Market Newsdesk

August 5, 2021 4:33 pm

LSI Industries Inc. Announces Fourth Quarter and Full-Year Fiscal 2021 Results Conference Call Date

CINCINNATI, Aug. 05, 2021 (GLOBE NEWSWIRE) — LSI Industries Inc. (NASDAQ: LYTS, or the “Company”), a leading U.S. based manufacturer of commercial lighting and graphics solutions, today announced that it will release fourth quarter and full-year fiscal 2021 results before the market opens on Thursday, August 19, 2021. A conference call will be held that same day at 11:00 a.m. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of LSI Industries’ website at www.lsicorp.com. Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

Details of the conference call are as follows:

Call Dial-In:	877-407-4018
Conference ID:	13721147

Call Replay:	844-512-2921
Replay Passcode:	13721147

A replay of the conference call will be available between August 19, 2021 and September 2, 2021. To listen to a replay of the teleconference via webcast, please visit the Investor Relations section of LSI Industries’ website at www.lsicorp.com.

ABOUT LSI INDUSTRIES

Headquartered in Greater Cincinnati, LSI is a publicly held company traded over the NASDAQ Stock Exchange under the symbol LYTS. The company manufactures non-residential lighting and retail display solutions. Non-residential lighting consists of high-performance, American-made lighting solutions. The Company’s strength in outdoor lighting applications creates opportunities for it to introduce additional solutions to its valued customers. Retail display solutions consist of graphics solutions, digital signage and technically advanced food display equipment for strategic vertical markets. LSI’s team of internal specialists also provide comprehensive project management services in support of large-scale product rollouts. The company employs about 1,400 people at 11 manufacturing plants in the U.S. and Canada. Additional information about LSI is available at www.lsicorp.com.

FORWARD-LOOKING STATEMENTS

For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit https://investors.lsicorp.com as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.

INVESTOR & MEDIA CONTACT

Noel Ryan, IRC
720.778.2415
[email protected]

August 5, 2021 4:31 pm

CarGurus Announces Second Quarter 2021 Results

Second Quarter Highlights:

Total revenue of $217.7 million, an increase of 130% year-over-year
GAAP operating income of $38.5 million; non-GAAP operating income of $68.9 million
GAAP consolidated net income of $27.4 million; non-GAAP consolidated net income of $53.8 million
GAAP net income attributable to common stockholders of $28.1 million; non-GAAP net income attributable to common stockholders of $49.5 million
Cash, cash equivalents and short-term investments of $269.6 million
Adjusted EBITDA of $66.4 million

CAMBRIDGE, Mass., Aug. 05, 2021 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), a multinational, online automotive platform for buying and selling vehicles, today announced financial results for the second quarter ended June 30, 2021.

“I’m thrilled to report that CarGurus delivered outstanding results for the second quarter 2021. Our core listings business demonstrated durability and resiliency, despite industry-wide macroeconomic headwinds, while growth accelerated in digital wholesale with our CarOffer platform,” said Jason Trevisan, Chief Executive Officer of CarGurus. “Now, more than ever, we feel that CarGurus is becoming a fully integrated transaction-enabled marketplace for consumers and dealers. As we continue to build out our capabilities, we believe our consumer and dealer audiences, strong ROI, and attractive digital wholesale and digital retail solutions have led us to an inflection point in the Company’s history and we are excited to unlock a truly differentiated offering for consumers and dealers over the near-term as a retail and wholesale shopping experience.”

Revenue

Total revenue was $217.7 million, an increase of 130% compared to $94.7 million in the second quarter of 2020.
Marketplace subscription revenue was $144.2 million, an increase of 80% compared to $80.0 million in the second quarter of 2020.
Other revenue was $73.5 million, an increase of 397% compared to $14.8 million in the second quarter of 2020.

Operating Income

GAAP operating income was $38.5 million, or 18% of total revenue, compared to $8.7 million, or 9% of total revenue, in the second quarter of 2020.
Non-GAAP operating income was $68.9 million, or 32% of total revenue, compared to $24.7 million, or 26% of total revenue, in the second quarter of 2020.

Consolidated Net Income, Net Income Attributable to Common Stockholders & Adjusted EBITDA

GAAP consolidated net income was $27.4 million during the second quarter ended June 30, 2021, compared to $7.1 million during the second quarter ended June 30, 2020.
Non-GAAP consolidated net income was $53.8 million during the second quarter ended June 30, 2021, compared to $21.3 million during the second quarter ended June 30, 2020.
GAAP net income attributable to common stockholders was $28.1 million, or $0.23 per fully diluted share, during the second quarter ended June 30, 2021, compared to $7.1 million, or $0.06 per fully diluted share, during the second quarter ended June 30, 2020.
Non-GAAP net income attributable to common stockholders was $49.5 million, or $0.41 per fully diluted share, during the second quarter ended June 30, 2021, compared to $21.3 million, or $0.19 per fully diluted share, during the second quarter ended June 30, 2020.
Adjusted EBITDA, a non-GAAP metric, was $66.4 million for the second quarter ended June 30, 2021, compared to $27.5 million for the second quarter ended June 30, 2020.

Balance Sheet and Cash Flow

As of June 30, 2021, CarGurus had cash, cash equivalents and short-term investments of $269.6 million and no debt.
CarGurus generated $37.5 million in cash from operations and $32.9 million in free cash flow, a non-GAAP metric, during the second quarter of 2021, compared to having generated $24.8 million in cash from operations and $22.4 million in free cash flow during the second quarter of 2020.

Second Quarter Business Metrics
⁽
¹
⁾

U.S. revenue was $206.6 million in the second quarter of 2021, an increase of 130% compared to $89.7 million in the second quarter of 2020. U.S. marketplace subscription revenue was $134.1 million in the second quarter of 2021, an increase of 78% compared to $75.5 million in the second quarter of 2020. GAAP operating income in the U.S. was $40.2 million, an increase of 162% compared to $15.3 million in the second quarter of 2020.
International revenue was $11.2 million in the second quarter of 2021, an increase of 124% compared to $5.0 million in the second quarter of 2020. International marketplace subscription revenue was $10.2 million in the second quarter of 2021, an increase of 126% compared to $4.5 million in the second quarter of 2020. GAAP operating loss in International markets was ($1.7) million, a reduction in loss of 74% compared to a loss of ($6.6) million in the second quarter of 2020.
Total paying dealers were 30,727 at June 30, 2021, an increase of 2% compared to 30,258 at June 30, 2020. Of the total paying dealers at June 30, 2021, U.S. and International accounted for 23,950 and 6,777, respectively, compared to 23,806 and 6,452, respectively, at June 30, 2020.
Quarterly Average Revenue per Subscribing Dealer (“QARSD”) in the U.S. was $5,550 as of June 30, 2021, an increase of 82% compared to $3,047 as of June 30, 2020.
QARSD in International markets was $1,491 as of June 30, 2021, an increase of 132% compared to $643 as of June 30, 2020.
Website traffic and consumer engagement metrics for the second quarter of 2021 were as follows:
- U.S. average monthly unique users were 32.8 million, a decrease of (4%) compared to 34.1 million in the second quarter of 2020. U.S. average monthly sessions were 81.1 million, a decrease of (6%) compared to 85.9 million in the second quarter of 2020.
- International average monthly unique users were 7.8 million for both the second quarter of 2021 and 2020. International average monthly sessions were 18.0 million, an increase of 4% compared to 17.4 million in the second quarter of 2020.

(1) CarOffer is excluded from the metrics presented for paying dealers, QARSD, users and sessions.

