Market Newsdesk

HAMILTON, Bermuda, Feb. 14, 2023 (GLOBE NEWSWIRE) — Textainer Group Holdings Limited (NYSE: TGH; JSE: TXT) (“Textainer”, “the Company”, “we” and “our”), one of the world’s largest lessors of intermodal containers, today reported financial results for the fourth-quarter and full-year ended December 31, 2022.

Key Financial Information (in thousands except for per share and TEU amounts) and Business Highlights:

		QTD												Full-Year
		Q4 2022				Q3 2022				Q4 2021				2022				2021
Total lease rental income		$	202,912			$	205,152			$	198,222			$	810,014			$	750,730
Gain on sale of owned fleet containers, net		$	15,033			$	22,788			$	16,007			$	76,947			$	67,229
Income from operations		$	111,544			$	123,292			$	113,986			$	472,399			$	430,131
Net income attributable to common shareholders		$	61,854			$	76,400			$	72,885			$	289,549			$	273,459
Net income attributable to common shareholders per diluted common share		$	1.38			$	1.64			$	1.45			$	6.12			$	5.41
Adjusted net income (1)		$	61,993			$	76,562			$	73,229			$	289,946			$	284,087
Adjusted net income per diluted common share (1)		$	1.38			$	1.64			$	1.46			$	6.13			$	5.62
Adjusted EBITDA (1)		$	179,464			$	192,647			$	182,150			$	745,514			$	697,948
Average fleet utilization (2)			99.0	%			99.4	%			99.7	%			99.4	%			99.8	%
Total fleet size at end of period (TEU) (3)			4,425,300				4,478,963				4,322,367				4,425,300				4,322,367
Owned percentage of total fleet at end of period			93.6	%			93.6	%			92.8	%			93.6	%			92.8	%

(1) Refer to the “Use of Non-GAAP Financial Information” set forth below.
(2) Utilization is computed by dividing total units on lease in CEUs (cost equivalent unit) by the total units in our fleet in CEUs, excluding CEUs that have been designated as held for sale and units manufactured for us but not yet delivered to a lessee. CEU is a unit of measurement based on the approximate cost of a container relative to the cost of a standard 20-foot dry container. These factors may differ from CEU ratios used by others in the industry.
(3) TEU refers to a twenty-foot equivalent unit, which is a unit of measurement used in the container shipping industry to compare shipping containers of various lengths to a standard 20-foot container, thus a 20-foot container is one TEU and a 40-foot container is two TEU.

• Net income of $289.5 million for the full year, or $6.12 per diluted common share, and $61.9 million for the fourth quarter of 2022, or $1.38 per diluted common share;
• Adjusted net income of $289.9 million for the full year, or $6.13 per diluted common share, as compared to $284.1 million, or $5.62 per diluted common share in the prior year. Adjusted net income of $62.0 million for the fourth quarter of 2022, or $1.38 per diluted common share, as compared to $76.6 million, or $1.64 per diluted common share in the third quarter of 2022;
• Adjusted EBITDA of $745.5 million for the full year, as compared to $697.9 million in the prior year. Adjusted EBITDA of $179.5 million for the fourth quarter of 2022, as compared to $192.6 million in the third quarter of 2022;
• Average and ending utilization rate for the fourth quarter of 99.0% and 98.9%, respectively;
• Added $786 million of new containers in 2022, assigned to long-term and finance leases;
• Repurchased 1,543,267 shares and 5,636,772 shares of common stock at an average price of $29.29 per share and $31.69 per share during the fourth quarter and full year of 2022, respectively. As of the end of the year, the remaining authority under the share repurchase program totaled $122.5 million;
• Textainer’s board of directors approved and declared a quarterly preferred cash dividend on its 7.00% Series A and its 6.25% Series B cumulative redeemable perpetual preference shares, payable on March 15, 2023, to holders of record as of March 3, 2023; and
• Textainer’s board of directors approved and declared a $0.30 per common share cash dividend, payable on March 15, 2023 to holders of record as of March 3, 2023, an increase of $0.05 per common share, or 20%, from the previous quarter.

“We are pleased to deliver a record profit for 2022, confirming an extraordinary performance across all our key business fundamentals. For the full year 2022, lease rental income increased 8% to $810 million, driven by organic fleet growth from capex deployed in the first half of the year and the full year impact from capex investment in 2021. Adjusted net income reached $290 million, or $6.13 per diluted share, benefiting from our profitable fleet growth, exceptional resale market, and positive impact from our robust share repurchase program. Finally, we achieved an adjusted EBITDA of $746 million and a ROE of over 18% for the year,” stated Olivier Ghesquiere, President and Chief Executive Officer.

“The last two years were a pivotal period of growth within the container shipping industry, allowing us to expand our fleet and improve the quality of our top line while greatly strengthening our balance sheet. As exceptional gain on sale normalizes to more sustainable levels, our long-term lease contracts in particular will support high utilization and long-term profitability which places us in an ideal position to prepare for the next favorable market opportunity.”

“In the meantime, the strong cash flow generation of the fleet continues to support our ability to return capital to shareholders. During the year, share repurchases totaled 5.6 million shares, or 11.5% of our outstanding common shares as of the beginning of the year. Since commencing our share repurchase program in September of 2019, we have repurchased 15.7 million shares, demonstrating our commitment to efficiently managing shareholder returns. In addition, I am very pleased to announce that our board has increased our quarterly common dividend to $0.30 from $0.25 per share, further demonstrating their confidence in our underlying long-term business fundamentals and reliable cash generation.”

“In summary, 2022 was a tremendous year for Textainer and I am very proud of the strong performance across the organization, helping secure our profitability and cash flow for many years to come. Looking ahead, we expect stabilizing performance in 2023 as we continue to strategically assess the environment and invest only in opportunities in line with our long-term profitability objectives. Our core business model is durable and resilient, with contracted revenue and profits protected by our long-term lease contracts and fixed-rate financing policy. While we wait for market demand to turn, possibly towards the end of the year, we will continue to prioritize our capital allocation toward both strengthening our balance sheet and returning capital to our shareholders through ongoing share repurchase and dividend programs,” concluded Ghesquiere.

Fourth-Quarter and Full-Year Results

Total lease rental income for the year increased $59.3 million from 2021 due to an increase in fleet size and average rental rate. Total lease rental income for the quarter decreased $2.2 million from the third quarter of 2022 due to a slight decrease in both fleet size and utilization.

Trading container margin for the year decreased $8.9 million from 2021, mostly due to a decrease in average unit margin per container sold.

Gain on sale of owned fleet containers, net for the year increased $9.7 million from 2021, due to an increase in the number of containers sold, partially offset by a decrease in average gain per container sold. Gain on sale of owned fleet containers, net for the quarter decreased $7.8 million from the third quarter of 2022, due to lower resale prices resulting from market normalization, partially offset by higher container sales volume.

Direct container expense – owned fleet for the year increased $8.6 million from 2021 and for the quarter increased $2.2 million from the third quarter of 2022, due to higher maintenance, handling and storage expense resulting from redeliveries of predominantly older, sales age containers, in turn driving our increased resale activity.

Distribution to managed fleet container investors for the year decreased $6.2 million from 2021, and for the quarter, decreased slightly when compared to the third quarter of 2022, due mostly to a reduction in the managed fleet size.

Depreciation and amortization for the year increased $8.7 million from 2021, primarily due to a net increase of our operating lease fleet. Depreciation and amortization for the quarter increased $0.9 million from the third quarter of 2022.

Interest expense for the year increased $30.0 million from 2021, due to a higher average debt balance and an increase in our average effective interest rate. Interest expense for the quarter increased $1.9 million from the third quarter of 2022, primarily driven by an increase in our average effective interest rate.

Debt termination expense for 2021 amounted to $15.2 million, which included a $10.6 million loan termination payment and a $4.2 million write-off of unamortized deferred debt issuance costs, resulting from the early redemption of certain higher-priced fixed-rate asset backed notes with proceeds from our lower-priced debt facilities. There was no debt termination expense in 2022.

Realized loss on financial instruments, net and unrealized gain on financial instruments, net for the year decreased $5.5 million and $4.9 million, respectively, from 2021, primarily due to the termination of all interest rate swaps not designated under hedge accounting during the second and third quarter of 2021. As of September 30, 2021, all of our outstanding interest rate swaps were designated under hedge accounting and no longer generate realized or unrealized gain (loss) on financial instruments.

Conference Call and Webcast

A conference call to discuss the financial results for the fourth quarter and full year of 2022 will be held at 11:00 am Eastern Time on Tuesday, February 14, 2023. The dial-in number for the conference call is 1-877-407-9039 (U.S. & Canada) and 1-201-689-8470 (International). The call and archived replay may also be accessed via webcast on Textainer’s Investor Relations website at http://investor.textainer.com.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is one of the world’s largest lessors of intermodal containers with more than 4 million TEU in our owned and managed fleet. We lease containers to approximately 200 customers, including all of the world’s leading international shipping lines, and other lessees. Our fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. We also lease tank containers through our relationship with Trifleet Leasing and are a supplier of containers to the U.S. Military. Textainer is one of the largest and most reliable suppliers of new and used containers. In addition to selling older containers from our fleet, we buy older containers from our shipping line customers for trading and resale and we are one of the largest sellers of used containers. Textainer operates via a network of 14 offices and approximately 400 independent depots worldwide. Textainer has a primary listing on the New York Stock Exchange (NYSE: TGH) and a secondary listing on the Johannesburg Stock Exchange (JSE: TXT). Visit www.textainer.com for additional information about Textainer.

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts and may relate to, but are not limited to, expectations or estimates of future operating results or financial performance, capital expenditures, introduction of new products, regulatory compliance, plans for growth and future operations, as well as assumptions relating to the foregoing. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue” or the negative of these terms or other similar terminology. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. These risks and uncertainties include, without limitation, the following items that could materially and negatively impact our business, results of operations, cash flows, financial condition and future prospects: (i) As exceptional gain on sale normalizes to more sustainable levels, our long-term lease contracts in particular will support high utilization and long-term profitability which places us in an ideal position to prepare for the next favorable market opportunity; (ii) Looking ahead, we expect stabilizing performance in 2023 as we continue to strategically assess the environment and invest only in opportunities in line with our long-term profitability objectives; and other risks and uncertainties, including those set forth in Textainer’s filings with the Securities and Exchange Commission. For a discussion of some of these risks and uncertainties, see Item 3 “Key Information— Risk Factors” in Textainer’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 17, 2022.

