Market Newsdesk

January 13, 2022 5:03 pm

COPA HOLDINGS ANNOUNCES MONTHLY TRAFFIC STATISTICS FOR DECEMBER 2021

PR Newswire

PANAMA CITY, Jan. 13, 2022 /PRNewswire/ — Copa Holdings, S.A. (NYSE: CPA), today released preliminary passenger traffic statistics for December 2021:

*Operating Data*	December 2021	December 2019	% Change
Copa Holdings (Consolidated)
ASM (mm) ⁽¹⁾	1,873.1	2,124.5	-11.8%
RPM (mm) ⁽²⁾	1,569.6	1,814.0	-13.5%
Load Factor ⁽³⁾	83.8%	85.4%	-1.6p.p.


1. Available seat miles – represents the aircraft seating capacity multiplied by the number of miles the seats are flown.
2. Revenue passenger miles – represents the numbers of miles flown by revenue passengers
3. Load factor – represents the percentage of aircraft seating capacity that is actually utilized

Given the irregular nature of the Company’s operations starting in March 2020 due to the Covid-19 pandemic, we will compare this and future traffic reports to 2019 statistics.

Consolidated capacity (ASMs) came in 11.8% lower than December 2019, while passenger traffic (RPMs) decreased 13.5%, which resulted in a 83.8% load factor.

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central and South America and the Caribbean. For more information visit

www.copa.com

.

CPA-G

CONTACT:

Daniel Tapia – Panamá
Director – Investor Relations
011 (507) 304-2774

View original content:https://www.prnewswire.com/news-releases/copa-holdings-announces-monthly-traffic-statistics-for-december-2021-301460852.html

SOURCE Copa Holdings, S.A.

January 13, 2022 5:03 pm

Valvoline to Report Financial Results for First Quarter 2022 on Feb. 8 and Host Webcast on Feb. 9

PR Newswire

LEXINGTON, Ky., Jan. 13, 2022 /PRNewswire/ — Valvoline Inc. (NYSE: VVV), a global leader in vehicle care powering the future of mobility through innovative services and products, today announced that it plans to report financial results for its fiscal first quarter after market close on Feb. 8, 2022, and host a live audio webcast with analysts and investors at 9 a.m. ET on Feb. 9, 2022.

The webcast and slide presentation will be available on the company’s Investor Relations website at http://investors.valvoline.com. Shortly after the call concludes, a replay of the webcast will be available on this same website.

About Valvoline™
Valvoline Inc. (NYSE: VVV) is a global leader in vehicle care powering the future of mobility through innovative services and products for vehicles with electric, hybrid and internal combustion powertrains. Established in 1866, the Company introduced the world’s first branded motor oil and developed strong brand recognition and customer satisfaction ratings over the years across multiple service and product channels. The Company operates and franchises approximately 1,600 service center locations and is the No. 2 and No. 3 largest chain in the U.S. and Canada, respectively, by number of stores. With sales in more than 140 countries and territories, Valvoline’s solutions are available for every engine and drivetrain, including high-mileage and heavy-duty vehicles, and are offered at more than 80,000 locations worldwide. Creating the next generation of advanced automotive solutions, Valvoline has established itself as the world’s No. 1 supplier of battery fluids to electric vehicle manufacturers, offering tailored products to help extend vehicle range and efficiency. To learn more, or to find a Valvoline service center near you, visit valvoline.com.

FOR FURTHER INFORMATION

Investor Relations
Sean T. Cornett
+1 (859) 357-2798
[email protected]

Media Relations

Michele Gaither Sparks

+1 (859) 230-8079
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/valvoline-to-report-financial-results-for-first-quarter-2022-on-feb-8-and-host-webcast-on-feb-9-301460730.html

SOURCE Valvoline Inc.

January 13, 2022 5:03 pm

Summit Hotel Properties Completes Acquisition of NewcrestImage Portfolio

PR Newswire

AUSTIN, Texas, Jan. 13, 2022 /PRNewswire/ — Summit Hotel Properties, Inc. (NYSE: INN) (the “Company” or “Summit”) today announced that it has completed an initial closing of the previously announced portfolio acquisition through its existing joint venture with GIC from affiliates of NewcrestImage. The initial closing included 26 of the 27 hotels totaling 3,533 guestrooms, two parking structures, and various financial incentives. The remaining hotel to be acquired is the currently under construction 176-guestroom Canopy by Hilton New Orleans which is nearing completion, and the joint venture expects to close on the acquisition of the hotel during the first quarter 2022 (collectively with the initial closing referred to as the “Transaction”).

The total consideration for the Transaction is comprised of $776.5 million, or $209,000 per key, for the 27-hotel portfolio, $24.8 million for the two parking structures, and $20.7 million for the various financial incentives. The Transaction is expected to be immediately accretive to adjusted FFO per share, generate a stabilized net operating income yield of 8.0% to 8.5% including future capital investment and excluding any ancillary joint venture fees earned by Summit, and be leverage neutral to the Company’s balance sheet while preserving existing liquidity of nearly $450 million.

Capital Structure and Financing

Upon closing of the Transaction, the Company will fund its 51% equity contribution with a combination of common operating partnership units and preferred operating partnership units. The Company will issue 15.865 million common operating partnership units valued at $160 million to seller affiliates, based on the 10-day trailing VWAP of $10.0853 per unit as of November 2, 2021. The Company will also issue $50 million worth of newly designated 5.25% Series Z Preferred Units. The preferred operating partnership units will be entitled to distributions at a rate of 5.25% per annum, may be redeemed by the holder on the 10^th or 11^th anniversary of the issuance date and may be called by the Company at any time after the 5^th anniversary of the issuance date. GIC’s 49% equity contribution will be in the form of cash.

The Company has secured a $410 million financing commitment from Bank of America and Wells Fargo Bank which will be the primary debt financing for the Transaction. The term loan has a four-year initial term with a one-year extension option, subject to certain conditions. The loan is interest-only and provides for a floating interest rate equal to SOFR + 2.86%.

Portfolio Asset Listing

PROPERTY NAME	MSA	STATE	KEYS / SPACES	YEAR BUILT
AC Hotel by Marriott Houston Downtown	Houston	TX	195	2019
AC Hotel by Marriott Oklahoma City Bricktown	Oklahoma City	OK	142	2017
AC Hotel by Marriott Dallas Downtown	Dallas	TX	128	2017
Residence Inn by Marriott Dallas Downtown	Dallas	TX	121	2017
AC Hotel by Marriott Frisco Station	Dallas	TX	150	2019
Residence Inn by Marriott Frisco Station	Dallas	TX	150	2019
Canopy by Hilton Frisco Station	Dallas	TX	150	2020
Canopy by Hilton New Orleans ⁽¹⁾	New Orleans	LA	176	2021
Courtyard by Marriott Amarillo Downtown	Amarillo	TX	107	2010
Courtyard by Marriott Grapevine	Dallas	TX	181	2013
TownePlace Suites by Marriott Grapevine	Dallas	TX	120	2013
Embassy Suites by Hilton Amarillo Downtown	Amarillo	TX	226	2017
Hampton Inn & Suites by Hilton Dallas Downtown	Dallas	TX	176	2016
Hilton Garden Inn by Hilton College Station	Bryan-College Stn	TX	119	2013
Hilton Garden Inn by Hilton Longview	Longview	TX	122	2015
Hilton Garden Inn by Hilton Grapevine	Dallas	TX	152	2021
Holiday Inn Express & Suites Grapevine	Dallas	TX	95	2000
Holiday Inn Express & Suites Oklahoma City Bricktown	Oklahoma City	OK	124	2015
Homewood Suites by Hilton Midland	Midland-Odessa	TX	118	2014
Hyatt Place Dallas Grapevine	Dallas	TX	125	2000
Hyatt Place Dallas Plano	Dallas	TX	127	1998
Hyatt Place Lubbock	Lubbock	TX	125	2016
Hyatt Place Oklahoma City Bricktown	Oklahoma City	OK	134	2018
Residence Inn by Marriott Tyler	Tyler	TX	119	2014
SpringHill Suites by Marriott Dallas Downtown	Dallas	TX	148	1997
SpringHill Suites by Marriott New Orleans	New Orleans	LA	74	2018
TownePlace Suites by Marriott New Orleans	New Orleans	LA	105	2018
Total Hotel Portfolio			3,709

Dallas Parking Structure	Dallas	TX	335	2019
Frisco Parking Structure	Dallas	TX	667	2019
Total Parking			1,002

Total NCI Portfolio			3,709 / 1,002
⁽¹⁾ Canopy by Hilton New Orleans is still under construction and expected to open and acquired in Q1 2022.

