Market Newsdesk

April 24, 2023 7:03 am

Evoqua Water Technologies Releases 2022 Sustainability Report

Evoqua Water Technologies Releases 2022 Sustainability Report

PITTSBURGH–(BUSINESS WIRE)–
Evoqua Water Technologies (NYSE: AQUA), an industry leader in mission-critical water treatment solutions, today released its 2022 Sustainability Report. The report was launched to celebrate Earth Day, which occurs annually on April 22.

As global water issues become increasingly complex, Evoqua is committed to providing connected, resilient technologies and services to help promote the health, safety, and prosperity of our customers and communities. The report provides a comprehensive review of the company’s strategy and performance with respect to key environmental, social, and governance (ESG) initiatives.

“We are proud of the progress we have made toward reducing our environmental impact and achieving our sustainability goals,” said Snehal Desai, Evoqua’s Chief Growth and Sustainability Officer. “We continue to align with our employees, customers, and stakeholders, working together to protect the world’s most valuable resource, water.”

The 2022 Sustainability Report shares progress across the priority areas where Evoqua believes it can have the most meaningful impact. Highlights include:

Results of updated materiality assessment and matrix, aligning initiatives with feedback from internal and external stakeholders.
Summary of Handprint impact, including product innovation and impact map.
Progress toward ESG goals, including scope 1 and 2 emissions, water use and reuse, waste make-up, and safety.
Initiatives implemented to further embed inclusion and diversity into the culture, such as its corporate social responsibility (CSR) program.
Recognitions for sustainability progress, including the 2022 Terra Carta Seal awarded by the Sustainable Markets Initiative.

Evoqua’s 2022 Sustainability Report was prepared in accordance with the Global Reporting Initiative (GRI) Standards, utilizes the relevant recommendations provided by the Sustainability Accounting Standards Board (SASB), and aligns with the United Nations’ Sustainable Development Goals (SDGs).

To commemorate the release of the report, Evoqua’s sustainability leaders and 2023 North American Evoqua Water Sustainability Award recipient, Silfex, Inc., rang the closing bell at the New York Stock Exchange on Friday, April 21, 2023.

The full 2022 Sustainability Report can be found here.

About Evoqua Water Technologies

Evoqua Water Technologies is a leading provider of mission-critical water and wastewater treatment solutions, offering a broad portfolio of products, services, and expertise to support industrial, municipal, and recreational customers who value water. Evoqua has worked to protect water, the environment, and its employees for more than 100 years, earning a reputation for quality, safety, and reliability worldwide. Headquartered in Pittsburgh, Pennsylvania, the company operates in more than 150 locations across nine countries. Serving more than 38,000 customers and 200,000 installations worldwide, our employees are united by a common purpose: Transforming Water. Enriching Life.^® To learn more, visit www.evoqua.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005231/en/

Evoqua Water Technologies

Media

Sarah Brown, 506-454-5495 (office)

[email protected]

Investors

Dan Brailer, 724-720-1605 (office)

412-977-2605 (mobile)

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Professional Services Other Natural Resources Environmental, Social and Governance (ESG) Environment Sustainability Natural Resources

MEDIA:

April 24, 2023 7:03 am

Bausch + Lomb Announces U.S. Launch of StableVisc™ Cohesive Ophthalmic Viscosurgical Device and TotalVisc™ Viscoelastic System

Bausch + Lomb Announces U.S. Launch of StableVisc™ Cohesive Ophthalmic Viscosurgical Device and TotalVisc™ Viscoelastic System

Two New OVDs Offer Surgeons Dual-Action Protection during Cataract Surgery

VAUGHAN, Ontario–(BUSINESS WIRE)–
Bausch + Lomb Corporation (NYSE/TSX: BLCO) (“Bausch + Lomb”), a leading global eye health company dedicated to helping people see better to live better, today announced the U.S. launch of StableVisc™ cohesive ophthalmic viscosurgical device (OVD) as well as TotalVisc™ Viscoelastic System. StableVisc and TotalVisc provide eye surgeons with new options for dual-action protection during cataract surgery.

“OVDs are critical to surgeons’ success when performing cataract surgery, which is one of the most common surgical procedures performed in the United States. StableVisc and TotalVisc provide surgeons with new OVD options that offer unique benefits designed to help ensure the best possible surgical outcomes for patients,” said Joe Gordon, president, Global Consumer, Surgical and Vision Care, Bausch + Lomb.

StableVisc, a cohesive OVD, helps maintain space in the anterior chamber of the eye to allow surgeons to extract and replace the clouded natural lens. TotalVisc Viscoelastic System includes both StableVisc and ClearVisc™, a dispersive OVD, and protects ocular tissue during the surgical procedure. ClearVisc was approved by the U.S. Food and Drug Administration in 2021.

StableVisc and ClearVisc both contain sodium hyaluronate and sorbitol, a unique chemical agent that has been shown to create a strong physical barrier and deliver increased free radical scavenging capabilities compared to other OVDs tested in a laboratory study.^2,3* TotalVisc OVD provides dual-action mechanical and chemical protection. TotalVisc is the only dual pack in the United States that includes a dispersive and cohesive OVD formulated with sorbitol.

Free radicals form as a result of chemical reactions caused during various steps of cataract surgery, including phacoemulsification, irrigation/aspiration and as part of the insertion and removal of instruments and implants. Free radicals can contribute to corneal damage and possible decompensation, which can lead to post-surgical complications such as a cloudy cornea.

“The possibility of complications caused by free radical damage is a real concern both during and after cataract surgery,” said Mitch Shultz, M.D., cornea, cataract and refractive surgeon and medical director, Shultz Chang Vision, Los Angeles. “The dual protection provided by ClearVisc dispersive OVD and StableVisc cohesive OVD gives me added confidence that I am doing everything I can to make my surgeries as safe and efficient as possible and give my patients excellent outcomes. I look forward to having access to both a cohesive and a dispersive OVD that offer these important benefits.”

In addition to providing increased free radical protection, StableVisc leads the cohesive OVD segment in fill volume at one milliliter, which reduces the need to open a second pack mid-procedure, thus contributing to surgical efficiency.TotalVisc also leads the dual pack OVD segment in fill volume of device with one milliliter of both ClearVisc and StableVisc.

Indications and Important Safety information for ClearVisc, StableVisc and TotalVisc OVDs

INDICATIONS FOR USE

ClearVisc, StableVisc and TotalVisc OVDs are indicated for use as surgical aids in ophthalmic anterior segment procedures including: Extraction of a cataract; Implantation of an intraocular lens (IOL)

CONTRAINDICATIONS

There are no contraindications to the use of ClearVisc, StableVisc and TotalVisc when used as a surgical aid in ophthalmic anterior segment procedures.

PRECAUTIONS

Precautions normally considered during anterior segment procedures are recommended. Pre-existing glaucoma may place patients at risk for increases in intraocular pressure from the OVD during the early postoperative period.

WARNINGS

Do not use if the sterile barrier has been breached. Sterility cannot be guaranteed, and the patient will be at increased risk for infection.

Do not use the OVD in subjects with known allergies to any of its components.

An excess quantity of OVD should not be used. Excess OVD can cause increased intraocular pressure.

The OVD should be removed from the anterior chamber at the end of surgery to prevent or minimize postoperative intraocular pressure increases (spikes). OVD remaining in the eye can cause increased intraocular pressure.

If the postoperative intraocular pressure increases above expected values, corrective therapy should be administered. Increased intraocular pressure may lead to inflammation or vision loss.

Do not re-use the cannula. Even after cleaning and rinsing, resterilized cannula could release particulate matter as the OVD is injected. It is recommended that a single-use disposable cannula be used when administering the OVD. Reuse may cause eye inflammation.

If any particulate matter is observed, it should be removed by irrigation and/or aspiration. Particulate matter left in the eye may cause increased IOP or Light scattering /obstruction.

Store at 2° to 8°C (36° to 46°F). Protect from freezing. The shelf life of ClearVisc, StableVisc and TotalVisc is not guaranteed if it is not properly stored.

ADVERSE REACTIONS

Sodium hyaluronate is a natural component of tissues within the body and is generally well tolerated in human eyes. Transient postoperative inflammatory reactions and increases in intraocular pressure have been reported. Inflammation may result from increased intraocular pressure caused by use of the OVD. Intraocular inflammation, i.e., toxic anterior segment syndrome (TASS), has been attributed to OVDs. Furthermore, vision loss may be possible as a result of increased intraocular pressure and inflammation.

ATTENTION

Refer to the Directions for Use labeling for a complete listing of indications, warnings and precautions, clinical trial information, etc.

CAUTION

Federal (USA) law restricts this device to the sale by or on the order of a physician.

About Cataracts and Cataract Surgery

A clouding of the normally clear lens of the eye most commonly caused by aging,⁴ cataracts are a leading cause of vision loss in the United States and the leading cause of blindness worldwide.⁵ In the U.S., more than 20 million people aged 40 years and older have a cataract, and more than 6 million of these Americans undergo surgery to have the lens removed.⁵An ophthalmic surgeon removes the cloudy lens and replaces it with a clear, artificial implant called an intraocular lens (IOL).⁶ According to the U.S. National Eye Institute, cataract surgery is one of the safest, most common and effective surgical procedures performed in the United States.⁷ In most cases, people experience improved vision after the procedure.⁷

About Bausch + Lomb

Bausch + Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life. Its comprehensive portfolio of more than 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with approximately 13,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario with corporate offices in Bridgewater, New Jersey. For more information, visit www.bausch.com and connect with us on Twitter, LinkedIn, Facebook and Instagram.

Forward-looking Statements

This news release may contain forward-looking statements, which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb’s filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, and the fear of that pandemic and its potential effects, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on Bausch + Lomb, including but not limited to its project development timelines, launches and costs (which may increase). Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch + Lomb undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

*Compared to ProVisc, Viscoat, Healon Pro, Healon Endocoat, AmVisc, and AmVisc Plus.

References

Rossi T, Romano MR, Iannetta D, Romano V, Gualdi L, D’Agostino I, Ripandelli G. Cataract surgery practice patterns worldwide: a survey. BMJ Open Ophthalmol. 2021 Jan 13;6(1):e000464. doi: 10.1136/bmjophth-2020-000464. PMID: 33501377; PMCID: PMC7812090.

Data on File. Bausch & Lomb Incorporated, 2023.

Francesco Maugeri, Adriana Maltese, Keith W. Ward & Claudio Bucolo (2007). Hydroxyl Radical Scavenging Activity of a New Ophthalmic Viscosurgical Device, Current Eye Research, 32:2, 105-111, DOI:10.1080/02713680601147716.

American Academy of Ophthalmology. Retrieved from https://www.aao.org/eye-health/diseases/what-are-cataracts. Accessed March 2, 2023.

U.S. Centers for Disease Control and Prevention Web site, Vision Health Initiative (VHI). Retrieved from https://www.cdc.gov/visionhealth/basics/ced/index.html#:~:text=external%20icon-,Cataract,can%20be%20present%20at%20birth. Accessed March 2, 2023.

American Academy of Ophthalmology. Retrieved from https://www.aao.org/eye-health/diseases/what-is-cataract-surgery. Accessed March 2, 2023.

National Eye Institute Website. Retrieved from https://www.nei.nih.gov/learn-about-eye-health/eye-conditions-and-diseases/cataracts/cataract-surgery. Accessed March 2, 2023.

StableVisc, TotalVisc and ClearVisc are trademarks of Bausch & Lomb Incorporated or its affiliates.

All other product/brand names and/or logos are trademarks of the respective owners.

© 2023 Bausch & Lomb Incorporated or its affiliates.

MTB.0103.USA.23

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005102/en/

Investor:

Arthur Shannon

[email protected]

Allison Ryan

[email protected]

(877) 354-3705 (toll free)

(908) 927-0735

Media:

Lainie Keller

[email protected]

(908) 927-1198

Kristy Marks

[email protected]

(908) 927-0683

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Science Biotechnology Research Pharmaceutical Optical Surgery Health Medical Devices

MEDIA:

Logo

Posted on April 24, 2023 7:02 am
Garrett Motion Reports First Quarter 2023 Financial Results

First Quarter 2023 Highlights

Net sales totaled $970 million, up 8% on a reported basis, up 13% at constant currency*

Net income
totaled $81 million; Net income margin 8.4%

Adjusted EBITDA* totaled $168 million; Adjusted EBITDA margin* of 17.3%

Net cash provided by operating activities totaled $92 million

Adjusted free cash flow* totaled $88 million

Reaffirmed outlook for 2023

ROLLE, Switzerland, April 24, 2023 (GLOBE NEWSWIRE) — Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a differentiated technology leader for the automotive industry, today announced its financial results for the quarter ended March 31, 2023.

$ millions (unless otherwise noted) Q1 2023 Q1 2022

Net sales 970 901

Cost of goods sold 781 726

Gross profit 189 175

Gross profit % 19.5% 19.4%

Selling, general and administrative expenses 56 53

Income before taxes 108 125

Net income 81 88

Net income margin 8.4% 9.8%

Adjusted EBITDA* 168 146

Adjusted EBITDA margin* 17.3% 16.2%

Net cash provided by operating activities 92 73

Adjusted free cash flow* 88 38

* See reconciliations to the nearest GAAP measure in pages 5-12

“Garrett had an excellent start to the year with revenue growth that significantly outpaced the global light vehicle industry, driven by new product launches and program ramp-ups. This growth, together with Garrett’s strong operational execution, allowed us to achieve another quarter of outstanding financial results and cash flow generation,” said Garrett President and CEO, Olivier Rabiller.

