Market Newsdesk

May 11, 2021 7:01 am

Myovant Sciences Announces Corporate Updates and Financial Results for Fourth Fiscal Quarter and Fiscal Year Ended March 31, 2021

Fourth fiscal quarter 2020 total revenues of $24.6 million; net product revenue from sales of ORGOVYX in the U.S. of $3.6 million
FDA review of New Drug Application for relugolix combination tablet for uterine fibroids remains on track for a decision by June 1, 2021 target action date; U.S. launch expected in June 2021, if approved
Remain on track to submit U.S. regulatory filing for endometriosis in the second quarter of calendar year 2021
European Commission decision on uterine fibroids Marketing Authorization Application remains on track for mid-calendar year 2021; Gedeon Richter to launch and commercialize, if approved
European Medicines Agency validated Marketing Authorization Application for relugolix for the treatment of advanced prostate cancer
Reported positive data for relugolix combination therapy from Phase 3 SPIRIT extension study in women with endometriosis and from Phase 3 LIBERTY randomized withdrawal study in women with uterine fibroids
Company remains well-capitalized with cash, cash equivalents, marketable securities and committed funding of $726.2 million as of March 31, 2021

BASEL, Switzerland, May 11, 2021 (GLOBE NEWSWIRE) — Myovant Sciences (NYSE: MYOV), a healthcare company focused on redefining care for women and for men, today announced corporate updates and financial results for the fourth fiscal quarter and fiscal year ended March 31, 2021.

“The ORGOVYX launch is off to a strong start and its differentiated clinical profile has the potential to redefine care for men with advanced prostate cancer. ORGOVYX demand accelerated over the course of the quarter, reflecting our ongoing efforts to educate urologists and medical oncologists about ORGOVYX while improving access and reimbursement for patients. In partnership with Pfizer, we continue to execute on our long-term goal of establishing ORGOVYX as the new standard of care androgen deprivation therapy,” said David Marek, Chief Executive Officer of Myovant Sciences, Inc. “I am also pleased with the progress we have made in preparing for the U.S. launch of relugolix combination tablet in women with uterine fibroids, which is expected this June. In addition, we have advanced relugolix combination tablet toward a U.S. regulatory submission in endometriosis and our European regulatory submission for relugolix monotherapy for the treatment of advanced prostate cancer was validated by the European Medicines Agency.”

Fourth Fiscal Quarter 2020 and Recent Corporate Updates

ORGOVYX

ORGOVYX was launched in the U.S. and authorized specialty distribution channels were fully stocked in early January 2021. Fourth fiscal quarter 2020 net product revenues for ORGOVYX in the U.S. were $3.6 million.
More than 800 treatment centers have prescribed ORGOVYX to over 2,000 patients, estimated through April 30, 2021.
Through April 30, 2021, Myovant achieved 43% commercial coverage and 51% Medicare Part D coverage for ORGOVYX. Myovant continues to engage in coverage negotiations with key commercial and Medicare Part D payors and remains on track to achieve its goal of broad coverage at the end of calendar year 2021.

Relugolix Monotherapy

On March 29, 2021, Myovant announced that the European Medicines Agency (EMA) validated its Marketing Authorization Application (MAA) for relugolix for the treatment of advanced prostate cancer. The validation of the application confirmed that the submission is sufficiently complete for the EMA to begin the review process.

Relugolix Combination Tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg)

Uterine Fibroids
- On March 24, 2021, Myovant and Pfizer announced positive safety and efficacy data from the Phase 3 LIBERTY randomized withdrawal study in women with uterine fibroids. The study met its primary endpoint and all three key secondary endpoints. Bone mineral density was maintained through two years in the subset of women continuously treated with relugolix combination therapy (N = 31). The incidence of adverse events over one additional year of treatment was consistent with those observed in prior studies, with no new safety signals observed.
Endometriosis
- On January 26, 2021, Myovant and Pfizer announced that the Phase 3 SPIRIT long-term extension study in women with endometriosis reported clinically meaningful reductions in dysmenorrhea (menstrual pain) and non-menstrual pelvic pain over one year with minimal and stable bone mineral density loss. The data are consistent with the efficacy and safety profile observed through 24 weeks in the Phase 3 SPIRIT 1 and SPIRIT 2 studies. These results will be included in the regulatory submission to the U.S. Food and Drug Administration (FDA) for relugolix combination tablet for the treatment of women with endometriosis, expected in the second quarter of calendar year 2021.
Prevention of Pregnancy
- On April 12, 2021, Myovant and Pfizer announced that the first patient was dosed in the Phase 3 SERENE study evaluating the contraceptive efficacy of relugolix combination tablet in healthy women ages 18-35 years who are at risk for pregnancy. The SERENE study is designed to enroll 900 sexually active, healthy women ages 18-35 years with presumed normal fertility. The primary efficacy endpoint is the at-risk Pearl Index, defined as the number of on-treatment pregnancies per 100 women-years of treatment. Safety data will also be collected during the study. Results of the SERENE study could support a potential indication of pregnancy prevention for women treated with relugolix combination tablet, if approved.

Executive Appointments

On January 4, 2021, Myovant announced the appointment of David Marek as Chief Executive Officer of Myovant Sciences, Inc. Concurrent with this appointment, Mr. Marek was also appointed Principal Executive Officer of Myovant Sciences Ltd. and a member of its Board of Directors.
On April 5, 2021, Myovant announced the appointment of Lauren Merendino as Chief Commercial Officer of Myovant Sciences, Inc. Ms. Merendino is also a member of Myovant’s Executive Committee.

Expected Upcoming Milestones

FDA decision for relugolix combination tablet for the treatment of uterine fibroids is expected by the June 1, 2021 target action date. If approved, Myovant and Pfizer expect to launch in the U.S. in June 2021. Upon FDA approval, Myovant will receive a $100.0 million regulatory milestone payment from Pfizer.
U.S. regulatory submission to the FDA for relugolix combination tablet for the treatment of women with endometriosis-associated pain is expected in the second quarter of calendar year 2021.
Pfizer’s decision regarding its exclusive option to acquire development and commercialization rights to relugolix in oncology outside of the U.S. and Canada (excluding certain Asian markets) is expected in mid-calendar year 2021. If Pfizer exercises this option, Myovant will receive a $50.0 million payment and will be eligible to receive double-digit royalties on net sales.
European Commission (EC) decision on the uterine fibroids MAA is expected in mid-calendar year 2021. If approved, this launch will be executed by Gedeon Richter Plc. (Richter), Myovant’s commercialization partner for relugolix combination tablet for the uterine fibroids and endometriosis indications in Europe and certain other international markets.
MAA submission to the EMA for relugolix combination tablet for the treatment of women with endometriosis-associated pain is expected in calendar year 2021. Richter will be the MAA sponsor.
EC decision on the advanced prostate cancer MAA is expected in calendar year 2022.

Fourth Fiscal Quarter and Fiscal Year Ended March 31, 2021 Financial Summary

Total revenues for the three months and year ended March 31, 2021, were $24.6 million and $59.3 million, respectively. There were no revenues recorded in the comparable prior year periods.

Product revenue, net from sales of ORGOVYX in the U.S. for the three months and year ended March 31, 2021 were $3.6 million.
Collaboration revenue for the three months and year ended March 31, 2021 was $21.0 million and $22.4 million, respectively, and represents partial amortization of the upfront payment received from Pfizer pursuant to the Pfizer Collaboration and License Agreement.
License and milestone revenue for the year ended March 31, 2021 was $33.3 million and represents the partial recognition of revenue associated with the $40.0 million upfront payment and a $10.0 million regulatory milestone payment received from Richter under the Richter Development and Commercialization Agreement.

Cost of product revenue for the three months and year ended March 31, 2021, was $0.3 million related to the cost of goods sold and royalty expense payable to Takeda pursuant to the Takeda License Agreement. There were no such expenses for the comparable prior year periods.

Collaboration expense to Pfizer for the three months and year ended March 31, 2021, was $1.7 million, reflecting Pfizer’s 50% share of net profits from sales of ORGOVYX in the U.S., pursuant to the Pfizer Collaboration and License Agreement. There were no such expenses for the comparable prior year periods.

Research and development (R&D) expenses for the three months ended March 31, 2021, were $21.6 million compared to $41.7 million for the comparable prior year period. R&D expenses for the year ended March 31, 2021, were $136.7 million compared to $192.6 million for the prior fiscal year. The decrease in R&D expenses reflects a reduction in clinical study costs as a result of the wind down of Myovant’s Phase 3 LIBERTY, HERO, and SPIRIT studies and cost share reimbursements from Pfizer for certain R&D expenses in the fiscal 2020 periods. This decrease was partially offset primarily by an increase in personnel expenses, mainly driven by the continued expansion of Myovant’s medical affairs organization to support the U.S. commercial launch of ORGOVYX and the potential U.S. commercial launches of relugolix combination tablet for the women’s health indications, if approved, as well as regulatory expenses and incremental spend on new relugolix development programs.

Selling, general and administrative (SG&A) expenses for the three months ended March 31, 2021, were $78.0 million compared to $22.4 million for the comparable prior year period. SG&A expenses in the year ended March 31, 2021, were $181.4 million compared to $82.3 million for the prior fiscal year. The increase was primarily due to higher expenses related to commercial activities to support the ORGOVYX U.S. launch and commercial readiness activities for the potential U.S. launch of relugolix combination tablet, higher personnel-related costs primarily due to the hiring of Myovant’s commercial operations, marketing, and market access teams, as well as the oncology sales force, higher share-based compensation expense, and general overhead expenses to support Myovant’s organizational growth. Share-based compensation expense for the three months and year ended March 31, 2021 includes incremental expense of $25.7 million related to the acceleration, modification, and remeasurement of our former Principal Executive Officer’s outstanding equity awards. SG&A expenses for the year ended March 31, 2020 included $10.2 million in share-based compensation expense related to the accelerated vesting of certain equity awards as well as a $3.6 million capital tax accrual.

Interest expense was $3.5 million for the three months ended March 31, 2021, compared to $1.4 million for the comparable prior year period. Interest expense was $10.4 million for the year ended March 31, 2021, compared to $12.7 million for the prior fiscal year. The decrease in interest expense, despite higher outstanding loan balances, was primarily driven by the significantly lower interest rates associated with the Sumitomo Dainippon Pharma Loan Agreement as compared to Myovant’s previously outstanding debt obligations, which were repaid in December 2019.

