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Quanterix Releases Operating Results for First Quarter 2023

BILLERICA, Mass.–(BUSINESS WIRE)–Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultrasensitive biomarker detection, today announced financial results for the three months ended March 31, 2023.

“Our corporate transformation initiated in August 2022 to maximize Quanterix’s full potential is on track. We remain confident that we have taken the right steps to build a strong foundation in preparation for future growth,” said Masoud Toloue, President and Chief Executive Officer of Quanterix. “This progress takes on added importance with the FDA’s recent decision to approve tofersen for the treatment of superoxide dismutase 1 amyotrophic lateral sclerosis, in large part based on strong surrogate neurofilament light chain biomarker data. This decision adds significant momentum to the use of biomarkers for predicting disease severity and clinical benefit in neurodegenerative diseases, and we believe Quanterix will continue to be at the forefront of these developments.”

First Quarter 2023 Financial Highlights

• Q1 total revenue was $28.5 million versus prior year Q1 of $29.6 million, a decrease of 4% driven by a decline in instrument revenue. Q1 total revenue increased 10% from Q4 2022 driven by increased consumable revenue.

• Gross margin, a key success indicator of the strategic realignment, saw strong quarter over quarter improvement. Q1 2023 GAAP gross margin was 59.5% versus Q1 2022 GAAP gross margin of 49.3% and Q4 2022 GAAP gross margin of 48.8%. Q1 2023 non-GAAP gross margin was 53.1% versus Q1 2022 non-GAAP gross margin of 43.2% and Q4 2022 non-GAAP gross margin of 41.3%.

• Q1 net loss was $6.1 million versus prior year Q1 of $18.2 million, a decrease of 66%.

• Cash burn for Q1 was $9.1 million, leaving us with $329.4 million of unrestricted cash as of March 31, 2023.

For additional information on the non-GAAP financial measures included in this press release, please see “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

2023 Business Highlights

• In January 2023, the Company expanded its lab developed test (LDT) menu with the launch of an NfL LDT, which can be used as an aid in the evaluation of individuals for possible neurodegenerative conditions or other causes of neuronal or central nervous system damage. Quanterix’s Simoa NfL is the most widely published NfL test with hundreds of research papers, demonstrating its validity for assessing neuronal damage, and Simoa NfL has become widely adopted in therapeutic clinical trial designs. We believe the recent FDA approval of tofersen, which relied on neurofilament light chain biomarker data, also validates the importance of this test.

• The Company participated in the 2023 Alzheimer’s Disease/Parkinson’s Disease conference in Gothenburg, Sweden. Simoa-based biomarkers were highlighted in more than 11 panel discussions and over 30 poster presentations.

• Published discoveries enabled through Quanterix’s Simoa technology continue to illustrate industry reliance on the Company’s ultra-sensitive technology for breakthrough discovery in research and clinical applications. The technology was highlighted in more than 140 new publications in the first quarter 2023, bringing total Simoa-specific inclusions to over 2,200 as of March 31, 2023.

Full Year Business Outlook

Quanterix has made a modest increase to its guidance for the full year 2023. The Company expects revenues to be in the range of $104 to $111 million. The Company expects GAAP gross margin percentage to be in the high 40s and non-GAAP gross margin percentage to be in the mid 40s. Expected cash burn for 2023 is unchanged, and the Company expects an approximately 10% improvement compared to 2022.

Conference Call

In conjunction with this announcement, Quanterix Corporation will host a conference call on May 9, 2023, at 4:30 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by pre-registering here and obtaining a dial-in number and passcode.

A live webcast will also be available at: https://edge.media-server.com/mmc/p/n9hbuqvf. You may also access the live webcast by visiting the News & Events page within the Investors section of the Quanterix website at www.quanterix.com. The webcast will be available on the Company’s website for one year following completion of the call.

Financial Highlights

Quanterix Corporation
Condensed Consolidated Statements of Operations
(Unaudited and in thousands, except share and per share data)
	Three Months Ended March 31,
	2023			2022
Product revenue	$	19,287		$	20,656
Service and other revenue		8,579			8,810
Collaboration revenue		368			86
Grant revenue		222			—
Total revenue		28,456			29,552
Costs of goods sold:
Cost of product revenue		7,033			10,746
Cost of service and other revenue		4,497			4,247
Total costs of goods sold and services		11,530			14,993
Gross profit		16,926			14,559
Gross margin		59.5%			49.3%
Operating expenses:
Research and development		4,720			7,034
Selling, general and administrative		20,883			25,712
Other lease costs		776			—
Restructuring		(33)			—
Total operating expenses		26,346			32,746
Loss from operations		(9,420)			(18,187)
Interest income (expense), net		3,449			52
Other income (expense), net		8			(217)
Loss before income taxes		(5,963)			(18,352)
Income tax (expense) benefit		(140)			199
Net loss	$	(6,103)		$	(18,153)
Net loss per share, basic and diluted	$	(0.16)		$	(0.49)
Weighted-average common shares outstanding, basic and diluted		37,326,559			36,850,894