“We also recently announced the simplification of Garrett’s capital structure, which will eliminate the Series A Preferred Stock dividend and result in over $100 million of incremental annual net cash flow to the business. This increase in annual cash flow will enhance our ability to invest in the future of both our core turbo business and differentiated technologies for zero emission mobility. I am excited about the long-term prospects of our business.”

Results of Operations

Net sales for the first quarter of 2023 were $970 million, representing an increase of 8% (including an unfavorable impact of $47 million or 5% due to foreign currency translation) compared with $901 million in the first quarter of 2022. This increase was driven by higher volumes as the industry recovers and the semiconductor shortages experienced in the prior year abate, as well as share of demand gains from new product ramp-ups and launches, and inflation recoveries net of pricing across all product lines.

Cost of goods sold for the first quarter of 2023 was $781 million compared with $726 million in the first quarter of 2022, primarily driven by our higher sales volumes and product mix which contributed to increases of $41 million and $34 million, respectively. Cost of goods sold further increased due to $26 million of inflation on commodities, energy and transportation, as well as a $3 million increase in Research and development (“R&D”) costs which reflects our shift in investment in new technologies and headcount increase year-over-year. Our continued focus on productivity, net of labor inflation, contributed to a decrease in cost of goods sold of $13 million. Foreign currency impacts from transactional, translational and hedging effects also contributed to decreases of $36 million.

Gross profit totaled $189 million for the first quarter of 2023 as compared to $175 million in the first quarter of 2022, with a gross profit percentage for the first quarter of 2023 of 19.5% as compared to 19.4% in the first quarter of 2022. The increase in gross profit was primarily driven by the higher sales volumes and inflation recoveries from customer pass-through agreements net of pricing reductions. Furthermore, gross profit increased $8 million from higher productivity net of labor inflation and $4 million of favorable product mix. These increases were partially offset by $26 million inflation on commodities, energy and transportation, as discussed above, and $3 million of higher R&D costs.

Selling, general and administrative (“SG&A”) expenses for the first quarter of 2023 increased to $56 million from $53 million in the first quarter of 2022. The $3 million increase compared with the prior year was mainly driven by $3 million of lower incentive compensation expense in 2022 and $2 million of consultant fees related to our capital structure transformation, partially offset by $2 million of favorable impacts from foreign exchange rates.

Interest expense in the first quarter of 2023 was $28 million as compared to $23 million in the first quarter of 2022. The increase was primarily due to interest expense recorded from unrealized marked-to-market losses on our interest rate swaps.

Non-operating income decreased to $4 million in the first quarter of 2023 from $28 million in the first quarter of 2022. The decrease in income was primarily related to $27 million of interest income recorded in 2022 from unrealized marked-to-market gains on our interest rate swaps.

Net income for the first quarter of 2023 was $81 million as compared to $88 million in the first quarter of 2022. The decrease of $7 million was primarily due to higher non-operating income in the prior year from the unrealized marked-to market gains on our interest rate swaps as discussed above, partially offset by $14 million of higher gross profit and $10 million of lower tax expenses. The net income margin decreased to 8.4% in the first quarter of 2023 as compared to 9.8% in the first quarter of 2022.

Net cash provided by operating activities totaled $92 million in the first quarter of 2023 as compared to $73 million in the first quarter of 2022, primarily due to an increase of $31 million in net income excluding non-cash charges and favorable impacts from other assets and liabilities of $26 million, partially offset by unfavorable impacts from changes in working capital of $38 million.

Non-GAAP Financial Measures

Adjusted EBITDA increased to $168 million in the first quarter of 2023 as compared to $146 million in the first quarter of 2022. The increase was mainly due to higher volume, favorable product mix, improved productivity and inflation pass-through net of pricing, partially offset by inflation on commodities, energy and transportation, as well as unfavorable foreign exchange impacts. The Adjusted EBITDA margin increased to 17.3% in the first quarter of 2023 as compared to 16.2% in the first quarter of 2022.

Adjusted free cash flow, which excludes capital structure transformation costs, cash paid for repositioning and factoring costs, was $88 million in the first quarter of 2023 as compared to $38 million in the first quarter of 2022. The increase in adjusted free cash flow was primarily due to lower cash paid on interest, mainly from $11 million of partial early redemption in the first quarter of 2022 on the Series B Preferred Stock attributable to interest, other assets and liabilities, and lower spend in capital expenditures, partially offset by higher usage from working capital.

Liquidity and Capital Resources

As of March 31, 2023, Garrett had $766 million in available liquidity, including $291 million in cash and cash equivalents and $475 million of undrawn commitments under its revolving credit facility. As of December 31, 2022, Garrett had $721 million in available liquidity, including $246 million in cash and cash equivalents and $475 million undrawn commitments under its revolving credit facility.

As of March 31, 2023, total principal amount of debt outstanding totaled $1,193 million, up from $1,186 million as of December 31, 2022, due to the foreign exchange rate impact on the EUR 450 million tranche.

Full Year 2023 Outlook

Garrett reaffirms the following outlook for the full year 2023 for certain GAAP and Non-GAAP financial measures.

Full Year 2023 Outlook

Net sales (GAAP) $3.79 billion to $3.98 billion

Net sales growth at constant currency (Non-GAAP)* +5% to +10%

Net income (GAAP) $231 million to $268 million

Adjusted EBITDA (Non-GAAP)* $585 million to $635 million

Net cash provided by operating activities (GAAP) $392 million to $492 million

Adjusted free cash flow (Non-GAAP)* $315 million to $415 million

* See reconciliations to the nearest GAAP measure in pages 5-12.

Garrett’s full year 2023 outlook, as of April 17, 2023, reflects the following expectations:

2023 light vehicle industry production at ~83Mu, 1% increase vs. 2022;

2023 Euro/dollar assumption of 1.07 EUR to 1.00 USD;

R&D investment at 4.4% of sales in 2023, >50% on electrification technologies;

Capital expenditures at 2.3% of sales, 20% into electrification technologies.

Conference Call

Garrett plans to issue financial results for the first quarter 2023 on Monday, April 24, 2023 before the open of market trading. Garrett will also hold a conference call the same day at 8:30 am EDT / 2:30 pm CET. To participate on the conference call, please dial +1-877-883-0383 (US) or +1-412-902-6506 (international) and use the passcode 1423587.

The conference call will also be broadcast over the internet and include a slide presentation. To access the webcast and supporting material, please visit the investor relations section of the Garrett Motion website at http://investors.garrettmotion.com/. A replay of the conference call will be available by dialing +1-877-344-7529 (US) or +1-412-317-0088 (international) using the access code 3297013. The webcast will also be archived on Garrett’s website.

Forward-Looking Statements

This release contains “forward-looking statements” within the Private Securities Reform Act of 1995. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements including without limitation our statements regarding inflationary pressure on Garrett’s business and management’s inflation mitigation strategies, financial results and financial conditions, industry trends and anticipated demand for our products, Garrett’s strategy, anticipated supply constraints, including with respect to semiconductor, anticipated developments in emissions standards, trends including with respect to production volatility and volume, Garrett’s capital structure, anticipated new product development and capital deployment plans for the future including expected R&D expenditures, anticipated impacts of partnerships with third parties, and Garrett’s outlook for 2023. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results or performance of Garrett to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include but are not limited to those described in our annual report on Form 10-K for the year ended December 31, 2022, as well as our other filings with the Securities and Exchange Commission, under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements.

Non-GAAP Financial Measures

This release includes the following Non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”): constant currency sales growth, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted free cash flow. The Non-GAAP financial measures provided herein are adjusted for certain items as presented in the Appendix containing Non-GAAP Reconciliations and may not be directly comparable to similar measures used by other companies in our industry, as other companies may define such measures differently. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and analysis of ongoing operating trends. Garrett believes that the Non-GAAP measures presented herein are important indicators of operating performance because they exclude the effects of certain items, therefore making them more closely reflect our operational performance. These metrics should be considered in addition to, and not as replacements for, the most comparable GAAP measure. For additional information with respect to our Non-GAAP financial measures, see the Appendix to this presentation and our annual report on Form 10-K for the year ended December 31, 2022.

About Garrett Motion Inc.

Garrett Motion is a differentiated technology leader, serving customers worldwide for more than 65 years with passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions. Garrett’s cutting-edge technology enables vehicles to become cleaner, more efficient and connected. Our portfolio of turbocharging, electric boosting and automotive software solutions empowers the transportation industry to redefine and further advance motion. For more information, please visit www.garrettmotion.com.

Contacts:

MEDIA INVESTOR RELATIONS

Maria Santiago Enchandi Eric Birge

1.734.386.6593 1.734.228.9529

[email protected] [email protected]

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS

Three Months Ended

March 31,

2023 2022

(Dollars in millions, except per share amounts)

Net sales $ 970 $ 901

Cost of goods sold 781 726

Gross profit 189 175

Selling, general and administrative expenses 56 53

Other expense, net 1 1

Interest expense 28 23

Non-operating income (4 ) (28 )

Reorganization items, net — 1

Income before taxes 108 125

Tax expense 27 37

Net income 81 88

Less: preferred stock dividend (40 ) (38 )

Net income available for distribution $ 41 $ 50

Earnings per common share

Basic $ 0.13 $ 0.15

Diluted $ 0.13 $ 0.15

Weighted average common shares outstanding

Basic 64,896,081 64,538,527

Diluted 65,970,723 64,732,090

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended

March 31,

2023 2022

(Dollars in millions)

Net income $ 81 $ 88

Foreign exchange translation adjustment 2 2

Changes in fair value of effective cash flow hedges, net of tax (3 ) 8

Changes in fair value of net investment hedges, net of tax (5 ) 13

Total other comprehensive (loss) income, net of tax (6 ) 23

Comprehensive income $ 75 $ 111

CONSOLIDATED INTERIM BALANCE SHEETS

March 31,

2023 December 31,

2022

(Dollars in millions)

ASSETS

Current assets:

Cash and cash equivalents $ 291 $ 246

Restricted cash 1 2

Accounts, notes and other receivables – net 888 803

Inventories – net 301 270

Other current assets 124 110

Total current assets 1,605 1,431

Investments and long-term receivables 32 30

Property, plant and equipment – net 462 470

Goodwill 193 193

Deferred income taxes 240 232

Other assets 259 281

Total assets $ 2,791 $ 2,637

LIABILITIES

Current liabilities:

Accounts payable $ 1,123 $ 1,048

Current maturities of long-term debt 7 7

Accrued liabilities 348 320

Total current liabilities 1,478 1,375

Long-term debt 1,157 1,148

Deferred income taxes 28 25

Other liabilities 208 205

Total liabilities $ 2,871 $ 2,753

COMMITMENTS AND CONTINGENCIES

EQUITY (DEFICIT)

Series A Preferred Stock, par value $0.001; 245,045,431 and 245,089,671 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively $ — $ —

Common Stock, par value $0.001; 1,000,000,000 and 1,000,000,000 shares authorized, 65,099,244 and 64,943,238 issued and 64,959,553 and 64,832,609 outstanding as of March 31, 2023 and December 31, 2022, respectively — —

Additional paid – in capital 1,336 1,333

Retained deficit (1,446 ) (1,485 )

Accumulated other comprehensive income 30 36

Total deficit (80 ) (116 )

Total liabilities and deficit $ 2,791 $ 2,637

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS Three Months Ended March 31,

2023 2022

(Dollars in millions)

Cash flows from operating activities:

Net income $ 81 $ 88

Adjustments to reconcile net income to net cash provided by operating activities

Deferred income taxes 3 13

Depreciation 21 22

Amortization of deferred issuance costs 2 2

Interest payments, net of debt discount accretion — (6 )

Foreign exchange loss (2 ) (4 )

Stock compensation expense 3 2

Change in fair value of derivatives 10 (17 )

Other 12 (1 )

Changes in assets and liabilities:

Accounts, notes and other receivables (77 ) (61 )

Inventories (30 ) (62 )

Other assets (18 ) (10 )

Accounts payable 62 116

Accrued liabilities 20 (2 )

Other liabilities 5 (7 )

Net cash provided by operating activities $ 92 $ 73

Cash flows from investing activities:

Expenditures for property, plant and equipment (8 ) (29 )

Net cash used for investing activities $ (8 ) $ (29 )

Cash flows from financing activities:

Payments of long-term debt (2 ) (2 )

Redemption of Series B Preferred Stock — (186 )

Payments for share repurchases — (2 )

Payments for dividends (42 ) —

Debt financing costs — (6 )

Net cash used for financing activities $ (44 ) $ (196 )

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 4 8

Net increase (decrease) in cash, cash equivalents and restricted cash 44 (144 )

Cash, cash equivalents and restricted cash at beginning of period 248 464

Cash, cash equivalents and restricted cash at end of period $ 292 $ 320

Supplemental cash flow disclosure:

Income taxes paid (net of refunds) 19 14

Interest paid 10 21

Reconciliation of Net Income to Adjusted EBITDA
⁽¹⁾

Three Months Ended

March 31,

2023 2022

(Dollars in millions)

Net income — GAAP $ 81 $ 88

Net interest expense 27 (4 )

Tax expense 27 37

Depreciation 21 22

EBITDA (Non-GAAP) 156 143

Reorganization items, net⁽²⁾ — 1

Stock compensation expense ⁽³⁾ 3 2

Repositioning charges⁽⁴⁾ 7 1

Discounting costs on factoring 1 1

Other non-operating income⁽⁵⁾ (1 ) (2 )

Capital structure transformation costs ⁽⁶⁾ 2 —

Adjusted EBITDA (Non-GAAP) $ 168 $ 146

Net sales $ 970 $ 901

Net income margin 8.4 % 9.8 %

Adjusted EBITDA margin (Non-GAAP)
⁽⁷⁾ 17.3 % 16.2 %

(1) We evaluate performance on the basis of EBITDA and Adjusted EBITDA. We define “EBITDA” as our net income calculated in accordance with U.S. GAAP, plus the sum of net interest expense, tax expense and depreciation. We define “Adjusted EBITDA” as EBITDA, plus the sum of net reorganization items, stock compensation expense, repositioning costs, discounting costs on factoring, other non-operating income and capital structure transformation costs. We believe that EBITDA and Adjusted EBITDA are important indicators of operating performance and provide useful information for investors because:

EBITDA and Adjusted EBITDA exclude the effects of income taxes, as well as the effects of financing and investing activities by eliminating the effects of interest and depreciation expenses and therefore more closely measure our operational performance; and

certain adjustment items, while periodically affecting our results, may vary significantly from period to period and have disproportionate effect in a given period, which affects the comparability of our results.