There was no loss on extinguishment of debt for the year ended March 31, 2021. For the year ended March 31, 2020, Myovant recorded a $4.9 million loss resulting from the early repayment of Myovant’s previously outstanding debt obligations in December 2019.

Interest income for the three months ended March 31, 2021, was less than $0.1 million compared to $0.2 million for the comparable prior year period. Interest income for the year ended March 31, 2021, was $0.2 million compared to $2.6 million for the prior fiscal year. The decrease was primarily due to decreases in interest rates.

Foreign exchange loss (gain) for the three months ended March 31, 2021, was a loss of less than $0.1 million compared to a gain of $0.5 million for the comparable prior year period. Foreign exchange gain for the year ended March 31, 2021, was $16.2 million compared to $1.6 million for the prior fiscal year. The increase for the year ended March 31, 2021 was primarily due to a larger foreign currency exchange gain on Myovant’s outstanding balance under the Sumitomo Dainippon Pharma Loan Agreement during the year ended March 31, 2021 compared to the prior year.

Net loss for the three months ended March 31, 2021, was $81.4 million compared to $64.9 million for the comparable prior year period. Net loss for the year ended March 31, 2021, was $255.1 million compared to $289.0 million for the prior fiscal year. On a per common share basis, net loss was $0.89 and $0.73 for the three months ended March 31, 2021 and 2020, respectively, and $2.83 and $3.37 for the year ended March 31, 2021 and 2020, respectively.

Capital resources: Cash, cash equivalents, marketable securities, and amounts available under the Sumitomo Dainippon Pharma Loan Agreement totaled $726.2 million as of March 31, 2021, and consisted of $684.9 million of cash, cash equivalents, and marketable securities and $41.3 million of available borrowing capacity under the Sumitomo Dainippon Pharma Loan Agreement.

Conference Call

As previously announced, Myovant will hold a webcast and conference call at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) today, May 11, 2021, to discuss corporate updates and financial results for its fourth fiscal quarter and fiscal year ended March 31, 2021. Investors and the general public may access a live webcast of the call by visiting the investor relations page of Myovant’s website at investors.myovant.com. Institutional investors and analysts may also participate in the conference call by dialing 1-800-532-3746 in the U.S. or +1-470-495-9166 from outside the U.S. The webcast will be archived on Myovant’s Investor Relations website following the call.

About Relugolix

Relugolix is a once-daily, oral gonadotropin-releasing hormone (GnRH) receptor antagonist that reduces testicular testosterone, a hormone known to stimulate the growth of prostate cancer, and ovarian estradiol, a hormone known to stimulate the growth of uterine fibroids and endometriosis. Relugolix monotherapy (120 mg) is FDA-approved as ORGOVYX™ for the treatment of adult patients with advanced prostate cancer and is under regulatory review in Europe for the treatment of men with advanced prostate cancer. Relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) is under regulatory review in the U.S. and Europe for women with uterine fibroids, has completed Phase 3 registration-enabling studies for women with endometriosis, and is being assessed for contraceptive efficacy in healthy women ages 18-35 years who are at risk for pregnancy.

About Myovant Sciences

Myovant Sciences (Myovant) aspires to redefine care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy. ORGOVYX™ (relugolix) was approved by the FDA in 2020 as the first and only oral gonadotropin-releasing hormone (GnRH) receptor antagonist for the treatment of adult patients with advanced prostate cancer, and relugolix is also under regulatory review in Europe for men with advanced prostate cancer. Myovant’s lead product candidate, relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg), is under regulatory review in the U.S. and Europe for women with uterine fibroids, has completed Phase 3 registration-enabling studies for women with endometriosis, and is being assessed for contraceptive efficacy in healthy women ages 18-35 years who are at risk for pregnancy. Myovant is also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, which has completed a Phase 2a study for female infertility as part of assisted reproduction. Sumitovant Biopharma, Ltd., a wholly owned subsidiary of Sumitomo Dainippon Pharma Co., Ltd., is Myovant’s majority shareholder. For more information, please visit Myovant’s website at www.myovant.com. Follow @Myovant on Twitter and LinkedIn.

About Sumitomo Dainippon Pharma Co., Ltd.

Sumitomo Dainippon Pharma is among the top-ten listed pharmaceutical companies in Japan, operating globally in major pharmaceutical markets, including the U.S., Japan, China, and the European Union. Sumitomo Dainippon Pharma is based on the merger in 2005 between Dainippon Pharmaceutical Co., Ltd., and Sumitomo Pharmaceuticals Co., Ltd. Today, Sumitomo Dainippon Pharma has more than 6,000 employees worldwide. Additional information about Sumitomo Dainippon Pharma is available through its corporate website at https://www.ds-pharma.com.

About Sumitovant Biopharma Ltd.

Sumitovant is a global biopharmaceutical company with offices in New York City and London. Sumitovant is the majority shareholder of Myovant, and wholly owns Urovant Sciences, Enzyvant Therapeutics, Spirovant Sciences, and Altavant Sciences. Sumitovant’s pipeline is comprised of commercialized and investigational medicines across a range of disease areas targeting high unmet need. Sumitovant is a wholly owned subsidiary of Sumitomo Dainippon Pharma. For further information about Sumitovant, please visit https://www.sumitovant.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but are not limited to, all statements reflecting Myovant Sciences’ expectations, including: statements regarding Myovant’s aspiration to redefine care for women and for men; certain statements with respect to expectations of commercialization of ORGOVYX in Mr. Marek’s quote; Myovant’s expectations regarding status of its publicly announced milestones; Myovant’s expected timelines of coverage decisions by commercial and Medicare Part D payors; the timing of Myovant’s regulatory submissions, anticipated regulatory review results, and U.S. launch of relugolix combination tablet in women with uterine fibroids; the design and any expectation of the results of the SERENE study; and those statements under the caption “Expected Upcoming Milestones.”

Myovant Sciences’ forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties, assumptions and other factors known and unknown that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements, including unforeseen circumstances or other disruptions to normal business operations arising from or related to the COVID-19 pandemic. Myovant Sciences cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur and actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could materially affect Myovant Sciences’ operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to the risks and uncertainties listed in Myovant Sciences’ filings with the United States Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in Myovant Sciences’ Annual Report on Form 10-K to be filed on May 11, 2021, as such risk factors may be amended, supplemented or superseded from time to time. These risks are not exhaustive. New risk factors emerge from time to time and it is not possible for Myovant Sciences’ management to predict all risk factors, nor can Myovant Sciences assess the impact of all factors on its 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. You should not place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof, and, except as required by law, Myovant Sciences undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of such statements.

MYOVANT SCIENCES LTD.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

	Three Months Ended March 31,						Year Ended March 31,
	2021			2020			2021			2020
Revenues:
Product revenue, net	$	3,630		$	—		$	3,630		$	—
Collaboration revenue	20,975			—			22,354			—
License and milestone revenue	—			—			33,333			—
Total revenues	24,605			—			59,317			—
Operating costs and expenses:
Cost of product revenue	301			—			301			—
Collaboration expense to Pfizer	1,664			—			1,664			—
Research and development ⁽¹⁾	21,553			41,713			136,713			192,560
Selling, general and administrative ⁽¹⁾	78,036			22,430			181,423			82,327
Total operating costs and expenses	101,554			64,143			320,101			274,887
Loss from operations	(76,949		)	(64,143		)	(260,784		)	(274,887		)
Interest expense	3,493			1,425			10,401			12,663
Loss on extinguishment of debt	—			—			—			4,851
Interest income	(33		)	(247		)	(211		)	(2,552		)
Foreign exchange loss (gain)	2			(470		)	(16,176		)	(1,621		)
Loss before income taxes	(80,411		)	(64,851		)	(254,798		)	(288,228		)
Income tax expense	952			62			336			761
Net loss	$	(81,363	)	$	(64,913	)	$	(255,134	)	$	(288,989	)
Net loss per common share — basic and diluted	$	(0.89	)	$	(0.73	)	$	(2.83	)	$	(3.37	)
Weighted average common shares outstanding — basic and diluted	91,018,204			89,130,806			90,036,459			85,839,303

⁽¹⁾Includes the following share-based compensation expense:

Research and development	$	2,989	$	2,959	$	14,049	$	14,524
Selling, general and administrative	28,941		3,114		39,627		25,727
Total share-based compensation expense	$	31,930	$	6,073	$	53,676	$	40,251

MYOVANT SCIENCES LTD.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

	March 31,
	2021			2020
Assets
Current assets:
Cash and cash equivalents	$	674,493		$	76,644
Accounts receivable, net	3,570			—
Marketable securities	10,435			2,997
Inventory	2,611			—
Prepaid expenses and other current assets	13,536			8,269
Total current assets	704,645			87,910
Property and equipment, net	3,300			2,497
Operating lease right-of-use asset	9,655			11,146
Other assets	7,427			4,373
Total assets	$	725,027		$	105,926
Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable	$	17,809		$	15,334
Accrued expenses and other current liabilities	44,612			29,060
Share-based compensation liabilities	21,636			—
Deferred revenue	100,564			40,000
Amounts due to collaboration partner	1,954			—
Cost share advance from collaboration partner	92,415			—
Operating lease liability	1,807			1,516
Amounts due to related parties	543			15
Total current liabilities	281,340			85,925
Deferred revenue, non-current	397,369			—
Cost share advance from collaboration partner, non-current	29,447			—
Long-term operating lease liability	9,189			10,996
Long-term debt, less current maturities (related party)	358,700			113,700
Other	2,947			3,582
Total liabilities	1,078,992			214,203
Total shareholders’ deficit	(353,965		)	(108,277		)
Total liabilities and shareholders’ deficit	$	725,027		$	105,926

Investor Contact:

Ryan Crowe
Vice President, Investor Relations
Myovant Sciences, Inc.
+1 (650) 781-9106
[email protected]

Media Contact:

Albert Liao
Director, Corporate Communications
Myovant Sciences, Inc.
+1 (650) 410-3055
[email protected]

May 11, 2021 6:58 am

MasTec Senior Management to Present at the Barclays Americas Select Franchise Investor Conference

PR Newswire

CORAL GABLES, Fla., May 11, 2021 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the Barclays Americas Select Franchise Virtual Investor Conference on Tuesday, May 18^th at approximately 12:00 p.m. ET. Additionally, virtual one-on-one meetings with institutional investors and MasTec’s senior management are also being arranged as a part of the conference.

