

156,778

 

 

$

162,863

 

Mac

 

6,840

 

 

 

7,382

 

 

 

21,743

 

 

 

28,669

 

iPad

 

5,791

 

 

 

7,224

 

 

 

21,857

 

 

 

22,118

 

Wearables, Home and Accessories

 

8,284

 

 

 

8,084

 

 

 

30,523

 

 

 

31,591

 

Services

 

21,213

 

 

 

19,604

 

 

 

62,886

 

 

 

58,941

 

Total net sales

$

81,797

 

 

$

82,959

 

 

$

293,787

 

 

$

304,182

 

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares which are reflected in thousands and par value)
 

 

July 1,

2023

 

September 24,

2022

ASSETS:

Current assets:

 

 

 

Cash and cash equivalents

$

28,408

 

 

$

23,646

 

Marketable securities

 

34,074

 

 

 

24,658

 

Accounts receivable, net

 

19,549

 

 

 

28,184

 

Inventories

 

7,351

 

 

 

4,946

 

Vendor non-trade receivables

 

19,637

 

 

 

32,748

 

Other current assets

 

13,640

 

 

 

21,223

 

Total current assets

 

122,659

 

 

 

135,405

 

 

 

 

 

Non-current assets:

 

 

 

Marketable securities

 

104,061

 

 

 

120,805

 

Property, plant and equipment, net

 

43,550

 

 

 

42,117

 

Other non-current assets

 

64,768

 

 

 

54,428

 

Total non-current assets

 

212,379

 

 

 

217,350

Total assets

$

335,038

 

 

$

352,755

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

 

 

 

Accounts payable

$

46,699

 

 

$

64,115

 

Other current liabilities

 

58,897

 

 

 

60,845

 

Deferred revenue

 

8,158

 

 

 

7,912

 

Commercial paper

 

3,993

 

 

 

9,982

 

Term debt

 

7,216

 

 

 

11,128

 

Total current liabilities

 

124,963

 

 

 

153,982

 

 

 

 

 

Non-current liabilities:

 

 

 

Term debt

 

98,071

 

 

 

98,959

 

Other non-current liabilities

 

51,730

 

 

 

49,142

 

Total non-current liabilities

 

149,801

 

 

 

148,101

 

Total liabilities

 

274,764

 

 

 

302,083

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,647,868 and 15,943,425 shares issued and outstanding, respectively

 

70,667

 

 

 

64,849

 

Retained earnings/(Accumulated deficit)

 

1,408

 

 

 

(3,068

)

Accumulated other comprehensive income/(loss)

 

(11,801

)

 

 

(11,109

)

Total shareholders’ equity

 

60,274

 

 

 

50,672

 

Total liabilities and shareholders’ equity

$

335,038

 

 

$

352,755

 

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)
 

 

Nine Months Ended

 

July 1,

2023

 

June 25,

2022

Cash, cash equivalents and restricted cash, beginning balances

$

24,977

 

 

$

35,929

 

 

 

 

 

Operating activities:

 

 

 

Net income

 

74,039

 

 

 

79,082

 

Adjustments to reconcile net income to cash generated by operating activities:

 

 

 

Depreciation and amortization

 

8,866

 

 

 

8,239

 

Share-based compensation expense

 

8,208

 

 

 

6,760

 

Other

 

(1,651

)

 

 

2,695

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

7,609

 

 

 

4,561

 

Inventories

 

(2,570

)

 

 

1,049

 

Vendor non-trade receivables

 

13,111

 

 

 

4,789

 

Other current and non-current assets

 

(4,863

)

 

 

(3,289

)

Accounts payable

 

(16,790

)

 

 

(6,108

)

Other current and non-current liabilities

 

2,986

 

 

 

246

 

Cash generated by operating activities

 

88,945

 

 

 

98,024

 

 

 

 

 

Investing activities:

 

 

 

Purchases of marketable securities

 

(20,956

)

 

 

(70,178

)

Proceeds from maturities of marketable securities

 

27,857

 