In addition, our management may use Adjusted EBITDA in setting performance incentive targets to align performance measurement with operational performance.

(2) The Company applied ASC 852 for periods subsequent to September 20, 2020, the date the Company and certain of its subsidiaries each filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code, to distinguish transactions and events that were directly associated with the Company’s reorganization from the ongoing operations of the business. Accordingly, certain expenses and gains incurred related to these transactions and events were recorded within Reorganization items, net in the Consolidated Interim Statements of Operations.

(3) Stock compensation expense includes only non-cash expenses.

(4) Repositioning costs includes severance costs related to restructuring projects to improve future productivity.

(5) Reflects the non-service component of net periodic pension costs and other income that are non-recurring or not considered directly related to the Company’s operations.

(6) Reflects the third-party incremental costs that are directly attributable to the transformation of the Company’s capital structure through the partial redemption and subsequent conversion of remaining outstanding Series A Preferred Stock into a single class of common stock.

(7) Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of net sales.

Reconciliation of Constant Currency Sales % Change
⁽¹⁾

Three Months Ended

March 31,

2023
2022

Garrett

Reported sales % change 8 % (10 )%

Less: Foreign currency translation (5 )% (4 )%

Constant currency sales % change 13 % (6 )%

Gasoline

Reported sales % change 11 % (7 )%

Less: Foreign currency translation (6 )% (2 )%

Constant currency sales % change 17 % (5 )%

Diesel

Reported sales % change 3 % (19 )%

Less: Foreign currency translation (5 )% (5 )%

Constant currency sales % change 8 % (14 )%

Commercial vehicles

Reported sales % change 10 % (10 )%

Less: Foreign currency translation (5 )% (3 )%

Constant currency sales % change 15 % (7 )%

Aftermarket

Reported sales % change 5 % 15 %

Less: Foreign currency translation (3 )% (4 )%

Constant currency sales % change 8 % 19 %

Other Sales

Reported sales % change (8 )% (24 )%

Less: Foreign currency translation (5 )% (5 )%

Constant currency sales % change (3 )% (19 )%

(1) We define constant currency sales growth as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow
⁽¹⁾

Three Months Ended

March 31,

2023 2022

(Dollars in millions)

Net cash provided by operating activities (GAAP) $ 92 $ 73

Expenditures for property, plant and equipment (8 ) (29 )

Net cash provided by operating activities less expenditures for property, plant and equipment 84 44

Chapter 11 professional service costs — 2

Capital structure transformation costs 1 —

Cash payments for repositioning 2 2

Factoring and P-notes 1 (10 )

Adjusted free cash flow (Non-GAAP)
⁽¹⁾ $ 88 $ 38

(1) Adjusted free cash flow reflects an additional way of viewing liquidity that management believes is useful to investors in analyzing the Company’s ability to service and repay its debt. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures and additionally adjusted for other discretionary items including capital structure transformation costs and cash flow impacts for factoring and guaranteed bank notes activity.

Full Year 2023 Outlook Reconciliation of Reported Net Sales to Net Sales Growth at Constant Currency

2023 Full Year

Low End High End

Reported net sales (% change) 5 % 10 %

Foreign currency translation 0 % 0 %

Full year 2023 Outlook Net sales growth at constant currency (Non-GAAP) 5 % 10 %

Full Year 2023 Outlook Reconciliation of Net Income to Adjusted EBITDA

2023 Full Year

Low End High End

(Dollars in millions)

Net income – GAAP $ 231 $ 268

Net interest expense 155 155

Tax expense 77 90

Depreciation 89 89

Full year 2023 Outlook EBITDA (Non-GAAP) 552 602

Non-operating income (1 ) (1 )

Stock compensation expense 20 20

Repositioning charges 9 9

Capital structure transformation costs 5 5

Full Year 2023 Outlook Adjusted EBITDA (Non-GAAP) $ 585 $ 635

Full Year 2023 Outlook Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow

2023 Full Year

Low End High End

(Dollars in millions)

Net cash provided by operating activities (GAAP) $ 392 $ 492

Expenditures for property, plant and equipment (90 ) (90 )

Net cash provided by operating activities less expenditures for property, plant and equipment (Non-GAAP) $ 302 $ 402

Cash payments for repositioning 8 8

Capital structure transformation costs 5 5

Full Year 2023 Outlook Adjusted free cash flow (Non-GAAP) $ 315 $ 415

Posted on April 24, 2023 7:02 am
Palantir to Support Ukrainian Prosecutor-General’s Investigation into War Crimes

Palantir to Support Ukrainian Prosecutor-General’s Investigation into War Crimes

LONDON–(BUSINESS WIRE)–
Palantir Technologies UK Ltd has announced a landmark agreement with the Prosecutor General’s Office of Ukraine (OPG), which will enable investigators on the ground and across Europe to share, integrate, and process all key data relating to more than 78,000 registered war crimes.

The announcement signals a deepening of Palantir’s support for Ukrainian resistance against Russian aggression, with the company already helping Ukraine militarily, and supporting the resettlement of refugees in the UK, Poland and in Lithuania.

The OPG’s war crimes register documents all recorded incidents of war crimes relating to the armed conflict in Ukraine. The majority relate to destruction of property, civil infrastructure, or residential apartments. Yet many entries on the register, which will be uploaded to Palantir’s software and fused with an array of case data, represent cases of willful killing, torture, rape, and deportation in locations such as Bucha, Irpin, Izium, across the Kharkiv region, and throughout many other parts of the country affected by the conflict.

The partnership represents a Europe-wide initiative spearheaded by Palantir employees based across Europe, which will support the OPG’s investigation into two ‘anchor’ cases – one centered on the crime of aggression, focusing on Russian senior leadership who made the critical decisions, and another on the crime of genocide, which will cover more widespread and systematic attacks on, and the deportation of, Ukrainian people due to their identity.

Among its capabilities and tasks, the software will enable:

Integration of open-source intelligence and satellite imagery to construct a virtual map of war crimes evidence. Examples include: evidence confirming the presence of Russian equipment in the proximity of crime scenes, witness statements given by victims to officials at the borders of countries who are helping to resettle refugees or photographs, and videos uploaded to social media by Ukrainian citizens.

Cataloguing by prosecutors of the vast quantity of data to support workflows for removing data duplication, helping establish source reliability, and identifying potential links across different sources of data in order to speed up the path to building compelling cases.

Establishing attribution by providing prosecutors with the tools for building a clear picture of the chain of command for Russian forces in Ukraine, while mapping Russian military units to criminal activity.

Ukrainian and international partners to securely and legally collate and share otherwise siloed information – ensuring proportional, tightly controlled, auditable access to data in order to protect witnesses, victims, and the integrity of prosecuted cases. It will also help to ensure chain of custody – protecting evidence from being tampered with – is preserved throughout the investigative process.

“The invasion of Ukraine represents one of the most significant challenges to the global balance of power. To that end, the crimes that are being committed in Ukraine must be prosecuted,” said Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies Inc. and chairman of The Palantir Foundation for Defense Policy & International Affairs.

“Software is a product of the legal and moral order in which it is created, and plays a role in defending it. We have built platforms to navigate the vast amount of sensitive data required for the prosecution of war crimes, and we are proud that our software is now being deployed in Ukraine to defend the West.”

Prosecutor-General of Ukraine Andriy Kostin said:

“Our goal is to build a web of full and comprehensive accountability for international crimes. Individual responsibility of Russia’s military and political leadership is an indispensable part of this. Our focus is on investigating and prosecuting the crimes of aggression and genocide.

“To prove these crimes, we have to analyze a vast amount of evidence. For example, when investigating the crime of genocide, we look for the genocidal elements in individual war crimes, and at the same time, we examine patterns of criminal actions of the Russian military wherever the occupying troops were stationed. We have registered more than 78,000 war crimes.

“Analyzing this amount of evidence would be virtually impossible without modern IT solutions. I highly appreciate the decision of Palantir Technologies to provide Ukrainian prosecutors with access to its best-in-class data analysis software.”

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

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. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005433/en/

Lisa Gordon

[email protected]

KEYWORDS: Europe Ireland United Kingdom

INDUSTRY KEYWORDS: Data Management Defense Security Technology Other Technology Software Other Defense

MEDIA:

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Posted on April 24, 2023 6:58 am
Coca-Cola Reports First Quarter 2023 Results

Coca-Cola Reports First Quarter 2023 Results

Global Unit Case Volume Grew 3%

Net Revenues Grew 5%;

Organic Revenues (Non-GAAP) Grew 12%

Operating Income Declined 1%;

Comparable Currency Neutral Operating Income (Non-GAAP) Grew 15%

Operating Margin Was 30.7% Versus 32.5% in the Prior Year;

Comparable Operating Margin (Non-GAAP) Was 31.8% Versus 31.4% in the Prior Year

EPS Grew 12% to $0.72; Comparable EPS (Non-GAAP) Grew 5% to $0.68

ATLANTA–(BUSINESS WIRE)–
The Coca-Cola Company today reported first quarter 2023 results, demonstrating resilience in the marketplace despite an operating environment that remains dynamic. “We are encouraged by our first quarter 2023 results,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “Our system alignment is stronger than ever, and our networked organization is allowing us to adapt as needed. We continue to invest for the long term, strengthening our capabilities to drive sustainable value for our stakeholders. We have the right portfolio, the right strategy and the right execution to deliver in the marketplace. We are confident in our ability to deliver on our 2023 objectives.”

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230424005250/en/

Highlights

Quarterly Performance

Revenues: Net revenues grew 5% to $11.0 billion, and organic revenues (non-GAAP) grew 12%. Revenue performance included 11% growth in price/mix and 1% growth in concentrate sales. Concentrate sales were 2 points behind unit case volume, largely due to the timing of concentrate shipments and the impact of one less day in the quarter.

Operating margin: Operating margin was 30.7% versus 32.5% in the prior year, while comparable operating margin (non-GAAP) was 31.8% versus 31.4% in the prior year. Operating margin decline was primarily driven by items impacting comparability and currency headwinds. Comparable operating margin (non-GAAP) expansion was primarily driven by strong topline growth and the impact of refranchising bottling operations, partially offset by an increase in marketing investments and higher operating costs versus the prior year as well as currency headwinds.

Earnings per share: EPS grew 12% to $0.72, and comparable EPS (non-GAAP) grew 5% to $0.68. Comparable EPS (non-GAAP) performance included the impact of a 7-point currency headwind.

Market share: The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.

Cash flow: Cash flow from operations was $160 million, a decline of approximately $460 million versus the prior year, largely due to the timing of working capital initiatives and payments related to acquisitions and divestitures. Free cash flow (non-GAAP) declined approximately $520 million versus the prior year, resulting in negative free cash flow of approximately $120 million.

Company Updates

Growing loved brands through consumer-centric innovation and occasion-based marketing: smartwater®, a billion-dollar brand that is available in 28 markets, grew volume 8% in the first quarter.The company continues to innovate with the brand, recently launching smartwater alkaline with antioxidant to offer premium hydration for consumers with active lifestyles. The innovation features a higher pH level, the antioxidant selenium and a unique electrolyte blend for a crisp, pure taste. The launch was supported by the “Elevate How You Hydrate” marketing campaign, which was promoted through digital platforms such as Spotify, Meta and TikTok, as well as through partnerships with comedian Pete Davidson, Peloton instructor Alex Toussaint and others. The campaign used geolocation apps to drive incremental occasions with on-the-go consumers and segmented experiential sampling in gyms and fitness centers in select U.S. cities.

Driving value through continued excellence in integrated execution in India: The company, in close alignment with its bottling partners, continues to raise the bar in India in integrated execution to deliver value for its customers and consumers. The company grew its business in the first quarter in India by adding retailers, investing in cold-drink equipment and offering the right products at the right price points to recruit consumers. During the first quarter, the company and its bottling partners increased availability by more than 300,000 stores and approximately 40,000 coolers ahead of the summer season and drove approximately 3 billion transactions at affordable price points through single-serve packages and at-home entry packs. The company also increased household penetration via targeted promotions on large packages for the at-home channel. This integrated execution yielded strong results, as the company grew revenue ahead of transactions and grew transactions ahead of volume, while also growing value share in the sparkling soft drinks and juice categories.

Collaborating with cutting-edge technology platforms to experiment, learn and drive results: The company is adopting emerging technologies to drive new approaches, more experimentation and improved speed to market. Coca-Cola is the first company to collaborate with OpenAI and Bain & Company to harness the power of ChatGPT and DALL-E to enhance marketing capabilities and business operations and to build capabilities through cutting-edge artificial intelligence (AI). Within one month of announcing this collaboration, the company launched the “Create Real Magic” platform, which allowed consumers to become digital marketeers by leveraging AI to generate original artwork with iconic creative assets from the Coca-Cola archives. The company is also exploring ways to leverage AI to improve customer service and ordering as well as point-of-sale material creation in collaboration with its bottling partners.