The audio and any presentation materials may be accessed through links on the “Investors” page of MasTec’s website at www.mastec.com. Interested parties should check the Company’s website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. The Company’s website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.

View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-barclays-americas-select-franchise-investor-conference-301287956.html

SOURCE MasTec, Inc.

May 11, 2021 6:58 am

Johnson Controls names Sankaran to new CTO role to further expand OpenBlue and digital technology solutions

– New Chief Technology Officer role to accelerate Johnson Controls innovation and momentum in integrated digital and technology leadership for smart, healthy and sustainable buildings

PR Newswire

CORK, Ireland, May 11, 2021 /PRNewswire/ — Johnson Controls (NYSE: JCI), the global leader for smart, healthy and sustainable buildings appointed Vijay Sankaran as vice president and chief technology officer, a new role aimed at accelerating product software engineering development and expanding customer solutions through the OpenBlue digital platform.

Vijay brings a wealth of strategic software experience…to accelerate our innovation — CEO George Oliver

Sankaran has held leadership roles in technology transformation across a spectrum of industries and most recently was Chief Information Officer and Head of Innovation at TD Ameritrade, with responsibility for digital strategy, customer platforms, software engineering, technology operations, cybersecurity, data management and analytics, and enterprise innovation.

“Vijay brings a wealth of strategic software experience to Johnson Controls and is ideally positioned to strengthen our solutions and market competitiveness through world class software engineering,’ said George Oliver, Johnson Controls chairman and chief executive officer. “In this new, enterprise-wide chief technology officer role, Vijay and the software engineering team will accelerate our innovation, solve for unique customer outcomes and deliver for our customers on the key secular trends of sustainability, energy efficiency, and healthy, safe and connected smart buildings.”

Sankaran reports to Oliver, with software engineering team members from across Johnson Controls global portfolio reporting to his newly created organization. Sankaran’s team will accelerate and unify the product software engineering development efforts creating common software architecture to further drive the enterprise software technology strategy.

“Vijay’s role as CTO will be pivotal in driving continued growth and expansion for our OpenBlue digital platform as all of the elements of a building’s operational technology become connected,” said Mike Ellis, chief customer and digital officer for Johnson Controls. “Through OpenBlue, that connectivity enables us to leverage machine learning and artificial intelligence, as well as edge computing technologies, to predict patterns and trends, and provide positive customer outcomes for sustainability, energy efficiency, security and healthy building environments.”

Prior to working at TD Ameritrade, Sankaran held executive roles at Ford Motor Company from 2001 to 2013, including IT Chief Technology Officer, Director of Application Development, as well as leadership roles in architecture, emerging technologies, data and analytics, and enterprise transformation programs.

He holds a B.S. in Mathematics and Computer Science from Massachusetts Institute of Technology and an M.B.A. at Duke University Fuqua School of Business.

Johnson Controls Contacts:

Investors:	Media:
Antonella Franzen	Chaz Bickers
Direct: 609.720.4665	Direct: 224.307.0655
Email: [email protected]	Email: [email protected]

Ryan Edelman	Michael Isaac
Direct: 609.720.4545	Direct: +41.52.6330374
Email: [email protected]	Email: [email protected]

About Johnson Controls:

At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet. With a history of more than 135 years of innovation, Johnson Controls delivers the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through its comprehensive digital offering, OpenBlue. With a global team of 100,000 experts in more than 150 countries, Johnson Controls offers the world’s largest portfolio of building technology, software and service solutions with some of the most trusted names in the industry. For more information, visit www.johnsoncontrols.com or follow us @johnsoncontrols on Twitter.

View original content to download multimedia:http://www.prnewswire.com/news-releases/johnson-controls-names-sankaran-to-new-cto-role-to-further-expand-openblue-and-digital-technology-solutions-301288359.html

SOURCE Johnson Controls International plc

May 11, 2021 6:58 am

Paysafe Reports First Quarter 2021 Results and Reaffirms 2021 Outlook

Paysafe Reports First Quarter 2021 Results and Reaffirms 2021 Outlook

LONDON–(BUSINESS WIRE)–
Paysafe Limited (“Paysafe” or the “Company”) (NYSE: PSFE) (PSFE.WS), a leading specialized payments platform, today announced its financial results for the first quarter of 2021.

First Quarter 2021 Financial Highlights

(metrics compared to first quarter of 2020)

Revenue of $377.4 million, increased 5%
Net loss attributable to the Company of $49.1 million, compared to net loss of $51.1 million
Total Payment Volume of $27.7 billion, increased 8%
Adjusted EBITDA of $113.2 million, approximately flat
Reaffirmed 2021 full year outlook

Philip McHugh, CEO of Paysafe, stated, “As we embark on our next chapter as a public company, we are pleased to deliver solid financial results in the first quarter, including continued strength from online and e-commerce volumes. Alongside this, we made excellent progress on our strategic initiatives across North American iGaming and emerging eCommerce verticals, while achieving milestones to further scale our platform and unlock value. Looking ahead, with our great market positions and unique, two-sided network, we believe that Paysafe remains well positioned to deliver consistent double-digit growth and drive operating leverage.”

Strategic and Operational Highlights

Listed as a new public company following merger with Foley Trasimene Acquisition Corp. II (“FTAC”)
Announced new Board of Directors chaired by Bill Foley and comprising diverse, proven leaders
Strengthened balance sheet with debt repayment of $1.2 billion
Capitalizing on strong momentum in North American iGaming, including 66% revenue growth, product enhancements and exciting launches
Expanding in emerging verticals across digital wallets, eCash, and eCommerce (e.g. launched cryptocurrency offering to the U.S. in partnership with Coinbase)
Seeing small to medium-sized business recovery in the U.S., particularly strong year over year growth in the first quarter in U.S. Acquiring
Delivering on transformation initiatives, including the migration of Paysafe’s solutions to the cloud (on track to meet or exceed 2021 target of 70%) and capturing cost efficiencies across key functions
Achieved extension of Paysafe’s CarbonNeutral® certification for 2021 and 2022

Basis of Presentation

The financial information for the three months ended March 31, 2021 included in this press release reflect, and is based upon, information of Paysafe Limited after giving effect to the transaction with Foley Trasimene Acquisition Corporation II (“FTAC”) completed on March 30, 2021 (as further discussed below under Reorganization and Recapitalization (the “Transaction”). The comparative financial information for the three months ended March 31, 2020 is based upon information of Pi Jersey Holdco 1.5 Limited (the “Accounting Predecessor”), prior to giving effect to the Transaction. Prior to the Transaction, Paysafe Limited had no material operations, assets or liabilities.

First Quarter 2021 Summary of Consolidated Results

	Three months ended
	March 31,
($ in millions) (unaudited)	2021			2020

Revenue	$	377.4		$	359.7
Gross Profit (excluding depreciation and amortization)	$	226.4		$	230.3
Net loss attributable to the Company	$	(49.1	)	$	(51.1	)

Adjusted EBITDA	$	113.2		$	112.8
Adjusted EBITDA margin		30.0	%		31.4	%

Total revenue for the first quarter of 2021 was $377.4 million, an increase of 5%, compared to $359.7 million in the prior year. The increase in revenue primarily reflects growth across the eCash business, which more than offset lower revenue from the Digital Wallet business. The impact of businesses divested during the last twelve months had a negative impact of 2%, compared to the prior year. Revenue performance also reflects the impact of actions taken in 2020 to improve the Company’s overall risk/reward profile in certain markets and channels, which had an unfavorable impact on year over year growth.

Net loss attributable to the Company for the first quarter was $49.1 million, compared to $51.1 million, in the prior year. Results included interest expense of $58.5 million, an increase of 53% compared to the prior year, reflecting the expense of capitalized debt fees as a result of debt repayment on March 31, 2021. Net loss also included share-based compensation of $72.4 million, compared to none in the prior year due to shares vested on completion of the Transaction. These impacts were partially offset by lower credit losses compared to the prior year. Additionally, the first quarter of 2020 included an impairment charge of $53.0 million, related to Integrated Processing intangible assets

Adjusted EBITDA for the first quarter was $113.2 million, compared to $112.8 million in the prior year. Adjusted EBITDA margin decreased approximately 140 basis points to 30.0%, primarily due to changes in merchant and revenue mix in Integrated Processing and Digital Wallet, offset by eCash Solutions margin expansion.

First quarter net cash provided by operating activities was $48.7 million, compared to $11.6 million in the prior year. Free cash flow was $108.5 million, compared to $84.4 million in the prior year. Free cash flow benefited from the utilization of bank guarantees totaling approximately $45 million in the first quarter of 2021.

Segment Information

	Three months ended
	March 31,						YoY
($ in millions) (unaudited)	2021			2020			change

Revenue:
Integrated Processing	$	176.9		$	186.2		-5	%
Digital Wallet		94.9			108.5		-13	%
eCash Solutions		112.9			69.1		63	%
Intersegment		(7.3	)		(4.1	)	78	%
Total Revenue	$	377.4		$	359.7		5	%

Adjusted EBITDA:
Integrated Processing	$	44.9		$	55.2		-19	%
Digital Wallet		37.8			53.7		-30	%
eCash Solutions		48.1			22.9		110	%
Unallocated Corporate		(17.6	)		(19.0	)	-7	%
Total Adjusted EBITDA	$	113.2		$	112.8		0	%

Adjusted EBITDA margin:
Integrated Processing		25.4	%		29.6	%	(420) bps
Digital Wallet		39.8	%		49.5	%	(970) bps
eCash Solutions		42.6	%		33.1	%	950 bps
Total Adjusted EBITDA margin		30.0	%		31.4	%	(140) bps

Integrated Processing. Revenue for the first quarter was $176.9 million, a decrease of 5%, compared to $186.2 million in the prior year, partially reflecting the divestment of Pay Later in October of 2020. Excluding this impact, revenue declined 1% as growth primarily from U.S. payments processing and iGaming eCommerce was offset by lower revenue from our direct marketing channel. Adjusted EBITDA was $44.9 million, compared to $55.2 million in the prior year. Adjusted EBITDA margin of 25.4% decreased 420 basis points year over year due to merchant and channel mix.