Quanterix Corporation
Condensed Consolidated Balance Sheets
(Unaudited and in thousands)
	March 31, 2023			December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	329,354		$	338,740
Accounts receivable, net		22,546			19,017
Inventory		17,070			16,786
Prepaid expenses and other current assets		7,002			6,860
Total current assets		375,972			381,403
Restricted cash		2,920			2,597
Property and equipment, net		19,056			20,162
Intangible assets, net		7,129			7,516
Right-of-use assets		20,891			21,223
Other non-current assets		1,345			1,298
Total assets	$	427,313		$	434,199
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	2,585		$	3,836
Accrued compensation and benefits		4,880			10,658
Other accrued expenses		4,624			4,747
Deferred revenue		10,682			8,644
Short-term lease liabilities		3,875			2,687
Other current liabilities		291			386
Total current liabilities		26,937			30,958
Deferred revenue, net of current portion		1,419			1,415
Long-term lease liabilities		40,409			41,417
Other non-current liabilities		1,216			1,469
Total liabilities		69,981			75,259
Total stockholders’ equity		357,332			358,940
Total liabilities and stockholders’ equity	$	427,313		$	434,199

Use of Non-GAAP Financial Measures

To supplement its financial statements presented on a GAAP basis, the Company presents non-GAAP gross profit and non-GAAP gross margin, which are calculated by including shipping and handling costs for product sales within cost of goods sold instead of within selling, general and administrative expenses. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends between the Company’s business and its competitors. Management believes that presentation of non-GAAP gross margin provides useful information to investors in assessing the Company’s operating performance within its industry and in order to allow comparability to the presentation of other companies in its industry where shipping and handling costs are included in cost of goods sold for products. Management also uses non-GAAP gross margin as a factor in assessing the Company’s progress against the strategic business realignment plan. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these pro-forma measures to their most directly comparable GAAP financial measures set forth below.

Reconciliation of GAAP to Non-GAAP Financial Measures

Quanterix Corporation
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
(Unaudited and in thousands, except percentages)
	Three Months Ended,						Three Months Ended,
	March 31, 2023			March 31, 2022			March 31, 2023			December 31, 2022
GAAP gross profit	$	16,926		$	14,559		$	16,926		$	12,592
Shipping and handling costs (1)		(1,829)			(1,781)			(1,829)			(1,926)
Non-GAAP gross profit	$	15,097		$	12,778		$	15,097		$	10,666
GAAP Revenue		28,456			29,552			28,456			25,824
GAAP Gross margin (GAAP gross profit as % of revenue)		59.5%			49.3%			59.5%			48.8%
Non-GAAP gross margin (non-GAAP gross profit as % of revenue)		53.1%			43.2%			53.1%			41.3%
GAAP total operating expenses	$	26,346		$	32,746		$	26,346		$	34,547
Shipping and handling costs (1)		(1,829)			(1,781)			(1,829)			(1,926)
Non-GAAP total operating costs	$	24,517		$	30,965		$	24,517		$	32,621
GAAP loss from operations	$	(9,420)		$	(18,187)		$	(9,420)		$	(21,955)
Non-GAAP loss from operations	$	(9,420)		$	(18,187)		$	(9,420)		$	(21,955)

(1) Shipping and handling costs, which include freight and other activities costs associated with product shipments, net of charges passed on to the customer, are captured within operating expenses in our consolidated statements of operations. During the three months ended March 31, 2023 and 2022, we incurred $1.8 million and $1.8 million, respectively, of shipping and handling costs recorded within operating expenses. During the three months ended December 31, 2022, we incurred $1.9 million of shipping and handling costs within operating expenses.

