Market Newsdesk

August 10, 2021 8:04 am

Cue Biopharma to Host Business Update Call and Webcast

CAMBRIDGE, Mass., Aug. 10, 2021 (GLOBE NEWSWIRE) — Cue Biopharma, Inc. (NASDAQ: CUE), a clinical-stage biopharmaceutical company engineering a novel class of injectable biologics designed to selectively engage and modulate targeted T cells directly within the patient’s body, announced today it will host a conference call and webcast to provide a business update on Tuesday, August 17, 2021 at 4:30 p.m. EDT. Live and archived versions of the event can be accessed via the Company’s website.

Members of the Cue Biopharma executive management team will provide a clinical update from the Company’s clinical trials with CUE-101, its lead and representative IL-2 based drug product candidate from the CUE-100 series. CUE-101 is currently in a Phase 1b clinical trial for the treatment of HPV+ recurrent/metastatic head and neck squamous cell carcinoma. The discussion will focus on data updates from the Phase 1a/b monotherapy dose escalation and expansion trials, the combination trial evaluating CUE-101 front line with Merck’s pembrolizumab (KEYTRUDA^®) and the upcoming neoadjuvant trial. Management will also provide an update on the Company’s technology platform developments and pipeline development progress from the IL-2 based CUE-100 series including CUE-102, as well as updates on its strategic objectives and anticipated milestones.

Webcast Details

Tuesday, August 17, 2021 at 4:30 p.m. EDT
Investors:	877-407-9208
International:	201-493-6784
Conference ID:	13721829
Webcast: http://public.viavid.com/index.php?id=145891

About Cue Biopharma

Cue Biopharma, a clinical-stage biopharmaceutical company, is engineering a novel class of injectable biologics to selectively engage and modulate targeted T cells directly within the patient’s body to transform the treatment of cancer, infectious disease and autoimmune disease. The company’s proprietary Immuno-STAT™ (Selective Targeting and Alteration of T cells) platform is designed to harness the body’s intrinsic immune system without the need for ex vivo manipulation.

Headquartered in Cambridge, Massachusetts, the company is led by an experienced management team and independent Board of Directors with deep expertise in immunology and immuno-oncology as well as the design and clinical development of protein biologics.

For more information, visit www.cuebiopharma.com and follow us on Twitter at https://twitter.com/CueBiopharma.

Investor Contact

George B. Zavoico, Ph.D.
VP, Investor Relations & Corporate Development
Cue Biopharma, Inc.
[email protected]

Media Contact

Darren Opland, Ph.D.
LifeSci Communications
[email protected]

August 10, 2021 8:04 am

Titan Aviation Holdings, Inc., a subsidiary of Atlas Air Worldwide, Announces Eamonn Forbes’ Appointment as Senior Vice President and Chief Commercial Officer

PURCHASE, N.Y., Aug. 10, 2021 (GLOBE NEWSWIRE) — Titan Aviation Holdings, Inc., a subsidiary of Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), announced today that Eamonn Forbes has been appointed Senior Vice President and Chief Commercial Officer of Titan Asset Management Ireland Limited, effective August 23, 2021.

Mr. Forbes will lead all sales and marketing activities for Titan and he will report directly to Michael Steen, President and Chief Executive Officer of Titan Aviation Holdings and Chief Commercial Officer of Atlas Air Worldwide. Mr. Forbes will direct Titan’s global sales team and will be based in Dublin, Ireland.

“We are delighted that Eamonn will be joining our team as we continue to expand Titan’s portfolio and global footprint,” said Mr. Steen. “With his strong experience and track record in the aviation leasing industry, Eamonn is perfectly positioned to lead our global sales and marketing activities, as we further leverage our strategic joint venture with Bain Capital Credit.”

Mr. Forbes joins Titan with over 15 years of aviation leasing, legal, and finance experience. Most recently, Mr. Forbes served as Chief Commercial Officer of FPG Amentum. Previously, he has held senior positions at SMBC Aviation Capital and Goshawk.

“I am thrilled to join the Titan team at this important stage of growth and development,” said Mr. Forbes. “Titan is widely recognized as an industry leader, with a superior customer portfolio, an unparalleled depth of freighter experience and a unique position within the marketplace. I look forward to working with the team to leverage the strength of the Atlas Air Worldwide companies, while further building the strategic joint venture with Bain Capital Credit.”

Mr. Forbes began his career as a lawyer and holds a Bachelor of Civil Law Degree (BCL) from the University College Cork and a Master’s in Business Administration from the University College Dublin. In addition, he serves on the advisory board of LIFT, a non-profit organization promoting values leadership.

About Titan Aviation Holdings and Atlas Air Worldwide

Titan Aviation Holdings is a freighter-centric leasing company that provides dry leasing solutions to airlines worldwide. Titan’s fleet of cargo aircraft support customers including international flag carriers, express operators, e-commerce providers, and regional and domestic carriers. Titan’s deep airfreight domain expertise and innovative asset management solutions help customers quickly ramp up their aviation operations while minimizing capital investment. Since its inception in 2009, Titan has grown to become the third largest freighter lessor globally by fleet value with 30 aircraft and a book value of over $1.4 billion.

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.

Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.

Contacts:
Investors: [email protected]
Media: [email protected]

August 10, 2021 8:04 am

Sysco Delivers Robust Fourth Quarter Results and Raises FY22 Guidance Driven by Accelerating Sales

HOUSTON, Aug. 10, 2021 (GLOBE NEWSWIRE) — Sysco Corporation (NYSE: SYY) today announced financial results for its 14-week fourth fiscal quarter and its fiscal year ended July 3, 2021.

Key highlights for the fourth quarter of fiscal year 2021 included:

Sales were stronger than expected;
Share gains continue, driven by new customer wins;
Sysco’s Recipe for Growth strategy advances;
Inflation effectively managed;
Cash flow stronger than expected, even with significant inventory investments;
International operations show profit improvement;
Greco and Sons transaction to close imminently;
Quarterly dividend increased, maintaining Dividend Aristocrat status; and
Currently no signs of Delta variant impacting demand; strong July sales.

“Sysco’s fourth quarter results were strong, reflecting market share gains and industry demand that has continued to rebound earlier and stronger than expected,” said Kevin Hourican, Sysco’s president and chief executive officer. “While labor and product availability costs are pressuring our industry, we planned ahead to be well-positioned and manage through the demand increase resulting from these transitory pressures. I want to thank all of our Sysco associates for their tireless efforts, in particular those on the frontline who are supporting our customers during one of the most dynamic periods in our history. It is through the collective efforts and commitment of our people that we are advancing our Recipe for Growth strategy, and building important new capabilities that position us to better serve our customers and accelerate profitable growth.”

Key financial results for the fourth quarter of fiscal year 2021 included:

Sales trends improved as markets reopened; fourth quarter sales increased 82.0% versus the same period in fiscal year 2020 and increased 4.3% versus the same period in fiscal year 2019;
Gross profit increased 86.2% to $2.9 billion, and gross margin increased 41 basis points to 18.1%, as compared to the same period last year;
Operating income increased 207.2% to $569.7 million, and adjusted¹ operating income increased to $605.2 million, as compared to the same period last year;
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased to $778.6 million, and adjusted EBITDA increased to $781.1 million, as compared to the same period last year;²

^{_____________________________________
1}
_{Adjusted financial results, including adjusted operating income (loss), adjusted operating expenses, and adjusted Earnings Per

Share (EPS), are non-GAAP financial measures that exclude certain items, which primarily include adjustments to our bad debt reserve specific to aged receivables existing prior to the COVID-19 pandemic, goodwill impairment charges, restructuring costs, tra

nsformational project costs and acquisition-related costs. Specific to adjusted EPS, this year’s fourth quarter and fiscal 2021 Certain Items include the impact of a gain on sale of property and the impact of a U.K. tax law change. The fiscal 2021 Certain

Items include the impact of a loss on the sale of Cake Corporation and our Spain operations. Reconciliations of all non-GAAP financial measures to the nearest respective GAAP financial measure are included at the end of this release.}
^²
_{EBITDA and adjusted

EBITDA are non-GAAP financial measures. Reconciliations of all non-GAAP financial measures to the nearest respective GAAP financial measure are included at the end of this release.}

Earnings per share (“EPS”)³ increased to $0.29 compared to a loss per share of $1.22 in the same period last year; and adjusted¹ EPS increased to $0.71 compared to a loss per share of $0.29 in the same period last year.

Key financial results for fiscal year 2021 include:

Sales decreased 3.0% to $51.3 billion versus fiscal year 2020 and decreased 14.7% versus fiscal year 2019;
Gross profit decreased 5.5% to $9.4 billion, and gross margin decreased 48 basis points to 18.2%, as compared to the prior year;
Operating income increased 91.8% to $1.4 billion, and adjusted¹ operating income decreased 14.7% to $1.5 billion, as compared to the prior year;
EBITDA increased 46.1% to $2.2 billion, and adjusted EBITDA decreased 9.1% to $2.2 billion, as compared to the prior year;²
EPS increased to $1.02 compared to $0.42 in the prior year; adjusted¹ EPS decreased to $1.44 compared to $2.01 in the prior year;
Cash flow from operations increased 17.6% to $1.9 billion, and free cash flow⁴ increased 61.0% to $1.5 billion, as compared to the prior year; and
The company exceeded its cash flow from operations guidance and reduced debt more than planned, totaling $3.4 billion in debt reduction during the year.

“We’re very pleased with our financial results in the fourth quarter, including particularly strong free cash flow performance,” said Aaron Alt, Sysco’s chief financial officer. “Strong sales that surpassed 2019 levels, combined with solid management of inflation and cost, are underpinning our confidence to raise our EPS guidance for fiscal year 2022 to $3.33 to $3.53.”

Fourth Quarter Fiscal 2021 Results

Total Sysco

Sales for the fourth quarter were $16.1 billion, an increase of 82.0% compared to the same period last year. The exit rate for the fourth quarter was stronger than the overall quarter, as select geographic markets in which we operate continue to drive the recovery as restrictions ease.

Gross profit increased 86.2% to $2.9 billion, and gross margin increased 41 basis points to 18.1%, compared in each case to the same period last year. The increase in gross profit for the fourth quarter was primarily driven by higher volumes as COVID-19 restrictions continued to ease.

Operating expenses increased $248.9 million, or 11.9%, compared to the same period last year, driven by increased volume, one-time expenses associated with the snap-back, and investments against our transformation initiatives. Adjusted operating expenses increased $711.1 million, or 44.5%, compared to the same period last year.

Operating income was $569.7 million, an increase of $1.1 billion, or 207.2%, compared to the same period last year. Adjusted operating income was $605.2 million, an increase of $639.1 million compared to the same period last year.

U.S. Foodservice Operations

The U.S. Foodservice Operations segment saw both local sales and case growth increase versus fiscal year 2019.

Sales for the fourth quarter were $11.5 billion, an increase of 88.4% compared to the same period last year. Local case volume within U.S. Broadline operations increased 74.3% for the fourth quarter, while total case volume within U.S. Broadline operations increased 71.4%. Both increases represent organic growth.

^{_____________________________________
3}
_{Earnings Per Share (EPS) are shown on a diluted basis unless otherwise sp

ecified.}
⁴
_{Free cash flow is a non-GAAP measure that represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Reconciliations for all non-GAAP measures are include

d at the end of this release.}

Gross profit increased 90.0% to $2.2 billion, and gross margin increased 17 basis points to 19.2%, compared in each case to the same period last year. Product cost inflation was 10.2% in U.S. Broadline, as measured by the estimated change in Sysco’s product costs, primarily in the poultry, meat, and paper and disposables categories.

Operating expenses increased $252.4 million, or 22.4%, compared to the same period last year. Adjusted operating expenses increased $396.6 million, or 39.6%, compared to the same period last year.

Operating income was $837.4 million, an increase of $796.8 million, compared to the same period last year. Adjusted operating income was $817.6 million, an increase of $652.7 million, compared to the same period last year.

International Foodservice Operations

The International Foodservice Operations segment experienced expected operating income improvement compared to the prior quarter and prior year.

Sales for the fourth quarter were $2.5 billion, an increase of 83.4% compared to the same period last year. On a constant currency basis, sales for the fourth quarter were $2.2 billion, an increase of 65.2% compared to the same period last year. Foreign exchange rates increased International Foodservice Operations sales by 18.1% and total Sysco sales by 2.9% during the quarter.

Gross profit increased 88.6% to $496.0 million, and gross margin increased 54 basis points to 19.9%, compared in each case to the same period last year. On a constant currency basis, gross profit increased 70.4% to $448.2 million. Foreign exchange rates increased International Foodservice Operations gross profit by 18.2% and total Sysco gross profit by 3.2% during the quarter.

Operating expenses decreased $113.9 million, or 17.8%, compared to the same period last year. Adjusted operating expenses increased $163.0 million, or 48.9%, compared to the same period last year mainly due to transformation costs incurred in fiscal year 2020. On a constant currency basis, adjusted operating expenses increased $118.3 million, or 35.5%, compared to the same period last year. Foreign exchange rates increased International Foodservice Operations operating expense by 13.4% and total Sysco operating expense by 3.0% during the quarter.

The International Foodservice Operations segment delivered an operating loss of $30.4 million, an improvement of $346.9 million compared to the same period last year. Adjusted operating income increased $70.0 million compared to the same period last year, resulting in break-even operating profit for the quarter. On a constant currency basis, adjusted operating loss was $3.1 million, an improvement of $66.9 million compared to the same period last year. Foreign exchange rates decreased International Foodservice Operations operating loss by $3.1 million and reduced total Sysco operating income by $2.5 million during the quarter.