Digital Wallet. Revenue for the first quarter was $94.9 million, a decrease of 13%, compared to $108.5 million in the prior year. The decrease in revenue reflects lower volume as a result of targeted actions and country exits that occurred in 2020. Adjusted EBITDA was $37.8 million, compared to $53.7 million in the prior year. Adjusted EBITDA margin of 39.8% decreased 970 basis points year over year driven by changes in gross profit margin due to business mix and continued investment in marketing and operations.

eCash Solutions. Revenue for the first quarter was $112.9 million, an increase of 63%, compared to $69.1 million in the prior year, driven by extended COVID-19 lockdowns in Europe and an associated increase in online consumer spending in all verticals. Adjusted EBITDA was $48.1 million, compared to $22.9 million in the prior year. Adjusted EBITDA margin of 42.6% increased 950 basis points year over year driven by higher gross profit, primarily driven by revenue growth.

Financial Guidance

($ in millions)	Q2 2021	Full Year 2021
Revenue	$365 – $385	$1,530 – $1,550 (prior: $1,520 – $1,550)
Gross Profit (excluding depreciation and amortization)	$225 – $235	$930 – $970
Adjusted EBITDA	$110 – $120	$480 – $495

Webcast and Conference Call

Paysafe will host a live webcast to discuss the results today, May 11, 2021 at 8:30 a.m. (EDT). The webcast and supplemental information can be accessed on the investor relations section of the Paysafe website at ir.paysafe.com. An archive will be available after the conclusion of the live event and will remain available via the same link for one year.

Time		Tuesday, May 11, 2021 at 8:30 a.m. EDT

Hosts		Philip McHugh, Chief Executive Officer and Director
		Izzy Dawood, Chief Financial Officer

Webcast		Go to the Investor Relations section of the Paysafe website to listen and view slides

Dial in		877-407-3037 (U.S. toll-free)
		215-268-9852 (International)

About Paysafe

Paysafe Limited (“Paysafe”) (NYSE:PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.

Reorganization and Recapitalization (the “Transaction”)

On March 30, 2021, Paysafe completed the previously announced transaction with FTAC, a special purpose acquisition company, which resulted in Paysafe Limited acquiring, and becoming the successor to, the Accounting Predecessor. Simultaneously, it completed the merger with FTAC with an exchange of the shares and warrants issued by Paysafe Limited for those of FTAC. The acquisition was accounted for as a capital reorganization followed by the merger with FTAC, which was treated as a recapitalization. Following the transaction, both the Accounting Predecessor and FTAC are indirect wholly owned subsidiaries of Paysafe Limited. Upon completion of the Transaction, the common stock and warrants began trading on the New York Stock Exchange under the ticker symbols “PSFE” and “PSFE WS,” respectively, on March 31, 2021.

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. 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. Paysafe Limited’s (“Paysafe,” “PSFE” or the “Company”) actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “anticipate,” “appear,” “approximate,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “guidance,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would” and variations of such words and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, Paysafe’s expectations with respect to future performance.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: cyberattacks and security vulnerabilities; complying with and changes in money laundering regulations, financial services regulations, consumer and business privacy and data use regulations or other regulations in Bermuda, the UK, Ireland, Switzerland, the United States, Canada and elsewhere; changes in our relationships with banks, payment card networks, issuers and financial institutions; risk related to processing online payments for merchants and customers engaged in the online gambling and foreign exchange trading sectors; risks related to our focus on specialized and high-risk verticals; risks related to becoming an unwitting party to fraud or be deemed to be handling proceeds of crimes being committed by customers; the effects of chargebacks, merchant insolvency and consumer deposit settlement risk; changes to our continued financial institution sponsorship; failure to hold, safeguard or account accurately for merchant or customer funds; risks related to the availability, integrity and security of internal and external IT transaction processing systems and services; failure of third parties to comply with contractual obligations; changes and compliance with payment card network operating rules; substantial and increasingly intense competition worldwide in the global payments industry; the COVID-19 pandemic, including the resulting global economic uncertainties; risks related to developing and maintaining effective internal controls over financial reporting; managing our growth effectively; any difficulties maintaining a strong and trusted brand; keeping pace with rapid technological developments; risks associated with the significant influence of our principal shareholders; terrorism; and other factors included in the “Risk Factors” in our Form 20-F and in other filings we make with the SEC, which are available at https://www.sec.gov. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.

Paysafe Limited Condensed Consolidated Balance Sheets (unaudited)

($ in thousands)	March 31, 2021		December 31, 2020
Assets
Current assets
Cash and cash equivalents	$	274,438	$	387,616
Customer accounts and other restricted cash		1,308,217		1,376,236
Accounts receivable, net		133,057		117,410
Settlement receivables, net		199,238		223,083
Prepaid expenses and other current assets		56,537		63,252
Related party receivables – current		6,558		6,271
Contingent consideration receivable – current		–		26,668
Total current assets	$	1,978,045	$	2,200,536
Deferred tax assets		16,823		17,669
Property, plant and equipment, net		15,610		18,691
Operating lease right-of-use assets		37,493		40,187
Intangible assets, net		1,474,539		1,524,817
Goodwill		3,454,452		3,481,816
Contingent consideration receivable – non-current		–		125,107
Other assets – noncurrent		508		508
Total non-current assets	$	4,999,425	$	5,208,795
Total assets	$	6,977,470	$	7,409,331

Liabilities and equity
Current liabilities
Accounts payable and other liabilities		227,387		231,724
Short-term debt		15,400		15,400
Funds payable and amounts due to customers		1,487,340		1,552,187
Operating lease liabilities – current		8,679		8,969
Income taxes payable		8,617		8,161
Contingent consideration payable – current		7,610		5,820
Derivative financial liabilities, current		1,971		2,651
Total current liabilities	$	1,757,004	$	1,824,912
Non-current debt		2,052,594		3,246,871
Related party payables – non-current		–		195,228
Operating lease liabilities – non-current		32,229		34,540
Deferred tax liabilities		111,332		122,519
Warrant liability		233,390		–
Derivative financial liabilities		41,055		47,547
Contingent consideration payable – non-current		6,169		3,742
Other liabilities – non-current		969		969
Total non-current liabilities	$	2,477,738	$	3,651,416.0
Total liabilities	$	4,234,742	$	5,476,328
Shareholder’s equity
Shareholders’ equity in the Company	$	2,605,231	$	1,921,705
Non-controlling interest		137,497		11,298
Total shareholder’s equity	$	2,742,728	$	1,933,003
Total liabilities and shareholder’s equity	$	6,977,470	$	7,409,331

Paysafe Limited Condensed Consolidated Statements of Operations (unaudited)

	For the three months ended March 31,
($ in thousands)	2021			2020
Revenue	$	377,424		$	359,665
Cost of services (excluding depreciation and amortization)		151,037			129,388
Selling, general and administrative		185,536			117,507
Depreciation and amortization		65,462			69,499
Impairment expense on intangible assets		578			52,965
Restructuring and other costs		2,970			5,647
Loss on disposal of subsidiary and other assets, net		—			261
Operating loss		(28,159	)		(15,602	)
Other (expense) / income, net		32,630			(15,080	)
Interest expense, net		(58,549	)		(38,223	)
Loss before taxes		(54,078	)		(68,905	)
Income tax benefit		(5,078	)		(17,891	)
Net loss	$	(49,000	)	$	(51,014	)
Less: net income attributable to non-controlling interest		118			41
Net loss attributable to the Company	$	(49,118	)	$	(51,055	)

Net loss	$	(49,000	)	$	(51,014	)
Other comprehensive loss, net of tax:
Loss on foreign currency translation		8,498			11,041
Total comprehensive loss	$	(57,498	)	$	(62,055	)
Less: comprehensive income attributable to non-controlling interest		118			41
Total comprehensive loss attributable to the Company	$	(57,616	)	$	(62,096	)

Paysafe Limited Condensed Consolidated Statements of Cash Flow (unaudited)

	Three Months Ended March 31,
($ in thousands)	2021			2020
Cash flows from operating activities
Net loss	$	(49,000	)	$	(51,014	)
Adjustments for non-cash items:
Depreciation and amortization		65,462			69,499
Unrealized foreign exchange loss (gain)		6,333			(1,602	)
Deferred tax benefit		(2,547	)		(25,628	)
Interest expense / (income), net		19,831			(63	)
Share based compensation		72,379			—
Other expense / (income), net		(30,109	)		12,276
Impairment expense on intangible assets		578			52,965
Allowance for credit losses and other		5,985			13,864
Loss on disposal of subsidiary and other assets, net		—			261
Non-cash lease expense		2,462			2,434
Movements in working capital:
Accounts receivable, net		(20,856	)		(17,200	)
Prepaid expenses, other current assets, and related party receivables		(3,814	)		3,621
Settlement receivables, net		14,379			43,143
Accounts payable, other liabilities, and related party payables		(9,309	)		(31,717	)
Funds payable and amounts due to customers		(21,272	)		(65,506	)
Income tax payable		(1,762	)		6,246
Net cash flows from operating activities		48,740			11,579
Cash flows in investing activities
Purchase of property, plant & equipment		(412	)		(973	)
Purchase of merchant portfolios		(1,644	)		(3,645	)
Purchase of other intangible assets		(14,994	)		(13,935	)
Net cash outflow on acquisition of subsidiary		(23,531	)		—
Net cash flows used in investing activities		(40,581	)		(18,553	)
Cash flows from financing activities
Proceeds from loans and borrowings		—			221,000
Repayments of loans and borrowings		(1,162,947	)		(76,774	)
Proceeds under line of credit		150,000			8,057
Repayments under line of credit		(150,000	)		(3,366	)
Net cash inflow from reorganization and recapitalization		1,034,452			—
Payments under derivative financial instruments		(4,693	)		(3,259	)
Contingent consideration paid		(970	)		(748	)
Net cash flows (used in) / from financing activities		(134,158	)		144,910
Effect of foreign exchange rate changes		(55,198	)		(14,923	)
Net increase in cash and cash equivalents, including customer accounts and other restricted cash during the year		(181,197	)		123,013
Cash and cash equivalents, including customer accounts and other restricted cash at beginning of the period ⁽¹⁾		1,763,852			1,382,361
Cash and cash equivalents at end of the period, including customer accounts and other restricted cash	$	1,582,655		$	1,505,374

	Three Months Ended March 31,
	2021		2020
Cash and cash equivalents	$	274,438	$	419,807
Customer accounts and restricted cash		1,308,217		1,085,567
Total cash and cash equivalents, including customer accounts and other restricted cash	$	1,582,655	$	1,505,374

Non-GAAP Financial Measures of Financial Performance

Non-GAAP Financial Measures

To supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, the company uses non-GAAP measures of certain components of financial performance. This includes Gross Profit (excluding depreciation and amortization), Gross Profit Margin (excluding depreciation and amortization), Adjusted EBITDA, Adjusted EBITDA margin, Free cash flow and Free cash flow conversion, which are supplemental measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“U.S. GAAP”).