About Quanterix

From discovery to diagnostics, Quanterix’s ultrasensitive biomarker detection is driving breakthroughs only made possible through its unparalleled sensitivity and flexibility. The Company’s Simoa ^® technology has delivered the gold standard for earlier biomarker detection in blood, serum or plasma, with the ability to quantify proteins that are far lower than the Level of Quantification (LoQ). Its industry-leading precision instruments, digital immunoassay technology and CLIA-certified Accelerator laboratory have supported research that advances disease understanding and management in neurology, oncology, immunology, cardiology and infectious disease. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research^{published in more than 2,200 peer-reviewed journals. Find additional information about the Billerica, Massachusetts-based company at https://www.quanterix.com or follow us on Twitter and LinkedIn.}

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about Quanterix’ financial performance, including anticipated progress associated with Quanterix’ strategic business alignment plan, and are subject to a number of risks, uncertainties and assumptions. Forward-looking statements in this news release are based on Quanterix’ expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Factors that may cause Quanterix’ actual results to differ from those expressed or implied in the forward-looking statements in this press release include, but are not limited to, those described in “Part I, Item 1A, “Risk Factors” in Quanterix’ Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 6, 2023. Except as required by law, Quanterix assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005886/en/

Media:

PAN Communications

Maya Nimnicht

510-334-6273

[email protected]

Investor Relations:

Amy Achorn

(978) 488-1854

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Health Biometrics Health Technology Research Science Biotechnology

MEDIA:

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Private Division Announces Publishing Partnership with Game Freak

World-renowned Japanese development team creating ambitious new action-adventure IP

NEW YORK–(BUSINESS WIRE)–Private Division, a publishing label of Take-Two Interactive Software, Inc. (NASDAQ: TTWO), today announced a partnership to publish a new title from Game Freak. Founded in 1989, the Japanese development company has created dozens of hit games, including more than 30 entries in the Pokémon franchise, which is widely recognized as one of the best-selling game series of all time. Private Division will publish a brand-new action-adventure IP from Game Freak, codenamed Project Bloom. To celebrate this announcement, Private Division and Game Freak have unveiled the first piece of concept art for the game.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230509005055/en/

“We’re thrilled to have the opportunity to create new IP that is bold and tonally different from our prior work,” said Kota Furushima, Director at Game Freak. “From the beginning, Private Division was the publisher we wanted to work with on our new game. Their track record and global expertise give us all the confidence to create a sweeping new action-adventure game that we can’t wait to share more about in the future.”

“Over the past three decades, you’d be hard pressed to find a studio which has released more iconic hits than Game Freak,” said Michael Worosz, Chief Strategy Officer, Take-Two Interactive, and Head of Private Division. “We’re ready to help Game Freak unleash their potential and we’re honored to be the first Western publisher to work alongside this exceptionally talented and proven team to bring a bold new IP to market.”

Project Bloom is in early development and does not yet have an announced release date. It is expected to launch during Take-Two’s Fiscal Year 2026. Private Division and Game Freak look forward to sharing more details about this game in the future.

To stay up to date on announcements from Private Division, sign up for the newsletter: https://www.privatedivision.com/newsletter/

Private Division is a publishing label of Take-Two Interactive Software, Inc. (NASDAQ:TTWO).

About Game Freak

Game Freak is the creator of “Pokémon” and the developer of the original “Pokémon” game series. The “Pokémon” series has sold 297 million units worldwide (as of March 2022), the largest cumulative total for an RPG. Outside of video games, the series has also been adapted into such media as card games, anime, movies, and merchandise to be enjoyed around the globe. In recent years, the company has been actively developing new titles in addition to the “Pokémon” series.

About Private Division

Private Division is a developer-focused publisher that partners with the finest creative talent in the video game industry, empowering studios to develop the games that they are passionate about creating, while providing the support that they need to make their titles critically and commercially successful on a global scale. The Label publishes the Kerbal Space Program franchise, Ancestors: The Humankind Odyssey from Panache Digital Games, The Outer Worlds from Obsidian Entertainment, OlliOlli World and Rollerdrome from Roll7, After Us from Piccolo Studio, and more. Private Division has future unannounced projects in development with Moon Studios, Evening Star, Yellow Brick Games, Wētā Workshop, Game Freak, and other esteemed independent developers. The Label publishes the physical retail edition of Hades from Supergiant Games on PlayStation® and Xbox consoles. Private Division continues to build its internal studio capacity, with Roll7 and Intercept Games as internal developers for the Label. Private Division is headquartered in New York City with offices in Seattle, Las Vegas, Munich, and Singapore. For more information, please visit www.privatedivision.com.

About Take-Two Interactive Software

Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. The Company develops and publishes products principally through Rockstar Games, 2K, Private Division, and Zynga. Our products are currently designed for console gaming systems, PC, and Mobile including smartphones and tablets, and are delivered through physical retail, digital download, online platforms, and cloud streaming services. The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO.

All trademarks and copyrights contained herein are the property of their respective holders.

