Market Newsdesk

RICHARDSON, Texas, July 26, 2023 (GLOBE NEWSWIRE) — Fossil Group, Inc. (NASDAQ: FOSL) announced today that it will report financial results for the second quarter 2023 after market close on Wednesday, August 9, 2023, followed by a conference call to discuss the results at 5:00 p.m. ET the same day. The call can be accessed live on the Company’s investor relations website at www.fossilgroup.com/investors and will also be archived for replay.

About Fossil Group, Inc.

Fossil Group, Inc. is a global design, marketing, distribution and innovation company specializing in lifestyle accessories. Under a diverse portfolio of owned and licensed brands, our offerings include traditional watches, smartwatches, jewelry, handbags, small leather goods, belts and sunglasses. We are committed to delivering the best in design and innovation across our owned brands, Fossil, Michele, Relic, Skagen and Zodiac, and licensed brands, Armani Exchange, Diesel, DKNY, Emporio Armani, kate spade new york, Michael Kors and Tory Burch. We bring each brand story to life through an extensive distribution network across numerous geographies, categories, and channels. Certain press release and SEC filing information concerning the Company is also available at www.fossilgroup.com.    

Investor Relations Contact:         

Christine Greany         
The Blueshirt Group         
(858) 722-7815
[email protected]

PITTSBURGH, July 26, 2023 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Wednesday, August 9, 2023, at 5:00 p.m. Eastern Time to discuss its financial results for the second quarter ended June 30, 2023. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the same day as the conference call and webcast.                

Second Quarter 2023 Conference Call and Webcast Details
Date:	Wednesday, August 9, 2023
Time:	5:00 p.m. ET
Participant Registration:	[Link Here]

Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Investor Relations at +1 (949) 574-3860 if you experience technical difficulties.

The conference call and webcast will have a live Q&A session and be available for replay here and on the Company’s website at https://ir.montaukrenewables.com.

A replay of the conference call and webcast will be available after 8:00 p.m. Eastern time on the same day through August 9, 2024.

About Montauk Renewables, Inc.

Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery, and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation, and management of landfill methane-fueled renewable energy projects. The Company has current operations at 15 operating projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

Company Contact:

John Ciroli
Chief Legal Officer and Secretary
[email protected]
(412) 747-8700

Investor Relations Contact:

Georg Venturatos
Gateway Investor Relations
[email protected]
(949) 574-3860

NEW YORK, July 26, 2023 (GLOBE NEWSWIRE) — FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the second quarter 2023. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

	(in thousands, except per share data)
	Selected Financial Results	Q2’23
	Net Income Attributable to Shareholders	$	46,418
	Basic Earnings per Ordinary Share from Continuing Operations	$	0.47
	Diluted Earnings per Ordinary Share from Continuing Operations	$	0.46
	Adjusted EBITDA(1)	$	153,077
	____________________________
	(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

Second Quarter 2023 Dividends

On July 25, 2023, the Company’s Board of Directors (the “Board”) declared a cash dividend on our ordinary shares of $0.30 per share for the quarter ended June 30, 2023, payable on August 29, 2023 to the holders of record on August 14, 2023.

Additionally, on July 25, 2023, the Board declared cash dividends on its Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares (“Series A Preferred Shares”), Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares (“Series B Preferred Shares”), Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”) and Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”) of $0.51563, $0.50000, $0.51563 and $0.59375 per share, respectively, for the quarter ended June 30, 2023, payable on September 15, 2023 to the holders of record on September 1, 2023.

Business Highlights

• Q2 2023 Net Income attributable to Shareholders of $46.4 million
• $30.1 million Aerospace Products Adj. EBITDA at 44% overall margin
• Generated $148.0 million positive cashflow for asset acquisition & investment activity

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Center section of the Company’s website, https://www.ftaiaviation.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call

In addition, management will host a conference call on Thursday, July 27, 2023 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering at https://register.vevent.com/register/BI7cde64c0dac24e88bb4ba97051465bde. Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.ftaiaviation.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:30 A.M. on Thursday, July 27, 2023 through 11:30 A.M. on Thursday, August 3, 2023 on https://ir.ftaiaviation.com/news-events/presentations.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

About FTAI Aviation Ltd.