 

 

24,203

 

Proceeds from sales of marketable securities

 

3,959

 

 

 

33,609

 

Payments for acquisition of property, plant and equipment

 

(8,796

)

 

 

(7,419

)

Other

 

(753

)

 

 

(1,352

)

Cash generated by/(used in) investing activities

 

1,311

 

 

 

(21,137

)

 

 

 

 

Financing activities:

 

 

 

Payments for taxes related to net share settlement of equity awards

 

(5,119

)

 

 

(5,915

)

Payments for dividends and dividend equivalents

 

(11,267

)

 

 

(11,138

)

Repurchases of common stock

 

(56,547

)

 

 

(64,974

)

Proceeds from issuance of term debt, net

 

5,228

 

 

 

—

 

Repayments of term debt

 

(11,151

)

 

 

(6,750

)

Proceeds from/(Repayments of) commercial paper, net

 

(5,971

)

 

 

4,970

 

Other

 

(508

)

 

 

(148

)

Cash used in financing activities

 

(85,335

)

 

 

(83,955

)

 

 

 

 

Increase/(Decrease) in cash, cash equivalents and restricted cash

 

4,921

 

 

 

(7,068

)

Cash, cash equivalents and restricted cash, ending balances

$

29,898

 

 

$

28,861

 

 

 

 

 

Supplemental cash flow disclosure:

 

 

 

Cash paid for income taxes, net

$

7,020

 

 

$

12,251

 

Cash paid for interest

$

2,590

 

 

$

1,910

 

 

Press Contact:

Josh Rosenstock

Apple

[email protected]

(408) 862-1142

Investor Relations Contact:

Saori Casey

Apple

[email protected]

(408) 974-3123

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software Hardware Consumer Electronics Wearables/Mobile Technology Technology Apps/Applications Mobile/Wireless Other Technology

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Samsara To Announce Second Quarter Fiscal Year 2024 Financial Results On August 31, 2023

Samsara To Announce Second Quarter Fiscal Year 2024 Financial Results On August 31, 2023

SAN FRANCISCO–(BUSINESS WIRE)–Samsara Inc. (“Samsara”) (NYSE: IOT), the pioneer of the Connected Operations™ Cloud, today announced that it will release its financial results for the second quarter of fiscal year 2024, which ended July 29, 2023, after the U.S. market closes on Thursday, August 31, 2023. Samsara will host a live webcast that day at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss the results.

Event: Samsara’s Second Quarter Fiscal Year 2024 Financial Results

Date: Thursday, August 31, 2023

Time: 2:00 p.m. Pacific time (5:00 p.m. Eastern time)

Webcast: Registration

A webcast replay will be accessible from the Samsara investor relations website at investors.samsara.com. The press release will be available on the Samsara investor relations website prior to the commencement of the event.

About Samsara

Samsara is the pioneer of the Connected Operations™ Cloud, which is a platform that enables organizations that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. Samsara operates in North America and Europe and serves tens of thousands of customers across a wide range of industries including transportation, wholesale and retail trade, construction, field services, logistics, utilities and energy, government, healthcare and education, manufacturing, and food and beverage. The company’s mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy.

Investor Contact

Mike Chang

[email protected]

Press Contact

Adam Simons

[email protected]

KEYWORDS: United States North America Canada California

INDUSTRY KEYWORDS: Internet IOT (Internet of Things) Data Management Technology Software

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Merrimack Reports Second Quarter 2023 Financial Results

Merrimack Reports Second Quarter 2023 Financial Results

CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) [(“Merrimack” or the “Company”)] today announced its second quarter 2023 financial results for the period ended June 30, 2023.

“We were excited to see the announcement from Ipsen that the U.S. Food and Drug Administration (FDA) had accepted its supplemental new drug application (sNDA) Onivyde® (irinotecan liposome injection) plus 5 fluorouracil/leucovorin and oxaliplatin (NALIRIFOX regimen) as a potential first-line treatment for metastatic pancreatic ductal adenocarcinoma (mPDAC) and that the FDA had provided a Prescription Drug User Fee Act goal date of 13 February 2024 for review of the application” said Gary Crocker, Chairman of Merrimack’s Board of Directors. “We will continue to monitor the progress of this program which, if approved, would entitle Merrimack to a $225 million milestone payment from Ipsen.”