Textainer’s views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. Textainer is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes Textainer may make in its views, estimates, plans or outlook for the future.

Textainer Group Holdings Limited
Investor Relations
Phone: +1 (415) 658-8333
[email protected]

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (All currency expressed in United States dollars in thousands, except share data)
		December 31, 2022				December 31, 2021
Assets
Current assets:
Cash and cash equivalents		$	164,818			$	206,210
Marketable securities			1,411				—
Accounts receivable, net of allowance of $1,582 and $1,290, respectively			114,805				125,746
Net investment in finance leases, net of allowance of $252 and $100, respectively			130,913				113,048
Container leaseback financing receivable, net of allowance of $62 and $38, respectively			53,652				30,317
Trading containers			4,848				12,740
Containers held for sale			31,637				7,007
Prepaid expenses and other current assets			16,703				14,184
Due from affiliates, net			2,758				2,376
Total current assets			521,545				511,628
Restricted cash			102,591				76,362
Marketable securities			—				2,866
Containers, net of accumulated depreciation of $2,029,667 and $1,851,664, respectively			4,365,124				4,731,878
Net investment in finance leases, net of allowance of $1,027 and $643 respectively			1,689,123				1,693,042
Container leaseback financing receivable, net of allowance of $52 and $75, respectively			770,980				323,830
Derivative instruments			149,244				12,278
Deferred taxes			1,135				1,073
Other assets			13,492				14,487
Total assets		$	7,613,234			$	7,367,444
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses		$	24,160			$	22,111
Container contracts payable			6,648				140,968
Other liabilities			5,060				4,895
Due to container investors, net			16,132				17,985
Debt, net of unamortized costs of $7,938 and $8,624, respectively			377,898				380,207
Total current liabilities			429,898				566,166
Debt, net of unamortized costs of $26,946 and $32,019, respectively			5,127,021				4,960,313
Derivative instruments			—				2,139
Income tax payable			13,196				10,747
Deferred taxes			13,105				7,589
Other liabilities			33,725				39,236
Total liabilities			5,616,945				5,586,190
Shareholders’ equity:
Cumulative redeemable perpetual preferred shares, $0.01 par value, $25,000 liquidation preference per share. Authorized 10,000,000 shares; 12,000 shares issued and outstanding (equivalent to 12,000,000 depositary shares at $25.00 liquidation preference per depositary share)			300,000				300,000
Common shares, $0.01 par value. Authorized 140,000,000 shares; 59,943,282 shares issued and 43,634,655 shares outstanding at 2022; 59,503,710 shares issued and 48,831,855 shares outstanding at 2021			599				595
Treasury shares, at cost, 16,308,627 and 10,671,855 shares, respectively			(337,551	)			(158,459	)
Additional paid-in capital			442,154				428,945
Accumulated other comprehensive income			147,350				9,750
Retained earnings			1,443,737				1,200,423
Total shareholders’ equity			1,996,289				1,781,254
Total liabilities and shareholders’ equity		$	7,613,234			$	7,367,444

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (All currency expressed in United States dollars in thousands, except per share amounts)
	Three Months Ended December 31,								Years Ended December 31,
	2022				2021				2022				2021
Revenues:
Operating leases – owned fleet	$	151,936			$	153,962			$	609,558			$	589,045
Operating leases – managed fleet		11,994				13,055				49,635				56,037
Finance leases and container leaseback financing receivable – owned fleet		38,982				31,205				150,821				105,648
Total lease rental income		202,912				198,222				810,014				750,730
Management fees – non-leasing		897				614				2,812				3,360
Trading container sales proceeds		4,990				9,397				23,791				32,045
Cost of trading containers sold		(4,904	)			(7,673	)			(21,939	)			(21,285	)
Trading container margin		86				1,724				1,852				10,760
Gain on sale of owned fleet containers, net		15,033				16,007				76,947				67,229
Operating expenses:
Direct container expense – owned fleet		10,965				5,590				31,980				23,384
Distribution expense to managed fleet container investors		10,723				11,590				44,150				50,360
Depreciation and amortization		74,140				73,165				292,828				284,115
General and administrative expense		11,898				12,199				48,349				46,462
Bad debt (recovery) expense, net		(3	)			(60	)			740				(1,285	)
Container lessee default (recovery) expense, net		(339	)			97				1,179				(1,088	)
Total operating expenses		107,384				102,581				419,226				401,948
Income from operations		111,544				113,986				472,399				430,131
Other (expense) income:
Interest expense		(43,105	)			(34,888	)			(157,249	)			(127,269	)
Debt termination expense		—				(131	)			—				(15,209	)
Realized loss on financial instruments, net		(91	)			(118	)			(91	)			(5,634	)
Unrealized (loss) gain on financial instruments, net		(176	)			(272	)			(502	)			4,409
Other, net		658				160				2,406				(367	)
Net other expense		(42,714	)			(35,249	)			(155,436	)			(144,070	)
Income before income taxes		68,830				78,737				316,963				286,061
Income tax expense		(2,007	)			(883	)			(7,539	)			(1,773	)
Net income		66,823				77,854				309,424				284,288
Less: Dividends on preferred shares		4,969				4,969				19,875				10,829
Net income attributable to common shareholders	$	61,854			$	72,885			$	289,549			$	273,459
Net income attributable to common shareholders per share:
Basic	$	1.40			$	1.48			$	6.23			$	5.51
Diluted	$	1.38			$	1.45			$	6.12			$	5.41
Weighted average shares outstanding (in thousands):
Basic		44,149				49,093				46,471				49,624
Diluted		44,938				50,097				47,299				50,576

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (All currency expressed in United States dollars in thousands)
		Years Ended December 31,
		2022				2021
Cash flows from operating activities:
Net income		$	309,424			$	284,288
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			292,828				284,115
Bad debt expense (recovery), net			740				(1,285	)
Container write-off (recovery) from lessee default, net			1,910				(4,868	)
Unrealized loss (gain) on financial instruments, net			502				(4,409	)
Amortization of unamortized debt issuance costs and accretion of bond discounts			10,129				9,845
Debt termination expense			—				15,209
Gain on sale of owned fleet containers, net			(76,947	)			(67,229	)
Share-based compensation expense			7,728				6,699
Changes in operating assets and liabilities			206,205				89,418
Total adjustments			443,095				327,495
Net cash provided by operating activities			752,519				611,783
Cash flows from investing activities:
Purchase of containers			(403,783	)			(2,082,577	)
Payment on container leaseback financing receivable			(533,867	)			(18,705	)
Proceeds from sale of containers and fixed assets			199,158				142,276
Receipt of principal payments on container leaseback financing receivable			59,719				30,119
Other			(2,538	)			(1,242	)
Net cash used in investing activities			(681,311	)			(1,930,129	)
Cash flows from financing activities:
Proceeds from debt			989,650				4,863,756
Payments on debt			(831,010	)			(3,635,663	)
Payment of debt issuance costs			(4,370	)			(27,895	)
Proceeds from container leaseback financing liability, net			—				16,305
Principal repayments on container leaseback financing liability, net			(799	)			(3,314	)
Issuance of preferred shares, net of underwriting discount			—				290,550
Purchase of treasury shares			(179,092	)			(72,220	)
Issuance of common shares upon exercise of share options			5,485				9,043
Dividends paid on common shares			(46,235	)			(12,285	)
Dividends paid on preferred shares			(19,875	)			(9,975	)
Purchase of noncontrolling interest			—				(21,500	)
Other			—				(970	)
Net cash (used in) provided by financing activities			(86,246	)			1,395,832
Effect of exchange rate changes			(125	)			(79	)
Net (decrease) increase in cash, cash equivalents and restricted cash			(15,163	)			77,407
Cash, cash equivalents and restricted cash, beginning of the year			282,572				205,165
Cash, cash equivalents and restricted cash, end of the year		$	267,409			$	282,572
Supplemental disclosures of cash flow information:
Cash paid for interest expense and realized loss and settlement on derivative instruments, net		$	144,637			$	145,711
Income taxes paid		$	815			$	1,567
Receipt of payments on finance leases, net of income earned		$	193,157			$	104,770
Supplemental disclosures of noncash operating activities:
Receipt of marketable securities from a lessee		$	–			$	5,789
Right-of-use asset for leased property		$	–			$	272
Supplemental disclosures of noncash investing activities:
Decrease in accrued container purchases		$	(134,320	)		$	(90,679	)
Containers placed in finance leases		$	219,813			$	1,043,323

Use of Non-GAAP Financial Information

To supplement Textainer’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include adjusted net income, adjusted net income per diluted common share, adjusted EBITDA, headline earnings and headline earnings per basic and diluted common share.

Management believes that adjusted net income and adjusted net income per diluted common share are useful in evaluating Textainer’s operating performance. Adjusted net income is defined as net income attributable to common shareholders excluding debt termination expense, unrealized (loss) gain on derivative instruments and marketable securities and the related impacts on income taxes. Management considers adjusted EBITDA a widely used industry measure and useful in evaluating Textainer’s ability to fund growth and service long-term debt and other fixed obligations. Headline earnings is reported as a requirement of Textainer’s listing on the JSE. Headline earnings and headline earnings per basic and diluted common shares are calculated from net income which has been determined based on GAAP.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the tables below for the three and twelve months ended December 31, 2022 and 2021 and for the three months ended September 30, 2022.

Non-GAAP measures are not financial measures calculated in accordance with GAAP and are presented solely as supplemental disclosures. Non-GAAP measures have limitations as analytical tools, and should not be relied upon in isolation, or as a substitute to net income, income from operations, cash flows from operating activities, or any other performance measures derived in accordance with GAAP. Some of these limitations are:

• They do not reflect cash expenditures, or future requirements, for capital expenditures or contractual commitments;
• They do not reflect changes in, or cash requirements for, working capital needs;
• Adjusted EBITDA does not reflect interest expense or cash requirements necessary to service interest or principal payments on debt;
• Although depreciation expense and container impairment are a non-cash charge, the assets being depreciated may be replaced in the future, and neither adjusted EBITDA, adjusted net income or adjusted net income per diluted common share reflects any cash requirements for such replacements;
• They are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows; and
• Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.