Cautionary Note Regarding Forward-Looking Statements

Statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” or words of similar meaning and include, but are not limited to, statements regarding the outlook for the Company’s future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties including: risks relating to our combination with Zynga; the uncertainty of the impact of the COVID-19 pandemic and measures taken in response thereto; the effect that measures taken to mitigate the COVID-19 pandemic have on our operations, including our ability to timely deliver our titles and other products, and on the operations of our counterparties, including retailers and distributors; the effects of the COVID-19 pandemic on both consumer demand and the discretionary spending patterns of our customers as the situation with the pandemic continues to evolve; the risks of conducting business internationally; the impact of changes in interest rates by the Federal Reserve and other central banks, including on our short-term investment portfolio; the impact of inflation; volatility in foreign currency exchange rates; our dependence on key management and product development personnel; our dependence on our NBA 2K and Grand Theft Auto products and our ability to develop other hit titles; our ability to leverage opportunities on PlayStation®5 and Xbox Series X|S; the timely release and significant market acceptance of our games; the ability to maintain acceptable pricing levels on our games; and risks associated with international operations.

Other important factors and information are contained in the Company’s most recent Annual Report on Form 10-K, including the risks summarized in the section entitled “Risk Factors,” the Company’s most recent Quarterly Report on Form 10-Q, and the Company’s other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update 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/20230509005055/en/

Brian Roundy

Global Director

Communications

Private Division

(646) 536-2936

[email protected]

Alan Lewis (Corporate Press)

Vice President

Corporate Communications & Public Affairs

Take-Two Interactive Software, Inc.

(646) 536-2983

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Entertainment Consumer Electronics Technology General Entertainment Mobile Entertainment Software Electronic Games

MEDIA:

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Private Division, a publishing label of Take-Two Interactive Software, Inc. (NASDAQ: TTWO), today announced a partnership to publish a new title from Game Freak. (Graphic: Business Wire)

Photo

Private Division, a publishing label of Take-Two Interactive Software, Inc. (NASDAQ: TTWO), today announced a partnership to publish a new title from Game Freak. (Photo: Business Wire)

Frontier to Present at MoffettNathanson Technology, Media, and Telecom Conference

NORWALK, Conn.–(BUSINESS WIRE)–
Frontier Communications Parent, Inc. (NASDAQ: FYBR):

What’s happening?

Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier”) today announced that Chief Financial Officer Scott Beasley is scheduled to present at the MoffettNathanson Technology, Media, and Telecom Conference.

When and where?

The presentation will take place on Tuesday, May 16, 2023, at 10:00 a.m. ET. A live audio webcast link for the event will be available in the Events & Presentations section of Frontier’s Investor Relations website.

About Frontier

Frontier is leading the “un-cable” revolution. Driven by our purpose, Building Gigabit America, we are relentless in our pursuit of always delivering a better customer experience. Providing digital infrastructure that empowers people to create the future, we’re connecting millions of consumers and businesses in 25 states with reliable fiber internet and multi-gigabit speeds.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005014/en/

Investor Contact

Spencer Kurn

SVP, Investor Relations

+1 401-225-0475

[email protected]

Media Contact

Chrissy Murray

VP, Corporate Communications

+1 504-952-4225

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Internet 5G Audio/Video Technology Telecommunications

MEDIA:

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Lattice to Showcase Latest FPGA Technology in Edge AI Applications at Embedded Vision Summit 2023

HILLSBORO, Ore.–(BUSINESS WIRE)–Lattice Semiconductor (NASDAQ: LSCC), the low power programmable leader, today announced that it will showcase its latest FPGA technology for computer vision and Edge AI applications at Embedded Vision Summit 2023. The Lattice booth will highlight demonstrations of the award-winning Lattice Avant™ and Lattice Nexus™ FPGA platforms and application-optimized Lattice solution stacks enabling advanced embedded vision, artificial intelligence, and hardware security capabilities. Additionally, Lattice will deliver a technical presentation titled “Fast-Track Design Cycles Using Lattice’s FPGAs,” to share how Lattice FPGAs and the Lattice sensAI™ solution stack can help accelerate time-to-market while enabling flexibility to change designs during development and over a product’s life cycle, without sacrificing power consumption and size.

• Who: Lattice Semiconductor
• What / When:
  • May 23 – 24: Lattice demo showcase (Booth #317)

  • May 24, 2023 at 2:40 p.m. PDT: Fast-Track Design Cycles Using Lattice’s FPGAs technical presentation

• Where: Embedded Vision Summit 2022
  • Event venue: Santa Clara Convention Center, 5001 Great America Pkwy, Santa Clara, CA 95054

The Embedded Vision Summit is a premier event for practical, deployable computer vision and visual AI, for product creators who want to bring visual intelligence to products. This annual event brings together a global audience of technology professionals from companies developing computer vision and Edge AI-enabled products including embedded systems, cloud solutions and mobile applications.