Second Quarter 2023 Financial Results

Merrimack reported a net loss of $391 thousand for the second quarter ended June 30, 2023, or $0.03 per basic and diluted share on a fully diluted basis, compared to a net loss of $478 thousand, or $0.04 per basic and diluted share on a fully diluted basis, for the same period in 2022.

Interest income in the second quarter ended June 30, 2023, was $178 thousand compared to $8 thousand for the same period in 2022.

General and administrative expenses for the second quarter ended June 30, 2023, were $569 thousand, compared to $486 thousand for the same period in 2022.

As of June 30, 2023, Merrimack had cash, cash equivalents and short term investments of $19.0 million, compared to $19.4 million as of December 31, 2022.

As of June 30, 2023, Merrimack had 14.3 million shares of common stock outstanding.

Updates on Programs Underlying Potential Milestone Payments

Ipsen

Metastatic Pancreatic Ductal Adenocarcinoma

  • In November 2022, Ipsen announced the Phase III NAPOLI 3 trial of Onivyde (irinotecan liposome injection) plus 5-fluorouracil/leucovorin and oxaliplatin (the “NALIRIFOX regimen”) met its primary endpoint demonstrating clinically meaningful and statistically significant improvement in overall survival compared to nab-paclitaxel plus gemcitabine in 770 previously untreated patients with mPDAC and key secondary efficacy outcome of progression-free survival (PFS) also showed significant improvement over the comparator arm. Ipsen also announced that the safety profile of Onivyde in the NAPOLI 3 trial was consistent with those observed in the previous phase I/II mPDAC study.

  • In January 2023, Ipsen presented clinical trial results at the 2023 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium.

  • In June 2023, Ipsen announced that the U.S. Food and Drug Administration (FDA) had accepted its supplemental new drug application (sNDA) Onivyde® (irinotecan liposome injection) plus 5 fluorouracil/leucovorin and oxaliplatin (NALIRIFOX regimen) as a potential first-line treatment for metastatic pancreatic ductal adenocarcinoma (mPDAC) and that the FDA had provided a Prescription Drug User Fee Act goal date of 13 February 2024 for review of the application.

Small Cell Lung Cancer

  • In August 2022, Ipsen announced that the Phase III RESILIENT trial did not meet its primary endpoint of overall survival compared to topotecan. The trial is evaluating Onivyde versus topotecan in patients with small cell lung cancer, who have progressed on or after platinum-based first-line therapy treatment. In the announcement, Ipsen indicated that detailed results from the RESILIENT trial would be presented at an upcoming medical conference. The analysis concluded that the primary endpoint overall survival was not met in patients treated with Onivyde versus topotecan. However, a doubling of the secondary endpoint of objective response rate in favor of Onivyde was observed. In the August 2022 announcement, Ipsen reported that the clinical study results would be communicated with the regulatory agency. Ipsen indicated that while the results from the analysis of the RESILIENT trial have not demonstrated an overall survival benefit with Onivyde in patients in second-line small cell lung cancer, Ipsen intends to analyze the data further before decisions regarding next steps are made.

  • To date, there have been no further announcements by Ipsen regarding these matters and it remains unclear as to whether Ipsen will continue to seek approval for the use of Onivyde in the small cell lung cancer application. If Ipsen elects not to proceed with seeking regulatory approval, or if regulatory approval is not obtained, Merrimack would not be entitled to the $150 million milestone payment tied to FDA approval of Onivyde for treatment of small cell lung cancer.

Elevation Oncology

  • In January 2023, Elevation announced it is pausing further investment in the clinical development of seribantumab and intends to pursue further development only in collaboration with a partner. If Elevation elects not to proceed with seeking regulatory approval, or if regulatory approval is not obtained, Merrimack would not be entitled to the $54.5 million in additional potential development, regulatory approval and commercial-based milestone payments.