Laying out a roadmap to 2030 Water Security Strategy and driving collective action: Water is a priority for the company because it is essential for beverages and the communities the company serves. Sustainable access to water is critical for the company’s success and the resilience of its agricultural supply chain. During the UN 2023 Water Conference in March, the company announced three goals to accelerate action by investing more in its Leadership Locations, which are basins designated based on needs for the company, its supply chain and impacted communities. In addition, the company is working with other partners and stakeholders to improve watershed health and communities’ access to clean water and sanitation as part of the Business Leaders’ Open Call to Accelerate Action on Water – a partnership to achieve collective positive water impact in at least 100 vulnerable water basins by 2030.

Operating Review – Three Months Ended March 31, 2023

Revenues and Volume

Percent Change

Concentrate Sales¹

Price/Mix

Currency Impact

Acquisitions, Divestitures and Structural Changes, Net

Reported Net Revenues

Organic Revenues²

Unit Case Volume³

Consolidated

1

11

(6)

(1)

5

12

3

Europe, Middle East & Africa

2

22

(13)

0

10

23

(3)

Latin America

1

18

(5)

0

14

19

5

North America

(2)

11

0

0

9

9

0

Asia Pacific

(2)

5

(8)

2

(3)

3

10

Global Ventures⁴

8

(3)

(8)

0

(3)

5

7

Bottling Investments

3

8

(9)

(7)

(5)

11

(1)

Operating Income and EPS

Percent Change

Reported Operating Income

Items Impacting Comparability

Currency Impact

Comparable Currency Neutral Operating Income²

Consolidated

(1)

(7)

(9)

15

Europe, Middle East & Africa

13

1

(17)

28

Latin America

12

2

(8)

18

North America

(2)

(23)

0

21

Asia Pacific

(15)

1

(9)

(7)

Global Ventures

1

(5)

(1)

8

Bottling Investments

(28)

1

(7)

(23)

Percent Change

Reported EPS

Items Impacting Comparability

Currency Impact

Comparable Currency Neutral EPS²

Consolidated

12

7

(7)

13

Note: Certain rows may not add due to rounding.

¹For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.

²Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.

³ Unit case volume is computed based on average daily sales.

⁴Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment

In addition to the data in the preceding tables, operating results included the following:

Consolidated

Unit case volume grew 3%. Volume performance was driven by strength in away-from-home channels and continued investments in the marketplace. Developed markets grew mid single digits, while developing and emerging markets grew low single digits. Growth in developed markets was led by Mexico, Western Europe and Australia, while growth in developing and emerging markets was led by China, India and Brazil. Developing and emerging markets growth was impacted by the suspension of business in Russia.

Unit case volume performance included the following:

Sparkling soft drinks grew 3%, led by strong performance in Asia Pacific and Latin America, partially offset by the suspension of business in Russia. Trademark Coca-Cola grew 3%, driven by growth across all geographic operating segments. Coca-Cola® Zero Sugar grew 8%, reflecting strong growth across all geographic operating segments. Sparkling flavors grew 3%, driven by Asia Pacific, Latin America and North America, partially offset by Europe, Middle East & Africa.

Juice, value-added dairy and plant-based beverages were even, as strong growth in fairlife® in the United States, Minute Maid® Pulpy in China and Maaza® in India was offset by the suspension of business in Russia.

Water, sports, coffee and tea grew 4%. Water grew 5%, led by strong growth in Asia Pacific and Latin America. Sports drinks declined 1%, primarily driven by BODYARMOR® and Powerade® in the United States. Tea declined 3%, primarily due to doğadan® which was impacted by an earthquake in Türkiye in February. Coffee grew 9%, primarily driven by the strong performance of Costa® coffee in the United Kingdom and China.

Price/mix grew 11%, driven by pricing actions in the marketplace and favorable channel and package mix. Concentrate sales were 2 points behind unit case volume, largely due to the timing of concentrate shipments as well as the impact of one less day in the quarter.

Operating income declined 1%, which included items impacting comparability and an 8-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 15%, driven by strong organic revenue (non-GAAP) growth across all operating segments, partially offset by an increase in marketing investments and higher operating costs versus the prior year.

Europe, Middle East & Africa

Unit case volume declined 3%, as strong growth in Western Europe, Pakistan and South Africa was more than offset by the suspension of business in Russia and the impact of the earthquake in Türkiye in February.

Price/mix grew 22%, driven by pricing actions across operating units along with inflationary pricing in Türkiye. Concentrate sales were 5 points ahead of unit case volume, largely due to the timing of concentrate shipments.

Operating income grew 13%, which included items impacting comparability and a 16-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 28%, as strong organic revenue (non-GAAP) growth across all operating units was partially offset by an increase in marketing investments and higher operating costs versus the prior year.

The company gained value share in total NARTD beverages, led by share gains in France, Italy and Poland.

Latin America

Unit case volume grew 5%, with strong growth across all categories. Growth was led by Mexico and Brazil.

Price/mix grew 18%, driven by pricing actions in the marketplace and favorable channel and package mix, in addition to inflationary pricing in Argentina. Concentrate sales were 4 points behind unit case volume, primarily due to the timing of concentrate shipments as well as the impact of one less day in the quarter.

Operating income grew 12%, which included a 6-point currency headwind and items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 18%, primarily driven by strong organic revenue (non-GAAP) growth, partially offset by an increase in marketing investments and higher operating costs versus the prior year.

The company lost value share in total NARTD beverages, as share gains in Brazil, Argentina and Colombia were more than offset by pressure in Mexico.

North America

Unit case volume was even, as growth in sparkling soft drinks and juice, value-added dairy and plant-based beverages was offset by a decline in water, sports, coffee and tea.

Price/mix grew 11%, primarily driven by pricing actions in the marketplace and continued recovery in the fountain business. Concentrate sales were 2 points behind unit case volume, primarily due to the timing of concentrate shipments as well as the impact of one less day in the quarter.

Operating income declined 2%, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 21%, driven by strong organic revenue (non-GAAP) growth, partially offset by an increase in marketing investments and higher operating costs versus the prior year.

The company gained value share in total NARTD beverages, driven by sparkling soft drinks and juice, value-added dairy and plant-based beverages.

Asia Pacific

Unit case volume grew 10%, driven by strong growth across most categories. Growth was led by China, India and Australia.

Price/mix grew 5%, primarily driven by pricing actions in the marketplace, partially offset by negative geographic mix. Concentrate sales were 12 points behind unit case volume, primarily due to cycling the timing of concentrate shipments in the prior year.

Operating income declined 15%, which included items impacting comparability and an 8-point currency headwind. Comparable currency neutral operating income (non-GAAP) declined 7%, primarily driven by higher operating costs versus the prior year.

The company gained value share in total NARTD beverages, led by share gains in Japan, India, Australia and Vietnam.

Global Ventures

Net revenues declined 3%, and organic revenues (non-GAAP) grew 5%. Net revenues included an 8-point currency headwind. Revenue performance benefited from the strong performance of Costa coffee in the United Kingdom and China.

Operating income grew 1%, which included items impacting comparability and a 1-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 8%, driven by solid organic revenue (non-GAAP) growth as well as a decrease in marketing investments and lower operating costs versus the prior year.

Bottling Investments

Unit case volume declined 1%, primarily driven by the impact of refranchising bottling operations, partially offset by strong growth in India.

Price/mix grew 8%, driven by pricing actions across most markets.

Operating income declined 28%, which included items impacting comparability and a 7-point currency headwind. Comparable currency neutral operating income (non-GAAP) declined 23%, as organic revenue (non-GAAP) growth was more than offset by higher operating costs.

Outlook

The 2023 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full-year 2023 projected organic revenues (non-GAAP) to full-year 2023 projected reported net revenues, full-year 2023 projected comparable net revenues (non-GAAP) to full-year 2023 projected reported net revenues, full-year 2023 projected comparable cost of goods sold (non-GAAP) to full-year 2023 projected reported cost of goods sold, full-year 2023 projected underlying effective tax rate (non-GAAP) to full-year 2023 projected reported effective tax rate, full-year 2023 projected comparable currency neutral EPS (non-GAAP) to full-year 2023 projected reported EPS, or full-year 2023 projected comparable EPS (non-GAAP) to full-year 2023 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions, divestitures and structural changes throughout 2023; the exact impact of changes in commodity costs throughout 2023; the exact timing and exact amount of items impacting comparability throughout 2023; and the exact impact of fluctuations in foreign currency exchange rates throughout 2023. The unavailable information could have a significant impact on the company’s full-year 2023 reported financial results.

Full Year 2023

The company expects to deliver organic revenue (non-GAAP) growth of 7% to 8%. – No Change

For comparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes. – No Change

The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP) based on the current rates and including the impact of hedged positions. – No Change

The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.5%. This does not include the impact of ongoing tax litigation with the IRS, if the company were not to prevail. – No Change

Given the above considerations, the company expects to deliver comparable currency neutral EPS (non-GAAP) growth of 7% to 9% and comparable EPS (non-GAAP) growth of 4% to 5%, versus $2.48 in 2022. – No Change

Comparable EPS (non-GAAP) percentage growth is expected to include a 3% to 4% currency headwind based on the current rates and including the impact of hedged positions, in addition to a slight headwind from acquisitions, divestitures and structural changes. – No Change

The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion through cash flow from operations of approximately $11.4 billion, less capital expenditures of approximately $1.9 billion. This does not include any potential payments related to ongoing tax litigation with the IRS. – No Change

Second Quarter 2023 Considerations– New

Comparable net revenues (non-GAAP) are expected to include a 3% to 4% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes.

Comparable EPS (non-GAAP) percentage growth is expected to include a 2% to 3% currency headwind based on the current rates and including the impact of hedged positions.

Notes

All references to growth rate percentages, share and stores added compare the results of the period to those of the prior year comparable period, unless otherwise noted.

All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to-drink beverage products which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.

“Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents) sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments and the Global Ventures operating segment after considering the impact of structural changes, if any. For the Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.

“Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.

First quarter 2023 financial results were impacted by one less day as compared to first quarter 2022, and fourth quarter 2023 financial results will be impacted by one additional day as compared to fourth quarter 2022. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.

Conference Call

The company is hosting a conference call with investors and analysts to discuss first quarter 2023 operating results today, April 24, 2023, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005250/en/

Investors and Analysts: Robin Halpern, [email protected]

Media: Scott Leith, [email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Food/Beverage Retail

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Posted on April 24, 2023 6:58 am
AECOM-led joint venture selected as program management support team for Pure Water Southern California

AECOM-led joint venture selected as program management support team for Pure Water Southern California

In collaboration with its joint venture partner Brown and Caldwell, AECOM will support this landmark program to create a new high-quality, climate-resilient water supply for up to 15 million people

DALLAS–(BUSINESS WIRE)–
AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, announced today its AECOM-BC Team joint venture with Brown and Caldwell has been selected by the Metropolitan Water District of Southern California (Metropolitan) to provide program management support services for the Pure Water Southern California program. An initiative of Metropolitan and the Los Angeles County Sanitation Districts (Sanitation Districts), the program will create a sustainable new water supply for Southern California by purifying cleaned wastewater. The joint venture is supported by 20 local, small, and minority firms and will deliver a range of services on behalf of the project—one of the world’s largest water reuse programs.

“We’re excited to join Metropolitan to implement this innovative and critical program that marks a significant advancement in water reuse technology,” said Beverley Stinson, chief executive of AECOM’s global Water business. “Guided by our Sustainable Legacies strategy, our industry-leading team looks forward to supplying world-class resources and best practices to help successfully deliver the Pure Water Southern California program. The many anticipated social, economic, and environmental benefits for residents of Southern California come at a critical time where climate change has created water supply challenges.”

The AECOM-BC Team will play a central role in realizing the program, delivering environmental compliance efforts, the design and construction of advanced purification facilities at the Sanitation Districts’ Joint Water Pollution Control Plant wastewater treatment facility, around 60 miles of large diameter water pipeline infrastructure, and pump stations. The joint venture will provide a comprehensive suite of services, including program and project management support; program administration, controls, and reporting; engineering; design; quality assurance and control; and risk assessment and management.

“As the pressures of climate change increase in Southern California, the program presents a bold response to the crisis of water security, uniting regional stakeholders to safeguard this essential resource through the latest in recycling and reuse technologies,” said Drew Jeter, chief executive of AECOM’s Program Management global business line. “AECOM and BC’s 40-year history of delivering solutions for Metropolitan and communities prepare us to collaborate with numerous jurisdictions and agencies to bring this complex yet critical program to completion.”

With potential for water delivery as early as 2028, Pure Water Southern California is expected to produce up to 150 million gallons of water daily, enough water for 500,000 homes. It will recycle wastewater currently discharging into the ocean and have direct and indirect regional impacts. The program will help reduce stress on imported water supplies from the Colorado River and Sierra Nevada and replenish groundwater basins while advancing research partnerships that increase recycled water use and water resilience across the U.S. Southwest.

“The AECOM-BC Team applauds Metropolitan for its unwavering commitment to strengthening water supply resiliency. We are proud to support this landmark program which represents a leap forward in water recycling technology and innovation for the benefit of communities for generations to come throughout the Colorado River Basin,” said Brown and Caldwell CEO Rich D’Amato.