Fiscal 2021 Results

Total Sysco

Sales for fiscal 2021 were $51.3 billion, a decrease of 3.0% compared to the prior year. The exit rate for the year was strong, as select geographic markets continued to drive the recovery due primarily to easing restrictions in the areas in which we operate.

Gross profit decreased 5.5% to $9.4 billion, and gross margin decreased 48 basis points to 18.2%, compared in each case to the prior year. The decline in gross profit for the year was primarily driven by lower volumes due to COVID.

Operating expenses decreased $1.2 billion, or 13.5%, compared to the prior year, driven by lower volumes due to COVID and successful achievement of cost-out program initiatives. Adjusted operating expenses decreased $293.1 million, or 3.6%, compared to the prior year.

Operating income was $1.4 billion, an increase of $687.7 million, or 91.8%, compared to the prior year. Adjusted operating income was $1.5 million, a decrease of $251.8 million, or 14.7%, compared to the prior year.

U.S. Foodservice Operations

Sales for fiscal 2021 were $35.7 billion, a decrease of 2.9% compared to the prior year. Local case volume within U.S. Broadline operations decreased 1.1% for fiscal 2021, of which a decrease of 1.2% was organic, while total case volume within U.S. Broadline operations decreased 5.8%, of which a decrease of 5.9% was organic.

Gross profit decreased 3.4% to $7.0 billion, and gross margin decreased 11 basis points to 19.6%, compared in each case to the prior year. Product cost inflation was 4.3% in U.S. Broadline, as measured by the estimated change in Sysco’s product costs, primarily in the paper and disposables, poultry, and meat categories.

Operating expenses decreased $699.4 million, or 13.3%, compared to the prior year. Adjusted operating expenses decreased $319.7 million, or 6.4%, compared to the prior year.

Operating income was $2.5 billion, an increase of $453.4 million, or 22.6%, compared to the prior year. Adjusted operating income was $2.3 billion, an increase of $73.6 million, or 3.3%, compared to the prior year.

International Foodservice Operations

Sales for fiscal 2021 were $8.4 billion, a decrease of $1.3 billion, or 13.7%, compared to the prior year. On a constant currency basis, sales for fiscal 2021 were $7.9 billion, a decrease of 18.3% compared to the prior year. Foreign exchange rates increased International Foodservice Operations sales by 4.6% and total Sysco sales by 0.9% during the year.

Gross profit decreased 15.8% to $1.6 billion, and gross margin decreased 51 basis points to 19.7%, compared in each case to the prior year. On a constant currency basis, gross profit decreased 20.5% to $1.6 billion, as compared to the prior year. Foreign exchange rates increased International Foodservice Operations gross profit by 4.7% and total Sysco gross profit by 1.0% during the year.

Operating expenses decreased $448.7 million, or 19.3%, compared to the prior year. Adjusted operating expenses decreased $72.9 million, or 3.9%, compared to the prior year. On a constant currency basis, adjusted operating expenses decreased $173.9 million, or 9.4%, compared to the prior year. Foreign exchange rates increased International Foodservice Operations operating expense by 5.5% and total Sysco operating expense by 1.3% during the year.

The International Foodservice Operations segment delivered an operating loss of $232.4 million, an improvement of $139.0 million compared to the prior year. Adjusted operating loss was $128.8 million, a decrease of $236.8 million, or 219.2%, compared to the prior year. On a constant currency basis, adjusted operating loss was $119.3 million, a decrease of $227.3 million, or 210.4%, compared to the prior year. Foreign exchange rates increased International Foodservice Operations operating loss by 8.8% and reduced total Sysco operating income by 0.6% during the year.

Balance Sheet, Capital Spending and Cash Flow

Capital expenditures, net of proceeds from sales of plant and equipment, for fiscal 2021 were $280.2 million lower compared to the prior year.

Cash flow from operations was $1.9 billion for fiscal 2021, which was $285.2 million higher compared to the prior year. Free cash flow⁴ for fiscal 2021 was $1.5 billion, which was $565.3 million higher compared to the prior year. The improvement in cash flow was driven by higher earnings, improved working capital, lower capital spending and lower cash taxes paid during the year.

Conference Call & Webcast

Sysco will host a conference call to review the company’s fourth quarter and full fiscal 2021 financial results on Tuesday, August 10, 2021, at 10:00 a.m. Eastern. A live webcast of the call, accompanying slide presentation and a copy of this news release will be available online at investors.sysco.com.

Key Highlights:

	14-Week Period Ended		53-Week Period Ended

Financial Comparison:	July 3, 2021	Change	July 3, 2021	Change
Sales	$16.1 billion	82.0%	$51.3 billion	-3.0%
Gross profit	$2.9 billion	86.2%	$9.4 billion	-5.5%
Gross Margin	18.1 %	41 bps	18.2 %	-48 bps

GAAP:
Operating expenses	$2.3 billion	11.9%	$7.9 billion	-13.5%
Certain Items	$35.5 million	-92.9 %	$22.9 million	-97.6 %
Operating Income	$569.7 million	207.2%	$1.4 billion	91.8%
Operating Margin	3.5 %	953 bps	2.8 %	138 bps
Net Earnings	$151.1 million	124.4%	$524.2 million	143.3%
Diluted Earnings Per Share	$0.29	123.8%	$1.02	142.9%

Non-GAAP ⁽¹⁾ :
Operating Expenses	$2.3 billion	44.5%	$7.9 billion	-3.6%
Operating Income	$605.2 million	NM	$1.5 billion	-14.7%
Operating Margin	3.8 %	413 bps	2.8 %	-39 bps
EBITDA	$778.6 million	NM	$2.2 billion	46.1%
Adjusted EBITDA	$781.1 million	NM	$2.2 billion	-9.1%
Net Earnings	$366.3 million	NM	$740.4 million	-28.3%
Diluted Earnings Per Share ⁽²⁾	$0.71	NM	$1.44	-28.4%

Case Growth:
U.S. Broadline	71.4%		-5.8%
Local	74.3 %		-1.1 %

Sysco Brand Sales as a % of Cases:
U.S. Broadline	37.7%	75 bps	37.6%	-87 bps
Local	45.3 %	26 bps	44.6 %	-212 bps

Note:

⁽¹⁾ Reconciliations of all non-GAAP financial measures to the nearest respective GAAP financial measures are included at the end of this release.
⁽²⁾ Individual components in the table above may not sum to the totals due to the rounding.
NM represents that the percentage change is not meaningful.

Forward-Looking Statements

Statements made in this press release or in our earnings call for the fourth quarter of fiscal 2021 that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. These statements include statements concerning: the effect, impact, potential duration or other implications of the coronavirus (“COVID-19”) pandemic and any expectations we may have with respect thereto, including the extent and duration of lockdowns in the U.S. and Europe; our expectations regarding the pace and timing of the business recovery; our belief in Sysco’s ability to take market share, and our expectations regarding future market share gains in fiscal 2022 and 2024; our expectations regarding the continuation of an inflationary environment and our strategies to combat the short- and medium-term impacts of inflation; our expectations regarding improvements in the travel, hospitality and foodservice management sectors of our business; our expectations regarding the positive impact that increased sales and disciplined expense management will have on our international results; our expectations that we will benefit significantly in fiscal 2022 from improving international financials; our expectations regarding the installation of our new pricing systems nationally by the end of calendar year 2021; statements relating to our ability to accelerate profitable growth; our expectations regarding the timing of the closing of the Greco and Sons acquisition and the impact of the acquisition on our business; our expectations regarding our ability to grow faster than the total market in fiscal 2022 and fiscal 2024; our plans and expectations regarding the Sysco Driver Academy; statements regarding our savings goals from fiscal 2023 through fiscal 2024; the effects of our continuing investments in digital technology; our ability to deliver against our strategic priorities; statements regarding economic trends in the United States and abroad; our plans to reduce indebtedness by the end of fiscal 2022, including the repayment of notes in fiscal 2022; our commitments to further reduce debt in fiscal 2022; our expectations regarding our ability to hit our leverage target; our expectations regarding our dividend payments in calendar year 2022; statements regarding cost-out programs and benefits associated with our growth initiatives in both fiscal 2023 and 2024, including rates of growth and share gains; our expectations regarding gross profits and sales in fiscal 2022; our expectations regarding the effects of our cost savings, including effects on profit growth; the pace of implementation of our business transformation initiatives; our expectations regarding the ability of our transformational initiatives to drive future value; our expectations regarding our overall effective tax rate in fiscal 2022; our expectations regarding our earnings per share and adjusted earnings per share in fiscal 2022; our expectations regarding capital expenditures and our net debt to EBITDA target; our plans to maintain a strong balance sheet; our expectations that we will have more than adequate capital for our planned investments; our expectations regarding our share repurchase program; our expectations regarding the return of capital to shareholders in fiscal 2022; our expectations regarding cash from operations; our commitments to responsible growth and efficiency improvements; our projections regarding lower restrictions and improving sales in fiscal 2022; our projections regarding higher sales, gross profits, and operating income as markets reopen following the COVID-19 crisis; statements concerning our focus on private brand sales in fiscal 2022; our commitments to add new leadership in international markets and enhanced strategies to boost performance in fiscal 2022; statements relating to the impact of acquisition-related intangible amortization and associated expenses; statements relating to management’s usage of free cash flow; our expectations that the reimposition of additional COVID-19 restrictions would not have as severe an impact on our business as in the prior year; our expectations regarding the impact of the Delta variant on demand; our statements concerning temporary wage actions in the upcoming business recovery period; and statements concerning our implementation of cost-out programs to fund the snap-back and our growth agenda.

The success of our plans and expectations regarding our operating performance are subject to the general risks associated with our business, including the risks of interruption of supplies due to lack of long-term contracts, severe weather, crop conditions, work stoppages, intense competition, technology disruptions, dependence on large, long-term regional and national customers, inflation risks, the impact of fuel prices, adverse publicity, labor issues, political or financial instability, trade restrictions, tariffs, currency exchange rates, transport capacity and costs and other factors relating to foreign trade, any or all of which could delay our receipt of product or increase our input costs. Risks and uncertainties also include the impact and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic, and the adverse impact thereof on our business, financial condition and results of operations, including, but not limited to, our growth, product costs, supply chain, labor availability, logistical capabilities, customer demand for our products and industry demand generally, consumer spending, our liquidity, the price of our securities and trading markets with respect thereto, our credit ratings, our ability to maintain compliance with the covenants in our credit agreement, our ability to access capital markets, and the global economy and financial markets generally. Risks and uncertainties also include risks impacting the economy generally, including the risks that the current general economic conditions will deteriorate, or consumer confidence in the economy or consumer spending, particularly on food-away-from-home, may decline. Market conditions may not improve. Competition and the impact of GPOs may reduce our margins and make it difficult for us to maintain our market share, growth rate and profitability. We may not be able to fully compensate for increases in fuel costs, and fuel hedging arrangements intended to contain fuel costs could result in above market fuel costs. Our ability to meet our long-term strategic objectives depends on our ability to grow gross profit, leverage our supply chain costs and reduce administrative costs. This will depend largely on the success of our various business initiatives, including efforts related to revenue management, expense management, our digital e-commerce strategy and any efforts related to restructuring or the reduction of administrative costs. There are various risks related to these efforts, including the risk that if sales from our locally managed customers do not grow at the same rate as sales from regional and national customers, or if we are unable to continue to accelerate local case growth, our gross margins may decline; the risk that we are unlikely to be able to predict inflation over the long term, and lower inflation is likely to produce lower gross profit; the risk that our efforts to mitigate increases in warehouse costs may be unsuccessful; the risk that we may not be able to accelerate and/or identify additional administrative cost savings in order to compensate for any gross profit or supply chain cost leverage challenges; the risk that these efforts may not provide the expected benefits in our anticipated time frame, if at all, and may prove costlier than expected; the risk that the actual costs of any initiatives may be greater or less than currently expected; and the risk of adverse effects to our business, results of operations and liquidity if past and future undertakings, and the associated changes to our business, do not prove to be cost effective or do not result in the cost savings and other benefits at the levels that we anticipate. Our plans related to and the timing of any initiatives are subject to change at any time based on management’s subjective evaluation of our overall business needs. If we are unable to realize the anticipated benefits from our efforts, we could become cost disadvantaged in the marketplace, and our competitiveness and our profitability could decrease. Adverse publicity about us or lack of confidence in our products could negatively impact our reputation and reduce earnings. Capital expenditures may vary based on changes in business plans and other factors, including risks related to the implementation of various initiatives, the timing and successful completion of acquisitions, construction schedules and the possibility that other cash requirements could result in delays or cancellations of capital spending. Periods of significant or prolonged inflation or deflation, either overall or in certain product categories, can have a negative impact on us and our customers, as high food costs can reduce consumer spending in the food-away-from-home market, and may negatively impact our sales, gross profit, operating income and earnings, and periods of deflation can be difficult to manage effectively. Fluctuations in inflation and deflation, as well as fluctuations in the value of foreign currencies, are beyond our control and subject to broader market forces. Expanding into international markets presents unique challenges and risks, including compliance with local laws, regulations and customs and the impact of local political and economic conditions, including the impact of Brexit and the “yellow vest” protests in France against a fuel tax increase, pension reform and the French government, and such expansion efforts may not be successful. Any business that we acquire may not perform as expected, and we may not realize the anticipated benefits of our acquisitions. Expectations regarding the financial statement impact of any acquisitions may change based on management’s subjective evaluation. A divestiture of one or more of our businesses may not provide the anticipated effects on our operations. Meeting our dividend target objectives depends on our level of earnings, available cash and the success of our various strategic initiatives. Changes in applicable tax laws or regulations and the resolution of tax disputes could negatively affect our financial results. We rely on technology in our business and any cybersecurity incident, other technology disruption or delay in implementing new technology could negatively affect our business and our relationships with customers. For a discussion of additional factors impacting Sysco’s business, see our Annual Report on Form 10-K for the year ended June 27, 2020, as filed with the SEC, and our subsequent filings with the SEC. We do not undertake to update our forward-looking statements, except as required by applicable law.