TRANSACTION VALUE COMPONENTS ($000s)		VALUE	PER KEY
Hotel Portfolio	27 Hotels / 3,709 Guestrooms	$ 776,500	$ 209
Parking Structures	2 Structures / 1,002 Parking Spaces	24,800	–
Subtotal		$ 801,300
Financial Incentives ⁽¹⁾		20,700	–
Total		$ 822,000
⁽¹⁾ The value of the financial incentives reflects the net present value of the future expected cash flows.

Board Composition

Effective January 13, 2022, Mehul Patel, Managing Partner and Chief Executive Officer of NewcrestImage, was appointed as a director to the Company’s Board of Directors.

Advisors

BofA Securities, Inc. is acting as financial advisor and Hunton Andrews Kurth is acting as legal counsel to the Company on the Transaction. Goodwin Procter, Munsch Hardt Kopf & Harr, Haynes and Boone, and Colven & Tran are acting as legal counselors to NewcrestImage.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of January 13, 2022, the Company’s portfolio consisted of 100 hotels, 61 of which are wholly owned, with a total of 15,051 guestrooms located in 24 states. Upon closing of the Canopy by Hilton New Orleans, the Company’s portfolio will consist of 101 hotels, 61 of which are wholly owned, with a total of 15,227 guestrooms located in 24 states.

About NewcrestImage

NewcrestImage has become one of the leading hotel companies in America having transacted over 184 hotels throughout its history. It is known and respected for its unique properties and for repeatedly developing bold award-winning projects that have transformed the hospitality industry. Many of the notable properties include dual-brand hotels, the adaptive re-use of historic buildings, and “lifestyle hotel campus,” which creates vibrant mixed-use neighborhoods.

Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan,” “likely,” “would” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Examples of forward-looking statements include the following: the Company’s ability to realize financial and operational synergies; projections of revenues and expenses or other financial items; descriptions of the Company’s plans or objectives for future operations; forecasts of EBITDAre; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission (“SEC”). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company’s expectations.

View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-hotel-properties-completes-acquisition-of-newcrestimage-portfolio-301460871.html

SOURCE Summit Hotel Properties, Inc.

January 13, 2022 5:03 pm

MEDIA ADVISORY – Resolute to Host Management Call to Discuss Fourth Quarter and 2021 Annual Results

PR Newswire

MONTREAL, Jan. 13, 2022 /PRNewswire/ – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) expects to announce its annual financial results on February 3, 2022, at 7:00 a.m. (ET), and to hold a conference call to discuss the results at 9:00 a.m. (ET).

The public is invited to join the call at 888 550-7724 at least fifteen minutes before its scheduled start time. A simultaneous webcast will also be available using the link provided under “Presentations and Webcasts” in the “Investors” section of www.resolutefp.com. A replay of the webcast will be archived on the company’s website.

About Resolute Forest Products

Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products and papers, which are marketed in over 50 countries. The company owns or operates some 40 facilities, as well as power generation assets, in the United States and Canada. Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.

Resolute has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit www.resolutefp.com for more information.

View original content:https://www.prnewswire.com/news-releases/media-advisory—resolute-to-host-management-call-to-discuss-fourth-quarter-and-2021-annual-results-301460850.html

SOURCE Resolute Forest Products Inc.

January 13, 2022 5:03 pm

Molecular Partners Reports Disclosure of Major Shareholder as per Swiss Stock Exchange Regulations

BVF Partners L.P. acquired shares from Essex Woodlands Health Ventures Funds

ZURICH-SCHLIEREN, Switzerland & CONCORD, Mass., Jan. 13, 2022 (GLOBE NEWSWIRE) — Ad hoc announcement pursuant to Art. 53 LR:
Molecular Partners AG (SIX: MOLN; NASDAQ: MOLN), a clinical-stage biotech company developing a new class of custom-built protein drugs known as DARPin therapeutics, today reported changes in ownership based on disclosure notifications received according to Article 120 of the Swiss Financial Market Infrastructure Act. According to such disclosure notifications, two investors crossed the following thresholds on January 10, 2022: Essex Woodlands Health Ventures Funds crossed below the 3% threshold, transacting its remaining shares of Molecular Partners to BVF Partners L.P., whose holdings have now crossed the 10% threshold, rising to 12.21%.

“We are grateful for the long support provided to us along the years by Essex Woodlands, who were among our very first investors, and we are pleased to report the continued and increased support by our investors at BVF Partners,” said Patrick Amstutz, Ph.D., CEO of Molecular Partners. “The recent announcement of the clinical success in our COVID-19 program, partnered with Novartis, gives hope to patients and provides value to investors at the same time.”

“We believe ensovibep has the potential to be an important medicine with respect to current and future variants of SARS-CoV-2. Additionally, we feel that the DARPin platform could play a vital role in addressing future pandemics. We have been impressed by the ingenuity and commitment of the Molecular Partners team and we are proud to be a significant shareholder,” said Mark Lampert, founder and General Partner of BVF Partners L.P.

About Molecular Partners AG

Molecular Partners AG is a clinical-stage biotech company developing DARPin therapeutics, a new class of custom-built protein drugs designed to address challenges current modalities cannot. The Company has formed partnerships with leading pharmaceutical companies to advance DARPin therapeutics in the areas of ophthalmology, oncology and infectious disease, and has compounds in various stages of clinical and preclinical development across multiple therapeutic areas. www.molecularpartners.com; Find us on Twitter – @MolecularPrtnrs

Cautionary Note Regarding Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe”, “expect”, “may”, “plan”, “potential”, “will”, “would” and similar expressions, and are based on Molecular Partners AG’s current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Some of the key factors that could cause actual results to differ from our expectations include our plans to develop and potentially commercialize our product candidates; our reliance on third party partners and collaborators over which we may not always have full control; our ongoing and planned clinical trials and preclinical studies for our product candidates; the timing of and our ability to obtain and maintain regulatory approvals for our product candidates; the extent of clinical trials potentially required for our product candidates; the clinical utility and ability to achieve market acceptance of our product candidates; our plans and development of any new indications for our product candidates; our commercialization, marketing and manufacturing capabilities and strategy; our intellectual property position; our ability to identify and in-license additional product candidates; and other risks and uncertainties that are described in the Risk Factors section of Molecular Partners’ Registration Statement on Form F-1 filed with Securities and Exchange Commission (SEC) on June 14, 2021 and other filings Molecular Partners makes with the SEC. These documents are available on the Investors page of Molecular Partners’ website at http://www.molecularpartners.com. Any forward-looking statements speak only as of the date of this press release and are based on information available to Molecular Partners as of the date of this release, and Molecular Partners assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further details, please contact:
Seth Lewis
[email protected]
Tel: +1 781 420 2361

Shai Biran, Ph.D.
[email protected]
Tel: +1 978 254 6286

Thomas Schneckenburger, European IR & Media
[email protected]
Tel: +41 79 407 9952

January 13, 2022 5:03 pm

Eldorado Gold Announces Strong 2021 Preliminary Production of 475,912 oz; Announces Board and Management Appointments; and Provides Conference Call Details

VANCOUVER, British Columbia, Jan. 13, 2022 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce fourth quarter 2021 preliminary gold production of 122,644 ounces, and full year 2021 preliminary production of 475,912 ounces. Annual gold production from the Company’s four operating mines is at the upper end of the revised production guidance range of 460,000 to 480,000 ounces. Detailed production, by asset, is outlined in the table below.