Third Quarter 2021 Guidance

CarGurus anticipates total revenue, non-GAAP operating income, and non-GAAP earnings per share for the third quarter 2021 to be in the following ranges:

• Total revenue	$210 million to $216 million
• Non-GAAP operating income	$53 million to $57 million
• Non-GAAP EPS	$0.30 to $0.32

The third quarter 2021 non-GAAP earnings per share calculation assumes 120.1 million diluted weighted-average common shares outstanding.

The assumptions that are built into guidance for the third quarter 2021 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market behaviors and industry conditions. Guidance for the third quarter 2021 excludes the effects of significant COVID-19 resurgences, including the reintroduction of lockdowns and/or a slowed pace of recovery, or other macro-level industry issues that result in dealers and consumers materially changing their recent market behaviors or that cause us to enact additional measures to assist dealers, such as offering further fee reductions or waivers. Guidance also excludes the potential impact of transactions related to CarGurus’ Instant Max Cash Offer offering, adjustments to the carrying value of redeemable noncontrolling interests resulting from potential changes in the redemption value of such interests, and any potential impact of foreign currency exchange gains or losses.

CarGurus has not reconciled its guidance for non-GAAP operating income to GAAP operating income or non-GAAP consolidated EPS to GAAP consolidated EPS because stock-based compensation, amortization of intangible assets, acquisition-related expenses, and adjustments to the carrying value of redeemable noncontrolling interests resulting from changes in the redemption value of such interests, the reconciling items between such GAAP and non-GAAP financial measures, cannot be reasonably predicted due to, as applicable, the timing, amount, valuation and number of future employee equity awards, and the uncertainty relating to the timing, frequency and effect of acquisitions and the significance of the resulting acquisition-related expenses, including adjustments to the carrying value of redeemable noncontrolling interests resulting from potential changes in the redemption value of such interests, and therefore cannot be determined without unreasonable effort. For more information regarding the non-GAAP financial measures discussed in this release, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.

Conference Call and Webcast Information

CarGurus will host a conference call and live webcast to discuss its second quarter 2021 financial results and business outlook at 5:00 p.m. Eastern Time today, August 5, 2021. To access the conference call, dial (877) 300-8521 for callers in the U.S. or Canada, or (412) 317-6026 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at https://investors.cargurus.com.

An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, August 5, 2021, until 11:59 p.m. Eastern Time on August 19, 2021, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 10158384. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at https://investors.cargurus.com.

About CarGurus

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus marketplace gives consumers the confidence to purchase or sell a vehicle either online or in-person; and gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q2 2021, U.S.).

CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

To learn more about CarGurus, visit www.cargurus.com and for more information about CarOffer, visit www.caroffer.com.

CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our future financial and business performance for the third quarter 2021, our ability to become a fully integrated solution and unlock a truly differentiated offering for consumers and dealers, our belief that the presentation of non-GAAP financial measures and other business metrics is helpful to our investors, our business and strategy and the impact of the COVID-19 pandemic and other macro-level issues on our industry, business and financial results, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our growth and ability to grow our revenue, our relationships with dealers, competition in the markets in which we operate, market growth, our ability to innovate, our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith, natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our 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 we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

	At June 30, 2021		At December 31, 2020
Assets
Current assets
Cash and cash equivalents	$	184,642	$	190,299
Investments		85,000		100,000
Accounts receivable, net of allowance for doubtful accounts of $418 and $616, respectively		81,863		18,235
Prepaid expenses, prepaid income taxes and other current assets		17,737		12,385
Deferred contract costs		10,554		10,807
Restricted cash		8,980		250
Total current assets		388,776		331,976
Property and equipment, net		31,641		27,483
Intangible assets, net		100,348		10,862
Goodwill		156,098		29,129
Operating lease right-of-use assets		67,024		60,835
Restricted cash		10,377		10,377
Deferred tax assets		17,446		19,774
Deferred contract costs, net of current portion		8,034		9,189
Other non-current assets		4,461		2,673
Total assets	$	784,205	$	502,298
Liabilities, redeemable noncontrolling interest and stockholders’ equity
Current liabilities
Accounts payable	$	45,877	$	21,563
Accrued expenses, accrued income taxes and other current liabilities		33,394		24,751
Deferred revenue		13,120		9,137
Operating lease liabilities		11,156		11,085
Total current liabilities		103,547		66,536
Operating lease liabilities		64,723		58,810
Deferred tax liabilities		291		291
Other non–current liabilities		11,898		3,075
Total liabilities		180,459		128,712
Redeemable noncontrolling interest		54,565		—
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding		—		—
Class A common stock, $0.001 par value per share; 500,000,000 shares authorized; 99,060,368 and 94,310,309 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		99		94
Class B common stock, $0.001 par value per share; 100,000,000 shares authorized; 18,146,903 and 19,076,500 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		18		19
Additional paid-in capital		368,194		242,181
Retained earnings		179,825		129,412
Accumulated other comprehensive income		1,045		1,880
Total stockholders’ equity		549,181		373,586
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	784,205	$	502,298

Unaudited Condensed Consolidated Income Statements

(in thousands, except share and per share data)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2021			2020		2021			2020
Revenue	$	217,748		$	94,737	$	389,116		$	252,426
Cost of revenue⁽¹⁾		50,317			9,880		74,375			21,490
Gross profit		167,431			84,857		314,741			230,936
Operating expenses:
Sales and marketing		66,135			38,583		134,309			132,178
Product, technology, and development		27,630			21,887		52,794			44,971
General and administrative		26,167			14,158		46,681			30,018
Depreciation and amortization		9,022			1,520		16,689			3,041
Total operating expenses		128,954			76,148		250,473			210,208
Income from operations		38,477			8,709		64,268			20,728
Other income, net		61			474		283			1,202
Income before income taxes		38,538			9,183		64,551			21,930
Provision for income taxes		11,142			2,052		17,604			2,103
Consolidated net income		27,396			7,131		46,947			19,827
Net loss attributable to redeemable noncontrolling interest		(656	)		—		(3,466	)		—
Net income attributable to common stockholders	$	28,052		$	7,131	$	50,413		$	19,827
Net income per share attributable to common stockholders:
Basic	$	0.24		$	0.06	$	0.43		$	0.18
Diluted	$	0.23		$	0.06	$	0.42		$	0.17
Weighted-average number of shares of common stock used in computing net income per share attributable to common stockholders:
Basic		117,124,895			112,734,393		116,722,913			112,544,743
Diluted		119,454,104			113,737,465		118,353,969			113,947,241
(1) Includes depreciation and amortization expense for the three months ended June 30, 2021 and 2020 and for the six months ended June 30, 2021 and 2020 of $1,143, $1,837, $2,142 and $3,306, respectively.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Operating Activities
Consolidated net income	$	27,396		$	7,131		$	46,947		$	19,827
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization		10,165			3,357			18,831			6,347
Currency loss (gain) on foreign denominated transactions		21			11			(30	)		(91	)
Deferred taxes		2,276			(769	)		2,336			4,695
Provision for doubtful accounts		71			456			450			1,658
Stock-based compensation expense		14,387			11,769			28,747			23,375
Amortization of deferred contract costs		3,259			2,805			6,454			5,641
Changes in operating assets and liabilities:
Accounts receivable, net		(45,559	)		252			(47,982	)		5,653
Prepaid expenses, prepaid income taxes, and other assets		(1,801	)		13,882			(4,018	)		2,835
Deferred contract costs		(1,604	)		(778	)		(5,098	)		(4,074	)
Accounts payable		10,457			(18,477	)		15,333			(25,914	)
Accrued expenses, accrued income taxes, and other liabilities		17,212			379			15,580			(4,134	)
Deferred revenue		1,132			3,150			3,989			(1,788	)
Lease obligations		61			1,619			(204	)		898
Net cash provided by operating activities		37,473			24,787			81,335			34,928
Investing Activities
Purchases of property and equipment		(3,445	)		(1,357	)		(4,672	)		(2,571	)
Capitalization of website development costs		(1,143	)		(1,029	)		(2,109	)		(1,695	)
Cash paid for acquisitions, net of cash acquired		1,626			—			(64,273	)		(21,004	)
Investments in certificates of deposit		(45,000	)		—			(45,000	)		—
Maturities of certificates of deposit		60,000			38,281			60,000			68,692
Net cash provided by (used in) investing activities		12,038			35,895			(56,054	)		43,422
Financing Activities
Proceeds from exercise of stock options		140			415			398			929
Payment of finance lease obligations		(3	)		(9	)		(13	)		(18	)
Payment of withholding taxes and option costs on net share settlement of restricted stock units and stock options		(3,167	)		(2,389	)		(8,208	)		(5,786	)
Repayment of line of credit		—			—			(14,250	)		—
Net cash used in financing activities		(3,030	)		(1,983	)		(22,073	)		(4,875	)
Impact of foreign currency on cash, cash equivalents, and restricted cash		(16	)		52			(135	)		24
Net increase in cash, cash equivalents, and restricted cash		46,465			58,751			3,073			73,499
Cash, cash equivalents, and restricted cash at beginning of period		157,534			85,471			200,926			70,723
Cash, cash equivalents, and restricted cash at end of period	$	203,999		$	144,222		$	203,999		$	144,222

