Market Newsdesk

April 24, 2023 7:03 am

Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction

Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction

ARKO Says its Plan is to Finance $2.4 Billion Purchase Through an Amalgamation of Uncommitted Funding Sources; ARKO Has No Plans to Obtain a Committed Bridge Loan

ARKO Confirms Insurance Policy Discussions are Preliminary and Cost of Insurance Unknown

Board Unanimously Recommends Shareholders Vote FOR the Pending Merger with BP, with Closing Scheduled for May 15

WESTLAKE, Ohio–(BUSINESS WIRE)–
TravelCenters of America Inc. (Nasdaq: TA) today announced that after TA requested and received a contractual waiver from BP Products North America Inc. (“BP”), TA engaged with ARKO Corp. (“ARKO”) to diligence its proposal. Following this engagement, TA’s Board of Directors reaffirmed that ARKO’s proposal is neither a superior proposal nor could it reasonably be expected to lead to a superior proposal. The Board reconfirms its recommendation that shareholders vote FOR TA’s pending merger with BP, which, subject to shareholder approval, is scheduled to close on May 15, 2023.

During the engagement with ARKO, TA confirmed that ARKO plans to finance its proposed $2.4 billion acquisition of TA through an amalgamation of uncommitted funding sources, including by entering into unnegotiated new and expanded credit facilities, entering into unnegotiated sale and leaseback transactions at unrealistic high real estate valuations and using unavailable TA cash. Furthermore, as part of this engagement, ARKO unequivocally stated that, even if it was granted access to more diligence, it did not plan to obtain a committed bridge loan to close a transaction with TA. ARKO also confirmed that its discussions with an insurance provider were preliminary and that it did not know the costs to obtain such a policy.

TA’s Board provided a detailed response to ARKO in a letter dated April 24, 2023. The full text of the letter from the TA Board to ARKO, can be found here: https://investors.ta-petro.com/investors/default.aspx, under the link titled “ARKO Letter: April 24, 2023.”

The Special Meeting of Shareholders to approve the pending acquisition of TA by BP is scheduled for Wednesday, May 10, 2023, at 9:30 a.m. Eastern Time. TA shareholders of record as of the close of business on March 23, 2023, will be eligible to vote at the Special Meeting. Subject to shareholder approval, the transaction is expected to close on May 15, 2023.

Under the terms of the pending transaction, BP will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash. The transaction price represents an 84% premium to TA’s average trading price of $46.68 over the 30 days ended February 15, 2023, the date the BP merger agreement was signed. The total equity value of the transaction is approximately $1.3 billion.

About TravelCenters of America

TravelCenters of America Inc. (Nasdaq: TA) is the nation’s largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its over 18,000 team members serve guests in 281 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists.TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.

Warning Regarding Forward Looking Statements

This communication contains “forward-looking statements,” including statements containing the words “expect,” “intend,” “plan,” “believe,” “will,” “should,” “would,” “could,” “may,” and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. Statements that describe or relate to BP’s or TA’s plans, goals, intentions, strategies, or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Examples of forward-looking statements include the occurrence of any event, change or other circumstances that could give rise to the termination of the TA’s merger agreement with BP; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction; and the anticipated timing of the closing of the proposed transaction . Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements, including those factors listed in the section entitled “Risk Factors” in Item 1A of TA’s Annual Report on Form 10-K filed with the SEC on March 1, 2023, and those factors detailed from time to time in TA’s other SEC reports including quarterly reports on Form 10-Q and current reports on Form 8-K. TA does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

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Investors:

Stephen Colbert

TravelCenters of America

[email protected]

Media:

Tina Arundel

TravelCenters of America

[email protected]

Andrew Siegel / Jack Kelleher

Joele Frank

212-355-4449

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Mobile/Wireless Oil/Gas Other Travel Energy General Automotive Transportation Technology Automotive Travel Trucking Transport Other Automotive

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Posted on April 24, 2023 7:03 am
Can-Fite Announces New Management Structure as Advanced Stage Pipeline Moves Toward Commercialization

Can-Fite Announces New Management Structure as Advanced Stage Pipeline Moves Toward Commercialization

Dr. Pnina Fishman appointed Executive Chairman of the Board

Motti Farbstein appointed Chief Executive Officer in addition to continuing as Chief Financial Officer

PETACH TIKVA, Israel–(BUSINESS WIRE)–Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CANF), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address inflammatory, cancer and liver diseases, today announced executive changes to support the Company’s continued success in advancing its pipeline toward commercialization through two pivotal Phase III trials in psoriasis and liver cancer.