About AECOM

AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.1 billion in fiscal year 2022. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

Forward-Looking Statements

All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the expected benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas construction businesses, including the risk that any contingent purchase price adjustments from those transactions could be unfavorable and result in lower aggregate cash proceeds and any future proceeds owed to us under those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005110/en/

Media Contact:

Brendan Ranson-Walsh

Senior Vice President, Global Communications

1.213.996.2367

[email protected]

Investor Contact:

Will Gabrielski

Senior Vice President, Finance, Treasurer

1.213.593.8208

[email protected]

KEYWORDS: California Texas United States North America

INDUSTRY KEYWORDS: Defense Green Technology Environment Utilities Oil/Gas Contracts Alternative Energy Energy Urban Planning Landscape Architecture Public Transport Building Systems Mining/Minerals Trucking Rail Maritime Natural Resources Transport Engineering Construction & Property Logistics/Supply Chain Management Manufacturing

MEDIA:

Posted on April 24, 2023 6:53 am
Fluor Corporation to Hold First Quarter Earnings Conference Call

Fluor Corporation to Hold First Quarter Earnings Conference Call

IRVING, Texas–(BUSINESS WIRE)–Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its first quarter ended March 31, 2023. The public is invited to listen to the conference call on Friday, May 5, at 8:30 a.m. Eastern with Chairman and Chief Executive Officer David Constable and Chief Financial Officer Joe Brennan. Financial results will be released prior to market open that day.

The live webcast and a replay will be available with accompanying slides online at investor.fluor.com. The call will also be accessible by telephone at +1 888-800-3960 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700.

A replay of the webcast will be available for 30 days.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 40,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $13.7 billion in 2022 and is ranked 259 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

#corp

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005182/en/

Brett Turner

Media Relations

864.281.6976 tel

Jason Landkamer

Investor Relations

469.398.7222 tel

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Building Systems Manufacturing Other Construction & Property Construction & Property Engineering

MEDIA:

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Posted on April 24, 2023 6:53 am
ANI Pharmaceuticals Announces the FDA Approval and Launch of Nitrofurantoin Oral Suspension USP

ANI Pharmaceuticals Announces the FDA Approval and Launch of Nitrofurantoin Oral Suspension USP

BAUDETTE, Minn.–(BUSINESS WIRE)–
ANI Pharmaceuticals, Inc. (ANI or the Company) (Nasdaq: ANIP) today announced that it received U.S. Food and Drug Administration (FDA) approval for the Abbreviated New Drug Application (ANDA) for Nitrofurantoin Oral Suspension USP, 25 mg/5 ml.

ANI’s Nitrofurantoin Oral Suspension is the generic version of the Reference Listed Drug (RLD) Furadantin® Oral Suspension 25 mg/5 ml. The current annual U.S. market for Nitrofurantoin Oral Suspension is approximately $55.5 million, according to the latest estimates by IQVIA/IMS Health, a leading healthcare data and analytics provider.

“New product approvals and launches remain our top priority as we continue to grow our generics business. The FDA approval and commercialization of Nitrofurantoin Oral Suspension is another example of how we are continuing to bring limited-competition products to market, with the goal of serving the patient populations that can benefit,” stated Nikhil Lalwani, President and Chief Executive Officer of ANI.

About ANI

ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) is a diversified bio-pharmaceutical company serving patients in need by developing, manufacturing, and marketing high quality branded and generic prescription pharmaceutical products, including for diseases with high unmet medical need. Our team is focused on delivering sustainable growth by building a successful Purified Cortrophin^® Gel franchise, strengthening our generics business with enhanced development capability, innovation in established brands and leveraging our North American manufacturing capabilities. For more information, please visit our website www.anipharmaceuticals.com.

Forward-Looking Statements

To the extent any statements made in this release deal with information that is not historical, these are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, those relating to the commercialization and potential sales of the product and any additional product launches from the Company’s generic pipeline, other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “plans,” “potential,” “future,” “believes,” “intends,” “continue,” other words of similar meaning, derivations of such words and the use of future dates.

Uncertainties and risks may cause the Company’s actual results to be materially different than those expressed in or implied by such forward-looking statements. Uncertainties and risks include, but are not limited to, the risk that the Company may face with respect to importing raw materials and other ingredients and supplies necessary for manufacture of our products; competition from other products; acquisitions; contract manufacturing arrangements; delays or failure in obtaining and maintaining product approval from the U.S. Food and Drug Administration; general business and economic conditions, including the ongoing impact of and uncertainties regarding the COVID-19 pandemic and inflationary pressures; market trends; products development; regulatory and other approvals and marketing.

More detailed information on these and additional factors that could affect the Company’s actual results are described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other filings with the SEC. All forward-looking statements in this news release speak only as of the date of this news release and are based on the Company’s current beliefs, assumptions, and expectations. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005157/en/

Investor Relations:

Lisa M. Wilson, In-Site Communications, Inc.

T: 212-452-2793

E: [email protected]

KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: Biotechnology FDA Pharmaceutical Health

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Posted on April 24, 2023 6:48 am
BioNTech to Report First Quarter 2023 Financial Results and Operational Update on May 8, 2023

MAINZ,
Germany
, April 24, 2023
(GLOBE NEWSWIRE) – BioNTech SE (Nasdaq: BNTX, “BioNTech” or “the Company”) will announce its financial results for the first quarter 2023 on Monday, May 8^th, 2023. BioNTech invites investors and the general public to join a conference call and webcast with investment analysts on the same day at 8.00 a.m. EDT (2.00 p.m. CEST) to report its financial results and provide a corporate update for the first quarter 2023.

To access the live conference call via telephone, please register via this link. Once registered, dial-in numbers and a pin will be provided. It is recommended to register at least a day in advance.

The slide presentation and audio of the webcast will be available via this link.

Participants may also access the slides and the webcast of the conference call via the “Events & Presentations” page of the Investor Relations section of the Company’s website at www.BioNTech.com. A replay of the webcast will be available shortly after the conclusion of the call and archived on the Company’s website for 30 days following the call.

About BioNTech

Biopharmaceutical New Technologies is a next generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. The Company exploits a wide array of computational discovery and therapeutic drug platforms for the rapid development of novel biopharmaceuticals. Its broad portfolio of oncology product candidates includes individualized and off-the-shelf mRNA-based therapies, innovative chimeric antigen receptor T cells, bispecific immune checkpoint modulators, targeted cancer antibodies and small molecules. Based on its deep expertise in mRNA vaccine development and in-house manufacturing capabilities, BioNTech and its collaborators are developing multiple mRNA vaccine candidates for a range of infectious diseases alongside its diverse oncology pipeline. BioNTech has established a broad set of relationships with multiple global pharmaceutical collaborators, including Genmab, Sanofi, Genentech, a member of the Roche Group, Regeneron, Genevant, Fosun Pharma, and Pfizer.

For more information, please visit www.BioNTech.com.

BioNTech Contacts

Investor Relations

Victoria Meissner, M.D.
+1 617 528 8293
[email protected]

Media Relations

Jasmina Alatovic
+49 (0)6131 9084 1513
[email protected]

Posted on April 24, 2023 6:48 am
Bank of Hawai‘i Corporation First Quarter 2023 Financial Results

Bank of Hawai‘i Corporation First Quarter 2023 Financial Results

Average Deposits Up 0.4% Linked Quarter

Diluted Earnings Per Common Share $1.14

Net Income $46.8 Million

Board of Directors Declares Dividend of $0.70 Per Common Share

HONOLULU–(BUSINESS WIRE)–
Bank of Hawai‘i Corporation (NYSE: BOH) today reported diluted earnings per common share of $1.14 for the first quarter of 2023, compared with diluted earnings per common share of $1.50 in the previous quarter and $1.32 in the same quarter of 2022. Net income for the first quarter of 2023 was $46.8 million, down 23.6% from the previous quarter and down 14.6% from the same quarter of 2022. The return on average common equity for the first quarter of 2023 was 15.79% compared with 21.28% in the previous quarter and 15.44% in the same quarter of 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230424005195/en/

“Amidst a challenging macro environmental backdrop, Bank of Hawai‘i delivered solid operating performance in the first quarter of 2023,” said Peter Ho, Chairman, President, and CEO. “Average deposits grew 0.4% in the first quarter and were essentially flat from a year ago. Spot deposit balances were down 0.6% from the prior quarter and down 1.1% from the prior year. Deposit costs, while rising, continue to show the benefits of our unique Hawai‘i deposit base which is diversified and long tenured. Loans grew 1.3% on a linked quarter basis with growth across both our consumer and commercial portfolios. Credit quality remains excellent. Non-performing assets were lower on both a linked quarter and year on year basis. Annualized net charge-offs were 0.08% during the quarter.”

Financial Highlights

Net interest income for the first quarter of 2023 was $136.0 million, a decrease of 3.4% from the previous quarter and an increase of 8.5% from the same quarter of 2022. The decrease in net interest income in the first quarter of 2023 compared to the prior quarter was due to two fewer days in the quarter, which reduced net interest income by approximately $1.6 million, as well as higher funding costs, partially offset by loan growth and higher earning asset yields. The increase in net interest income compared to the same period in 2022 was primarily due to loan growth and higher earning asset yields, partially offset by higher funding costs.

Net interest margin was 2.47% in the first quarter of 2023, a decrease of 13 basis points from the previous quarter and an increase of 13 basis points from the same quarter of 2022. The decrease in net interest margin in the first quarter of 2023 compared to the prior quarter was due to higher funding costs, partially offset by higher earning asset yields. The increase in net interest margin from the same period in 2022 was primarily due to higher earning asset yields, partially offset by higher funding costs.

The average yield on loans and leases was 4.03% in the first quarter of 2023, up 22 basis points from the prior quarter and up 93 basis points from the same quarter of 2022. The average yield on total earning assets was 3.42% in the first quarter of 2023, up 25 basis points from the prior quarter and up 98 basis points from the same quarter of 2022. The average cost of interest-bearing deposits was 1.09% in the first quarter of 2023, up 40 basis points from the prior quarter and up 102 basis points from the same quarter of 2022. The average cost of total deposits, including noninterest-bearing deposits, was 0.75%, up 29 basis points from the prior quarter and up 70 basis points from the same quarter of 2022. The changes in yields and rates over the linked quarter and year over year period reflected the higher rate environment, including higher benchmark interest rates.

Noninterest income was $40.7 million in the first quarter of 2023, a decrease of 1.1% from the previous quarter and a decrease of 6.5% from the same period in 2022. Noninterest income in the first quarter of 2023 included a negative adjustment of $0.6 million related to a change in the Visa Class B conversion ratio. Adjusted for this item, noninterest income in the first quarter was $41.3 million, up 0.3% from the prior quarter and down 5.2% from the same period in 2022. The decrease in noninterest income compared to the same period in 2022 was due to lower customer swap transactions and lower mortgage banking income.

Noninterest expense was $111.9 million in the first quarter of 2023, an increase of 9.0% from the previous quarter and an increase of 7.7% from the same quarter of 2022. Noninterest expense in the first quarters 2022 and 2023 included seasonal payroll expenses of approximately $3.7 million and approximately $4.0 million, respectively. In addition, noninterest expense in the first quarter of 2023 included separation expenses of $3.1 million. Adjusted for these items, noninterest expense for the first quarter of 2023 was $104.9 million, an increase of 2.1% from the prior quarter and 4.7% from adjusted noninterest expense in same period in 2022. The linked quarter increase was primarily due to an industry-wide increase in FDIC insurance expense of $1.5 million. The increase from the same period in 2022, adjusting for nonrecurring items in both periods, was primarily due to higher salaries and benefits expense of $1.8 million, higher software license fees of $0.9 million and higher FDIC insurance expense of $1.7 million.

The effective tax rate for the first quarter of 2023 was 25.38% compared with 22.40% in the previous quarter and 22.15% during the same quarter of 2022. The increase in the effective tax rate on a linked quarter basis was due to a non-recurring benefit from the leveraged lease terminations received in the fourth quarter and an unfavorable discrete tax item in the first quarter. The year over year increase was primarily due to lower benefits from tax credit investments. The effective tax rate in the first quarter of 2022 also included benefits from leveraged leases that have since been terminated.

Asset Quality

The Company’s overall asset quality remained strong during the first quarter of 2023. Provision for credit losses for the first quarter of 2023 was $2.0 million compared with $0.2 million in the previous quarter and a net benefit of $5.5 million in the same quarter of 2022.

Total non-performing assets were $12.1 million at March 31, 2023, down $0.5 million from December 31, 2022 and down $7.9 million from March 31, 2022. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.09% at the end of the quarter, flat from the end of the prior quarter and a decrease of 7 basis points from the same quarter of 2022.

Net loan and lease charge-offs during the first quarter of 2023 were $2.7 million or 0.08% annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the first quarter of 2023 were comprised of charge-offs of $4.3 million partially offset by recoveries of $1.6 million. Compared to the prior quarter, net loan and lease charge-offs increased by $0.8 million or 3 basis points annualized on total average loans and leases outstanding. Compared to the same quarter of 2022, net loan and lease charge-offs increased by $1.2 million or 3 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $143.6 million at March 31, 2023, a decrease of $0.9 million from December 31, 2022 and a decrease of $8.5 million from March 31, 2022. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.04% at the end of the quarter, down 2 basis points from the end of the prior quarter and down 17 basis points from the end of the same quarter of 2022.

Balance Sheet

Total assets were $23.9 billion at March 31, 2023, an increase of 1.4% from December 31, 2022 and an increase of 4.1% from March 31, 2022, primarily due to growth in our earning assets.

The investment securities portfolio was $8.1 billion at March 31, 2023, a decrease of 1.6% from December 31, 2022 and a decrease of 7.1% from March 31, 2022. These decreases were due to cashflows from the portfolio exceeding the pace of reinvestment. Period end unrealized losses on securities decreased by $120.7 million from the prior quarter end. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.