Unaudited Reconciliation of Marketplace Subscription Revenue

(in thousands)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Marketplace Subscription Revenue:	2021		2020		2021		2020
United States	$	134,088	$	75,457	$	266,116	$	208,481
International		10,152		4,496		17,689		13,338
Total	$	144,240	$	79,953	$	283,805	$	221,819

Unaudited Reconciliation of GAAP Operating Income to Non-GAAP Operating Income and GAAP Operating Margin to Non-GAAP Operating Margin

(in thousands, except percentages)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
GAAP operating income	$	38,477		$	8,709		$	64,268		$	20,728
Stock-based compensation expense		22,540			11,923			37,933			23,604
Amortization of intangible assets		7,858			485			14,504			917
Acquisition-related expenses		65			24			709			968
Restructuring expenses⁽¹⁾		—			3,514			—			3,514
Non-GAAP operating income	$	68,940		$	24,655		$	117,414		$	49,731

GAAP operating margin		18	%		9	%		17	%		8	%
Non-GAAP operating margin		32	%		26	%		30	%		20	%
(1) Excludes stock-based compensation expense of $753 for the three and six months ended June 30, 2020 related to the expense reduction plan approved by our Board of Directors on April 13, 2020 to address the impact of the COVID-19 pandemic on our business (the “Expense Reduction Plan”), as the amount is already included within the stock-based compensation line item.

Unaudited Reconciliation of GAAP Consolidated Net Income to Non-GAAP Net Income Attributable to Common Stockholders

(in thousands, except per share data)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2021			2020		2021			2020
GAAP consolidated net income	$	27,396		$	7,131	$	46,947		$	19,827
Stock-based compensation expense, net of tax⁽¹⁾		17,807			9,419		29,967			18,647
Change in tax provision from stock-based compensation expense⁽²⁾		676			747		623			(486	)
Amortization of intangible assets		7,858			485		14,504			917
Acquisition-related expenses		65			24		709			968
Restructuring expenses⁽³⁾		—			3,514		—			3,514
Non-GAAP consolidated net income		53,802			21,320		92,750			43,387
Net income attributable to redeemable noncontrolling interest		(4,264	)		—		(4,139	)		—
Non-GAAP net income attributable to common stockholders	$	49,538		$	21,320	$	88,611		$	43,387
Non-GAAP net income per share attributable to common stockholders:
Basic	$	0.42		$	0.19	$	0.76		$	0.39
Diluted	$	0.41		$	0.19	$	0.75		$	0.38
Shares used in non-GAAP per share calculations
Basic		117,125			112,734		116,723			112,545
Diluted		119,454			113,737		118,354			113,947
(1) The stock-based compensation amounts reflected in the table above are tax effected at the U.S. federal statutory tax rate of 21%.
(2) This adjustment reflects the tax effect of differences between tax deductions related to stock compensation and the corresponding financial statement expense.
(3) Excludes stock-based compensation expense related to the Expense Reduction Plan of $753 for the three and six months ended June 30, 2020 as the amount is already included within the stock-based compensation line items.

Unaudited Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin

(in thousands, except percentages)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Revenue	$	217,748		$	94,737		$	389,116		$	252,426
Cost of revenue		50,317			9,880			74,375			21,490
Gross profit		167,431			84,857			314,741			230,936
Stock-based compensation expense included in Cost of revenue		109			85			201			184
Acquisition-related expenses included in Cost of revenue		—			—			—			22
Restructuring expenses included in Cost of revenue		—			1,051			—			1,051
Non-GAAP gross profit	$	167,540		$	85,993		$	314,942		$	232,193

GAAP gross profit margin		77	%		90	%		81	%		91	%
Non-GAAP gross profit margin		77	%		91	%		81	%		92	%

Unaudited Reconciliation of GAAP Expense to Non-GAAP Expense

(in thousands)

	Three Months Ended June 30,
	2021															2020
	GAAP expense		Stock-based compensation expense			Amortization of intangible assets			Acquisition-related expenses			Restructuring expenses ⁽ ³⁾		Non-GAAP expense		GAAP expense		Stock-based compensation expense			Amortization of intangible assets			Acquisition-related expenses			Restructuring expenses ⁽ ³⁾			Non-GAAP expense
Cost of revenue	$	50,317	$	(109	)	$	—		$	—		$	—	$	50,208	$	9,880	$	(85	)	$	—		$	—		$	(1,051	)	$	8,744
S&M		66,135		(3,571	)		—			—			—		62,564		38,583		(3,064	)		—			—			(1,668	)		33,851
P,T&D⁽¹⁾		27,630		(6,230	)		—			—			—		21,400		21,887		(5,316	)		—			—			(679	)		15,892
G&A		26,167		(12,630	)		—			(65	)		—		13,472		14,158		(3,458	)		—			(24	)		(116	)		10,560
Depreciation & amortization		9,022		—			(7,858	)		—			—		1,164		1,520		—			(485	)		—			—			1,035
Operating expenses⁽²⁾	$	128,954	$	(22,431	)	$	(7,858	)	$	(65	)	$	—	$	98,600	$	76,148	$	(11,838	)	$	(485	)	$	(24	)	$	(2,463	)		61,338
Total expenses	$	179,271	$	(22,540	)	$	(7,858	)	$	(65	)	$	—	$	148,808	$	86,028	$	(11,923	)	$	(485	)	$	(24	)	$	(3,514	)	$	70,082
(1) Product, Technology, & Development
(2) Operating expenses include S&M, P,T&D, G&A, and depreciation & amortization
(3) Excludes stock-based compensation expense related to the Expense Reduction Plan of $753 for the three and six months ended June 30, 2020 as the amount is already included within the stock-based compensation line items.