About Lattice Semiconductor

Lattice Semiconductor (NASDAQ: LSCC) is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the growing Communications, Computing, Industrial, Automotive, and Consumer markets. Our technology, long-standing relationships, and commitment to world-class support let our customers quickly and easily unleash their innovation to create a smart, secure, and connected world.

For more information about Lattice, please visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, YouTube, WeChat, or Weibo.

Lattice Semiconductor Corporation, Lattice Semiconductor (& design), and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries. The use of the word “partner” does not imply a legal partnership between Lattice and any other entity.

GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005008/en/

MEDIA CONTACT:

Sophia Hong

Lattice Semiconductor

503-268-8786

[email protected]

INVESTOR CONTACT:

Rick Muscha

Lattice Semiconductor

408-826-6000

[email protected]

KEYWORDS: Oregon United States North America

INDUSTRY KEYWORDS: Semiconductor Hardware Other Technology Technology Artificial Intelligence

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Agilysys Features Next-Era Spa Software at the 2023 ISPA Conference May 9 – 11

— Agilysys Spa Reflects Advances Resulting From Agilysys’ 2022 ResortSuite Acquisition —

— Frank Pitsikalis, ISPA Chairman and Agilysys Vice President of Product Strategy, Will Speak On ‘Pricing Strategies to Maximize Revenue’ Panel May 10 —

ALPHARETTA, Ga.–(BUSINESS WIRE)–
With demand for spa services outpacing resources available to deliver them, it is increasingly vital for spa operators to optimize how they align staff and service reservations to optimize revenue and profit per time booked.

Agilysys Spa, a next-era cloud-native spa solution debuting from Agilysys (Nasdaq: AGYS) at the 2023 ISPA Conference at the Mandalay Bay hotel in Las Vegas May 9 – 11, features capabilities that equip spa operators to continuously optimize how they accept and manage reservations based on financial outcomes as well as guest and staff satisfaction.

“Agilysys Spa is the result of close collaboration between the former ResortSuite team and the spa team at Agilysys,” said Frank Pitsikalis, founder and former Chief Executive Officer for ResortSuite, which Agilysys acquired in 2022. Pitsikalis now serves on Agilysys’ leadership team as vice president, product strategy, hotels.

Pitsikalis continued, “At last year’s ISPA we helped customers and prospects understand what ResortSuite’s recent acquisition by Agilysys would bring to the industry. This year, we are demonstrating in Agilysys Spa the tangible advantages of our teams becoming one. The 2022 ISPA U.S. Spa Industry Study, which is the most current published research, estimates more than 45,000 spa-related job vacancies across the United States, making it essential to leverage smart technology to optimize decisions regarding which services to offer at which times based on historical trends, near-real-time demand and capacity constraints. Adding intelligence on hotel occupancy patterns by guest volume and by guest persona further strengthens decision intelligence. That is a key advantage we deliver in Agilysys Spa.”

In Booth #816 Agilysys representatives will showcase Agilysys Spa capabilities, including:

• Intelligent Spa Management thatuses data to help spa operators grow revenue based on yield-management insights that include real-time availability, optimized pricing and maximized therapist and treatment room utilization. The system equips operators to easily adjust appointments and minimize gaps across all booking channels.

• Minimum Gap Allowance Protection to optimize capacity utilization and revenue when spas allow patrons to book reservations online. Smart resource management within Agilysys Spa ensures that reservation times, service types and skill profiles of available staff are intelligently coordinated to prevent gaps of unused time and unused staff service delivery capabilities. For online bookers, Agilysys Spa presents reservation choices only for ‘best use’ services and times based on historical and predictive intelligence that continuously aligns demand with capacity to optimize revenue across available time.

• Multi-Experience Booking, which enables guests to book spa reservations as they book hotel reservations, from a common screen view in the same session without switching systems.

• Mobile Convenience, empowering guests to check-in and check-out from spa services at their convenience using their mobile devices, as well as adjust appointments, complete intake information and purchase spa products.

• Retail Revenue Optimization, which enables spa employees to easily add retail sales to the guest’s spa experience to extend treatment benefits and heighten positive customer experiences.

• Seamless Guest Data through integration with property management system (PMS) solutions, including Agilysys PMS. Sharing guest information with PMS systems gives staff a more comprehensive view of each guest and their interactions across the property and over time so that offers and experiences can be personalized based on a deeper knowledge of guest preferences.