About Merrimack

Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company based in Cambridge, Massachusetts that is entitled to receive up to $450.0 million in contingent milestone payments related to its sale of ONIVYDE® to Ipsen S.A. in April 2017. These milestone payments would be payable by Ipsen upon approval by the U.S. Food and Drug Administration (“FDA”) of ONIVYDE for certain additional clinical indications. ONIVYDE® is already approved by the FDA in combination with fluorouracil (5-FU) and leucovorin (LV) for the treatment of patients with metastatic adenocarcinoma of the pancreas after disease progression following gemcitabine-based therapy. This existing approval is unrelated to any future potential milestone payments. Merrimack’s agreement with Ipsen does not require Ipsen to provide Merrimack with any information on the progress of ONIVYDE clinical trials that is not publicly available. Merrimack is also entitled to receive up to $54.5 million in contingent milestone payments related to its sale of anti-HER3 programs to Elevation Oncology (formerly 14ner Oncology, Inc.) in July 2019.

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include any statements about Merrimack’s strategy, future operations, future financial position, future revenues and future expectations and plans and prospects for Merrimack, and any other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue” and similar expressions. In this press release, Merrimack’s forward-looking statements include, among others, Merrimack’s rights to receive payments related to certain milestone events or whether such milestones will be achieved, if at all, the sufficiency of Merrimack’s cash resources and Merrimack’s strategic plan, including any potential distribution of additional cash. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack’s future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others: Positive information about pre-clinical and early stage clinical trial results does not ensure that later stage or larger scale clinical trials will be successful. For example, Onivyde® may not demonstrate promising therapeutic effect or appropriate safety profiles in current or later stage or larger scale clinical trials as a result of known or as yet unanticipated side effects. The results achieved in later stage trials may not be sufficient to meet applicable regulatory standards or to justify further development. Problems or delays may arise prior to the initiation of planned clinical trials, during clinical trials or in the course of developing, testing or manufacturing that could lead Ipsen and Elevation Oncology and their partners and collaborators to fail to initiate or to discontinue development. Even if later stage clinical trials are successful, unexpected concerns may arise from subsequent analysis of data or from additional data. Obstacles may arise or issues may be identified in connection with review of clinical data with regulatory authorities. Regulatory authorities may disagree with Ipsen and Elevation Oncology’s view of the data or require additional data or information or additional studies. In addition, the planned timing of initiation and completion of clinical trials based upon Onivyde® and the anti-HER Program are subject to the ability of each of Ipsen and Elevation Oncology, respectively, to enroll patients, enter into agreements with clinical trial sites and investigators, and overcome technical hurdles and other issues related to the conduct of the trials for which each of them is responsible. Additionally, each of Ipsen and Elevation Oncology are subject to the risk that they may not successfully commercialize these development programs. Merrimack is also subject to the risk that it may not have funding sufficient for its foreseeable and unforeseeable operating expenses and capital expenditure requirements. In addition, press releases and other public statements by Ipsen and Elevation Oncology may contain forward-looking statements. Merrimack undertakes no obligation to update or revise any forward-looking statements. Forward-looking statements should not be relied upon as representing Merrimack’s views as of any date subsequent to the date hereof. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Merrimack’s business in general, see the “Risk Factors” section of Merrimack’s Annual Report on Form 10-K filed with the SEC on March 9, 2023, any subsequent quarterly report on Form 10-Q filed by Merrimack and the other reports Merrimack files with the Securities and Exchange Commission.

