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Gritstone bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

EMERYVILLE, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) — Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines, today announced that the Compensation Committee of the company’s Board of Directors granted three employees nonqualified stock options to purchase an aggregate of 33,000 shares of its common stock with an exercise price of $2.71, which is equal to the closing price of Gritstone’s common stock on February 17, 2023, the date of the grant. These stock options are part of an inducement material to each of the new employees becoming an employee of Gritstone, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options will vest over a four-year period, with 25% of the options vesting on the first anniversary of the employees’ date of hire, and 1/48th of the options vesting monthly thereafter, subject to the employees’ continued employment with Gritstone on such vesting dates. The stock options are subject to the terms and conditions of Gritstone’s 2021 Employment Inducement Incentive Award Plan and the stock option agreement covering the grant.

About Gritstone bio

Gritstone bio, Inc. (Nasdaq: GRTS) is a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines. We leverage our innovative vectors and payloads to train multiple arms of the immune system to attack critical disease targets. Independently and with our collaborators, we are advancing a portfolio of product candidates to treat and prevent viral diseases and solid tumors in pursuit of improving patient outcomes and eliminating disease. www.gritstonebio.com


Gritstone Contacts


Investors:
George E. MacDougall
Director, Investor Relations & Corp Comms
Gritstone bio, Inc.
[email protected]

Media:
Dan Budwick
1AB
(973) 271-6085
[email protected]



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EverQuote Announces Fourth Quarter and Full Year 2022 Financial Results

  • Fourth Quarter Revenue of $88.3 million
  • Fourth Quarter Variable Marketing Margin of $29.1 million
  • Full Year Revenue of $404.1 million
  • Full Year Variable Marketing Margin of $128.3 million

CAMBRIDGE, Mass., Feb. 27, 2023 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and year ended December 31, 2022.

“In 2022, we achieved positive Adjusted EBITDA for the year through the continued strength and agility of our team to respond swiftly to frequent, large reductions in carrier demand with amplified discipline in expense management and pursuit of targeted growth opportunities,” said Jayme Mendal, CEO of EverQuote. “We delivered full year revenue and Variable Marketing Margin, or VMM, of $404.1 million and $128.3 million, respectively; and generated positive Adjusted EBITDA.”

“Despite a very challenging auto insurance environment last year, EverQuote enters 2023 in a stronger position than ever before. As a market leader, EverQuote continues to gain market share and is focused on redefining the category of insurance distribution as we build the one-stop insurance destination for the digital age. In 2023, we will work to restore revenue growth, bring profitability back to pre-downturn levels and generate positive cash flow, while continuing to make key investments to advance our strategy.”

Fourth Quarter 2022 Highlights:

(All comparisons are relative to the fourth quarter of 2021):

  • Total revenue of $88.3 million, a decrease of 13%.
  • Automotive insurance vertical revenue of $67.2 million, a decrease of 5%.
  • Revenue from other insurance verticals, which includes home and renters, life, and health insurance, decreased 33% to $21.1 million.
  • Variable Marketing Margin of $29.1 million, a decrease of 12%.
  • GAAP net loss was $8.5 million, flat with the prior year period.
  • Adjusted EBITDA was $0.1 million, compared to Adjusted EBITDA of $0.5 million.
  • Direct to consumer agency, or DTCA, revenue of $13.9 million, or 15.7% of total revenue.

Full Year 2022 Highlights:

(All comparisons are relative to the full year of 2021):

  • Total revenue of $404.1 million, a decrease of 3%.
  • Automotive insurance vertical revenue of $324.4 million, a decrease of 2%.
  • Revenue from other insurance verticals, which includes home and renters, life, and health insurance, decreased 9% to $79.7 million.
  • Variable Marketing Margin of $128.3 million, a decrease of 1%.
  • Variable Marketing Margin as a percentage of revenue was a record 31.7%, driven by the strength of our traffic operations.
  • GAAP net loss increased to $24.4 million, compared to GAAP net loss of $19.4 million.
  • Adjusted EBITDA was $5.9 million, compared to Adjusted EBITDA of $14.6 million.
  • DTCA generated $51.4 million in revenue, or 12.7% of total revenue, while driving significant improvements in operational efficiency.

First Quarter and Full Year 2023 Guidance:

First Quarter 2023:

  • Revenue of $101 – $105 million.
  • Variable Marketing Margin of $31.5 – $33.5 million.
  • Adjusted EBITDA of $2 – $4 million.

Full Year 2023:

  • Revenue of $420 – $435 million.
  • Variable Marketing Margin of $132 – $140 million.
  • Adjusted EBITDA of $7 – $13 million.

With respect to the Company’s expectations under “First Quarter and Full Year 2023 Guidance” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, one-time severance charges, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

Conference Call and Webcast Information

EverQuote will host a conference call and live webcast to discuss its fourth quarter and full year 2022 financial results at 4:30 p.m. Eastern Time today, February 27, 2022. To access the conference call, dial Toll Free: (844) 200-6205 for the US, or (929) 526-1599 for international callers, and provide conference ID 396529. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

Safe Harbor Statement

Any statements in this press release about future expectations, plans and prospects for EverQuote, Inc. (“EverQuote” or the “Company”), including statements about future results of operations or the future financial position of the Company, including financial targets, business strategy, plans and objectives for future operations and other statements containing the words “anticipates,” “believes,” “expects,” “plans,” “continues,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: (1) the Company’s ability to attract and retain consumers and insurance providers using the Company’s marketplace; (2) the Company’s ability to maintain or increase the amount providers spend per quote request; (3) the impact on the Company and the insurance industry of the COVID-19 pandemic; (4) the effectiveness of the Company’s growth strategies and its ability to effectively manage growth; (5) the Company’s ability to maintain and build its brand; (6) the Company’s reliance on its third-party service providers; (7) the Company’s ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and the Company’s ability to successfully monetize them; (8) the impact of competition in the Company’s industry and innovation by the Company’s competitors; (9) the expected recovery of the auto insurance industry; (10) developments regarding the insurance industry and the transition to online marketing; (11) the possible impacts of inflation; and (12) other factors discussed in the “Risk Factors” section of the Company’s most recent Quarterly Report on Form 10-Q, which is on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

About EverQuote

EverQuote operates a leading online insurance marketplace, connecting consumers with insurance providers. The company’s mission is to empower insurance shoppers to better protect life’s most important assets—their family, health, property, and future. Our vision is to become the largest online source of insurance policies by using data, technology, and knowledgeable advisors to make insurance simpler, more affordable and personalized, ultimately reducing cost and risk.

For more information, visit everquote.com and follow on Twitter @everquotelife, Instagram @everquotepics, and LinkedIn https://www.linkedin.com/company/everquote/.

Investor Relations Contact

Brinlea Johnson
The Blueshirt Group
415-489-2193


EVERQUOTE, INC.
STATEMENTS OF OPERATIONS

    Three Months Ended December 31,     Year Ended December 31,  
    2022     2021     2022     2021  
    (in thousands except per share)  
Revenue   $ 88,308     $ 102,067     $ 404,127     $ 418,515  
Cost and operating expenses(1):                                
Cost of revenue     6,060       6,191       23,980       23,949  
Sales and marketing     76,153       89,266       349,255       354,990  
Research and development     7,440       8,847       31,713       35,732  
General and administrative     6,702       6,176       28,102       24,703  
Acquisition-related costs     632       60       (4,135 )     1,065  
Total cost and operating expenses     96,987       110,540       428,915       440,439  
Loss from operations     (8,679 )     (8,473 )     (24,788 )     (21,924 )
Other income (expense):                                
Interest income     191       4       349       37  
Other income (expense), net     (6 )     (11 )     23       (57 )
Total other income (expense), net     185       (7 )     372       (20 )
Loss before income taxes     (8,494 )     (8,480 )     (24,416 )     (21,944 )
Benefit from income taxes     —       —       —       2,510  
Net loss   $ (8,494 )   $ (8,480 )   $ (24,416 )   $ (19,434 )
Net loss per share, basic and diluted   $ (0.26 )   $ (0.29 )   $ (0.77 )   $ (0.67 )
Weighted average common shares outstanding, basic and diluted     32,372       29,732       31,613       29,088  
                                 
                                 
(1) Amounts include stock-based compensation expense, as follows:
    Three Months Ended December 31,     Year Ended December 31,  
    2022     2021     2022     2021  
    (in thousands)  
Cost of revenue   $ 60     $ 81     $ 281     $ 363  
Sales and marketing     2,383       3,189       11,018       12,405  
Research and development     2,580       2,211       10,328       9,551  
General and administrative     1,600       1,582       7,359       7,701  
    $ 6,623     $ 7,063     $ 28,986     $ 30,020  
                                 


EVERQUOTE, INC.
BALANCE SHEET DATA

    December 31,  
    2022     2021  
    (in thousands)  
Cash and cash equivalents   $ 30,835     $ 34,851  
Working capital     35,567       37,288  
Total assets     156,519       143,607  
Total liabilities     49,033       58,482  
Total stockholders’ equity     107,486       85,125  
                 


EVERQUOTE, INC.
STATEMENTS OF CASH FLOWS

    Three Months Ended December 31,     Year Ended December 31,  
    2022     2021     2022     2021  
    (in thousands)  
Cash flows from operating activities:                                
Net loss   $ (8,494 )   $ (8,480 )   $ (24,416 )   $ (19,434 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                                
Depreciation and amortization     1,522       1,464       5,848       5,072  
Stock-based compensation expense     6,623       7,063       28,986       30,020  
Change in fair value of contingent consideration     632       60       (4,135 )     196  
Deferred taxes     —       —       —       (2,510 )
Provision for (recovery of) bad debt     581       9       693       (41 )
Unrealized foreign currency transaction (gains) losses     25       9       (9 )     24  
Changes in operating assets and liabilities, net of effects from acquisitions:                                
Accounts receivable     10,239       8,849       5,362       10,511  
Commissions receivable current and non-current     (8,566 )     (13,112 )     (24,240 )     (16,871 )
Prepaid expenses and other current assets     (1,745 )     606       (2,111 )     1,801  
Operating lease right-of-use assets     662       674       2,613       2,710  
Other assets     —       —       (19 )     534  
Accounts payable     (6,496 )     4,654       1,124       (3,968 )
Accrued expenses and other current liabilities     891       (7,123 )     (2,375 )     2,692  
Deferred revenue     (23 )     204       (229 )     227  
Operating lease liabilities     (749 )     (772 )     (2,883 )     (2,840 )
Other long-term liabilities     —       (964 )     —       (934 )
Net cash provided by (used in) operating activities     (4,898 )     (6,859 )     (15,791 )     7,189  
Cash flows from investing activities:                                
Acquisition of property and equipment, including costs capitalized for development of internal-use software     (1,071 )     (587 )     (4,290 )     (2,862 )
Acquisition of business     —       —       —       (15,955 )
Net cash used in investing activities     (1,071 )     (587 )     (4,290 )     (18,817 )
Cash flows from financing activities:                                
Proceeds from exercise of stock options     212       524       942       3,615  
Proceeds from private placement of common stock     —       —       15,000       —  
Tax withholding payments related to net share settlement     (21 )     —       (100 )     —  
Net cash provided by financing activities     191       524       15,842       3,615  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     22       —       (27 )     (6 )
Net decrease in cash, cash equivalents and
restricted cash 		    (5,756 )     (6,922 )     (4,266 )     (8,019 )
Cash, cash equivalents and restricted cash at beginning of period     36,591       42,023       35,101       43,120  
Cash, cash equivalents and restricted cash at end of period   $ 30,835     $ 35,101     $ 30,835     $ 35,101  
                                 