Pitsikalis, who also serves as ISPA Board Chairman, will share insights on optimizing spa earning potential as a speaker on the Pricing Strategies to Maximize Revenue panel from 8-9 a.m. PDT Wednesday, May 10. This learning opportunity will include insights into best practices and new strategies to maximize revenue and profit potential.

“Understanding the entire guest experience is vital to understanding how optimal spa operations can heighten Return on Experience for each guest personally,” said Pitsikalis. “Agilysys Spa delivers best-in-class performance for spa operations and delivers even deeper insights when connected seamlessly with other applications in the Agilysys end-to-end hospitality ecosystem or with solutions from other providers.”

Agilysys is proud to support ISPA and has a multi-year commitment to donate money toward the ISPA Foundation Mary Tabacchi Scholarship, awarded annually to a college or university student enrolled in spa management.

To learn more about ISPA and to register, visit: ISPA 2023 Conference.

About ISPA

For over 30 years, the International SPA Association has been recognized worldwide as the professional organization and voice of the spa industry. Members encompass the entire arena of the spa experience, from resort/hotel, destination, mineral springs, medical, club and day spas to service providers such as physicians, wellness instructors, nutritionists, massage therapists and product suppliers.

About Agilysys

Agilysys is well known for its long heritage of hospitality-focused technology innovation. The Company delivers modular and integrated software solutions and expertise to businesses seeking to maximize Return on Experience (ROE) through hospitality encounters that are both personal and profitable. Over time, customers achieve High Return Hospitality by consistently delighting guests, retaining staff and growing margins. Customers around the world include: branded and independent hotels; multi-amenity resort properties; casinos; property, hotel and resort management companies; cruise lines; corporate dining providers; higher education campus dining providers; food service management companies; hospitals; lifestyle communities; senior living facilities; stadiums; and theme parks. The Agilysys Hospitality Cloud™ combines core operational systems for property management (PMS), point-of-sale (POS) and Inventory and Procurement (I&P) with Experience Enhancers™ that meaningfully improve interactions for guests and employees across dimensions such as digital access, mobile convenience, self-service control, personal choice, payment options, service coverage and real-time insights to improve decisions. Core solutions and Experience Enhancers are combined in Hospitality Solution Studios™ tailored to specific hospitality settings and business needs. www.agilysys.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230509006228/en/

Media: Jen Reeves, Agilysys, Inc., 770-810-6007, [email protected]

Kaylee Sims, Arketi Group (for Agilysys), 404-697-0137, [email protected]

Investors: Jessica Hennessy, Agilysys, Inc., 770-810-6116, [email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Technology Transport Other Travel Lodging Software Travel

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Posted on May 9, 2023 3:28 pm

ConocoPhillips Announces Upsize of Previously Announced Cash Tender Offer

ConocoPhillips Announces Upsize of Previously Announced Cash Tender Offer

HOUSTON–(BUSINESS WIRE)–
ConocoPhillips (NYSE: COP) (“COP”) announced today that ConocoPhillips and its wholly-owned subsidiary, ConocoPhillips Company (“CPCo”), have increased the aggregate purchase price (excluding accrued interest) that they intend to purchase in the previously announced cash tender offer (the “Tender Offer”) to $1.1 billion (the “Maximum Aggregate Purchase Price”) from $750.0 million. This increase in the Maximum Aggregate Purchase Price matches the expected aggregate gross proceeds from the concurrent public offering of CPCo senior debt securities priced earlier today that will be used to finance purchases made in the Tender Offer.

The Tender Offer is for the purchase of the outstanding notes listed in the table below (collectively, the “Notes” and each a “Series” of Notes) in the order of priority shown in the table below. Other than the upsize of the Maximum Aggregate Purchase Price, no other terms of the Tender Offer have changed.

Acceptance Priority Level	CUSIP / ISIN	Title of Security	Purchaser	Issuer	Aggregate Principal Amount Outstanding	Reference U.S. Treasury Security	Bloomberg Reference Page	Fixed Spread (basis points) (1)
1	20826FAT3 / US20826FAT30	2.125% Notes due 2024	CPCo	CPCo	$900,000,000	2.250% U.S. Treasury due 3/31/2024	FIT3	0
2	20826FAD8 / US20826FAD87	3.350% Notes due 2024	CPCo	CPCo	$425,638,000	2.250% U.S. Treasury due 11/15/2024	FIT4	5
3	20826FAU0 / US20826FAU03	2.400% Notes due 2025	CPCo	CPCo	$900,000,000	1.750% U.S. Treasury due 3/15/2025	FIT4	5
4	20826FAG1 / US20826FAG19	3.350% Notes due 2025	CPCo	CPCo	$199,233,000	2.750% U.S. Treasury due 5/15/2025	FIT5	40
5	891490AR5 / US891490AR57	7.800% Debentures due 2027	CPCo	Tosco Corp. (2)	$203,268,000	3.500% U.S. Treasury due 4/30/2028	FIT1	70
6	208251AE8 / US208251AE82	6.950% Notes due 2029	CPCo	CINC (3)	$1,195,359,000	3.500% U.S. Treasury due 4/30/2028	FIT1	80
7	20825CAQ7 / US20825CAQ78	6.500% Notes due 2039	COP	COP	$1,587,744,000	3.875% U.S. Treasury due 2/15/2043	FIT1	100