		Three Months Ended,												Years Ended,
		December 31, 2022				September 30, 2022				December 31, 2021				December 31, 2022				December 31, 2021
		(Dollars in thousands,												(Dollars in thousands,
		except per share amounts)												except per share amounts)
		(Unaudited)												(Unaudited)
Reconciliation of adjusted net income:
Net income attributable to common shareholders		$	61,854			$	76,400			$	72,885			$	289,549			$	273,459
Adjustments:
Debt termination expense			—				—				131				—				15,209
Unrealized loss (gain) on financial instruments, net			176				204				272				502				(4,409	)
Loss on settlement of pre-existing management agreement			—				—				—				—				116
Impact of reconciling items on income tax			(37	)			(42	)			(59	)			(105	)			(288	)
Adjusted net income		$	61,993			$	76,562			$	73,229			$	289,946			$	284,087
Adjusted net income per diluted common share		$	1.38			$	1.64			$	1.46			$	6.13			$	5.62

		Three Months Ended,												Years Ended,
		December 31, 2022				September 30, 2022				December 31, 2021				December 31, 2022				December 31, 2021
		(Dollars in thousands)												(Dollars in thousands)
		(Unaudited)												(Unaudited)
Reconciliation of adjusted EBITDA:
Net income attributable to common shareholders		$	61,854			$	76,400			$	72,885			$	289,549			$	273,459
Adjustments:
Interest income			(1,818	)			(1,150	)			(40	)			(3,261	)			(123	)
Interest expense			43,105				41,242				34,888				157,249				127,269
Debt termination expense			—				—				131				—				15,209
Realized loss on derivative instruments, net			—				—				—				—				5,408
Unrealized loss (gain) on financial instruments, net			176				204				272				502				(4,409	)
Loss on settlement of pre-existing management agreement			—				—				—				—				116
Income tax expense			2,007				1,846				883				7,539				1,773
Depreciation and amortization			74,140				73,238				73,165				292,828				284,115
Container write-off (recovery) from lessee default, net			—				867				(34	)			1,108				(4,869	)
Adjusted EBITDA		$	179,464			$	192,647			$	182,150			$	745,514			$	697,948

		Three Months Ended,												Years Ended,
		December 31, 2022				September 30, 2022				December 31, 2021				December 31, 2022				December 31, 2021
		(Dollars in thousands,												(Dollars in thousands,
		except per share amount)												except per share amount)
		(Unaudited)												(Unaudited)
Reconciliation of headline earnings:
Net income attributable to common shareholders		$	61,854			$	76,400			$	72,885			$	289,549			$	273,459
Adjustments:
Container write-off (recovery) from lessee default, net			—				867				(34	)			1,108				(4,869	)
Loss on settlement of pre-existing management agreement			—				—				—				—				116
Impact of reconciling items on income tax			—				(8	)			—				(10	)			21
Headline earnings		$	61,854			$	77,259			$	72,851			$	290,647			$	268,727
Headline earnings per basic common share		$	1.40			$	1.68			$	1.48			$	6.25			$	5.42
Headline earnings per diluted common share		$	1.38			$	1.65			$	1.45			$	6.14			$	5.31

NEW YORK, Feb. 14, 2023 (GLOBE NEWSWIRE) — Taboola (Nasdaq: TBLA), a global leader in powering recommendations for the open web, helping people discover things they may like, today announced that it will release fourth quarter 2022 financial results before the market opens on Friday, February 24, 2023. Management will host a conference call and webcast to discuss the Company’s financial results, recent developments and business outlook the same morning. Conference call details below:

When: Friday, February 24, 2023, 8:30 a.m. ET Details: Taboola’s senior management team will discuss the Company’s earnings on a call that can be accessed via webcast at https://investors.taboola.com. To access the call by phone, please go to this link to register https://register.vevent.com/register/BI2d9c0edd185d48d1940ab1823ab1abbd and you will be provided with dial in details. The webcast will be available for replay for one year, through the close of business on February 24, 2024.

In addition, we are excited to invite you to Taboola’s Yahoo Information Session where we will provide additional information on our recently closed 30 year commercial relationship with Yahoo.

When: Wednesday, March 1, 2023, 10:00 a.m. ET

Details: Held at Taboola’s US Headquarters in New York and will be simulcast on Zoom.   During the event, you will have the opportunity to hear from our senior management team as they provide an overview of the agreement, describe the strategic value to Taboola, discuss future growth opportunities and explain how the implementation will work and set expectations around timing and financial impact.

Additionally, we are thrilled to announce that we will be hosting a discussion with Yahoo CEO, Jim Lanzone, and Taboola CEO & Founder, Adam Singolda. There will also be a Q&A session where you can ask questions and demo stations where you can get a better idea of how customers and consumers will experience the combined product offerings of Taboola and Yahoo.

We believe this event will provide valuable information for current and prospective investors and we hope you can join us. If you’re interested in attending in person or via Zoom, please contact [email protected].

About Taboola

Taboola powers recommendations for the open web, helping people discover things they may like. The company’s platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement. Taboola has long-term partnerships with some of the top digital properties in the world, including CNBC, BBC, NBC News, Business Insider, The Independent and El Mundo.

More than 15,000 advertisers use Taboola to reach over 500 million daily active users in a brand-safe environment. Following the acquisition of Connexity in 2021, Taboola is a leader in powering e-commerce recommendations, driving more than 1 million monthly transactions each month. Leading brands including Walmart, Macy’s, Wayfair, Skechers and eBay are among key customers.

Learn more at www.taboola.com and follow @taboola on Twitter.

Press Contact
Dave Struzzi
[email protected]

Investor Contact
Rick Hoss
[email protected]

TEL AVIV, Israel, Feb. 14, 2023 (GLOBE NEWSWIRE) — InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention Stent System (EPS) for the prevention of stroke, today announced that it has hired medical device commercial veteran Shane Gleason as General Manager of North America and Vice President of Global Marketing. Mr. Gleason brings to InspireMD significant expertise in vascular interventions and a track record of successful go-to-market execution.

Marvin Slosman, chief executive officer of InspireMD, stated, “As we near completion of enrollment in our C-Guardian U.S. investigational device exemption (IDE) clinical trial and shift our focus to U.S. market readiness and infrastructure buildout, Shane brings the ideal experience and background to lead this critical transition. His knowledge of the carotid market, reputation with our key opinion leader (KOL) partners and track record of successfully executing new product launches globally add tremendous capabilities to our senior team. We are so pleased to have Shane join the company at this important time of growth and expansion.”

Shane Gleason, General Manager of North America and Vice President of Global Marketing at InspireMD, stated, “I was attracted to InspireMD as a company perfectly positioned to enable the ongoing shift to a carotid endovascular standard of care with a proven stent platform, CGuard EPS, that has demonstrated success in clinical outcomes and real-world performance. Leveraging this foundation for the U.S. market launch to include the new SwitchGuard trans carotid artery revascularization (TCAR) system and CGuard Prime, our next generation trans femoral delivery (TFEM) system, offering a complete set of options for all vascular interventionists, is a remarkable opportunity. There has never been a better time or better positioned company to fully leverage the market shift to an endovascular focus and I am excited to join the senior team.”

Shane Gleason joins InspireMD from Surmodics, where he served as Vice President of Sales, Vascular Interventions. Before that, he served as Senior Director, US Marketing at Edwards Life Sciences, a developer of artificial heart valve and hemodynamic monitoring technologies, and, before that, Chief Commercial Officer at Nuvaira, Inc., a privately held developer of COPD therapies that preserve patient lung health. Earlier in his career, Mr. Gleason held sales and marketing leadership roles at Cordis, a Cardinal Health company, Trivascular Technologies (part of Endologix), and Abbott Vascular, where he launched the second FDA approved carotid stent system.

About InspireMD, Inc.

InspireMD seeks to utilize its proprietary MicroNet^® technology to make its products the industry standard for carotid stenting by providing outstanding acute results and durable, stroke-free, long-term outcomes. InspireMD’s common stock is quoted on the Nasdaq under the ticker symbol NSPR.

We routinely post information that may be important to investors on our website. For more information, please visit www.inspiremd.com.

Forward-looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential”, “scheduled” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Contacts:

Craig Shore
Chief Financial Officer
InspireMD, Inc.
888-776-6804
[email protected]

Chuck Padala, Managing Director
LifeSci Advisors
646-627-8390
[email protected]
[email protected]

 

• OK a.m.b.a (OK) are preparing to roll out hundreds of Tritium DC fast chargers throughout Denmark.
• Building on several successful installations since summer 2022, Tritium will supply OK, Denmark’s largest fuel retailer, with over 300 fast chargers for use at fuel stations, on highways, in urban areas and retail sites, and with OK’s corporate fleet and fleet customers.
• OK’s plans support objectives to reduce greenhouse gas emissions and put charging infrastructure in place to help meet the Danish government’s goal of at least 775,000 electric or plug-in hybrid vehicles on the roads by 2030.

AMSTERDAM, Netherlands, Feb. 14, 2023 (GLOBE NEWSWIRE) — Global electric vehicle (EV) fast charger manufacturer, Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), today announced that OK a.m.b.a. (OK), Denmark’s largest fuel retailer, has purchased more than 300 fast chargers for use at fuel stations, on highways, in urban areas and retail sites, and with OK’s corporate fleet and fleet customers.

OK currently owns more than 670 fuel stations in Denmark. Many of these fuel stations are co-located with Coop retail outlets, Denmark’s leading consumer goods retailer, and the new charging stations will provide Danish drivers with access to fast and convenient charging infrastructure.

This deployment of Tritium fast chargers is part of OK’s wider plan to support the expansion of Denmark’s public charging infrastructure in both large and small Danish cities, providing the fast charging infrastructure needed to support the Danish government’s goal of at least 775,000 electric or plug-in hybrid cars on the country’s road network by 2030, in a bid to reduce greenhouse gas emissions by 70%.