About Sysco

Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 58,000 associates, the company operates 343 distribution facilities worldwide and serves more than 650,000 customer locations. For fiscal 2021 that ended July 3, 2021, the company generated sales of more than $51 billion. Information about our CSR program, including Sysco’s 2020 Corporate Social Responsibility Report, can be found at sysco.com/csr2020report.

For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoFoods. For important news and information regarding Sysco, visit the Investor Relations section of the company’s Internet home page at investors.sysco.com, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.

Sysco Corporation and its Consolidated Subsidiaries

CONSOLIDATED RESULTS OF OPERATIONS

(In Thousands, Except for Share and Per Share Data)

	Quarter Ended						Year Ended
	Jul. 3, 2021			Jun. 27, 2020			Jul. 3, 2021			Jun. 27, 2020

Sales	$	16,136,893		$	8,866,564		$	51,297,843		$	52,893,310
Cost of sales	13,221,115			7,300,909			41,941,094			42,991,646
Gross profit	2,915,778			1,565,655			9,356,749			9,901,664
Operating expenses	2,346,094			2,097,235			7,919,507			9,152,159
Operating income (loss)	569,684			(531,580		)	1,437,242			749,505
Interest expense	441,149			164,269			880,137			408,220
Other (income) expense, net	(13,483		)	40,396			(27,623		)	47,901
Earnings (loss) before income taxes	142,018			(736,245		)	584,728			293,384
Income taxes	(9,075		)	(117,826		)	60,519			77,909
Net earnings (loss)	$	151,093		$	(618,419	)	$	524,209		$	215,475

Net earnings (loss):
Basic earnings (loss) per share	$	0.29		$	(1.22	)	$	1.03		$	0.42
Diluted earnings (loss) per share	0.29			(1.22		)	1.02			0.42

Average shares outstanding	512,423,938			508,296,452			510,696,398			510,121,071
Diluted shares outstanding	516,036,842			508,296,452			513,555,088			514,025,974

Sysco Corporation and its Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except for Share Data)

	Jul. 3, 2021			Jun. 27, 2020

ASSETS
Current assets
Cash and cash equivalents	$	3,007,123		$	6,059,427
Accounts receivable, less allowances of $117,695 and $334,810	3,781,510			2,893,551
Inventories	3,695,219			3,095,085
Prepaid expenses and other current assets	240,956			192,163
Income tax receivable	8,759			108,006
Total current assets	10,733,567			12,348,232
Plant and equipment at cost, less accumulated depreciation	4,326,063			4,458,567
Other long-term assets
Goodwill	3,944,139			3,732,469
Intangibles, less amortization	746,073			780,172
Deferred income taxes	352,523			194,115
Operating lease right-of-use assets, net	709,163			603,616
Other assets	602,011			511,095
Total other long-term assets	6,353,909			5,821,467
Total assets	$	21,413,539		$	22,628,266

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Notes payable	$	8,782		$	2,266
Accounts payable	4,884,781			3,447,065
Accrued expenses	1,814,837			1,616,289
Accrued income taxes	22,644			2,938
Current operating lease liabilities	102,659			107,167
Current maturities of long-term debt	486,141			1,542,128
Total current liabilities	7,319,844			6,717,853
Long-term liabilities
Long-term debt	10,588,184			12,902,485
Deferred income taxes	147,066			86,601
Long-term operating lease liabilities	634,481			523,496
Other long-term liabilities	1,136,480			1,204,953
Total long-term liabilities	12,506,211			14,717,535
Commitments and contingencies
Noncontrolling interest	34,588			34,265
Shareholders’ equity
Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none	—			—
Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares	765,175			765,175
Paid-in capital	1,619,995			1,506,901
Retained earnings	10,151,706			10,563,008
Accumulated other comprehensive loss	(1,148,764		)	(1,710,881		)
Treasury stock at cost, 253,342,595 and 256,915,825 shares	(9,835,216		)	(9,965,590		)
Total shareholders’ equity	1,552,896			1,158,613
Total liabilities and shareholders’ equity	$	21,413,539		$	22,628,266

Sysco Corporation and its Consolidated Subsidiaries

CONSOLIDATED CASH FLOWS

(In Thousands)

	53-Week Period Ended
	Jul. 3, 2021			Jun. 27, 2020
Cash flows from operating activities:
Net earnings	$	524,209		$	215,475
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense	95,815			42,234
Depreciation and amortization	737,916			805,765
Operating lease asset amortization	113,906			108,376
Amortization of debt issuance and other debt-related costs	26,115			22,663
Deferred income taxes	(157,864		)	(191,317		)
Provision for losses on receivables	(152,740		)	404,158
Loss on extinguishment of debt	293,897			—
Loss on sale of businesses	22,737			—
Goodwill impairment	—			203,206
Impairment of assets held for sale	—			55,942
Other non-cash items	(16,502		)	(525		)
Additional changes in certain assets and liabilities, net of effect of businesses acquired:
(Increase) decrease in receivables	(662,345		)	915,717
(Increase) decrease in inventories	(551,405		)	114,563
(Increase) decrease in prepaid expenses and other current assets	(32,577		)	9,835
Increase (decrease) in accounts payable	1,459,222			(834,118		)
Increase (decrease) in accrued expenses	167,181			(139,891		)
Decrease in operating lease liabilities	(142,351		)	(124,040		)
Increase (decrease) in accrued income taxes	118,953			(102,678		)
Decrease in other assets	18,822			20,666
Increase in other long-term liabilities	40,853			92,649
Net cash provided by operating activities	1,903,842			1,618,680

Cash flows from investing activities:
Additions to plant and equipment	(470,676		)	(720,423		)
Proceeds from sales of plant and equipment	59,147			28,717
Acquisition of businesses, net of cash acquired	—			(142,780		)
Purchase of marketable securities	(53,148		)	(11,424		)
Proceeds from sales of marketable securities	35,979			20,532
Other investing activities	—			69,071
Net cash used for investing activities	(428,698		)	(756,307		)

Cash flows from financing activities:
Bank and commercial paper (repayments) borrowings, net	(826,182		)	616,657
Other debt borrowings	1,484			6,783,562
Other debt repayments	(2,003,135		)	(1,119,232		)
Tender and redemption premiums for senior notes	(999,996		)	—
Proceeds from stock option exercises	130,374			227,602
Stock repurchases	—			(844,699		)
Dividends paid	(917,564		)	(856,312		)
Other financing activities ⁽¹⁾	(13,209		)	(87,778		)
Net cash (used for) provided by financing activities	(4,628,228		)	4,719,800

Effect of exchange rates on cash, cash equivalents and restricted cash	94,614			(18,848		)

Net (decrease) increase in cash and cash equivalents ⁽²⁾	(3,058,470		)	5,563,325
Cash, cash equivalents and restricted cash at beginning of period	6,095,570			532,245
Cash, cash equivalents and restricted cash at end of period ⁽²⁾	$	3,037,100		$	6,095,570

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	877,512		$	325,308
Income taxes, net of refunds	103,547			376,609

⁽¹⁾ Change includes cash paid for shares withheld to cover taxes, debt issuance costs and other financing activities.
⁽²⁾ Change includes restricted cash included within other assets in the Consolidated Balance Sheet.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items

Sysco’s results of operations for fiscal 2021 and fiscal 2020 were impacted by restructuring and transformational project costs consisting of: (1) restructuring charges; (2) expenses associated with our various transformation initiatives; and (3) facility closure and severance charges, and by acquisition-related costs consisting of: (1) intangible amortization expense related to the fiscal 2017 acquisition of Cucina Lux Investments Limited (the Brakes Acquisition); and (2) due diligence and integration costs incurred in fiscal 2021 associated with the acquisition of Greco and Sons, which is expected to close in fiscal 2022. Our results for fiscal 2021 were also impacted by the reduction of bad debt expense previously recognized in fiscal 2020 due to the unexpected impact of the COVID-19 pandemic on the collectability of our pre-pandemic trade receivable balances, as well as non-operating gains and losses including (1) losses on the extinguishment of debt; (2) losses on the sale of businesses; and (3) gains on the sale of property.

Fiscal 2020 results of operations were also negatively impacted by costs arising from the COVID-19 pandemic, the most significant of which were (1) excess bad debt expense, as we experienced an increase in past due receivables and recognized additional bad debt charges; (2) goodwill and intangibles impairment charges; and (3) fixed asset impairment charges. While Sysco traditionally incurs bad debt expense, the magnitude of such expenses and benefits that we have experienced since the onset of the COVID-19 pandemic is not indicative of our normal operations. Our adjusted results have not been normalized in a manner that would exclude the full impact of the COVID-19 pandemic on our business. As such, Sysco has not adjusted its results for lost sales, inventory write-offs or other costs associated with the COVID-19 pandemic not previously stated.

The results of our foreign operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our total Sysco and our International Foodservice Operations results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. The constant currency impact on our adjusted total Sysco and our adjusted International Foodservice Operations results are disclosed when the impact exceeds a defined threshold of greater than 1% on the growth metric. If the amount does not exceed this threshold, a disclosure will be made that the impact of the currency change was not significant.

Management believes that adjusting its operating expenses, operating income, interest expense, other (income) expense, net, net earnings and diluted earnings per share to remove these Certain Items and presenting its International Foodservice Operations results on a constant currency basis, provides an important perspective with respect to our underlying business trends and results and provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis.

Although Sysco has a history of growth through acquisitions, the Brakes Group was significantly larger than the companies historically acquired by Sysco, with a proportionately greater impact on Sysco’s consolidated financial statements. Accordingly, Sysco is excluding from its non-GAAP financial measures for the relevant period the impact of acquisition-related intangible amortization specific to the Brakes Acquisition. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal 2021 and fiscal 2020.

Set forth below is a reconciliation of sales, operating expenses, operating income, interest expense, other (income) expense net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not add up to the total presented due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items

(Dollars in Thousands, Except for Share and Per Share Data)

	14-Week Period Ended Jul. 3, 2021				13-Week Period Ended Jun. 27, 2020				Change in Dollars			% Change
Sales (GAAP)	$	16,136,893			$	8,866,564			$	7,270,329		82.0		%
Impact of currency fluctuations ⁽¹⁾	(253,081		)		—				(253,081		)	(2.9	)
Comparable sales using a constant currency basis (Non-GAAP)	$	15,883,812			$	8,866,564			$	7,017,248		79.1		%

Gross profit (GAAP)	$	2,915,778			$	1,565,655			$	1,350,123		86.2		%
Impact of currency fluctuations ⁽¹⁾	(49,675		)		—				(49,675		)	(3.2	)
Comparable gross profit using a constant currency basis (Non-GAAP)	$	2,866,103			$	1,565,655			$	1,300,448		83.1		%

Gross margin (GAAP)	18.07			%	17.66			%				41 bps
Impact of currency fluctuations ⁽¹⁾	(0.02		)		—							-2 bps
Comparable Gross margin using a constant currency basis (Non-GAAP)	18.04			%	17.66			%				39 bps

Operating expenses (GAAP)	$	2,346,094			$	2,097,235			$	248,859		11.9		%
Impact of restructuring and transformational project costs⁽²⁾	(33,110		)		(180,066		)		146,956			81.6
Impact of acquisition-related costs⁽³⁾	(24,826		)		(13,251		)		(11,575		)	(87.4	)
Impact of bad debt reserve adjustments⁽⁴⁾	22,441				(169,903		)		192,344			113.2
Impact of goodwill impairment	—				(134,481		)		134,481			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	2,310,599				1,599,534				711,065			44.5
Impact of currency fluctuations ⁽¹⁾	(47,200		)		—				(47,200		)	(3.0	)
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	2,263,399			$	1,599,534			$	663,865		41.5		%

Operating income (loss) (GAAP)	$	569,684			$	(531,580	)		$	1,101,264		207.2		%
Impact of restructuring and transformational project costs ⁽²⁾	33,110				180,066				(146,956		)	(81.6	)
Impact of acquisition-related costs⁽³⁾	24,826				13,251				11,575			87.4
Impact of bad debt reserve adjustments⁽⁴⁾	(22,441		)		169,903				(192,344		)	(113.2	)
Impact of goodwill impairment	—				134,481				(134,481		)	NM
Operating income (loss) adjusted for Certain Items (Non-GAAP)	605,179				(33,879		)		639,058			NM
Impact of currency fluctuations ⁽¹⁾	(2,475		)		—				(2,475		)	(7.3	)
Comparable operating income (loss) adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	602,704			$	(33,879	)		$	636,583		NM

Interest expense (GAAP)	$	441,149			$	164,269			$	276,880		168.6		%
Impact of loss on extinguishment of debt	(293,897		)		—				(293,897		)	NM
Interest expense adjusted for Certain Items (Non-GAAP)	$	147,252			$	164,269			$	(17,017	)	(10.4	)	%

Other (income) expense (GAAP)	$	(13,483	)		$	40,396			$	(53,879	)	133.4		%
Impact of other non-routine gains and losses ⁽⁵⁾	12,374				(46,968		)		59,342			126.3
Other income adjusted for Certain Items (Non-GAAP)	$	(1,109	)		$	(6,572	)		$	5,463		(83.1	)	%