Tim Surgenor

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Research FDA Clinical Trials Biotechnology General Health Pharmaceutical Health Science Oncology Other Science

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The AZEK® Company Publishes 2022 FULL-CIRCLE ESG Report, Demonstrating Commitment to Always Doing the Right Thing and Taking Action to Create a More Sustainable, Circular Future

The AZEK® Company Publishes 2022 FULL-CIRCLE ESG Report, Demonstrating Commitment to Always Doing the Right Thing and Taking Action to Create a More Sustainable, Circular Future

CHICAGO–(BUSINESS WIRE)–The AZEK Company Inc. (NYSE: AZEK) (“AZEK” or the “Company”), the industry-leading manufacturer of beautiful, low-maintenance and environmentally sustainable outdoor living products, including TimberTech® decking and railing, Versatex® and AZEK® Trim, and StruXure™ pergolas, today announced that it has published its 2022 FULL-CIRCLE™ Environmental, Social and Governance (ESG) Report. The report details the Company’s ESG initiatives, key focus areas and business- and brand-aligned actions to create a more sustainable, circular future.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230803671596/en/

The AZEK Company 2022 FULL-CIRCLE ESG Report. (Photo: Business Wire)

The AZEK Company 2022 FULL-CIRCLE ESG Report. (Photo: Business Wire)

“At AZEK, we believe that being a great company is one that employees want to work for, customers want to buy from and investors want to invest in,” said AZEK CEO Jesse Singh. “We have dedicated ourselves to not only building a great company, but a great company where sustainability is at the core of our business strategy and our purpose to revolutionize outdoor living to create a more sustainable future. Through this report, we reflect on both our business and ESG achievements not only with a sense of pride and gratitude, but also with the view that this is simply the next step in our journey of building a great company. We continue to be excited and energized by the opportunity to drive real and lasting change with a sustainable, profitable business well positioned for long-term growth and shared value creation for all our stakeholders.”

Highlights and achievements from AZEK’s 2022 FULL-CIRCLE ESG Report include:

  • Approximately 500 million pounds of scrap and waste diverted from landfills and used to manufacture products across AZEK’s portfolio

  • Increased the percentage of recycled content in TimberTech Advanced PVC decking to approximately 60%—the highest in the PVC decking market today—and increased the percentage of recycled content in TimberTech Composite decking to approximately 85%

  • TimberTech decking has a lower lifecycle carbon impact versus traditional wood decking, including pine and Brazilian tropical Ipe, according to the results of our life cycle assessment studies

  • Achieved 29% reduction in total carbon intensity (tCO2e per $1 million net sales) between fiscal 2019 and fiscal 2022

  • Formally committed to set near term science-based emissions reduction targets through the Science-Based Targets Initiative

  • Expanded AZEK’s FULL-CIRCLE Recycling™ program to 1,200+ bins and totes in circulation across the United States to collect jobsite PVC scraps and cutoffs as well as post-construction PVC materials such as end-of-life vinyl siding

  • Achieved Zero Waste-to-Landfill certification for the 2022 TimberTech Championship, the only tournament to do so in PGA TOUR Champions history

  • Launched two Employee Resource Groups: Women @ AZEK and Veterans @ AZEK

  • Named one of Chicago’s Top Workplaces by the Chicago Tribune for the second consecutive year as well as a Gamechanger in ESG by CohnReznick

  • 50% gender and/or racially/ethnically diverse board and 60% gender and/or racially/ethnically diverse executive team

  • ESG included as a component of individual performance under our 2022 management annual incentive plan

“At AZEK, we believe that creating a more sustainable, circular future is both our responsibility and an opportunity for our business,” said Amanda Cimaglia, Vice President of ESG and Corporate Affairs. “As a team and as a company, we are committed to continuously raising the bar on our FULL-CIRCLE ESG initiatives through innovation, inspiration, collaboration and most importantly, action underscored by our core value of always doing the right thing.”