“In 2022, nearly 40% of
cars sold in Denmark were electric or plug-in hybrids, providing
evidence of the Danish technology transition and solidifying Denmark’s position as a global leader in the transition to sustainable transportation,” said Jane Hunter, Tritium CEO. “A growing network of public fast chargers will add further momentum to Denmark’s EV uptake, and we’re pleased to support OK’s e-mobility goals. Our partnership with OK will increase drivers’ access to fast chargers in Denmark, enabling a more rapid transition to EVs with all of the environmental benefits they bring.”

OK has already received a portion of this purchase order and successfully launched the first of its Tritium 75kW modular chargers at the Super Brugsen store in Hillerød and the Kvickly store in Odder, Denmark. As chargers are installed at Coop stores across Denmark, customers will be able to pay for their charging session using OK’s award-winning app, providing a seamless and convenient customer experience.

“OK is focused on providing a seamless and authentic customer experience and we are thrilled to be partnering with a leading fast charger manufacturer such as Tritium, giving us the prospect of accelerating our plans of expanding our DC network. OK’s first Tritium sites in Odder and
Hillerød
have been a success, and OK are looking forward to setting up new sites across Denmark,” said Thor Folmann Krarup, E-mobility Manager, OK a.m.b.a.

Denmark is making positive strides towards phasing out internal combustion engine vehicles. With records broken for the sale of battery electric vehicles (BEV) in 2022, the Danish Car Importers Association (DBI) recently reported that sales of new electric vehicles increased by 23.8% from 2021 and accounted for 38.6% of new vehicles sold in 2022. In mid-October, Denmark reached the significant milestone of 100,000 BEVs registered to drive on Danish roads, a ten-fold increase from three years ago.

In 2022, the number of publicly accessible fast chargers in Denmark tripled to 784, and Tritium is proud to contribute to this rapid growth in charging infrastructure. As this trend continues, Tritium and OK will work collaboratively to provide a fast, reliable, and safe charging network to serve all Danish drivers.

About Tritium

Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.

For more information, visit tritiumcharging.com

About OK a.m.b.a.

OK a.m.b.a. is a Danish cooperative. In addition to the parent company OK, OK also counts subsidiaries such as Kamstrup, EnergiData and OK Plus. OK includes more than 670 gas stations, more than 200 car washes and 80 Truck Diesel stations, and OK is thus Denmark’s largest filling station chain. OK is a nationwide supplier of gasoline, diesel, e-mobility, transport diesel, heating oil, lubricants, natural gas and electricity for both business and private individuals. In addition, OK provides consulting, design and installation of heat pump solutions of all sizes. OK has three biogas stations and also provides refueling points for four of Everfuel’s hydrogen refueling plants.

More information on OK can be found at www.ok.dk/om-ok

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “aim” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions, or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Tritium Media Contact

Jack Ulrich
[email protected]

Tritium Investors Contact

Cary Segall
[email protected]

OK a.m.b.a. Media Contact

Steffen Toft Spiele
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e6319a08-2bf8-41fd-b193-b148f0581bb0

CHICAGO, Feb. 14, 2023 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the fourth quarter and full year ended December 31, 2022.

“Against a tough backdrop we are pleased to have added value for clients and shareholders.” said Michael Sacks, Chairman and Chief Executive Officer of GCM Grosvenor. “Our private markets strategies continue to grow at solid rates and the opportunity set for our platform remains strong.”

Assets Under Management

• Fee-Paying Assets Under Management (“FPAUM”) remained relatively flat from December 31, 2021 (the “prior year”) at $58.9 billion as of December 31, 2022
  • Private Markets FPAUM increased 11% from the prior year to $36.9 billion as of December 31, 2022
  • Absolute Return Strategies FPAUM decreased 14% from the prior year to $22.0 billion as of December 31, 2022
• Contracted Not Yet FPAUM decreased 1% from the prior year to $7.6 billion as of December 31, 2022
• Assets Under Management (“AUM”) increased 2% from the prior year to $73.7 billion as of December 31, 2022

Revenue

¹

and Fee-Related Revenue

• Revenue decreased 16% from the year ended December 31, 2021 (the “prior year”) to $446.5 million largely due to decreased incentive fees
• Fee-Related Revenue increased 4% from the prior year to $360.5 million
  • Private Markets Management Fees increased 12% from the prior year to $197.3 million
  • Absolute Return Strategies Management Fees decreased 4% from the prior year to $159.1 million

Net Income and Adjusted Net Income

• GAAP Net Income Attributable to GCM Grosvenor Inc. decreased 8% from the prior year to $19.8 million largely due to a decrease in incentive fees of 57% from the prior year
• Adjusted Net Income decreased 21% from the prior year to $94.4 million largely due to a decrease in incentive fees of 57% from the prior year

Fee-Related Earnings

• Fee-Related Earnings increased 7% from the prior year to $128.5 million

Adjusted EBITDA

• Adjusted EBITDA decreased 17% from the prior year to $149.3 million, largely due to a decrease in incentive fees of 57% from the prior year

Incentive Fees

• GCM Grosvenor’s share of unrealized carried interest totaled $367.7 million of net asset value as of December 31, 2022, an increase of 11% over the prior year
• Run-rate annual performance fees² were $29.6 million as of December 31, 2022

Dividend

• GCM Grosvenor’s Board of Directors approved a $0.11 per share dividend payable on March 15, 2023 to shareholders on record March 1, 2023

Share Repurchase Plan

• GCM Grosvenor repurchased $5.9 million and $32.8 million of Class A common stock during the fourth quarter and year, respectively
• $45.5 million remained in GCM Grosvenor’s approved share and warrant repurchase plan as of December 31, 2022

1  Includes fund reimbursement revenue of $10.8 million and $10.4 million for the years ended December 31, 2022 and December 31, 2021, respectively.
2  Run-Rate Annual Performance Fees reflect the potential annual performance fees generated by performance fee-eligible AUM before any loss carryforwards, if applicable, at an 8% gross return for both multi-strategy and credit strategies, and a 10% gross return for specialized opportunity strategies, and before cash-based incentive fee related compensation.

Additional Information

GCM Grosvenor also issued a detailed presentation of its results and a presentation containing supplemental financial data, both of which are available on GCM Grosvenor’s website at https://www.gcmgrosvenor.com/shareholder-events.

Management will host a webcast and conference call at 10:00 a.m. ET today to discuss the company’s results. The conference call will also be available via public webcast from the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion. To listen to the live broadcast, participants are encouraged to go to the site 15 minutes prior to the scheduled call time in order to register.

The call can also be accessed by dialing (888) 394-8218 / (646) 828-8193 and using the passcode: 3020076.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $74 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

GCM Grosvenor’s experienced team of approximately 530 professionals serves a global client base of institutional and high net worth investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, and Seoul. For more information, visit: www.gcmgrosvenor.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected future performance of GCM Grosvenor’s business and the expected benefits of our share repurchase plan. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including without limitation, the historical performance of GCM Grosvenor’s funds may not be indicative of GCM Grosvenor’s future results; risks related to redemptions and termination of engagements; the variable nature of GCM Grosvenor’s revenues; competition in GCM Grosvenor’s industry; effects of government regulation or compliance failures; market, geopolitical and economic conditions; identification and availability of suitable investment opportunities; risks relating to our internal control over financial reporting; and risks related to the performance of GCM Grosvenor’s investments. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” sections of the Annual Report on Form 10-K filed by GCM Grosvenor Inc. on February 25, 2022 and its other filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and GCM Grosvenor assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Share Repurchase Plan Authorization

In November 2022, GCM Grosvenor’s Board of Directors increased the firm’s existing share repurchase plan authorization by $25 million, from $65 million to $90 million. The share repurchase plan may be used to repurchase outstanding Class A common stock and warrants in open market transactions, in privately negotiated transactions including with employees or otherwise, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under the company’s 2020 Incentive Award Plan (and any successor equity plan thereto). The company is not obligated under the terms of the plan to repurchase any of its Class A common stock or warrants, and the size and timing of these repurchases will depend on legal requirements, price, market and economic conditions and other factors. The plan has no expiration date and the plan may be suspended or terminated by the company at any time without prior notice. Any outstanding shares of Class A common stock and any warrants repurchased as part of this plan will be canceled.

Use of Non-GAAP Financial Measures and Key Performance Indicators

This press release includes certain non-GAAP financial measures, including fee-related revenue, fee-related earnings, adjusted pre-tax income, adjusted net income, adjusted EBITDA and net incentive fees attributable to GCM Grosvenor. These non-GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP, and should not be considered as an alternative to revenue, net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of historical non-GAAP measures to their most directly comparable GAAP counterparts are included in below.

GCM Grosvenor believes that these non-GAAP measures of financial results provide useful supplemental information to investors about GCM Grosvenor. GCM Grosvenor’s management uses these non-GAAP measures to evaluate GCM’s projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore GCM Grosvenor’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Adjusted Net Income is a non-GAAP measure that we present on a pre-tax and after-tax basis to evaluate our profitability. Adjusted Pre-Tax Income represents net income attributable to GCM Grosvenor Inc. including (a) net income (loss) attributable to Grosvenor Capital Management Holdings, LLLP (“GCMH”), excluding (b) provision (benefit) for income taxes, (c) changes in fair value of derivatives and warrant liabilities, (d) amortization expense, (e) partnership interest-based and non-cash compensation, (f) equity-based compensation, including cash-settled equity awards (as we view the cash settlement as a separate capital transaction), (g) unrealized investment income, (h) changes in tax receivable agreement liability and (i) certain other items that we believe are not indicative of our core performance, including charges related to corporate transactions and employee severance. Adjusted Net Income reflects a corporate and blended statutory effective tax rate of 24.2% applied to Adjusted Pre-Tax Income for the year ended December 31, 2022 and of 24.5% for the year ended December 31, 2021. The rate was adjusted from 25.0% to 24.5% in Q4 2021 and from 24.5% to 24.2% in Q4 2022. The 24.2% and 24.5% are based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 3.2% and 3.5%, respectively.

Adjusted EBITDA is a non-GAAP measure which represents Adjusted Net Income excluding (a) adjusted income taxes, (b) depreciation and amortization expense and (c) interest expense on our outstanding debt.

We believe Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EBITDA are useful to investors because they provide additional insight into the operating profitability of our core business across reporting periods. These measures (1) present a view of the economics of the underlying business as if GCMH Equityholders converted their interests to shares of Class A common stock and (2) adjust for certain non-cash and other activity in order to provide more comparable results of the core business across reporting periods. These measures are used by management in budgeting, forecasting and evaluating operating results.