Q4 2021 and Year-to-Date 2021 Preliminary Gold Production

	Production (oz)
Mine	Q4 2021	Q4 2020	Q3 2021
Kisladag	33,136	56,816	51,040
Lamaque	51,354	44,168	37,369
Efemcukuru	22,631	25,828	23,305
Olympias	15,523	11,408	13,745
Total Gold Production (oz)	122,644	138,220	125,459

	Production (oz)
Mine	Full Year 2021	Full Year 2020	2021 Guidance
Kisladag	174,365	226,475
Lamaque	153,201	144,141
Efemcukuru	92,707	99,835
Olympias	55,639	58,423
Total Gold Production (oz)	475,912	528,874	460,000 – 480,000 ¹
¹Total Gold Production guidance revised in October 2021 from original 2021 guidance of 430,000 – 460,000

Canada

Strong fourth quarter gold production at Lamaque was mainly driven by higher than planned gold grades in the C4 zone. The decline connecting the Sigma mill with the Triangle underground mine was completed, on schedule and on budget, in December 2021. The decline will allow direct ore and waste transportation from the Triangle mine to the mill thereby eliminating the re-handling of ore.

Turkey

Kisladag performed well in the fourth quarter with gold production inline with plan. Several operational improvements, in advance of the high-pressure grinding rolls (“HPGR”) circuit commissioning in the mine, crushing circuit, and leach pad in 2021 resulted in increased throughput. Construction and wet commissioning of the HPGR was completed in December 2021. The circuit is now ramping up to production and metallurgical specifications.

At Efemcukuru, gold production, throughput, and average gold grade were inline with expectations.

The Company’s profits from mining operations in Turkey are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the fourth quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 25%, to be further increased by $13-16 million. The expected increase is primarily related to the significant weakening of the Lira in the quarter and the resulting generation of taxable unrealized foreign exchange gains. This was partly offset by a reduction from the investment tax credit relating to Kisladag heap leach improvements.

Greece

Olympias performed well in the fourth quarter, delivering the strongest quarter of the year, and inline with guidance. Efficiency initiatives that started earlier in the year, coupled with positive grade reconciliation versus the plan resulted in higher fourth quarter production to end the year.

Fourth quarter production at Olympias reflects some initiatives that were implemented in relation to the transformation efforts at the Kassandra assets in Greece. As previously disclosed, the Company is implementing a wide-ranging, sustained effort to optimize the Greek operations that touches every part of the business, from employee education and training, to physical plant and business systems upgrades. The Company continues to target efficiency and productivity improvements at Olympias. The long-term benefits in safety, culture and productivity will result in a safer and more efficient operation with the potential to deliver improved economic returns.

Board and Management Appointments

Eldorado also announced today the appointment of Carissa Browning to its Board of Directors and the promotion of Graham Morrison to the role of Vice President, Corporate Development.

Carissa Browning was appointed to the Board of Directors in January 2022. Ms. Browning is a Corporate Commercial Lawyer at EnerNext Partners and previously served as legal counsel for BC Hydro and TransAlta Corporation. She has broad industry experience in electricity and renewable energy, technology, fintech and commodity trading; and advises on matters relating to corporate governance, market regulation and sustainability. Ms. Browning currently sits on the Board of Women + Power and formerly served on the boards of Energy Efficiency Alberta, TAMA Transmission and Circle for Aboriginal Relations (CFAR). She holds a BA and LLB from the University of Calgary and regularly contributes her thought leadership and reflections on the importance of diverse representation, reconciliation and her views as an Indigenous woman.

Graham Morrison was promoted to the role of Vice President, Corporate Development in October 2021 and will oversee the Corporate Development function and support the execution of Eldorado’s business strategy. Mr. Morrison has 15 years of mining experience and joined Eldorado in 2011, initially as a Business Development Analyst and has progressively taken on greater responsibility within the company, having most recently held the role of Senior Director, Corporate Development. Before joining Eldorado, Graham worked in equity research at Raymond James Ltd with a focus on mid-cap gold producers and developers. Graham has a BA from Dalhousie University and an MSc, Mineral Economics from Western Australia School of Mines and is a CFA Charterholder.

Q4 2021 Financial and Operational Results Call Details

Eldorado will release its 2021 year end and fourth quarter Financial and Operational Results after the market closes on Thursday, February 24, 2022 and will host a conference call on Friday, February 25, 2022 at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com, or via:
http://services.choruscall.ca/links/eldoradogold20220225.html

Conference Call Details		Replay (available until April 1, 2022)

Date:	February 25, 2022	Vancouver:	+1 604 638 9010
Time:	11:30 AM ET (8:30 AM PT)	Toll Free:	1 800 319 6413
Dial in:	+1 604 638 5340	Access code:	8299
Toll free:	1 800 319 4610

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece and Romania. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations

Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
[email protected]

Media

Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.363.8166
[email protected]

Cautionary Note about Forward-looking Statements and Information

Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “continue”, “projected”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our preliminary fourth quarter 2021 and annual gold production, the Company’s 2021 annual guidance, including at our individual mine production; benefits of the completion of the decline at Lamaque, and the improvements at Kisladag expected tax expense in Turkey; the optimization of Greek operations, including the benefits and risks thereof; our expectation as to our future financial and operating performance, including expectations around generating free cash flow; working capital requirements; debt repayment obligations; use of proceeds from financing activities; expected metallurgical recoveries and improved concentrate grade and quality; gold price outlook and the global concentrate market; risk factors affecting our business; our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities and related timelines; and schedules and results of litigation and arbitration proceedings. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

We have made certain assumptions about the forward-looking statements and information, including assumptions about: our preliminary gold production and our guidance, benefits of the completion of the decline at Lamaque, and the improvements at Kisladag; the tax expense in Turkey, how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing and cost of construction and exploration; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs, expenses and working capital requirements; production, mineral reserves and resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or delays on our business; and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.

Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: inability to meet production guidance, inability to achieve the expected benefits of the decline between Triangle mill and the Triangle underground mine or the improvements at Kisladag; inability to assess income tax expense in Turkey; global outbreaks of infectious diseases, including COVID-19; timing and cost of construction, and the associated benefits; recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and “Risk factors in our business” in the Company’s most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change.

Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Simon Hille, FAusIMM and VP Technical Services for the Company, and a “qualified person” under NI 43-101.