	Six Months Ended June 30,
	2021															2020
	GAAP expense		Stock-based compensation expense			Amortization of intangible assets			Acquisition-related expenses			Restructuring expenses ⁽ ³⁾		Non-GAAP expense		GAAP expense		Stock-based compensation expense			Amortization of intangible assets			Acquisition-related expenses			Restructuring expenses ⁽ ³⁾			Non-GAAP expense
Cost of revenue	$	74,375	$	(201	)	$	—		$	—		$	—	$	74,174	$	21,490	$	(184	)	$	—		$	(22	)	$	(1,051	)	$	20,233
S&M		134,309		(6,323	)		—			—			—		127,986		132,178		(5,756	)		—			(152	)		(1,668	)		124,602
P,T&D⁽¹⁾		52,794		(12,002	)		—			—			—		40,792		44,971		(10,721	)		—			(527	)		(679	)		33,044
G&A		46,681		(19,407	)		—			(709	)		—		26,565		30,018		(6,943	)		—			(267	)		(116	)		22,692
Depreciation & amortization		16,689		—			(14,504	)		—			—		2,185		3,041		—			(917	)		—			—			2,124
Operating expenses⁽²⁾	$	250,473	$	(37,732	)	$	(14,504	)	$	(709	)	$	—	$	197,528	$	210,208	$	(23,420	)	$	(917	)	$	(946	)	$	(2,463	)	$	182,462
Total expenses	$	324,848	$	(37,933	)	$	(14,504	)	$	(709	)	$	—	$	271,702	$	231,698	$	(23,604	)	$	(917	)	$	(968	)	$	(3,514	)	$	202,695
(1) Product, Technology, & Development
(2) Operating expenses include S&M, P,T&D, G&A, and depreciation & amortization
(3) Excludes stock-based compensation expense related to the Expense Reduction Plan of $753 for the three and six months ended June 30, 2020 as the amount is already included within the stock-based compensation line items.

Unaudited Reconciliation of GAAP Consolidated Net Income to Adjusted EBITDA

(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Consolidated net income	$	27,396		$	7,131		$	46,947		$	19,827
Depreciation and amortization		10,165			3,357			18,831			6,347
Stock-based compensation expense		22,540			11,923			37,933			23,604
Acquisition-related expenses		65			24			709			968
Restructuring expenses⁽¹⁾		—			3,514			—			3,514
Other income, net		(61	)		(474	)		(283	)		(1,202	)
Provision for income taxes		11,142			2,052			17,604			2,103
Consolidated Adjusted EBITDA		71,247			27,527			121,741			55,161
Net income attributable to redeemable noncontrolling interest		(4,805	)		—			(4,737	)		—
Adjusted EBITDA	$	66,442		$	27,527		$	117,004		$	55,161
(1) Excludes stock-based compensation expense related to the Expense Reduction Plan of $753 for the three and six months ended June 30, 2020 as the amount is already included within the stock-based compensation line items.

Unaudited Reconciliation of GAAP Net Cash and Cash Equivalents Provided by Operating Activities to Non-GAAP Free Cash Flow

(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
GAAP net cash and cash equivalents provided by operating activities	$	37,473		$	24,787		$	81,335		$	34,928
Purchases of property and equipment		(3,445	)		(1,357	)		(4,672	)		(2,571	)
Capitalization of website development costs		(1,143	)		(1,029	)		(2,109	)		(1,695	)
Non-GAAP free cash flow	$	32,885		$	22,401		$	74,554		$	30,662

Non-GAAP Financial Measures and Other Business Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in the United States (GAAP), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.

We define Adjusted EBITDA as consolidated net income, adjusted to exclude: depreciation and amortization, stock-based compensation expense, acquisition-related expenses, restructuring expenses, other income, net, the provision for income taxes, and net income attributable to the minority interest in acquired entities, adjusted for all prior limitations to Adjusted EBITDA as previously described. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.

We define Free Cash Flow as cash flow from operations, adjusted to include purchases of property and equipment and capitalization of website development costs. We have presented Free Cash Flow because it is a measure of the Company’s financial performance that represents the cash that the Company is able to generate after expenditures required to maintain or expand our asset base.

We also monitor operating measures of certain non-GAAP items including non-GAAP gross margin, non-GAAP expense, non-GAAP operating income, non-GAAP operating margin, non-GAAP consolidated net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income attributable to common stockholders per share. These non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of intangible assets, restructuring expenses, acquisition-related expenses, and net income attributable to redeemable noncontrolling interests. Non-GAAP consolidated net income, Non-GAAP net income attributable to common stockholders, and non-GAAP net income attributable to common stockholders per share also exclude the change in tax provision from stock-based compensation expense. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation and number of future employee equity awards, and the uncertainty relating to the timing, frequency and effect of acquisitions as well as restructuring and the significance of the resulting acquisition-related expenses, restructuring expenses, or associated losses attributable to redeemable noncontrolling interests, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

We define a paying dealer as a dealer account with an active, paid marketplace subscription at the end of a defined period.

We define QARSD, which is measured at the end of a fiscal quarter, as the marketplace subscription revenue during that trailing quarter divided by the average number of paying dealers in that marketplace during the quarter. We calculate the average number of paying dealers for a period by adding the number of paying dealers at the end of such period and the end of the prior period and dividing by two.

For each of our websites, we define a monthly unique user as an individual who has visited any such website within a calendar month, based on data as measured by Google Analytics. We calculate average monthly unique users as the sum of the monthly unique users of each of our websites in a given period, divided by the number of months in that period. We count a unique user the first time a computer or mobile device with a unique device identifier accesses any of our websites during a calendar month. If an individual accesses a website using a different device within a given month, the first access by each such device is counted as a separate unique user. If an individual uses multiple browsers on a single device and/or clears their cookies and returns to our site within a calendar month, we count each such visit as a unique user.

We define monthly sessions as the number of distinct visits to our websites that take place each month within a given time frame, as measured and defined by Google Analytics. We calculate average monthly sessions as the sum of the monthly sessions in a given period, divided by the number of months in that period. A session is defined as beginning with the first page view from a computer or mobile device and ending at the earliest of when a user closes their browser window, after 30 minutes of inactivity, or each night at midnight (i) Eastern Time for our United States and Canada websites, other than the Autolist website, (ii) Pacific Time for the Autolist website, (iii) Greenwich Mean Time for our U.K. websites, and (iv) Central European Time (or Central European Summer Time when daylight savings is observed) for our Germany, Italy, and Spain websites, which ceased operations in the second quarter of 2020. A session can be made up of multiple page views and visitor actions, such as performing a search, visiting vehicle detail pages, and connecting with a dealer.

We define leads as user inquiries via our marketplace to dealers by phone calls, email, or managed text and chat.

Investor Contact:

Kirndeep Singh
Vice President, Investor Relations
[email protected]

August 5, 2021 4:30 pm

Albany International Corp. Announces the Launch of a Secondary Offering

Albany International Corp. Announces the Launch of a Secondary Offering

ROCHESTER, N.H.–(BUSINESS WIRE)–
Albany International Corp. (NYSE: AIN) (the “Company”) today announced the launch of a secondary offering of 1,566,644 shares of its Class A common stock, par value $0.001 per share (the “Class A Common Stock”). The shares are being offered by Standish Family Holdings, LLC and J.S. Standish Company (collectively, the “Selling Stockholders”). The Selling Stockholders will receive all of the net proceeds from this offering. No shares are being sold by the Company.

J.P. Morgan Securities LLC is acting as the sole underwriter for the offering.