Total loans and leases were $13.8 billion at March 31, 2023, an increase of 1.3% from December 31, 2022 and an increase of 10.2% from March 31, 2022. Total commercial loans were $5.6 billion at March 31, 2023, an increase of 1.9% from the prior quarter and an increase of 10.9% from the same quarter of 2022, primarily due to an increase in our commercial mortgage portfolio. Total consumer loans were $8.3 billion as of March 31, 2023, an increase of 0.9% from the prior quarter and 9.7% from the same period in 2022, primarily driven by increases in our residential mortgage and home equity portfolios.

Total deposits were $20.5 billion at March 31, 2023, a decrease of 0.6% from December 31, 2022 and a decrease of 1.1% from March 31, 2022. Noninterest bearing deposits made up 31% of total deposit balances as of March 31, 2023, down from 33% as of December 31, 2022 and 36% as of March 31, 2022. Average deposits were $20.4 billion for the first quarter of 2023, up 0.4% from $20.3 billion in the prior quarter, and essentially unchanged from the first quarter of 2022. As of March 31, 2023 insured and collateralized deposits represent 58% of total deposit balances, up from 57% as of December 31, 2022 and 56% as of March 31, 2022.

Capital and Dividends

The Company’s capital levels remain well within regulatory well-capitalized guidelines.

The Tier 1 Capital Ratio was 12.10% at March 31, 2023 compared with 12.15% at December 31, 2022 and 13.22% at March 31, 2022. The Tier 1 Leverage Ratio was 7.19% at March 31, 2023 compared with 7.37% at December 31, 2022 and 7.30% at March 31, 2022. The decline in the Tier 1 Capital Ratio was due to an increase in risk-weighted assets and the decline in the Tier 1 Leverage Ratio was due to an increase in average total assets, both as a result of loan growth over the period.

The Company repurchased 150.0 thousand shares of common stock at a total cost of $9.9 million under its share repurchase program in the first quarter of 2023. Total remaining buyback authority under the share repurchase program was $126.0 million at March 31, 2023.

The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on June 14, 2023 to shareholders of record at the close of business on May 31, 2023.

On April 4, 2023, the Board of Directors declared the quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, on its preferred stock. The depositary shares representing the Series A Preferred Stock are traded on the NYSE under the symbol “BOH.PRA.” The dividend will be payable on May 1, 2023 to shareholders of record of the preferred stock as of April 14, 2023.

Conference Call Information

The Company will review its first quarter financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation’s website, www.boh.com. The webcast can be accessed via the link below: https://register.vevent.com/register/BIf628c91a80f642cb96f2725eff121a04. A replay of the conference call will be available for one year beginning approximately 11:00 a.m. Hawaii Time on Monday, April 24, 2023. The replay will be accessible via the same link. In addition, the replay will be available on the Company’s website, www.boh.com.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai‘i Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022 which was filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Bank of Hawai‘i Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company’s principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s web site, www.boh.com.Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.

Bank of Hawai‘i Corporation and Subsidiaries

Financial Highlights

Table 1

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands, except per share amounts)

2023

2022

2022

For the Period:

Operating Results

Net Interest Income
$

135,955

$

140,738

$

125,263

Provision for Credit Losses

2,000

200

(5,500

)

Total Noninterest Income

40,737

41,172

43,551

Total Noninterest Expense

111,919

102,703

103,874

Pre-Provision Net Revenue

64,773

79,207

64,940

Net Income

46,842

61,307

54,834

Net Income Available to Common Shareholders

44,873

59,338

52,865

Basic Earnings Per Common Share

1.14

1.51

1.33

Diluted Earnings Per Common Share

1.14

1.50

1.32

Dividends Declared Per Common Share

0.70

0.70

0.70

Performance Ratios

Return on Average Assets

0.80

%

1.05

%

0.97

%

Return on Average Shareholders’ Equity

14.25

18.91

14.18

Return on Average Common Equity

15.79

21.28

15.44

Efficiency Ratio ¹

63.34

56.46

61.53

Net Interest Margin ²

2.47

2.60

2.34

Dividend Payout Ratio ³

61.40

46.36

52.63

Average Shareholders’ Equity to Average Assets

5.59

5.56

6.87

Average Balances

Average Loans and Leases
$

13,717,483

$

13,452,791

$

12,290,402

Average Assets

23,865,478

23,147,398

22,847,488

Average Deposits

20,430,882

20,341,327

20,426,076

Average Shareholders’ Equity

1,332,889

1,286,291

1,568,725

Per Share of Common Stock

Book Value
$

29.62

$

28.54

$

31.50

Tangible Book Value

28.83

27.75

30.71

Market Value

Closing

52.08

77.56

83.92

High

81.73

82.87

92.38

Low

34.71

70.15

79.60

March 31, December 31, March 31,

2023

2022

2022

As of Period End:

Balance Sheet Totals

Loans and Leases
$

13,824,522

$

13,646,420

$

12,544,492

Total Assets

23,931,977

23,606,877

23,000,317

Total Deposits

20,491,300

20,615,696

20,716,287

Other Debt

510,269

410,294

10,367

Total Shareholders’ Equity

1,354,430

1,316,995

1,448,885

Asset Quality

Non-Performing Assets
$

12,124

$

12,647

$

19,979

Allowance for Credit Losses – Loans and Leases

143,577

144,439

152,028

Allowance to Loans and Leases Outstanding ⁴

1.04

%

1.06

%

1.21

%

Capital Ratios ⁵

Common Equity Tier 1 Capital Ratio

10.88

%

10.92

%

11.83

%

Tier 1 Capital Ratio

12.10

12.15

13.22

Total Capital Ratio

13.13

13.17

14.41

Tier 1 Leverage Ratio

7.19

7.37

7.30

Total Shareholders’ Equity to Total Assets

5.66

5.58

6.30

Tangible Common Equity to Tangible Assets ⁶

4.78

4.69

5.39

Tangible Common Equity to Risk-Weighted Assets ⁶

7.97

7.76

9.77

Non-Financial Data

Full-Time Equivalent Employees

2,025

2,076

2,084

Branches

51

51

54

ATMs

320

320

307

¹
Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).

²
Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

³
Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.

⁴
The numerator comprises the Allowance for Credit Losses – Loans and Leases.

⁵
Regulatory capital ratios as of March 31, 2023 are preliminary.

⁶
Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures.

Tangible common equity is defined by the Company as common shareholders’ equity minus goodwill.

See Table 2 “Reconciliation of Non-GAAP Financial Measures”.

Bank of Hawai‘i Corporation and Subsidiaries

Reconciliation of Non-GAAP Financial Measures Table 2

March 31,

December 31,

March 31,

(dollars in thousands)
2023

2022

2022

Total Shareholders’ Equity
$

1,354,430

$

1,316,995

$

1,448,885

Less: Preferred Stock

180,000

180,000

180,000

Goodwill

31,517

31,517

31,517

Tangible Common Equity
$

1,142,913

$

1,105,478

$

1,237,368

Total Assets

23,931,977

23,606,877

23,000,317

Less: Goodwill

31,517

31,517

31,517

Tangible Assets
$

23,900,460

$

23,575,360

$

22,968,800

Risk-Weighted Assets, determined in accordance

with prescribed regulatory requirements ¹
$

14,341,397

$

14,238,798

$

12,663,646

Total Shareholders’ Equity to Total Assets

5.66

%

5.58

%

6.30

%

Tangible Common Equity to Tangible Assets (Non-GAAP)

4.78

%

4.69

%

5.39

%

Tier 1 Capital Ratio ¹

12.10

%

12.15

%

13.22

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) ¹

7.97

%

7.76

%

9.77

%

¹
Regulatory capital ratios as of March 31, 2023 are preliminary.

Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Income Table 3

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands, except per share amounts)
2023

2022

2022

Interest Income

Interest and Fees on Loans and Leases
$

136,501

$

128,683

$

94,439

Income on Investment Securities

Available-for-Sale

23,893

18,476

17,100

Held-to-Maturity

23,948

23,708

18,701

Deposits

27

13

4

Funds Sold

3,366

1,093

127

Other

597

340

202

Total Interest Income

188,332

172,313

130,573

Interest Expense

Deposits

37,794

23,494

2,353

Securities Sold Under Agreements to Repurchase

5,377

4,289

2,772

Funds Purchased

704

318

2

Short-Term Borrowings

3,203

1,978

–

Other Debt

5,299

1,496

183

Total Interest Expense

52,377

31,575

5,310

Net Interest Income

135,955

140,738

125,263

Provision for Credit Losses

2,000

200

(5,500

)

Net Interest Income After Provision for Credit Losses

133,955

140,538

130,763

Noninterest Income

Trust and Asset Management

10,690

10,652

11,276

Mortgage Banking

1,004

991

2,740

Service Charges on Deposit Accounts

7,737

7,513

7,272

Fees, Exchange, and Other Service Charges

13,808

13,906

12,952

Investment Securities Losses, Net

(1,792

)

(1,124

)

(1,545

)

Annuity and Insurance

1,271

1,087

791

Bank-Owned Life Insurance

2,842

2,475

2,349

Other

5,177

5,672

7,716

Total Noninterest Income

40,737

41,172

43,551

Noninterest Expense

Salaries and Benefits

65,088

57,639

59,924

Net Occupancy

9,872

9,499

9,826

Net Equipment

10,375

9,942

9,153

Data Processing

4,583

4,579

4,560

Professional Fees

3,883

3,958

3,258

FDIC Insurance

3,234

1,774

1,502

Other

14,884

15,312

15,651

Total Noninterest Expense

111,919

102,703

103,874

Income Before Provision for Income Taxes

62,773

79,007

70,440

Provision for Income Taxes

15,931

17,700

15,606

Net Income
$

46,842

$

61,307

$

54,834

Preferred Stock Dividends

1,969

1,969

1,969

Net Income Available to Common Shareholders
$

44,873

$

59,338

$

52,865

Basic Earnings Per Common Share
$

1.14

$

1.51

$

1.33

Diluted Earnings Per Common Share
$

1.14

$

1.50

$

1.32

Dividends Declared Per Common Share
$

0.70

$

0.70

$

0.70

Basic Weighted Average Common Shares

39,276,833

39,395,338

39,752,679

Diluted Weighted Average Common Shares

39,465,889

39,618,896

39,956,391

Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

Table 4

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2023

2022

2022

Net Income
$

46,842

$

61,307

$

54,834

Other Comprehensive Income (Loss), Net of Tax:

Net Unrealized Gains (Losses) on Investment Securities

29,276

5,677

(180,124

)

Defined Benefit Plans

84

7,359

353

Other Comprehensive Income (Loss)

29,360

13,036

(179,771

)

Comprehensive Income (Loss)
$

76,202

$

74,343

$

(124,937

)

Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Condition Table 5

March 31,

December 31,

March 31,

(dollars in thousands)
2023

2022

2022

Assets

Interest-Bearing Deposits in Other Banks
$

2,554

$

3,724

$

2,488

Funds Sold

272,018

81,364

356,373

Investment Securities

Available-for-Sale

2,815,083

2,844,823

4,258,534

Held-to-Maturity (Fair Value of $4,601,876; $4,615,393; and $4,171,262)

5,312,815

5,414,139

4,489,615

Loans Held for Sale

2,149

1,035

5,293

Loans and Leases

13,824,522

13,646,420

12,544,492

Allowance for Credit Losses

(143,577

)

(144,439

)

(152,028

)

Net Loans and Leases

13,680,945

13,501,981

12,392,464

Total Earning Assets

22,085,564

21,847,066

21,504,767

Cash and Due from Banks

337,413

316,679

236,193

Premises and Equipment, Net

203,131

206,777

199,743

Operating Lease Right-of-Use Assets

91,387

92,307

93,563

Accrued Interest Receivable

63,175

61,002

45,392

Foreclosed Real Estate

1,040

1,040

2,332

Mortgage Servicing Rights

22,102

22,619

23,968

Goodwill

31,517

31,517

31,517

Bank-Owned Life Insurance

455,602

453,882

446,926

Other Assets

641,046

573,988

415,916

Total Assets
$

23,931,977

$

23,606,877

$

23,000,317

Liabilities

Deposits

Noninterest-Bearing Demand
$

6,385,872

$

6,714,982

$

7,500,741

Interest-Bearing Demand

4,283,801

4,232,567

4,591,178

Savings

7,898,874

7,962,410

7,701,849

Time

1,922,753

1,705,737

922,519

Total Deposits

20,491,300

20,615,696

20,716,287

Short-Term Borrowings

325,000

–

–

Securities Sold Under Agreements to Repurchase

725,490

725,490

450,490

Other Debt

510,269

410,294

10,367

Operating Lease Liabilities

99,746

100,526

101,274

Retirement Benefits Payable

26,768

26,991

38,008

Accrued Interest Payable

13,061

9,698

2,545

Taxes Payable

11,039

7,104

17,265

Other Liabilities

374,874

394,083

215,196

Total Liabilities

22,577,547

22,289,882

21,551,432

Shareholders’ Equity

Preferred Stock ($.01 par value; authorized 180,000 shares;

issued / outstanding: March 31, 2023; December 31, 2022; and March 31, 2022 – 180,000)

180,000

180,000

180,000

Common Stock ($.01 par value; authorized 500,000,000 shares;

issued / outstanding: March 31, 2023 – 58,722,929 / 39,646,506;

December 31, 2022 – 58,733,625 / 39,835,750; and March 31, 2022 – 58,717,811 / 40,288,365)

583

582

582

Capital Surplus

624,126

620,578

607,061

Accumulated Other Comprehensive Loss

(405,298

)

(434,658

)

(246,153

)

Retained Earnings

2,074,428

2,055,912

1,974,790

Treasury Stock, at Cost (Shares: March 31, 2023 – 19,076,423; December 31, 2022 – 18,897,875;

and March 31, 2022 – 18,429,446)

(1,119,409

)

(1,105,419

)