FTAI owns and maintains commercial jet engines with a focus on CFM56 engines. FTAI’s propriety portfolio of products, including The Module Factory and a joint venture to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and maintenance, repair, and operations customer base. Additionally, FTAI owns and leases jet aircraft which often facilitates the acquisition of engines at attractive prices. FTAI invests in aviation assets and aerospace products that generate strong and stable cash flows with the potential for earnings growth and asset appreciation.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftaiaviation.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
FTAI Aviation Ltd.
(646) 734-9414
[email protected]

Exhibit – Financial Statements

FTAI AVIATION LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
	Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Revenues
Lease income	$	59,541			$	39,640			$	115,519			$	78,965
Maintenance revenue		42,065				39,932				77,206				76,664
Asset sales revenue		101,486				—				210,177				—
Aerospace products revenue		68,075				26,497				153,188				40,810
Other revenue		3,178				5,995				10,973				7,316
Total revenues		274,345				112,064				567,063				203,755
Expenses
Cost of sales		104,532				15,141				250,202				24,191
Operating expenses		24,797				19,000				47,331				80,800
General and administrative		3,188				3,906				7,255				8,467
Acquisition and transaction expenses		2,672				3,219				5,934				5,492
Management fees and incentive allocation to affiliate		5,563				—				8,560				—
Depreciation and amortization		38,514				39,303				79,440				80,608
Asset impairment		—				886				1,220				123,676
Interest expense		38,499				47,889				77,791				92,030
Total expenses		217,765				129,344				477,733				415,264
Other (expense) income
Equity in (losses) earnings of unconsolidated entities		(380	)			35				(1,715	)			233
Gain on sale of assets, net		—				63,645				—				79,933
Other income		408				1,118				416				1,246
Total other income (expense)		28				64,798				(1,299	)			81,412
Income (loss) from continuing operations before income taxes		56,608				47,518				88,031				(130,097	)
Provision for income taxes		1,855				1,829				3,881				3,168
Net income (loss) from continuing operations		54,753				45,689				84,150				(133,265	)
Net loss from discontinued operations, net of income taxes		—				(35,929	)			—				(86,634	)
Net income (loss)		54,753				9,760				84,150				(219,899	)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations		—				—				—				—
Discontinued operations		—				(8,480	)			—				(15,946	)
Less: Dividends on preferred shares		8,335				6,791				15,126				13,582
Net income (loss) attributable to shareholders	$	46,418			$	11,449			$	69,024			$	(217,535	)
Earnings (loss) per share:
Basic
Continuing operations	$	0.47			$	0.40			$	0.69			$	(1.48	)
Discontinued operations	$	—			$	(0.28	)		$	—			$	(0.71	)
Diluted
Continuing operations	$	0.46			$	0.39			$	0.69			$	(1.48	)
Discontinued operations	$	—			$	(0.28	)		$	—			$	(0.71	)
Weighted average shares outstanding:
Basic		99,732,179				99,370,301				99,730,223				99,367,597
Diluted		100,462,277				99,805,455				100,314,508				99,367,597

FTAI AVIATION LTD.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
		(Unaudited)
		June 30, 2023				December 31, 2022
Assets
Cash and cash equivalents		$	21,134			$	33,565
Restricted cash			—				19,500
Accounts receivable, net			117,546				99,443
Leasing equipment, net			1,891,263				1,913,553
Property, plant, and equipment, net			12,123				10,014
Investments			39,822				22,037
Intangible assets, net			44,683				41,955
Inventory, net			232,043				163,676
Other assets			167,018				125,834
Total assets		$	2,525,632			$	2,429,577
Liabilities
Accounts payable and accrued liabilities		$	79,765			$	86,452
Debt, net			2,173,108				2,175,727
Maintenance deposits			98,354				78,686
Security deposits			37,192				32,842
Other liabilities			45,895				36,468
Total liabilities		$	2,434,314			$	2,410,175
Commitments and contingencies
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 99,737,046 and 99,716,621 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)		$	997			$	997
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 15,920,000 and 13,320,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)			159				133
Additional paid in capital			331,080				343,350
Accumulated deficit			(241,452	)			(325,602	)
Shareholders’ equity			90,784				18,878
Non-controlling interest in equity of consolidated subsidiaries			534				524
Total equity			91,318				19,402
Total liabilities and equity		$	2,525,632			$	2,429,577