J.P. Morgan Securities LLC proposes to offer the shares of Class A Common Stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

A Registration Statement on Form S-3 (including a prospectus) relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) and is effective. Before you invest, you should read the prospectus in that registration statement, the accompanying prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, copies of the prospectus and accompanying prospectus supplement related to this offering, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone at 1-866-803-9204.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Albany International Corp.

Albany International Corp. is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is a producer of custom-designed, consumable fabrics and process belts essential for the manufacture of all grades of paper products. Albany Engineered Composites is a designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 23 facilities in 11 countries, employs approximately 4,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN).

Cautionary Note Regarding Forward-Looking Statements

This press release may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Because forward-looking statements are subject to certain risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Certain of the risks and uncertainties to which the Company is subject are described in the Registration Statement on Form S-3 under the heading “Cautionary Note Regarding Forward-Looking Statements,” the Preliminary Prospectus Supplement dated August 5, 2021 under the headings “Cautionary note regarding forward-looking statements” and “Risk factors,” the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 under the headings “Forward-Looking Statements” and “Risk Factors,” the Company’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 under the heading “Forward-Looking Statements” and other applicable filings with the SEC. Such forward-looking statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210805006147/en/

Investor Relations:

John Hobbs

603-330-5897

[email protected]

KEYWORDS: United States North America New Hampshire

INDUSTRY KEYWORDS: Engineering Aerospace Manufacturing

MEDIA:

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August 5, 2021 4:22 pm

Zynga Closes Acquisition of Chartboost, a Leading Mobile Advertising and Monetization Platform

Zynga Closes Acquisition of Chartboost, a Leading Mobile Advertising and Monetization Platform

Zynga Completes Acquisition of Chartboost effective as of August 4, 2021
Chartboost Brings to Zynga a Talented Team and Vast Global Audience
Consolidated Entity Combines Top-Tier Content and a Proven At-Scale Advertising and Monetization Platform

SAN FRANCISCO–(BUSINESS WIRE)–
Zynga Inc. (Nasdaq: ZNGA), a global leader in interactive entertainment, and Chartboost, a leading mobile programmatic advertising and monetization platform, announced today that the companies have closed the transaction under which Zynga acquired 100% of Chartboost for a total purchase price of approximately $250 million in cash. The close of this acquisition is effective as of August 4, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210805005108/en/

Zynga Closes Acquisition of Chartboost, a Leading Mobile Advertising and Monetization Platform (Graphic: Business Wire)

Chartboost is a unified advertising platform that includes a Demand Side Platform (DSP) as well as Supply Side Platform (SSP) and mediation capabilities delivered through an SDK solution. By leveraging advanced machine learning and data science capabilities, Chartboost brings together premium inventory, global scale and audience-based targeting to optimize programmatic advertising and yields.

Together, Zynga and Chartboost possess all the elements of a complete, next generation platform for mobile advertising leadership: high-quality content, direct player relationships, massive reach and full-stack advertising technology that can be applied across Zynga’s game portfolio and Chartboost’s advertising partners.

Editor’s note:

Key art and broadcast assets available for use at the following link:

https://www.dropbox.com/sh/33v0g7eiebmvxap/AAA_ZksLPygmkeUoQg2oBMyua?dl=0

About Zynga

Zynga is a global leader in interactive entertainment with a mission to connect the world through games. With massive global reach in more than 175 countries and regions, Zynga has a diverse portfolio of popular game franchises that have been downloaded more than four billion times on mobile, including CSR Racing^TM, Empires & Puzzles^TM, Hair Challenge^TM, Harry Potter: Puzzles & Spells^TM, High Heels!^TM, Merge Dragons!^TM, Merge Magic!™, Queen Bee^TM, Toon Blast™, Toy Blast™, Words With Friends^TM and Zynga Poker^TM. With Chartboost, a leading mobile advertising and monetization platform, Zynga is an industry-leading next-generation platform with the ability to optimize programmatic advertising and yields at scale. Founded in 2007, Zynga is headquartered in California with locations in North America, Europe and Asia. For more information, visit www.zynga.com or follow Zynga on Twitter, Instagram, Facebook or the Zynga blog.

About Chartboost

Chartboost is a leading mobile programmatic advertising and monetization platform, which empowers developers to earn high CPMs while connecting marketers to highly engaged audiences through immersive ad experiences. Chartboost has over 100 employees and offices in San Francisco, Beijing, Barcelona and Amsterdam. Visit us at www.chartboost.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those statements relating to, among other things: the ability to achieve the intended benefits of the acquisition of Chartboost, Inc. (“Chartboost”), and our ability to effectively compete in the global advertising industry. Forward-looking statements often include words such as “projected,” “planned,” “intend,” “will,” “anticipate,” “believe,” “target,” “expect,” and statements in the future tense are generally forward-looking. These forward-looking statements are not guarantees of future performance and reflect management’s current expectations. The achievement or success of the matters covered by such forward-looking statements involves significant risks, uncertainties, and assumptions, and our actual results could differ materially from those predicted or implied. Undue reliance should not be placed on such forward-looking statements, which are based on information available to us on the date hereof. We assume no obligation to update such statements. Factors that could cause actual results to differ include: our ability to effectively integrate Chartboost and achieve the expected benefits of the transaction; the impact of the acquisition on Zynga’s and Chartboost’s business and operating results and our ability to maintain relationships with business partners; risks of litigation and/or regulatory actions related to the merger; and our ability to effectively compete in the mobile advertising industry. More information about these risks, uncertainties, and assumptions and additional factors that could cause actual results to differ are or will be described in greater detail in our public filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained by visiting our Investor Relations website at http://investor.zynga.com or the SEC’s web site at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210805005108/en/

Investor Relations:

Rebecca Lau

[email protected]

Media Relations:

Sarah Ross

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Software Entertainment Mobile Entertainment Professional Services Consumer Electronics Technology General Entertainment Marketing Advertising Communications Finance Electronic Games

MEDIA:

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Zynga Closes Acquisition of Chartboost, a Leading Mobile Advertising and Monetization Platform (Graphic: Business Wire)

August 5, 2021 4:18 pm

Valens to Present at Oppenheimer 24th Annual Technology, Internet & Communications Conference

PR Newswire

HOD HASHARON, Israel, Aug. 5, 2021 /PRNewswire/ — Valens, a premier provider of high-speed connectivity solutions for the audio-video and automotive markets, today announced that it will be presenting at the Oppenheimer 24^th Annual Technology, Internet & Communications Conference on Monday, August 9, 2021. The presentation is scheduled to begin at 1:15 p.m. EDT.

Participating in the virtual fireside chat will be Valens’ CEO Gideon Ben-Zvi, Valens’ CFO Dror Heldenberg and PTK Acquisition Corp.’s (NYSE: PTK.U) CEO Peter Kuo. The live webcast of the presentation can be accessed in the Investors section of Valens’ website at https://www.valens.com/investors or at https://wsw.com/webcast/oppenheimer15/vlncf/3006546.

In May, Valens entered into a definitive merger agreement with PTK Acquisition Corp. (NYSE: PTK.U) (“PTK”), a special purpose acquisition company, that would result in Valens being listed on the New York Stock Exchange under the symbol “VLN” following the close of the transaction. The transaction is expected to close in the fall of 2021 and is subject to customary closing conditions, including a registration statement being declared effective by the Securities and Exchange Commission (“SEC”).