Gross Profit (excluding depreciation and amortization) is defined as revenue less cost of services (excluding depreciation and amortization). Gross Profit Margin (excluding depreciation and amortization) is defined as Gross Profit (excluding depreciation and amortization) as a percentage of revenue. Management believes Gross Profit to be a useful profitability measure to assess the performance of our businesses and ability to manage cost.

Adjusted EBITDA is defined as net income/(loss) before the impact of income tax (benefit)/expense, interest expense, net, depreciation and amortization, share based compensation, impairment expense on intangible assets, restructuring and other costs, loss/(gain) on disposal of a subsidiaries and other assets, net, and other income/(expense), net. These adjustments also include certain costs and transaction items that are not reflective of the underlying operating performance of the Company. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of Revenue. Management believes Adjusted EBITDA to be a useful profitability measure to assess the performance of our businesses and improves the comparability of operating results across reporting periods.

Free cash flow is defined as net cash flows provided by/used in operating activities, adjusted for the impact of capital expenditure, payments relating to restructuring and other costs, cash paid for interest and movements in customer accounts and other restricted cash. Capital expenditure includes purchases of property plant & equipment and purchases of other intangible assets, including software development costs. Capital expenditure does not include purchases of merchant portfolios. Free cash flow conversion is defined as free cash flow as a percentage of Adjusted EBITDA. Management believes free cash flow to be a liquidity measure that provides useful information about the amount of cash generated by the business.

Management believes the presentation of these non-GAAP financial measures, including Gross Profit, Gross Profit Margin, Adjusted EBITDA and Adjusted EBITDA margin, when considered together with the Company’s results presented in accordance with GAAP, provide users with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of Paysafe’s core operating performance. In addition, management believes the presentation of these non-GAAP financial measures provides useful supplemental information in assessing the Company’s results on a basis that fosters comparability across periods by excluding the impact on the Company’s reported GAAP results of acquisitions and dispositions that have occurred in such periods. However, these non-GAAP measures exclude items that are significant in understanding and assessing Paysafe’s financial results or position. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP.

You should be aware that Paysafe’s presentation of these measures may not be comparable to similarly titled measures used by other companies. In addition, the forward-looking non-GAAP financial measures of Adjusted EBITDA and Gross Profit provided herein have not been reconciled to comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. We have reconciled the historical non-GAAP financial measures presented herein to their most directly comparable GAAP financial measures. A reconciliation of our forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such reconciliations that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA

	Three months ended March 31,
($ in thousands)	2021			2020
Net Loss	$	(49,000	)	$	(51,014	)
Income tax benefit		(5,078	)		(17,891	)
Interest expense, net		58,549			38,223
Depreciation and amortization		65,462			69,499
Share based compensation expense		72,379			—
Impairment expense on intangible assets		578			52,965
Restructuring and other costs		2,970			5,647
Loss on disposal of subsidiaries and other assets, net		—			261
Other (income) / expense, net		(32,630	)		15,080
Adjusted EBITDA	$	113,230		$	112,770
Adjusted EBITDA Margin		30.0	%		31.4	%

Reconciliation of Operating Cash Flow to Non-GAAP Free Cash Flow

	Three months ended March 31,
($ in thousands)	2021			2020
Net cash flows from operating activities	$	48,740		$	11,579
Capital Expenditure		(15,406	)		(14,908	)
Cash paid for interest		36,853			38,286
Payments relating to Restructuring and other costs		3,455			4,842
Movement in Customer Accounts and other restricted cash		34,886			44,588
Free Cash Flow	$	108,528		$	84,387
Adjusted EBITDA		113,230			112,770
Free Cash Flow Conversion		96	%		75	%

Reconciliation of GAAP Net Loss to Non-GAAP Gross Profit (excluding depreciation and amortization)

	Three months ended
	March 31,
($ in thousands)	2021			2020
Net Loss	$	(49,000	)	$	(51,014	)
Income tax benefit		(5,078	)		(17,891	)
Interest expense, net		58,549			38,223
Depreciation and amortization		65,462			69,499
Impairment expense on intangible assets		578			52,965
Restructuring and other costs		2,970			5,647
Loss on disposal of subsidiaries and other assets, net		–			261
Other (income) / expense, net		(32,630	)		15,080
Selling, General & Administrative		185,536			117,507
Gross Profit (excluding depreciation and amortization)	$	226,387		$	230,277

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005358/en/

Paysafe Media Contact

Kate Aldridge

Paysafe

[email protected]

+44 750 079 7547

Paysafe Investor Contact

William Maina

ICR for Paysafe

+1 646-277-1236

[email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Finance Banking Data Management Professional Services Technology

MEDIA:

May 11, 2021 6:56 am

Notice of Revisions of Consolidated Financial Forecasts and Year-end Dividend

PR Newswire

TOKYO, May 11, 2021 /PRNewswire/ — SQUARE ENIX HOLDINGS CO., LTD. (the “Company”) had released consolidated financial forecasts and a projected year-end dividend for the fiscal year through March 31, 2021 (April 1, 2020 – March 31, 2021) on November 6, 2020, but now announces the following revisions made to reflect recent earnings trends.

1.
Revisions to Consolidated Financial Forecasts for the Fiscal Year through March 31, 2021

(April 1, 2020 through March 31, 2021)

(Millions of yen, percentage change, and per share data)

		Net sales	Operating Income	Ordinary Income	Profit attributable to owners of parent	Earnings per share
Previous forecasts	(A)	290,000	40,000	40,000	24,000	201.14
Revised forecasts	(B)	332,500	47,200	49,900	26,900	225.75
Change	(B-A)	42,500	7,200	9,900	2,900
Percentage change	(%)	14.7%	18.0%	24.8%	12.1%
[Reference] Results for the fiscal year ended March 31, 2020		260,527	32,759	32,095	21,346	179.02

2.
Reasons for the Revisions
The Company now expects higher net sales, operating income, ordinary income, and profit attributable to owners of parent than previously anticipated under its consolidated financial forecasts for the fiscal year through March 31, 2021. Among the factors contributing to these revisions is a solid performance by the Digital Entertainment segment as a whole, as well as brisk sales of both printed and digital media in the Publication segment.

*The above forecasts are based on information available at the time of this document’s release and are subject to various uncertainties. As such, actual performance may differ from these forecasts.

3
．
Revision of Projected Dividend Per Share for the Fiscal Year through March 31, 2021

	Interim	Year-end	Annual
Previous Forecasts	－	￥51.00	￥61.00
Revised Forecasts	－	￥58.00	￥68.00
Actual Results for the current FY	￥10.00	－	－
Actual Results for the previous FY (FY2020/3)	￥10.00	￥44.00	￥54.00

4.
Reasons for the Revision
The Company recognizes the return of profits to shareholders as one of its most important management tasks and has set a consolidated payout ratio target of approximately 30% to guide its shareholder return policy for the fiscal year through March 31, 2021.

Given the aforementioned revisions to its consolidated financial forecasts, the Company revises its projected year-end dividend for the fiscal year to 58 yen per share, which would make for an annual dividend per share of 68 yen.

(EOF)

View original content to download multimedia:http://www.prnewswire.com/news-releases/notice-of-revisions-of-consolidated-financial-forecasts-and-year-end-dividend-301288393.html

SOURCE SQUARE ENIX HOLDINGS CO., LTD.

May 11, 2021 6:53 am

Endeavour Silver Reports Financial Results for the First Quarter 2021; Earnings Conference Call at 10am PDT (1pm EDT) Today

VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) released its financial results today for the three months ended March 31, 2021. The Company operates three silver-gold mines in Mexico: the Guanacevi mine in Durango state, the Bolanitos mine in Guanajuato state and the El Compas mine in Zacatecas state.

Bradford Cooke, CEO, commented, “We are off to a good start in 2021, with the mining operations meeting our production plans notwithstanding the severe weather events that caused a slow down of production during the 1^st quarter. As a result, our operating costs were a bit higher than plan but we expect costs to be lower going forward.”

“Revenue, cash flow and earnings were all sharply higher in Q1, 2021 compared to Q1, 2020. The sale of El Cubo helped boost our earnings, offset by our decisions to hold back some metal inventory from sale near the end of the 1^st quarter as well as elevated general and administrative expenses.”

“The Terronera feasibility study is on track for completion in the 3^rd quarter and exploration is ongoing at each of our mines and projects to test highly prospective targets. We have a busy year ahead, as our attention turns to developing our next core asset at Terronera.”

2021 First Quarter Highlights

Metal Production: Produced 1,039,710 ounces (oz) silver, up 22% and 10,894 oz gold, up 31%, in line with guidance of 1.9 million oz silver equivalent (AgEq), up 26%, at an 80:1 silver:gold ratio, compared to Q1, 2020.
Gross Sales: Total $35.1 million, up 58%, from the sale of 623,379 oz of silver and 10,663 oz gold at average realized prices of $27.17 per oz silver and $1,703 per oz gold. Held 523,235 oz silver and 1,123 oz gold of bullion inventory and 6,582 oz silver and 566 oz gold in concentrate inventory. Management withheld metal from sale during the price correction over last two weeks of March.
Operating Costs: Cash cost⁽¹⁾ $7.86 per oz payable silver, flat year-on-year and all-in sustaining cost (AISC)⁽¹⁾ $19.94 per oz payable silver, up 8% year-on-year, both net of gold credits.
Cash Flow: $5.2 million in cash flow from operations before working capital changes, up 205% compared to Q1, 2020 as the Company accumulated finished goods, invested in exploration activities and advanced the Terronera Feasibility Study.
Net Earnings: Earnings of $12.2 million or $0.08 per share, up sharply compared to a loss of $15.9 million in Q1, 2020 due to the reversal of the historical impairment of the El Cubo asset sold in April, offset by increased exploration activities, evaluation activities, and higher tax expense. Excluding the impairment reversal, the adjusted earnings resulted in a loss of $4.5 million. At quarter end, the finished golds inventory was carried at a cost of $8.0 million compared to the fair market value of $15.9 million.
Agreement to Sell the El Cubo Assets: Advanced the sale of the El Cubo assets in Guanajuato, Mexico to Vangold Mining Corp for $15 million in cash and share payments with up to $3 million in contingent payments, with the transaction closing April 9, 2021.
Balance Sheet: Cash position $86.0 million, up 473% and working capital $113.1 million, up 316% compared to Q1, 2020. Raised $30.1 million in equity financing through an ATM facility. Only term liabilities are equipment loans of $8.7 million, entered into in previous years to upgrade the mobile fleet.