Fee-related earnings (“FRE”) is a non-GAAP measure used to highlight earnings from recurring management fees and administrative fees. FRE represents Adjusted EBITDA further adjusted to exclude (a) incentive fees and related compensation and (b) other non-operating income, and to include depreciation expense. We believe FRE is useful to investors because it provides additional insights into the management fee driven operating profitability of our business.

Fee-Related Revenue (“FRR”) is a non-GAAP measure used to highlight revenues from recurring management fees and administrative fees. FRR represents total operating revenues less (a) incentive fees and (b) fund reimbursement revenue. We believe FRR is useful to investors because it provides additional insight into our relatively stable management fee base separate from incentive fee revenues, which tend to have greater variability.

Net Incentive Fees Attributable to GCM Grosvenor is a non-GAAP measure used to highlight fees earned from incentive fees that are attributable to GCM Grosvenor. Net incentive fees represent incentive fees excluding (a) incentive fees contractually owed to others and (b) cash-based incentive fee related compensation. Net incentive fees provide investors useful information regarding the amount that such fees contribute to the Company’s earnings and are used by management in making compensation and capital allocation decisions.

Fee-Paying Assets Under Management (“FPAUM”) is a key performance indicator we use to measure the assets from which we earn management fees. Our FPAUM comprises the assets in our customized separate accounts and specialized funds from which we derive management fees. We classify customized separate account revenue as management fees if the client is charged an asset-based fee, which includes the vast majority of our discretionary AUM accounts. The FPAUM for our private market strategies typically represents committed, invested or scheduled capital during the investment period and invested capital following the expiration or termination of the investment period. Substantially all of our private markets strategies funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation. Our FPAUM for our absolute return strategy is based on net asset value.

Our calculations of FPAUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of FPAUM is not based on any definition that is set forth in the agreements governing the customized separate accounts or specialized funds that we manage.

Contracted, not yet fee-paying AUM (“CNYFPAUM”) represents limited partner commitments which are expected to be invested and begin charging fees over the ensuing five years.

GAAP Statements of Income

	Three Months Ended								Year Ended
(in thousands)	Dec 31, 2022				Dec 31, 2021				Dec 31, 2022				Dec 31, 2021
Revenues
Management fees	$	91,587			$	95,201			$	367,242			$	351,216
Incentive fees		7,203				94,234				75,167				173,853
Other operating income		1,038				1,160				4,121				6,523
Total operating revenues		99,828				190,595				446,530				531,592
Expenses
Employee compensation and benefits		63,475				101,783				277,311				333,837
General, administrative and other		22,574				22,037				88,907				88,351
Total operating expenses		86,049				123,820				366,218				422,188
Operating income		13,779				66,775				80,312				109,404
Investment income		2,721				12,256				10,108				52,495
Interest expense		(6,642	)			(5,598	)			(23,314	)			(20,084	)
Other income		1,348				1,009				1,436				3,394
Change in fair value of warrant liabilities		2,679				10,084				20,551				7,853
Net other income		106				17,751				8,781				43,658
Income before income taxes		13,885				84,526				89,093				153,062
Provision for income taxes		2,478				7,002				9,611				10,993
Net income		11,407				77,524				79,482				142,069
Less: Net income attributable to redeemable noncontrolling interest		—				—				—				19,827
Less: Net income (loss) attributable to noncontrolling interests in subsidiaries		(576	)			6,473				6,823				36,912
Less: Net income attributable to noncontrolling interests in GCMH		7,593				56,828				52,839				63,848
Net income attributable to GCM Grosvenor Inc.	$	4,390			$	14,223			$	19,820			$	21,482

Reconciliation of Non-GAAP Metrics

	Three Months Ended								Year Ended
(in thousands)	Dec 31, 2022				Dec 31, 2021				Dec 31, 2022				Dec 31, 2021
Net Incentive Fees Attributable to GCM Grosvenor
Incentive fees
Performance fees	$	299			$	42,627			$	2,623			$	51,947
Carried interest		6,904				51,607				72,544				121,906
Less incentive fees contractually owed to others:
Cash carried interest compensation		(4,080	)			(26,609	)			(41,920	)			(67,773	)
Non-cash carried interest compensation		(37	)			22				52				(1,306	)
Carried interest attributable to redeemable noncontrolling interest holder		—				—				—				(8,059	)
Carried interest attributable to other noncontrolling interest holders		(1,263	)			(3,126	)			(8,411	)			(13,245	)
Firm share of incentive fees 1		1,823				64,521				24,888				83,470
Less: Cash-based incentive fee related compensation		(821	)			(21,921	)			(11,001	)			(28,002	)
Net incentive fees attributable to GCM Grosvenor	$	1,002			$	42,600			$	13,887			$	55,468

1  Firm share represents net of contractual obligations but before discretionary cash based incentive compensation.

Reconciliation of Non-GAAP Metrics (cont’d)

	Three Months Ended								Year Ended
(in thousands)	Dec 31, 2022				Dec 31, 2021				Dec 31, 2022				Dec 31, 2021
Adjusted Pre-Tax Income & Adjusted Net Income
Net income attributable to GCM Grosvenor Inc.	$	4,390			$	14,223			$	19,820			$	21,482
Plus:
Net income attributable to noncontrolling interests in GCMH		7,593				56,828				52,839				63,848
Provision for income taxes		2,478				7,002				9,611				10,993
Change in fair value of derivatives		—				—				—				(1,934	)
Change in fair value of warrant liabilities		(2,679	)			(10,084	)			(20,551	)			(7,853	)
Amortization expense		579				583				2,316				2,332
Severance		445				1,128				1,647				3,110
Transaction expenses1		1				600				2,051				7,827
Loss on extinguishment of debt		—				—				—				675
Changes in tax receivable agreement liability and other		(536	)			(557	)			(241	)			(1,372	)
Partnership interest-based compensation		10,340				6,713				31,811				27,671
Equity-based compensation		9,530				5,672				30,721				44,190
Other non-cash compensation		179				596				1,336				3,300
Less:
Unrealized investment income, net of controlling interests		(3,711	)			(8,097	)			(6,919	)			(15,604	)
Non-cash carried interest compensation		(37	)			22				52				(1,306	)
Adjusted pre-tax income		28,572				74,629				124,493				157,359
Less:
Adjusted income taxes2		(6,626	)			(17,871	)			(30,127	)			(38,553	)
Adjusted net income		21,946				56,758				94,366				118,806
Adjusted EBITDA
Adjusted net income		21,946				56,758				94,366				118,806
Plus:
Adjusted income taxes2		6,626				17,871				30,127				38,553
Depreciation expense		364				400				1,540				1,688
Interest expense		6,642				5,598				23,314				20,084
Adjusted EBITDA	$	35,578			$	80,627			$	149,347			$	179,131

 

1  Represents 2022 expenses related to contemplated corporate transactions and 2021 expenses related to a debt offering, other contemplated corporate transactions, and other public company transition expenses.
2  Reflects a corporate and blended statutory effective tax rate of 24.2% applied to Adjusted Pre-Tax Income for the year ended December 31, 2022 and of 24.5% for the year ended December 31, 2021. The rate was adjusted from 25.0% to 24.5% in Q4 2021 and from 24.5% to 24.2% in Q4 2022. The 24.2% and 24.5% are based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 3.2% and 3.5%, respectively.

Reconciliation of Non-GAAP Metrics (cont’d)

	Three Months Ended								Years Ended
(in thousands)	Dec 31, 2022				Dec 31, 2021				Dec 31, 2022				Dec 31, 2021
Fee-Related Earnings
Adjusted EBITDA	$	35,578			$	80,627			$	149,347			$	179,131
Less:
Incentive fees		(7,203	)			(94,234	)			(75,167	)			(173,853	)
Depreciation expense		(364	)			(400	)			(1,540	)			(1,688	)
Other non-operating income		(620	)			22				(708	)			(78	)
Realized investment income, net of amount attributable to noncontrolling interests in subsidiaries1		(716	)			(867	)			(4,699	)			(1,496	)
Plus:
Incentive fee-related compensation		4,938				48,508				52,869				97,081
Carried interest attributable to redeemable noncontrolling interest holder		—				—				—				8,059
Carried interest attributable to other noncontrolling interest holders, net		1,263				3,126				8,411				13,245
Fee-related earnings	$	32,876			$	36,782			$	128,513			$	120,401

1  Investment income or loss is generally realized when the Company redeems all or a portion of its investment or when the Company receives or is due cash, such as from dividends or distributions. Amounts were de minimis for periods prior to the Mosaic repurchase on July 2, 2021.

Source: GCM Grosvenor

Public Shareholders Contact

Stacie Selinger
[email protected]
312-506-6583

Media Contact

Tom Johnson and Will Braun
H/Advisors Abernathy
[email protected] / [email protected]
212-371-5999

 

SAN JOSE, Calif., Feb. 14, 2023 (GLOBE NEWSWIRE) — Zscaler, Inc. . (NASDAQ: ZS), the leader in cloud security, today announced the intent to acquire Canonic Security, a SaaS application security platform innovator. Canonic’s platform is designed to prevent organizations’ growing risks of SaaS supply chain attacks. With the massive migration to the cloud, as organizations are adopting hundreds of SaaS platforms, their users are connecting thousands of third-party applications and browser extensions to their critical SaaS platforms like Atlassian Suite, Microsoft 365, Salesforce, Google Workspace, and Slack without IT’s permission. Corporate IT believes its critical data assets are stored and protected in enterprise-ready SaaS platforms. In reality, these assets are held in third-party drives, email clients, and chatbots, bringing data exposure and cyber risk to their SaaS supply chain. Canonic’s solution allows cybersecurity and IT teams to quickly gain visibility to this ungoverned surface area and streamline SaaS application governance and enforcement.

By integrating the new supply chain security capabilities into its data protection services, Zscaler strengthens its CASB (Cloud Access Security Broker) and SSPM (SaaS Security Posture Management) offerings enabling companies to consolidate point products reducing cost, and simplifying management. This new capability builds upon the company’s recently announced industry-first, zero configuration data protection solution, and Zscaler’s commitment to data protection wherever the data resides.