FTAI AVIATION LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)
	Six Months Ended June 30,
		2023				2022
Cash flows from operating activities:
Net income (loss)	$	84,150			$	(219,899	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in losses of unconsolidated entities		1,715				37,836
Gain on sale of assets, net		(75,960	)			(79,933	)
Security deposits and maintenance claims included in earnings		(12,215	)			(30,208	)
Equity-based compensation		618				2,294
Depreciation and amortization		79,440				114,923
Asset impairment		1,220				123,676
Change in deferred income taxes		3,127				6,200
Change in fair value of non-hedge derivative		—				(748	)
Change in fair value of guarantees		(1,902	)			—
Amortization of lease intangibles and incentives		18,264				23,818
Amortization of deferred financing costs		4,190				13,328
Provision for credit losses		1,032				47,218
Other		(658	)			(407	)
Change in:
Accounts receivable		(21,918	)			(47,061	)
Inventory		11				(12,373	)
Other assets		(2,583	)			(25,319	)
Accounts payable and accrued liabilities		(15,350	)			5,045
Management fees payable to affiliate		1,892				(1,829	)
Other liabilities		2,168				(5,130	)
Net cash provided by (used in) operating activities		67,241				(48,569	)
Cash flows from investing activities:
Investment in unconsolidated entities		(19,500	)			(2,232	)
Principal collections on notes receivable		1,624				—
Principal collections on finance leases		1,939				575
Acquisition of business, net of cash acquired		—				(3,819	)
Acquisition of leasing equipment		(325,462	)			(320,766	)
Acquisition of property, plant and equipment		(2,298	)			(118,729	)
Acquisition of lease intangibles		(10,795	)			(5,282	)
Investment in promissory notes		(11,500	)			—
Purchase deposits for acquisitions		(11,200	)			(7,100	)
Proceeds from sale of leasing equipment		273,229				138,020
Proceeds from sale of property, plant and equipment		—				4,304
Proceeds for deposit on sale of aircraft and engine		1,817				8,245
Receipt of deposits for sale of aircraft and engine		300				—
Net cash used in investing activities	$	(101,846	)		$	(306,784	)

		Six Months Ended June 30,
		2023					2022
Cash flows from financing activities:
Proceeds from debt	$	325,000				$	503,980
Repayment of debt		(330,000		)			(224,724			)
Payment of deferred financing costs		(1,437		)			(14,405			)
Receipt of security deposits		5,577					1,890
Return of security deposits		(1,295		)			—
Receipt of maintenance deposits		18,070					24,418
Release of maintenance deposits		—					(878			)
Capital contributions from non-controlling interests		10					1,187
Proceeds from issuance of preferred shares, net of underwriter’s discount and issuance costs		61,729					—
Cash dividends – common shares		(59,854		)			(65,789			)
Cash dividends – preferred shares		(15,126		)			(13,582			)
Net cash provided by financing activities	$	2,674				$	212,097
Net decrease in cash and cash equivalents and restricted cash		(31,931		)			(143,256			)
Cash and cash equivalents and restricted cash, beginning of period		53,065					440,061
Cash and cash equivalents and restricted cash, end of period	$	21,134				$	296,805

Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares, and interest expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

The following table sets forth a reconciliation of net income (loss) attributable to shareholders to Adjusted EBITDA for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,							Change				Six Months Ended June 30,								Change
(in thousands)	2023				2022								2023				2022
Net income (loss) attributable to shareholders from continuing operations	$	46,418		$	38,898			$	7,520			$	69,024			$	(146,847	)		$	215,871
Add: Provision for income taxes		1,855			1,829				26				3,881				3,168				713
Add: Equity-based compensation expense		510			—				510				618				—				618
Add: Acquisition and transaction expenses		2,672			3,219				(547	)			5,934				5,492				442
Add: Losses on the modification or extinguishment of debt and capital lease obligations		—			—				—				—				—				—
Add: Changes in fair value of non-hedge derivative instruments		—			—				—				—				—				—
Add: Asset impairment charges		—			886				(886	)			1,220				123,676				(122,456	)
Add: Incentive allocations		5,324			—				5,324				8,266				—				8,266
Add: Depreciation and amortization expense (1)		48,934			51,108				(2,174	)			97,704				104,425				(6,721	)
Add: Interest expense and dividends on preferred shares		46,834			54,680				(7,846	)			92,917				105,612				(12,695	)
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)		150			152				(2	)			(546	)			406				(952	)
Less: Equity in losses (earnings) of unconsolidated entities		380			(35	)			415				1,715				(233	)			1,948
Less: Non-controlling share of Adjusted EBITDA		—			—				—				—				—				—
Adjusted EBITDA (non-GAAP)	$	153,077		$	150,737			$	2,340			$	280,733			$	195,699			$	85,034