EVERQUOTE, INC.
FINANCIAL AND OPERATING METRICS

Revenue by vertical:

    Three Months Ended December 31,     Change  
    2022     2021     %  
    (in thousands)          
Automotive   $ 67,217     $ 70,423       -4.6 %
Other     21,091       31,644       -33.3 %
Total Revenue   $ 88,308     $ 102,067       -13.5 %

    Year Ended December 31,     Change  
    2022     2021     %  
    (in thousands)          
Automotive   $ 324,417     $ 330,928       -2.0 %
Other     79,710       87,587       -9.0 %
Total Revenue   $ 404,127     $ 418,515       -3.4 %
                         

Other financial and non-financial metrics:

    Three Months Ended December 31,     Change  
    2022     2021     %  
    (in thousands)          
Loss from operations   $ (8,679 )   $ (8,473 )     2.4 %
Net loss   $ (8,494 )   $ (8,480 )     0.2 %
Variable Marketing Margin   $ 29,059     $ 32,884       -11.6 %
Adjusted EBITDA(1)   $ 92     $ 543       -83.1 %

    Year Ended December 31,     Change  
    2022     2021     %  
    (in thousands)          
Loss from operations   $ (24,788 )   $ (21,924 )     13.1 %
Net loss   $ (24,416 )   $ (19,434 )     25.6 %
Variable Marketing Margin   $ 128,258     $ 129,553       -1.0 %
Adjusted EBITDA(1)   $ 5,934     $ 14,616       -59.4 %

(1)   Adjusted EBITDA is a non-GAAP measure.  Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.
     

To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted. EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; acquisition-related costs; one-time severance charges; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.


EVERQUOTE, INC.
RECONCILIATION OF NON-GAAP MEASURES TO GAAP

    Three Months Ended December 31,     Year Ended December 31,  
    2022     2021     2022     2021  
    (in thousands)  
Net loss   $ (8,494 )   $ (8,480 )   $ (24,416 )   $ (19,434 )
Stock-based compensation     6,623       7,063       28,986       30,020  
Depreciation and amortization     1,522       1,464       5,848       5,072  
Acquisition-related costs     632       60       (4,135 )     1,065  
Severance     —       440       —       440  
Interest income     (191 )     (4 )     (349 )     (37 )
Benefit from income taxes     —       —       —       (2,510 )
Adjusted EBITDA   $ 92     $ 543     $ 5,934     $ 14,616  



Posted on

Acadia Pharmaceuticals Reports Fourth Quarter and Full Year 2022 Financial Results and Operating Overview

Acadia Pharmaceuticals Reports Fourth Quarter and Full Year 2022 Financial Results and Operating Overview

– Full year 2022 net sales of $517.2 million, an increase of 7% over 2021

– Prescription Drug User Fee Act (PDUFA) action date set for March 12, 2023, for trofinetide for the treatment of Rett syndrome

SAN DIEGO–(BUSINESS WIRE)–
Acadia Pharmaceuticals Inc. (Nasdaq: ACAD), today announced its financial results for the fourth quarter and full year ended December 31, 2022.

NUPLAZID® delivered net sales of $136.5 million in the fourth quarter of 2022 and $517.2 million for the full year. The improvement was mainly driven by an increase in demand in the long-term care channel and retention of continuing patients across all channels. Overall demand in 2022 was relatively steady compared to the previous year.

“We are poised for a transformative year in 2023. Our increasingly profitable NUPLAZID franchise supports future growth opportunities, including trofinetide – which has the potential to become our second marketed product – as well as the development of our pipeline,” said Steve Davis, Chief Executive Officer. “Last year we submitted our New Drug Application for trofinetide for the treatment of Rett syndrome and we are eager to get to our PDUFA action date of March 12, 2023. Importantly, we also advanced our Phase 3 negative symptoms of schizophrenia program and introduced ACP-204, a new molecule that we plan to evaluate in patients with Alzheimer’s disease psychosis later this year.”

Company Operational, Scientific, and Regulatory Updates

  • Trofinetide New Drug Application (NDA) for the treatment of Rett syndrome has an assigned PDUFA action date of March 12, 2023.
  • Two large, retrospective analyses of Medicare patients were published in 2022, the first in the American Journal of Psychiatry1 and the second in the journal, Drug Safety2. Both of these analyses found a lower mortality risk in patients with Parkinson’s disease psychosis (PDP) treated with NUPLAZID (pimavanserin) when compared to other atypical antipsychotics over the first 180 days and first 12 months, respectively.
  • Another large, retrospective analysis of Medicare patients recently published in The Journal of Medical Economics3 found health care resource utilization patterns, such as hospitalizations and ER visits, were lower among patients with PDP treated with NUPLAZID (pimavanserin) when compared to other atypical antipsychotics over 12 months.
  • Enrollment is expected to be completed for ADVANCE-2, a Phase 3 study evaluating pimavanserin for the negative symptoms of schizophrenia, around mid-year 2023.
  • Doug Williamson, M.D., was appointed as Executive Vice President, Head of Research and Development in January 2023. Dr. Williamson succeeded Dr. Srdjan (Serge) Stankovic who retired at the end of 2022.

Financial Results

Revenue

Net sales of NUPLAZID® (pimavanserin) were $136.5 million for the three months ended December 31, 2022, an increase of 4% as compared to $130.8 million reported for the three months ended December 31, 2021. For the years ended December 31, 2022 and 2021, Acadia reported net product sales of $517.2 million and $484.1 million, respectively, an increase of 7% year-over-year.

Research and Development

Research and development expenses for the three months ended December 31, 2022 were $75.7 million, compared to $67.1 million for the same period of 2021. For the years ended December 31, 2022 and 2021, research and development expenses were $361.6 million and $239.4 million, respectively. The increase in research and development expenses during 2022 was primarily related to a $60 million upfront payment for a collaboration with Stoke Therapeutics, a $10 million milestone payment to our partner, Neuren Pharmaceuticals, upon acceptance of the trofinetide NDA filing, as well as increased costs of manufacturing activities for trofinetide, and the development of early-stage programs, including additional business development activity.

Selling, General and Administrative

Selling, general and administrative expenses for the three months ended December 31, 2022 were $104.4 million, compared to $105.8 million for the same period of 2021. For the years ended December 31, 2022 and 2021, selling, general and administrative expenses were $369.1 million and $396.0 million, respectively. The decrease was related to the continued reduction and optimization of commercial spend related to NUPLAZID, leading to a reduction in overall advertising and promotional costs, offset by investments in preparing for the launch of trofinetide.

Net Loss

For the fourth quarter of 2022, Acadia reported a net loss of $41.7 million, or $0.26 per common share, compared to a net loss of $43.1 million, or $0.27 per common share, for the same period in 2021. The net losses for the fourth quarters of 2022 and 2021 included $14.4 million and $12.9 million, respectively, of non-cash stock-based compensation expense. For the year ended December 31, 2022, Acadia reported a net loss of $216.0 million, or $1.34 per common share, compared to a net loss of $167.9 million, or $1.05 per common share, for the same period in 2021. The net losses for the years ended December 31, 2022 and 2021 included $68.2 million and $63.6 million, respectively, of non-cash stock-based compensation expense.

Cash and Investments

At December 31, 2022, Acadia’s cash, cash equivalents, and investment securities totaled $416.8 million, compared to $520.7 million at December 31, 2021.

2023 Financial Guidance

For the full year 2023, the Company expects:

  • Net NUPLAZID sales in the range of $520 to $550 million.
  • On a GAAP basis, R&D expense in the range of $235 to $255 million, which includes approximately $20 million of stock-based compensation expense.
  • On a GAAP basis, SG&A expense in the range of $360 to $380 million, which includes approximately $45 million of stock-based compensation expense.

Conference Call and Webcast Information

The conference call may be accessed by registering for the call here. Once registered, participants will receive an email with the dial-in number and unique PIN number to use for accessing the call. The registration link will also be available on Acadia’s website, www.acadia.com under the investors section and will be archived there until April 3, 2023.

About NUPLAZID® (pimavanserin)

Pimavanserin is a selective serotonin inverse agonist and antagonist preferentially targeting 5-HT2A receptors. These receptors are thought to play an important role in neuropsychiatric disorders. In vitro, pimavanserin demonstrated no appreciable binding affinity for dopamine (including D2), histamine, muscarinic, or adrenergic receptors. Pimavanserin was approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis by the U.S. Food and Drug Administration in April 2016 under the trade name NUPLAZID. In addition, Acadia is developing pimavanserin as a potential treatment for the negative symptoms of schizophrenia.

About Acadia Pharmaceuticals

Acadia is advancing breakthroughs in neuroscience to elevate life. For more than 25 years we have been working at the forefront of healthcare to bring vital solutions to people who need them most. We developed and commercialized the first and only approved therapy for hallucinations and delusions associated with Parkinson’s disease psychosis. Our clinical-stage development efforts are focused on treating the negative symptoms of schizophrenia, Rett syndrome, Alzheimer’s disease psychosis and neuropsychiatric symptoms in central nervous system disorders. For more information, visit us at www.acadia.com and follow us on LinkedIn and Twitter.

About Trofinetide

Trofinetide is an investigational drug. It is a synthetic analog of the tripeptide glycine-proline-glutamate (GPE), a product of the naturally occurring cleavage of insulin-like growth factor 1. Trofinetide is thought to enhance neuronal synaptic function and morphology, supporting its potential role in treating Rett syndrome. This hypothesis is supported by findings from studies of GPE and trofinetide in a Mecp2 mouse model of Rett syndrome, in which increased branching of the dendrites that form synapses and synaptic plasticity signals were observed.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include but are not limited to statements regarding the timing of future events. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug development, approval and commercialization. For a discussion of these and other factors, please refer to Acadia’s annual report on Form 10-K for the year ended December 31, 2021 as well as Acadia’s subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and Acadia undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.