January 13, 2022 5:03 pm

Washington Federal Announces Quarterly Earnings Per Share Of $0.71

Washington Federal Announces Quarterly Earnings Per Share Of $0.71

SEATTLE–(BUSINESS WIRE)–
Washington Federal, Inc. (Nasdaq: WAFD) (the “Company”), parent company of Washington Federal Bank, N.A. (“WaFd Bank”), today announced quarterly earnings of $50,281,000 for the quarter ended December 31, 2021, an increase of 29% from $38,951,000 for the quarter ended December 31, 2020. After the effect of dividends on preferred stock, net income available for common shareholders was $0.71 per diluted share for the quarter ended December 31, 2021, compared to $0.51 per diluted share for the quarter ended December 31, 2020, a $0.20 or 39% increase in fully diluted earnings per common share. Return on common shareholders’ equity for the quarter ended December 31, 2021 was 10.12% compared to 7.65% for the quarter ended December 31, 2020. Return on assets for the quarter ended December 31, 2021 was 1.02% compared to 0.83% for the same quarter in the prior year.

President and Chief Executive Officer Brent J. Beardall commented, “The first fiscal quarter of 2022 was a great start to the year. Net loan growth was robust, increasing $759 million or 5.5% for the quarter. Credit quality remained strong, with yet another quarter of net recoveries and our allowance for credit losses stands at $201 million. Deposit growth continued, with total customer deposits increasing by $360 million and checking accounts now making up 44% of deposits. Solid growth in our fundamental business has resulted in an 11.30% increase in net interest income over the same quarter last year.

“Two very important non-financial events occurred last quarter. First, we were able to exit the 2018 Bank Secrecy Act (‘BSA’) Consent Order with our primary federal regulator, the Office of the Comptroller of the Currency (‘OCC’). Over the last four years we have worked diligently to improve our BSA program. While we are grateful to be out of the Consent Order, we recognize the importance of regulatory compliance and will continue to build our culture of compliance going forward. Second, we successfully launched our new consumer online and mobile banking platforms. These were both substantial upgrades and provide a platform for our clients to have a real-time understanding of their financial health by aggregating data from all of their financial partners. Additionally, alerts can be personalized and set to notify clients of financial activity at their discretion. We are just starting to reap the benefits of controlling our own digital channel platforms and will continue to enhance our offerings to meet client needs.”

Total assets were $20.0 billion as of December 31, 2021, compared to $19.7 billion at September 30, 2021, primarily due to the $759 million increase in loans receivable funded by continued growth in customer deposits (noted below) and cash. Investment securities decreased by $232 million during the quarter.

Customer deposits totaled $15.9 billion as of December 31, 2021, an increase of $360 million or 2.3% since September 30, 2021. Transaction accounts increased by $442 million or 3.7% during that period, while time deposits decreased $82 million or 2.4%. The shift in deposit mix has been a result of a deliberate deposit pricing and customer growth strategy. The focus on transaction accounts is intended to lessen sensitivity to rising interest rates and manage interest expense. As of December 31, 2021, 78.9% of the Company’s deposits were transaction accounts, up from 77.9% at September 30, 2021. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 96.6% of deposits at December 31, 2021.

Borrowings from the Federal Home Loan Bank (“FHLB”) totaled $1.72 billion as of December 31, 2021, unchanged since September 30, 2021. The weighted average interest rate of FHLB borrowings was 1.49% as of December 31, 2021, a decrease from 1.51% at September 30, 2021.

The Company had strong loan originations of $2.13 billion for the first fiscal quarter of 2022, compared to $1.92 billion of originations in the same quarter one year ago. Largely offsetting loan originations in each of these quarters were loan repayments of $1.83 billion and $1.60 billion, respectively. Commercial loans represented 79% of all loan originations during the first fiscal quarter of 2022 and consumer loans accounted for the remaining 21%. The Company views organic loan growth funded by low-cost core deposits as the highest and best use of its capital. Commercial loans are preferable as they generally have floating interest rates and shorter durations. The weighted average interest rate on the loan portfolio was 3.38% as of December 31, 2021, a decrease from 3.47% as of September 30, 2021, due primarily to payoffs of loans at higher than current market interest rates and new loans originated at current market rates.

Credit quality is being monitored closely and the economic impacts of the pandemic will become clearer over time. As of December 31, 2021, non-performing assets remained low from a historical perspective and totaled $54.8 million, or 0.27% of total assets, compared to 0.22% at September 30, 2021. The change fiscal year to date is due primarily to non-accrual loans increasing by $13.2 million, or 42%, since September 30, 2021. Delinquent loans increased to 0.31% of total loans at December 31, 2021, compared to 0.19% at September 30, 2021. The allowance for credit losses (including the reserve for unfunded commitments) totaled $201 million as of December 31, 2021, and was 1.18% of gross loans outstanding (1.20% when excluding PPP loans for which it was determined that no allowance was necessary due to the government guarantee), as compared to $199 million, or 1.22% of gross loans outstanding, at September 30, 2021. Net recoveries were $2.1 million for the first fiscal quarter of 2022, compared to net recoveries of $1.7 million for the prior year same quarter. The Company has recorded net recoveries in 32 of the last 34 quarters.

The Company recorded a $500 thousand provision for credit losses in the first fiscal quarter of 2022, compared to a provision for credit losses of $3.0 million in the same quarter of fiscal 2021. The provision for loan losses in the quarter ended December 31, 2021 was primarily due to growth in loans receivable largely offset by improvements in the credit quality of certain loan portfolios.

The Company paid a quarterly dividend on Series A preferred stock on October 15, 2021. On November 19, 2021, the Company paid a regular cash dividend on common stock of $0.23 per share, which represented the 155^th consecutive quarterly cash dividend. During the first fiscal quarter of 2022, the Company repurchased 84,114 shares of common stock (related to tax withholding on employee equity awards) at a weighted average price of $35.34 per share and has authorization to repurchase 3,733,004 additional shares. The Company varies the size and pace of share repurchases depending on several factors, including share price, lending opportunities and capital levels. Since September 30, 2021, tangible common shareholders’ equity per share increased by $0.32, or 1.4%, to $23.59. The ratio of total tangible shareholders’ equity to tangible assets was 9.35% as of December 31, 2021.

Net interest income was $134 million for the first fiscal quarter of 2022, an increase of $13.6 million or 11.3% from the same quarter in the prior year. The increase in net interest income was primarily due to average interest-earning assets increasing by $1.0 billion or 5.59% from the prior year while average interest-bearing liabilities decreased $38 million or 0.26%. Average noninterest-bearing deposits grew by $930 million over the same period. The change in net interest income was also impacted by a 12 basis point decline in the average rate earned on interest-earning assets while the average rate paid on interest-bearing liabilities declined by 31 basis points. Net interest margin of 2.87% in the first fiscal quarter of 2022 compared to 2.88% for the quarter ended September 30, 2021 and 2.75% for the prior year quarter.

Total other income was $18.7 million for the first fiscal quarter of 2022 compared to $13.9 million in the prior year same quarter. The increase in other income was primarily due to a gain of $5.1 million that was recorded for certain equity investments in the quarter ended December 31, 2021.

Total other expense was $89.6 million in the first fiscal quarter of 2022, an increase of $8.2 million, or 10.1%, from the prior year’s quarter. Compensation and benefits costs increased by $4.7 million, or 11.0%, over the prior year quarter primarily due to annual merit increases, higher bonus compensation accruals related to strong deposit and loan growth and investments in top talent and contract staff to support strategic initiatives. The increase in other expense was also partially due to a tax related accrual of $2.4 million in the quarter ended December 31, 2021. The Company’s efficiency ratio in the first fiscal quarter of 2022 was 58.6%, compared to 60.6% for the same period one year ago.