(1)	Includes the Early Tender Premium of $30 per $1,000 principal amount of Notes for each Series (the “Early Tender Premium”).
(2)	Originally issued by Tosco Corporation; successor issuer is CPCo.
(3)	Originally issued by Conoco Inc.; successor issuer is CPCo.

The terms and conditions of the Tender Offer are described in an Offer to Purchase dated May 9, 2023 (as it may be amended or supplemented, the “Offer to Purchase”). The Tender Offer is subject to the satisfaction of certain conditions as set forth in the Offer to Purchase, including the receipt of aggregate gross proceeds of at least $750.0 million from the concurrent public offering of senior debt securities issued by CPCo and guaranteed by COP, on or prior to the Early Settlement Date on terms acceptable to COP. Subject to applicable law, the purchasers may waive any and all of these conditions or extend, terminate or withdraw the Tender Offer with respect to one or more Series of Notes and/or increase or decrease the Maximum Aggregate Purchase Price. The Tender Offer is not conditioned upon any minimum amount of Notes being tendered. Capitalized terms used in this news release and not defined herein have the meanings given to them in the Offer to Purchase.

The amounts of each Series of Notes that are purchased in the Tender Offer will be determined in accordance with the priorities identified in the column “Acceptance Priority Level” in the table above. The Tender Offer will expire one minute after 11:59 p.m., New York City time, on June 6, 2023, unless extended (such date and time, as the same may be extended, the “Expiration Date”) or earlier terminated. In order to receive the applicable Total Tender Offer Consideration, holders of Notes subject to the Tender Offer must validly tender and not validly withdraw their Notes before the Early Tender Deadline, which is 5:00 p.m., New York City time, on May 22, 2023, unless extended. Holders of Notes subject to the Tender Offer who validly tender their Notes after the Early Tender Deadline and before the Expiration Date and whose Notes are accepted for purchase will receive the applicable Late Tender Offer Consideration.

The applicable Total Tender Offer Consideration for each $1,000 in principal amount of Notes tendered and not withdrawn before the Early Tender Deadline and accepted for payment pursuant to the Tender Offer on the Early Settlement Date (as defined below) will be determined in the manner described in the Offer to Purchase. The consideration will be determined by reference to a fixed spread specified for each Series of Notes over the yield based on the bid-side price of the applicable Reference U.S. Treasury Security specified in the table above, as fully described in the Offer to Purchase. The consideration will be calculated by the Lead Dealer Managers for the Tender Offer at 10:00 a.m., New York City time, on the business day immediately following the Early Tender Deadline, unless extended (such date and time, as the same may be extended, the “Price Determination Date”). The Price Determination Date is expected to be May 23, 2023. The Early Tender Premium for each Series of Notes is $30 per $1,000 principal amount of Notes. The Late Tender Offer Consideration for the Notes purchased pursuant to the Tender Offer will be calculated by taking the Total Tender Offer Consideration for the applicable Series of Notes and subtracting from it the Early Tender Premium of $30 per $1,000 principal amount of Notes.