“When I speak with the top global CIOs, they consistently express their challenges with efficiently securing supply chain logistics due to the massive blind spot in SaaS-to-SaaS communications. While protecting SaaS platforms is necessary with CASB and SSPM, enterprises must reduce the supply chain attack surface, detect SaaS-native threats and automate responses,” said Jay Chaudhry, CEO, chairman and founder, Zscaler. “The addition of Canonic augments our CASB and SSPM capabilities and further strengthens the growing set of services on the Zscaler Zero Trust Exchange, the world’s largest cloud security platform, and provides our customers with unprecedented visibility and security of their SaaS applications. I am pleased to welcome the Canonic team to the Zscaler family as we execute on our vision to advance SaaS security.”

“While the SaaS ecosystem continues to grow, traditional CASB and SSPM solutions fall short to secure against the massive amount of supply chain attacks that are targeting organizations and their critical business applications,” said Boris Gorin, co-founder and CEO, Canonic Security. “The combination of Canonic with Zscaler’s existing inline and out-of-band CASB and SSPM offerings is an ideal technology fit that will accelerate how enterprises address SaaS-native threats and simplify operations by reducing the number of tools for SaaS security.”

According to research firm Gartner®, “SaaS remains the largest public cloud services market segment, forecasted to reach $176.6 billion in end-user spending in 2022. Gartner expects steady velocity within this segment as enterprises take multiple routes to market with SaaS.”¹ This large-scale move to the cloud has made it difficult for enterprise security operations teams to take control over their growing SaaS app estate and address exposure of their critical cloud data due to the SaaS supply chain – creating a greater attack surface for data breaches. These pain points are amplified due to the current IT skills gaps in the rapidly evolving cloud security space, resulting in an inability for IT to effectively manage the unwieldy set of settings and permissions for which they are responsible.

The addition of Canonic’s advanced SaaS security to Zscaler’s existing data protection will enable customers to:

• Monitor SaaS Security Posture: Automate continuous monitoring of potentially fatal misconfigurations and compliance violations in SaaS platforms such as Atlassian Suite, Google Workspace, Microsoft 365, Salesforce and Slack.
• Discover and Assess Third-Party Apps and Extensions: Gain full visibility over first, second and third-party apps and API integrations across the enterprise business application estate. Uncover rogue and vulnerable apps, assess each integration posture, behavior and the risk involved with its API access and browser extensions.
• Reduce Attack Surface: Quarantine suspicious apps, reduce excessive and inappropriate privileges, revoke and block access if necessary.
• Enforce Access Governance: Enable app integrations by automating app-vetting and app access recertification processes.

The transaction is expected to close following the completion of Zscaler’s fiscal second quarter subject to the satisfaction of customary closing conditions. Terms of the transaction were not disclosed.

For more information please see “A New and Critical Layer to Protect Data: SaaS Supply Chain Security” on the Zscaler blog.

________________________
_{¹ Gartner Forecasts Worldwide Public Cloud End-User Spending to Reach Nearly $500 Billion in 2022, 19 April 2022,
https://www.gartner.com/en/newsroom/press-releases/2022-04-19-gartner-forecasts-worldwide-public-cloud-end-user-spending-to-reach-nearly-500-billion-in-2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission.
All rights reserved.}

Forward-Looking Statements

This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements include the expected benefits of the acquisition to Zscaler’s product offerings and to our customers. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. A significant number of factors could cause actual results to differ materially from statements made in this press release, including those factors related to our ability to successfully integrate ShiftRight technology into our cloud platform and our ability to retain key employees of ShiftRight after the acquisition.

Additional risks and uncertainties are set forth in our most recent Annual Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on December 7, 2022, which is available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. Any forward-looking statements in this release are based on the limited information currently available to Zscaler as of the date hereof, which is subject to change, and Zscaler will not necessarily update the information, even if new information becomes available in the future.

About Zscaler

Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SSE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

Zscaler™ and the other trademarks listed at


https://www.zscaler.com/legal/trademarks


are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

Media Contact:

Pavel Radda or Natalia Wodecki
[email protected]

Investor Relations Contact:

Bill Choi, CFA
[email protected]

Study to evaluate safety and immunogenicity of oral norovirus vaccine in healthy adults

SOUTH SAN FRANCISCO, Calif., Feb. 14, 2023 (GLOBE NEWSWIRE) — Vaxart, Inc. (NASDAQ: VXRT) today announced that it has dosed the first subject in the Phase 2 clinical trial of its oral tablet bivalent norovirus candidate. The dose-ranging study is designed to identify a vaccine dose for a potential Phase 3 clinical trial.

“Initiating the Phase 2 clinical trial of this candidate is an important achievement toward our goal of developing an oral tablet vaccine that may reduce the significant global health threat that norovirus poses to children and seniors,” said Dr. James F. Cummings, MD, Chief Medical Officer at Vaxart. “Results from the Phase 1b clinical trial in healthy adults demonstrate that this candidate stimulates robust IgA antibody secreting cells against the prevalent strains of two norovirus genotypes that cause the majority of norovirus disease. Data from the Phase 2 trial will inform our further clinical development strategy for this promising vaccine candidate targeting a market estimated at more than $10 billion in the United States alone.”

As previously reported, Vaxart’s bivalent vaccine candidate demonstrated robust immunogenicity, with an IgA ASC response rate of 78% for the GI.1 strain and 93% for the GII.4 strain, with no interference observed.

This Phase 2 clinical trial is expected to enroll approximately 135 healthy adults at three sites in the United States. The first 10 subjects will receive open label high-dose vaccine and the remaining subjects will be randomized to high- or low-dose vaccine (N=50 for each arm) or placebo (N=25). The primary endpoints are safety and immunogenicity with the objective of determining dose levels for Phase 3 development.

Vaxart expects to report topline data from the Phase 2 study in mid-2023.

Norovirus imposes significant health and economic burdens, with an estimated global impact of $60 billion.¹ In the United States, norovirus causes 21 million illnesses each year, infecting 15% of all children under the age of five years and resulting in illness — which frequently requires hospitalization — in 7.5% of people over the age of 65 years. Approximately 3 million sets of parents need to take an average of 2 days off from work to care for children with norovirus illness.²

Vaxart’s bivalent norovirus oral tablet candidate is differentiated from other norovirus vaccines in development because it generates both systemic and mucosal immunity, is delivered through the mouth and is stable at room temperature, making it much easier to distribute and administer than injected vaccines.

References

¹ Global Economic Burden of Norovirus, Bartsch S et al., PLOS ONE 2016.

² Incidence of Norovirus and Other Viral Pathogens That Cause Acute Gastroenteritis (AGE) among Kaiser Permanente Member Populations in the United States, 2012–2013, Grytdal et al, PLOS 1, 2016.

About Vaxart 

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, seasonal influenza, and respiratory syncytial virus (RSV), as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart’s strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “should,” “believe,” “could,” “potential,” “will,” “expected,” “anticipate,” “plan,” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to develop and commercialize its product candidates, including its vaccine booster products; Vaxart’s expectations regarding clinical results and trial data; and Vaxart’s expectations with respect to the effectiveness of its product candidates. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement, and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates, and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart’s or its partners’ control; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain, and enforce necessary patent and other intellectual property protection; that Vaxart’s capital resources may be inadequate; Vaxart’s ability to resolve pending legal matters; Vaxart’s ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks described in the “Risk Factors” sections of Vaxart’s Quarterly and Annual Reports filed with the SEC. Vaxart does not assume any obligation to update any forward-looking statements, except as required by law.

Contacts 

Vaxart Media Relations:

Mark Herr

Vaxart, Inc

[email protected]

(203) 517-8957

Investor Relations:

Andrew Blazier

FINN Partners

[email protected]

(646) 871-8486

SAN DIEGO, Feb. 14, 2023 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced several orders for EV ARC™ off-grid EV charging systems were placed by correctional facilities on the east and west coasts of the U.S. The systems were purchased through the California Department of General Services (DGS) contract #1-22-61-16, which allows state, local and municipal government entities in California and other U.S. states, to purchase Beam products at the California negotiated price, without having to go through a lengthy procurement or technology review process.

“This is another excellent example of the unique and valuable attributes our rapidly deployed, low touch infrastructure products bring to the EV charging space,” said Beam Global CEO Desmond Wheatley. “Corrections facilities can get the charger of their choice without disruptive construction and electrical projects which introduce significant security risk and can be outright prohibited. Our ability to have a single person deliver operational EV charging in minutes instead of months means that correctional officers do not need to security-clear multiple-member construction teams or manage security during lengthy projects. Any secure environment offers an excellent opportunity for further EV ARC deployments. I’m delighted that we have so many dynamic government contracts in place to make purchasing EV ARCs as easy as deploying them.”

Government and private fleets are moving to electric vehicles which are less expensive to operate and maintain, and help achieve often mandated, zero-emission targets. Sites with physical security concerns like correctional facilities—both public and private—need EV charging infrastructure without the risk that traditional installation projects introduce. Onsite demand for EV chargers to support new fleet EVs, employee workplace charging and visitor charging is on the rise. The solar-powered EV ARC™ electric vehicle charging systems are rapidly deployed with no digging, no construction, no electrical work and none of the teams generally required to perform those tasks. Off-grid and 100% solar-powered, each EV ARC™ system generates and stores its own clean electricity and can include up to six chargers to charge six EVs simultaneously.

According to the Federal Bureau of Prisons and the Census of State and Federal Adult Correctional Facilities, there are 4,527 federal, state and local correctional facilities in the US., both public and private. Beam Global anticipates that all such facilities will require EV charging particularly where mandates such as the federal government’s requirement that all light duty vehicles be zero emissions by 2027 are in force.

For more information on purchasing Beam’s EV ARC™ ready-to-deploy sustainable EV charging solutions please contact The Beam Team at 858-799-4583 or [email protected]. Contact us for information on how federal, state and local government organizations can purchase through California DGS contract #1-22-61-16, which other states can use, and the federal General Services Administration (GSA) Multiple Award Schedule (MAS) Contract Number 47QSWA21D0006. Both contracts have extended their negotiated best price to other government entities. The California DGS contract can be used by other U.S. states and the federal GSA contract can be used by many state and local government agencies when used for disaster recovery or preparedness purposes. Beam Global EV ARC™ off-grid EV charging systems qualify as disaster preparedness assets because they continue to charge EVs during grid outages and can be equipped with an emergency power panel for first responders.