Net earnings (loss) (GAAP)	$	151,093			$	(618,419	)		$	769,512		124.4		%
Impact of restructuring and transformational project costs ⁽²⁾	33,110				180,066				(146,956		)	(81.6	)
Impact of acquisition-related costs⁽³⁾	24,826				13,251				11,575			87.4
Impact of bad debt reserve adjustments⁽⁴⁾	(22,441		)		169,903				(192,344		)	(113.2	)
Impact of goodwill impairment	—				134,481				(134,481		)	NM
Impact of loss on extinguishment of debt	293,897				—				293,897			NM
Impact of other non-routine gains and losses ⁽⁵⁾	(12,374		)		46,968				(59,342		)	(126.3	)
Tax impact of restructuring and transformational project costs⁽⁶⁾	(5,530		)		(32,926		)		27,396			83.2
Tax impact of acquisition-related costs ⁽⁶⁾	(4,204		)		1,943				(6,147		)	NM
Tax impact of bad debt reserves adjustments ⁽⁶⁾	347				(30,454		)		30,801			101.1
Tax impact of loss on extinguishment of debt ⁽⁶⁾	(79,323		)		—				(79,323		)	NM
Tax impact of other non-routine gains and losses ⁽⁶⁾	4,557				(12,644		)		17,201			136.0
Impact of foreign tax rate change ⁽⁷⁾	(17,649		)		—				(17,649		)	NM
Net earnings (loss) adjusted for Certain Items (Non-GAAP)	$	366,309			$	(147,831	)		$	514,140		NM

Diluted earnings (loss) per share (GAAP)	$	0.29			$	(1.22	)		$	1.51		123.8		%
Impact of restructuring and transformational project costs⁽²⁾	0.06				0.35				(0.29		)	(82.9	)
Impact of acquisition-related costs⁽³⁾	0.05				0.03				0.02			66.7
Impact of bad debt reserve adjustments⁽⁴⁾	(0.04		)		0.33				(0.37		)	(112.1	)
Impact of goodwill impairment	—				0.26				(0.26		)	NM
Impact of loss on extinguishment of debt	0.57				—				0.57			NM
Impact of other non-routine gains and losses ⁽⁵⁾	(0.02		)		0.09				(0.11		)	(122.2	)
Tax impact of restructuring and transformational project costs ⁽⁶⁾	(0.01		)		(0.06		)		0.05			83.3
Tax impact of acquisition-related costs ⁽⁶⁾	(0.01		)		—				(0.01		)	NM
Tax impact of bad debt reserves adjustments ⁽⁶⁾	—				(0.06		)		0.06			NM
Tax impact of loss on extinguishment of debt ⁽⁶⁾	(0.15		)		—				(0.15		)	NM
Tax impact of non-routine gains and losses ⁽⁶⁾	0.01				(0.02		)		0.03			150.0
Impact of foreign tax rate change ⁽⁷⁾	(0.03		)		—				(0.03		)	NM
Diluted earnings (loss) per share adjusted for Certain Items (Non-GAAP) ⁽⁸⁾	$	0.71			$	(0.29	)		$	1.00		NM

Diluted shares outstanding	516,036,842				508,296,452

⁽¹⁾	Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
⁽²⁾	Fiscal 2021 includes $17 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy and $16 million related to restructuring charges, facility closure and severance charges. Fiscal 2020 includes $165 million related to restructuring, facility closure and severance charges of which $75 million relates to severance charges, and $15 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy.
⁽³⁾	Fiscal 2021 represents $19 million of intangible amortization expense from the Brakes Acquisition, which is included in the results of International Foodservice, as well as $6 million of due diligence and integration costs related to Greco and Sons, which are included within Corporate expenses. Fiscal 2020 represents intangible amortization expense from the Brakes Acquisition.
⁽⁴⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.
⁽⁵⁾	Fiscal 2021 includes $9 million of gains on sale of property and other non-recurring items. Fiscal 2020 represents the impairment of assets held for sale.
⁽⁶⁾	The tax impact of adjustments for Certain Items is calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.
⁽⁷⁾	Fiscal 2021 represents a net benefit from remeasuring Sysco’s accrued income taxes, deferred tax asset and deferred tax liabilities due to changes in tax rates in the United Kingdom.
⁽⁸⁾	Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.
	NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items

(Dollars in Thousands, Except for Share and Per Share Data)

	53-Week Period Ended Jul. 3, 2021				52-Week Period Ended Jun. 27, 2020				Change in Dollars			% Change
Sales (GAAP)	$	51,297,843			$	52,893,310			$	(1,595,467	)	(3.0	)	%
Impact of currency fluctuations ⁽¹⁾	(454,004		)		—				(454,004		)	(0.9	)
Comparable sales using a constant currency basis (Non-GAAP)	$	50,843,839			$	52,893,310			$	(2,049,471	)	(3.9	)	%

Gross profit (GAAP)	$	9,356,749			$	9,901,664			$	(544,915	)	(5.5	)	%
Impact of currency fluctuations ⁽¹⁾	(94,664		)		—				(94,664		)	(1.0	)
Comparable gross profit using a constant currency basis (Non-GAAP)	$	9,262,085			$	9,901,664			$	(639,579	)	(6.5	)	%

Gross margin (GAAP)	18.24			%	18.72			%				-48 bps
Impact of currency fluctuations ⁽¹⁾	(0.03		)		—							-3 bps
Comparable Gross margin using a constant currency basis (Non-GAAP)	18.22			%	18.72			%				-50 bps

Operating expenses (GAAP)	$	7,919,507			$	9,152,159			$	(1,232,652	)	(13.5	)	%
Impact of restructuring and transformational project costs⁽²⁾	(128,187		)		(371,088		)		242,901			65.5
Impact of acquisition-related costs⁽³⁾	(79,540		)		(64,793		)		(14,747		)	(22.8	)
Impact of bad debt reserve adjustments⁽⁴⁾	184,813				(323,403		)		508,216			157.1
Impact of goodwill impairment	—				(203,206		)		203,206			NM
Operating expenses adjusted for Certain Items (Non-GAAP)		7,896,593				8,189,669				(293,076	)	(3.6	)
Impact of currency fluctuations ⁽¹⁾	(104,438		)		—				(104,438		)	(1.3	)
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	7,792,155			$	8,189,669			$	(397,514	)	(4.9	)	%

Operating income (GAAP)	$	1,437,242			$	749,505			$	687,737		91.8		%
Impact of restructuring and transformational project costs ⁽²⁾	128,187				371,088				(242,901		)	(65.5	)
Impact of acquisition-related costs⁽³⁾	79,540				64,793				14,747			22.8
Impact of bad debt reserve adjustments⁽⁴⁾	(184,813		)		323,403				(508,216		)	(157.1	)
Impact of goodwill impairment	—				203,206				(203,206		)	NM
Operating income adjusted for Certain Items (Non-GAAP)		1,460,156				1,711,995				(251,839	)	(14.7	)
Impact of currency fluctuations ⁽¹⁾	9,774				—				9,774			(0.6	)
Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	1,469,930			$	1,711,995			$	(242,065	)	(14.1	)	%

Interest expense (GAAP)	$	880,137			$	408,220			$	471,917		115.6		%
Impact of loss on extinguishment of debt	(293,897		)		—				(293,897		)	NM
Interest expense adjusted for Certain Items (Non-GAAP)	$	586,240			$	408,220			$	178,020		43.6		%

Other (income) expense (GAAP)	$	(27,623	)		$	47,901			$	(75,524	)	157.7		%
Impact of other non-routine gains and losses ⁽⁵⁾	(10,460		)		(46,968		)		36,508			(77.7	)
Other (income) expense adjusted for Certain Items (Non-GAAP)	$	(38,083	)		$	933			$	(39,016	)	NM

Net earnings (GAAP)	$	524,209			$	215,475			$	308,734		143.3		%
Impact of restructuring and transformational project costs ⁽²⁾	128,187				371,088				(242,901		)	(65.5	)
Impact of acquisition-related costs⁽³⁾	79,540				64,793				14,747			22.8
Impact of bad debt reserve adjustments⁽⁴⁾	(184,813		)		323,403				(508,216		)	(157.1	)
Impact of goodwill impairment	—				203,206				(203,206		)	NM
Impact of loss on extinguishment of debt	293,897				—				293,897			NM
Impact of other non-routine gains and losses ⁽⁵⁾	10,460				46,968				(36,508		)	(77.7	)
Tax impact of restructuring and transformational project costs⁽⁶⁾	(32,416		)		(90,683		)		58,267			64.3
Tax impact of acquisition-related costs ⁽⁶⁾	(19,675		)		(13,641		)		(6,034		)	(44.2	)
Tax impact of bad debt reserves adjustments ⁽⁶⁾	46,260				(76,864		)		123,124			160.2
Tax impact of loss on extinguishment of debt ⁽⁶⁾	(79,323		)		—				(79,323		)	NM
Tax impact of other non-routine gains and losses ⁽⁶⁾	(2,692		)		(12,644		)		9,952			78.7
Impact of foreign tax rate change ⁽⁷⁾	(23,197		)		924				(24,121		)	NM
Net earnings adjusted for Certain Items (Non-GAAP)	$	740,437			$	1,032,025			$	(291,588	)	(28.3	)	%

Diluted earnings per share (GAAP)	$	1.02			$	0.42			$	0.60		142.9		%
Impact of restructuring and transformational project costs⁽²⁾	0.25				0.72				(0.47		)	(65.3	)
Impact of acquisition-related costs⁽³⁾	0.15				0.13				0.02			15.4
Impact of bad debt reserve adjustments⁽⁴⁾	(0.36		)		0.63				(0.99		)	(157.1	)
Impact of goodwill impairment	—				0.40				(0.40		)	NM
Impact of loss on extinguishment of debt	0.57				—				0.57			NM
Impact of other non-routine gains and losses ⁽⁵⁾	0.02				0.09				(0.07		)	(77.8	)
Tax impact of restructuring and transformational project costs ⁽⁶⁾	(0.06		)		(0.18		)		0.12			66.7
Tax impact of acquisition-related costs ⁽⁶⁾	(0.04		)		(0.03		)		(0.01		)	(33.3	)
Tax impact of bad debt reserves adjustments ⁽⁶⁾	0.09				(0.15		)		0.24			160.0
Tax impact of loss on extinguishment of debt ⁽⁶⁾	(0.15		)		—				(0.15		)	—
Tax impact of non-routine gains and losses ⁽⁶⁾	(0.01		)		(0.02		)		0.01			50.0
Impact of foreign tax rate change ⁽⁷⁾	(0.05		)		—				(0.05		)	NM
Diluted earnings per share adjusted for Certain Items (Non-GAAP) ⁽⁸⁾	$	1.44			$	2.01			$	(0.57	)	(28.4	)	%

Diluted shares outstanding	513,555,088				514,025,974

⁽¹⁾		Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
⁽²⁾		Fiscal 2021 includes $72 million related to restructuring charges, facility closure and severance charges and $56 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy. Fiscal 2020 includes $265 million related to restructuring, facility closure and severance charges and $106 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy.
⁽³⁾		Fiscal 2021 represents $74 million of intangible amortization expense from the Brakes Acquisition, which is included in the results of International Foodservice, as well as $6 million of due diligence and integration costs related to Greco and Sons, which are included within Corporate expenses. Fiscal 2020 represents intangible amortization expense from the Brakes Acquisition.
⁽⁴⁾		Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.
⁽⁵⁾		Fiscal 2021 includes $23 million of loss from the sale of businesses, $9 million of gains on sale of property and other non-recurring gains and losses. Fiscal 2020 represents the impairment of assets held for sale.
⁽⁶⁾		The tax impact of adjustments for Certain Items is calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.
⁽⁷⁾		Fiscal 2021 represents a net benefit from remeasuring Sysco’s accrued income taxes, deferred tax asset and deferred tax liabilities due to changes in tax rates in the United Kingdom.
⁽⁸⁾		Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.
		NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Segment Results

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items on Applicable Segments

(Dollars in Thousands)

	14-Week Period Ended Jul. 3, 2021				13-Week Period Ended Jun. 27, 2020				Change in Dollars			%/bps Change
U.S. FOODSERVICE OPERATIONS
Sales (GAAP)	$	11,518,926			$	6,114,931			$	5,403,995		88.4		%
Gross Profit (GAAP)	2,214,821				1,165,551				1,049,270			90.0		%
Gross Margin (GAAP)	19.23			%	19.06			%				17 bps

Operating expenses (GAAP)	$	1,377,419			$	1,124,986			$	252,433		22.4		%
Impact of restructuring and transformational project costs	(46		)		(938		)		892			95.1
Impact of bad debt reserve adjustments⁽¹⁾	19,811				(123,424		)		143,235			116.1
Operating expenses adjusted for Certain Items (Non-GAAP)	$	1,397,184			$	1,000,624			$	396,560		39.6		%

Operating income (GAAP)	$	837,402			$	40,565			$	796,837		NM
Impact of restructuring and transformational project costs	46				938				(892		)	(95.1	)
Impact of bad debt reserve adjustments ⁽¹⁾	(19,811		)		123,424				(143,235		)	(116.1	)
Operating income adjusted for Certain Items (Non-GAAP)	$	817,637			$	164,927			$	652,710		NM

INTERNATIONAL FOODSERVICE OPERATIONS
Sales (GAAP)	$	2,496,030			$	1,361,109			$	1,134,921		83.4		%
Impact of currency fluctuations⁽²⁾	(247,000		)		—				(247,000		)	(18.1	)
Comparable sales using a constant currency basis (Non-GAAP)	$	2,249,030			$	1,361,109			$	887,921		65.2		%

Gross Profit (GAAP)	$	496,010			$	263,037			$	232,973		88.6		%
Impact of currency fluctuations⁽²⁾	(47,813		)		—				(47,813		)	(18.2	)
Comparable gross profit using a constant currency basis (Non-GAAP)	$	448,197			$	263,037			$	185,160		70.4		%