About Valens
Valens is a leading provider of semiconductor products, pushing the boundaries of connectivity by enabling long-reach, high-speed video and data transmission for the audio-video and automotive industries. Valens’ Emmy® award-winning HDBaseT technology is the leading standard in the professional audio-video market with tens of millions of Valens’ chipsets integrated into thousands of HDBaseT-enabled products. Valens Automotive is a key enabler of the evolution of autonomous driving, providing chipsets that are on the road in vehicles around the world. The underlying technology has been selected to become the basis for MIPI A-PHY, the global standard for automotive connectivity. Founded in 2006, Valens is based in Hod Hasharon, Israel, with offices in the US, Europe and Asia. For more information: www.valens.com.

About PTK Acquisition Corp.
PTK Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. With extensive operational and investment experience in the hardware and semiconductor industries, the PTK management team leverages global market relationships to tap into synergies across the electronics and automotive value chain. PTK Acquisition Corp. targets companies that focus on the most innovative subsectors within corporate and institutional information technology, hardware and software systems, and markets for the consumer-oriented gaming and digital entertainment. For more information: www.ptktech.com.

Important Information and Where to Find It
The proposed business combination will be submitted to shareholders of PTK for their consideration. Valens has filed a registration statement on Form F-4 (the “Registration Statement”) with the SEC which includes preliminary and definitive proxy statements to be distributed to PTK’s shareholders in connection with PTK’s solicitation for proxies for the vote by PTK’s shareholders in connection with the proposed business combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to PTK’s shareholders in connection with the completion of the proposed business combination. After the Registration Statement has been filed and declared effective, PTK will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. PTK’s shareholders and other interested persons are advised to read the preliminary proxy statement / prospectus and any amendments thereto and, once available, the definitive proxy statement / prospectus, in connection with PTK’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about PTK, Valens and the proposed business combination. Shareholders may also obtain a copy of the preliminary or definitive proxy statement as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by PTK, without charge, at the SEC’s website located at www.sec.gov or by directing a request to PTK Acquisition Corp., 4601 Wilshire, Boulevard, Suite 240, Los Angeles, California 90010.

Participants in the Solicitation
PTK, Valens and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from PTK’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of PTK’s shareholders in connection with the proposed business combination is set forth in PTK’s proxy statement / prospectus filed with the SEC. You can find more information about PTK’s directors and executive officers in PTK’s 10-K filed with the SEC on April 1, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is included in the proxy statement / prospectus. Shareholders, potential investors and other interested persons should read the proxy statement / prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the anticipated transaction and future economic and market conditions. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Valens’ and PTK’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Valens and PTK. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of PTK or Valens is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Valens; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Valens’ ability to manage future growth; Valens’ ability to develop new products and solutions, bring them to market in a timely manner, and make enhancements to them; the effects of competition on Valens’ future business; the amount of redemption requests made by PTK’s public shareholders; the ability of PTK or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; the effects of health epidemics, such as the recent global COVID-19 pandemic, have had and could in the future have on Valens’ revenue, its employees and results of operations; the cyclicality of the semiconductor industry; Valens’ ability to adjust its supply chain volume due to changing market conditions or failure to estimate its customers’ demand, including during any downturn in the automotive or audio-video markets; disruptions in relationships with any one of Valens’ key customers; difficulty selling products if customers do not design Valens products into their product offerings; Valens’ dependence on winning selection processes and ability to generate timely or sufficient net sales or margins from those wins; political conditions in Israel; and those factors discussed in PTK’s 10-K filed with the SEC on April 1, 2021 under the heading “Risk Factors,” and other documents of PTK filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Valens nor PTK presently know or that Valens and PTK currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Valens’ and PTK’s expectations, plans or forecasts of future events and views as of the date of this press release. Valens and PTK anticipate that subsequent events and developments will cause Valens’ and PTK’s assessments to change. However, while Valens and PTK may elect to update these forward-looking statements at some point in the future, Valens and PTK specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Valens’ and PTK’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

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SOURCE Valens Semiconductor

August 5, 2021 4:17 pm

Fusion Pharmaceuticals to Participate in the 2021 Wedbush PacGrow Healthcare Virtual Conference

PR Newswire

HAMILTON, ON and BOSTON, Aug. 5, 2021 /PRNewswire/ — Fusion Pharmaceuticals Inc. (Nasdaq: FUSN), a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines, today announced that the Company will participate in the “Hot Topic – Radiopharmaceuticals” panel discussion at the 2021 Wedbush PacGrow Healthcare Virtual Conference on Wednesday, August 11, 2021 at 4:05pm EDT. Participating in the panel on behalf of Fusion will be Chief Executive Officer John Valliant, Ph.D.

About Fusion
Fusion Pharmaceuticals is a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines. Employing a proprietary Fast-Clear™ linker technology, Fusion connects alpha particle emitting isotopes to various targeting molecules in order to selectively deliver the alpha emitting payloads to tumors. Fusion’s lead program, FPI-1434 targeting insulin-like growth factor 1 receptor, is currently in a Phase 1 clinical trial. The pipeline includes FPI-1966 targeting the fibroblast growth factor receptor 3 (FGFR3) and FPI-2059, a small molecule acquired from Ipsen, targeting neurotensin receptor 1 (NTSR1). In addition to a robust proprietary pipeline, Fusion has a collaboration with AstraZeneca to jointly develop up to three novel targeted alpha therapies (TATs) and explore up to five combination programs between Fusion’s TATs and AstraZeneca’s DNA Damage Repair Inhibitors (DDRis) and immuno-oncology agents. Fusion also entered into a collaboration with Merck to evaluate FPI-1434 in combination with Merck’s KEYTRUDA® (pembrolizumab) in patients with solid tumors expressing IGF-1R.

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SOURCE Fusion Pharmaceuticals Inc.

August 5, 2021 4:15 pm

ICF to Present at the Canaccord Genuity 41st Annual Growth Conference

PR Newswire

FAIRFAX, Va., Aug. 5, 2021 /PRNewswire/ — ICF (NASDAQ:ICFI), a global consulting and digital services provider, announced its participation at the Canaccord Genuity 41st Annual Growth Conference. ICF Chairman, President and Chief Executive Officer John Wasson and Chief Financial Officer Bettina Welsh will present at 9:00 a.m. Eastern Time on Wednesday, August 11.

A live and archived webcast of the presentation will be available at investor.icf.com/events-and-presentations/events. A replay will be available for 90 days following the conference.

About ICF
ICF (NASDAQ:ICFI) is a global consulting services company with approximately 7,500 full-time and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients’ operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the “Risk Factors” section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Investor information contact:

Lynn Morgen, AdvisIRy Partners, [email protected], +1.212.750.5800
or
David Gold, AdvisIRy Partners, [email protected], +1.212.750.5800

Company information contact:

Lauren Dyke, ICF, [email protected], +1.571.373.5577

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SOURCE ICF

August 5, 2021 4:13 pm

Trinity Capital Inc. Reports Second Quarter 2021 Financial Results

PR Newswire

PHOENIX, Aug. 5, 2021 /PRNewswire/ — Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading specialty lending company that provides debt, including loans and equipment financing, to growth stage companies backed by technology banks, venture capital and private equity firms, today announced its financial results for the quarter ended June 30, 2021.