(1,067,395

)

Total Shareholders’ Equity

1,354,430

1,316,995

1,448,885

Total Liabilities and Shareholders’ Equity
$

23,931,977

$

23,606,877

$

23,000,317

Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Shareholders’ Equity
Table 6

Accumulated

Other

Preferred Common Comprehensive

Shares
Preferred
Shares Common Capital Income Retained Treasury

(dollars in thousands) Outstanding Stock Outstanding Stock Surplus (Loss) Earnings Stock Total

Balance as of December 31, 2022
180,000

$

180,000

39,835,750

$

582

$

620,578

$

(434,658

)

$

2,055,912

$

(1,105,419

)

$

1,316,995

Net Income
–

–

–

–

–

–

46,842

–

46,842

Other Comprehensive Income
–

–

–

–

–

29,360

–

–

29,360

Share-Based Compensation
–

–

–

–

3,371

–

–

–

3,371

Common Stock Issued under Purchase and

Equity Compensation Plans
–

–

13,164

1

177

–

1,587

(197

)

1,568

Common Stock Repurchased
–

–

(202,408

)

–

–

–

–

(13,793

)

(13,793

)

Cash Dividends Declared Common Stock ($0.70 per share)
–

–

–

–

–

–

(27,944

)

–

(27,944

)

Cash Dividends Declared Preferred Stock
–

–

–

–

–

–

(1,969

)

–

(1,969

)

Balance as of March 31, 2023
180,000

$

180,000

39,646,506

$

583

$

624,126

$

(405,298

)

$

2,074,428

$

(1,119,409

)

$

1,354,430

Balance as of December 31, 2021
180,000

180,000

40,253,193

581

602,508

(66,382

)

1,950,375

(1,055,471

)

1,611,611

Net Income
–

–

–

–

–

–

54,834

–

54,834

Other Comprehensive Loss
–

–

–

–

–

(179,771

)

–

–

(179,771

)

Share-Based Compensation
–

–

–

–

4,010

–

–

–

4,010

Common Stock Issued under Purchase and

Equity Compensation Plans
–

–

197,783

1

543

–

(185

)

2,036

2,395

Common Stock Repurchased
–

–

(162,611

)

–

–

–

–

(13,960

)

(13,960

)

Cash Dividends Declared Common Stock ($0.70 per share)
–

–

–

–

–

–

(28,265

)

–

(28,265

)

Cash Dividends Declared Preferred Stock
–

–

–

–

–

–

(1,969

)

–

(1,969

)

Balance as of March 31, 2022
180,000

$

180,000

40,288,365

$

582

$

607,061

$

(246,153

)

$

1,974,790

$

(1,067,395

)

$

1,448,885

Bank of Hawai‘i Corporation and Subsidiaries

Average Balances and Interest Rates – Taxable-Equivalent Basis ¹ Table 7

Three Months Ended Three Months Ended Three Months Ended

March 31, 2023 December 31, 2022 March 31, 2022

Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/

(dollars in millions) Balance Expense ² Rate Balance Expense ² Rate Balance Expense ² Rate

Earning Assets

Interest-Bearing Deposits in Other Banks
$

1.7

$

–

6.25

%

$

2.2

$

–

2.32

%

$

3.4

$

–

0.45

%

Funds Sold

295.9

3.4

4.55

118.1

1.2

3.62

238.5

0.1

0.21

Investment Securities

Available-for-Sale

Taxable

2,820.3

23.8

3.40

2,593.5

18.4

2.83

4,399.9

17.1

1.56

Non-Taxable

9.6

0.1

4.38

7.5

0.1

4.14

3.0

–

1.93

Held-to-Maturity

Taxable

5,336.2

23.8

1.78

5,401.9

23.5

1.74

4,567.4

18.6

1.63

Non-Taxable

35.3

0.2

2.10

35.4

0.2

2.10

35.8

0.2

2.10

Total Investment Securities

8,201.4

47.9

2.34

8,038.3

42.2

2.10

9,006.1

35.9

1.59

Loans Held for Sale

1.5

–

5.30

3.3

–

5.65

13.7

0.1

2.78

Loans and Leases ³

Commercial and Industrial

1,411.4

16.2

4.67

1,379.9

14.8

4.25

1,332.9

9.0

2.73

Paycheck Protection Program

16.9

0.1

2.35

21.3

0.1

2.30

89.0

1.8

8.33

Commercial Mortgage

3,736.9

45.1

4.90

3,627.4

40.6

4.44

3,158.8

21.7

2.80

Construction

280.4

3.9

5.65

246.9

3.3

5.29

227.6

2.1

3.68

Commercial Lease Financing

66.9

–

(0.14

)

72.0

0.3

1.49

98.8

0.4

1.45

Residential Mortgage

4,666.0

39.9

3.42

4,617.9

38.9

3.37

4,343.3

34.9

3.21

Home Equity

2,239.4

18.2

3.30

2,207.7

17.9

3.23

1,898.9

13.3

2.83

Automobile

871.8

7.3

3.37

851.1

7.0

3.29

737.4

5.9

3.23

Other ⁴

427.8

6.2

5.83

428.6

6.1

5.64

403.7

5.5

5.47

Total Loans and Leases

13,717.5

136.9

4.03

13,452.8

129.0

3.81

12,290.4

94.6

3.10

Other

67.2

0.6

3.56

50.1

0.4

2.72

36.7

0.2

2.21

Total Earning Assets

22,285.2

188.8

3.42

21,664.8

172.8

3.17

21,588.8

130.9

2.44

Cash and Due from Banks

319.1

244.3

233.3

Other Assets

1,261.2

1,238.3

1,025.4

Total Assets
$

23,865.5

$

23,147.4

$

22,847.5

Interest-Bearing Liabilities

Interest-Bearing Deposits

Demand
$

4,215.9

5.2

0.50

$

4,131.4

3.5

0.33

$

4,655.4

0.5

0.04

Savings

8,009.0

20.6

1.05

7,869.9

13.4

0.68

7,540.6

1.1

0.06

Time

1,789.9

12.0

2.71

1,467.7

6.6

1.78

971.5

0.8

0.34

Total Interest-Bearing Deposits

14,014.8

37.8

1.09

13,469.0

23.5

0.69

13,167.5

2.4

0.07

Short-Term Borrowings

325.4

3.9

4.80

234.9

2.3

3.82

6.8

–

0.11

Securities Sold Under Agreements to Repurchase

725.5

5.4

2.96

594.5

4.3

2.82

450.5

2.8

2.46

Other Debt

499.6

5.3

4.30

137.5

1.5

4.32

10.4

0.2

7.05

Total Interest-Bearing Liabilities

15,565.3

52.4

1.36

14,435.9

31.6

0.87

13,635.2

5.4

0.16

Net Interest Income
$

136.4

$

141.2

$

125.5

Interest Rate Spread
2.06

%

2.30

%

2.28

%

Net Interest Margin
2.47

%

2.60

%

2.34

%

Noninterest-Bearing Demand Deposits

6,416.1

6,872.3

7,258.6

Other Liabilities

551.2

552.9

385.0

Shareholders’ Equity

1,332.9

1,286.3

1,568.7

Total Liabilities and Shareholders’ Equity
$

23,865.5

$

23,147.4

$

22,847.5

¹
Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.

²
Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $495,000, $433,000, and $254,000

for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively.

³
Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

⁴
Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawai‘i Corporation and Subsidiaries

Analysis of Change in Net Interest Income – Taxable-Equivalent Basis Table 8a

Three Months Ended March 31, 2023

Compared to December 31, 2022

(dollars in millions) Volume ¹ Rate ¹ Total

Change in Interest Income:

Funds Sold
$

1.9

$

0.3

$

2.2

Investment Securities

Available-for-Sale

Taxable

1.6

3.8

5.4

Held-to-Maturity

Taxable

(0.2

)

0.5

0.3

Total Investment Securities

1.4

4.3

5.7

Loans and Leases

Commercial and Industrial

0.3

1.1

1.4

Commercial Mortgage

1.0

3.5

4.5

Construction

0.4

0.2

0.6

Commercial Lease Financing

–

(0.3

)

(0.3

)

Residential Mortgage

0.4

0.6

1.0

Home Equity

0.1

0.2

0.3

Automobile

0.1

0.2

0.3

Other ²

–

0.1

0.1

Total Loans and Leases

2.3

5.6

7.9

Other

0.1

0.1

0.2

Total Change in Interest Income

5.7

10.3

16.0

Change in Interest Expense:

Interest-Bearing Deposits

Demand

0.1

1.6

1.7

Savings

0.2

7.0

7.2

Time

1.6

3.8

5.4

Total Interest-Bearing Deposits

1.9

12.4

14.3

Short-Term Borrowings

1.0

0.6

1.6

Securities Sold Under Agreements to Repurchase

0.9

0.2

1.1

Other Debt

3.8

–

3.8

Total Change in Interest Expense

7.6

13.2

20.8

Change in Net Interest Income
$

(1.9

)

$

(2.9

)

$

(4.8

)

¹
The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

²
Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawai‘i Corporation and Subsidiaries

Analysis of Change in Net Interest Income – Taxable-Equivalent Basis Table 8b

Three Months Ended March 31, 2023

Compared to March 31, 2022

(dollars in millions) Volume ¹ Rate ¹ Total

Change in Interest Income:

Funds Sold
$

–

$

3.3

$

3.3

Investment Securities

Available-for-Sale

Taxable

(7.8

)

14.5

6.7

Non-Taxable

0.1

–

0.1

Held-to-Maturity

Taxable

3.3

1.9

5.2

Total Investment Securities

(4.4

)

16.4

12.0

Loans Held for Sale

(0.1

)

–

(0.1

)

Loans and Leases

Commercial and Industrial

0.6

6.6

7.2

Paycheck Protection Program

(0.9

)

(0.8

)

(1.7

)

Commercial Mortgage

4.6

18.8

23.4

Construction

0.6

1.2

1.8

Commercial Lease Financing

(0.2

)

(0.2

)

(0.4

)

Residential Mortgage

2.7

2.3

5.0

Home Equity

2.5

2.4

4.9

Automobile

1.1

0.3

1.4

Other ²

0.3

0.4

0.7

Total Loans and Leases

11.3

31.0

42.3

Other

0.2

0.2

0.4

Total Change in Interest Income

7.0

50.9

57.9

Change in Interest Expense:

Interest-Bearing Deposits

Demand

–

4.7

4.7

Savings

–

19.5

19.5

Time

1.2

10.0

11.2

Total Interest-Bearing Deposits

1.2

34.2

35.4

Short-Term Borrowings

2.0

1.9

3.9

Securities Sold Under Agreements to Repurchase

2.0

0.6

2.6

Other Debt

5.2

(0.1

)

5.1

Total Change in Interest Expense

10.4

36.6

47.0

Change in Net Interest Income
$

(3.4

)

$

14.3

$

10.9

¹
The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

²
Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawai‘i Corporation and Subsidiaries

Salaries and Benefits Table 9

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2023

2022

2022

Salaries
$

38,617

$

37,395

$

34,932

Incentive Compensation

3,997

5,356

6,111

Share-Based Compensation

3,159

3,901

3,799

Commission Expense

647

830

1,641

Retirement and Other Benefits

5,888

4,065

4,693

Payroll Taxes

5,848

2,591

4,944

Medical, Dental, and Life Insurance

3,864

3,528

3,234

Separation Expense

3,068

(27

)

570

Total Salaries and Benefits
$

65,088

$

57,639

$

59,924

Bank of Hawai‘i Corporation and Subsidiaries

Loan and Lease Portfolio Balances Table 10

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)
2023

2022

2022

2022

2022

Commercial

Commercial and Industrial
$

1,425,916

$

1,389,066

$

1,368,966

$

1,323,830

$

1,354,757

Paycheck Protection Program

15,175

19,579

22,955

31,964

57,809

Commercial Mortgage

3,826,283

3,725,542

3,591,943

3,464,126

3,257,689

Construction

232,903

260,825

236,498

246,177

248,363

Lease Financing

65,611

69,491

73,989

89,535

98,107

Total Commercial

5,565,888

5,464,503

5,294,351

5,155,632

5,016,725

Consumer

Residential Mortgage

4,691,298

4,653,072

4,585,723

4,486,571

4,405,718

Home Equity

2,260,001

2,225,950

2,185,484

2,101,612

1,958,285

Automobile

877,979

870,396

820,640

775,065

742,934

Other ¹

429,356

432,499

435,408

432,693

420,830

Total Consumer

8,258,634

8,181,917

8,027,255

7,795,941

7,527,767

Total Loans and Leases
$

13,824,522

$

13,646,420

$

13,321,606

$

12,951,573

$

12,544,492

Deposits

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)
2023

2022

2022

2022

2022

Consumer
$

10,158,833

$

10,304,335

$

10,507,946

$

10,554,121

$

10,654,192

Commercial

8,594,441

8,569,670

8,841,781

8,824,609

8,818,477

Public and Other

1,738,026

1,741,691

1,539,046

1,646,951

1,243,618

Total Deposits
$

20,491,300

$

20,615,696

$

20,888,773

$

21,025,681

$

20,716,287

¹
Comprised of other revolving credit, installment, and lease financing.