Gross Margin (GAAP)	19.87			%	19.33			%				54 bps
Impact of currency fluctuations⁽²⁾	(0.06		)		—							-6 bps
Comparable gross margin using a constant currency basis (Non-GAAP)	19.93			%	19.33			%				60 bps

Operating expenses (GAAP)	$	526,440			$	640,339			$	(113,899	)	(17.8	)	%
Impact of restructuring and transformational project costs⁽³⁾	(14,115		)		(117,597		)		103,482			88.0
Impact of acquisition-related costs ⁽⁴⁾	(18,959		)		(13,251		)		(5,708		)	(43.1	)
Impact of bad debt reserve adjustments ⁽¹⁾	2,631				(42,002		)		44,633			106.3
Impact of goodwill impairment	—				(134,481		)		134,481			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	495,997				333,008				162,989			48.9
Impact of currency fluctuations⁽²⁾	(44,683		)		—				(44,683		)	(13.4	)
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	451,314			$	333,008			$	118,306		35.5		%

Operating loss (GAAP)	$	(30,430	)		$	(377,302	)		$	346,872		91.9		%
Impact of restructuring and transformational project costs ⁽³⁾	14,115				117,597				(103,482		)	(88.0	)
Impact of acquisition-related costs⁽⁴⁾	18,959				13,251				5,708			43.1
Impact of bad debt reserve adjustments ⁽¹⁾	(2,631		)		42,002				(44,633		)	(106.3	)
Impact of goodwill impairment	—				134,481				(134,481		)	NM
Operating income (loss) adjusted for Certain Items (Non-GAAP)	13				(69,971		)		69,984			100.0
Impact of currency fluctuations⁽²⁾	(3,131		)		—				(3,131		)	(4.5	)
Comparable operating loss adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	(3,118	)		$	(69,971	)		$	66,853		95.5		%

SYGMA
Sales (GAAP)	$	1,873,357			$	1,288,928			$	584,429		45.3		%
Gross Profit (GAAP)	159,696				114,446				45,250			39.5		%
Gross Margin (GAAP)	8.52			%	8.88			%				-35 bps

Operating expenses (GAAP)	$	142,999			$	105,298			$	37,701		35.8		%
Impact of restructuring and transformational project costs	—				(2,131		)		2,131			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	142,999			$	103,167			$	39,832		38.6		%

Operating income (GAAP)	$	16,697			$	9,148			$	7,549		82.5		%
Impact of restructuring and transformational project costs	—				2,131				(2,131		)	NM
Operating income adjusted for Certain Items (Non-GAAP)	$	16,697			$	11,279			$	5,418		48.0		%

OTHER
Sales (GAAP)	$	248,580			$	101,596			$	146,984		144.7		%
Gross Profit (GAAP)	46,286				24,636				21,650			87.9		%
Gross Margin (GAAP)	18.62			%	24.25			%				-563 bps

Operating expenses (GAAP)	$	51,543			$	46,483			$	5,060		10.9		%
Impact of restructuring and transformational project costs	(956		)		—				(956		)	NM
Impact of bad debt reserve adjustments⁽¹⁾	(1		)		(4,477		)		4,476			100.0
Operating expenses adjusted for Certain Items (Non-GAAP)	$	50,586			$	42,006			$	8,580		20.4		%

Operating loss (GAAP)	$	(5,257	)		$	(21,847	)		$	16,590		75.9		%
Impact of restructuring and transformational project costs	956				—				956			NM
Impact of bad debt reserve adjustments⁽¹⁾	1				4,477				(4,476		)	(100.0	)
Operating loss adjusted for Certain Items (Non-GAAP)	$	(4,300	)		$	(17,370	)		$	13,070		75.2		%

CORPORATE
Gross Profit (GAAP)	$	(1,035	)		$	(2,015	)		$	980		48.6		%

Operating expenses (GAAP)	$	247,693			$	180,129			$	67,564		37.5		%
Impact of restructuring and transformational project costs⁽⁵⁾	(17,993		)		(59,400		)		41,407			69.7
Impact of acquisition-related costs ⁽⁶⁾	(5,867		)		—				(5,867		)	NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	223,833			$	120,729			$	103,104		85.4		%

Operating loss (GAAP)	$	(248,728	)		$	(182,144	)		$	(66,584	)	(36.6	)	%
Impact of restructuring and transformational project costs ⁽⁵⁾	17,993				59,400				(41,407		)	(69.7	)
Impact of acquisition-related costs ⁽⁶⁾	5,867				—				5,867			NM
Operating loss adjusted for Certain Items (Non-GAAP)	$	(224,868	)		$	(122,744	)		$	(102,124	)	(83.2	)	%

TOTAL SYSCO
Sales (GAAP)	$	16,136,893			$	8,866,564			$	7,270,329		82.0		%
Gross Profit (GAAP)	2,915,778				1,565,655				1,350,123			86.2		%
Gross Margin (GAAP)	18.07			%	17.66			%				41 bps

Operating expenses (GAAP)	$	2,346,094			$	2,097,235			$	248,859		11.9		%
Impact of restructuring and transformational project costs ^{(3) (5)}	(33,110		)		(180,066		)		146,956			81.6
Impact of acquisition-related costs ^{(4) (6)}	(24,826		)		(13,251		)		(11,575		)	(87.4	)
Impact of bad debt reserve adjustments ⁽¹⁾	22,441				(169,903		)		192,344			113.2
Impact of goodwill impairment	—				(134,481		)		134,481			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	2,310,599			$	1,599,534			$	711,065		44.5		%

Operating income (loss) (GAAP)	$	569,684			$	(531,580	)		$	1,101,264		207.2		%
Impact of restructuring and transformational project costs ^{(3) (5)}	33,110				180,066				(146,956		)	(81.6	)
Impact of acquisition-related costs ^{(4) (6)}	24,826				13,251				11,575			87.4
Impact of bad debt reserve adjustments ⁽¹⁾	(22,441		)		169,903				(192,344		)	(113.2	)
Impact of goodwill impairment	—				134,481				(134,481		)	NM
Operating income (loss) adjusted for Certain Items (Non-GAAP)	$	605,179			$	(33,879	)		$	639,058		NM

⁽¹⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.
⁽²⁾	Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
⁽³⁾	Includes restructuring, severance and facility closure costs primarily in Europe.
⁽⁴⁾	Represents intangible amortization expense from the Brakes Acquisition.
⁽⁵⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.
⁽⁶⁾	Represents due diligence and integration costs related to Greco and Sons, which are included within Corporate expenses.
	NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Segment Results

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items on Applicable Segments

(Dollars in Thousands)

	53-Week Period Ended Jul. 3, 2021				52-Week Period Ended Jun. 27, 2020					Change in Dollars			%/bps Change
U.S. FOODSERVICE OPERATIONS
Sales (GAAP)	$	35,724,843			$	36,774,146				$	(1,049,303	)	(2.9	)	%
Gross Profit (GAAP)	7,008,687				7,254,722					(246,035		)	(3.4	)	%
Gross Margin (GAAP)	19.62			%	19.73			%					-11 bps

Operating expenses (GAAP)	$	4,552,123			$	5,251,563				$	(699,440	)	(13.3	)	%
Impact of restructuring and transformational project costs	(4,056		)		(10,145		)			6,089			60.0
Impact of bad debt reserve adjustments⁽¹⁾	143,036				(230,654		)			373,690			162.0
Operating expenses adjusted for Certain Items (Non-GAAP)	$	4,691,103			$	5,010,764				$	(319,661	)	(6.4	)	%

Operating income (GAAP)	$	2,456,564			$	2,003,159				$	453,405		22.6		%
Impact of restructuring and transformational project costs	4,056				10,145					(6,089		)	(60.0	)
Impact of bad debt reserve adjustments ⁽¹⁾	(143,036		)		230,654					(373,690		)	(162.0	)
Operating income adjusted for Certain Items (Non-GAAP)	$	2,317,584			$	2,243,958				$	73,626		3.3		%

INTERNATIONAL FOODSERVICE OPERATIONS
Sales (GAAP)	$	8,350,638			$	9,672,190				$	(1,321,552	)	(13.7	)	%
Impact of currency fluctuations⁽²⁾	(444,380		)		—					(444,380		)	(4.6	)
Comparable sales using a constant currency basis (Non-GAAP)	$	7,906,258			$	9,672,190				$	(1,765,932	)	(18.3	)	%

Gross Profit (GAAP)	$	1,645,448			$	1,955,190				$	(309,742	)	(15.8	)	%
Impact of currency fluctuations⁽²⁾	(91,444		)		—					(91,444		)	(4.7	)
Comparable gross profit using a constant currency basis (Non-GAAP)	$	1,554,004			$	1,955,190				$	(401,186	)	(20.5	)	%

Gross Margin (GAAP)	19.70			%	20.21			%					-51 bps
Impact of currency fluctuations⁽²⁾	0.05				—								-5 bps
Comparable gross margin using a constant currency basis (Non-GAAP)	19.66			%	20.21			%					-56 bps

Operating expenses (GAAP)	$	1,877,851			$	2,326,597				$	(448,746	)	(19.3	)	%
Impact of restructuring and transformational project costs⁽³⁾	(66,147		)		(191,900		)			125,753			65.5
Impact of acquisition-related costs ⁽⁴⁾	(73,673		)		(64,793		)			(8,880		)	(13.7	)
Impact of bad debt reserve adjustments ⁽¹⁾	36,214				(88,271		)			124,485			141.0
Impact of goodwill impairment	—				(134,481		)		`	134,481			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	1,774,245				1,847,152					(72,907		)	(3.9	)
Impact of currency fluctuations⁽²⁾	(100,945		)		—					(100,945		)	(5.5	)
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	1,673,300			$	1,847,152				$	(173,852	)	(9.4	)	%

Operating loss (GAAP)	$	(232,403	)		$	(371,407	)			$	139,004		37.4		%
Impact of restructuring and transformational project costs ⁽³⁾	66,147				191,900					(125,753		)	(65.5	)
Impact of acquisition-related costs⁽⁴⁾	73,673				64,793					8,880			13.7
Impact of bad debt reserve adjustments ⁽¹⁾	(36,214		)		88,271					(124,485		)	(141.0	)
Impact of goodwill impairment	—				134,481					(134,481		)	NM
Operating (loss) income adjusted for Certain Items (Non-GAAP)	(128,797		)		108,038					(236,835		)	(219.2	)
Impact of currency fluctuations⁽²⁾	9,501				—					9,501			(8.8	)
Comparable operating (loss) income adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	(119,296	)		$	108,038				$	(227,334	)	(210.4	)	%

SYGMA
Sales (GAAP)	$	6,498,601			$	5,555,926				$	942,675		17.0		%
Gross Profit (GAAP)	554,014				483,494					70,520			14.6		%
Gross Margin (GAAP)	8.53			%	8.70			%					-18 bps

Operating expenses (GAAP)	$	501,360			$	446,614				$	54,746		12.3		%
Impact of restructuring and transformational project costs	(7		)		(5,793		)			5,786			99.9
Operating expenses adjusted for Certain Items (Non-GAAP)	$	501,353			$	440,821				$	60,532		13.7		%

Operating income (GAAP)	$	52,654			$	36,880				$	15,774		42.8		%
Impact of restructuring and transformational project costs	7				5,793					(5,786		)	(99.9	)
Operating income adjusted for Certain Items (Non-GAAP)	$	52,661			$	42,673				$	9,988		23.4		%

OTHER
Sales (GAAP)	$	723,761			$	891,048				$	(167,287	)	(18.8	)	%
Gross Profit (GAAP)	160,394				218,884					(58,490		)	(26.7	)	%
Gross Margin (GAAP)	22.16			%	24.56			%					-240 bps

Operating expenses (GAAP)	$	160,790			$	240,245				$	(79,455	)	(33.1	)	%
Impact of restructuring and transformational project costs	(956		)		—					(956		)	NM
Impact of bad debt reserve adjustments⁽¹⁾	5,563				(4,478		)			10,041			224.2
Impact of goodwill impairment	—				(11,660		)			11,660			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	165,397			$	224,107				$	(58,710	)	(26.2	)	%

Operating loss (GAAP)	$	(396	)		$	(21,361	)			$	20,965		98.1		%
Impact of restructuring and transformational project costs	956				—					956			NM
Impact of bad debt reserve adjustments⁽¹⁾	(5,563		)		4,478					(10,041		)	(224.2	)
Impact of goodwill impairment	—				11,660					(11,660		)	NM
Operating loss adjusted for Certain Items (Non-GAAP)	$	(5,003	)		$	(5,223	)			$	220		4.2		%

CORPORATE
Gross Profit (GAAP)	$	(11,794	)		$	(10,626	)			$	(1,168	)	(11.0	)	%

Operating expenses (GAAP)	$	827,383			$	887,140				$	(59,757	)	(6.7	)	%
Impact of restructuring and transformational project costs⁽⁵⁾	(57,021		)		(163,249		)			106,228			65.1
Impact of acquisition-related costs ⁽⁶⁾	(5,867		)		—					(5,867		)	NM
Impact of goodwill impairment	—				(57,066		)			57,066			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	764,495			$	666,825				$	97,670		14.6		%

Operating loss (GAAP)	$	(839,177	)		$	(897,766	)			$	58,589		6.5		%
Impact of restructuring and transformational project costs ⁽⁵⁾	57,021				163,249					(106,228		)	(65.1	)
Impact of acquisition-related costs ⁽⁶⁾	5,867				—					5,867			NM
Impact of goodwill impairment	—				57,066					(57,066		)	NM
Operating loss adjusted for Certain Items (Non-GAAP)	$	(776,289	)		$	(677,451	)			$	(98,838	)	(14.6	)	%