About Beam Global

Beam Global is a clean technology leader providing innovative, sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media. Core platforms include Beam EV ARC™ and Solar Tree^® sustainable EV charging systems, Beam AllCell™ high-performance energy storage solutions, energy resiliency and disaster preparedness products and a deep patent library.

Beam EV ARC™ EV charging infrastructure systems support any quality brand EV charging service equipment, and Beam AllCell™ battery solutions power micro-mobility, terrestrial EVs, aviation, maritime and recreational vehicles as well as stationery and energy-security platforms.

Beam develops, patents, designs, engineers and manufactures unique and advanced clean mobility solutions that protect the environment, save customers time and money, empower communities and keep people moving. Based in San Diego and Chicago, the company produces Made-in-America products with the mission to Lead the World to Clean Mobility. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW. For more information visit BeamForAll.com, LinkedIn, YouTube and Twitter.

Forward-Looking Statements

This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations, including, but not limited to the following statements: statements regarding the proposed acquisition, its expected benefits, the acquisition’s anticipated timing, and the anticipated future financial performance as a result of the acquisition. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. There can be no assurances that the proposed acquisition of AllCell will be completed. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

Media Contact:

Next PR
+1 813-526-1195
[email protected]

Investor Relations:
Kathy McDermott
[email protected]
+1 858-799-4583

SOUTH SAN FRANCISCO, Calif., Feb. 14, 2023 (GLOBE NEWSWIRE) — Aligos Therapeutics, Inc. (Nasdaq: ALGS), a clinical stage biopharmaceutical company focused on developing novel therapeutics to address unmet medical needs in NASH and viral diseases, today announced that the company will deliver several oral and poster presentations at the 32^nd Conference of the Asian Pacific Association for the Study of the Liver (APASL), being held Feb 15 – 19 in Taipei, Taiwan at the Taipei International Convention Center. Aligos will present data for ALG-055009, its THR-β agonist in development for nonalcoholic steatohepatitis (NASH), as well as for several clinical and nonclinical investigational agents from its chronic hepatitis B (CHB) portfolio.

“At this year’s APASL meeting, we look forward to presenting data from several of our ongoing programs including ALG-055009, our thyroid hormone receptor-beta (THR-β) agonist in development for NASH for which we are conducting Phase 2-enabling activities to enable a Phase 2 filing by the end of this year,” said Lawrence Blatt, Ph.D., MBA, CEO and Chairman of the Board at Aligos. “In addition, we are pleased to show exciting data for our CAM-E, ALG-000184, demonstrating notable reductions in HBsAg levels in patients with HBeAg-positive CHB.”

Presentation details are as follows. Posters will be available for viewing throughout the conference.

NASH program

Poster presentation

Title: Safety, Pharmacokinetics (PK) and Pharmacodynamics (PD) of Single and Multiple Ascending Oral Doses of ALG-055009, a Thyroid Hormone Receptor Beta (THR-β) Agonist for the Treatment of Non-Alcoholic Steatohepatitis (NASH), in Healthy Volunteers and Subjects with Hyperlipidaemia
Presenter: Hakim Charfi, M.D.
Poster number: PH-025

Chronic hepatitis B program

Oral presentations

Title: The Capsid Assembly Modulator ALG-000184 Dosed for 28 Days Was Well Tolerated and Rapidly Reduced Viral Markers in Subjects with Chronic Hepatitis B, Including HBsAg in a Subset of HBeAg Positive Subjects with Elevated Baseline ALT
Presenter: Ed Gane, MBChB, M.D.
Presentation date/time: Thursday, February 16, 14:40 – 14:55 Taipei Standard Time (TST)
Presentation location: 3F North Lounge
Session title: HBV (Clinical) and HCV
Presentation number: FP03-16

Title: ALG-000184, a Capsid Assembly Modulator, Demonstrates Superior Antiviral Activity in Combination with Entecavir Compared to Entecavir in HBeAg Positive Subjects with Chronic Hepatitis B infection
Presenter: Jinlin Hou, M.D.
Presentation date/time: Thursday, February 16, 14:55 – 15:10 TST
Presentation location: 3F North Lounge
Session title: HBV (Clinical) and HCV
Presentation number: FP03-17

Title: A Preclinical Profile of ALG-125755, a GalNAc-siRNA Targeting HBV
Presenter: Jin Hong, Ph.D.
Presentation date/time: Saturday, February 18, 11:35 – 11:50 TST
Presentation location: 3F South Lounge
Session title: HBV (Basic)
Presentation number: FP11-59

Poster presentations

Title: Effect of the Capsid Assembly Modulator (CAM) ALG-000184 on HBsAg Levels in Subjects with HBeAg Positive Chronic Hepatitis B (CHB)
Presenter: Jinlin Hou, Ph.D.
Poster number: PC-019

Title: Preclinical Antiviral, Pharmacological and Toxicological Characteristics of ALG-000184, a Prodrug of the Novel HBV Capsid Assembly Modulator ALG-001075
Presenter: Andreas Jekle, Ph.D.
Poster number: PB-007

Title: Safety, Tolerability and Pharmacokinetics (PK) of Single Ascending Doses of ALG-125755, a GalNAc-Conjugated Small Interfering RNA (siRNA), in Healthy Volunteers (HV)
Presenter: Ed Gane, MBChB, M.D.
Poster number: PPB-043

Title: Discovery of a Liver-Targeted PD-L1 Small Molecule Inhibitor for the Treatment of Chronic Hepatitis B and Liver Cancer
Presenter: Heleen Roose, Ph.D.
Poster number: PB-010

About Aligos

Aligos Therapeutics, Inc. is a clinical stage biopharmaceutical company that was founded in 2018 with the mission to become a world leader in the treatment of liver diseases and viral infections. Aligos is leveraging its expertise in liver and infectious diseases to create targeted therapeutics for nonalcoholic steatohepatitis (NASH) and for the discovery and development of targeted antiviral therapies for coronaviruses. Aligos’ strategy is to harness the deep expertise and decades of drug development experience its team has in liver and infectious disease, to rapidly advance its pipeline of potentially best-in-class molecules.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered “forward-looking statements,” including without limitation, statements with respect to ALG-055009, Aligos’ plan to complete its ongoing Phase 1 study and Phase 2-enabling activities, including GLP toxicology studies, to enable a Phase 2 filing by the end of this year. Forward-looking statements are typically, but not always, identified by the use of words such as “may,” “will,” “would,” “believe,” “intend,” “plan,” “anticipate,” “estimate,” “expect,” and other similar terminology indicating future results. Such forward looking statements are subject to substantial risks and uncertainties that could cause our development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including Aligos’ clinical-stage of development, the process of designing and conducting clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, Aligos’ ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of Aligos’ capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape and the effects on our business of the worldwide COVID-19 pandemic and the ongoing conflict between Russia and Ukraine. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Aligos in general, see Aligos’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 2, 2022 and its future periodic reports to be filed or submitted with the Securities and Exchange Commission. Except as required by law, Aligos undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated events.

Media Contact

Amy Jobe, Ph.D.
LifeSci Communications
+1 315 879 8192
[email protected]

Investor Contact

Corey Davis, Ph.D.
LifeSci Advisors
+1 212 915 2577
[email protected]

OLINVYK demonstrated a reduced impact on respiratory depression compared to IV morphine, among elderly/overweight subjects

Study consistent with prior results that suggest OLINVYK provides a reduced impact on ventilatory function as compared to IV morphine

CHESTERBROOK, Pa., Feb. 14, 2023 (GLOBE NEWSWIRE) — Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced the publication of OLINVYK data in the peer-reviewed journal Anesthesiology. The paper, entitled “Respiratory Effects of Biased Ligand Oliceridine in Older Volunteers: A Pharmacokinetic-Pharmacodynamic Comparison with Morphine” was published in collaboration with researchers at several prestigious institutions, including the Leiden University Medical Center in the Netherlands. A link to the paper can be found at https://www.trevena.com/publications.

The paper summarizes the key findings of the four-arm, double-blind, randomized crossover study of eighteen 56- to 87-year-old male and female participants. The intent of the study was to evaluate the difference between oliceridine and IV morphine as measured by the effect on ventilation. The results of the study demonstrated that oliceridine and morphine differed in their pharmacodynamics with a more rapid onset and offset of respiratory depression for oliceridine and a smaller magnitude of respiratory depression over time.   The total number of adverse events was similar between the two opioids. The most frequently reported adverse events for oliceridine were dizziness, lightheadedness, somnolence and horizontal vertigo; for morphine, the most frequently reported adverse events were nausea, lightheadedness, dizziness and somnolence.

“These important results further suggest that the pharmacodynamic characteristics of oliceridine may provide a reduced impact on ventilatory function as compared to IV morphine,” said Dr. Albert Dahan, Professor of Anesthesiology at Leiden University Medical Center. “We are pleased to share the results of our work with a broader scientific audience.”

“This publication is complementary to the other datasets highlighting OLINVYK’s potential difference with regard to respiratory effects on patients,” said Mark A. Demitrack, M.D., Senior Vice President and Chief Medical Officer of Trevena. “We believe Dr. Dahan’s paper highlights how age can affect these differences. These data may be relevant in the clinical care of elderly patients.”

As with all opioids, serious, life-threatening, or fatal respiratory depression may occur in patients treated with OLINVYK as indicated in the boxed warning.

About OLINVYK

^®

 (oliceridine) injection

OLINVYK is a new chemical entity approved by the FDA in August 2020. OLINVYK contains oliceridine, an opioid, which is a Schedule II controlled substance with a high potential for abuse similar to other opioids. It is indicated in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate. OLINVYK is available in 1 mg/1 mL and 2 mg/2 mL single-dose vials, and a 30 mg/30 mL single-patient-use vial for patient-controlled analgesia (PCA). Approved PCA doses are 0.35 mg and 0.5 mg and doses greater than 3 mg should not be administered. The cumulative daily dose should not exceed 27 mg. Please see Important Safety Information, including the BOXED WARNING, and full prescribing information at www.OLINVYK.com.