References

1Mosholder AD, Ma Y, Akhtar S, et al. Mortality among Parkinson’s disease patients treated with pimavanserin or atypical antipsychotics: an observational study in Medicare beneficiaries. Am J Psychiatry. 2022;179(8):553‐561.

2Layton JB, Forns J, McQuay LJ, et al. Mortality in patients with Parkinson’s disease‐related psychosis treated with pimavanserin compared with other atypical antipsychotics: a cohort study. Drug Safety. 2023;46(2):195-208.

3Rajagopalan K, Rashid N, Kumar S, and Doshi D. Health care resource utilization patterns among patients with Parkinson’s disease psychosis: analysis of Medicare beneficiaries treated with Pimavanserin or other-atypical antipsychotics. J Med Econ. 2023;26(1):34-42.

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended December 31,

 

Years Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

 

Product sales, net

 

$

136,490

 

 

$

130,758

 

 

$

517,235

 

 

$

484,145

 

Total revenues

 

 

136,490

 

 

 

130,758

 

 

 

517,235

 

 

 

484,145

 

Operating expenses

 

 

 

 

 

 

 

 

Cost of product sales, license fees and royalties (1)

 

 

2,413

 

 

 

2,561

 

 

 

10,166

 

 

 

19,141

 

Research and development (1)

 

 

75,738

 

 

 

67,084

 

 

 

361,575

 

 

 

239,415

 

Selling, general and administrative (1)

 

 

104,402

 

 

 

105,770

 

 

 

369,090

 

 

 

396,028

 

Total operating expenses

 

 

182,553

 

 

 

175,415

 

 

 

740,831

 

 

 

654,584

 

Loss from operations

 

 

(46,063

)

 

 

(44,657

)

 

 

(223,596

)

 

 

(170,439

)

Interest income, net

 

 

3,630

 

 

 

129

 

 

 

6,610

 

 

 

591

 

Other income

 

 

1,543

 

 

 

1,623

 

 

 

3,542

 

 

 

2,329

 

Loss before income taxes

 

 

(40,890

)

 

 

(42,905

)

 

 

(213,444

)

 

 

(167,519

)

Income tax expense

 

 

835

 

 

 

189

 

 

 

2,531

 

 

 

351

 

Net loss

 

$

(41,725

)

 

$

(43,094

)

 

$

(215,975

)

 

$

(167,870

)

Net loss per common share, basic and diluted

 

$

(0.26

)

 

$

(0.27

)

 

$

(1.34

)

 

$

(1.05

)

Weighted average common shares outstanding, basic and diluted

 

 

161,988

 

 

 

160,866

 

 

 

161,683

 

 

 

160,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes the following share-based compensation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product sales, license fees and royalties

 

$

93

 

 

$

261

 

 

$

1,106

 

 

$

1,286

 

Research and development

 

$

3,432

 

 

$

4,644

 

 

$

22,580

 

 

$

21,969

 

Selling, general and administrative

 

$

10,889

 

 

$

7,975

 

 

$

44,515

 

 

$

40,360

 

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

December 31,

2022

December 31,

2021

 

(unaudited)

 

Assets

 

 

Cash, cash equivalents and investment securities

$

416,823

 

$

520,706

Accounts receivable, net

 

62,195

 

 

64,366

Interest and other receivables

 

885

 

 

978

Inventory

 

6,636

 

 

7,881

Prepaid expenses

 

21,398

 

 

23,892

Total current assets

 

507,937

 

 

617,823

Property and equipment, net

 

6,021

 

 

8,047

Operating lease right-of-use assets

 

55,573

 

 

58,268

Restricted cash

 

5,770

 

 

5,770

Long-term inventory

 

4,924

 

 

6,217

Other assets

 

7,587

 

 

3,997

Total assets

$

587,812

 

$

700,122

Liabilities and stockholders’ equity

 

 

 

Accounts payable

$

12,746

 

$

6,876

Accrued liabilities

 

112,884

 

 

89,192

Total current liabilities

 

125,630

 

 

96,068

Operating lease liabilities

 

52,695

 

 

56,126

Long-term liabilities

 

9,074

 

 

7,034

Total liabilities

 

187,399

 

 

159,228

Total stockholders’ equity

 

400,413

 

 

540,894

Total liabilities and stockholders’ equity

$

587,812

 

$

700,122

 

Media Contact:

Acadia Pharmaceuticals Inc.

Deb Kazenelson

(818) 395-3043

[email protected]

Investor Contact:

Acadia Pharmaceuticals Inc.

Mark Johnson, CFA

(858) 261-2771

[email protected]

 

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Mental Health Health Clinical Trials Research Science Pharmaceutical Biotechnology

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BigBear.ai to Report Fourth Quarter and Full Year 2022 Results on March 13, 2023

BigBear.ai to Report Fourth Quarter and Full Year 2022 Results on March 13, 2023

COLUMBIA, Md.–(BUSINESS WIRE)–
BigBear.ai (NYSE: BBAI), a leader in AI-powered analytics and cyber engineering solutions, today announced that it will report financial results for the fourth quarter and full year ended December 31, 2022 after market close on Monday, March 13, 2023. The Company will hold its earnings conference call and webcast on that day at 5:00 p.m. ET.

The earnings conference call can be accessed by calling 877-485-3107 (toll-free) or 201-689-8427 (toll). The listen-only webcast of the call will be available on the BigBear.ai Investor Relations website: https://ir.bigbear.ai. Please call in or log on at least five minutes in advance of the scheduled start time.

For those who are unable to listen to the live event, a replay will be available for two weeks following the event by dialing 877-660-6853 (toll-free) or 201-612-7415 (toll) and entering the access code 13736713. To access the webcast replay, visit https://ir.bigbear.ai.

The earnings press release and other information related to the earnings announcement will be available on https://ir.bigbear.ai.

About BigBear.ai

BigBear.ai delivers AI-powered analytics and cyber engineering solutions to support mission-critical operations and decision-making in complex, real-world environments. BigBear.ai’s customers, which include the US Intelligence Community, as well as customers in manufacturing, logistics, commercial space, and other sectors, rely on BigBear.ai’s solutions to see and shape their world through reliable, predictive insights and goal-oriented advice. Headquartered in Columbia, Maryland, BigBear.ai has additional locations in Virginia and Michigan. For more information, visit: https://bigbear.ai/ and follow BigBear.ai on Twitter: @BigBearai.

Tyler Sigmon

BigBear.ai

443-430-2622

[email protected]

Reevemark

Paul Caminiti/Delia Cannan/Pam Greene

212-433-4600

[email protected]

OR

[email protected]

KEYWORDS: Maryland United States North America

INDUSTRY KEYWORDS: Data Management Defense Technology Software Artificial Intelligence Other Defense Contracts

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AnaptysBio to Participate at the Cowen and Company 43rd Annual Health Care Conference

SAN DIEGO, Feb. 27, 2023 (GLOBE NEWSWIRE) — AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics today announced that Dan Faga, interim president and chief executive officer, will present at the Cowen and Company 43rd Annual Health Care Conference on Monday, March 6, 2023, at 2:50 p.m. ET / 11:50 a.m. PT.

A live audio webcast of the presentation will be available on the investor section of the AnaptysBio website at https://ir.anaptysbio.com/events. A replay of the webcast will be available for at least 30 days following the event.

About AnaptysBio

AnaptysBio is a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics. It is developing immune cell modulators, including two checkpoint agonists in clinical-stage development, for autoimmune and inflammatory disease: rosnilimab, its PD-1 agonist, in a planned Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis; and ANB032, its BTLA agonist, in a planned Phase 2b trial for the treatment of moderate-to-severe atopic dermatitis. Its preclinical immune cell modulator portfolio includes ANB033, an anti-CD122 antagonist antibody for the treatment of autoimmune and inflammatory diseases. In addition, AnaptysBio has developed two cytokine antagonists available for outlicensing: imsidolimab, an anti-IL-36R antagonist, in Phase 3 for the treatment of generalized pustular psoriasis, or GPP, and etokimab, an anti-IL-33 antagonist for the treatment of respiratory disorders that is Phase 2/3 ready. AnaptysBio has also discovered multiple therapeutic antibodies licensed to GSK in a financial collaboration for immune-oncology, including an anti-PD-1 antagonist antibody (JEMPERLI (dostarlimab-gxly)), an anti-TIM-3 antagonist antibody (cobolimab, GSK4069889) and an anti-LAG-3 antagonist antibody (GSK4074386).

Contact:

Nick Montemarano
Senior Director, Investor Relations and Strategic Communications
AnaptysBio, Inc.
858.732.0178
[email protected]

    



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Western Midstream Announces Fourth-Quarter Post-Earnings Interview With Chief Financial Officer, Kristen Shults and Participation in Morgan Stanley, Barclays, and Mizuho Conferences

Western Midstream Announces Fourth-Quarter Post-Earnings Interview With Chief Financial Officer, Kristen Shults and Participation in Morgan Stanley, Barclays, and Mizuho Conferences

HOUSTON–(BUSINESS WIRE)–
Today, Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced that after the market close it made available on its website at www.westernmidstream.com a post-earnings interview with Kristen Shults, Senior Vice President and Chief Financial Officer, to provide additional insights related to fourth-quarter and full-year 2022 results.

On March 1, 2023, Ms. Shults and Daniel Jenkins, Director of Investor Relations, will participate in one-on-one and group sessions at the 2023 Morgan Stanley Energy and Power Conference.

On March 2, 2023, Ms. Shults and Mr. Jenkins will participate in one-on-one and group sessions at Barclay’s 2023 Investment Grade Energy and Pipeline Corporate Days event.

On March 13, 2023, Ms. Shults and Shelby Keltner, Manager of Investor Relations, will participate in one-on-one and group sessions at the 2023 Mizuho Energy Summit.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water for its customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain of its contracts.

For more information about Western Midstream Partners, LP and Western Midstream Flash Feed updates, please visit www.westernmidstream.com.

Daniel Jenkins

Director, Investor Relations

[email protected]

832.636.1009

Shelby Keltner

Manager, Investor Relations

[email protected]

832.636.1009

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Maritime Energy Transport Oil/Gas

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First Trust Advisors L.P. Announces Distribution for First Trust Enhanced Short Maturity ETF

First Trust Advisors L.P. Announces Distribution for First Trust Enhanced Short Maturity ETF

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Advisors L.P. (“FTA”) announces the declaration of the Monthly distribution for First Trust Enhanced Short Maturity ETF, a series of First Trust Exchange-Traded Fund IV.