(1) Mine operating cash flow, cash costs and all-in sustaining costs are non-IFRS measures. Please refer to the definitions in the Company’s Management Discussion & Analysis.

Financial Overview

In Q1, 2021, net revenue increased 58% to $34.5 million as a result of higher metal prices and increased production. As a result, mine operating cash flows, operating cash flows and EBITDA all increased significantly compared to Q1, 2020. The Company recognized earnings of $12.2 million compared to a loss of $15.9 million in Q1, 2020. An impairment reversal of $16.8 million was recognized as a result of the classifying the El Cubo mine and related assets and liabilities, as held for sale in relation to the April 9^th sale.

Cost of sales for Q1, 2021 was $28.8 million, an increase of 16% over the cost of sales of $24.8 million for the same period of 2020. The increase in cost of sales was primarily related to significantly higher royalty costs and labour costs partially offset by improved productivity at the Guanacevi and Bolanitos operations. Royalties increased 187% to $2.5 million due to higher realized prices and the increased mining of the high grade Porvenir Cuatro extensions at the Guanacevi operation which is subject to the significantly higher royalty rates.

The Company increased its finished goods silver and gold inventory to 529,817 oz and 1,689 oz, respectively at March 31, 2021 compared to 116,484 oz silver and 1,459 oz gold at December 31, 2020. The cost allocated to these finished goods was $8.0 million at March 31, 2021, compared to $3.6 million at December 31, 2020. At March 31, 2021, the finished goods inventory fair market value was $15.9 million, compared to $5.8 million at December 31, 2020.

Financial Results (Consolidated Statement of Operations Appended Below)

For the period ended March 31, 2021, the Company generated net revenue of $34.5 million an increase of 58% compared to $21.9 million. Gross sales of $35.1 million in Q1, 2021 represented a 57% increase over the $22.8 million for the same period in 2020. There was a 6% decrease in silver ounces sold and a 77% increase in the realized silver price resulting in a 66% increase to silver sales. There was a 43% increase in gold ounces sold with a 4% increase in realized gold prices resulting in a 49% increase in gold sales. During the period, the Company sold 623,379 oz silver and 10,663 oz gold, for realized prices of $27.17 and $1,703 per oz respectively, compared to sales of 665,500 oz silver and 7,454 oz gold, for realized prices of $15.33 and $1,633 per oz, respectively, in the same period of 2020. For the three months ended March 31, 2021, silver and gold spot prices averaged $26.26 and $1,794, respectively.

After cost of sales of $28.8 million (Q1, 2020 – $24.8 million), mine operating earnings amounted to a $5.7 million (Q1, 2020 – loss of $2.9 million) from mining and milling operations in Mexico.

Excluding depreciation and depletion of $7.5 million (Q1, 2020 – $6.0 million), stock-based compensation of $0.1 million (Q1, 2020- $0.1 million) mine operating cash flow before taxes was $13.3 million in Q1, 2021 (Q1, 2020 – $4.3 million). Operating earnings were $14.3 million (Q1, 2020 – loss of $8.6 million) after exploration and evaluation expenditures of $4.1 million (Q1, 2020 – $2.4 million), general and administrative expense of $3.5 million (Q1, 2020 – $2.0 million) and El Cubo care and maintenance costs of $0.5 million (Q1, 2020 – $1.3 million). An impairment reversal of $16.8 million was recognized as a result of the classifying the El Cubo mine and related assets and liabilities as held for sale in relation to the April 9^th sale.

Net earnings amounted to $12.2 million ($0.08 per share) compared to a net loss of $15.9 million (loss of $0.11 per share) in Q1, 2020.

Current income tax expense increased to $0.7 million (Q1, 2020 – $0.3 million) related to an increase in special mining duty, while deferred income tax expense of $3.1 million was recognized due to the estimated use of loss carry forwards to reduce taxable income at Guanacevi and Bolanitos (Q1, 2020 – $1.9 million).

Direct operating costs per tonne in Q1, 2021 increased 16%, to $112.36 compared with Q1, 2020 due to higher operating costs at Guanacevi and Bolanitos, offset by lower costs at El Compas. Guanacevi and Bolanitos have seen increased labour costs and increased third party ore purchased at Guanacevi compared to prior year. Including royalties and special mining duty, direct costs per tonne increased 24% to $126.23. Royalties increase 187% to $2.5 million as increased production from the El Curso concession at Guanacevi and higher prices substantially increased the royalty expense. The higher prices and higher grades increased special mining duty expense to $0.4 million for Q1, 2021.

Consolidated cash costs per ounce, net of by-product credits (a non-IFRS measure and a standard of the Silver Institute) was flat at $7.86 as the higher grades and higher prices offset the higher direct costs per tonne. All-in sustaining costs (also a non-IFRS measure) increased 8% to $19.84 per ounce in Q1, 2021 as a result of higher corporate general and administrative costs and increased capital expenditures at Guanacevi to accelerate mine development within the El Curso ore body. In Q1, 2020 corporate general and administrative included a $1.1 million mark to market recovery of deferred share units expense whereas the mark to market recovery was $0.2 million in Q1, 2021.

The Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at www.edrsilver.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are reported in US$.

Conference Call

A conference call to discuss these results will be held today, Tuesday, May 11 at 10am PDT (1pm EDT). To participate in the conference call, please dial the numbers below. No pass-code is necessary.

Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340
Outside of Canada and the US: +-604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass-code is 6594 #. The replay will also be available on the Company’s website at www.edrsilver.com.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

Contact Information:
Galina Meleger, Director Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Email: [email protected]
Website: www.edrsilver.com

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Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2021 including changes in mining operations and production levels, the timing and results of various activities and the impact of the COVID 19 pandemic on operations. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

ENDEAVOUR SILVER CORP.
COMPARATIVE HIGHLIGHTS

Q1 2021 Highlights	Three Months Ended March 31
Q1 2021 Highlights	2021	2020	% Change
Production
Silver ounces produced	1,048,100	857,659	22%
Gold ounces produced	11,109	8,476	31%
Payable silver ounces produced	1,036,710	849,791	22%
Payable gold ounces produced	10,894	8,320	31%
Silver equivalent ounces produced	1,936,820	1,535,739	26%
Cash costs per silver ounce	7.86	7.85	0%
Total production costs per ounce	15.41	16.35	(6%)
All-in sustaining costs per ounce	19.94	18.38	8%
Processed tonnes	209,453	199,327	5%
Direct operating costs per tonne	112.36	96.90	16%
Direct costs per tonne	126.23	101.63	24%
Silver co-product cash costs	15.16	11.51	32%
Gold co-product cash costs	950	1,226	(22%)
Financial
Revenue ($ millions)	34.5	21.9	58%
Silver ounces sold	623,379	665,500	(6%)
Gold ounces sold	10,663	7,454	43%
Realized silver price per ounce	27.17	15.33	77%
Realized gold price per ounce	1,703	1,633	4%
Net earnings (loss) ($ millions)	12.2	(15.9)	177%
Adjusted net earnings (loss) ($ millions)	(4.7)	(15.9)	70%
Mine operating earnings (loss) ($ millions)	5.7	(2.9)	296%
Mine operating cash flow ($ millions)	13.3	4.3	211%
Operating cash flow before working capital changes	5.2	(5.0)	205%
Earnings before ITDA ($ millions)	24.0	(6.7)	457%
Working capital ($ millions)	113.1	27.2	316%
Shareholders
Earnings (loss) per share – basic	0.08	(0.11)	173%
Adjusted earnings (loss) per share – basic	(0.03)	(0.11)	74%
Operating cash flow before working capital changes per share	0.03	(0.04)	194%
Weighted average shares outstanding	159,670,842	141,810,208	13%

The above highlights are key measures used by management, however they should not be the sole measures used in determining the performance of the Company’s operations. The related definitions and reconciliations are contained in the Management Discussion and Analysis.

ENDEAVOUR SILVER CORP.
CONDENSED CONS OLIDATED INTERIM STATEMENT OF CASH FLOWS
(expressed in thousands in U.S. dollars)

	Three months ended
	March 31,			March 31,
	2021			2020

Operating activities
Net earnings (loss) for the period	$	12,249		$	(15,926	)

Items not affecting cash:
Share-based compensation		1,165			745
Depreciation, depletion and amortization		7,624			6,268
Impairment reversal of non-current assets		(16,791	)		–
Deferred income tax expense		3,127			1,864
Unrealized foreign exchange loss (gain)		90			654
Finance costs		291			311
Write down of inventory to net realizable value		–			1,042
Loss on asset disposal		34			78
Loss (gain) on other investments		(2,546	)		(7	)
Net changes in non-cash working capital		(9,166	)		2,622
Cash from (used in) operating activities		(3,923	)		(2,349	)


Investing activities
Proceeds on disposal of property, plant and equipment		556			27
Mineral property, plant and equipment expenditures		(7,270	)		(5,512	)
Purchase of marketable securities		(832	)		–
Proceeds from disposal of marketable securities		4,383			–
Redemption of (investment in) non-current deposits		(20	)		–
Cash from (used in) investing activities		(3,183	)		(5,485	)


Financing activities
Repayment of loans payable		(969	)		(772	)
Repayment of lease liabilities		(42	)		(43	)
Interest paid		(193	)		(218	)
Public equity offerings		30,100			1,485
Exercise of options		3,798			12
Share issuance costs		(602	)		(74	)
Cash from (used in) financing activities		32,092			390

Effect of exchange rate change on cash and cash equivalents		(80	)		(934	)

Increase (decrease) in cash and cash equivalents		24,986			(7,444	)
Cash and cash equivalents, beginning of the period		61,083			23,368
Cash and cash equivalents, end of the period	$	85,989		$	14,990

This statement should be read in conjunction with the condensed consolidated interim financial statements for the period ended March 31, 2021 and the related notes contained therein.