In addition to the applicable Total Tender Offer Consideration or applicable Late Tender Offer Consideration, as the case may be, accrued and unpaid interest up to, but not including, the applicable Settlement Date will be paid in cash on all validly tendered Notes accepted for purchase in the Tender Offer. The purchase price plus accrued and unpaid interest for Notes that are validly tendered and not validly withdrawn on or before the Early Tender Deadline and accepted for purchase will be paid by the Company in same day funds promptly following the Early Tender Deadline (the “Early Settlement Date”). The Company expects that the Early Settlement Date will be May 25, 2023, the second business day after the Price Determination Date. The purchase price plus accrued and unpaid interest for Notes that are validly tendered after the Early Tender Deadline and on or before the Expiration Date and accepted for purchase will be paid by the Company in same day funds promptly following the Expiration Date (the “Final Settlement Date”). The Company expects that the Final Settlement Date will be June 8, 2023, the second business day after the Expiration Date, assuming Notes representing an aggregate purchase price equal to the Maximum Aggregate Purchase Price are not purchased on the Early Settlement Date. No tenders will be valid if submitted after the Expiration Date. If Notes are validly tendered and not validly withdrawn having an aggregate purchase price equal to or greater than the Maximum Aggregate Purchase Price as of the Early Tender Deadline, Holders who validly tender Notes after the Early Tender Deadline but on or before the Expiration Date will not have any of their Notes accepted for purchase. Holders of Notes subject to the Tender Offer who validly tender their Notes on or before the Early Tender Deadline may not withdraw their Notes after 5:00 p.m., New York City time, on May 22, 2023, unless extended (such date and time, as the same may be extended, the “Withdrawal Deadline”), except in the limited circumstances described in the Offer to Purchase. Holders of Notes subject to the Tender Offer who validly tender their Notes after the Withdrawal Deadline but on or before the Expiration Date may not withdraw their Notes except in the limited circumstances described in the Offer to Purchase.

Subject to the Maximum Aggregate Purchase Price, all Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline having a higher Acceptance Priority Level will be accepted before any validly tendered and not validly withdrawn Notes having a lower Acceptance Priority Level, and all Notes validly tendered after the Early Tender Deadline having a higher Acceptance Priority Level will be accepted before any Notes tendered after the Early Tender Deadline having a lower Acceptance Priority Level. However, if Notes are validly tendered and not validly withdrawn having an aggregate purchase price less than the Maximum Aggregate Purchase Price as of the Early Tender Deadline, Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline will be accepted for purchase in priority to Notes tendered after the Early Tender Deadline, even if such Notes tendered after the Early Tender Deadline have a higher Acceptance Priority Level than Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline. Notes of the Series in the last Acceptance Priority Level accepted for purchase in accordance with the terms and conditions of the Tender Offer may be subject to proration so that the Company will only accept for purchase Notes having an aggregate purchase price of up to the Maximum Aggregate Purchase Price.

TD Securities (USA) LLC, BofA Securities, Inc. and HSBC Securities (USA) Inc. are the Lead Dealer Managers for the Tender Offer. Global Bondholder Services Corporation is the Tender Agent and Information Agent. Persons with questions regarding the Tender Offer should contact TD Securities (USA) LLC (toll-free) at (866) 584-2096, BofA Securities, Inc. (toll-free) at (888) 292-0070 and HSBC Securities (USA) Inc. (toll-free) at +1 (888) HSBC-4LM. Requests for copies of the Offer to Purchase and related materials should be directed to Global Bondholder Services Corporation at (+1) (212) 430-3774, (toll-free) (855) 654-2015 or [email protected]. Questions regarding the tendering of Notes may be directed to Global Bondholder Services Corporation (toll-free) at (855) 654-2015.

This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Tender Offer is made only by the Offer to Purchase and the information in this news release is qualified by reference to the Offer to Purchase dated May 9, 2023. There is no separate letter of transmittal in connection with the Offer to Purchase. None of ConocoPhillips or its affiliates, their respective boards of directors, the Lead Dealer Managers, the Tender Agent and Information Agent or the trustees with respect to any Notes is making any recommendation as to whether holders should tender any Notes in response to the Tender Offer, and neither ConocoPhillips nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.

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About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $91 billion of total assets and approximately 9,600 employees at March 31, 2023. Production averaged 1,792 MBOED for the three months ended March 31, 2023, and proved reserves were 6.6 BBOE as of Dec. 31, 2022. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from any ongoing military conflict, including the conflict between Russia and Ukraine and the global response to such conflict, security threats on facilities and infrastructure, or from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases, inflationary pressures or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; public health crises, including pandemics (such as COVID-19) and epidemics and any impacts or related company or government policies or actions; investment in and development of competing or alternative energy sources; potential failures or delays in delivering on our current or future low-carbon strategy, including our inability to develop new technologies; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships or governmental policies, including the imposition of price caps or the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business, including any sanctions imposed as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; our ability to collect payments when due, including our ability to collect payments from the government of Venezuela or PDVSA; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions following any announced or future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; the impact of competition and consolidation in the oil and gas industry; limited access to capital or insurance or significantly higher cost of capital or insurance related to illiquidity or uncertainty in the domestic or international financial markets or investor sentiment; general domestic and international economic and political conditions or developments, including as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cybersecurity threats or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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Dennis Nuss (media)

281-293-4733

[email protected]

Investor Relations

281-293-5000

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KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Energy Other Energy Oil/Gas

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