Second Quarter 2021 Highlights

Total investment income of $19.5 million, an increase of 40.7% year-over-year
Net investment income (“NII”) of $10.1 million, or $0.38 per share, an increase of 49.1% year-over-year
Aggregate debt and equity investment commitments of $126.5 million
Total gross investments funded of $122.4 million, comprised of $77.1 million across seven new portfolio companies and $45.3 million across 10 existing portfolio companies
Unscheduled early principal repayments of $51.1 million
Investment portfolio of $597.7 million at fair value, an increase of 11.6% from Q1 2021
Net asset value (“NAV”) per share increased to $14.33 from $13.69 on March 31, 2021
Declared a dividend distribution of $0.29 per share for the second quarter

Year-to-Date 2021 Highlights

Total investment income of $36.8 million, an increase of 41.0% year-over-year
Net investment income of $17.3 million, or $0.69 per share, an increase of 39.0% year-over-year
Total gross investments funded of $209.5 million, an increase of 105.0% year-over-year

Steven Brown, Chairman and Chief Executive Officer of Trinity Capital, commented, “Trinity Capital achieved strong Q2 2021 financial results and continued to execute on its strategy to expand its venture lending and equipment financing platform. In particular, we set a new record with total commitments of $126.5 million and fundings of $122.4 million, which led to our fifth consecutive quarter of net portfolio growth since becoming a BDC as we approached an investment portfolio of $600 million at fair value. Our operating performance generated GAAP NII of $0.38 per share, which covered our dividend by 131%. This performance is a testament to the notable strong contributions from the five new investment professionals that have joined Trinity since the beginning of 2020.”

Brown continued, “Looking forward, I am very encouraged by the overall health and resiliency in the venture capital industry. As fundraising activity remains strong through the first half of 2021, we expect to continue to see a strong pipeline of emerging growth companies that meet our disciplined sourcing criteria. With total liquidity exceeding $107 million, we remain well-positioned from a financial position to deploy capital, grow our investment portfolio and effectively increase our leverage.”

Second Quarter 2021 Operating Results

For the three months ended June 30, 2021, total investment income was $19.5 million compared to $13.8 million for the quarter ended June 30, 2020. This represents an effective yield on the average debt investments at costs of 15.9% and 14.6% for the periods ended June 30, 2021 and 2020, respectively. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total expenses, excluding interest expense, for the second quarter of 2021 were $5.0 million compared to $2.8 million during the second quarter of 2020. The increase was primarily attributable to increased employee headcount, higher variable compensation and higher D&O insurance costs as a new public company. Interest expense for the second quarter of 2021 was $4.4 million compared to $4.3 million during the second quarter of 2020.

Net investment income was approximately $10.1 million, or $0.38 per share for the second quarter of 2021, compared to $6.8 million or $0.37 per share for the second quarter of 2020. Net investment income per share during the second quarter of 2021 reflects Trinity’s larger weighted average share count for the quarter as a result of approximately 8.0 million shares issued in connection with its initial public offering.

Second quarter 2021 realized net gains on investments were approximately $2.0 million, compared to a net realized loss of $2.0 million during the second quarter of 2020.

Net unrealized appreciation was $12.6 million during the second quarter of 2021, compared to net unrealized appreciation of $2.1 million during the second quarter of 2020.

Second quarter 2021 net increase in net assets resulting from operations was $24.7 million, or $0.93 per share. This compares to a net increase in net assets resulting from operations of $6.9 million or $0.38 per share for the second quarter of 2020.

Net Asset Value

As of June 30, 2021, NAV per share increased to $14.33, compared to $13.69 at March 31, 2021. The improvement in NAV was primarily driven by the increase in net investment income, net realized gains and unrealized appreciation on its investment portfolio. Total net assets at the end of the second quarter of 2021 were $379.7 million, compared to $361.6 million at the end of Q1 2021.

Portfolio and Investment Activity

As of June 30, 2021, Trinity Capital’s investment portfolio had an aggregate fair value of approximately $597.7 million and was comprised of approximately $397.5 million in secured loans, $120.9 million in equipment financings, $79.3 million in equity and equity-related investments, including warrants across 60 portfolio companies.

During the second quarter, the Company originated $126.5 million of total new commitments. Second quarter investments funded totaled approximately $122.4 million, which was comprised of $77.1 million of investments in seven new portfolio companies and approximately $45.3 million of investments in 10 existing portfolio companies. The Company continues to shift its portfolio to floating rate loans with approximately 49.3% of its debt portfolio at floating rates on June 30, 2021, compared to 32.1% in Q1 2021.

Proceeds received from repayments of the Company’s investments during the second quarter totaled approximately $79.9 million, which included $51.1 million from early debt repayments. The portfolio increased by $49.3 million or approximately 9.4% on a cost basis, and by $62.0 million or approximately 11.6% at fair value as compared to March 31, 2021.

As of the end of the second quarter, loans to two portfolio companies were on non-accrual status with a total fair value of approximately $0.9 million, or just 18 basis points of the Company’s debt investment portfolio.

The following table shows the distribution of the Company’s loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of June 30, 2021 (dollars in thousands):


		June 30, 2021			December 31, 2020
Investment Risk Rating		Investments at		Percentage of	Investments at		Percentage of
Scale Range	Designation	Fair Value		Total Portfolio	Fair Value		Total Portfolio
4.0 – 5.0	Very Strong Performance	$	83,915	16.2%	$	92,519	20.9%
3.0 – 3.9	Strong Performance		206,852	39.9%		212,969	48.0%
2.0 – 2.9	Performing		197,503	38.1%		116,895	26.4%
1.6 – 1.9	Watch		29,820	5.7%		19,230	4.3%
1.0 – 1.5	Default/Workout		343	0.1%		1,606	0.4%
Total		$	518,433	100.0%	$	443,219	100.0%

As of June 30, 2021, and in line with the first quarter of 2021, the Company’s loan and equipment financing investments had a weighted average risk rating score of 3.1.

Liquidity and Capital Resources

As of June 30, 2021, the Company had approximately $107.7 million in available liquidity, including $19.1 million in cash and cash equivalents. At the end of the period, the Company had $88.6 million in available borrowing capacity under its credit facility subject to existing terms and advance rates and regulatory and covenant requirements.

As of June 30, 2021, Trinity’s leverage was approximately 64.5% as compared to 60.8% as of March 31, 2021. The increase in the leverage ratio was attributable to borrowings under the Company’s credit facility.

Distributions

Trinity Capital’s distribution reinvestment plan provides for the reinvestment of dividends in the form of common stock on behalf of its stockholders unless a stockholder has elected to receive dividends in cash.

On June 15, 2021, the Company’s Board of Directors declared a dividend of $0.29 per share with respect to the quarter ended June 30, 2021, which was paid on July 15, 2021, to shareholders of record as of June 30, 2021.

Portfolio Company M&A Activity

As of August 4, 2021, Trinity held equity investments in two portfolio companies that recently completed mergers with special purpose acquisition companies (“SPACs”).

In July 2021, Lucid, Inc. (formerly Atieva, Inc.), a luxury electric vehicle company, closed its merger with Churchill Capital IV Corp. (NYSE: CCIV) and commenced trading on Nasdaq (symbol: LCID). Trinity holds approximately 1.9 million shares of common stock in Lucid Motors as of August 4, 2021.

In July 2021, Matterport, Inc., a spatial data company, completed a merger with Gores Holding VI (NASDAQ: GHVI, GHVIU and GHVIW) and commenced trading on Nasdaq (symbol: MTTR). Trinity holds approximately 572,000 shares of common stock in Matterport as of August 4, 2021.

Conference Call

Trinity Capital will hold a conference call to discuss its second quarter 2021 financial results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Thursday, August 5, 2021.

To listen to the call, please dial (877) 876-9176, or (785) 424-1670 internationally, and reference Conference ID: TRINQ221 if asked, approximately 10 minutes prior to the start of the call.