TOTAL SYSCO
Sales (GAAP)	$	51,297,843			$	52,893,310				$	(1,595,467	)	(3.0	)	%
Gross Profit (GAAP)	9,356,749				9,901,664					(544,915		)	(5.5	)	%
Gross Margin (GAAP)	18.24			%	18.72			%					-48 bps

Operating expenses (GAAP)	$	7,919,507			$	9,152,159				$	(1,232,652	)	(13.5	)	%
Impact of restructuring and transformational project costs ^{(3) (5)}	(128,187		)		(371,087		)			242,900			65.5
Impact of acquisition-related costs ^{(4) (6)}	(79,540		)		(64,793		)			(14,747		)	(22.8	)
Impact of bad debt reserve adjustments ⁽¹⁾	184,813				(323,403		)			508,216			157.1
Impact of goodwill impairment	—				(203,207		)			203,207			NM
Operating expenses adjusted for Certain Items (Non-GAAP)	$	7,896,593			$	8,189,669				$	(293,076	)	(3.6	)	%

Operating income (GAAP)	$	1,437,242			$	749,505				$	687,737		91.8		%
Impact of restructuring and transformational project costs ^{(3) (5)}	128,187				371,087					(242,900		)	(65.5	)
Impact of acquisition-related costs ^{(4) (6)}	79,540				64,793					14,747			22.8
Impact of bad debt reserve adjustments ⁽¹⁾	(184,813		)		323,403					(508,216		)	(157.1	)
Impact of goodwill impairment	—				203,207					(203,207		)	NM
Operating income adjusted for Certain Items (Non-GAAP)	$	1,460,156			$	1,711,995				$	(251,839	)	(14.7	)	%

⁽¹⁾		Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.
⁽²⁾		Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
⁽³⁾		Includes restructuring, severance and facility closure costs primarily in Europe.
⁽⁴⁾		Represents intangible amortization expense from the Brakes Acquisition.
⁽⁵⁾		Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.
⁽⁶⁾		Fiscal 2021 represents due diligence and integration costs related to the acquisition of Greco and Sons in the first quarter of fiscal 2022.
		NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Free Cash Flow

(In Thousands)

Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Sysco considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases and sales of buildings, fleet, equipment and technology, which may potentially be used to pay for, among other things, strategic uses of cash including dividend payments, share repurchases and acquisitions. However, free cash flow may not be available for discretionary expenditures, as it may be necessary that we use it to make mandatory debt service or other payments. Free cash flow should not be used as a substitute for the most comparable GAAP measure in assessing the company’s liquidity for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the table that follows, free cash flow for each period presented is reconciled to net cash provided by operating activities.

	53-Week Period Ended Jul. 3, 2021			52-Week Period Ended Jun. 27, 2020			53-Week Period Change in Dollars
Net cash provided by operating activities (GAAP)	$	1,903,842		$	1,618,680		$	285,162
Additions to plant and equipment	(470,676		)	(720,423		)	249,747
Proceeds from sales of plant and equipment	59,147			28,717			30,430
Free Cash Flow (Non-GAAP)	$	1,492,313		$	926,974		$	565,339

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

(Dollars in Thousands)

EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depreciation and (iv) amortization. The net earnings (loss) component of our EBITDA calculation is impacted by Certain Items that we do not consider representative of our underlying performance. As a result, in the non-GAAP reconciliations below for each period presented, adjusted EBITDA is computed as EBITDA plus the impact of Certain Items, excluding Certain items related to interest expense, income taxes, depreciation and amortization. Sysco’s management considers growth in this metric to be a measure of overall financial performance that provides useful information to management and investors about the profitability of the business, as it facilitates comparison of performance on a consistent basis from period to period by providing a measurement of recurring factors and trends affecting our business. Additionally, it is a commonly used component metric used to inform on capital structure decisions. Adjusted EBITDA should not be used as a substitute for the most comparable GAAP measure in assessing the company’s financial performance for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the tables that follow, adjusted EBITDA for each period presented is reconciled to net earnings (loss).

	14-Week Period Ended Jul. 3, 2021			13-Week Period Ended Jun. 27, 2020			Change in Dollars			% Change
Net earnings (loss) (GAAP)	$	151,093		$	(618,419	)	$	769,512		(124.4	)	%
Interest (GAAP)	441,149			164,269			276,880			168.6
Income taxes (GAAP)	(9,075		)	(117,826		)	108,751			(92.3	)
Depreciation and amortization (GAAP)	195,445			247,177			(51,732		)	(20.9	)
EBITDA (Non-GAAP)	$	778,612		$	(324,799	)	$	1,103,411		NM
Certain Item adjustments:
Impact of restructuring and transformational project costs ⁽¹⁾	31,440			116,218			(84,778		)	(72.9	)	%
Impact of acquisition-related costs	5,867			—			5,867			NM
Impact of bad debt reserve adjustments⁽²⁾	(22,441		)	169,903			(192,344		)	(113.2	)
Impact of goodwill impairment	—			134,481			(134,481		)	NM
Impact of other non-routine gains and losses⁽³⁾	(12,374		)	46,968			(59,342		)	(126.3	)
EBITDA adjusted for Certain Items (Non-GAAP) ⁽⁴⁾	$	781,104		$	142,771		$	638,333		NM

⁽¹⁾		Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy, excluding charges related to accelerated depreciation.
⁽²⁾		Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.
⁽³⁾		Fiscal 2021 includes $9 million of gains on sale of property and other non-recurring items. Fiscal 2020 represents the impairment of assets held for sale.
⁽⁴⁾		In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $2 million and $5 million for fiscal 2021 and fiscal 2020, respectively, or non-cash stock compensation expense of $30 million for fiscal 2021 and $22 million of non-cash stock compensation benefit for fiscal 2020.

	53-Week Period Ended Jul. 3, 2021			52-Week Period Ended Jun. 27, 2020		Change in Dollars			% Change
Net earnings (loss) (GAAP)	$	524,209		$	215,475	$	308,734		143.3		%
Interest (GAAP)	880,137			408,220		471,917			115.6
Income taxes (GAAP)	60,519			77,909		(17,390		)	(22.3	)
Depreciation and amortization (GAAP)	737,916			805,765		(67,849		)	(8.4	)
EBITDA (Non-GAAP)	$	2,202,781		$	1,507,369	$	695,412		46.1		%
Certain Item adjustments:
Impact of restructuring and transformational project costs ⁽¹⁾	120,693			290,284		(169,591		)	(58.4	)	%
Impact of acquisition-related costs	5,867			—		5,867			NM
Impact of bad debt reserve adjustments⁽²⁾	(184,813		)	323,403		(508,216		)	(157.1	)
Impact of goodwill impairment	—			203,206		(203,206		)	NM
Impact of other non-routine gains and losses⁽³⁾	10,460			46,968		(36,508		)	(77.7	)
EBITDA adjusted for Certain Items (Non-GAAP) ⁽⁴⁾	$	2,154,988		$	2,371,230	$	(216,242	)	(9.1	)	%

⁽¹⁾		Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy, excluding charges related to accelerated depreciation.
⁽²⁾		Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.
⁽³⁾		Fiscal 2021 includes $23 million of loss from the sale of businesses, $9 million of gains on sale of property and other non-recurring items. Fiscal 2020 represents the impairment of assets held for sale.
⁽⁴⁾		In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $15 million and $12 million or non-cash stock compensation expense of $96 million and $42 million for fiscal 2021 and fiscal 2020, respectively.

For more information contact:

Shannon Mutchler Media Contact [email protected] T 281-584-4059	Neil Russell Investor Contact [email protected] T 281-584-1308

August 10, 2021 8:04 am

Rain Therapeutics Reports Second Quarter 2021 Financial Results and Highlights Recent Progress

First patient dosed in Phase 3 registrational trial (MANTRA) evaluating milademetan (RAIN-32) in patients with dedifferentiated (“DD”) liposarcoma (“LPS”)

Quarter-end cash position of $164.6 million provides runway through late 2024

Management to host conference call and webcast today at 4:30PM Eastern Time

NEWARK, Calif., Aug. 10, 2021 (GLOBE NEWSWIRE) — Rain Therapeutics Inc., (NasdaqGS: RAIN),. (“Rain”), a late-stage company developing precision oncology therapeutics, today reports financial results for the second quarter and six months ended June 30, 2021, along with an update on the company’s key developments, business operations and upcoming milestones.

“Rain has made strong progress in the second quarter and six months ended 2021,” said Avanish Vellanki, co-founder and chief executive officer of Rain. “Patients with dedifferentiated liposarcoma are in desperate need of new therapies, and we are proud to have been able to dose the first patient in a pivotal Phase 3 trial in under 12 months from acquiring the program. As we move forward with the milademetan clinical strategy, we look to commence our second trial, MANTRA-2, in patients with MDM2-amplified solid tumors, in the second half of 2021.”

Key Developments and Operational Updates

First Patient Dosed in Phase 3 MANTRA Clinical Trial of Milademetan (RAIN-32) for DD LPS
- In July 2021, Rain announced that the first patient was randomized in the multicenter, open-label, Phase 3 registrational trial (MANTRA) evaluating milademetan, an oral mouse double minute 2 (“MDM2”) inhibitor, for the treatment of DD LPS.
- Rain anticipates data from this trial in 2023.
MDM2-Amplified Phase 2 Basket Trial (MANTRA-2) to commence shortly
- Rain anticipates enrolling the first patient in its basket study of patients with MDM2-amplified advanced solid tumors (MANTRA-2) in the second half of 2021. These patients will exhibit a degree of MDM2 amplification that Rain believes is oncogenic and sensitive to MDM2 inhibition.
- Rain anticipates interim data in 2H 2022.
Collaborations with Tempus and Caris Life Sciences for the Milademetan MDM2-Amplified Phase 2 Basket Trial (MANTRA-2)
- In June 2021, Rain announced an agreement with Tempus, an artificial intelligence and precision medicine company, to use their comprehensive genomic profiling testing platform for the Phase 2, MANTRA-2 basket trial for milademetan. Under the terms of the agreement, Tempus will provide both centralized tumor testing and patient matching services using their Connect & TIME Trial^® Network.
- In June 2021, Rain also announced a patient referral partnership with Caris Life Sciences (“Caris”). Under the terms of the partnership, Caris will provide patient referral services using their molecular intelligence trials platform for MANTRA-2.
Milademetan Non-Clinical Data Abstracts Submitted to Upcoming Conferences
- Rain, in collaboration with several research partners, intends to present non-clinical data at upcoming conferences relating to additional clinical opportunities for milademetan in the second half of 2021. Presentations for milademetan have been submitted and accepted to the 2021 World Conference of Lung Cancer (Sept. 8-14, 2021) and the 2021 EORTC-NCI-AACR International Conference on Molecular Targets and Cancer Therapeutics virtual conference (Oct. 7-10, 2021).

Anticipated Near-term Milestones

Milademetan MDM2-Amplified Phase 2 Basket Study (MANTRA-2)
- Phase 2 trial expected to commence in the second half of 2021
- Rain anticipates interim data in 2H 2022
Milademetan Intimal Sarcoma Phase 2 Study
- Phase 2 trial expected to commence by early 2022
- Rain anticipates interim data in late 2022
Milademetan DD LPS Phase 3 Study (MANTRA)
- Rain anticipates data from this trial in 2023
RAD52 Research Program
- Lead candidate selection expected in 2022

Second Quarter Financial Results

For the three and six months ended June 30, 2021, Rain reported a net loss of $8.2 million and $15.0 million, respectively, as compared to a net loss of $2.6 million and $5.2 million for the same periods in 2020, respectively. Net loss per share for the three and six months ended June 30, 2021, were $0.39 and $1.23, respectively, as compared to a net loss per share of $0.78 and $1.60 for the same periods in 2020, respectively.

Research and development (“R&D”) expenses were $5.5 million and $10.8 million for the three and six months ended June 30, 2021, respectively, as compared to $1.5 million and $3.2 million for the same periods in 2020, respectively. The increases were primarily driven by the clinical costs for Rain’s lead product candidate, milademetan, as Rain prepared to launch its Phase 3 pivotal trial in DD LPS in July 2021, as well as personnel costs. Non-cash stock-based compensation expenses included in R&D expenses were approximately $0.6 million and $0.8 million in the three and six months ended June 30, 2021, respectively, as compared to $0.1 million and $0.2 million in the same periods in 2020, respectively.

General and administrative (“G&A”) expenses were $2.7 million and $4.2 million for the three and six months ended June 30, 2021, respectively, as compared to $1.1 million and $1.8 million for the same periods in 2020, respectively. The increases were primarily due to increases in various third-party G&A costs, including legal, outside consulting, as well as accounting and audit fees. Non-cash stock-based compensation expense included in G&A expenses were approximately $0.2 million in each of the three and six months ended June 30, 2021, as compared to $0.1 million and $0.2 million for the same periods in 2020, respectively.

Total non-cash stock-based compensation expenses were approximately $0.8 million and $1.0 million in the three and six months ended June 30, 2021, respectively, as compared to $0.2 million and $0.4 million for the same periods in 2020, respectively.

As of June 30, 2021, Rain had $164.6 million in cash, cash equivalents and short-term investments. This included the $121.5 million in net proceeds from Rain’s initial public offering in April 2021. Rain’s quarter-end cash position adequately provides runway through late-2024.

As of June 30, 2021, Rain had approximately 26.5 million shares of common stock outstanding.

The Company continues to expect its full year 2021 net cash used in operating activities to be approximately $50.0 million to $60.0 million and a projected year end cash balance of approximately $137.0 million to $147.0 million in cash, cash equivalents and short-term investments.