ENDEAVOUR SILVER CORP.
CONDENSED CONS OLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(expressed in thousands in U.S. dollars, except for share and per share amounts)


	Three months ended
	March 31,			March 31,
	2021			2020

Revenue	$	34,466		$	21,927

Cost of sales:
Direct production costs		18,728			16,800
Royalties		2,460			857
Share-based payments		118			91
Depreciation, depletion and amortization		7,496			6,023
Write down of inventory to net realizable value		–			1,042
		28,802			24,813

Mine operating earnings (loss)		5,664			(2,886	)

Expenses:
Exploration and evaluation		4,130			2,382
General and administrative		3,523			2,005
Care and maintenance costs		521			1,345
Impairment reversal of non-current assets		(16,791	)		–
		(8,617	)		5,732

Operating earnings (loss)		14,281			(8,618	)

Finance costs		291			310

Other income (expense):
Foreign exchange		(694	)		(4,917	)
Investment and other		2,751			49
		2,057			(4,868	)

Earnings (loss) before income taxes		16,047			(13,796	)

Income tax expense (recovery):
Current income tax expense		671			266
Deferred income tax expense (recovery)		3,127			1,864
		3,798			2,130

Net earnings (loss) and comprehensive earnings (loss) for the period		12,249			(15,926	)

Basic earnings (loss) per share based on net earnings (loss)	$	0.08		$	(0.11	)
Diluted earnings (loss) per share based on net earnings (loss)	$	0.07		$	(0.11	)

Basic weighted average number of shares outstanding		159,670,842			141,810,208
Diluted weighted average number of shares outstanding		163,742,420			141,810,208

This statement should be read in conjunction with the condensed consolidated interim financial statements for the period ended March 31, 2021 and the related notes contained therein.

ENDEAVOUR SILVER CORP.
CONDENSED CONS OLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
(expressed in thousands in U.S. dollars, except for share and per share amounts)

	March 31,			December 31,
	2021			2020

ASSETS

Current assets
Cash and cash equivalents	$	85,989		$	61,083
Other investments		3,712			4,767
Accounts and other receivable		16,959			20,144
Income tax receivable		27			52
Inventories		21,774			16,640
Assets held for sale		17,503			–
Prepaid expenses		3,208			2,284
Total current assets		149,172			104,970

Deposits		611			591
Deferred financing costs		–			294
Income tax recoverable		3,570			–
IVA receivable		2,672			2,676
Deferred income tax asset		9,705			12,753
Intangible assets		370			492
Right-of-use leased assets		725			861
Mineral properties, plant and equipment		86,559			87,955
Total assets	$	253,384		$	210,592

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities
Accounts payable and accrued liabilities	$	25,867		$	27,764
Income taxes payable		2,005			3,038
Loans payable		3,433			3,578
Lease liabilities		174			173
Liabilities held for sale		4,615			–
Total current liabilities		36,094			34,553

Loans payable		5,270			6,094
Lease liabilities		886			921
Provision for reclamation and rehabilitation		4,357			8,876
Deferred income tax liability		1,159			1,077
Total liabilities		47,766			51,521

Shareholders’ equity
Common shares, unlimited shares authorized, no par value, issued
and outstanding 164,706,112 shares (Dec 31, 2020 – 157,924,708 shares)		554,463			517,711
Contributed surplus		7,208			9,662
Retained earnings (deficit)		(356,053	)		(368,302	)
Total shareholders’ equity		205,618			159,071
Total liabilities and shareholders’ equity	$	253,384		$	210,592

This statement should be read in conjunction with the condensed consolidated interim financial statements for the period ended March 31, 2021 and the related notes contained therein.

May 11, 2021 6:48 am

Walker & Dunlop Reinforces Affordable Lending Commitment with Addition of Affordable Housing Chief Production Officer

PR Newswire

BETHESDA, Md., May 11, 2021 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it has hired John Ducey as Affordable Chief Production Officer. Mr. Ducey will lead Walker & Dunlop’s affordable housing financing efforts across all capital sources, including Fannie Mae, Freddie Mac, and private capital providers as the company seeks to expand its affordable lending footprint across the United States.

Multifamily Executive Vice President, Don King, commented, “As the largest provider of capital to the multifamily industry in 2020, we are incredibly focused on building upon our leadership position in the affordable housing space, and we are thrilled to have John on board to lead our team’s affordable financing efforts. John has extensive experience in the affordable housing sector, balanced between Low-Income Housing Tax Credit (LIHTC) equity investing and affordable lending and will be an invaluable asset as we focus on tax credit equity syndication services over time to supply owners and developers with much-needed LIHTC equity.”

“Walker & Dunlop is extremely focused on being part of the solution to the affordable housing crisis in the United States through financing safe and affordable apartments across the country,” stated Paula Pryor Chief Human Resources Officer. “As part of our long term Environmental, Social, and Governance objectives, we have set an ambitious goal to originate $60 billion of affordable and workforce housing volume over the next five years, and John will be instrumental in driving our team towards achieving that objective.”

Prior to joining Walker & Dunlop, Mr. Ducey served as Director of Multifamily LIHTC Equity Investments at Fannie Mae, where he was responsible for investing LIHTC equity and managing the relationships with eight LIHTC Syndicators. He previously was part of the Multifamily Affordable Housing Credit group at Fannie Mae and utilized his extensive experience structuring and analyzing affordable housing transactions. John gained valuable affordable experience working at Prudential, Enterprise Community Investment and Muni Mae and began his career as an affordable housing developer at SOME, Inc. in Washington, DC.

Walker & Dunlop is one of the largest affordable housing lenders in the United States with $17 billion of affordable financing volume over the past three years. The firm has consistently been ranked one of the top non-bank affordable housing lenders in the country and is committed to providing safe and affordable housing to America’s communities by financing affordable, workforce housing, and healthcare communities, which serve the country’s most vulnerable populations.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office retail, and hospitality. Surpassing $41 billion of total transaction volume in 2020, Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. With 1,000 employees across every major U.S. market, Walker & Dunlop’s people, technology, and customer insight have allowed it to grow faster than industry peers and deliver total shareholder return of over 800% in its first ten years as a public company.

View original content to download multimedia:http://www.prnewswire.com/news-releases/walker–dunlop-reinforces-affordable-lending-commitment-with-addition-of-affordable-housing-chief-production-officer-301287863.html

SOURCE Walker & Dunlop, Inc.

May 11, 2021 6:48 am

Lilly and MiNA Therapeutics Announce saRNA Research Collaboration

PR Newswire

INDIANAPOLIS and LONDON, May 11, 2021 /PRNewswire/ — Eli Lilly and Company (NYSE: LLY) and MiNA Therapeutics Limited, a pioneer in RNA activation therapeutics, today announced a global research collaboration to develop novel drug candidates using MiNA’s proprietary small activating RNA (saRNA) technology platform.

Under the terms of the agreement, MiNA will utilize its saRNA platform to research up to five targets selected by Lilly that aim to address diseases across Lilly’s key therapeutic focus areas. Lilly will be responsible for preclinical and clinical development of candidates and will retain exclusive commercialization rights for any products resulting from the collaboration. MiNA will receive a $25 million upfront payment and is eligible to receive potential development and commercialization milestones up to a total of $245 million per target, as well as tiered royalties from the low-single to low-double digits on product sales resulting from the collaboration.

“Small activating RNAs are a promising new technology, which will expand the breadth of Lilly’s RNA therapeutics platform and the targets we can pursue,” said Andrew C. Adams, Ph.D., vice president for new therapeutic modalities at Lilly. “We are excited about the potential of combining MiNA’s leading saRNA platform and our expertise in new modalities to accelerate development of RNA-based medicines in areas of high unmet medical need.”

“This collaboration with Lilly is an important validation of our saRNA platform,” said Robert Habib, CEO of MiNA Therapeutics. “Lilly’s expertise in the field of RNA therapeutics and clinical development will greatly enhance our efforts to realize the technology’s full potential. Together, we aim to unlock new targets in multiple therapeutic areas and to ultimately move them towards clinical development and commercialization.”

This transaction will be reflected in Lilly’s reported results and financial guidance according to Generally Accepted Accounting Principles (GAAP). There will be no change to Lilly’s 2021 non-GAAP earnings per share guidance as a result of this transaction.

About MiNA Therapeutics
MiNA Therapeutics is the leader in small activating RNA therapeutics. Harnessing innate mechanisms of gene activation, small activating RNA therapeutics are a revolutionary new class of medicines that can restore normal function to patients’ cells. We are advancing a proprietary pipeline of new medicines with an initial focus on cancer and genetic diseases, while collaborating with leading pharmaceutical companies to apply our technology platform across a broad range of therapeutic areas. Based on our unique know-how in RNA activation we are expanding the possibilities of RNA-based medicine for patients.

About Eli Lilly and Company
Lilly is a global health care leader that unites caring with discovery to create medicines that make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com. C-LLY

Lilly Forward-Looking Statement
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about the benefits of a collaboration between Lilly and MiNA, Lilly’s drug development strategy, and potential payments to MiNA in connection with the collaboration, and reflects Lilly’s current beliefs and expectations. However, as with any such undertaking, there are substantial risks and uncertainties in the process of drug research, development and commercialization. Among other things, there can be no guarantee that Lilly will realize the expected benefits of the collaboration, that the collaboration will yield commercially successful products, or that Lilly will execute its strategy as expected. For a further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly’s expectations, please see Lilly’s most recent Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission. Lilly undertakes no duty to update forward-looking statements.