Income tax expense totaled $13.0 million for the first fiscal quarter of 2022, as compared to $10.6 million for the prior year same quarter. The effective tax rate for the quarter ended December 31, 2021 was 20.52% compared to 21.24% for the year ended September 30, 2021. The Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.

WaFd Bank is headquartered in Seattle, Washington, and has 219 branches in eight western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.

Important Cautionary Statements

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s 2021 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

This press release contains statements about the Company’s future that are not statements of historical fact. These statements are “forward-looking statements” for purposes of applicable securities laws, and are based on current information and/or management’s good faith belief as to future events. The words “believe,” “expect,” “anticipate,” and similar expressions signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance. By their nature, forward-looking statements involve inherent risk and uncertainties, which change over time; and actual performance could differ materially from those anticipated by any forward-looking statements. In particular, any forward-looking statements are subject to risks and uncertainties related to the COVID-19 pandemic and the resulting governmental and societal responses. The Company undertakes no obligation to update or revise any forward-looking statement.

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES *CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION* *(UNAUDITED)*

	December 31, 2021			September 30, 2021
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents	$	1,880,647		$	2,090,809
Available-for-sale securities, at fair value		1,946,139			2,138,259
Held-to-maturity securities, at amortized cost		326,387			366,025
Loans receivable, net of allowance for loan losses of $171,411 and $171,300		14,592,202			13,833,570
Interest receivable		51,751			50,636
Premises and equipment, net		253,488			255,152
Real estate owned		5,737			8,204
FHLB and FRB stock		102,863			102,863
Bank owned life insurance		234,660			233,263
Intangible assets, including goodwill of $303,457 and $303,457		309,747			310,019
Federal and state income tax assets, net		—			3,877
Other assets		269,550			257,897
	$	19,973,171		$	19,650,574
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits	$	12,550,062		$	12,108,025
Time deposits		3,351,984			3,434,087
Total customer deposits		15,902,046			15,542,112
FHLB advances		1,720,000			1,720,000
Advance payments by borrowers for taxes and insurance		17,551			47,016
Federal and state income tax liabilities, net		2,728			—
Accrued expenses and other liabilities		181,720			215,382
		17,824,045			17,524,510
Shareholders’ equity
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding		300,000			300,000
Common stock, $1.00 par value, 300,000,000 shares authorized; 136,195,838 and 135,993,254 shares issued; 65,263,738 and 65,145,268 shares outstanding		136,196			135,993
Additional paid-in capital		1,680,637			1,678,622
Accumulated other comprehensive income (loss), net of taxes		61,876			69,785
Treasury stock, at cost; 70,932,100 and 70,847,986 shares		(1,589,920	)		(1,586,947	)
Retained earnings		1,560,337			1,528,611
		2,149,126			2,126,064
	$	19,973,171		$	19,650,574
CONSOLIDATED FINANCIAL HIGHLIGHTS
Common shareholders’ equity per share	$	28.33		$	28.03
Tangible common shareholders’ equity per share		23.59			23.27
Shareholders’ equity to total assets		10.76	%		10.82	%
Tangible shareholders’ equity to tangible assets		9.35	%		9.39	%
Tangible shareholders’ equity + allowance for credit losses to tangible assets		10.38	%		10.42	%
Weighted average rates at period end
Loans and mortgage-backed securities		3.30	%		3.37	%
Combined loans, mortgage-backed securities and investments		2.83			2.80
Customer accounts		0.23			0.23
Borrowings		1.49			1.51
Combined cost of customer accounts and borrowings		0.35			0.35
Net interest spread		2.48			2.45

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES *CONSOLIDATED STATEMENTS OF OPERATIONS* *(UNAUDITED)*

	Three Months Ended December 31,
	2021			2020
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable	$	138,509		$	133,671
Mortgage-backed securities		4,792			7,230
Investment securities and cash equivalents		7,139			6,921
		150,440			147,822
INTEREST EXPENSE
Customer accounts		8,461			14,110
FHLB advances and other borrowings		7,843			13,198
		16,304			27,308
Net interest income		134,136			120,514
Provision (release) for credit losses		500			3,000
Net interest income after provision (release)		133,636			117,514
OTHER INCOME
Gain (loss) on sale of investment securities		81			—
Loan fee income		1,921			2,392
Deposit fee income		6,443			6,026
Other Income		10,236			5,452
		18,681			13,870
OTHER EXPENSE
Compensation and benefits		47,425			42,723
Occupancy		10,090			9,592
FDIC insurance premiums		3,100			3,263
Product delivery		4,721			4,937
Information technology		11,421			11,831
Other		12,856			9,064
		89,613			81,410
Gain (loss) on real estate owned, net		562			(449	)
Income before income taxes		63,266			49,525
Income tax provision		12,985			10,574
Net income		50,281			38,951
Dividends on preferred stock		3,656			—
Net income available to common shareholders	$	46,625		$	38,951
PER SHARE DATA
Basic earnings per common share	$	0.72		$	0.51
Diluted earnings per common share		0.71			0.51
Cash dividends per common share		0.23			0.22
Basic weighted average shares outstanding		65,207,837			75,792,995
Diluted weighted average shares outstanding		65,350,174			75,798,460
PERFORMANCE RATIOS
Return on average assets		1.02	%		0.83	%
Return on average common equity		10.12			7.65
Net interest margin		2.87			2.75
Efficiency ratio		58.64			60.58

View source version on businesswire.com: https://www.businesswire.com/news/home/20220113005854/en/

Washington Federal, Inc.

425 Pike Street, Seattle, WA 98101

Brad Goode, SVP, Chief Marketing Officer

206-626-8178

[email protected]

KEYWORDS: Idaho Oregon Washington Utah New Mexico Texas Arizona Nevada United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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January 13, 2022 5:03 pm

Recently Published Data Confirm DecisionDx®-SCC as a Significant and Independent Risk-Stratification Tool in Patients with Squamous Cell Carcinoma and One or More Risk Factors

Recently Published Data Confirm DecisionDx®-SCC as a Significant and Independent Risk-Stratification Tool in Patients with Squamous Cell Carcinoma and One or More Risk Factors

Clinical performance study published in Future Oncology reinforces the independent value of DecisionDx-SCC to inform risk-appropriate patient management decisions

FRIENDSWOOD, Texas–(BUSINESS WIRE)–
Castle Biosciences, Inc. (Nasdaq: CSTL), a leader in transforming disease management and improving patient outcomes through innovative diagnostics, today announced the publication of clinical performance study data demonstrating that DecisionDx®-SCC provides significant and independent prognostic value for stratifying metastasis risk in patients with cutaneous squamous cell carcinoma (SCC) with one or more risk factors (high risk). The study, titled “Enhanced Metastatic Risk Assessment in Cutaneous Squamous Cell Carcinoma with the 40-Gene Expression Profile Test,” is available online in Future Oncology.

“As the criteria for high-risk SCC is broad, it can be challenging for clinicians to appropriately manage a patient’s disease using only their clinicopathologic risk factors,” said the study’s first author, Sherrif Ibrahim, M.D., Ph.D., dermatologist and Mohs surgeon at Rochester Dermatologic Surgery, Victor, New York, and associate professor, Department of Dermatology at University of Rochester Medical Center, Rochester, New York. “DecisionDx-SCC is designed to provide powerful prognostic information regarding a patient’s risk of metastasis, based on the biology of the individual patient’s tumor. As a physician, I rely on this information to help me make informed and personalized decisions in the management and follow-up care of patients with SCC.”