A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for seven days. To access the replay, please dial 800-839-7410 or (402) 220-6067.

About Trinity Capital Inc.

Trinity Capital (Nasdaq: TRIN), an internally managed specialty lending company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, is a leading provider of debt, including loans and equipment financing, to growth stage companies, including venture-backed companies and companies with institutional equity investors. Trinity’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments consisting primarily of term loans and equipment financings and, to a lesser extent, working capital loans, equity and equity-related investments. Trinity believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience, and track record in lending to growth stage companies.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties, including the impact of the COVID 19 pandemic on the economy, financial markets, our business, our portfolio companies and our industry. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission (“SEC”). The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company’s financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or on the webcast/conference call, is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed annual report on Form 10-K and subsequent SEC filings.

Contact

Vibhor Garg

Director, Marketing
Trinity Capital, Inc.
[email protected]


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
INVESTMENT INCOME:
Interest income:
Control investments	$	1,266	$	832	$	2,572	$	1,627
Affiliate investments		443		604		882		733
Non-Control / Non-Affiliate investments		16,405		12,004		31,004		21,894
Total interest income		18,114		13,440		34,458		24,254
Fee income:
Non-Control / Non-Affiliate investments		1,362		407		2,337		1,841
Total fee income		1,362		407		2,337		1,841
Total investment income		19,476		13,847		36,795		26,095

EXPENSES:
Interest expense and other debt financing costs		4,425		4,281		9,041		8,539
Compensation and benefits		3,370		1,690		7,366		3,079
Professional fees		570		700		1,216		1,180
General and administrative		1,031		415		1,838		827
Total expenses		9,396		7,086		19,461		13,625

NET INVESTMENT INCOME		10,080		6,761		17,334		12,470

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments		—		—		—		—
Affiliate investments		1,491		—		—		—
Non-Control / Non-Affiliate investments		504		(2,002)		4,590		(2,884)
Net realized gain/(loss) from investments		1,995		(2,002)		4,590		(2,884)

NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments		(4,530)		1,342		(12,084)		(8,234)
Affiliate investments		(1,892)		(969)		(8,204)		(2,136)
Non-Control / Non-Affiliate investments		19,052		1,750		48,394		(11,799)
Net change in unrealized appreciation/(depreciation) from investments		12,630		2,123		28,106		(22,169)

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS BEFORE FORMATION COSTS		24,705		6,882		50,030		(12,583)
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds		—		—		—		(15,586)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	24,705	$	6,882	$	50,030	$	(28,169)

NET INVESTMENT INCOME PER SHARE – BASIC AND DILUTED	$	0.38	$	0.37	$	0.69	$	0.69

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE – BASIC AND DILUTED	$	0.93	$	0.38	$	2.00	$	(1.57)

WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED		26,478,747		18,074,929		25,024,925		17,959,728


	June 30,		December 31,
	2021		2020
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $62,363 and $57,072, respectively)	$	41,938	$	48,730
Affiliate investments (cost of $13,001 and $20,653, respectively)		11,795		27,650
Non-control / Non-affiliate investments (cost of $499,191 and $420,611, respectively)		543,963		417,271
Total investments (cost of $574,555 and $498,336, respectively)		597,696		493,651
Cash and cash equivalents		19,124		44,656
Restricted cash		15,341		16,445
Interest receivable		4,065		3,468
Deferred financing costs		—		—
Deferred offering costs		—		—
Prepaid expenses		1,298		744
Other assets		3,923		744
Total assets	$	641,447	$	559,708

LIABILITIES
Credit Facility, net of $1,053 and $2,107, respectively, of unamortized deferred financing costs	$	68,947	$	132,893
2025 Notes, net of $4,168, and $4,697, respectively, of unamortized deferred financing costs		120,832		120,303
Convertible Notes, net of $2,786, and $3,448, respectively, of unamortized deferred financing costs and discount		47,214		46,552
Distribution payable		7,682		4,947
Security deposits		8,812		7,874
Accounts payable, accrued expenses and other liabilities		8,240		8,391
Total liabilities		261,727		320,960

Commitments and contingencies (Note 6)

NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 26,491,274 and 18,321,274 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively)		26		18
Paid-in capital in excess of par		369,379		263,366
Distributable earnings/(accumulated loss)		10,315		(24,636)
Total net assets		379,720		238,748
Total liabilities and net assets	$	641,447	$	559,708
NET ASSET VALUE PER SHARE	$	14.33	$	13.03

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SOURCE Trinity Capital Inc.

August 5, 2021 4:13 pm

Evolving Systems Sets Date for 2021 Second Quarter Results News Release and Conference Call

ENGLEWOOD Colo., Aug. 05, 2021 (GLOBE NEWSWIRE) — Evolving Systems, Inc. (NASDAQ: EVOL), a leader in real-time digital engagement solutions and services for connected mobile devices, today confirmed that it will release its 2021 second quarter financial results after the market closes on August 12, 2021, and conduct a conference call the same day at 3 p.m. Mountain Time (5 p.m. Eastern Time).

To register for access to a live video Webcast of the call, please click the ‘Investors’ tab on the Company’s website at https://www.evolving.com/investors and then click the ‘Q2 earnings call’ icon on the left. A replay of the Webcast will be accessible on that website through November 12, 2021.

About Evolving Systems®
Evolving Systems, Inc. (NASDAQ: EVOL) empowers Communications Service Providers (CSPs) to succeed in fast-changing, disruptive telecom environments. This is achieved through a combination of People, Processes, and Platforms and empowers CSPs to activate, engage, and retain their customers. Evolving Systems’ real-time digital engagement solutions and services are used by more than 90 service providers in over 60 countries worldwide. The Company’s portfolio includes CSP market-leading solutions and services for network provisioning and resource management, enhancing the digital sales and distribution channels, service activation, real-time analytics, customer value management and loyalty. Founded in 1985, the Company has its headquarters in Englewood, Colorado, with offices in Asia, Europe, Africa, South America and North America. For more information, please visit www.evolving.com or follow us on Twitter at http://twitter.com/EvolvingSystems.

Investor Relations Contact:
Alice Ahern
Investor Relations
Evolving Systems
Tel: 1-844-732-5898
Email: [email protected]

Follow us on:

https://www.linkedin.com/company/7567/admin/

https://twitter.com/EvolvingSystems

Media & Analyst Relations: Sancha Brody

[email protected]

+44 (0) 7376 366855

August 5, 2021 4:13 pm

Relay Therapeutics to Announce Second Quarter 2021 Financial Results and Recent Corporate Highlights

CAMBRIDGE, Mass., Aug. 05, 2021 (GLOBE NEWSWIRE) — Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by combining leading edge computational and experimental technologies, plans to report second quarter 2021 financial results after the close of market on Thursday, August 12, 2021. The company will not be conducting a teleconference in conjunction with its financial results press release.

About Relay Therapeutics

Relay Therapeutics (Nasdaq: RLAY) is a clinical-stage precision medicines company transforming the drug discovery process with the goal of bringing life-changing therapies to patients. Relay Therapeutics is the first of a new breed of biotech created at the intersection of disparate technologies. The Company’s Dynamo™ platform integrates an array of leading-edge computational and experimental approaches to effectively drug protein targets that have previously been intractable. The Company’s initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease. For more information, please visit www.relaytx.com or follow us on Twitter.

Contact:

Pete Rahmer
Senior Vice President, Corporate Affairs and Investor Relations
617-322-0715
[email protected]

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