Bank of Hawai‘i Corporation and Subsidiaries

Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)
2023

2022

2022

2022

2022

Non-Performing Assets

Non-Accrual Loans and Leases

Commercial

Commercial and Industrial
$

31

$

37

$

49

$

85

$

99

Commercial Mortgage

3,216

3,309

3,396

3,462

8,065

Total Commercial

3,247

3,346

3,445

3,547

8,164

Consumer

Residential Mortgage

4,199

4,239

4,945

5,179

3,845

Home Equity

3,638

4,022

4,438

4,435

5,638

Total Consumer

7,837

8,261

9,383

9,614

9,483

Total Non-Accrual Loans and Leases

11,084

11,607

12,828

13,161

17,647

Foreclosed Real Estate

1,040

1,040

1,040

2,332

2,332

Total Non-Performing Assets
$

12,124

$

12,647

$

13,868

$

15,493

$

19,979

Accruing Loans and Leases Past Due 90 Days or More

Commercial

Commercial and Industrial
$

–

$

–

$

–

$

–

$

22

Total Commercial

–

–

–

–

22

Consumer

Residential Mortgage

4,566

2,429

3,279

2,638

4,113

Home Equity

1,723

1,673

1,061

2,029

2,722

Automobile

598

589

467

359

504

Other ¹

632

683

513

508

649

Total Consumer

7,519

5,374

5,320

5,534

7,988

Total Accruing Loans and Leases Past Due 90 Days or More
$

7,519

$

5,374

$

5,320

$

5,534

$

8,010

Total Loans and Leases
$

13,824,522

$

13,646,420

$

13,321,606

$

12,951,573

$

12,544,492

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases

0.08

%

0.09

%

0.10

%

0.10

%

0.14

%

Ratio of Non-Performing Assets to Total Loans and Leases

and Foreclosed Real Estate

0.09

%

0.09

%

0.10

%

0.12

%

0.16

%

Ratio of Non-Performing Assets to Total Assets

0.05

%

0.05

%

0.06

%

0.06

%

0.07

%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans

and Leases and Commercial Foreclosed Real Estate

0.06

%

0.06

%

0.07

%

0.07

%

0.16

%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans

and Leases and Consumer Foreclosed Real Estate

0.11

%

0.11

%

0.13

%

0.15

%

0.16

%

Ratio of Non-Performing Assets and Accruing Loans and Leases

Past Due 90 Days or More to Total Loans and Leases

and Foreclosed Real Estate

0.14

%

0.13

%

0.14

%

0.16

%

0.22

%

Quarter to Quarter Changes in Non-Performing Assets

Balance at Beginning of Quarter
$

12,647

$

13,868

$

15,493

$

19,979

$

18,966

Additions

552

704

489

2,293

2,243

Reductions

Payments

(778

)

(1,605

)

(706

)

(5,511

)

(1,230

)

Return to Accrual Status

(297

)

(301

)

(116

)

(1,267

)

–

Sales of Foreclosed Real Estate

–

–

(1,292

)

–

–

Charge-offs / Write-downs

–

(19

)

–

(1

)

–

Total Reductions

(1,075

)

(1,925

)

(2,114

)

(6,779

)

(1,230

)

Balance at End of Quarter
$

12,124

$

12,647

$

13,868

$

15,493

$

19,979

¹
Comprised of other revolving credit, installment, and lease financing.

Bank of Hawai‘i Corporation and Subsidiaries

Reserve for Credit Losses Table 12

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)
2023

2022

2022

Balance at Beginning of Period
$

151,247

$

152,927

$

164,297

Loans and Leases Charged-Off

Commercial

Commercial and Industrial

(261

)

(196

)

(349

)

Consumer

Home Equity

(50

)

(10

)

(68

)

Automobile

(1,663

)

(1,171

)

(1,530

)

Other ¹

(2,335

)

(1,846

)

(1,961

)

Total Loans and Leases Charged-Off

(4,309

)

(3,223

)

(3,908

)

Recoveries on Loans and Leases Previously Charged-Off

Commercial

Commercial and Industrial

50

87

369

Consumer

Residential Mortgage

61

63

54

Home Equity

184

202

515

Automobile

672

412

739

Other ¹

674

604

745

Total Recoveries on Loans and Leases Previously Charged-Off

1,641

1,368

2,422

Net Charged-Off – Loans and Leases

(2,668

)

(1,855

)

(1,486

)

Net Charged-Off – Accrued Interest Receivable

–

(25

)

(47

)

Provision for Credit Losses:

Loans and Leases

1,806

(142

)

(4,307

)

Accrued Interest Receivable

–

25

(367

)

Unfunded Commitments

194

317

(826

)

Total Provision for Credit Losses

2,000

200

(5,500

)

Balance at End of Period
$

150,579

$

151,247

$

157,264

Components

Allowance for Credit Losses – Loans and Leases
$

143,577

$

144,439

$

152,028

Reserve for Unfunded Commitments

7,002

6,808

5,236

Total Reserve for Credit Losses
$

150,579

$

151,247

$

157,264

Average Loans and Leases Outstanding
$

13,717,483

$

13,452,791

$

12,290,402

Ratio of Net Loans and Leases Charged-Off to

Average Loans and Leases Outstanding (annualized)

0.08

%

0.05

%

0.05

%

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding ²

1.04

%

1.06

%

1.21

%

¹
Comprised of other revolving credit, installment, and lease financing.

²
The numerator comprises the Allowance for Credit Losses – Loans and Leases.

Bank of Hawai‘i Corporation and Subsidiaries

Business Segments Selected Financial Information Table 13

Consumer Commercial Treasury Consolidated

(dollars in thousands) Banking Banking and Other Total

Three Months Ended March 31, 2023

Net Interest Income (Loss)
$

98,008

$

56,705

$

(18,758

)

$

135,955

Provision for Credit Losses

2,669

(1

)

(668

)

2,000

Net Interest Income (Loss) After Provision for Credit Losses

95,339

56,706

(18,090

)

133,955

Noninterest Income

31,154

8,649

934

40,737

Noninterest Expense

(85,073

)

(20,289

)

(6,557

)

(111,919

)

Income (Loss) Before Income Taxes

41,420

45,066

(23,713

)

62,773

Provision for Income Taxes

(10,623

)

(10,793

)

5,485

(15,931

)

Net Income (Loss)
$

30,797

$

34,273

$

(18,228

)

$

46,842

Total Assets as of March 31, 2023
$

8,654,243

$

5,625,254

$

9,652,480

$

23,931,977

Three Months Ended March 31, 2022 ¹

Net Interest Income
$

70,361

$

46,349

$

8,553

$

125,263

Provision for Credit Losses

1,683

(197

)

(6,986

)

(5,500

)

Net Interest Income After Provision for Credit Losses

68,678

46,546

15,539

130,763

Noninterest Income

31,969

10,198

1,384

43,551

Noninterest Expense

(81,810

)

(18,669

)

(3,395

)

(103,874

)

Income Before Income Taxes

18,837

38,075

13,528

70,440

Provision for Income Taxes

(4,714

)

(9,197

)

(1,695

)

(15,606

)

Net Income
$

14,123

$

28,878

$

11,833

$

54,834

Total Assets as of March 31, 2022 ¹
$

7,927,186

$

5,174,115

$

9,899,016

$

23,000,317

¹
Certain prior period information has been reclassified to conform to current presentation.

Bank of Hawai‘i Corporation and Subsidiaries

Selected Quarterly Financial Data Table 14

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands, except per share amounts)
2023

2022

2022

2022

2022

Quarterly Operating Results

Interest Income

Interest and Fees on Loans and Leases
$

136,501

$

128,683

$

115,013

$

101,663

$

94,439

Income on Investment Securities

Available-for-Sale

23,893

18,476

16,995

17,984

17,100

Held-to-Maturity

23,948

23,708

20,243

18,838

18,701

Deposits

27

13

10

5

4

Funds Sold

3,366

1,093

2,335

719

127

Other

597

340

322

353

202

Total Interest Income

188,332

172,313

154,918

139,562

130,573

Interest Expense

Deposits

37,794

23,494

10,296

3,535

2,353

Securities Sold Under Agreements to Repurchase

5,377

4,289

2,745

2,794

2,772

Funds Purchased

704

318

40

57

2

Short-Term Borrowings

3,203

1,978

–

92

–

Other Debt

5,299

1,496

182

182

183

Total Interest Expense

52,377

31,575

13,263

6,660

5,310

Net Interest Income

135,955

140,738

141,655

132,902

125,263

Provision for Credit Losses

2,000

200

–

(2,500

)

(5,500

)

Net Interest Income After Provision for Credit Losses

133,955

140,538

141,655

135,402

130,763

Noninterest Income

Trust and Asset Management

10,690

10,652

10,418

11,457

11,276

Mortgage Banking

1,004

991

1,002

1,247

2,740

Service Charges on Deposit Accounts

7,737

7,513

7,526

7,309

7,272

Fees, Exchange, and Other Service Charges

13,808

13,906

13,863

14,193

12,952

Investment Securities Losses, Net

(1,792

)

(1,124

)

(2,147

)

(1,295

)

(1,545

)

Annuity and Insurance

1,271

1,087

1,034

870

791

Bank-Owned Life Insurance

2,842

2,475

2,486

2,658

2,349

Other

5,177

5,672

(3,522

)

5,719

7,716

Total Noninterest Income

40,737

41,172

30,660

42,158

43,551

Noninterest Expense

Salaries and Benefits

65,088

57,639

59,938

57,769

59,924

Net Occupancy

9,872

9,499

10,186

9,930

9,826

Net Equipment

10,375

9,942

9,736

9,543

9,153

Data Processing

4,583

4,579

4,616

4,607

4,560

Professional Fees

3,883

3,958

3,799

3,542

3,258

FDIC Insurance

3,234

1,774

1,680

1,590

1,502

Other

14,884

15,312

15,794

15,958

15,651

Total Noninterest Expense

111,919

102,703

105,749

102,939

103,874

Income Before Provision for Income Taxes

62,773

79,007

66,566

74,621

70,440

Provision for Income Taxes

15,931

17,700

13,765

17,759

15,606

Net Income
$

46,842

$

61,307

$

52,801

$

56,862

$

54,834

Preferred Stock Dividends

1,969

1,969

1,969

1,969

1,969

Net Income Available to Common Shareholders
$

44,873

$

59,338

$

50,832

$

54,893

$

52,865

Basic Earnings Per Common Share
$

1.14

$

1.51

$

1.28

$

1.38

$

1.33

Diluted Earnings Per Common Share
$

1.14

$

1.50

$

1.28

$

1.38

$

1.32

Balance Sheet Totals

Loans and Leases
$

13,824,522

$

13,646,420

$

13,321,606

$

12,951,573

$

12,544,492

Total Assets

23,931,977

23,606,877

23,134,040

23,232,699

23,000,317

Total Deposits

20,491,300

20,615,696

20,888,773

21,025,681

20,716,287

Total Shareholders’ Equity

1,354,430

1,316,995

1,282,384

1,348,746

1,448,885

Performance Ratios

Return on Average Assets

0.80

%

1.05

%

0.91

%

1.00

%

0.97

%

Return on Average Shareholders’ Equity

14.25

18.91

15.31

16.40

14.18

Return on Average Common Equity

15.79

21.28

16.98

18.19

15.44

Efficiency Ratio ¹

63.34

56.46

61.37

58.80

61.53

Net Interest Margin ²

2.47

2.60

2.60

2.47

2.34

¹
Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).

²
Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

Bank of Hawai‘i Corporation and Subsidiaries

Hawaii Economic Trends Table 15

One Month Ended Year Ended

(dollars in millions; jobs in thousands) February 28, 2023 December 31, 2022 December 31, 2021

Hawaii Economic Trends

State General Fund Revenues¹
$

1,544.9

(0.2

)%

$

9,441.3

16.0

%

$

8,137.9

26.9

%

General Excise and Use Tax Revenue¹

797.0

12.8

4,263.4

18.3

3,604.3

18.6

Jobs ²

654.2

654.5

642.6

February 28, December 31,

2023

2022

2021

Unemployment, seasonally adjusted³

Statewide
3.6

%

3.7

%

3.2

%

Honolulu County
3.7

3.3

3.7

Hawaii County
3.8

4.7

1.8

Maui County
3.2

4.5

2.4

Kauai County
3.2

4.7

2.7

March 31,

December 31,

(1-year percentage change, except months of inventory)
2023

2022

2021

2020

Housing Trends (Single Family Oahu) ⁴

Median Home Price

(6.8

)%

11.6

%

19.3

%

5.2

%

Home Sales Volume (units)

(37.0

)%

(23.2

)%

17.9

%

2.3

%

Months of Inventory

2.1

2.1

0.8

1.4

Monthly Visitor Arrivals, Percentage Change

(in thousands) Not Seasonally Adjusted from Previous Year

Tourism ⁵

February 28, 2023
733.6

17.6

%

January 31, 2023
775.1

36.7

December 31, 2022
858.1

14.0

November 30, 2022
725.5

18.2

October 31, 2022
726.1

31.8

September 30, 2022
691.8

37.1

August 31, 2022
829.7

14.8

July 31, 2022
919.2

4.5

June 30, 2022
841.8

6.4

May 31, 2022
774.1

22.9

April 30, 2022
809.6

67.3

March 31, 2022
785.7

78.7

February 28, 2022
623.7

165.1

January 31, 2022
567.2

229.8

December 31,2021
752.8

219.3

November 30, 2021
614.0

234.1

October 31, 2021
550.8

618.2

September 30, 2021
504.6

2,641.0

August 31, 2021
723.0

2,995.6

July 31, 2021
879.6

3,798.4

June 30, 2021
791.1

4,534.7

May 31, 2021
629.7

6,807.4

April 30, 2021
484.1

10,506.3

March 31, 2021
439.8

1.1

February 28, 2021
235.3

(71.6

)

¹
Source: Hawaii Department of Business, Economic Development & Tourism

²
Source: U.S. Bureau of Labor Statistics

³
Source: University of Hawaii Economic Research Organization (UHERO)

⁴
Source: Honolulu Board of Realtors

⁵
Source: Hawaii Tourism Authority

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005195/en/

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