The following dates apply to today’s distribution declaration:

 

 

Expected Ex-Dividend Date: February 28, 2023

 

Record Date: March 1, 2023

 

Payable Date: March 3, 2023

Ticker

Exchange

Fund Name

Frequency

Ordinary

Income

Per Share

Amount

ACTIVELY MANAGED EXCHANGE-TRADED FUNDS

 

First Trust Exchange-Traded Fund IV

FTSM

Nasdaq

First Trust Enhanced Short Maturity ETF

Monthly

$0.2010

 

 

 

 

 

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $200 billion as of January 31, 2023 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

You should consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus for the Fund contains this and other important information and is available free of charge by calling toll-free at 1-800-621-1675 or visiting www.ftportfolios.com. The prospectus should be read carefully before investing.

Principal Risk Factors: Risks are inherent in all investing. Certain risks applicable to the fund are identified below. The material risks of investing in the fund are spelled out in its prospectus, statement of additional information and other regulatory filings. The order of the below risk factors does not indicate the significance of any particular risk factor.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

The Fund’s shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that the Fund’s investment objectives will be achieved. An investment in the Fund involves risks similar to those of investing in any portfolio of securities traded on exchanges.

Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed “reasonably” normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

Investors buying or selling Fund shares on the secondary market may incur customary brokerage commissions. Investors who sell Fund shares may receive less than the share’s net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the Fund by authorized participants, in very large creation/redemption units. If the Fund’s authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, Fund shares may trade at a discount to the Fund’s net asset value and possibly face delisting.

The risk of investing in mortgage-related and other asset-based securities include interest rate risk, extension risk and prepayment risk. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. Extension risk is prevalent when in a period of rising interest rates, the fund holds mortgage-related securities and such securities exhibit additional volatility. Prepayments can reduce the returns of the fund because the fund may have to reinvest that money at the lower prevailing interest rates. The fund’s investments in asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. Investments in asset-backed or mortgage-backed securities offered by non-governmental issuers, such as commercial banks, savings and loans, private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks.

An actively managed ETF is subject to management risk because it is an actively managed portfolio. In managing such a Fund’s investment portfolio, the portfolio managers, management team, or advisor, will apply investment techniques and risk analyses that may not have the desired result.

An investment in a Fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

The Fund is subject to credit risk, call risk, income risk, interest rate risk and prepayment risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for floating-rate loans and high-yield securities. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Income risk is the risk that income from a Fund’s fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in the Fund will decline because of rising market interest rates. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in the Fund’s income.

Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed income instruments. High-yield securities, or “junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity. The market for high yield securities is smaller and less liquid than that for investment grade securities.

To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate (“SOFR”) will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.

The Fund may effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, an investment in the Fund may be less tax-efficient than an investment in an exchange-traded fund that effects its creations and redemptions for in-kind securities.

The Fund may invest in other investment companies which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, the Fund’s investment performance and risks may be related to the investment and performance of the underlying funds.

The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. Although the Fund and the Advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. The Fund may invest in securities or financial instruments that exhibit more volatility than the market as a whole. Such exposures could cause the Fund’s net asset value to experience significant increases or declines in value over short periods of time.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

Press Inquiries Ryan Issakainen 630-765-8689

Broker Inquiries Sales Team 866-848-9727

Analyst Inquiries Stan Ueland 630-517-7633

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Other Professional Services Professional Services Finance

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ICU Medical Announces Fourth Quarter 2022 Results and Provides Fiscal Year 2023 Guidance

SAN CLEMENTE, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) — ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced financial results for the quarter ended December 31, 2022.

Fourth Quarter 2022 Results

Fourth quarter 2022 revenue was $578.0 million, compared to $340.5 million in the same period last year. GAAP gross profit for the fourth quarter of 2022 was $174.9 million, as compared to $127.5 million in the same period last year. GAAP gross margin for the fourth quarter of 2022 was 30%, as compared to 37% in the same period last year. GAAP net loss for the fourth quarter of 2022 was $(15.5) million, or $(0.65) per diluted share, as compared to GAAP net income of $19.9 million, or $0.91 per diluted share, for the fourth quarter of 2021. Adjusted diluted earnings per share for the fourth quarter of 2022 was $1.60 as compared to $1.82 for the fourth quarter of 2021. Also, adjusted EBITDA was $96.4 million for the fourth quarter of 2022 as compared to $64.2 million for the fourth quarter of 2021.

Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures.

Vivek Jain, ICU Medical’s Chief Executive Officer, said, “Legacy ICU Medical revenues were in line with expectations and results from the acquired Smiths Medical business reflect continued operational improvements.”

Revenues by product line for the three and twelve months ended December 31, 2022 and 2021 were as follows (in millions):

As a result of the acquisition of Smiths Medical on January 6, 2022, the following product lines are presented in addition to our legacy product lines: Infusion Systems-Smiths Medical, Vascular Access -Smiths Medical and Vital Care-Smiths Medical.

    Three months ended

December 31, 		      Twelve months ended

December 31, 		   
Product Line   2022


 		  2021


 		  $ Change    2022
    2021
   $ Change
Infusion Consumables   $         140.5     $         147.8     $         (7.3 )   $         566.6     $         555.2     $         11.4  
Infusion Systems             89.0               92.6               (3.6 )             351.1               352.3               (1.2 )
IV Solutions*             84.5               87.6               (3.1 )             363.5               359.5               4.0  
Critical Care             12.0               12.5               (0.5 )             47.3               49.3               (2.0 )
Infusion Systems-Smiths Medical             99.1               —               99.1               340.1               —               340.1  
Vascular Access-Smiths Medical             75.4               —               75.4               326.8               —               326.8  
Vital Care-Smiths Medical             77.5               —               77.5               284.6               —               284.6  
    $         578.0     $         340.5     $         237.5     $         2,280.0     $         1,316.3     $         963.7  

*IV Solutions includes $13.1 million and $54.0 million of contract manufacturing to Pfizer for the three and twelve months ended December 31, 2022, respectively. IV Solutions includes $10.6 million and $42.8 million of contract manufacturing to Pfizer for the three and twelve months ended December 31, 2021, respectively.

Fiscal Year 2023 Guidance

For Fiscal Year 2023 the Company estimates GAAP net loss to be in the range of $(73) to $(37) and GAAP diluted loss per share estimated to be in the range of $(3.00) to $(1.50). For the Fiscal Year 2023, the Company expects adjusted EBITDA to be in the range of $375 million to $425 million, and adjusted diluted EPS to be in the range of $5.75 to $7.25.

Conference Call

The Company will host a conference call to discuss its fourth quarter 2022 financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (877) 300-8521, conference ID 10174731. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company’s website at www.icumed.com, clicking on the Investors tab, clicking on Event Calendar and clicking on the Webcast icon and following the prompts. The webcast will also be available by replay.

About ICU Medical

ICU Medical (Nasdaq:ICUI) is a global leader in infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical can be found at www.icumed.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. Such statements contain words such as ”will,” ”expect,” ”believe,” ”could,” ”would,” ”estimate,” ”continue,” ”build,” ”expand” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company’s expectations, goals or intentions regarding the future. These forward-looking statements are based on management’s current expectations, estimates, forecasts and projections about the Company and assumptions management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to, decreased demand for the Company’s products, decreased free cash flow, changes in product mix, increased competition from competitors, lack of growth or improving efficiencies, unexpected changes in the Company’s arrangements with its largest customers, the impact from fluctuations in foreign currency exchange rates, the impact of inflation on raw materials, freight charges and labor, rising interest rates, the impact of the ongoing COVID-19 pandemic on the Company and our financial results and the Company’s ability to meet expectations regarding integration of the Smiths Medical business. Future results are subject to risks and uncertainties, including the risk factors, and other risks and uncertainties, described in the Company’s filings with the Securities and Exchange Commission, which include those in the Company’s most recent Annual Report on Form 10-K, as updated by the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 and our subsequent filings. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

ICU MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

  December 31,

2022 		  December 31,

2021
  (Unaudited)   (1)
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents $         208,784     $         552,827  
Short-term investment securities           4,224               14,420  
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES           213,008               567,247  
Accounts receivable, net of allowance for doubtful accounts           221,719               105,894  
Inventories           696,009               290,235  
Prepaid income taxes           15,528               19,586  
Prepaid expenses and other current assets           88,932               46,847  
TOTAL CURRENT ASSETS           1,235,196               1,029,809  
PROPERTY, PLANT AND EQUIPMENT, net           636,113               468,365  
OPERATING LEASE RIGHT-OF-USE ASSETS           74,864               39,847  
LONG-TERM INVESTMENT SECURITIES           516               4,620  
GOODWILL           1,449,258               43,439  
INTANGIBLE ASSETS, net           982,766               188,311  
DEFERRED INCOME TAXES           31,466               42,604  
OTHER ASSETS           105,462               63,743  
TOTAL ASSETS $         4,515,641     $         1,880,738  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES:      
Accounts payable $         215,902     $         81,128  
Accrued liabilities           242,769               118,195  
Current portion of long-term obligations           29,688               —  
Income tax payable           6,200               1,454  
TOTAL CURRENT LIABILITIES           494,559               200,777  
CONTINGENT EARN-OUT LIABILITY           25,572               2,589  
LONG-TERM OBLIGATIONS           1,623,675               —  
OTHER LONG-TERM LIABILITIES           114,104               41,830  
DEFERRED INCOME TAXES           126,007               1,490  
INCOME TAX LIABILITY           41,796               18,021  
COMMITMENTS AND CONTINGENCIES           —               —  
STOCKHOLDERS’ EQUITY:      
Convertible preferred stock, $1.00 par value; Authorized — 500 shares; Issued and outstanding — none           —               —  
Common stock, $0.10 par value; Authorized — 80,000 shares; Issued —23,995 and 21,280 shares at December 31, 2022 and December 31, 2021, respectively, and outstanding — 23,993 and 21,280 shares at December 31, 2022 and December 31, 2021, respectively           2,399               2,128  
Additional paid-in capital           1,331,249               721,412  
Treasury stock, at cost           (243 )             (27 )
Retained earnings           837,501               911,787  
Accumulated other comprehensive loss           (80,978 )             (19,269 )
TOTAL STOCKHOLDERS’ EQUITY           2,089,928               1,616,031  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $         4,515,641     $         1,880,738  

______________________________________________________
(1) December 31, 2021 balances were derived from audited consolidated financial statements.