Dr. Pnina Fishman, the Company’s Scientific Founder, was appointed Executive Chairman of the Board to guide the Company’s strategic direction. She will continue to serve as Chief Scientific Officer (CSO) overseeing the Company’s scientific programs and clinical development pipeline. Motti Farbstein will lead the Company as its new Chief Executive Officer (CEO) while continuing to serve as the Company’s Chief Financial Officer (CFO), a position he has held since 2005. Dr. Ilan Cohn, the Company’s Co-Founder and former Chairman, remains on the Board and will continue to guide the Company’s intellectual property strategy and portfolio. Dr. Cohn is a patent attorney and a Co-Founder and Senior Partner of the IP firm Cohn, De Vries, Stadler & Co. These executive changes go into effect on June 30, 2023.

“Having developed Can-Fite’s platform technology and guided our pipeline into pivotal studies, I am pleased to turn the CEO role over to Motti who has the financial and clinical expertise to lead Can-Fite into the registration stage,” Dr. Fishman stated. “I will continue to guide our clinical programs as CSO while also taking part in setting the Company’s strategic direction as Executive Chairman of the Board. I have full confidence in Motti’s ability to execute on substantial opportunities for our late-stage clinical pipeline. I am also thankful to Ilan, my Co-Founder, for his dedication serving as Chairman for the past ten years and look forward to his continued support on the board, particularly with IP matters.”

“I’m honored and excited to lead Can-Fite as CEO. Having served the Company for 20 years, I’m dedicated to bringing our oral drugs to market to serve patients in need, especially in our most advanced indications in psoriasis and liver cancer,” stated Motti Farbstein. “Pnina, Ilan, and I will continue to work closely along with the rest of our team in a seamless transition. As we advance through two pivotal studies, we anticipate the potential for additional distribution transactions and other commercial opportunities.”

About Can-Fite BioPharma Ltd.

Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CANF) is an advanced clinical stage drug development Company with a platform technology that is designed to address multi-billion dollar markets in the treatment of cancer, liver, and inflammatory disease. The Company’s lead drug candidate, Piclidenoson recently reported topline results in a Phase III trial for psoriasis. Can-Fite’s liver drug, Namodenoson, is being evaluated in a Phase IIb trial for the treatment of non-alcoholic steatohepatitis (NASH), and enrollment is expected to commence in a Phase III trial for hepatocellular carcinoma (HCC), the most common form of liver cancer. Namodenoson has been granted Orphan Drug Designation in the U.S. and Europe and Fast Track Designation as a second line treatment for HCC by the U.S. Food and Drug Administration. Namodenoson has also shown proof of concept to potentially treat other cancers including colon, prostate, and melanoma. CF602, the Company’s third drug candidate, has shown efficacy in the treatment of erectile dysfunction. These drugs have an excellent safety profile with experience in over 1,500 patients in clinical studies to date. For more information please visit: www.can-fite.com.

Forward-Looking Statements

This press release may contain forward-looking statements, about Can-Fite’s expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. All statements in this communication, other than those relating to historical facts, are “forward looking statements”. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause Can-Fite’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements to differ materially from those anticipated in these forward-looking statements include, among other things, our history of losses and needs for additional capital to fund our operations and our inability to obtain additional capital on acceptable terms, or at all; uncertainties of cash flows and inability to meet working capital needs; the initiation, timing, progress and results of our preclinical studies, clinical trials and other product candidate development efforts; our ability to advance our product candidates into clinical trials or to successfully complete our preclinical studies or clinical trials; our receipt of regulatory approvals for our product candidates, and the timing of other regulatory filings and approvals; the clinical development, commercialization and market acceptance of our product candidates; our ability to establish and maintain strategic partnerships and other corporate collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our ability to operate our business without infringing the intellectual property rights of others; competitive companies, technologies and our industry; risks related to the COVID-19 pandemic and the Russian invasion of Ukraine; risks related to not satisfying the continued listing requirements of NYSE American; and statements as to the impact of the political and security situation in Israel on our business. More information on these risks, uncertainties and other factors is included from time to time in the “Risk Factors” section of Can-Fite’s Annual Report on Form 20-F filed with the SEC on March 30, 2023 and other public reports filed with the SEC and in its periodic filings with the TASE. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Can-Fite undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

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Can-Fite BioPharma

Motti Farbstein

[email protected]

+972-3-9241114

KEYWORDS: Israel Middle East

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

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Posted on 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.

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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

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Posted on 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

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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

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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:

Logo

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

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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

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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

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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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