Study background:

The annual incidence of SCC is high (approximately 2 million diagnosed cases/year in the U.S.) and continues to grow, resulting in a substantial number of patients with poor outcomes.
An estimated 200,000 patients per year with SCC are broadly classified as having high-risk disease, based on clinicopathologic factors associated with increased likelihood of poor outcomes; while these and other factors are used to stratify patient risk, low accuracy, histopathologic discordance and lack of standardized reporting limit clinical utility of this clinicopathologic factor-based approach.
DecisionDx-SCC is a 40-gene expression profile test that uses an individual patient’s tumor biology to predict individual risk of metastasis in patients with SCC with one or more risk factors.
The test result, in which patients are stratified into a Class 1 (low), 2A (moderate) or 2B (high) risk category, predicts individual metastatic risk to inform risk-appropriate management decisions.

Study methods and findings:

A retrospective cohort of 420 cases of primary SCC tumors with known patient outcomes underwent testing with DecisionDx-SCC; test results were assessed using Kaplan-Meier and Cox regression analyses with traditional clinicopathologic factor-based assessment, including National Comprehensive Cancer Network (NCCN) classification, and current staging methods, including Brigham and Women’s Hospital (BWH) and American Joint Committee on Cancer Eighth Edition (AJCC8) staging.
DecisionDx-SCC stratified the clinical validation cohort for metastatic risk: 212 cases received a Class 1 result (low risk), 185 cases received a Class 2A result (moderate risk) and 23 cases received a Class 2B result (high risk), with metastasis rates of 6.6%, 20.0% and 52.2%, respectively. Kaplan-Meier analyses demonstrated statistically significant differences in three-year metastasis-free survival (MFS) rates for the overall cohort; 93.9%, 80.5% and 47.8% for Class 1, Class 2A and Class 2B, respectively (log-rank, p<0.001). MFS rates were also significantly different across Class 1, Class 2A and Class 2B for subsets of the cohort with one risk factor and >2 risk factors.
DecisionDx-SCC further stratified risk within high-risk and very high-risk subgroups classified according to the current NCCN guidelines: for the high-risk subgroup, MFS rates were 95.9%, 84.3% and 62.5% for Class 1, Class 2A and Class 2B, respectively (p=0.0001); for the very high-risk subgroup, MFS rates were 89.6%, 75.9% and 40.0% for Class 1, Class 2A and Class 2B, respectively (p<0.001).
When compared to the accuracy metrics for AJCC8 and BWH T staging, the positive predictive value of a DecisionDx-SCC Class 2B result (high risk) was 52.2% compared to 30.0% and 39.9% for high-stage AJCC8 (T3/T4) and BWH (T2b/T3), respectively, while maintaining similar negative predictive value (87.2% compared to 88.5% and 87.9%, respectively).
The specificity of a DecisionDx-SCC Class 2B result (96.9%) and the sensitivity of a Class 2 result (77.8%) were significantly greater than the corresponding metrics for high-stage BWH and AJCC8. Together, these metrics demonstrated that DecisionDx-SCC identified tumors at high risk for metastasis with improved accuracy compared to BWH and AJCC8 tumor staging, while distinctly stratifying these cases from those with Class 1 tumors which have risk levels similar to the general SCC patient population.
The addition of DecisionDx-SCC results to binary T stage status identified subpopulations ranging from 5.7% to 71.4% (BWH) and 5.6% to 83.3% (AJCC8), compared to 12.1% to 33.9% (BWH) and 11.5% to 30.0% (AJCC8) for binary staging alone, which demonstrated that risk assessment was refined by combining DecisionDx-SCC results with tumor staging.
Overall, the data demonstrated that:
- DecisionDx-SCC enhanced clinicopathologic risk factor-based assessment and identified a group of SCC patients within a high-risk cohort with metastasis rates similar to the general SCC population (Class 1 result with one risk factor).
- Patients identified by DecisionDx-SCC as having the highest risk for metastasis (Class 2B) consistently had metastasis rates ≥50%, regardless of having one or two or more risk factors.
- Combining DecisionDx-SCC with clinicopathologic factor-based risk assessment, regardless of whether it is based on risk factor count or T stage, further stratified risk for metastasis in SCC patients and improved the accuracy of risk predictions to better inform risk-appropriate patient management decisions.

About DecisionDx-SCC

DecisionDx-SCC is a 40-gene expression profile test that uses an individual patient’s tumor biology to predict individual risk of cutaneous squamous cell carcinoma metastasis for patients with one or more risk factors. The test result, in which patients are stratified into a Class 1 (low), 2A (moderate) or 2B (high) risk category, predicts individual metastatic risk to inform risk-appropriate management.

Peer-reviewed publications have demonstrated that DecisionDx-SCC is an independent predictor of metastatic risk and that integrating DecisionDx-SCC with current prognostic methods can add positive predictive value to clinician decisions regarding staging and management.

More information about the test and disease can be found at www.CastleTestInfo.com.

About Castle Biosciences

Castle Biosciences (Nasdaq: CSTL) is a leading diagnostics company that provides personalized, clinically actionable information to clinicians and patients to inform treatment decisions and improve health outcomes. The Company is focused on transforming the disease management paradigm in skin cancer and other diseases with high clinical need by leveraging advanced technologies for its portfolio of innovative diagnostic tests.

Castle’s current portfolio consists of tests for skin cancers, uveal melanoma and Barrett’s esophagus. Additionally, the Company has active research and development programs for tests in other diseases with high clinical need, including its test in development to predict systemic therapy response in patients with moderate-to-severe psoriasis, atopic dermatitis and related conditions. To learn more, please visit www.CastleBiosciences.com and connect with us on LinkedIn, Facebook, Twitter and Instagram.

DecisionDx-Melanoma, DecisionDx-CMSeq, DecisionDx-SCC, myPath Melanoma, DecisionDx DiffDx-Melanoma, DecisionDx-UM, DecisionDx-PRAME, DecisionDx-UMSeq and TissueCypher are trademarks of Castle Biosciences, Inc.

Forward-Looking Statements

The information in this press release contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements concerning DecisionDx-SCC’s ability to predict individual risk of metastasis for patients with SCC and one or more risk factors, help physicians make informed, risk-appropriate and personalized decisions in the management and follow-up care of patients with SCC, identify tumors at high risk for metastasis with improved accuracy compared to BWH and AJCC8 tumor staging, while distinctly stratifying these cases from those with Class 1 tumors which have risk levels similar to the general SCC patient population, and add positive predictive value to clinician decisions regarding staging and management. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the effects of the COVID-19 pandemic on our business and our efforts to address its impact on our business, subsequent study results and findings that contradict earlier study results and findings, DecisionDx-SCC’s ability to provide the aforementioned benefits to patients and the risks set forth in our Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2021, and in our other filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220113005013/en/

Investor Contact:

Camilla Zuckero

[email protected]

Media Contact:

Allison Marshall

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Research Genetics Clinical Trials Biotechnology Health Pharmaceutical Other Science Science Oncology

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January 13, 2022 5:03 pm

Endeavor to Participate in Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit

Endeavor to Participate in Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit

BEVERLY HILLS, Calif.–(BUSINESS WIRE)–
Endeavor Group Holdings, Inc. (NYSE: EDR), a global sports and entertainment company, today announced that CFO Jason Lublin will participate in a virtual fireside chat at the Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit on Monday, January 24, 2022 at 1:30 p.m. ET.

A link to the live session, as well as a replay available for 30 days, will be accessible from the “News / Events” section of Endeavor’s investor relations website at investor.endeavorco.com.