ICU MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

  Three months ended

December 31, 		  Twelve months ended

December 31,
    2022       2021       2022       2021  
TOTAL REVENUES $         578,014     $         340,525     $         2,279,997     $         1,316,308  
COST OF GOODS SOLD           403,069               213,035               1,582,236               824,818  
GROSS PROFIT           174,945               127,490               697,761               491,490  
OPERATING EXPENSES:              
Selling, general and administrative           142,933               81,456               608,345               302,583  
Research and development           23,446               13,166               92,984               47,498  
Restructuring, strategic transaction and integration           9,626               9,043               71,421               18,037  
Change in fair value of contingent earn-out           (838 )             —               (32,091 )             —  
Contract settlement           —               —               —               127  
TOTAL OPERATING EXPENSES           175,167               103,665               740,659               368,245  
(LOSS) INCOME FROM OPERATIONS           (222 )             23,825               (42,898 )             123,245  
INTEREST (EXPENSE) INCOME, net           (20,073 )             366               (66,375 )             1,982  
OTHER EXPENSE, net           (1,152 )             (854 )             (5,136 )             (2,041 )
(LOSS) INCOME BEFORE INCOME TAXES           (21,447 )             23,337               (114,409 )             123,186  
BENEFIT (PROVISION) FOR INCOME TAXES           5,911               (3,412 )             40,123               (20,051 )
NET (LOSS) INCOME $         (15,536 )   $         19,925     $         (74,286 )   $         103,135  
NET (LOSS) INCOME PER SHARE              
Basic $         (0.65 )   $         0.94     $         (3.11 )   $         4.86  
Diluted $         (0.65 )   $         0.91     $         (3.11 )   $         4.74  
WEIGHTED AVERAGE NUMBER OF SHARES              
Basic           23,988               21,257               23,868               21,206  
Diluted           23,988               21,807               23,868               21,781  



ICU MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands) 

  Twelve months ended

December 31,
    2022       2021  
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $         (74,286 )   $         103,135  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization           235,151               89,698  
Amortization of inventory step-up           26,519               —  
Noncash lease expense           23,651               9,594  
Provision for doubtful accounts           1,036               345  
Provision for warranty and returns           4,902               831  
Stock compensation           36,025               27,341  
Loss on disposal of property, plant and equipment and other assets           2,010               1,652  
Disposition of certain assets           (374 )             —  
Bond premium amortization           264               655  
Debt issuance costs amortization           6,972               240  
Change in fair value of contingent earn-out           (32,091 )             —  
Product-related charges           —               3,380  
Usage of spare parts           11,924               13,046  
Other           (103 )             2,582  
Changes in operating assets and liabilities, net of amounts acquired:      
Accounts receivable           (19,151 )             13,755  
Inventories           (201,095 )             20,815  
Prepaid expenses and other current assets           22,903               (7,973 )
Other assets           (21,290 )             (21,038 )
Accounts payable           37,472               2,347  
Accrued liabilities           (55,834 )             6,259  
Income taxes, including excess tax benefits and deferred income taxes           (66,734 )             874  
Net cash (used in) provided by operating activities           (62,129 )             267,538  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment           (90,311 )             (68,542 )
Proceeds from sale of assets           989               218  
Business acquisitions, net of cash acquired           (1,844,164 )             (14,452 )
Intangible asset additions           (9,018 )             (12,627 )
Investments in non-marketable equity investments           —               (3,250 )
Purchases of investment securities           (3,397 )             (10,034 )
Proceeds from sale and maturities of investment securities           36,433               18,000  
Net cash used in investing activities           (1,909,468 )             (90,687 )
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of long-term debt, net of lender debt issuance costs           1,664,362               —  
Principal repayments of long-term debt           (22,375 )             —  
Payment of third-party debt issuance costs           (2,177 )             —  
Proceeds from exercise of stock options           8,785               9,372  
Payments on finance leases           (680 )             (607 )
Payment of contingent earn-out           —               (17,300 )
Tax withholding payments related to net share settlement of equity awards           (10,883 )             (8,335 )
Net cash provided by (used in) financing activities           1,637,032               (16,870 )
Effect of exchange rate changes on cash           (9,478 )             (3,251 )
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS           (344,043 )             156,730  
CASH AND CASH EQUIVALENTS, beginning of period           552,827               396,097  
CASH AND CASH EQUIVALENTS, end of period $         208,784     $         552,827  



Use of Non-GAAP Financial Information

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are material limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled non-GAAP financial measures used by other companies, including peer companies. Our management believes that the non-GAAP data provides useful supplemental information to management and investors regarding our performance and facilitates a more meaningful comparison of results of operations between current and prior periods. We use non-GAAP financial measures in addition to and in conjunction with GAAP financial measures to analyze and assess the overall performance of our business, in making financial, operating and planning decisions, and in determining executive incentive compensation.

The non-GAAP financial measures include adjusted EBITDA, adjusted revenue, adjusted gross profit, adjusted selling, general and administrative, adjusted research and development, adjusted restructuring, strategic transaction and integration, adjusted change in fair value of contingent earn-out, adjusted (loss) income from operations, adjusted other expense, net, adjusted (loss) income before income taxes, adjusted benefit (provision) for income taxes, adjusted net (loss) income and adjusted diluted (loss) earnings per share, all of which exclude special items because they are highly variable or unusual and impact year-over-year comparisons.

For the three months ended December 31, 2022 and 2021, special items include the following:


Stock compensation expense
: Stock-based compensation is generally fixed at the time the stock-based instrument is granted and amortized over a period of several years. The value of stock options is determined using a complex formula that incorporates factors, such as market volatility, that are beyond our control. The value of our restricted stock awards is determined using the grant date stock price, which may not be indicative of our operational performance over the expense period. Additionally, in order to establish the fair value of performance-based stock awards, which are currently an element of our ongoing stock-based compensation, we are required to apply judgment to estimate the probability of the extent to which performance objectives will be achieved. Based on the above factors, we believe it is useful to exclude stock-based compensation in order to better understand our operating performance.


Intangible asset amortization expense
: We do not acquire businesses or capitalize certain patent costs on a predictable cycle. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition. Capitalized patent costs can vary significantly based on our current level of development activities. We believe that excluding amortization of intangible assets provides the users of our financial statements with a consistent basis for comparison across accounting periods.


Restructuring, strategic transaction and integration
: We incur restructuring and strategic transaction charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our ongoing business. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our ongoing operations with prior and future periods.


Change in fair value of contingent earn-out
: We exclude the impact of certain amounts recorded in connection with business combinations. We exclude items that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing.


Adjustment to reverse the cost recognition related to the purchase accounting write-up of inventory to fair market value

: The inventory step-up represents the expense recognition of fair value adjustments in excess of the historical cost basis of inventory obtained through acquisition, these charges are outside of our normal operations and are excluded.


Quality system and product-related remediation

: We exclude certain quality system product-related remediation charges in determining our non-GAAP financial measures as they may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.


Disposition of certain assets

: Occasionally, we may sell certain assets. We exclude the non-cash gain/loss on the disposition of these assets in determining our non-GAAP financial measures as they may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.

From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management.

In addition to the above special items, Adjusted EBITDA additionally excludes the following items from net income:


Depreciation expense
: We exclude depreciation expense in deriving adjusted EBITDA because companies utilize productive assets of different ages and the depreciable lives can vary significantly resulting in considerable variability in depreciation expense among companies.


Interest, net

: We exclude interest in deriving adjusted EBITDA as interest can vary significantly among companies depending on a company’s level of income generating instruments and/or level of debt.


Taxes

: We exclude taxes in deriving adjusted EBITDA as taxes are deemed to be non-core to the business and may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.

We also present Free cash flow as a non-GAAP financial measure as management believes that this is an important measure for use in evaluating overall company financial performance as it measures our ability to generate additional cash flow from business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash (used in) provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

The following tables reconcile our GAAP and non-GAAP financial measures:

ICU MEDICAL, INC. AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

(In thousands, except per share data)

  Adjusted EBITDA
  Three months ended

December 31,
    2022       2021  
GAAP net (loss) income $         (15,536 )   $         19,925  
       
Non-GAAP adjustments:      
Interest, net           20,073               (366 )
Stock compensation expense           7,428               8,105  
Depreciation and amortization expense           56,813               23,133  
Restructuring, strategic transaction and integration           9,626               9,043  
Change in fair value of contingent earn-out           (838 )             —  
Adjustment to reverse the cost recognition related to the purchase accounting write-up of inventory to fair value           3,843               912  
Quality system and product-related charges           21,262               —  
Gain on disposition of assets           (374 )             —  
(Benefit) provision for income taxes           (5,911 )             3,412  
Total non-GAAP adjustments           111,922               44,239  
       
Adjusted EBITDA $         96,386     $         64,164  



ICU MEDICAL, INC. AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

(In thousands, except percentages and per share)

The company’s U.S. GAAP results for the three months ended December 31, 2022 included special items which impacted the U.S. GAAP measures as follows:

  Total revenues Gross profit Selling, general and administrative Research and development Restructuring, strategic transaction and integration Change in fair value of contingent earn-out (Loss) income from operations Other expense, net (Loss) income before income taxes


 		Benefit (provision) for income taxes Net (loss) income


 		Diluted (loss) earnings per share
Reported (GAAP) $         578,014   $         174,945   $         142,933   $         23,446   $         9,626   $         (838 ) $         (222 ) $         (1,152 ) $         (21,447 ) $         5,911   $         (15,536 ) $         (0.65 )
Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)             30 %           25 %           4 %           2 %           —  %           — %           — %           (4 )%           27.6 %           (3 )%  
Contract manufacturing           (13,127 )           —             —             —             —             —             —             —             —             —             —    
Stock compensation expense           —             1,702             (5,287 )           (439 )           —             —             7,428             —             7,428             (1,783 )           5,645             0.24  
Amortization expense           —             45             (30,433 )           —             —             —             30,478             —             30,478             (7,193 )           23,285             0.95  
Restructuring, strategic transaction and integration           —             —             —             —             (9,626 )           —             9,626             —             9,626             (1,887 )           7,739             0.32  
Change in fair value of contingent earn-out           —             —             —             —             —             838             (838 )           —             (838 )           —             (838 )           (0.03 )
Adjustment to reverse the cost recognition related to the purchase accounting write-up of inventory to fair value           —             3,843             —             —             —             —             3,843             —             3,843             (915 )           2,928             0.12  
Quality system and product-related remediation           —             21,262             —             —             —             —             21,262             —             21,262             (5,167 )           16,095             0.67  
Gain on disposition of assets           —             —             —             —             —             —             —             (374 )           (374 )           —             (374 )           (0.02 )
Adjusted (Non-GAAP) $         564,887   $         201,797   $         107,213   $         23,007   $         —   $         —   $         71,577   $         (1,526 ) $         49,978   $         (11,034 ) $         38,944   $         1.60  
Adjusted percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)             36 %           19 %           4 %           — %           — %           13 %           — %           9 %           22.1 %           7 %  