IMPORTANT SAFETY INFORMATION

WARNING: ADDICTION, ABUSE, AND MISUSE; LIFE-THREATENING RESPIRATORY DEPRESSION; NEONATAL OPIOID WITHDRAWAL SYNDROME; and RISKS FROM CONCOMITANT USE WITH BENZODIAZEPINES OR OTHER CENTRAL NERVOUS SYSTEM (CNS) DEPRESSANTS

ADDICTION, ABUSE, AND MISUSE – OLINVYK exposes patients and other users to the risks of opioid addiction, abuse, and misuse, which can lead to overdose and death. Assess each patient’s risk before prescribing OLINVYK, and monitor all patients regularly for the development of behaviors or conditions.

LIFE-THREATENING RESPIRATORY DEPRESSION – Serious, life-threatening, or fatal respiratory depression may occur with use of OLINVYK. Monitor for respiratory depression, especially during initiation of OLINVYK or following a dose increase.

NEONATAL OPIOID WITHDRAWAL SYNDROME – Prolonged use of OLINVYK during pregnancy can result in neonatal opioid withdrawal syndrome, which may be life-threatening if not recognized and treated, and requires management according to protocols developed by neonatology experts. If opioid use is required for a prolonged period in a pregnant woman, advise the patient of the risk of neonatal opioid withdrawal syndrome and ensure that appropriate treatment will be available.

RISK FROM CONCOMITANT USE WITH BENZODIAZEPINES OR OTHER CNS DEPRESSANTS – Concomitant use of opioids with benzodiazepines or other CNS depressants, including alcohol, may result in profound sedation, respiratory depression, coma, and death. Reserve concomitant prescribing for use in patients for whom alternative treatment options are inadequate; limit dosages and durations to the minimum required; and follow patients for signs and symptoms of respiratory depression and sedation.

INDICATIONS AND USAGE

OLINVYK is an opioid agonist indicated in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate.

Limitations of Use

Because of the risks of addiction, abuse, and misuse with opioids, even at recommended doses, reserve OLINVYK for use in patients for whom alternative treatment options [e.g., non-opioid analgesics or opioid combination products]:

• Have not been tolerated, or are not expected to be tolerated
• Have not provided adequate analgesia, or are not expected to provide adequate analgesia.

The cumulative total daily dose should not exceed 27 mg, as total daily doses greater than 27 mg may increase the risk for QTc interval prolongation.

CONTRAINDICATIONS

OLINVYK is contraindicated in patients with:

• Significant respiratory depression
• Acute or severe bronchial asthma in an unmonitored setting or in the absence of resuscitative equipment
• Known or suspected gastrointestinal obstruction, including paralytic ileus
• Known hypersensitivity to oliceridine (e.g., anaphylaxis)

WARNINGS AND PRECAUTIONS

• OLINVYK contains oliceridine, a Schedule II controlled substance, that exposes users to the risks of addiction, abuse, and misuse. Although the risk of addiction in any individual is unknown, it can occur in patients appropriately prescribed OLINVYK. Assess risk, counsel, and monitor all patients receiving opioids.
• Serious, life-threatening respiratory depression has been reported with the use of opioids, even when used as recommended, especially in patients with chronic pulmonary disease, or in elderly, cachectic and debilitated patients. The risk is greatest during initiation of OLINVYK therapy, following a dose increase, or when used with other drugs that depress respiration. Proper dosing of OLINVYK is essential, especially when converting patients from another opioid product to avoid overdose. Management of respiratory depression may include close observation, supportive measures, and use of opioid antagonists, depending on the patient’s clinical status.
• Opioids can cause sleep-related breathing disorders including central sleep apnea (CSA) and sleep-related hypoxemia with risk increasing in a dose-dependent fashion. In patients who present with CSA, consider decreasing the dose of opioid using best practices for opioid taper.
• Prolonged use of opioids during pregnancy can result in withdrawal in the neonate that may be life-threatening. Observe newborns for signs of neonatal opioid withdrawal syndrome and manage accordingly. Advise pregnant women using OLINVYK for a prolonged period of the risk of neonatal opioid withdrawal syndrome and ensure that appropriate treatment will be available.
• Profound sedation, respiratory depression, coma, and death may result from the concomitant use of OLINVYK with benzodiazepines or other CNS depressants (e.g., non-benzodiazepine sedatives/hypnotics, anxiolytics, tranquilizers, muscle relaxants, general anesthetics, antipsychotics, other opioids, or alcohol). Because of these risks, reserve concomitant prescribing of these drugs for use in patients for whom alternative treatment options are inadequate, prescribe the lowest effective dose, and minimize the duration.
• OLINVYK was shown to have mild QTc interval prolongation in thorough QT studies where patients were dosed up to 27 mg. Total cumulative daily doses exceeding 27 mg per day were not studied and may increase the risk for QTc interval prolongation. Therefore, the cumulative total daily dose of OLINVYK should not exceed 27 mg.
• Increased plasma concentrations of OLINVYK may occur in patients with decreased Cytochrome P450 (CYP) 2D6 function or normal metabolizers taking moderate or strong CYP2D6 inhibitors; also in patients taking a moderate or strong CYP3A4 inhibitor, in patients with decreased CYP2D6 function who are also receiving a moderate or strong CYP3A4 inhibitor, or with discontinuation of a CYP3A4 inducer. These patients may require less frequent dosing and should be closely monitored for respiratory depression and sedation at frequent intervals. Concomitant use of OLINVYK with CYP3A4 inducers or discontinuation of a moderate or strong CYP3A4 inhibitor can lower the expected concentration, which may decrease efficacy, and may require supplemental doses.
• Cases of adrenal insufficiency have been reported with opioid use (usually greater than one month). Presentation and symptoms may be nonspecific and include nausea, vomiting, anorexia, fatigue, weakness, dizziness, and low blood pressure. If confirmed, treat with physiologic replacement doses of corticosteroids and wean patient from the opioid.
• OLINVYK may cause severe hypotension, including orthostatic hypotension and syncope in ambulatory patients. There is increased risk in patients whose ability to maintain blood pressure has already been compromised by a reduced blood volume or concurrent administration of certain CNS depressant drugs (e.g., phenothiazines or general anesthetics). Monitor these patients for signs of hypotension. In patients with circulatory shock, avoid the use of OLINVYK as it may cause vasodilation that can further reduce cardiac output and blood pressure.
• Avoid the use of OLINVYK in patients with impaired consciousness or coma. OLINVYK should be used with caution in patients who may be susceptible to the intracranial effects of CO₂ retention, such as those with evidence of increased intracranial pressure or brain tumors, as a reduction in respiratory drive and the resultant CO₂ retention can further increase intracranial pressure. Monitor such patients for signs of sedation and respiratory depression, particularly when initiating therapy.
• As with all opioids, OLINVYK may cause spasm of the sphincter of Oddi, and may cause increases in serum amylase. Monitor patients with biliary tract disease, including acute pancreatitis, for worsening symptoms.
• OLINVYK may increase the frequency of seizures in patients with seizure disorders and may increase the risk of seizures in vulnerable patients. Monitor patients with a history of seizure disorders for worsened seizure control.
• Do not abruptly discontinue OLINVYK in a patient physically dependent on opioids. Gradually taper the dosage to avoid a withdrawal syndrome and return of pain. Avoid the use of mixed agonist/antagonist (e.g., pentazocine, nalbuphine, and butorphanol) or partial agonist (e.g., buprenorphine) analgesics in patients who are receiving OLINVYK, as they may reduce the analgesic effect and/or precipitate withdrawal symptoms.
• OLINVYK may impair the mental or physical abilities needed to perform potentially hazardous activities such as driving a car or operating machinery.
• Although self-administration of opioids by patient-controlled analgesia (PCA) may allow each patient to individually titrate to an acceptable level of analgesia, PCA administration has resulted in adverse outcomes and episodes of respiratory depression. Health care providers and family members monitoring patients receiving PCA analgesia should be instructed in the need for appropriate monitoring for excessive sedation, respiratory depression, or other adverse effects of opioid medications.

ADVERSE REACTIONS

Adverse reactions are described in greater detail in the Prescribing Information.

The most common (incidence ≥10%) adverse reactions in Phase 3 controlled clinical trials were nausea, vomiting, dizziness, headache, constipation, pruritus, and hypoxia.

MEDICAL INFORMATION

For medical inquiries or to report an adverse event, other safety-related information or product complaints for a company product, please contact the Trevena Medical Information Contact Center at 1-844-465-4686 or email [email protected].

You are encouraged to report suspected adverse events of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088.

Please see Full Prescribing Information, including Boxed Warning.

About Trevena

Trevena, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative medicines for patients with CNS disorders. The Company has one approved product in the United States, OLINVYK^® (oliceridine) injection, indicated in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate. The Company’s novel pipeline is based on Nobel Prize winning research and includes three differentiated investigational drug candidates: TRV045 for diabetic neuropathic pain and epilepsy, TRV250 for the acute treatment of migraine and TRV734 for maintenance treatment of opioid use disorder.

For more information, please visit www.Trevena.com 

Forward-Looking Statements

Any statements in this press release about future expectations, plans and prospects for the Company, including statements about the Company’s strategy, future operations, clinical development and trials of its therapeutic candidates, plans for potential future product candidates and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “suggest,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” 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: the status, timing, costs, results and interpretation of the Company’s clinical trials or any future trials of any of the Company’s investigational drug candidates; the uncertainties inherent in conducting clinical trials; expectations for regulatory interactions, submissions and approvals, including the Company’s assessment of discussions with FDA; available funding; uncertainties related to the Company’s intellectual property; uncertainties related to the ongoing COVID-19 pandemic, other matters that could affect the availability or commercial potential of the Company’s therapeutic candidates and approved product; and other factors discussed in the Risk Factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and in other filings the Company makes with the SEC from time to time. In addition, the forward-looking statements included in this press release represent the Company’s views only as of the date hereof. The Company anticipates that subsequent events and developments may 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, it specifically disclaims any obligation to do so, except as may be required by law.

For more information, please contact:

Investor Contact:

Dan Ferry

Managing Director

LifeSci Advisors, LLC

[email protected]

(617) 430-7576

Company Contact:

Bob Yoder

SVP and Chief Business Officer

Trevena, Inc.

(610) 354-8840