Second Quarter 2021 Results Conference Call and Webcast Details

The management of Rain Therapeutics will host a conference call and webcast for the investment community today, August 10, 2021, at 1:30 p.m. PT (4:30 p.m. ET). The conference call can be accessed by dialing 1 (800) 708-4539 (U.S. Toll Free) / 1 (847) 619-6396 (U.S. Toll). The passcode for the conference call is 50202648. A live webcast may be accessed by visiting the “Investors” section of the Rain Therapeutics’ website at www.rainthera.com. The call will be recorded and available for replay on the Company’s website for approximately 30 days after the call.

About Well-Differentiated/Dedifferentiated Liposarcoma

Liposarcoma (“LPS”) is a rare cancer originating from fat cells located in the soft tissues of the body. It is a malignant cancer that can spread to other parts of the body. Well-differentiated (“WD”) LPS is less aggressive and tends to present as a large painless mass found in deeper tissues. Dedifferentiated (“DD”) LPS is more aggressive, arising from WD LPS, and is usually found in tissue behind the abdominal area (retroperitoneal) or the extremities. WD/DD LPS are the most frequent subtypes of LPS and share common genomic abnormalities, predominately MDM2 gene amplification. The incidence of LPS is estimated at approximately 3,000 patients annually in the U.S., of which two-thirds are of the DD and WD type, and for which there are few effective treatment options.

About MANTRA Trial

The MANTRA trial is a randomized, multicenter, open-label, Phase 3 registrational trial evaluating milademetan, an oral MDM2 inhibitor, for the treatment of DD LPS. The MANTRA trial is designed to evaluate the safety and efficacy of milademetan compared to trabectedin, a current standard of care, in patients with unresectable or metastatic DD LPS that progressed on one or more prior systemic therapies, including at least one anthracycline-based therapy. Approximately 160 patients will be randomly assigned in a 1:1 ratio to receive milademetan or trabectedin. The primary objective of the MANTRA trial is to compare progression-free survival as determined by blinded independent review between the milademetan treatment arm and trabectedin control arm, in patients with unresectable or metastatic DD LPS, with or without a well-differentiated LPS component. Overall survival, disease control rate, objective response rate, duration of response, safety and patient reported outcomes will also be evaluated.

About Rain Therapeutics Inc.

Rain Therapeutics Inc. is a late-stage precision oncology company developing therapies that target oncogenic drivers for which it is able to genetically select patients it believes will most likely benefit. This approach includes using a tumor-agnostic strategy to select patients based on their tumors’ underlying genetics rather than histology. Rain’s lead product candidate, milademetan (RAIN-32), is a small molecule, oral inhibitor of MDM2, which is oncogenic in numerous cancers. In addition to milademetan, Rain is also developing a preclinical program that is focused on inducing synthetic lethality in cancer cells by inhibiting RAD52.

Forward Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the results, conduct, progress and timing of Rain’s ongoing and planned trials for milademetan (RAIN-32), the tolerability and safety profile of milademetan, the timing for selection of a lead candidate for RAD52 and the expect net cash used in operation activities and year end cash balance for full year 2021. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will,” “anticipates,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Rain’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Rain’s business in general, our substantial dependence on the success of our lead product candidate, lack of success in our clinical trials, difficulties in enrolling patients, competition from competing products, the impact of the COVID-19 pandemic, and the other risks and uncertainties described in Rain’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and subsequent filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Rain undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Media Contact:

Jordyn Temperato
LifeSci Communications
+1.646.876.5196
[email protected]

RAIN THERAPEUTICS INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)


			Three Months Ended June 30,						Six Months Ended June 30,
				2021			2020			2021			2020
			(unaudited)						(unaudited)

Operating expenses:
		Research and development		5,489			1,473			10,817			3,235
		Selling, general and administrative		2,700			1,119			4,180			1,787
		Total costs and expenses		8,189			2,592			14,997			5,022
Loss from operations				(8,189	)		(2,592	)		(14,997	)		(5,022	)
Other income (expense)
		Interest income		6			6			14			26
		Interest expense, related party		—			(33	)		–			(64	)
		Change in fair value of convertible promissory notes, related party		—			(5	)		–			(133	)
Total other income (expense), net				6			(32	)		14			(171	)
Net loss			$	(8,183	)	$	(2,624	)	$	(14,983	)	$	(5,193	)

Net loss per share, basic and diluted			$	(0.39	)	$	(0.78	)	$	(1.23	)	$	(1.60	)

Weighted-average shares used in computing net loss per share,
		basic and diluted		20,825,334			3,360,388			12,225,929			3,250,039


		SUMMARY BALANCE SHEET DATA
		(in thousands)

			June 30			December 31,
				2021		2020 ⁽¹⁾
			(unaudited)
		Cash, cash equivalents and short-term investments	$	164,647		$	58,863
		Total assets		174,553			61,080
		Stockholders’ equity (deficit)		164,834			(37,417	)

(1	)	Derived from audited financial statements

August 10, 2021 8:04 am

Jowell Global Ltd. to Hold Annual General Meeting of Stockholders on September 10, 2021

Shanghai, China, Aug. 10, 2021 (GLOBE NEWSWIRE) — Jowell Global Ltd. (“JWEL” or the “Company”) (NASDAQ: JWEL), one of the leading cosmetics, health and nutritional supplements and household products e-commerce platforms in China, today announced that it will hold its Annual General Meeting of Stockholders (the“AGM”) on September 10, 2021, at 10:30a.m. local time, at the corporate headquarters of the Company, located at 2nd Floor, No. 285 Jiangpu Road, Yangpu District, Shanghai, China.

Shareholders of record on August 6, 2021 are eligible to vote at the AGM. The matters to be voted on at the AGM are set forth in the Company’s Form 6-K filed with the U.S. Securities and Exchange Commission on August 9, 2021, which can be accessed at: https://www.sec.gov/Archives/edgar/data/0001805594/000121390021041082/ea145129ex99-1_jowell.htm.

About Jowell Global Ltd.

Jowell Global Ltd. (the “Company”) is one of the leading cosmetics, health and nutritional supplements and household products e-commerce platforms in China. We offer our own brand products to customers and also sell and distribute health and nutritional supplements, cosmetic products and certain household products from other companies on our platform. In addition, we allow third parties to open their own stores on our platform for a service fee based upon sale revenues generated from their online stores and we provide them with our unique and valuable information about market needs, enabling them to better manage their sales effort, as well as an effective platform to promote their brands. The Company also sells its products through authorized retail stores all across China, which operate under the brand names of “Love Home Store” or “LHH Store” and “Juhao Best Choice Store”. For more information, please visit http://ir.1juhao.com/

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.

For investor and media inquiries, please contact:

In China:

Jowell Global Ltd.
Ms. Jessie Zhao
Email: [email protected]

The Blueshirt Group
Ms. Susie Wang
Email: [email protected]

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: [email protected]

August 10, 2021 8:04 am

Plug Power Breaks Ground on Green Hydrogen Production Plant in Georgia

The plant will produce 15 tons per day of liquid green hydrogen made with 100% renewable energy

LATHAM, N.Y., Aug. 10, 2021 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, broke ground on the site of a green hydrogen production plant in Camden County, Ga., where 15 tons of liquid green hydrogen will be produced per day.

By investing $84 million into the facility, Plug Power affirms its continued commitment to establishing the first North American green hydrogen supply network. The plant, which will serve customers in the southeastern U.S., will produce liquid green hydrogen using 100% renewable energy with the help of at least 24 full-time, local employees.

Plug Power is already the largest buyer of liquid hydrogen globally and has built more hydrogen refueling stations than any other company in the world. Experts forecast green hydrogen will play an essential role in meeting greenhouse gas emissions targets worldwide, particularly in the transportation and logistics sectors. Exponential growth in the hydrogen economy is expected to accelerate, reaching up to 500 to 800 million tons used per year by 2050 and supplying 20% of global energy demand.

Andy Marsh, CEO of Plug Power, said the location of the plant is a part of the company’s larger strategic plan to offer green hydrogen that is cost-competitive with fossil fuel energy to its customers looking to meet their sustainability goals.

“Green hydrogen is the environmentally conscious solution companies need and want,” Marsh said. “Plug Power’s investment in this facility is an investment in Georgia — and an investment in our customers and the future world we want to live in.”

Sanjay Shrestha, general manager of energy solutions and chief strategy officer for Plug Power, said the Georgia production plant signifies the company’s deep commitment to the region and its customers.

“Plug Power’s newest production plant is a result of increasing customer demand,” Shrestha said. “More and more, customers are expressing their commitment to green hydrogen solutions. This Georgia plant is an important step for developing North America’s first force-majeure resilient green hydrogen supply network. This helps Plug Power, our customers and, more importantly, the broader hydrogen economy.”

The groundbreaking of the plant also serves as a milestone for local and state officials who have worked to attract more innovative jobs to the region.

The Camden County plant joins previously announced green hydrogen facilities in South Central Pennsylvania and the Western New York Science, Technology and Advanced Manufacturing Park (STAMP), all of which contribute toward Plug Power’s goal of producing more than 500 tons per day of green hydrogen by 2025. Together with Plug Power’s existing plant in Tennessee, acquired in 2020, and its PEM stack and electrolyzer Innovation Center in Rochester, N.Y., this plant further strengthens the company’s position as a leader in advancing the green hydrogen ecosystem.

The Georgia gas production plant is expected to be completed by the end of this year.

About Plug Power Inc.

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

Plug Power Safe Harbor Statement

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc.(“PLUG”), including but not limited to statements about PLUG’s expectations regarding its multi-year investment and growth, PLUG’s clean hydrogen technology and fuel cell solutions playing a critical role in achieving climate and decarbonization goals, deepening of relationships with key stakeholders, and acceleration of demand and adoption of hydrogen technology. You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2020. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.

Media Contact

Caitlin Coffee
Allison+Partners
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/abc2803d-8ae9-47af-9f4a-95be369fe8ad

August 10, 2021 8:04 am

NuCana Appoints Jeffrey D. Bloss, M.D. as Chief Medical Officer

Seasoned Physician-Executive Further Strengthens Leadership Team

EDINBURGH, United Kingdom, Aug. 10, 2021 (GLOBE NEWSWIRE) — NuCana plc, a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for patients with cancer, announced the appointment of Jeffrey D. Bloss, M.D. as Chief Medical Officer. Dr. Bloss will be based in NuCana’s US offices located outside Boston, MA.

“We are delighted to welcome Jeff to the executive team at NuCana,” said Hugh S. Griffith, NuCana’s Founder and Chief Executive Officer. “Jeff brings over two decades of experience leading clinical development and medical affairs at several biotechnology and pharmaceutical companies. His achievements include leading the development, approval and commercialization of numerous blockbuster oncology drugs, which will be invaluable to NuCana as we continue to advance our ProTide pipeline through the clinic and, if approved, towards commercialization.”

Dr. Bloss said, “I am excited to join NuCana and look forward to furthering its mission of improving treatment outcomes for patients with cancer by developing more effective and safer medicines. The Company’s phosphoramidate chemistry approach has the potential to positively impact the lives of millions of patients with cancer. With an ongoing Phase III clinical study of Acelarin plus cisplatin in patients with biliary tract cancer, the upcoming initiation of a Phase III clinical study of NUC-3373 in combination with other agents in patients with colorectal cancer and an ongoing Phase I clinical study of NUC-7738 in patients with solid tumors, I could not be joining NuCana at a more exciting time.”

Jeffrey Bloss, M.D. brings over 25 years of leadership experience in oncology at multiple biopharmaceutical companies including Astellas, GlaxoSmithKline, Xencor, Onyx, Genentech and Eli Lilly. During his career Dr. Bloss has been a key member of the teams responsible for the development, approval and commercialization of more than ten successful oncology drugs, including Gemzar®, Tarceva®, Sorafenib®, Tykerb® and Xtandi®. Immediately prior to joining NuCana, Dr. Bloss served as Chief Medical Officer of Tarveda Therapeutics, a venture-backed clinical-stage oncology company. Prior to Tarveda, Dr. Bloss was Chief Medical Officer and Senior Vice President, Medical Affairs at Aegerion. Before his work within industry, Dr. Bloss held a series of roles of increasing responsibility at the University of Missouri, Ellis Fischel Cancer Center and in the United States Air Force Medical Corps. Dr. Bloss completed his Residency in Obstetrics & Gynecology at Wilford Hall USAF Medical Center and his Fellowship in Gynecologic Oncology at the University of California, Irvine. He received his M.D. from Thomas Jefferson University Medical College and B.S. from Juniata College.

About NuCana

NuCana is a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for patients with cancer by applying our ProTide technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines. While these conventional agents remain part of the standard of care for the treatment of many solid and hematological tumors, their efficacy is limited by cancer cell resistance mechanisms and they are often poorly tolerated. Utilizing our proprietary technology, we are developing new medicines, ProTides, designed to overcome key cancer resistance mechanisms and generate much higher concentrations of anti-cancer metabolites in cancer cells. NuCana’s robust pipeline includes three ProTides in clinical development. Acelarin and NUC-3373, are new chemical entities derived from the nucleoside analogs gemcitabine and 5-fluorouracil, respectively, two widely used chemotherapy agents. Acelarin is in a Phase III study for patients with advanced biliary tract cancer. NUC-3373 is in a Phase I study for the potential treatment of a wide range of patients with advanced solid tumors and a Phase Ib study for patients with metastatic colorectal cancer. Our third ProTide, NUC-7738, is a transformation of a novel nucleoside analog (3’-deoxyadenosine) and is in a Phase I study for patients with advanced solid tumors.