ICU MEDICAL, INC. AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued)

(In thousands, except percentages and per share)

The company’s U.S. GAAP results for the three months ended December 31, 2021 included special items which impacted the U.S. GAAP measures as follows:

  Total revenues Gross profit Selling, general and administrative Research and development Restructuring, strategic transaction and integration Income from operations Income before income taxes Provision for income taxes Net income Diluted earnings per share
Reported (GAAP) $         340,525   $         127,490   $         81,456   $         13,166   $         9,043   $         23,825   $         23,337   $         (3,412 ) $         19,925   $         0.91  
Reported percent of total revenues (or percent of income before income taxes for benefit provision for income taxes)             37 %           24 %           4 %           3 %           7 %           7 %           14.6 %           6 %      
Contract manufacturing           (10,605 )           —             —             —             —             —             —             —             —        
Stock compensation expense           —             912             (6,892 )           (301 )           —             8,105             8,105             (1,945 )           6,160             0.28  
Amortization expense           —             45             (6,320 )           —             —             6,365             6,365             (1,503 )           4,862             0.22  
Restructuring, strategic transaction and integration           —             —             —             —             (9,043 )           9,043             9,043             (766 )           8,277             0.38  
Adjustment to reverse the cost recognition related to the purchase accounting write-up of inventory to fair value           —             912             —             —             —             912             912             (173 )           739             0.03  
Adjusted (Non-GAAP) $         329,920   $         129,359   $         68,244   $         12,865   $         —   $         48,250   $         47,762   $         (7,799 ) $         39,963   $         1.82  
Adjusted percent of total revenues (or percent of income before income taxes for provision for income taxes)             39 %           21 %           4 %           — %           15 %           14 %           16.3 %           12 %      



ICU MEDICAL, INC. AND SUBSIDIARIES

Reconciliation of Net Cash (Used in) Provided by Operating Activities to Free Cash Flow (Unaudited)

(In thousands)

  Three months ended

December 31 		  Twelve months ended

December 31
    2022       2021       2022       2021  
Net cash (used in) provided by operating activities $         (1,711 )             82,621     $         (62,129 )   $         267,538  
Purchase of property, plant and equipment           (21,596 )             (22,078 )             (90,311 )             (68,542 )
Proceeds from sale of assets           56               —               989               218  
Free cash flow $         (23,251 )   $         60,543     $         (151,451 )   $         199,214  



ICU MEDICAL, INC. AND SUBSIDIARIES

Fiscal Year 2023

Outlook (Unaudited)

(In millions, except per share data)

  Low End of Guidance   High End of Guidance
GAAP net loss $         (73 )   $         (37 )
       
Non-GAAP adjustments:      
Interest, net           96               96  
Stock compensation expense           42               42  
Depreciation and amortization expense           230               230  
Restructuring, strategic transaction and integration           41               41  
Quality and regulatory initiatives and remediation           61               61  
Benefit for income taxes           (22 )             (8 )
Total non-GAAP adjustments $         448     $         462  
       
Adjusted EBITDA $         375     $         425  
       
       
       
GAAP diluted loss per share $         (3.00 )   $         (1.50 )
       
Non-GAAP adjustments:      
Stock compensation expense           1.71               1.71  
Amortization expense           5.51               5.51  
Restructuring, strategic transaction and integration           1.67               1.67  
Quality and regulatory initiatives and remediation           2.49               2.49  
Estimated income tax impact from adjustments           (2.63 )             (2.63 )
Adjusted diluted earnings per share $         5.75     $         7.25  


CONTACT:
ICU Medical, Inc.
Brian Bonnell, Chief Financial Officer
(949) 366-2183

ICR, Inc.
John Mills, Partner
(646) 277-1254



Posted on

Trex Company Reports Fourth Quarter and Full Year 2022 Results

Trex Company Reports Fourth Quarter and Full Year 2022 Results

Fourth Quarter Operating Results Exceed Expectations

Channel Inventory Recalibration Completed by Year End 2022

Returned $395 Million to Shareholders Through Share Repurchases in 2022

Trex Commercial Products Divested

Company Provides 2023 Financial Outlook

WINCHESTER, Va.–(BUSINESS WIRE)–
Trex Company, Inc. (NYSE:TREX), the world’s #1 brand of high-performance, low-maintenance and eco-friendly composite decking, railing and outdoor living products, today reported fourth quarter and full year 2022 results.

Fourth Quarter and Full Year 2022 Highlights

  • Quarterly net sales of $192 million; Full year net sales of $1.1 billion
  • Fourth quarter gross margin of 34.1%, up 960 bps sequentially from third quarter 2022
  • Quarterly net income of $10 million and diluted earnings per share of $0.09; Full year net income of $185 million and diluted earnings per share of $1.65
  • Adjusted quarterly net income of $25 million; Adjusted quarterly EPS of $0.23, excluding one-time non-cash loss on the sale of Trex Commercial and non-executive retention compensation
  • Adjusted fourth quarter EBITDA of $46 million; Adjusted fourth quarter EBITDA margin of 24.1%, excluding aforementioned adjustments

CEO Comments

“Our fourth quarter operating results exceeded our expectations, driven by a strong sequential recovery in both gross margin and adjusted EBITDA margin amid channel inventory recalibration,” said Bryan Fairbanks, President and CEO. ”Our underlying consumer demand remained steady, reflecting the strength of the Trex brand, our comprehensive product line designed for today’s living spaces and lifestyles, and the resilience of the outdoor living category. With long-standing relationships with best-in-class channel partners, Trex is the most widely available and purchased composite brand in North America and around the world. In recent months, we expanded our distribution network in Texas, Oklahoma and other southern states enabling us to better service many of the fastest growing markets in the U.S.

“Driving the sequential margin improvement was the full quarter benefit from the measures we took early in the third quarter to better align our cost structure with demand by decreasing production levels, right sizing our employee base, and focusing on cost efficiency programs. Further improvements are expected as we move through 2023 with the ongoing implementation of continuous improvement programs that will provide margin expansion opportunities.

“On December 30, 2022, we completed the sale of the Trex Commercial Products subsidiary and reportable segment. The divestiture reflects our decision to focus on driving the most profitable growth strategy for the Company and its shareholders through the execution of our outdoor living strategy. With the sale complete, we will dedicate all our resources to accelerating conversion to composites from wood and further strengthening our industry leadership position.

“Our confidence in the performance of our people, products, and distribution is demonstrated by our aggressive share buyback program. In the fourth quarter, we returned approximately $50 million to shareholders through the repurchase of 1.2 million shares of our outstanding common stock,” said Fairbanks.

Fourth Quarter 2022 Results

Fourth quarter 2022 consolidated net sales were $192 million, compared to $304 million in the prior-year quarter. Trex Residential net sales were $181 million compared to $288 million in the 2021 fourth quarter. Trex Commercial contributed $11 million to consolidated net sales.

Consolidated gross profit as a percentage of net sales, gross margin, was 34.1% in the fourth quarter of 2022 compared to 38.9% in the same quarter last year. Excluding net adjustments related to the sale of Trex Commercial of $0.9 million, consolidated gross margin was 34.5%.

The divestiture of Trex Commercial resulted in a $15.4 million non-cash loss. Selling, general and administrative expenses were $35.4 million, or 18.5% of net sales, in the fourth quarter. This compares to selling, general, and administrative expenses of $36.7 million, or 12.1% of net sales, in the 2021 fourth quarter. Excluding $4.3 million of other expenses related to the sale of Trex Commercial and non-executive retention compensation, selling, general and administrative expenses were $31.2 million, or 16.2% of net sales.

Net income for the fourth quarter 2022 was $10 million, or $0.09 per diluted share, compared to $25 million, or $0.22 per diluted share, in the year ago quarter. Excluding the loss on sale and other expenses related to the divestiture of Trex Commercial, and non-executive retention compensation, adjusted net income was $25 million, or $0.23 per diluted share. Adjusted EBITDA was $46 million, or 24.1% of net sales.

Full Year 2022 Results

Full year consolidated net sales were $1.1 billion compared to $1.2 billion in 2021. Trex Residential net sales were $1.1 billion with Trex Commercial contributing $47 million. Consolidated gross margin was 36.5% and Trex Residential gross margin was 37.7% compared to 38.5% and 39.3%, respectively, in 2021.

Selling, general and administrative expenses were $142 million, or 12.8% of net sales, compared to $140 million, or 11.7% of net sales, in 2021. Excluding $5.5 million related to the loss on sale and other expenses related to the divestiture of Trex Commercial, non-executive retention compensation and third quarter severance charges, selling, general and administrative expenses in 2022 were $136 million, or 12.3% of net sales.

Full year 2022 net income was $185 million, or $1.65 per diluted share, compared to $209 million, or $1.80 per diluted share, in 2021. Excluding the loss on sale and other related expenses, and the non-executive retention compensation, adjusted net income in 2022 was $201 million, or $1.80 per diluted share. Adjusted EBITDA was $313 million, resulting in an adjusted EBITDA margin of 28.3%, compared to adjusted EBITDA of $357 million and adjusted EBITDA margin of 29.8% in 2021.

During 2022, we returned approximately $395 million to shareholders through the repurchase of 6.5 million shares of our outstanding common stock.

Summary and Outlook

“With channel inventory recalibration completed by year-end 2022, we began 2023 strategically focused on our residential business, where we intend to drive accelerated wood conversion, reinforce our market leadership position, and continue to educate customers on the many advantages of the full range of Trex sustainable, high-performance, low-maintenance outdoor living products. To support these initiatives, we will continue to invest in the Trex brand and commercialize new products that broaden our market opportunity.

“Innovation remains a key competitive advantage for Trex. We recently announced the regional launch of our premium Trex Signature® decking product, which raises the bar for beauty, performance and sustainability with a whole new level of realism for wood plastic composite decking and is complemented by the full range of Trex Signature railing. We also doubled the number of color options available for our recently launched Trex Transcend® Lineage™ product line, which incorporates heat-mitigating technology. In addition, we introduced a tiered warranty structure for Trex decking that underscores the value of our good/better/best decking lineup. Our line-up for 2023 offers products at every price point designed to resonate with consumers seeking to optimize their outdoor living experience.