About Endeavor

Endeavor is a global sports and entertainment company, home to many of the world’s most dynamic and engaging storytellers, brands, live events and experiences. The company is comprised of industry leaders including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC. The Endeavor network specializes in talent representation, sports operations & advisory, event & experiences management, media production & distribution, experiential marketing and brand licensing.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220113005006/en/

Press:

Christian Muirhead

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Sports Events/Concerts Entertainment Other Sports General Sports

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January 13, 2022 5:02 pm

SAP Announces Outstanding Fourth Quarter and Full-Year 2021 With Record Cloud Performance; Exceeds High End of Outlook for Cloud & Software Revenue and Operating Profit

PR Newswire

WALLDORF, Germany, Jan. 13, 2022 /PRNewswire/ — After an initial review of its fourth-quarter 2021 performance, SAP (NYSE: SAP) today announced its preliminary financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter

Rapid expansion of current cloud backlog to €9.45 billion, up 32% (up 26% at constant currencies), a sequential growth acceleration by 4 percentage points at constant currencies.
Stellar SAP S/4HANA current cloud backlog performance, up 84% (up 76% at constant currencies), driven by strong adoption of “RISE with SAP”.
Cloud revenue up 28% (up 24% at constant currencies), accelerating further with strong execution across the entire cloud portfolio.

Full Year

Continuing cloud acceleration across the board, delivering results above expectations.
IFRS cloud revenue up 17%, non-IFRS cloud revenue up 16% (up 19% at constant currencies), hitting high end of revised 2021 outlook.
Cloud & software revenue up 4% (up 5% at constant currencies), exceeding high end of revised 2021 outlook.
IFRS operating profit down 30%, non-IFRS operating profit down 1% (up 1% at constant currencies), exceeding high end of revised 2021 outlook.
Operating cash flow expected above €6.0 billion; Free cash flow expected at around €5.0 billion.
Strong, accelerating cloud growth reflected in 2022 outlook, targeting up to 26% non-IFRS cloud revenue growth at constant currencies.

Christian Klein, CEO: “The magnitude of our cloud strength is evident. More and more companies are choosing SAP to help them transform their businesses, build resilient supply chains and become sustainable enterprises as they move to the cloud. This momentum is reflected in the tremendous success of “RISE with SAP”, our signature cloud offering, as well as excellent growth across our entire portfolio. Our growth acceleration points to even greater potential ahead.”

Luka Mucic, CFO: “I am proud that our team has delivered an exceptional year with strong results, far exceeding our expectations. After three quarters of home runs with our cloud momentum, we hit it out of the park this quarter. We are confident that we will continue our Q4 current cloud backlog growth in 2022. This is reflected in our accelerated cloud guidance for 2022 as we make great progress towards our mid-term ambition.”

Business Update

After an initial review of its fourth-quarter 2021 performance, SAP SE (NYSE: SAP) today announced its preliminary financial results for the fourth quarter and full year ended December 31, 2021. All 2021 figures in this release are approximate due to the preliminary nature of the announcement.

Businesses around the world are embracing digital technologies and the cloud to transform the way they do business. Today’s unpredictable reality, from supply chain disruptions to new regulatory restrictions, means the need for flexibility and adaptability has never been greater. Our depth of experience in mission critical business processes across all customer sizes, industries and geographies sets us apart and is core to why businesses are choosing SAP for their business transformation.

The strength and the execution of our strategy is showing up on multiple fronts with exceptional customer momentum across our cloud portfolio and financial performance exceeding market expectations.

High customer adoption is underpinned by exceptionally strong demand for “RISE with SAP” across customers of all sizes. It helps customers develop, adopt and automate new business models, and become intelligent enterprises. They also benefit from our Business Network, the largest B2B network in the world, which helps them create more resilient supply chains.

Customer satisfaction continues to increase, echoed by strong renewal rates.

SAP is confident that its positive momentum will continue throughout 2022, and expects accelerating cloud revenue growth, supported by strong traction of SAP S/4HANA Cloud.

Financial Performance

Fourth Quarter 2021

Current cloud backlog accelerated faster than anticipated, up 32% to €9.45 billion and up 26% at constant currencies. SAP S/4HANA current cloud backlog was up 84% to €1.71 billion and up 76% at constant currencies. Cloud revenue was up 28% to €2.61 billion and up 24% at constant currencies. SAP S/4HANA cloud revenue was up 65% to €329 million and up 61% at constant currencies. Software licenses revenue was down 14% year over year to €1.46 billion and down 17% at constant currencies. Cloud and software revenue was up 6% to €6.99 billion and up 3% at constant currencies. Services revenue was up 3% year over year to €0.99 billion and flat at constant currencies. Total revenue was up 6% year over year to €7.98 billion and up 3% at constant currencies.

The share of more predictable revenue grew by 5 percentage points year over year to 69% in the fourth quarter.

IFRS operating profit decreased 45% to €1.47 billion and IFRS operating margin decreased by 16.9 percentage points to 18.4% mainly due to higher share-based compensation expenses, primarily related to Qualtrics. Non-IFRS operating profit decreased 11% to €2.47 billion and decreased 12% at constant currencies. Non-IFRS operating margin decreased by 5.8 percentage points to 30.9% and decreased by 5.4 percentage points at constant currencies. Prior year IFRS operating profit included a disposal gain of €194 million and non-IFRS operating profit of €128 million related to the sale of the SAP Digital Interconnect business.

IFRS earnings per share decreased 23% to €1.24 and non-IFRS earnings per share increased 10% to €1.86.

Full Year 2021

SAP hit the high end of its revised 2021 cloud revenue outlook range and exceeded its cloud and software revenue and operating profit outlook ranges.

IFRS cloud revenue was up 17%, non-IFRS cloud revenue was up 16% to €9.42 billion and up 19% to €9.59 billion at constant currencies, hitting the high end of the revised full year outlook (€9.4 to €9.6 billion non-IFRS at constant currencies). SAP S/4HANA cloud revenue was up 46% to €1.09 billion and up 47% at constant currencies, exceeding the €1 billion cloud revenue mark as anticipated. Software licenses revenue was down 11% year over year to €3.25 billion and down 11% to €3.24 billion at constant currencies. Cloud and software revenue was up 4% year over year to €24.08 billion and up 5% to €24.41 billion at constant currencies, exceeding the revised full year outlook (€23.8 – 24.2 billion non-IFRS at constant currencies). Total revenue was up 2% year over year to €27.84 billion and up 3% to €28.23 billion at constant currencies.

As anticipated, the share of more predictable revenue grew by 3 percentage points year over year to 75% for the full year 2021.

For the full year, IFRS operating profit and operating margin were impacted by significantly higher share-based compensation expenses compared to 2020 mainly due to the Qualtrics IPO and the appreciation of SAP’s share price during the year. IFRS operating profit decreased by 30% year over year to €4.66 billion. IFRS operating margin decreased by 7.5 percentage points year over year to 16.7%. Non-IFRS operating profit was down 1% to €8.23 billion and up 1% to €8.41 billion at constant currencies, exceeding the high end of the revised full year outlook (€8.1 – 8.3 billion non-IFRS at constant currencies). Non-IFRS operating margin decreased by 0.7 percentage points to 29.6% and decreased by 0.5 percentage points at constant currencies.

IFRS earnings per share increased 3% to €4.46 and non-IFRS earnings per share increased 25% to €6.74, reflecting a strong contribution from Sapphire Ventures throughout the entire year.

Operating cash flow for the full year is expected to be above €6.0 billion. Free cash flow is expected to be at around €5.0 billion.