Forward-Looking Statements

This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of NuCana plc (the “Company”). All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning the Company’s planned and ongoing clinical studies for the Company’s product candidates and the potential advantages of those product candidates, including Acelarin, NUC-3373 and NUC-7738; the initiation, enrollment, timing, progress, release of data from and results of those planned and ongoing clinical studies; the Company’s goals with respect to the development, regulatory pathway and potential use, if approved, of each of its product candidates; and the utility of prior non-clinical and clinical data in determining future clinical results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) on March 4, 2021, and subsequent reports that the Company files with the SEC. Forward-looking statements represent the Company’s beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations.

For more information, please contact:

NuCana plc
Hugh S. Griffith
Chief Executive Officer
T: +44 131 357 1111
E: [email protected]

Westwicke, an ICR Company
Chris Brinzey
T: +1 339-970-2843
E: [email protected]

RooneyPartners
Marion Janic
T: +1 212-223-4017
E: [email protected]

August 10, 2021 8:04 am

aTyr Pharma Announces Expansion of Research Collaboration with The Ohio State University

Collaboration led by Dr. Elliott Crouser to explore underlying cellular mechanisms of pulmonary sarcoidosis and identify potential sarcoidosis biomarkers.

SAN DIEGO, Aug. 10, 2021 (GLOBE NEWSWIRE) — aTyr Pharma, Inc. (Nasdaq: LIFE), a clinical stage biotherapeutics company, today announced that the company has expanded its research collaboration with The Ohio State University (OSU) to deepen the understanding of the immune mechanisms of sarcoid granuloma formation and identify potential biomarkers of efficacy for the company’s lead therapeutic candidate, ATYR1923, which is currently in clinical development for the treatment of pulmonary sarcoidosis. The research will be conducted in the laboratory of Elliott Crouser, M.D., Professor of Pulmonology, Critical Care and Sleep Medicine at OSU. Dr. Crouser specializes in sarcoidosis research and treatment and will serve as the principal investigator.

The collaboration, which expands upon a successful pilot proof-of-concept study, will assess the effect of ATYR1923 on sarcoid granuloma formation in vitro in blood samples taken from sarcoidosis patients. The study will focus on identifying the relevant immune mechanisms triggered in granuloma formation and analyze promising biomarkers predictive of strong granuloma formation in order to assess whether they could be used as predictive biomarkers for treatment selection or treatment response to ATYR1923.

“We look forward to working with aTyr on this important initiative to expand the current understanding of the underlying mechanisms involved in pulmonary sarcoidosis, particularly the formation of granulomas. This work has the potential to identify promising biomarkers that may be used to predict treatment response, including to ATYR1923. Current treatment options for pulmonary sarcoidosis are limited, and the ability to determine a patient population that may benefit from a potential treatment such as ATYR1923 presents the opportunity to take a much-needed step forward in managing this disease,” said Dr. Crouser.

“We are very pleased to expand this research collaboration with OSU and Dr. Crouser. This collaboration will build upon the successful findings from research conducted with Dr. Crouser that were recently accepted to be presented at the upcoming European Respiratory Society International Congress in September, which demonstrate the ability of a splice variant of histidyl-tRNA synthetase, the active portion of ATYR1923, to disrupt sarcoid granuloma formation in vitro — a hallmark of this debilitating disease,” said Sanjay Shukla, M.D., M.S., President and Chief Executive Officer of aTyr. “The research generated from this collaboration may help direct us to biomarkers indicative of a population that may be sensitive to treatment with ATYR1923, which could lead to improved patient outcomes.”

Sarcoidosis is an inflammatory disease characterized by the formulation of granulomas, clumps of inflammatory cells, in one or more organs of the body. Sarcoidosis in the lungs is called pulmonary sarcoidosis and occurs in more than 90% of all sarcoidosis patients. Approximately 150,000 to 200,000 Americans live with pulmonary sarcoidosis and the prognosis ranges from benign and self-limiting to chronic, debilitating disease, permanent loss of lung function and death. Current treatment options include corticosteroids and other immunosuppressive therapies, which have limited efficacy and are associated with serious side-effects when used long-term that many patients cannot tolerate.

Dr. Crouser received his medical degree from the Medical College of Ohio at Toledo, OH. He completed an internship, residency and fellowship at The Ohio State University Wexner Medical Center in Columbus, OH. He is board certified in Internal Medicine with subspecialty certifications in Pulmonary Disease and Critical Care. He is a leader in sarcoidosis research and treatment and currently serves as the Chair of the Foundation for Sarcoidosis Research’s Scientific Advisory Board. In 25 years, his laboratory has contributed to the publication of more than 100 peer-reviewed manuscripts, including the first clinical practice guidelines for sarcoidosis, which were endorsed by the American Thoracic Society in 2020. Ohio State’s Sarcoidosis Specialty Clinic was named a Center of Excellence in 2020 by the World Association of Sarcoidosis and Other Granulomatous Disorders.

About ATYR1923

aTyr is developing ATYR1923 as a potential therapeutic for patients with severe inflammatory lung diseases. ATYR1923, a fusion protein comprised of the immuno-modulatory domain of histidyl-tRNA synthetase fused to the FC region of a human antibody, is a selective modulator of neuropilin-2 that downregulates the innate and adaptive immune response in inflammatory disease states. aTyr has completed enrollment in a proof-of-concept Phase 1b/2a trial evaluating ATYR1923 in patients with pulmonary sarcoidosis. This Phase 1b/2a study is a multi-ascending dose, placebo-controlled, first-in-patient study of ATYR1923 that has been designed to evaluate the safety, tolerability, steroid sparing effect, immunogenicity and pharmacokinetic profile of multiple doses of ATYR1923. Proof-of-mechanism for ATYR1923 was established in a Phase 2 clinical trial in COVID-19 patients with severe respiratory complications, which demonstrated that ATYR1923 reduced inflammatory cytokine levels in patients consistent with preclinical models, including cytokines that are implicated in sarcoidosis and other forms of interstitial lung disease.

About aTyr

aTyr is a biotherapeutics company engaged in the discovery and development of innovative medicines based on novel biological pathways. aTyr’s research and development efforts are concentrated on a newly discovered area of biology, the extracellular functionality and signaling pathways of tRNA synthetases. aTyr has built a global intellectual property estate directed to a potential pipeline of protein compositions derived from 20 tRNA synthetase genes and their extracellular targets. aTyr’s primary focus is ATYR1923, a clinical-stage product candidate which binds to the neuropilin-2 receptor and is designed to down-regulate immune engagement in inflammatory lung diseases. For more information, please visit http://www.atyrpharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by such safe harbor provisions for forward-looking statements and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements include statements regarding potential therapeutic benefits and applications of ATYR1923; potential outcomes of the collaboration with The Ohio State University; timelines and plans with respect to certain development activities (such as the timing of data from clinical trials); and certain development goals. These forward-looking statements also reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects, as reflected in or suggested by these forward-looking statements, are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. All forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain. Furthermore, actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, uncertainty regarding the COVID-19 pandemic, risks associated with the discovery, development and regulation of our product candidates, the risk that we or our partners may cease or delay preclinical or clinical development activities for any of our existing or future product candidates for a variety of reasons (including difficulties or delays in patient enrollment in planned clinical trials), the possibility that existing collaborations could be terminated early, and the risk that we may not be able to raise the additional funding required for our business and product development plans, as well as those risks set forth in our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in our other SEC filings. Except as required by law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Ashlee Dunston
Director, Investor Relations and Corporate Communications
[email protected]

August 10, 2021 8:04 am

Acuity Brands Announces Retirement of Peter C. Browning and Election of Mark J. Sachleben to the Board of Directors

Atlanta, Aug. 10, 2021 (GLOBE NEWSWIRE) — The Board of Directors (the “Board”) of Acuity Brands, Inc. (NYSE: AYI) (the “Company”) announced today the retirement of Peter C. Browning from the Board and the election of Mark J. Sachleben as a member of the Board, both effective as of August 6, 2021. Mr. Sachleben will serve for a term that will expire at the Company’s next annual meeting of stockholders.

Mr. Sachleben currently serves as Chief Financial Officer of New Relic, Inc. (NYSE: NEWR), the Observability company that empowers engineers with a data driven approach to planning, building, deploying and running great software. There he drives financial strategy and reporting, and has also overseen legal, security, and information technology. Mr. Sachleben previously served as Vice President of Finance at Wily Technology, Inc., an application performance company.

Neil M. Ashe, Chairman, President and Chief Executive Officer, commented, “We are very pleased that Mark has agreed to join the Board and look forward to accessing his financial and strategic planning expertise and his experience developing and growing technology businesses as we continue our business transformation.”

Mr. Browning joined the Company’s founding board in 2001. During his tenure, he has served on each of the committees of the Board, most recently serving on the Governance Committee and Compensation and Management Development Committee. He served as Lead Director from January 2013 to March 2020.

Mr. Ashe further commented, “Peter has played an instrumental role on our Board and helped guide our strategy throughout his tenure. On behalf of the Board, we want to thank Peter for his distinguished service, expertise, and counsel, and wish he and his family all the best following his retirement.”

About Acuity Brands

Acuity Brands, Inc. (NYSE: AYI) is a market-leading industrial technology company. Through its two business segments, Acuity Brands Lighting and Lighting Controls (ABL) and the Intelligent Spaces Group (ISG) the Company designs, manufactures, and brings to market products and services that make the world more brilliant, productive, and connected. Acuity Brands achieves growth through the development of innovative new products and services, including building management systems, lighting, lighting controls, and location-aware applications.

Acuity Brands achieves customer-focused efficiencies that allow the Company to increase market share and deliver superior returns. The Company looks to aggressively deploy capital to grow the business and to enter attractive new verticals.

Acuity Brands is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by approximately 12,000 dedicated and talented associates. Visit us at www.acuitybrands.com.

# # #

Investor Contact:

Charlotte McLaughlin
Vice President, Investor Relations
(404) 853-1456
[email protected]

Media
Contact
:

Candace Steele Flippin
Chief Communications Officer
[email protected]

August 10, 2021 8:04 am

F-star Therapeutics is Granted Composition of Matter Patent for its Novel Second Generation STING Agonist, SB 11285

Patent protection in U.S. runs through 2037

CAMBRIDGE, United Kingdom and CAMBRIDGE, Mass., Aug. 10, 2021 (GLOBE NEWSWIRE) — F-star Therapeutics, Inc. (NASDAQ: FSTX) (“F-star” or the “Company”), a clinical-stage biopharmaceutical company dedicated to developing next generation immunotherapies to transform the lives of patients with cancer, today announced that the United States Patent and Trademark Office (USPTO) has granted the Company a patent (U.S. Patent No. 11,033,569) protecting the composition of matter of F-star’s SB 11285, a second generation STING agonist. The patent protection is expected to continue to July 2037, not including any potential patent term extensions.

Neil Brewis, Ph.D., Chief Scientific Officer of F-star, said: “We are encouraged by the latest interim results from the dose-escalation study of SB 11285. Securing patent protection in the U.S. at this critical time in the development of our second-generation STING agonist will ensure advancement of the compound with exclusivity in our approach.”

About SB 11285

F-star’s SB 11285 is differentiated from the first generation of STING agonists, as it is delivered systemically, enabling access to hard-to-reach tumors. Additionally, SB 11285 may facilitate migration of newly activated immune cells from the periphery into the tumor site. Importantly, SB 11285 is active against common STING variants and has demonstrated, in vivo, uptake into the targeted immune cells and has shown long lasting and complete tumor regression in preclinical models.

SB 11285 is being studied in an ongoing multicenter clinical trial (NCT04096638) evaluating the safety and efficacy of intravenously (IV) administered SB 11285 alone and in combination with the anti-PD-L1 monoclonal antibody, atezolizumab, in patients with advanced solid tumors. Interim results announced last month showed that SB 11285 appeared to be well tolerated both alone and in combination with atezolizumab across all dose levels tested to-date.

About F-star Therapeutics, Inc.

F-star is a clinical-stage biopharmaceutical company developing tetravalent bispecific antibodies for a paradigm shift in cancer therapy. By developing medicines that seek to block tumor immune evasion, the Company’s goal is to offer patients greater and more durable benefits than current immuno-oncology treatments. Through its proprietary tetravalent, bispecific natural antibody (mAb²™) format, F-star’s mission is to generate highly differentiated best-in-class drug candidates with monoclonal antibody-like manufacturability. For more information visit www.f-star.com and follow us on LinkedIn and Twitter.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Forward-looking statements include statements, other than statements of historical fact, regarding, among other things, statements relating to F-star’s belief that the patent protection of FS118 will allow F-star to continue to advance the program with the potential for exclusivity. These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. Such forward-looking statements are based on F-star’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, risks relating to F-star’s status as a clinical stage immuno-oncology company and its need for substantial additional funding in order to complete the development and commercialization of its product candidates, that it may experience delays in completing, or ultimately be unable to complete, the development and commercialization of its product candidates, that its clinical trials may fail to adequately demonstrate the safety and efficacy of its product candidates, that results of preclinical studies and early stage clinical trials may not be predictive of the results of later state clinical trials, that F-star faces significant competition in its drug discovery and development efforts, risks from global pandemics including COVID-19, and legislative, regulatory, political and economic developments, as well as those risks identified under the heading “Risk Factors” in F-star’s filings with the SEC. New factors emerge from time to time and it is not possible for F-star to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements included in this press release are based on information available to us as of the date of this press release. F-star does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date of this press release.

For further information, please contact:

For investor inquiries

Lindsey Trickett

VP Investor Relations & Communications
+1 240 543 7970
[email protected]

For media inquiries
Helen Shik
Shik Communications LLC
+1 617-510-4373
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