“Trex innovation also extends to our sourcing efforts. Through the NexTrex® Retail Recycling Program, companies such as Rent the Runway, LL Bean and Urban Outfitters have found a solution to transform their single-use plastic waste into beautiful and sustainable Trex® decking and outdoor products.

“With the highest production efficiency in the composite industry and a product portfolio with broad-based consumer appeal, Trex is positioned to effectively navigate uncertain economic conditions and emerge as an even stronger company. We anticipate first quarter 2023 net sales to be in the range of $230 million to $240 million.

“We expect full year 2023 EBITDA margin to be in the 26% to 27% range. In the first two months of the 2023 first quarter, our plants were building to an annual revenue rate of one billion dollars. However, if demand is different than expected, we have the ability to quickly flex our production level. Capital expenditures for 2023 are anticipated to be in the $130 million to $140 million range, primarily related to the modular build out of our Arkansas facility calibrated to demand trends,” Fairbanks concluded.

Fourth Quarter 2022 Conference Call and Webcast Information

Trex will hold a conference call to discuss its fourth quarter and full year 2022 results on Monday, February 27, 2023 at 5:00 p.m. ET. To participate on the day of the call, dial 1-844-792-3734, or internationally 1-412-317-5126, approximately ten minutes before the call and tell the operator you wish to join the Trex Company Conference Call.

A live webcast of the conference call will be available in the Investor Relations section of the Trex Company website at 4Q22 Earnings Webcast. For those who cannot listen to the live broadcast, an audio replay of the conference call will be available on the Trex website for 30 days.

Use of Non-GAAP Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). To supplement our consolidated financial statements reported on a GAAP basis, we provide the following non-GAAP financial measures of adjusted net income and adjusted diluted earnings per share, earnings before interest, income taxes, depreciation and amortization (EBITDA) and EBITDA as a percentage of net sales, EBITDA margin, and adjusted EBITDA and adjusted EBITDA margin. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP and are not meant to be considered superior to or a substitute for our GAAP results. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of these non-GAAP financial measures to GAAP information are included below. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company’s performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.

Reconciliation of net income (GAAP) to adjusted net income (non-GAAP) is as follows:

Three Months Ended Year Ended
December 31, December 31,

2022

2021

2022

2021
(in thousands, except per share amounts)
Net Income

$

10,076

 

$

25,031

 

$

184,626

 

$

208,737

 

Severance charges

 

–

 

 

–

 

 

1,222

 

 

–

 

Goodwill impairment charge at Trex Commercial Products

 

–

 

 

54,245

 

 

–

 

 

54,245

 

Gain on insurance proceeds at Trex Residential

 

–

 

 

(3,245

)

 

–

 

 

(8,741

)

Loss on sale and other related expenses

 

17,159

 

 

17,159

 

Non-executive retention compensation

 

3,406

 

 

3,406

 

Income tax effect (1)

 

(5,182

)

 

(12,342

)

 

(5,490

)

 

(11,012

)

Adjusted Net Income

$

25,459

 

$

63,689

 

$

200,923

 

$

243,229

 

 
Diluted earnings per share

$

0.09

 

$

0.22

 

$

1.65

 

$

1.80

 

Adjusted diluted earnings per share

$

0.23

 

$

0.55

 

$

1.80

 

$

2.10

 

 
(1) Income tax effect calculated using the effective tax rate for the applicable year.

Reconciliation of net income (GAAP) to EBITDA and adjusted EBITDA (non-GAAP) is as follows:

Three Months Ended

Year Ended

December 31,

December 31,

2022

2021

2022

2021
($ in thousands)
Net Income

$

10,076

 

$

25,031

 

$

184,626

 

$

208,737

 

Interest income, net

 

(1

)

 

(15

)

 

(103

)

 

(15

)

Income tax expense

 

4,548

 

 

5,419

 

 

62,212

 

 

66,654

 

Depreciation and amortization

 

11,029

 

 

10,343

 

 

44,298

 

 

35,946

 

EBITDA

$

25,652

 

$

40,778

 

$

291,033

 

$

311,322

 

Severance charges

 

–

 

 

–

 

 

1,222

 

 

–

 

Goodwill impairment charge at Trex Commercial

 

–

 

 

54,245

 

 

–

 

 

54,245

 

Gain on insurance proceeds at Trex Residential

 

–

 

 

(3,245

)

 

–

 

 

(8,741

)

Loss on sale and other related expenses

 

17,159

 

 

17,159

 

Non-executive retention compensation

 

3,406

 

 

3,406

 

Adjusted EBITDA

$

46,217

 

$

91,778

 

$

312,820

 

$

356,826

 

 
Net income as a percentage of net sales

 

5.2

%

 

8.2

%

 

16.7

%

 

17.4

%
EBITDA as a percentage of net sales (EBITDA margin)

 

13.4

%

 

13.4

%

 

26.3

%

 

26.0

%

Adjusted EBITDA as a percentage of net sales (Adjusted EBITDA margin)

 

24.1

%

 

30.2

%

 

28.3

%

 

29.8

%

About Trex Company

For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the Company is the world’s #1 brand of sustainably made, wood-alternative decking and deck railing – all proudly manufactured in the U.S.A. – and a leader in high performance, low-maintenance outdoor living products. Trex boasts the industry’s strongest distribution network with products sold through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the Company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named 2023 America’s Most Trusted® Composite Decking Brand by Lifestory Research and one of 2022’s 50 Best U.S. Manufacturers by Industry Week. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), Twitter (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).

Forward-Looking Statements

The statements in this press release regarding the Company’s expected future performance and condition constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company’s actual operating results to differ materially. Such risks and uncertainties include, but are not limited to: the extent of market acceptance of the Company’s current and newly developed products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company’s business to general economic conditions; the impact of seasonal and weather-related demand fluctuations on inventory levels in the distribution channel and sales of the Company’s products; the availability and cost of third-party transportation services for the Company’s products; the Company’s ability to obtain raw materials at acceptable prices; increasing inflation in the macro-economic environment; the Company’s ability to maintain product quality and product performance at an acceptable cost; the level of expenses associated with product replacement and consumer relations expenses related to product quality; the highly competitive markets in which the Company operates; cyber-attacks, security breaches or other security vulnerabilities; the impact of upcoming data privacy laws and the General Data Protection Regulation and the related actual or potential costs and consequences; material adverse impacts from global public health pandemics and global conflicts; and material adverse impacts related to labor shortages or increases in labor costs. Documents filed with the U.S. Securities and Exchange Commission by the Company, including in particular its latest annual report on Form 10-K and quarterly reports on Form 10-Q, discuss some of the important factors that could cause the Company’s actual results to differ materially from those expressed or implied in these forward-looking statements. The Company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

TREX COMPANY, INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands, except share and per share data)
 
 
 

Three Months Ended

December 31,

 

Year Ended

December 31,

2022

 

2021

 

2022

 

2021
(Unaudited)
 
Net sales

$

192,094

 

$

303,960

 

$

1,106,043

 

$

1,196,952

 

Cost of sales

 

126,602

 

 

185,780

 

 

702,054

 

 

736,448

 

Gross profit

 

65,492

 

 

118,180

 

 

403,989

 

 

460,504

 

Selling, general and administrative expenses

 

35,446

 

 

36,745

 

 

141,831

 

 

139,624

 

Goodwill impairment

 

–

 

 

54,245

 

 

–

 

 

54,245

 

Loss on sale

 

15,423

 

 

–

 

 

15,423

 

 

–

 

Gain on insurance proceeds

 

(3,245

)

 

–

 

 

(8,741

)

Income from operations

 

14,623

 

 

30,435

 

 

246,735

 

 

275,376

 

Interest income, net

 

(1

)

 

(15

)

 

(103

)

 

(15

)

Income before income taxes

 

14,624

 

 

30,450

 

 

246,838

 

 

275,391

 

Provision for income taxes

 

4,548

 

 

5,419

 

 

62,212

 

 

66,654

 

Net income

$

10,076

 

$

25,031

 

$

184,626

 

$

208,737

 

Basic earnings per common share

$

0.09

 

$

0.22

 

$

1.65

 

$

1.81

 

Basic weighted average common shares outstanding

 

109,042,968

 

 

115,360,256

 

 

111,710,676

 

 

115,461,016

 

Diluted earnings per common share

$

0.09

 

$

0.22

 

$

1.65

 

$

1.80

 

Diluted weighted average common shares outstanding

 

109,187,280

 

 

115,631,911

 

 

111,880,488

 

 

115,762,843

 

Comprehensive income

$

10,076

 

$

25,031

 

$

184,626

 

$

208,737

 

TREX COMPANY, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(unaudited)
     
  December 31,   December 31,
    2022   2021
ASSETS
Current assets:    
Cash and cash equivalents  

$

12,325

 

 

$

141,053

 

Accounts receivable, net  

 

98,057

 

 

 

151,096

 

Inventories  

 

141,355

 

 

 

83,753

 

Prepaid expenses and other assets  

 

35,105

 

 

 

25,152

 

Total current assets  

 

286,842

 

 

 

401,054

 

Property, plant and equipment, net  

 

589,892

 

 

 

460,365

 

Operating lease assets  

 

30,991

 

 

 

34,571

 

Goodwill and other intangible assets, net  

 

18,582

 

 

 

19,001

 

Other assets  

 

7,398

 

 

 

5,330

 

Total assets  

$

933,705

 

 

$

920,321

 

     
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:    
Accounts payable  

$

19,935

 

 

$

24,861

 

Accrued expenses and other liabilities  

 

44,064

 

 

 

58,041

 

Accrued warranty  

 

4,600

 

 

 

5,800

 

Line of credit  

 

222,000

 

 

 

—

 

Total current liabilities  

 

290,599

 

 

 

88,702

 

Deferred income taxes  

 

68,224

 

 

 

43,967

 

Operating lease liabilities  

 

23,974

 

 

 

28,263

 

Non-current accrued warranty  

 

20,999

 

 

 

22,795

 

Other long-term liabilities  

 

11,560

 

 

 

11,560

 

Total liabilities  

 

415,356

 

 

 

195,287

 

     
Preferred stock, $0.01 par value, 3,000,000 shares authorized; none issued and outstanding  

 

—

 

 

 

—

 

Common stock, $0.01 par value, 360,000,000 shares authorized; 140,841,833 and 140,734,753 shares issued and 108,743,423 and 115,148,152 shares outstanding at December 31, 2022 and December 31, 2021, respectively  

 

1,408

 

 

 

1,407

 

Additional paid-in capital  

 

131,539

 

 

 

127,787

 

Retained earnings  

 