For more information on AZEK’s FULL-CIRCLE ESG initiatives and additional details from the latest report, visit our website.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains or refers to certain forward-looking statements within the meaning of the federal securities laws and subject to the “safe harbor” protections thereunder. Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words “believe,” “hope,” “expect,” “intend,” “will,” “target,” “anticipate,” “goal” and similar expressions. Our forward-looking statements include, without limitation, statements with respect to our ability to meet the future targets and goals we establish, including our financial, operational, environmental, social and governance goals, and the ultimate impact of our actions on our business as well as the expected benefits to the environment, our employees, the communities in which we do business or otherwise. The Company bases its forward-looking statements on information available to it on the date of this release, and undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may otherwise be required by law. Actual future events could also differ materially due to numerous factors that involve substantial known and unknown risks and uncertainties including, among other things, the risks and uncertainties set forth under “Risk Factors” and elsewhere in the Company’s reports on Form 10-K and Form 10-Q and the other risks and uncertainties discussed in any subsequent reports that the Company files with the Securities and Exchange Commission from time to time. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Given these uncertainties, investors are cautioned not to place undue reliance on our forward-looking statements.

About The AZEK® Company

The AZEK Company Inc. (NYSE: AZEK) is the industry-leading designer and manufacturer of beautiful, low maintenance and environmentally sustainable outdoor living products, including TimberTech® decking and railing, Versatex® and AZEK Trim® and StruXure™ pergolas. Consistently recognized as a market leader in innovation, quality and aesthetics, products across AZEK’s portfolio are made from up to approximately 90% recycled material and primarily replace wood on the outside of homes, providing a long-lasting, eco-friendly and stylish solution to consumers. Leveraging the talents of its approximately 2,000 employees and the strength of relationships across its value chain, The AZEK Company is committed to accelerating the use of recycled material in the manufacturing of its innovative products, keeping millions of pounds of waste out of landfills each year, and revolutionizing the industry to create a more sustainable future. The AZEK Company has recently been named one of America’s Climate Leaders by USA Today, a Top Workplace by the Chicago Tribune and a winner of the 2023 Real Leaders® Impact Awards. Headquartered in Chicago, Illinois, the company operates manufacturing and recycling facilities in Ohio, Pennsylvania, Idaho, Georgia, Nevada, New Jersey, Michigan and Minnesota. For additional information, please visit azekco.com.

Amanda Cimaglia

312-809-1093

[email protected]

KEYWORDS: United States North America Illinois Idaho

INDUSTRY KEYWORDS: Architecture Recycling Manufacturing Other Construction & Property Residential Building & Real Estate Professional Services Construction & Property Environmental, Social and Governance (ESG) Environment Sustainability Other Manufacturing Green Technology Landscape Climate Change

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The AZEK Company 2022 FULL-CIRCLE ESG Report. (Photo: Business Wire)
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General American Investors Files Certified Shareholder Report for Period Ended June 30, 2023

General American Investors Files Certified Shareholder Report for Period Ended June 30, 2023

NEW YORK–(BUSINESS WIRE)–
General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), filed with the U.S. Securities and Exchange Commission (SEC) its Certified Shareholder Report (Form N-CSR) for the six month period ended June 30, 2023. The Form N-CSR contains the Company’s June 30, 2023 Semi-Annual Report and is available at the SEC’s website: www.sec.gov and the Company’s website: www.generalamericaninvestors.com. The Semi-Annual Report is expected to be mailed to stockholders shortly.

The Semi-Annual Report indicates that as of or for the six months ended:

 

6/30/23

6/30/22

 

 

 

Net Assets Applicable to Common Stock

$1,200,083,087

$1,007,632,841

 

 

 

Net Assets Per Common Share

$50.48*

$42.03

 

 

 

Net Investment Income

$6,013,170

$2,586,971

 

 

 

Per Share

$0.25

$0.10

 

 

 

Net Loss/Gain on Investments

166,692,175

($244,029,899)

 

 

 

Per Share

$7.05

($9.93)

 

 

 

Common Shares Outstanding

23,775,433

23,975,610

*

After dividends and distributions of $1.00 per share paid in December 2022.

The largest stock holdings in the Company’s portfolio as of June 30, 2023, included: Republic Services, Microsoft, Apple, Arch Capital, and ASML Holding.

Company Contact:

Eugene S. Stark

Vice-President, Administration

(212) 916-8447

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Finance Consulting Business Banking Professional Services

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