Refer to:
Molly McCully; [email protected]; (317) 478-5423 (Lilly Media)
Kevin Hern; [email protected]; (317) 277-1838 (Lilly Investors)
Robert Habib, CEO; [email protected]; +44 208 811 6700
Stephanie May or Sophia Hergenhan; [email protected]; +49 171 185 56 82 or Victoria Foster Mitchell or Tim Stamper, [email protected], +44 20 3727 1000 (Mina Media)

View original content to download multimedia:http://www.prnewswire.com/news-releases/lilly-and-mina-therapeutics-announce-sarna-research-collaboration-301287838.html

SOURCE Eli Lilly and Company

May 11, 2021 6:48 am

Suncor and ATCO partner on a potential world-scale clean hydrogen project in Alberta

Our ATCO/Suncor decision to collaborate on this potential project follows welcome messages of support from both the Government of Canada and the Government of Alberta for emission-reduction projects and infrastructure. Such collaboration between governments and business and across sectors will be critical to progressing this project and achieving Canada’s net zero by 2050 goals.
Project would produce more than 300,000 tonnes per year of clean hydrogen using advanced technology to capture more than 90% of the emissions generated in the hydrogen production process.
Approximately 65% of the produced clean hydrogen would be used in refining processes and cogeneration of steam and electricity at the Suncor Edmonton Refinery, reducing refinery emissions by up to 60%.
Approximately 20% of the produced clean hydrogen could be used in the Alberta natural gas grid to further reduce emissions.
Project would reduce CO₂ emissions in Alberta by more than two million tonnes per year, equivalent to taking 450,000 cars per year off the road.

CALGARY, Alberta, May 11, 2021 (GLOBE NEWSWIRE) — Two Canadian companies, Suncor Energy and ATCO Ltd., are collaborating on early stage design and engineering for a potential clean hydrogen project near Fort Saskatchewan, Alberta. The project would produce more than 300,000 tonnes per year of clean hydrogen, reduce Alberta’s CO₂ emissions by more than two million tonnes per year, significantly advance Alberta’s hydrogen strategy, generate substantial economic activity and jobs across the province, and make a sizable contribution to Canada’s net zero ambition.

It is expected that 85% of the produced clean hydrogen would be used to supply existing energy demand. Specifically, 65% of the output would be used in refining processes and cogeneration of steam and electricity at the Suncor Edmonton Refinery, reducing refinery emissions by 60%. In addition, approximately 20% of the output could be used in the Alberta natural gas distribution system, also further reducing emissions.

“With abundant natural gas resources and geology that is well suited to the utilization and permanent storage of CO₂, Alberta is one of the best places in the world to produce clean hydrogen,” said Mark Little, President and Chief Executive Officer, Suncor. “Suncor’s 50 years of experience producing and using hydrogen in refining and upgrading operations combined with ATCO’s extensive midstream gas experience creates a winning partnership to reduce our companies’ emissions and establish Canada as a global leader in clean hydrogen. Collaborating with industry partners and governments on these types of strategic projects will assist in decarbonizing our base business.”

“This project would be a global scale solution to reducing emissions with made-in-Canada energy ingenuity, while positioning Alberta at the forefront of the clean hydrogen economy,” said Nancy Southern, Chair and Chief Executive Officer, ATCO. “A clean energy future is a shared national priority, and a transformational project like this one will require extraordinary collaboration with all levels of governments. We look forward to working with our partners in government and with our regulators to bring this vision to life.”

Although several provincial and federal policies, fiscal programs and regulations have already been put in place to support significant decarbonization and the development of a leading low-carbon fuels industry, further regulatory certainty and fiscal support is required for the project to progress to a sanctioning decision. For example, the availability of carbon sequestration rights, emissions reduction compliance credits, regulations to allow hydrogen blending into natural gas, and investment tax credits for carbon capture utilization and storage are all critical to the economic viability of the project. Suncor and ATCO are continuing to work collaboratively with the Government of Alberta and the Government of Canada to address these areas and create the regulatory and policy certainty and fiscal framework needed to advance this world-scale clean energy investment.

“This partnership is good news for Alberta’s economic recovery. As our COVID-19 vaccine rollout continues to gain momentum, Alberta’s government will look towards how we can get our economy going and get Albertans back to work,” said Alberta Premier Jason Kenney. “With a highly skilled energy workforce and an abundance of natural gas resources, Alberta is ready to be a world leader in hydrogen production. Massive hydrogen projects like this will help us reach our emission goals while also creating thousands of good jobs for Albertans.”

“For Canada to be a global leader in the low-carbon economy, we need to take immediate and strategic actions with long term impacts. I’m pleased to see two major Canadian companies come together on an idea that could create good jobs and reduce greenhouse gas emissions,” said Minister Francois-Phillippe Champagne, Minister of Innovation, Science and Industry of Canada. “While this is a first step for the proposal, I am happy to see companies answer our call for bold projects that can demonstrate Canadians’ expertise, drive, and spirit to build a world-leading hydrogen industry. Working with industry on decarbonization is a key part of our commitment to meet our ambitious climate targets while creating opportunities for all Canadians.”

The hydrogen production facility would be located at ATCO’s Heartland Energy Centre near Fort Saskatchewan, Alberta and could be operational as early as 2028, provided that it has the required regulatory and fiscal support to render it economic. A sanctioning decision is expected in 2024. In addition to supplying clean hydrogen to Suncor and the Alberta gas grid, the project would make hydrogen volumes available for Alberta’s other industrial, municipal and commercial transport users.

The parties anticipate that Suncor would construct and operate the hydrogen production and CO₂ sequestration facilities and ATCO would construct and operate associated pipeline and hydrogen storage facilities. The hydrogen production facility design would be capable of being replicated, allowing for the construction of subsequent project phases.

Both ATCO and Suncor have deep and enduring roots in Alberta, with footprints that span the province supporting thousands of jobs in hundreds of communities. The project would support further economic opportunity, incenting investment along the hydrogen value chain—from production through CO₂ sequestration and end-use.

About Suncor Energy

Suncor Energy is Canada’s leading integrated energy company, with a global team of over 30,000 people. Suncor’s operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the US, and our national Petro-Canada retail distribution network (now including our Electric Highway network of fast-charging EV stations). A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is responsibly developing petroleum resources, while profitably growing a renewable energy portfolio and advancing the transition to a low-emissions future. Suncor is listed on the UN Global Compact 100 stock index. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @Suncor.

About ATCO

With approximately 6,200 employees and assets of $22 billion, ATCO is a diversified global corporation with investments in the essential services of Structures & Logistics (workforce and residential housing, innovative modular facilities, construction, site support services, workforce lodging services, facility operations and maintenance, defence operations services, and disaster and emergency management services); Utilities (electricity and natural gas transmission and distribution, and international electricity operations); Energy Infrastructure (electricity generation, energy storage and industrial water solutions); Retail Energy (electricity and natural gas retail sales); Transportation (ports and transportation logistics); and Commercial Real Estate. More information can be found at www.ATCO.com.

Suncor: Legal Advisory – Forward Looking Information

This news release contains certain forward-looking statements within the meaning of applicable Canadian and U.S. securities laws. Some of the forward-looking statements may be identified by words like “will”, “potential”, “would”, “could”, “expected” and similar expressions and include references to the potential hydrogen project, including: the expected benefits of the project and the impact the project would have, the expected timing for the both the sanctioning decision and potential operational date and the factors that are expected to impact the sanctioning decision. Forward-looking statements are based on Suncor’s current expectations, estimates, projections and assumptions that were made by Suncor at the time the statement was made and consider Suncor’s experience and its perception of historical trends. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor’s actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them. Suncor’s most recently filed Management’s Discussion & Analysis, Annual Information Form, Annual Report to Shareholders and Form 40-F, and other documents Suncor files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements.

ATCO Forward-Looking Information

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

The Company’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions (including as may be affected by the COVID-19 pandemic), and other factors, many of which are beyond the control of the Company.

The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

Suncor investor inquiries:

T 1-800-558-9071
[email protected]

Suncor media inquiries:

T 1-833-296-4570
[email protected]

ATCO investor inquiries:

Myles Dougan
Director, Investor Relations & External Disclosure
T: 403 292 7879 C: 403 828 2908

ATCO media inquiries:

Kurt Kadatz
Senior Manager, Corporate Communications
T: 587 228 4571

May 11, 2021 6:48 am

Sonoco Announces $150 Million Accelerated Share Repurchase

HARTSVILLE, S.C., May 11, 2021 (GLOBE NEWSWIRE) — Sonoco (NYSE: SON), one of the largest global diversified packaging companies, today announced an agreement to repurchase $150 million of its outstanding common shares in an accelerated share repurchase (“ASR”) transaction with Wells Fargo Bank, N.A., using available cash on hand.

Under the ASR agreement, Sonoco will pay $150 million in exchange for an initial delivery of approximately 1.75 million shares. The final number of shares to be repurchased under the ASR will be based on the Company’s volume-weighted average share price during the repurchase period, less a discount and subject to adjustments. The final settlement of the ASR transaction is expected to occur no later than the third quarter of 2021.

According to Howard Coker, President and CEO, the ASR demonstrates Sonoco’s strong financial position and illustrates its focus on a balanced capital allocation strategy that includes investing in the Company’s core Consumer and Industrial businesses while consistently returning cash to shareholders.

The ASR is being undertaken under the recently announced $350 million share repurchase authorization approved by the Board of Directors on April 20, 2021. This authorization restored and replaced the Company’s prior residual repurchase authorizations and allows the Company to repurchase shares through the open market, privately negotiated transactions or other programs. The timing and actual number of shares repurchased under the share repurchase authorization will depend on a variety of factors including price, corporate and regulatory requirements, and other market conditions.

About Sonoco

Founded in 1899, Sonoco is a global provider of consumer, industrial, healthcare and protective packaging. With annualized net sales of approximately $5.2 billion, the Company has 20,000 employees working in more than 300 operations in 34 countries serving some of the world’s best-known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for our customers, employees and communities that support our corporate purpose of Better Packaging. Better Life. The Company was listed as one of Fortune’s World’s Most Admired Companies 2021 as well as being included in Barron’s 100 Most Sustainable Companies for the third year in a row. Additional information about Sonoco is available at www.sonoco.com.

Forward-looking Statements

Statements included herein that are not historical in nature, including the timing and actual number of shares to be repurchased, are intended to be, and are hereby identified as “forward-looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on current expectations, estimates and projections about our industry, the volume-weighted average price of the Company’s shares during the repurchase period, management’s beliefs and certain assumptions made by management. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur. Additional information concerning some of the factors that could cause materially different results is included in the Company’s reports on forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. Such reports are available from the Securities and Exchange Commission’s public reference facilities and its website and from the Company’s investor relations department and the Company’s website.

Contact: Roger Schrum
+843-339-6018
[email protected]