Financial Results at a Glance

Fourth Quarter 2021
	IFRS			Non-IFRS¹
€ billion, unless otherwise stated	Q4 2021	Q4 2020	∆ in %	Q4 2021	Q4 2020	∆ in %	∆ in % constant currency
Current cloud backlog²	NA	NA	NA	9.45	7.15	32	26
Thereof SAP S/4HANA Current cloud backlog²	NA	NA	NA	1.71	0.93	84	76
Cloud revenue	2.61	2.04	28	2.61	2.04	28	24
Thereof SAP S/4HANA Cloud revenue	0.33	0.20	65	0.33	0.20	65	61
Software licenses and support revenue	4.38	4.54	–4	4.38	4.54	–4	–6
Cloud and software revenue	6.99	6.58	6	6.99	6.58	6	3
Total revenue	7.98	7.54	6	7.98	7.54	6	3
Share of more predictable revenue (in %)	69	65	5pp	69	65	5pp
Operating profit (loss)	1.47	2.66	–45	2.47	2.77	–11	–12
Profit (loss) after tax	1.45	1.93	–25	2.28	2.03	13
Operating margin (in %)	18.4	35.2	–16.9pp	30.9	36.8	–5.8pp	–5.4pp
Basic earnings per share (in €)	1.24	1.62	–23	1.86	1.70	10
Number of employees (FTE, December 31)	107,415	102,430	5	NA	NA	NA	NA


Full Year 2021
	IFRS			Non-IFRS¹
€ billion, unless otherwise stated	Q1–Q4 2021	Q1–Q4 2020	∆ in %	Q1–Q4 2021	Q1–Q4 2020	∆ in %	∆ in % constant currency
Current cloud backlog²	NA	NA	NA	9.45	7.15	32	26
Thereof SAP S/4HANA Current cloud backlog²	NA	NA	NA	1.71	0.93	84	76
Cloud revenue	9.42	8.08	17	9.42	8.09	16	19
Thereof SAP S/4HANA Cloud revenue	1.09	0.75	46	1.09	0.75	46	47
Software licenses and support revenue	14.66	15.15	–3	14.66	15.15	–3	–2
Cloud and software revenue	24.08	23.23	4	24.08	23.23	4	5
Total revenue	27.84	27.34	2	27.84	27.34	2	3
Share of more predictable revenue (in %)	75	72	3pp	75	72	3pp
Operating profit (loss)	4.66	6.62	–30	8.23	8.29	–1	1
Profit (loss) after tax	5.38	5.28	2	8.34	6.53	28
Operating margin (in %)	16.7	24.2	–7.5pp	29.6	30.3	–0.7pp	1.3pp
Basic earnings per share (in €)	4.46	4.35	3	6.74	5.41	25
Number of employees (FTE, December 31)	107,415	102,430	5	NA	NA	NA	NA

¹⁾ For a detailed description of SAP’s non-IFRS measures see Explanation of Non-IFRS Measuresonline.

²⁾ As this is an order entry metric, there is no IFRS equivalent.

All figures are preliminary and unaudited. Due to rounding, numbers may not add up precisely.

Non-IFRS Adjustments

Due to the change in our non-IFRS definition in the second quarter 2021 effective for the full year 2021, there are no longer adjustments of our IFRS revenue measures (Q4 2020: significantly less than €0.01 billion; FY 2020: significantly less than €0.01 billion). For more information on this changed definition, the individual adjusted expense categories, our reasons for providing non-IFRS measures and the limitations of our non-IFRS measures please refer to Explanation of Non-IFRS Measures.

In the fourth quarter, the difference between non-IFRS operating profit and IFRS operating profit includes

adjustments for acquisition-related charges of €0.17 billion (Q4 2020: €0.10 billion),
adjustments for share-based payment expenses of €0.83 billion (Q4 2020: €0.02 billion) and
adjustments for restructuring expenses of €0.01 billion (Q4 2020: –€0.01 billion).

For the full-year 2021, the difference between non-IFRS operating profit and IFRS operating profit includes

adjustments for acquisition-related charges of €0.62 billion (FY 2020: €0.58 billion),
adjustments for share-based payment expenses of €2.79 billion (FY 2020: €1.08 billion) and
adjustments for restructuring expenses of €0.16 billion (FY 2020: €0.00 billion).

Business Outlook 2022

For 2022, SAP expects its cloud growth to continue to accelerate. The pace and scale of SAP’s cloud momentum places the Company well on track towards its mid-term ambition.

For the full year 2022, SAP expects:

€11.55 – 11.85 billion non-IFRS cloud revenue at constant currencies (2021: €9.42 billion), up 23% to 26% at constant currencies.
€25.0 – 25.5 billion non-IFRS cloud and software revenue at constant currencies (2021: €24.08 billion), up 4% to 6% at constant currencies.
€7.8 – 8.25 billion non-IFRS operating profit at constant currencies (2021: €8.23 billion), flat to down 5% at constant currencies.
The share of more predictable revenue (defined as the total of cloud revenue and software support revenue) is expected to reach approximately 78% (2021: 75%).

While SAP’s full-year 2022 business outlook is at constant currencies, actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the Company progresses through the year. See the table below for the Q1 and FY 2022 expected currency impacts.

Expected Currency Impact Assuming December 2021 Rates Apply for the Rest of the Year (non-IFRS)

In percentage points	Q1 2022	FY 2022
Cloud revenue growth	+3pp to +5pp	+2pp to +4pp
Cloud and software revenue growth	+2pp to +4pp	+1pp to +3pp
Operating profit growth	+1pp to +3pp	+1pp to +3pp

Ambition 2025

SAP confidently reiterates its mid-term ambition which was previously published in its Q3 2020 Quarterly Statement.

Additional Information

This press release and all information therein is preliminary and unaudited.

The SAP Integrated Report 2021 and Annual Report on Form 20-F will be published on March 3, 2022, and will be available for download at www.sapintegratedreport.com.

Fourth Quarter 2021 Quarterly Statement

SAP’s fourth quarter 2021 quarterly statement will be published on January 27, 2022, and will be available for download at www.sap.com/investor.

Definition of key growth metrics

Current cloud backlog (CCB) is the contractually committed cloud revenue we expect to recognize over the upcoming 12 months as of a specific key date. Thus, it is a subcomponent of our overall remaining performance obligations following IFRS 15.120. For CCB, we take into consideration committed deals only. CCB can be regarded as a lower boundary for cloud revenue to be recognized over the next 12 months, as it excludes utilization-based models without pre-commitments and committed deals, both new and renewal, closed after the key date. For our committed cloud business, we believe the CCB is a valuable indicator of go-to-market success, as it reflects both new contracts closed as well as existing contracts renewed.

Share of more predictable revenue is the total of cloud revenue and software support revenue as a percentage of total revenue.

For explanations on other key growth metrics please refer to the performance management section of SAP’s Integrated Report 2020 and SAP’s Half-Year Report 2021, which can be found at www.sap.com/investor.

Webcast

SAP senior management will host a virtual press conference on Thursday, January 27^th at 10:00 AM (CET) / 9:00 AM (GMT) / 4:00 AM (Eastern) / 1:00 AM (Pacific), followed by a financial analyst conference call at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00 AM (Pacific). Both conferences will be webcast live on the Company’s website at www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the full-year and quarterly results can be found at www.sap.com/investor.

About SAP

SAP’s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: SAP customers generate 87% of total global commerce. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.

For customers interested in learning more about SAP products:

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This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP’s 2020 Annual Report on Form 20-F.

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