1,130,674

 

 

 

946,048

 

Treasury stock, at cost, 32,098,410 and 25,586,601 shares at December 31, 2022 and December 31, 2021, respectively  

 

(745,272

)

 

 

(350,208

)

Total stockholders’ equity  

 

518,349

 

 

 

725,034

 

Total liabilities and stockholders’ equity  

$

933,705

 

 

$

920,321

 

TREX COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
 
Year Ended
December 31,

2022

2021
(unaudited)
Operating Activities
Net income

$

184,626

 

$

208,737

 

Adjustments to reconcile net income to net cash provided by operating activities:
Goodwill impairment losses

 

–

 

 

54,245

 

Depreciation and amortization

 

44,298

 

 

35,946

 

Deferred income taxes

 

24,256

 

 

21,012

 

Loss on sale

 

15,423

 

 

–

 

Stock-based compensation

 

5,329

 

 

8,438

 

Gain on disposal of property, plant and equipment

 

(27

)

 

(45

)

Other non-cash adjustments

 

(117

)

 

40

 

Changes in operating assets and liabilities:
Accounts receivable

 

42,513

 

 

(44,349

)

Inventories

 

(64,454

)

 

(15,515

)

Prepaid expenses and other assets

 

7,925

 

 

(8,715

)

Accounts payable

 

(5,595

)

 

(3,473

)

Accrued expenses and other liabilities

 

(14,385

)

 

(5,285

)

Income taxes receivable/payable

 

(23,572

)

 

7,028

 

 
Net cash provided by operating activities

 

216,220

 

 

258,064

 

 
Investing Activities
Expenditures for property, plant and equipment

 

(176,228

)

 

(159,394

)

Proceeds from sale of assets

 

7,290

 

 

–

 

Proceeds from sales of property, plant and equipment

 

54

 

 

1,355

 

 
Net cash used in investing activities

 

(168,884

)

 

(158,039

)

 
Financing Activities
Borrowings under line of credit

 

425,000

 

 

494,500

 

Principal payments under line of credit

 

(203,000

)

 

(494,500

)

Repurchases of common stock

 

(398,382

)

 

(82,473

)

Proceeds from employee stock purchase and option plans

 

1,742

 

 

1,800

 

Financing costs

 

(1,424

)

 

–

 

 
Net cash used in financing activities

 

(176,064

)

 

(80,673

)

 
Net (decrease) increase in cash and cash equivalents

 

(128,728

)

 

19,352

 

Cash and cash equivalents at beginning of period

 

141,053

 

 

121,701

 

 
Cash and cash equivalents at end of period

$

12,325

 

$

141,053

 

TREX COMPANY, INC.
 
Segment Data
(in thousands)
(unaudited)
Trex
Consolidated (1)		 Trex
Commercial (1)		 Trex
Residential (1)		 Trex
Residential
Adjustments		 Adjusted
Trex
Residential (1)
As of and for the Year ended
December 31, 2022
Net sales

$

1,106,043

 

$

46,507

 

$

1,059,536

 

$

–

 

$

1,059,536

 

Cost of sales

 

702,054

 

 

42,365

 

 

659,689

 

 

–

 

 

659,689

 

Gross profit

 

403,989

 

 

4,142

 

 

399,847

 

 

–

 

 

399,847

 

Selling, general and administrative expenses (2)

 

141,831

 

 

10,070

 

 

131,761

 

 

(4,432

)

 

127,329

 

Loss on sale

 

15,423

 

 

15,423

 

 

–

 

 

–

 

 

–

 

Income from operations

 

246,735

 

 

(21,351

)

 

268,086

 

 

4,432

 

 

272,518

 

Interest income, net

 

(103

)

 

–

 

 

(103

)

 

–

 

 

(103

)

Income before income taxes

 

246,838

 

 

(21,351

)

 

268,189

 

 

4,432

 

 

272,621

 

Provision (benefit) for income taxes

 

62,212

 

 

(5,101

)

 

67,313

 

 

1,117

 

 

68,430

 

Net income (loss) (2)

$

184,626

 

$

(16,250

)

$

200,876

 

$

3,315

 

$

204,191

 

EBITDA (3)

$

291,033

 

$

(20,226

)

$

311,259

 

$

4,432

 

$

315,691

 

Depreciation and amortization

$

44,298

 

$

1,125

 

$

43,173

 

$

–

 

$

43,173

 

Capital expenditures

$

176,228

 

$

324

 

$

175,904

 

$

–

 

$

175,904

 

Total assets

$

933,705

 

$

–

 

$

933,705

 

$

–

 

$

933,705

 

 
As of and for the Year ended
December 31, 2021
Net sales

$

1,196,952

 

$

57,686

 

$

1,139,266

 

$

–

 

$

1,139,266

 

Cost of sales

 

736,448

 

 

44,994

 

 

691,454

 

 

–

 

 

691,454

 

Gross profit

 

460,504

 

 

12,692

 

 

447,812

 

 

–

 

 

447,812

 

Selling, general and administrative expenses

 

139,624

 

 

9,614

 

 

130,010

 

 

–

 

 

130,010

 

Goodwill impairment

 

54,245

 

 

54,245

 

 

–

 

 

–

 

 

–

 

Gain on insurance proceeds

 

(8,741

)

 

(8,741

)

 

–

 

 

(8,741

)

Income from operations

 

275,376

 

 

(51,167

)

 

326,543

 

 

–

 

 

326,543

 

Interest income, net

 

(15

)

 

–

 

 

(15

)

 

–

 

 

(15

)

Income before income taxes

 

275,391

 

 

(51,167

)

 

326,558

 

 

–

 

 

326,558

 

Provision (benefit) for income taxes

 

66,654

 

 

(12,846

)

 

79,500

 

 

–

 

 

79,500

 

Net income (loss)

$

208,737

 

$

(38,321

)

$

247,058

 

$

–

 

$

247,058

 

EBITDA (3)

$

311,322

 

$

(50,163

)

$

361,485

 

$

–

 

$

361,485

 

Depreciation and amortization

$

35,946

 

$

1,005

 

$

34,941

 

$

–

 

$

34,941

 

Capital expenditures

$

159,394

 

$

1,826

 

$

157,568

 

$

–

 

$

157,568

 

Total assets

$

920,321

 

$

39,096

 

$

881,225

 

$

–

 

$

881,225

 

 
As of and for the Year ended
December 31, 2020
Net sales

$

880,831

 

$

53,039

 

$

827,792

 

$

–

 

$

827,792

 

Cost of sales (4)

 

521,374

 

 

37,574

 

 

483,800

 

 

(6,480

)

 

477,320

 

Gross profit

 

359,457

 

 

15,465

 

 

343,992

 

 

6,480

 

 

350,472

 

Selling, general and administrative expenses

 

125,822

 

 

9,516

 

 

116,306

 

 

–

 

 

116,306

 

Income from operations

 

233,635

 

 

5,949

 

 

227,686

 

 

6,480

 

 

234,166

 

Interest income, net

 

(999

)

 

–

 

 

(999

)

 

–

 

 

(999

)

Income before income taxes

 

234,634

 

 

5,949

 

 

228,685

 

 

6,480

 

 

235,165

 

Provision for income taxes

 

59,003

 

 

1,515

 

 

57,488

 

 

1,630

 

 

59,118

 

Net income (loss) (4)

$

175,631

 

$

4,434

 

$

171,197

 

$

4,850

 

$

176,047

 

EBITDA (3)

$

251,575

 

$

6,758

 

$

244,817

 

$

6,480

 

$

251,297

 

Depreciation and amortization

$

17,940

 

$

809

 

$

17,131

 

$

–

 

$

17,131

 

Capital expenditures

$

172,823

 

$

1,039

 

$

171,784

 

$

–

 

$

171,784

 

Total assets

$

770,492

 

$

93,544

 

$

676,948

 

$

–

 

$

676,948

 

 
(1) Trex Consolidated, Trex Commercial, and Trex Residential financial information prepared on a GAAP basis, excluding EBITDA (refer to footnote 3). Adjusted Trex Residential financial information prepared on a non-GAAP basis.
 
(2) For the year ended December 31, 2022, Consolidated and Trex Residential selling, general and administrative expenses includes $4.4 million related to non-executive retention bonuses and severance expense. Income tax effect calculated using the effective tax rate for the applicable year.
 
(3) Refer to the Notes to Consolidated Financial Statements in the Company’s annual report on Form 10-K for the years ended December 31, 2022 and December 31, 2021 for the reconciliation of Net Income to EBITDA.
 
(4) For the year ended December 31, 2020, Consolidated and Trex Residential cost of sales includes $6.5 million related to a legacy product warranty reserve. Income tax effect calculated using the effective tax rate for the applicable year.

 

Dennis C. Schemm, Senior Vice President and Chief Financial Officer

540-542-6300

Lynn Morgen/Viktoriia Nakhla, ADVISIRY Partners

212-750-5800

KEYWORDS: Virginia United States North America

INDUSTRY KEYWORDS: Architecture Construction & Property Other Manufacturing Building Systems Landscape Other Construction & Property Manufacturing Residential Building & Real Estate

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Roku Founder & CEO to Participate in Fireside Chat Hosted by Morgan Stanley

Roku Founder & CEO to Participate in Fireside Chat Hosted by Morgan Stanley

SAN JOSE, Calif.–(BUSINESS WIRE)–
Roku, Inc. (Nasdaq: ROKU) announced today that Anthony Wood, Founder & CEO, will participate in a fireside chat at the 2023 Morgan Stanley Technology, Media and Telecom Conference on Monday, March 6. Mr. Wood is scheduled to appear at 10:25 AM PT / 1:25 PM ET.

A live webcast and replay of the presentation will be available on the investor relations section of the Roku website at www.roku.com/investor.

About Roku, Inc.

Roku pioneered streaming to the TV. We connect users to the streaming content they love, enable content publishers to build and monetize large audiences, and provide advertisers with unique capabilities to engage consumers. Roku streaming players and TV-related audio devices are available in the U.S. and in select countries through direct retail sales and licensing arrangements with service operators. Roku TV™ models are available in the U.S. and in select countries through licensing arrangements with TV OEM brands. Roku Smart Home products, including cameras, video doorbells, lighting, plugs, and more are available in the U.S. Roku is headquartered in San Jose, Calif. U.S.A.

Roku is a registered trademark and Roku TV is a trademark of Roku, Inc. in the U.S. and in other countries.

Media

Stephanie Tackach

[email protected]

Investor Relations

Conrad Grodd

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Entertainment Consumer Electronics IOT (Internet of Things) Other Entertainment Technology TV and Radio General Entertainment

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