___________________________________________________________________________________

^(
1) Includes the following items for the three months ended June 30, 2023 and 2022: (i) depreciation and amortization expense of $38,514 and $39,303, (ii) lease intangible amortization of $3,616 and $3,310 and (iii) amortization for lease incentives of $6,804 and $8,495, respectively. Includes the following items for the six months ended June 30, 2023 and 2022: (i) depreciation and amortization expense of $79,440 and $80,608, (ii) lease intangible amortization of $7,599 and $6,968 and (iii) amortization for lease incentives of $10,665 and $16,849, respectively.

⁽²⁾ Includes the following items for the three months ended June 30, 2023 and 2022: (i) net (loss) income of $(380) and $35, (ii) depreciation and amortization expense of $435 and $117 and (iii) acquisition and transaction expense of $95 and $0, respectively. Includes the following items for the six months ended June 30, 2023 and 2022: (i) net (loss) income of $(1,715) and $233, (ii) depreciation and amortization expense of $835 and $173 and (iii) acquisition and transaction expense of $334 and $0, respectively.

CHARLOTTE, N.C., July 26, 2023 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq:LPLA) announced today that Althea Brown will join LPL in September as managing director and chief legal officer. She will lead the firm’s Corporate Law and Government Relations; Litigation and Regulatory Affairs; and Legal Operations and Business Management functions; and serve as a member of the Management Committee.

“Althea has significant experience in leading high-performing legal teams for large corporations across retail, technology and financial services,” said Dan Arnold, LPL president and CEO. “Her experience leading legal teams that support innovative and highly regulated technology products and solutions makes her the right leader to continue to evolve our legal department into a best-in-industry asset for our clients.”

Brown joins LPL from Google, where she most recently served as Legal Director, overseeing a large team of product and commercial lawyers advising subsidiary Fitbit and Google’s Devices and Services’ marketing, e-commerce, retail, customer support and the vendor management office. Earlier in her career, Althea served as supervising attorney for Morgan Stanley Smith Barney. She holds a Six Sigma Black Belt and is a Fellow with the Leadership Council on Legal Diversity.

“As someone who values teamwork, collaboration and financial empowerment, I’m honored to join LPL’s Management Committee as we continue to pursue LPL’s mission to take care of advisors so they can take care of their clients,” said Brown. “It’s inspiring to see the firm’s dedication and commitment to developing innovative technology, services and capabilities that empower and enable advisors and institutions to effectively support their clients’ financial goals.”

Brown will be relocating to San Diego, CA where she’ll work out of LPL’s corporate office. She will fill the role currently held by Michelle Oroschakoff, who will retire this fall after a 10-year career at LPL and 30 years in the industry.

“Over the last decade, Michelle has been instrumental to the firm’s success through her legal and compliance expertise, thoughtful leadership and commitment to fostering a culture of belonging. We thank her and wish her well,” Arnold said.

About LPL Financial


LPL Financial Holdings, Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve, supporting more than 21,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 500 registered investment advisor (“RIA”) firms nationwide. We are steadfast in our commitment to the advisor-mediated advice model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

LPL and its affiliated companies provide financial services only from the United States.

Securities and advisory services offered through LPL Financial LLC, a registered investment advisor. Member FINRA/SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Connect with Us!

https://twitter.com/lpl

https://www.linkedin.com/company/lpl-financial

https://www.facebook.com/LPLFinancialLLC

https://www.youtube.com/user/lplfinancialllc

For more information:

[email protected]

(805) 640-5391

GRAND CAYMAN, Cayman Islands, July 26, 2023 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the “Company” or “Greenlight Re”), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the quarter ended June 30, 2023, after the market closes on Wednesday, August 2, 2023. A live conference call to discuss the financial results will be held on Thursday, August 3, 2023, at 9:00 a.m. Eastern Time.

Conference Call Details

To participate in the Greenlight Re Second Quarter 2023 Earnings Call, please dial in to the conference call at:

	U.S. toll free	1-877-407-9753
	International	1-201-493-6739

The conference call can also be accessed via webcast at:

https://event.webcasts.com/starthere.jsp?ei=1623319&tp_key=eae48bf681

A telephone replay will be available following the call through August 8, 2023. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13739761. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

About Greenlight Capital Re, Ltd.

Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact

Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
[email protected]